Q1 2022 IsoPlexis Corp Earnings Call

May 11, 2022

Thank you for standing by and welcome to <unk> first quarter 2022 earnings Conference call. At this time all participants are in a listen only mode. After the speaker presentation. There will be a question and answer session to ask a question.

This session you will need to press star one on your telephone.

Please be advised that todays call may be recorded should you require any further assistance. Please press star zero I would now like to hand, the call over to Carrie Mendivil Investor Relations.

Thank you.

Earlier today <unk> released financial results for the quarter ended March 31 2022.

You have not received this news release or if you'd like to be added to the Companys distribution list. Please send an email to investors.

With dotcom.

Joining me today from Michael Buck This is Sean the Kay Chief Executive Officer, and John <unk>, Chief Financial Officer.

Before I begin I'd like to remind you that management will make statements. During this call that are forward looking statements within the meaning of federal securities laws.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

Additional information regarding these risks and uncertainties appears in the section entitled forward looking statements in the press release Isopiestic issued today.

For a more complete list and description. Please see the risk factors section of the Companys quarterly report on Form 10-K filed on March 32022.

And in the company's other filings with the Securities and Exchange Commission.

Except as required by law ISO partners disclaims any intention or obligation to update or revise any financial projections or forward looking statements, whether because of new information future events or otherwise.

This conference call contains time sensitive information is accurate only as of the live broadcast May 11 2022.

With that I'd like to turn the call over to Sean.

Thanks, Gary Good morning, and thank you everyone for joining us I'm pleased to welcome you to our first quarter 2022 earnings call.

Today's call I'll start by providing an update on our commercial progress and operational improvements designed to drive future growth.

Then I will turn the call over to John for a closer look at our financial results and outlook for 2022.

We started the year strong with revenue for the first quarter growing 52% to $4 9 million coming in at the high end of the revenue range, we pre announced in mid April .

Our team made significant progress supporting our customers, who are providing critical new data and the highest impact disease areas across blood in solid tumors autoimmune inflammation and infectious disease.

Our strategy is focused on a set of key themes that will drive our growth and laid the foundation for long term success. These areas include scaling customer adoption by expanding our installed base of instruments as well as driving increased utilization within each customer accounts.

Focusing on a leaner more highly integrated organizational structure to increase commercial and operational productivity.

Constraining discipline around cash conservation through strategic use of resources and operational and supply chain management excellence.

Continuing expansion of our first product family single cell proteomics applications to the Super Human cell Library.

Creasing, the number of high impact clinically relevant publications, demonstrating differentiated utility of our single cell proteomics technology, a large end markets.

In executing our innovative product roadmap to get our second and third product families to market, including our breakthrough do I'll make system.

And uniquely clinically relevant mobile mix as well as code flex our revolutionary solution for targeted proteomics.

Starting with customer adoption, we sold 25 instruments in the first quarter, bringing our cumulative instruments sold to 234.

Almost two thirds of the instruments in our installed base are used for a new monitoring and just over a third of these instruments are used for cell and gene therapy applications.

Importantly, approximately one fourth of the instruments placed this quarter were to repeat customers demonstrating the value of our single cell proteomics technology.

As evidence of our continued ability to execute on our land and expand strategy.

Our pipeline remains strong across both our academic and Biopharma customers.

The academic side, we've made strong progress with 73% of U S comprehensive cancer centers now using <unk> technology.

On the Biopharma side as mentioned previously we have instruments placed in all top 15 pharma company and multiple of these pharma companies about additional systems in Q1.

As our user base expands and our customers continue generating fantastic data using our technology, our growing number of researchers will be exposed to the capabilities, which will in turn increase adoption of our technology.

We are continuing to demonstrate commercial and operational excellence focusing on increasing productivity, while conserving cash burn.

After a thoughtful analysis and scenario planning for the next few years in mid April we announced a new strategic initiative to enable a leaner structure to integrate our commercial team more tightly with our customers.

As well as our development teams with our operational teams.

This integrated model serves to strengthen engagement with our customers, while continuing to generate strong topline revenue growth deliver innovative solutions and expand gross margins.

We've made changes to our FTE count, 20% less than the end of Q4 last year, which could represent a new FTE run rate.

We focus on conservation of critical materials and are testing and R&D.

We eliminated consultants and software licenses.

This has the benefit of conserving significant cash moving forward, which is critical at this moment in history as the capital markets and to enable us to meet a critical 2022 to 2024 upcoming goals with our current resources on hand.

As we continue our land and expand strategy, we will now provide a streamlined single point of customer contact with regional support for the full suite of products on a wider test menu.

This is intended to reduce the number of total support staff needed while simultaneously strengthening relationships with our customers and increasing the productivity of our approximately 140 person commercial team.

Teams are more tightly integrated with the customer and each other aimed at producing scalable productive growth.

Additionally, as we move to launch our dual <unk> services as well as their code flex targeted proteomics platform. We will further integrate operations and development to ensure the timely launch of a quality set of scalable consumable products.

As we continue to deliver a wider test menu of consumables to the market.

Our focus on integration is intended to streamline design for manufacturing, which we believe will result in gross margin improvement across all consumable product lines.

Already seeing the benefits and efficiencies of this re distribution of resources.

We now have a more tightly integrated 200 person development and operational team that is energized and excited fueled by a growing closeness with our customers in line with this lean mentality. We are pleased to welcome Eric Stewart to the ISO plexus team as our Chief commercial Officer Garrett.

<unk> has the ability to leverage his experience with danaher and other life sciences tools organizations to capitalize on our lean more tightly integrated commercial for US is experienced in alignment with our focus on productivity will be critical moving forward.

