2019 Revenue of $7.3 Million and Expects 2020
Revenue to Nearly Double
Expanded Product Pipeline to Nine Crops and 14
Projects Under Development, Compared to Five Crops and Six Projects
Under Development One Year Ago
Management to Host Conference Call Today at
8:30 a.m. EST
Calyxt, Inc. (NASDAQ: CLXT), a plant-based technology company,
has reported its financial results for the fourth quarter and full
year ended December 31, 2019.
Key Fourth Quarter and 2019 Financial Highlights
- Fourth quarter revenue increased to $3.8 million driven
entirely by increased sales volumes of high oleic (HO) soybean oil
and soybean meal.
- Net cash used in the fourth quarter was $7.9 million,
reflecting savings and efficiencies over previously announced
financial guidance of $3.0 million to $3.25 million per month of
net cash used.
- Revenue for 2019 increased to $7.3 million driven by the launch
of HO soybean oil and soybean meal. As of December 31, 2019, all
the HO soybean meal produced from the 18,000 acres harvested in
2018 has been sold.
- Net cash used in 2019 was $35.3 million, compared to $18.4
million in 2018 excluding the benefit from our May 2018 follow-on
capital raise. The commercialization of our HO soybean products,
including investment in personnel and purchases of grain, drove the
increase in cash used year over year.
- Cash and cash equivalents totaled $58.6 million as of December
31, 2019.
- Operational savings reflect a cash runway into mid-2021.
Key Fourth Quarter 2019 and Early 2020 Operational
Highlights
Product Development and Intellectual Property
- Product development efforts are focused on:
- People: health and wellness benefits, including better tasting
plant proteins, gluten free alternatives, heart health, higher
fiber, and reduced allergens
- Planet: sustainability benefits, including projects in alfalfa,
hemp, potatoes, and soybeans
- Expanded R&D pipeline to 14 product candidates, comprised
of three product candidates in Phase 2 and eleven product
candidates in Phase I or Discovery.
- We expect to launch at least six product candidates from now
through 2024, including our hemp product candidate in 2020, our
alfalfa product in 2021 through our collaboration with S&W Seed
Company (NASDAQ: SANW), our high fiber wheat product candidate as
early as 2022, and four additional product candidates either via
our integrated business model or in collaboration with third
parties.
- The first product from our new hemp breeding program is set for
commercial launch in the second quarter of 2020. This product
leverages our plant breeding expertise as no gene editing was
required to make the valued crop improvement.
- Achieved several R&D improvements including:
- 50 percent improvement in the assembly time to make a new
TALEN® construct, improving our capacity to make new types of plant
edits
- Cut the cycle time necessary to develop an edited plant in
half, further accelerating development progress
- Enhanced robust patent estate to approximately 70 patent
families comprised of approximately 300 patents and over 100 patent
applications. These are comprised of owned and in-licensed assets
across gene editing tools, enabling technologies, product concepts,
and germplasm varieties.
Commercialization
- Received a series of purchase orders for future deliveries of
our HO soybean oil to be used as a plant-based alternative to
synthetic fluids. These orders, which are subject to
industry-standard trading rules for soybean oil, are from a new,
world-class customer that operates in all four premium oil target
market segments: foodservice, food ingredients, industrial, and
animal nutrition.
- Added another top-tier U.S. foodservice distributor, brought on
multiple restaurant chains, and expanded geographically in the
Midwest and Southeast.
- Expected to have 25 percent share of all HO soybean acres in
the United States in 2020, nearly tripling planted acres from 2019
and exceeding goal of doubling acres annually. Market share gains
are driven by expansion of distribution into Iowa, Nebraska, and
Kansas, giving Calyxt access to 45 percent of the soybean acres in
the United States.
Team
- Further strengthened scientific and operations teams to support
commercial growth opportunities with the appointments of:
- Agribusiness veteran Vince Restucci as Vice President of
Agronomy Services, and effective in early February 2020, he also
leads supply chain and commercial seed production
- Scientific talent Bobby Williams, Ph.D. as Director of Gene
Editing to further expand innovation, product pipeline, and trait
discovery efforts as well as inform product advancement
decisions
Environmental, Social & Governance (ESG)
- We established ESG guiding principles and, going forward,
expect to develop and report on our ESG accomplishments as much of
our innovation is focused in this area.
