T2 Biosystems Announces Third Quarter 2024 Financial Results
TTOO 11.14.2024
About Gravity Analytica
Recent Financial and Commercial Highlights
- Achieved third quarter total revenue of
$2.0 million , representing an increase of 34% compared to the prior year period. - Achieved sepsis test panel revenue of
$1.4 million , representing an increase of 34% compared to the prior year period, driven by increasedU.S. T2Bacteria®Panel revenue. - Executed contracts for 11 T2Dx®Instruments during the third quarter, including 1 in the
U.S. and 10 internationally. - Initiated exclusive
U.S. distribution agreement with Cardinal Health for the commercialization of the T2Biosystems Sepsis product portfolio, expanding access to theU.S. hospital market - Launched co-marketing collaboration with
Prxcision, Inc. , for rapid direct-from-blood diagnostics and AI-powered decision support platform to provide hospitals with a solution that is designed to deliver rapid identification of pathogens directly from blood in hours, not days, paired with real-time insights and information to help guide the best possible treatment decisions
Recent Pipeline and Clinical Highlights
- Received clearance from the
U.S. Food and Drug Administration (FDA) to market the T2Candida®Panel for pediatric patients. - Advanced the T2Resistance®Panel toward
U.S. FDA 510(k) submission which is expected to occur during the first quarter of 2025. - Defended successfully against an opposition of a key patent for the Company’s innovative direct-from-blood pathogen detection method filed with the
European Patent Office by bioMerieux. - The article “Changing the Culture of Blood Culture” recently published in
The Lancet , a world-leading medical journal, highlighted the weaknesses of blood culture, and the more ideal characteristics of culture-independent diagnostics consistent with the features and benefits provided by theT2Bacteria Panel , theT2Candida Panel , and theT2Resistance Panel .
“In the third quarter T2Biosystems generated strong revenue growth driven by 173% sales growth from the
Third Quarter 2024 Financial ResultsTotal revenue for the third quarter of 2024 was
Cost of product revenue for the third quarter of 2024 was
Net loss for the third quarter of 2024 was
Cash and cash equivalents totaled
2024 Financial OutlookThe Company expects fourth quarter 2024 total sepsis product revenue of
Webcast and Conference Call InformationThe Company’s management team will host a conference call today,
About
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about global commercial expansion and international strategy, and the potential for strong growth in the region, as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward-looking nature. The financial information included herein have not been compiled or examined by our independent auditors and they are subject to revision as we prepare our financial statements as of and for the quarter ended
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| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,083 | $ | 15,689 | ||||
| Accounts receivable, net | 2,033 | 1,420 | ||||||
| Inventories | 3,825 | 4,819 | ||||||
| Prepaid expenses and other current assets | 1,845 | 3,261 | ||||||
| Total current assets | 9,786 | 25,189 | ||||||
| Property and equipment, net | 1,477 | 1,658 | ||||||
| Operating lease right-of-use assets | 6,268 | 7,395 | ||||||
| Restricted cash | 551 | 551 | ||||||
| Other assets | — | 4 | ||||||
| Total assets | $ | 18,082 | $ | 34,797 | ||||
| Liabilities and stockholders’ deficit | ||||||||
| Current liabilities: | ||||||||
| Notes payable to related party | $ | 11,922 | $ | 41,284 | ||||
| Accounts payable | 4,210 | 1,527 | ||||||
| Accrued expenses and other current liabilities | 4,627 | 4,905 | ||||||
| Accrued final payment fee on Term Loan with related party | 1,306 | 4,807 | ||||||
| Operating lease liability | 1,724 | 1,616 | ||||||
| Derivative liability related to Term Loan with related party | 347 | 1,554 | ||||||
| Warrant liabilities | 66 | 235 | ||||||
| Deferred revenue | 233 | 224 | ||||||
| Total current liabilities | 24,435 | 56,152 | ||||||
| Operating lease liabilities, net of current portion | 5,298 | 6,598 | ||||||
| Deferred revenue, net of current portion | 59 | 83 | ||||||
| Total liabilities | 29,792 | 62,833 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ deficit | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 18 | 4 | ||||||
| Additional paid-in capital | 605,182 | 556,256 | ||||||
| Accumulated deficit | (619,910 | ) | (584,296 | ) | ||||
| Total stockholders’ deficit | (11,710 | ) | (28,036 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 18,082 | $ | 34,797 | ||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 1,985 | $ | 1,472 | $ | 5,998 | $ | 5,091 | ||||||||
| Contribution revenue | — | — | — | 423 | ||||||||||||
| Total revenue | 1,985 | 1,472 | 5,998 | 5,514 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of product revenue | 4,101 | 3,925 | 10,996 | 12,789 | ||||||||||||
| Research and development | 2,667 | 2,663 | 9,749 | 10,984 | ||||||||||||
| Selling, general and administrative | 5,378 | 5,980 | 17,589 | 19,575 | ||||||||||||
| Impairment of property and equipment | — | 2,511 | — | 2,511 | ||||||||||||
| Total costs and expenses | 12,146 | 15,079 | 38,334 | 45,859 | ||||||||||||
| Loss from operations | (10,161 | ) | (13,607 | ) | (32,336 | ) | (40,345 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense to related party | (370 | ) | (1,119 | ) | (2,027 | ) | (4,182 | ) | ||||||||
| Change in fair value of derivative related to Term Loan with related party | 77 | 184 | 1,207 | 436 | ||||||||||||
| Change in fair value of warrant liabilities | 321 | (930 | ) | 169 | 4,958 | |||||||||||
| Other, net | 16 | 47 | 373 | (604 | ) | |||||||||||
| Total other income (expense) | 44 | (1,818 | ) | (278 | ) | 608 | ||||||||||
| Net loss | $ | (10,117 | ) | $ | (15,425 | ) | $ | (32,614 | ) | $ | (39,737 | ) | ||||
| Net loss per share — basic and diluted | $ | (0.57 | ) | $ | (3.45 | ) | $ | (2.63 | ) | $ | (21.79 | ) | ||||
| Weighted-average number of common shares used in computing net loss per share — basic and diluted | 17,892,606 | 4,477,321 | 12,381,110 | 1,823,485 | ||||||||||||
Source: T2 Biosystems, Inc.