AquaBounty Technologies, Inc. Results for the quarter and nine months ended September 30, 2018

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MAYNARD, Mass., Nov. 02, 2018 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. AQB ("AquaBounty" or the "Company"), a biotechnology company focused on enhancing productivity in the aquaculture market and a majority-owned subsidiary of Intrexon Corporation XON, announces the Company's financial results for the third quarter and nine months ended September 30, 2018.

Financial and Operational Summary:

  • Commenced production operations at our Indiana farm with traditional Atlantic salmon eggs while waiting for approval from the U.S. Food and Drug Administration ("FDA") to import AquAdvantage Salmon eggs;
  • net loss for the nine-month period ended September 30, 2018, increased to $7.96 million from $6.60 million in the corresponding period of the previous year, reflecting pre-production and production costs at the Indiana farm and R&D activities at the Rollo Bay hatchery; and
  • cash and cash equivalents at September 30, 2018, were $1.0 million (December 31, 2017: $0.5 million).

Post Period Transactions:

  • Completed a warrant exercise transaction with certain warrant holders for 2,250,461 shares of common stock for a reduced exercise price equal to $2.00 per share, with net proceeds of approximately $4.3 million; and
  • finalized a construction loan in the amount of CA$2.0 million (US$1.6 million) from the Department of Economic Development of the Province of Prince Edward Island to be used to complete construction of the Company's 250-metric-ton production facility on its Rollo Bay site.

Ronald Stotish, Chief Executive Officer of AquaBounty, stated: "In this quarter, we commenced grow-out of non-transgenic Atlantic salmon at our site in Albany, Indiana, which will allow us to begin utilizing this facility and to make any necessary adjustments to our processes or standard operating procedures while we wait for the FDA import alert on AquAdvantage Salmon to be lifted."

For further information, please contact:

Dave Conley, Director of Communications
AquaBounty Technologies, Inc.
613 294 3078

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding the potential for the lifting of the Import Alert, the importation of AquAdvantage Salmon eggs into the United States, and the completion of the construction of the Rollo Bay production facility. Forward-looking statements may be identified with words such as "will," "may," "expect," "plan," "anticipate," "upcoming," "believe," "estimate," or similar terminology, and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, please refer to our public filings with the Securities and Exchange Commission ("SEC"), available on the Investors section of our website at www.aquabounty.com and on the SEC's website at www.sec.gov.

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AquaBounty Technologies, Inc.
Consolidated Balance Sheets
(Unaudited)
 
 As of
 September 30,December 31,
  2018  2017 
Assets  
Current assets:  
 Cash and cash equivalents$  1,030,671 $   492,861 
 Certificate of deposit 13,040  13,422 
 Other receivables 81,822  183,926 
 Inventory 72,640  172,363 
 Prepaid expenses and other current assets 315,383  527,322 
 Total current assets 1,513,556  1,389,894 
   
Property, plant and equipment, net 24,001,108  21,802,976 
Definite-lived intangible assets, net 174,717  184,995 
Indefinite-lived intangible assets 191,800  191,800 
Other assets 162,093  162,093 
Total assets$  26,043,274 $  23,731,758 
   
Liabilities and stockholders' equity  
Current liabilities:  
 Accounts payable and accrued liabilities$  1,483,657 $  2,666,855 
 Current debt 59,636  49,794 
 Total current liabilities 1,543,293  2,716,649 
   
Long-term debt 2,970,816  3,034,420 
 Total liabilities 4,514,109  5,751,069 
   
Commitments and contingencies  
   
Stockholders' equity:  
 Common stock, $0.001 par value, 50,000,000 shares authorized;  
  12,848,376 (2017: 8,895,094) shares outstanding 12,848  8,895 
 Additional paid-in capital 138,333,891  126,718,186 
 Accumulated other comprehensive loss (327,102)  (213,884) 
 Accumulated deficit (116,490,472)  (108,532,508) 
Total stockholders' equity 21,529,165  17,980,689 
   
Total liabilities and stockholders' equity$  26,043,274 $  23,731,758 
       


AquaBounty Technologies, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
 
 Three Months Ended Nine Months Ended
 September 30, September 30,
  2018  2017   2018  2017 
Revenues     
 Product revenues$  10,938 $-  $  77,933 $53,278 
      
Costs and expenses     
 Product costs 8,874  -   72,393  50,777 
 Sales and marketing 64,971  195,947   222,999  607,145 
 Research and development 804,758  860,903   2,663,397  2,517,242 
 General and administrative 1,852,362  1,382,380   5,067,226  3,453,516 
 Total costs and expenses 2,730,965  2,439,230   8,026,015  6,628,680 
      
Operating loss (2,720,027)  (2,439,230)   (7,948,082)  (6,575,402) 
      
Other income (expense)     
 Gain on disposal of equipment -  -   11,745  - 
 Interest expense (5,169)  (5,597)   (15,854)  (16,130) 
 Other income (expense), net (1,832)  (1,392)   (5,773)  (3,866) 
 Total other income (expense) (7,001)  (6,989)   (9,882)  (19,996) 
      
Net loss$  (2,727,028) $(2,446,219)  $  (7,957,964) $(6,595,398) 
      
Other comprehensive income (loss):     
 Foreign currency translation gain (loss) 84,711  34,933   (113,218)  43,084 
 Total other comprehensive income (loss) 84,711  34,933   (113,218)  43,084 
      
Comprehensive loss$  (2,642,317) $(2,411,286)  $  (8,071,182) $(6,552,314) 
      
Basic and diluted net loss per share$  (0.21) $(0.28)  $   (0.64) $(0.76) 
Weighted average number of common shares -     
 basic and diluted 12,848,376  8,895,094   12,528,995  8,731,178 

 

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