Full Year 2019 Operational Highlights
- Built and strengthened leadership, scientific, and operations
teams to support commercial growth opportunities with the
appointments of:
- Bill Koschak as Chief Financial Officer
- Debra Frimerman as General Counsel
- Travis Frey, Ph.D. as Chief Technology Officer
- Keith Blanks as Senior Vice President of Sales and
Marketing
- Completed end-to-end supply chain to enable soybean crushing at
scale.
Management Commentary
“2019 was a transformative year for Calyxt, centered around four
major achievements: first, we built the team to execute on our
technology-focused business plan; second, we transformed our
R&D team and its work systems; third, we established our
soybean supply chain to support our growth trajectory and our
future wheat product launch; and fourth, we were the first company
to commercialize a gene edited food product focused on consumer
health, right here in the United States,” said Jim Blome, Chief
Executive Officer of Calyxt.
“The commercialization of our HO soybean products serves as
proof of concept and sets the stage for future growth. We intend to
introduce new products leveraging a capital-light business model
while monetizing multiple collaboration projects. Collaboration
revenues are expected to be highly accretive to our current gross
margins. We also intend to begin optimizing our soybean gross
margins in 2020. We have proven to the world that TALEN®
technology, which powers our innovation platform, is capable of
improving plants, enabling us to bring healthier and more
sustainable products to market.”
“We have assembled an industry-leading team across all our major
functions. We have energized the organization and revitalized our
product pipeline, more than doubling the projects now under
development compared to this time a year ago. We are focused on
delivering high value projects to the market,” continued Blome.
“Our HO soybean oil has a robust sales funnel and is being
tested by multiple customers. The oil orders we received in early
2020 are a validation of our HO soybean oil’s capability and
performance. To meet the expected demand for our oil, we nearly
tripled our contracted soybean acreage compared to 2019 planting
and expect to have a 25 percent market share of all HO soybean
acres planted in the United States in 2020.”
“All of this sets the stage for a breakthrough 2020, where we
expect to power our R&D pipeline with new projects and tools,
as well as enhanced processes, initiate consultations with
regulatory authorities, and continue to make stage advancements in
our development process. We expect to begin selling hemp plants we
produced using traditional plant breeding techniques. This will be
the launch of our second product, and our first of several expected
innovations from Calyxt in hemp. What excites me most about this
launch is that our scientific team was presented with a challenge
in hemp and was able to develop a solution – including a strategy,
tools, and work processes – in just a few short months,
demonstrating the power of our team. Specific to our soybean
products, we expect to expand our customer base across our
prioritized market segments, realize synergies in our supply chain,
and improve our gross margin profile. We also expect to develop
metrics and report on our ESG accomplishments, as much of our
innovation is focused in this area as we aggressively push our
efforts to revolutionize agriculture.”
“I look forward to providing an update on our technology and
R&D pipeline during our upcoming analyst day in the second
quarter, and our CFO, Bill Koschak, will be sharing our story with
institutional investors at the upcoming 32nd Annual ROTH Conference
in Orange County, California on March 16th,” concluded Blome.
Fourth Quarter 2019 Financial Results
- Revenue increased to $3.8 million, entirely from increased
sales volumes of HO soybean oil and soybean meal. HO soybean oil
revenue represented 32 percent of total revenue in the period.
- Cost of goods sold increased to $5.4 million, reflecting the
cost of product sold in the period.
- Gross margin as reported decreased $1.7 million, reflecting the
higher costs we have experienced at this early stage of
commercialization of our HO soybean products. Gross margin, as
adjusted, a non-GAAP measure, was negative $1.6 million, or 43
percent, as compared to negative $1.7 million, or 44 percent, as
reported under GAAP. See below under the heading “Use of Non-GAAP
Financial Information” for a discussion of gross margin, as
adjusted, and a reconciliation to gross margin, the most comparable
GAAP measure.
- R&D expenses were $3.7 million, compared to $2.5 million in
the fourth quarter of 2018. The increase in R&D expenses is
primarily due to $1.3 million of higher non-cash stock compensation
expenses, $0.3 million of additional personnel costs, and $0.2
million of incremental lab supplies and outsourcing costs. These
increases were partially offset by a $1.2 million decrease in grain
costs expensed as R&D in 2018.
- Selling and supply chain (S&SC) expenses were $1.7 million,
compared to $0.7 million in the fourth quarter of 2018. The
increase in S&SC expenses was driven by $0.4 million of
additional personnel costs, $0.3 million incremental allocated
expenses for facilities and information technology expenses, and
$0.2 million of higher non-cash stock compensation expenses, all
the result of our commercialization and acreage expansion in 2019
and 2020.