We feel our current 140 person commercial team is well equipped to execute against our productivity goals, we've laid out.

Launched our operational management team has been successful at forecasting supply chain issues building up inventory for critical components, and providing a clear path for us to fulfill customer demand well into 2023 with our system.

Moving onto our single cell proteomics applications and Super Human cell Library, we've continued to demonstrate our ability to measure and monitor.

High resolution immune response and health.

We continue to leverage our unique ability to unleash the function of each cell to improve insights and decision, making for cancer immunology infectious disease and immune cell therapy researchers.

Looking at our recent publications. So we have now demonstrated that there are multiple functional immune cell types uniquely identifiable on our platform that are contributory to long COVID-19, taking this with a slew of recent publications in cancer immunology, we begin to understand that functionality defining all of our immune cells.

He will play a bigger role in developing better biomarkers across cancers and infectious disease.

Turning to publications and data.

An interesting evolution of our dataset is our new ability to include singles from mobile mix, which connects our unique functional proteomics readouts with the sequence Andover gene expression of each cell for the first time to illustrate this last month at the American Association for cancer research or ACR.

We presented data generated on our do only platform.

Demonstrates the ability to connect T cell receptor or TCR diversity to the most functionally potent single cells.

This enabled a wide variety of applications for tumor infiltrating lymphocytes personalized new engine TCR in cancer immunology in terms of understanding imaging specificity as well as T cell potency.

Importantly, the combination of the varying classes of analytes that are being profile then identified at the single cell level provide.

<unk> provides the key new modalities are tracking the most potent and powerful single cell subsets of highly functional superhero ourselves.

These cells are critical to driving longer term response in sell in immune therapy via a functional proteins.

Additionally, our customers had multiple poster presentations at ACR from institutions, including Brown University, and UCLA and highlighted novel applications in chemotherapy induced in essence fiber glass adoptive cell therapy and next generation car T therapies, we look forward to continuing to update on.

New data being generated both proprietary and from our customers is our innovative technology is being leveraged to online deeper insights.

And lastly, turning to our product pipeline, we have three key areas of focus so product pipeline single cell proteomics single cell multi omics and targeted both proteomics.

They are revenue almost all single cell proteomics that our differentiated product pipeline is getting closer to launch both the products and single phone multi tenant service in targeted both proteomics.

The midsize to large end markets for these two products are highly visible as well with a few incumbents and recognized unmet need by researchers within the markets.

Looking more closely at our pipeline, we are really excited about the progress with our duo Max platform. We recently reached a major milestone as we have completed the full workflow with a delivery of proven in situ DNA sequencing capabilities. We can now in situ sequence each bead in a highly paralyzed manner.

Brian Terry Gynecic winter and leverage a large body of sequencing IP and products.

With the ability to clearly sequence each beat in tissue within its own chamber. We now have the ability to generate unique cellular identifier for mrna sequencing and our proprietary proteonomic barcode from the sale itself.

This enables us to manufacture our highly paralyzed due Amit chamber system at a greater scale.

We are the first and only company able to connect as critical functional Proteonomic biology and genetics.

As exciting for a wide range of biologists and sequencing researchers if you single cell multi omics is currently having critical gaps, but also viewed as a next frontier.

Importantly, dual Macao is the proven capability to meet three of the largest unmet single cell multi omics needs utilizing the combination of sequencing in proteomics architecture that only our chip has.

These applications include immune suppression in proteomics tumor expression in proteomics and T cell receptor expression in proteomics.

As a reminder, we are offering to do with the platform via early access and service in the second half of the year and are on track with full product launch in mid 2023.

We are also very excited about our uniquely targeted proteomics platform, <unk>, which addresses a large unmet need in clinical research for sample.

Answer out automated bench top proteomics solution.

Walkaway workflows in proteomics are going to be what wins the market in the midterm and long term.

The state of the art today for most labs at the largest part of the market than multiplex requires 20 laborious workflow steps for trained technical lab members.

Arrow, where it's difficult to recruit train and retain technical talent, coupled with the increasingly virtual environment workflow automation on the bench is critical.

Complex workflow combined multiple benches worth of instrumentation onto a single chip.

We reduced over 20 steps into just in an automated walkaway workflow with between eight and 30 functional proteins per sample detected which filled a core need in the market.

We are seeing meaningful interest as clinical researchers have already published early studies in journals such as <unk>.

<unk> is an exciting next step for our industry and our company will be a fully featured product and offering for early access in early 2023.

We continue to build one of the largest body of IP in the proteomics and <unk> space and now have over 165 foundational patents issued and filed across proteomics sequencing system patents.

Our investment in our IP enables us to be well positioned for the opportunity ahead.

Overall, I am incredibly proud of our team do their work. These past few months and excited about the opportunity we have ahead.

Look forward to increasing our ability to service our growing list of customers with a more highly integrated commercial operational and development team. We are seeing early signs that our plan for continued cash conservation will be successful.

Look forward to delivering to market are two highly anticipated novel suites of innovative products, which will provide deeper insights towards the development of more curative therapies.

Large and highly visible end market.

I am confident that by adapting to this next stage of the Companys growth and our customers' needs, we will be able to further drive success for our customers who are leading the charge to solve the critical challenges in human health.

I will now turn the call over to John for more detail on our financials.

Thanks, Sean total revenue for the first quarter of 2022 was $4 9 million up 52% from $3 2 million in the prior year period product revenue was $4 5 million or 52% increase compared to $2 9 million in the prior year quarter.

<unk> team continued to drive adoption, so 25 instruments in the first quarter, which brings the total number of instruments sold for 234 since our commercial launch service revenue for the first quarter was $457000 compared to $307000 for the prior year quarter.

