Investors Attention Alert: Calyxt, Inc. (NASDAQ: CLXT)

On 15 Jan 2020, Calyxt, Inc. (NASDAQ: CLXT) stock observed trading -61.34% off 52-week high price. On the other end, the stock has been noted 110.14% away from low price over the last 52-weeks. The stock disclosed a move of 33.72% away from 50 day moving average and -18.85% away from 200 day moving average. Moving closer, we can see that shares have been trading 4.80% off 20-day moving average. The USA based company Calyxt, Inc. moved with change of -4.73% to $7.46 with the total traded volume of 321825 shares in recent session versus to an average volume of 189.21K.

Calyxt, Inc. (CLXT) has stated results for its third quarter ended September 30, 2019.

Third Quarter 2019 Financial Results

Revenue in the third quarter of 2019 increased to a record $3.0M, primarily driven by scaling crush activity, generating sales momentum in soybean oil through foodservice distribution and continued testing with large food manufacturers.

R&D expenses in the third quarter of 2019 were $3.6M, contrast to $3.4M in the third quarter of 2018. The increase in R&D expenses is primarily Because of a raise in non-cash stock compensation expense of $567,000, a reversal of payroll tax benefits that are no longer realizable of $536,000 and the addition of personnel. R&D expenses for the third quarter of 2018 included $1.1M of grain costs we incurred previous to our commercialization in the first quarter of 2019, which affects the comparability of R&D expenses year over year.

SG&A expenses in the third quarter of 2019 were $6.2M, contrast to $3.3M in the third quarter of 2018. The increase was driven by higher non-cash stock compensation costs of $1.6M, increased personnel costs of $880,000 and a raise in professional fees expenses of $455,000. The increases in personnel costs and professional fees are partially offset by a reduction in the management fees we paid Cellectis, as we completed the internalization of nearly all services before provided by Cellectis as of September 30, 2019.

Net cash used in the third quarter of 2019 was $10.0M, substantially in line with before reported financial guidance of $3.0M to $3.25M per month.

Net loss for the third quarter of 2019 was $10.7M, or $(0.32) per basic and diluted share, contrast to a net loss of $7.5M, or $(0.23) per basic and diluted share, in the third quarter of 2018. The increase was driven by higher non-cash stock compensation expenses of $2.1M and costs associated with the launching our first products in 2019.

Adjusted EBITDA, a non-GAAP measure, increased to a loss of $6.9M for the third quarter of 2019 from a loss of $6.4M in the third quarter of 2018 driven by increases 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 of Net Loss to Adjusted EBITDA, the most comparable GAAP measure.

Cash and cash equivalents totaled $66.4M as of September 30, 2019 contrast to $93.8M as of December 31, 2018.

“I am happy with our cash usage trajectory in the third quarter of 2019,” added Bill Koschak, Chief Financial Officer of Calyxt. “We have largely completed investing in our G&A platform required to scale the organization. Future investments are predictable to be in R&D as we grow our pipeline and alliance projects, and in sales, supply chain, quality and food safety to support growth in our soybean product lines. We reiterate our previousFY2019 financial guidance of $7M to $8M in revenue and $3M to $3.25M in cash usage per month.

“Taking into account our anticipated usage going forward, including operational savings we have identified, I believe our cash position will be sufficient to fund operations to mid-2021,” concluded Koschak.

CLXT’s shares are at 62.53% for the quarter and driving a -33.81% return over the course of the past year and is now at 6.42% since this point in 2018. The average volatility for the week and month was at 10.95% and 9.08% respectively. There are 35.27M shares outstanding and 9.99M shares are floated in market.

 

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