- General and administrative (G&A) expenses were $4.7
million, compared to $5.1 million in the fourth quarter of 2018.
The decrease was driven by $0.3 million of lower non-cash stock
compensation expenses and $0.3 million of lower Section 16 officer
transition expenses. Other increases in personnel costs and
professional services expenses were partially offset by the benefit
of internalizing certain services previously provided by Cellectis,
our majority stockholder.
- Net cash used was $7.9 million, compared to $6.6 million in the
fourth quarter of 2018, reflecting the increase in personnel
year-over-year, higher non-cash stock compensation expense, and the
commercialization of HO soybean products.
- Net loss was $12.2 million, or $(0.37) per basic and diluted
share, compared to a net loss of $8.5 million, or $(0.27) per basic
and diluted share for the fourth quarter of 2018.
- Adjusted EBITDA, a non-GAAP measure, increased to a loss of
$8.7 million in the fourth quarter 2019 compared to a loss of $5.5
million in the fourth quarter of 2018 driven by increased personnel
costs, as the costs of commercialization in 2019 were largely
offset by reductions in grain costs expensed as R&D in 2018.
See below under the heading “Use of Non-GAAP Financial Information”
for a discussion of adjusted EBITDA and a reconciliation to net
loss, the most comparable GAAP measure.
- Cash and cash equivalents totaled $58.6 million as of December
31, 2019.
Full Year 2019 Financial Results
- Revenue increased to $7.3 million, entirely from increased
sales volumes of HO soybean oil and soybean meal following the
commercialization of these products in early 2019. During 2019,
Calyxt generated $1.7 million of HO soybean oil revenue. We sold
all our HO soybean meal production in the year, totaling $5.6
million in revenue.
- Cost of goods sold increased to $9.3 million, reflecting the
cost of product sold in the period and an $869,000 valuation
reserve against inventories.
- Gross margin as reported decreased $2.2 million, reflecting the
higher costs we have experienced at this early stage of
commercialization of our HO soybean products. Gross margin, as
adjusted, a non-GAAP measure, was negative $4.5 million, or 61
percent, as compared to negative $2.0 million, or 27 percent, as
reported under GAAP. See below under the heading “Use of Non-GAAP
Financial Information” for a discussion of gross margin, as
adjusted, and a reconciliation to gross margin, the most comparable
GAAP measure.
- R&D expenses were $12.2 million, compared to $10.4 million
in 2018. The increase in R&D expenses is primarily due to $1.6
million of higher non-cash stock compensation expenses, $1.4
million of additional personnel costs, $0.7 million of incremental
lab supplies and outsourcing costs, and $0.6 million from the
reversal of payroll tax benefits that are no longer realizable.
These increases were partially offset by a $3.3 million decrease in
grain costs expensed as R&D in 2018.
- S&SC expenses were $5.2 million, compared to $2.4 million
in 2018. The increase in S&SC expenses was driven by $1.2
million of additional personnel costs, $0.9 million incremental
allocated expenses for facilities and information technology
expenses, and $0.4 million of higher non-cash stock compensation
expenses, all the result of our commercialization and acreage
expansion in 2019 and 2020.
- G&A expenses were $19.0 million, compared to $13.4 million
in 2018. The increase was driven by $2.9 million of higher non-cash
stock compensation expenses, $2.6 million of additional personnel
costs, and $1.0 million of incremental professional services
expenses. The increases in personnel costs and professional
services expenses are partially offset by the benefit of
internalizing certain services previously provided by
Cellectis.
- Net cash used in 2019 was $35.3 million, compared to a use of
$18.4 million in 2018, excluding the benefit from the May 2018
follow-on capital raise. The commercialization of HO soybean
products, including investment in personnel and purchases of grain,
drove the increase in cash used in the year.
- Net loss was $39.6 million, or $(1.21) per basic and diluted
share, compared to a net loss of $27.9 million, or $(0.91) per
basic and diluted share, in 2018.
- Adjusted EBITDA, a non-GAAP measure, increased to a loss of
$29.8 million in 2019 compared to a loss of $18.9 million in 2018
driven by increased personnel costs, as the costs of
commercialization in 2019 were largely offset by reductions in
grain costs expensed as R&D in a prior period. See below under
the heading “Use of Non-GAAP Financial Information” for a
discussion of adjusted EBITDA and a reconciliation to net loss, the
most comparable GAAP measure.