Gross profit for the first quarter of 2022 was $2 6 million compared to $1 7 million in the same period of 2021 gross margin was 52% in the first quarter compared to 51% during the first quarter of 2021.

Operating expenses for the first quarter of 2022 was $30 7 million compared to $15 1 million in the first quarter of 2021. The increase was primarily driven by head count expansion as we built out the commercial team and advanced development of development and complex. This investment over the last three years is largely complete.

We are now preparing to bring these products to market.

R&D expense was $7 1 million, an increase of $3 5 million over the prior year period SG&A expense was $23 5 million, an increase of $12 1 million over the prior year period, and primarily driven by head count expansion and the costs associated with being a public company.

Following our reorganization plan announced in mid April in a transitional period in Q2, we expect our operating expenses will be significantly lower going forward in the range of about $17 million per quarter, bringing our full year 2022 operating expenses to be in the range of $85 million.

To 90 million these.

These savings were achieved through four key areas first we reduced head count by 20% from end of last year.

We eliminated outside consulting and professional fees as our team is mature and we were able to provide these services internally.

Third we eliminated a good deal of internal material consumption as we have reduced process redundancy to focused on our most important objectives and finally, we cut back unneeded software licenses and related support services as we leverage our integrated team to interface with each other and the customer more directly.

Our net loss was $28 7 million for the first quarter of 2022 compared to $15 6 million in the first quarter of 2021.

We ended the quarter with $97 $6 million in cash on the balance sheet as we shared in mid April we amended our existing credit agreement, providing further access to $7 5 million of additional term loan financing, we believe that the amended credit agreement coupled with our new strategic initiatives will extend our cash runway into.

The second half of 2024.

Now turning to our revenue outlook for the full year 2022, we continue to expect revenue for the year to be between $26 million and $27 million representing growth of 51% to 56%.

At this point I'd like to turn the call back to Sean for closing comments.

Thanks, Sean.

I am proud of our team for the significant commercial progress will be this quarter. Our recent organizational changes are bringing us closer to our customers and positioning us well for future growth with an efficient and thoughtful use of capital.

I'm also excited about the advancements, we're making with dual making complex as we prepare for commercial launch, reflecting three years of significant investment.

As John mentioned, we believe we have cash runway into the second half of 2024, which will allow us to grow and play a significant role with the ever important end markets for the life Sciences space.

As a team we are poised to take advantage of the significant opportunity ahead, we have more conviction than ever that are you.

<unk> single cell proteomics, multi omics in targeted proteomics solutions will be crucial to solving the most critical challenges in human health.

That we will now open it up to questions.

As a reminder to ask a question you went into press star one on your telephone to withdraw your question press the pound key please stand by while we compile the Q&A roster.

Our first question comes from the line of Vijay Kumar of Evercore ISI. Your question. Please.

Hey, guys.

Thats on the pregnant thanks for taking my question.

I wanted to started start off with with them with a big picture question.

And perhaps votron John both if you can answer this.

The stock right now it's trading less in cash rather than it's very rare for cruise company.

We are seeing right now.

Perhaps in pre revenue biotech companies and we've seen this.

Okay.

For us at least when I look at these things the market's basically assuming there was some cash value.

The cash is going to get burned so maybe just.

Talk about your confidence in driving that 50% revenue growth when you had a restructuring and head count went down by 20%.

Can you still sustain.

Those kinds of growth.

One moderating opex.

Spend.

<unk>.

You mentioned that the cash that you have along with the new facilities and that gets you across through the middle of 'twenty to.

24, maybe just stop.

With the cash burn rate, if you don't mind.

Yes.

So.

This is Shawn I'll speak to.

How are we how we feel about the progress moving forward and appreciate your.

Context about the capital markets, yes.

We see it as well so so from a revenue perspective.

As John said, we're reiterating the guidance, we feel strongly that the team we have in place.

Well positioned to.

Really.

<unk> expectations this year.

One from an instrumentation perspective, I mean, we continue to show strength in our end markets as we did Q1.

Life Sciences end market in terms of demand and that's really driven by.

It's interesting timing for us, but it's driven by sort of inflection point in terms of what single cell proteomics can mean to our end users and what we are proving and we're proving this in the publications is whether it's.

Pretty large market of immune therapy response, and immune health or whether its cell and gene therapy, leveraging our system you get a very unique early readout into whether or not you can create an optimal durable immune response and you can't get that.

We sort of big incumbent out there flow cytometry and Thats.

That's a big deal because.

We have we had to.

<unk> hundred 34 systems out there and you think about the big incumbent is 40000 flow system, we're offering value to our customers. It's now becoming ever so clear via high impact publications literature, showing that our immune readout connect to durable in vivo biology in a way that that flow cytometer.

<unk> has not.

So what it means for US is from a pipeline perspective from a demand perspective.

We've never been more busy right, which I think thats really exciting and that's kind of.

If you just think about that from a.

Logic perspective.

Now I mean, there's no stopping any signed or any sign of immune therapies being the future of all therapies, whether it's for COVID-19 vaccine.

Vaccines and other therapies or it.

Cancer and Immunotherapies against cancer of the cell therapies.

This is spending not just in cancer and infectious disease autoimmune disease.

No.

Large pharma academics right core end markets for us and larger biotech, which covered approximately all of our installed base.

These firms are still cranking, along generating lot of cash or generally on the grant funding, which puts us in a good position I think secondly.

You asked about so so yes, I mean do we see the prospects of our core single cell proteomics business here, we're very excited about it.

I think our customers are too which is half the battle and I think you're just going to continue to see that.

That that placement and that pulled through continue to rise.

I think the second thing is.

Right now its about execution in single cell proteomics and <unk>.

As I spoke about we brought on new Chief commercial officer experienced in the sort of Danaher methodologies.

We came up with a strategy to keep the same customer facing.

Reps out there, we actually have more people selling consumables now, which I think is pretty exciting and frankly, I mean with the pipeline we have with the awareness. We have in there is plenty of awareness metrics out there you can look at our.

You can look at the awareness metrics in terms of something like Linkedin followers, which we have a lot more kind of I guess buzz around us needing to large companies.

It's about us converting that awareness into sort of executed borders and the team we have with 50, plus commercial facing customer facing folks out there under.

Eric I, just think as well equipped and poised.

To capitalize on the demand out there right and I think the final thing is.

Like as you mentioned and John I'm going to pass it to John to go over some of the cash detail.

<unk>.

If you look at.

US having cash into 2024.

We have to.

We have to execute against that but we have a lot of confidence that we're going to what is what does that mean for us right. So right now.

In the sort of growth cycle of our company, we've grown quite a bit we do of course expect to exceed the 50% CAGR as you were talking about.

But I think that.

I think that from a forward looking perspective.

We have.

A couple of really interesting exciting products coming on the market next year, which is the.

One we have two ohmic right thats slated for services in the second half of this year, we know came out with the fluid data at recent conferences customers are excited because this is the first time ever you can take single phone multi omics nature's method of the year, which is really a precursor typically large end markets.

And you can connect genomic some single cells down to the functional protium <unk>, we're connecting that biology for the very first time right and so we put out a lot of data on it recently, that's exciting customers and finally, we have this other product code flex.

There were automating really laborious workflows.

Mid multiplex proteomics.

Much of the largest part of the end market for multiplex proteomics, and we're offering something too.

Let's call it.

Pull through market of about $1 billion.

The incumbent just don't have right. They don't take 20 workflow steps with that as a lack of control. That's a lot of manual for most of the customers a lot of manual usage. We're automating all that on one chip right. We've proven that started publishing it and that's a product that's going to be on the market. So if you think about it it's about execution this year.

We feel confident in and it's about having this three legged stool of our products next year, but.

I think there's great prospects as far as our end markets go as far as market volatility as you know.

We're focused on business execution, and we're focused on are excited customer base and really becoming a mainstay.

In our life Sciences tools industry with these kind of.

Very excited customer base, but Vijay why don't I do this I mean, unless you have questions for me on that I'm going to pass it to Johnny you can speak with more detail around some of the cash projections and how we get into that mid 2024 period with resources on hand.

Thanks, Sean and yes P. J. So just we did say we have now.

And with the actions, we've taken and the ongoing work, we will do not only on the revenue growth, but on the on the cost control.

Actions, we have extended our runway through the second half of <unk>.

Second half of 2024 I would also add an additional what Shawn described on the revenue side remember our model.

We have this continuing increasing mix of consumables to our revenue so the recurring.

Consumable revenue as we continue to install and sell instruments.

First quarter consumables represented 29% of our total revenue we are still on a path to get to 50% or more consumable revenue.

Mix by the end of 2023, so that's another mechanism here that helps drive and fuel our revenue growth.

Just reiterate a couple of things I said in the prepared remarks, we took these actions after a lot of thought made a lot of hard decisions.

And sort of outline four key areas and if you think about those the head count reductions happened that happened in early April and so that's.

This will be a transitional quarter in Q2, but those are sort of hard cost savings.

By those actions.

Mentioned, the outside consulting and professional services.

We've eliminated and curtailed and reduced a lot of those services will continue to transition away from outside services as we continue to mature and build our internal capabilities. So that's a real savings beginning now in Q2, and we expect to continue to drive those savings going forward material consumption.

Well just much tighter controls around that as we've.

Done a comprehensive review of processes.

And working hard to eliminate redundancies as well as part of this customer focus a re prioritization of all of our activities.

Really focused on meeting customer needs and delivering dual Mick and code Plex.

As Sean described so we see all of those activities continue and we gave the or thinking about opex for this year. So at the end of 2022 between $85 million to $90 million.

And then what we'll see in Q3 and Q4 is a much lower run rate in that range of $17 million based upon all of these actions we've taken and I was just finished vijay by saying all of these steps continued revenue growth continued gross margin expansion generates more gross profit too.

Our opex and our Opex is at a much lower basis now so all of those actions we have a much clearer path towards profitability of the 2025 timeframe.

That's helpful John and John .

Maybe if I could one more.

Gross margins they were up sequentially.

Was that were there any one off items in Q1, either from a revenue perspective.

And any licensing fees that updated gross margins, how youre thinking about gross margins.

And Sean Big picture for you.

I think you spoke about this in the customer adoption and enthusiasm.

The best way for this week.

Appreciate that thesis team if we can have.

This is something unique in the risks momentum building within your customer base.

John you can answer the gross margin yes.

So P J nothing no one time, either in the revenue or the cost of goods sold that impacted our margins. So youre right sequential improvement and I just mentioned our longer term path to expand gross margins, we still feel confident about that and we think we will build on the margins going forward here quarter by quarter.

Yeah, that's right and I think from a gross margin improvement perspective, I mean, we've been working on some things for a few years now we'll have more to discuss we really do expect to achieve those target margins.

70, plus percent, especially on the consumable side.

And more and more for us to show there in the near future, but definitely some investment there.

In diversifying and sort of getting the.

On the right side of getting the agents for our platform.

I think the big the big thing in terms of.

Why do our products get excited about is why we sort of continue to sort of push the placements forward.

What's driving this now increased demand just in Q1.