2020 Financial Guidance
- Revenue: growth of 90% to 110% year-over-year
- Gross margin, as adjusted: improvement of 3,000 to 3,500 basis
points year-over-year
- Net cash used: expected range of $34.0 million to $38.0
million
“We maintained our cash usage trajectory throughout 2019, while
building out infrastructure to support the robust growth in our
soybean business,” added Bill Koschak, Chief Financial Officer of
Calyxt. “With investment in our corporate infrastructure, we are
set to scale operations in 2020 – both in terms of finalizing new
collaborations and increased sales volumes of our soybean products.
Going forward we continue to see high revenue growth and an
improved margin profile as we continue to bring new products to
market leveraging our proprietary gene-editing technology.”
“Looking forward into 2020, we expect to continue our cash usage
rate in line with what we delivered in 2019. I expect that our cash
position will be sufficient to fund operations into mid-2021,”
concluded Koschak.
Fourth Quarter and Full Year 2019 Results Conference
Call
Calyxt, Inc. will hold a conference
call today at 8:30 a.m. Eastern time to discuss its results for the
fourth quarter and full year ended December 31, 2019. Chief
Executive Officer Jim Blome, Chief Financial Officer Bill Koschak
and Chief Science Officer Dan Voytas will host the conference call,
which will be accompanied by a presentation and followed by a
question and answer session.
To access the call, please use the following information:
Date:
Thursday March 5, 2020
Time:
8:30 a.m. EST, 5:30 a.m. PST
Toll Free dial-in number:
1-877-451-6152
Toll/International dial-in number:
1-201-389-0879
Conference ID:
13697762
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have difficulty connecting with the conference
call, please contact MZ Group at +1 (949) 491-8235.
The conference call will be broadcast live at
http://public.viavid.com/index.php?id=137490 and via the investor
relations section of the Company’s website here.
The conference call will also be available for replay on the
investor section of the Company’s website for one month.
Toll Free Replay Number:
1-844-512-2921
International Replay Number:
1-412-317-6671
Replay ID:
13697762
The presentation used in the conference call and webcast will be
available for reference on the Company’s IR website at
https://ir.calyxt.com/.
About Calyxt
Calyxt (NASDAQ: CLXT), based in Roseville, Minnesota is a
plant-based technology company. We partner with like-minded farmers
and companies to deliver plant-based products with wellness and
sustainability benefits. We use cutting edge plant breeding
techniques to innovate and develop solutions to address unmet
consumer and market demands. For further information, please visit
our website at www.calyxt.com.
Use of Non-GAAP Financial Information
To supplement our audited financial results prepared in
accordance with GAAP, we have prepared certain non-GAAP measures
that include or exclude special items. These non-GAAP measures are
not meant to be considered in isolation or as a substitute for
financial information presented in accordance with GAAP and should
be viewed as supplemental and in addition to our financial
information presented in accordance with GAAP. Investors are
cautioned that there are material limitations associated with the
use of non-GAAP financial measures. In addition, other companies
may report similarly titled measures, but calculate them
differently, which reduces their usefulness as a comparative
measure. Management utilizes these non-GAAP metrics as performance
measures in evaluating and making operational decisions regarding
our business.
We provide gross margin, as adjusted, a non-GAAP measure that
reflects the impact grain costs expensed as R&D and net
realizable value adjustments to inventories have on our reported
gross margins. Grain costs expensed as R&D before we
commercialize a product have the effect of increasing our reported
margins post-launch in periods when product with no associated cost
were sold. Net realizable value adjustments to our inventories have
the effect of decreasing gross margins in a current period that
would have been recorded in the future when the underlying product
was sold.
We provide in the tables below a reconciliation of gross margin,
as adjusted to gross margin, which is the most directly comparable
GAAP financial measure. We provide gross margin, as adjusted,
because we believe that this non-GAAP financial metric provides
investors with useful supplemental information at this early stage
of commercialization as the amounts being adjusted affect the
period to period comparability of our gross margins and financial
performance.
We do not provide a reconciliation of gross margin, as adjusted,
on a forward-looking basis as we are not able to determine this
measure without unreasonable effort for future periods. The
potential amount of net realizable value adjustments to our
inventories at year end 2020 is unknown at this time. We are not
able to determine that amount because it involves making
assumptions about 2020 ending inventories from 2019 and 2020
plantings, 2021 margin expectations based on future selling prices
and product costs and future changes in commodity futures markets
prices for soybeans.