Over a quarter of our instruments repeat customers and a lot of these are big centers and things were just.

We see the velocity only increasing.

<unk>.

A lot of it.

A lot of it's driven by two things right. We have a very different very different platform. That's what's out there and when you have we unleash the full function of each cell right. That's what we call new superhero cells instead of getting.

Sort of looking with on the surface of the cell, which is workflow does this is like kind of we have this picture and it looks like it is.

What the what to sell it looks like it's like what a human looks like.

We owned leased with the cell does what the functionality of the sell downs. So thats. All these really tough to get two proteins right. These secreted proteins. These <unk> growth factor.

Phosphate proteins.

It's a whole new paradigm for what we're calling single cell functional biology.

And.

It's enough to say well its new biology, that's exciting but the real driver is that we have proven how meaningful it is right. So having that fully unleash sell with all the function of that sell rather than what the cell it looks like you.

We're now getting more more and more early signs of predictive readouts in the immune system against cancer against infectious disease.

Thats again thats the game changer for anyone developing immune therapeutics the game changer for anyone developing a cell therapy, where they need to improve the process to get more longer term potency and when you have enough.

Again last year was our biggest year by far in terms of publication velocity in terms of case studies and references obviously right. Because we're just we're really stepping up as a company.

You start to reach a part at which it becomes standard part Lance if youre in the immune therapy business to start talking about the ICL flex the system.

Holly functional strength in these types of things and I think we're really reaching that point and when it becomes that then it's the question.

I tend to ask the customers is how can you afford to not have our system in your workflow how can you afford to not have our system in your trials.

From a research perspective biomarker research.

Because we are uncovering clear early mechanisms into the disease and the response that you just it would be clouded without our system. So I think we're really important time for the customer, but it comes down to two things.

Such such a clear differentiation of technology versus anything else out there.

That's that's just.

You and I've discussed and it's it's very clear once it's been explained and you go from what to sell looks like to unleashing the full function of each so the work that it does and then the meaning of that in side by sides studies, we keep putting out data that shows that our unique sort of metrics are really uncovering early early insights.

That drive high value for a really large market of customers. So I think as far as.

We're going to continue to communicate that to the street, we are going to continue to communicate that to our customers with our with our sales force, but and then on top of that Vijay. It's like we unlock those new kind of all that proteomics function per cell and then we're adding gene expression to do Amit right. So that's the next step the next Gen product for next year second half of this year with the <unk>.

Service, but it's really.

We're doing something no one else is Donegal, theres, a lot of meaningful value our customers can drive from that.

Thanks, guys.

Thank you. Our next question comes from Puneet Sudan.

SBB Securities Your question please.

Yeah, Hi, Sean John Thanks for.

For the question. So first one just wanted to clarify.

The term loan is at $7 $5 million now.

Or is it 15, we recall it was 15, but just wanted to make sure. We have that number right and then also in terms of the guide I mean can you just elaborate what's your expectation with the reduced commercial organization, what's your expectation total Horton instrumentation installed this year.

And sort of how should we think about the mix of <unk>.

Mens versus consumables I know you pointed out but consumable there is.

A bigger push on consumables from some of the sales force.

And then.

So I'm just wondering.

How should we think about the sort of the dual make con.

Contribution this year, if you could in the overall guide.

Maybe I'll start just on the loan.

Towards the end of the first quarter, we amended that facility and then we had access to fit the final 15 million of the facility, we drew $75 million by the end of the first quarter and so we and we have now $7 5 million remaining available that we would.

Tend to draw this quarter.

And then on the guidance side.

We spoke about it before but we are reiterating the guidance right we're expected to growth at 50.

<unk>, 50% plus growth rate.

And really we.

We put up another strong quarter in the evolution of <unk> and will continue to do so.

Throughout the year, we had those 25 instruments placed in Q1 of 2022.

With plans for 130 instruments placed this calendar year, which.

It means we'd be at around $3 40 instruments by year end, which is an exciting position to be in given our expanding pull through.

In particular I think we're still we're very excited that Ice's spark is.

Becoming a key catalyst of our growth really and as we expand into academic medical centers and continued biotech.

And our pharma base will be.

Even within the pharma we saw multiple.

Instrument placements within our current pharma base in Q1, just going back to what we said in our Salesforce. So just to reiterate we.

We did eliminate support staff, which we talked about we rightsize the organization, we've sort of <unk>.

Move philosophically to this.

More customer facing model at the time at the moment, we still have the same number of customer facing folks a little more than 50 right.

We actually have more people selling consumables now because we essentially made it so each customer instead of having multiple points of contact consumables instrument services. They have one point of contact right and so what Thats done now is we think it's going to make us more connected to the customer in line with the appointment of our new Chief commercial officer.

We talked about.

Those lean principles, we've been sort of evolving towards and now we're very focused on I think we're well aligned in terms of philosophies and execution.

Especially as we.

As we are increasing the consumable salesforce, we're evolving to more of that razorblade model, especially into 2023.

As far as the timing goes Rev ramp is similar to what we've discussed in the past which is <unk>.

Weighted towards the second half of the year.

But keeping us keeping ourselves on that 40 60 revenue contribution first half versus second half.

And we're.

Right now, we just we see the consumable pull through as achieving that.

40, K Mark that we set out in our guidance.

For the year.

<unk> really driven off of as I just discussed some of those.

Inflection points around.

The publications in the utility and the broadening of the end markets.

Hope that helps.

Okay got it and then.

<unk>.

On deal will make if I could and then just one quick inventory question.

You won't make launch can you be more precise in 2023 full launch.

When do you expect that and sort of what do you need in order to.

When you think about the current customer base do you have enough co location. A sequencer is what is needed to sort of overall drive awareness publication expectations that you have for this year for four dual make I mean, what are some of the things that are needed at this point from a marketing and commercial front.

For the dual make launch and if you could elaborate maybe in 2023.

When should we expect a full launch and then.

Just one for John I mean inventory stepped up meaningfully I just want to make sure that we're clear.

Round product obsolescence and exploration of reagents and things like that so maybe if you could just clarify.

Where you stand.

On that end.

Anything that we need to be aware in terms of <unk>.

Overall inventory buildup, okay. Thanks, guys.

Basically as far as <unk> goes.

Really we're the second half of this year, we're still planning on launching this as a service right. We've put out data as a service to key opinion leaders that's transitioning into launching it as a service that will just every product. We've launched really if you think about single cell proteomics.

We launched it in service we've got a lot of great feedback also we had the benefit of getting Kols publications out there and there are a lot of presentations in advance of that.

So that process is still moving forward right.

<unk> put out the data.

We said, we would as far as the year so far into ACR.

I think the second thing is for next year.

We're still we're still on track for that mid year launch like what do we need for that I mean realistically right now we are.

We're still doing we're still doing our work.

We're still doing our work in terms of preparation for.

The product launch itself, but we're running these on the ICU Sparks everyday right and.

Well, it's not every day every week in the ICU Sparc system is is what the product is going to run in the field and so all of the practice that were getting internally is preparing us for external product launch so that theres going to be no surprises on our end from a cable perspective, we've already.

The concept is sort of.

<unk> will make an initial data itself has been well presented at various conferences right <unk>.

ACR was it just a lot of positive feedback at those conferences. So we're already generating a tremendous amount of leads.

In the buildup to the product launch.

So we're just on track as far as technology access program early access to the service and then next year is the launch we just we feel excited that.

There's a tremendous amount of funding right now for single cell sequencing and multi omics and single cell multi omics, there's still a very open field. Most companies are just looking at the gene expression plus and the protium what to sell looks like just with sort of.

The surface markers on itself and we offer a whole new product. There's no one who can do the functional protium from each single cell plus gene expression. We do that it is very exciting to people who care about the connected biology of these cells that they've never been able to see so I.

I think we feel very excited about it and now it's just.

Got to be very very focused on.

Yep.

Execution of this process and finishing out what we built for the last three or four years and do I'll make.

And puneet on your inventory question, Yes, we did consciously increase the inventory balance as we've done over the last several quarters to further insulate ourselves from any potential supply chain issues.

We do have adequate inventory now to satisfy the demand through 2022, we also expect to reduce our inventory levels over the next nine to 18 months.

Obviously dependent upon supply chain constraints, but as we would see those ease.

Your other question, we don't have any concerns at the moment about obsolescence and a couple of things. The majority of the inventory is related still related to instrument components. So much less on the reagents with shelf life, but we're certainly mindful about the purchasing of the reagents and the shelf life.

Ordering with our demand and our production goals in mind.

Alright, thanks, guys.

Thank you. Our next question comes from Josh Savant of Morgan Stanley . Your line is open.

Hey, <unk>.

Can you just please make sure your line is muted.

Okay I apologize for that.

John and John This is Edmund Unbeknown.

Tejas, thanks for taking the questions.

Shawn I just wanted to touch upon that.

Operational and commercial commercial restructuring that you guys have undergone recently I'm just wondering now that you've had it in place for a couple of weeks what have you been seeing specifically appear in this space has recently gone undergone a similar reorganization and they saw a negative impact on the productivity of their sales reps as a result of the change I'm just wondering if you.

<unk> seen any near term negative impact, we're expecting any negative near term impact what your sales reps.

Yes.

That one was I think down was a little bit different because I think they are they have multiple.

Different types of.

Boxes and.

My understanding was they were actually dividing up at the point of contact with the customer where we're consolidating at the point of contact to customer, but I could be wrong right so little bit different.

As far as I guess pretty different as far as just the way we're approaching the customer.

What we're seeing so far is.

Again, it's early days, but we.

We had piloted this concept that.

It's actually optimal to be communicating with the customer.

When youre in this land and expand phase so we're not.

With your isolating the spark we're not really in Hey, this is the first product this that and the other thing which I think.

A lot of what you're describing with the other or was that towards hey, This is not our total launch of a new.

Instrument product.

For us it's.

You guys already have as an institution four to five of these so so if you think about it like <unk>.

Our reps right now are the same ones that are talking to folks about consumables, they're asking about well is there anyone else you might know in terms of someone interested in instruments right and they're not only are we getting the leads at the top of the funnel, but theyre actually communicating about the sort of impacted at the at.

At the instrument closing level, so far so good in terms of pipeline that we're seeing for instruments for Q2, I think we just feel more connected with the customer I think there is some evidence that we are more connected I think.

And as far as the consumables go.

We just see.

Continued path to sort of improve what we're doing on a per customer basis.

Inevitably we just brought in Eric our new CTO and Theres, just a lot of focus on daily management Daily Visual management, right, which is just look at our instruments look at what we're doing per instrument and sort of.

Make sure that we're achieving the context for quotes et cetera. So there's just there's a lot of that going on right now but.

To me that's all positive around discipline, so far no surprises everything is what we were sort of piloting in the Q1 phase and now it's just about execution.

Control of the situation that we're in.

Okay.

Got it thanks for the color there.

And then.

Sean just wanted to pick your brain on broader industry consolidation. What we're seeing now is a lot of smaller tools company is selling to the same market was duplicated commercial efforts what are your views on combining with a smaller company to sell them through the same channels, even absent tick up from a low to talk soon.