The tables below present a reconciliation of gross margin to
gross margin, as adjusted:
Three months ended December
31,
In Thousands
2019
2018
Gross margin (GAAP measure)
$
(1,652
)
$
2
Gross margin percentage
(44
%)
100
%
Adjustments:
Net realizable value adjustment to
inventories
37
—
Gross margin, as adjusted
$
(1,615
)
$
2
Gross margin, as adjusted, percentage
(43
%)
100
%
Year Ended December
31,
In Thousands
2019
2018
Gross margin (GAAP measure)
$
(1,984
)
$
236
Gross margin percentage
(27
%)
100
%
Adjustments:
Grain costs expensed as R&D in a prior
period
(3,349
)
—
Net realizable value adjustment to
inventories
869
—
Gross margin, as adjusted
$
(4,464
)
$
236
Gross margin, as adjusted, percentage
(61
%)
100
%
We present adjusted EBITDA and define it as net loss excluding
interest, net, income tax expense, depreciation and amortization
expenses, stock-based compensation expenses, Section 16 officer
transition expenses, R&D payroll tax credits that are no longer
realizable, grain costs expensed as R&D and net realizable
value adjustments to inventories.
We provide in the tables below a reconciliation of adjusted
EBITDA to net loss, which is the most directly comparable GAAP
financial measure. Because adjusted EBITDA excludes non-cash items
and discrete or infrequently occurring items, we believe that
adjusted EBITDA provides investors with useful supplemental
information about the operational performance of our business and
facilitates comparison of our financial results between periods
where certain items may vary significantly independent of our
business performance.
The tables below present a reconciliation of net loss to
adjusted EBITDA:
Three months ended December
31,
In Thousands
2019
2018
Net loss (GAAP measure)
$
(12,165
)
$
(8,468
)
Non-GAAP adjustments:
Interest, net
186
(176
)
Income tax expense
—
—
Depreciation and amortization expenses
556
354
Stock-based compensation expenses
2,610
1,369
Section 16 officer transition expenses
117
336
Research and development payroll tax
credit
—
(130
)
Grain costs expensed as R&D
—
1,230
Net realizable value adjustment to
inventories
37
—
Adjusted EBITDA
$
(8,659
)
$
(5,485
)
Year Ended December
31,
In Thousands
2019
2018
Net loss (GAAP measure)
$
(39,612
)
$
(27,897
)
Non-GAAP adjustments:
Interest, net
(110
)
(264
)
Income tax expense
—
—
Depreciation and amortization expenses
1,607
1,081
Stock-based compensation expenses
9,175
4,385
Section 16 officer transition expenses
1,169
740
Research and development payroll tax
credit
411
(250
)
Grain costs expensed as R&D
(3,349
)
3,349
Net realizable value adjustment to
inventories
869
—
Adjusted EBITDA
$
(29,840
)
$
(18,856
)
Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify these statements by forward-looking words such as “may,”
“might,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” or “continue,” the
negative of these terms and other comparable terminology. These
forward-looking statements, which are based on our current
assumptions and expectations, are subject to risks and
uncertainties. Forward-looking statements in this press release may
include statements about our future financial performance, product
pipeline and development, commercialization efforts, regulatory
progression, potential collaborations and partnerships, growth
strategies, and anticipated trends in our business. These
statements are predictions based on our current expectations and
projections about future events and trends. Our actual results
could be materially different than those expressed, implied, or
anticipated by forward-looking statements. There are important
factors that could cause our actual results, level of activity,
performance or achievements to differ materially from the results,
level of activity, performance or achievements expressed or implied
by the forward-looking statements, including those factors
discussed under the caption entitled “Risk Factors” in our Annual
Report on Form 10-K, along with our other filings with the U.S.
Securities and Exchange Commission. We do not assume any obligation
to publicly provide revisions or updates to any forward-looking
statements, whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by law.