Yes, I mean I.

There's a few things I think that.

Part of if you think about the relationship of the sales channel to having multiple products I think you to justify the sales channel you need multiple products right and so I think thats. What you are implying which I think is accurate I think from our perspective, if we look at ISO again. This is a core thesis going all along and we.

We really start to achieve that in 2023.

From a from a three legged stool product perspective, but the reason we built up the sales channel. The way. It is is we didn't put up 50 customer facing folks for this year. So much as we put it up for next year right. When we have single cell proteomics code flex, which is a targeted bulk proteomics, which we think is going to be a very big product and dual mix.

With the multi omics system in it.

That point, you really utilize the sales channel to sell all of those three products right.

Instruments consumables and as a service so there becomes a justification for having those channels.

I think more broadly because this has been a theme that we've heard over and over again kind of recently on.

Really it's been written about redundant sales channels I mean I.

I think more broadly.

There is an expectation that some consolidation is going to occur to build out the sales channel that some of the larger players have yet.

One or two sales folks per account for just 30 or 40 products. So.

That remains to be seen I think our focus is.

Really leveraging the sales channel that we're building now train the people up in the single cell proteomics product and then leverage sort of leverage and extend them for when we have these other two products on the market next year, that's at least our focus for the moment.

Got it very helpful and then one maybe for John .

On your outlook I was wondering if you could point to some of the potential drivers to upside not contemplated in the guidance.

So the one thing I'll point to is the dual making shown has talked about that a lot today.

Prior calls.

We are releasing two omega as a service.

As upside to us.

And I would just say the overall pace and cadence of.

Our instrument places and then and then the consumable pull through.

Okay.

Great that's it from me.

For the time today.

Thank you. Our next question comes from Max Masucci of Cowen Your line is open.

Hi, Good morning, I apologize if you addressed this during the prepared remarks.

Sean first one two parter number one are there any menu items near applications that you plan to roll out.

<unk> commercially launched platform over the coming quarters.

Worth calling out.

New tests that could become available for customers to run in house. During 2022, and then second part if you can just remind us which tasks, which applications will be available to do I'll make users at the outset of the early access period that would be great.

Yes sure.

So a couple of things like what we're going to be an early access phase.

The next iteration of.

The.

Within the three buckets, let's think about the three buckets right. We have single cell proteomics, we have single cell multi omics can we or could.

<unk> targeted proteomics, so we didn't single cell proteomics, which is.

All of our current revenue platform et cetera.

<unk>.

We have a couple of things, we've released more let's call it more panels and things for other cell types right natural killer cells in particular.

Really expanding applications within the Super human cell library.

<unk> put up more cell types and now it's about customer education, but.

There's a lot more cell types like let's say cancer associated cell types like cancer associated fibroblasts and cancer associated endothelial cells and things that are really influential in terms of how we fight cancer together using all in cells that are the.

Sort of prototypical community and then structural immunity right.

Cancer associated endothelial cells, and fibroblasts and like so we're putting out put up more cell menu not about education of that cell menu to sort of drive increased usage and finally, a lot of folks have been.

Especially in the cell therapy world have been interested in what we can accomplish using our the phosphoprotein platform for.

Immune signaling right, so immune signaling networks, because we really.

The first technology that could that can capture it a multiplex level the proteins.

Within single cells simultaneously, not sort of whatever but simultaneously and that's a big deal with capturing it all at once at a high multiplex, giving a signaling that brooks of those single immune cells.

And again people use western blot today, but imagine at the single cell resolution what networks. The way that the cells are integrally intricately connected within themselves. We've shown that there is really valuable information you can get from the small subsets of highly active cell. So, yes coming out with that adaptive immune singles.

Cell signaling <unk> early access as well so I think some some very cool things coming on the just the single cell proteomics realm and Purdue Mick.

There's going to be no surprises there its going to really match, what we put out at HPT is going to match, what we put out at 50, it's going to match, what we put out at ACR, which is respectively tumor gene expression and functional proteome, which is like connecting the dots with the gene expression and the hospital protein that we sell for the tumor.

Let's see it was immune just immune cell gene expression in the functional proteome. So connecting all gene expression levers you have at a super high multiplex level with the potency of each immune cell and finally, I think a really exciting one that just came became a few weeks ago was at ACR.

The T cell receptor profiling TCR seek plus the functional protein all of yourself right and that's just it.

A very high level.

Every immunologists out there wants to see couple of things they want to see the specificity of this though which is the T cell receptor to the antigen itself right and again, we know the immune.

Immune system therapies or sort of revolutionizing the industry. That's one half of the equation now getting equation is if you have a clone or you have the specificity of that cell you want to know what that is doing what it potency proteomics potency at the functional level is really the only way to get to that right in terms of the direct methodology, we're combining the two so.

In T cell receptor and protium, you can get to the specificity what the T cell is going to do against that tumor antigen wise and functionally how its going to accomplish this goal. So that's like a really really cool application that people are really excited about so just those three no surprises just data we've already put out and now it's about execution.

Delivering that data as a service.

Great and final one for me just following up on the HCR comment would be great to hear even at a high level, whether the conference ACR was productive in terms of generating new sales leads and building the funnel.

Yeah, just really really productive I think you guys were there you guys saw the buzz about sort of continue to buyers about the next wave of single cell, which I think everyone knows at this point, there's two avenues right you've done a lot of single cell sequencing theres a lot of publications literature out that to sort of generate validation.

And better understanding of what that exactly means.

In a context of human health, you're either going into spatial.

Was your validating the sort of location of the single cell gene expression, where youre going into the protium, which validates the function of that single cell gene expression profile. It because the two are very different as we know and you just I think we talked about it at <unk>, while you were at ACR.