CALYXT, INC. CONSOLIDATED
BALANCE SHEETS (In Thousands, Except Par Value and Share
Amounts)
December 31,
2019
2018
Assets
Current assets:
Cash and cash equivalents
$
58,610
$
93,794
Restricted cash
388
381
Trade accounts receivable
1,122
—
Due from related parties
—
46
Inventory
2,594
—
Prepaid expenses and other current
assets
808
1,301
Total current assets
63,522
95,522
Non-current restricted cash
1,040
1,113
Land, buildings and equipment
23,212
21,850
Other non-current assets
324
306
Total assets
$
88,098
$
118,791
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
1,077
$
818
Accrued expenses
2,544
2,007
Accrued compensation and benefits
2,181
1,305
Due to related parties
977
1,905
Current portion of financing lease
obligations
356
258
Other current liabilities
61
711
Total current liabilities
7,196
7,004
Financing lease obligations
18,244
18,227
Other non-current liabilities
150
163
Total liabilities
25,590
25,394
Stockholders’ equity:
Common stock, $0.0001 par value;
275,000,000 shares authorized; 33,033,689 shares issued and
32,951,329 shares outstanding as of December 31, 2019 and
32,664,429 shares issued and 32,648,893 shares outstanding as of
December 31, 2108
3
3
Additional paid-in capital
185,588
176,069
Common stock in treasury, at cost, shares
of 82,360 as of December 31, 2019 and 15,536 as of December 31,
2018
(1,043
)
(230
)
Accumulated deficit
(122,057
)
(82,445
)
Accumulated other comprehensive income
17
—
Total stockholders’ equity
62,508
93,397
Total liabilities and stockholders’
equity
$
88,098
$
118,791
CALYXT, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (In Thousands Except Shares and Per Share
Amounts)
Year Ended December
31,
2019
2018
Revenue
$
7,296
$
236
Costs of goods sold
9,280
—
Gross margin
(1,984
)
236
Operating expenses:
Research and development
12,213
10,358
Selling and supply chain
5,172
2,352
General and administrative
18,966
13,356
Management fees
1,338
2,285
Total operating expenses
37,689
28,351
Loss from operations
(39,673
)
(28,115
)
Interest, net
110
264
Foreign currency transaction (loss)
(49
)
(46
)
Loss before income taxes
(39,612
)
(27,897
)
Income taxes
—
—
Net loss
$
(39,612
)
$
(27,897
)
Basic and diluted loss per share
$
(1.21
)
$
(0.91
)
Weighted average shares outstanding -
basic and diluted
32,805,684
30,683,421
CALYXT, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS (In Thousands)
Year Ended December
31,
2019
2018
Operating activities
Net loss
$
(39,612
)
$
(27,897
)
Adjustments to reconcile net loss to net
cash used by
operating activities:
Depreciation and amortization expenses
1,607
1,081
Loss on disposal of land, buildings and
equipment
—
23
Stock-based compensation
9,175
4,385
Unrealized foreign exchange gain loss
—
(12
)
Changes in operating assets and
liabilities:
Trade accounts receivable
(1,122
)
—
Due to/from related parties
(882
)
676
Inventory
(2,594
)
—
Prepaid expenses and other assets
493
(726
)
Accounts payable
259
(118
)
Accrued expenses
537
985
Accrued compensation and benefits
876
360
Other accrued liabilities
(670
)
940
Other non-current assets
(18
)
51
Net cash used by operating
activities
(31,951
)
(20,252
)
Investing activities
Purchases of land, buildings and
equipment
(2,969
)
(1,847
)
Other
—
50
Net cash used by investing
activities
(2,969
)
(1,797
)
Financing activities
Costs incurred related to the issuance of
stock
—
(665
)
Proceeds from common stock issuance
—
57,706
Repayments of financing lease
obligations
(275
)
—
Advances from Cellectis
—
—
Repayment of advances from Cellectis
—
—
Proceeds from the exercise of stock
options
344
2,622
Costs incurred related to shares withheld
for net settlement
(813
)
(230
)
Proceeds from sale and leaseback of land,
buildings and equipment
414
1,240
Net cash (used) provided by financing
activities
(330
)
60,673
Net (decrease) increase in cash, cash
equivalents and restricted cash
(35,250
)
38,624
Cash, cash equivalents and restricted cash
- beginning of period
95,288
56,664
Cash, cash equivalents and restricted
cash - end of period
$
60,038
$
95,288
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200305005280/en/
Calyxt Media Contact: Trina Lundblad, Director of
Corporate Communications (612) 790-0514 media@calyxt.com
Calyxt Investor Relations Contact: Chris Tyson, Managing
Director MZ Group – MZ North America (949) 491-8235 CLXT@mzgroup.us
www.mzgroup.us
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