Just a tremendous amount of buzz in the end market. The academics are getting funding and the farmers know they need the next sort of.

Layer of precision medicine to sort of differentiate their nextgen of immune therapies in cell therapies gene therapies, and we have a really key mouse trap in terms of unlocking that part of the functional proteome that lets us I'll get to that next level of biology. So we added just tremendous ACR a lot of leads.

And really I think productive use of our sales force there as well I think you guys might recall you being in a picture in our booth with some of our sales reps doing doing some diligence on what we were doing so.

I think I think we're looking forward to more of those in person conferences I think are great for our industry I think there I think there's a lot of towards companies right now that are just.

Experiencing some real.

Tailwind in terms of the end markets and we just need to play this out a little bit with D. Comm alluding more of this biology that sort of a mark that next level of human health.

Got it I appreciate you taking the questions.

Thanks Max.

Thank you at this time I'd like to turn the call over to <unk> for closing remarks, Sir.

Thanks, everyone, we look forward to being in touch and.

Yes.

<unk>.

We look forward to take care.

This concludes today's conference call. Thank you for participating you may now disconnect.

Okay.

Sure.

Okay.

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Yes.

Okay.

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Okay.

Sure.

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Yes.

Sure.

Okay.

Yes.

Thanks.

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Okay.

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Please be advised that todays call may be recorded excuse you require any further assistance. Please press star zero I would now like to hand, the call over to Carrie Mendivil Investor Relations.

Thank you.

Earlier today I suppose that's released financial results for the quarter ended March 31 2022.

You have not received this news release or if you'd like the added to the Companys distribution list. Please send an email to investors I saw Pax with dotcom.

Joining me today from I suppose this is Sean the Kay Chief Executive Officer, and John Australia, Chief Financial Officer.

Before we begin I'd like to remind you that management will make statements. During this call that are forward looking statements within the meaning of federal securities laws.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

Additional information regarding these risks and uncertainties appears in the section entitled forward looking statements in the press release about this.

Issued today.

For a more complete list and description. Please see the risk factors section of the Companys quarterly report on Form 10-K filed on March 32022.

And then the company's other filings with the Securities and Exchange Commission.

This conference call contains time sensitive information is accurate only as of the live broadcast May 11, 2022 with that I'd like to turn the call over to Sean.

Thanks, Gary Good morning, and thank you everyone for joining us I'm pleased to welcome you to our first quarter 2022 earnings call on today's call I will start by providing an update on our commercial progress and operational improvements.

To drive future growth.

And then I will turn the call over to John for a closer look at our financial results and outlook for 2022.

We started the year strong with revenue for the first quarter growing 52% to $4 9 million coming in at the high end of the revenue range, we pre announced in mid April .

Our team made significant progress supporting our customers, who are providing critical immune data and the highest impact disease areas across blood in solid tumors autoimmune inflammation and infectious disease.

Focusing on a leaner more highly integrated organizational structure to increase commercial and operational productivity.

Demonstrating discipline around cash conservation through strategic use of resources and operational and supply chain management excellence.

Continuing expansion of our first product family single cell Proteomic applications through the Super Human cell Library.

Increasing the number of high impact clinically relevant publications, demonstrating differentiated utility of our single cell proteomics technology in large end markets.

In executing our innovative product roadmap to get our second and third product families to market, including our breakthrough do I'll make system targeting uniquely clinically relevant mobile mix as well as code flex our revolutionary solution for targeted proteomics.

Starting with customer adoption, we sold 25 instruments in the first quarter, bringing our cumulative instruments sold to 234.

Almost two thirds of the instruments in our install base are used for a new monitoring and just over a third of these instruments are used for cell and gene therapy applications.

Importantly, approximately one fourth of the instruments placed this quarter were to repeat customers demonstrating the value of our single cell proteomics technology.

As evidence of our continued ability to execute on our land and expand strategy.

Our pipeline remains strong across both our academic and Biopharma customers.

On the academic side, we've made strong progress with 73% of U S. Comprehensive cancer Center is now using <unk> technology.

On the Biopharma side as mentioned previously we have instruments placed in all top 15 pharma company and.

Multiple of these pharma companies about additional systems in Q1.

As our user base expands and our customers continue generating fantastic data using our technology.

Growing number of researchers will be exposed to the capabilities, which will in turn increase adoption of our technology.

We are continuing to demonstrate commercial and operational excellence focusing on increasing productivity, while conserving cash burn.

After a thoughtful analysis and scenario planning for the next few years in mid April we announced a new strategic initiatives to enable a leaner structure to integrate our commercial team more tightly with our customers as well as our development teams with our operational teams.

This integrated model serves to strengthen engagement with our customers, while continuing to generate strong topline revenue growth deliver innovative solutions and expand gross margins.

We've made changes to our FTE count, 20% less than the end of Q4 last year, which can represent our new FTE run rate.

We focus on conservation of critical materials and are testing in R&D, and we eliminated consultants and software licenses.

As we continue our land and expand strategy, we will now provide a streamlined single point of customer contact with regional support for the full suite of products on our wider test menu.

Local teams are more tightly integrated with the customer and each other aimed at producing scalable and productive growth.

Additionally, as we move to launch our dual <unk> services as well as our complex targeted proteomics platform.

We'll further integrate operation and development to ensure the timely launch of a quality set of scalable consumable products.

As we continue to deliver a wider test menu of consumers to the market.

Our focus on integration is intended to streamline design for manufacturing, which we believe will result in gross margin improvement across all consumable product lines.

We're already seeing the benefits and efficiencies this REIT distribution of resources.

We now have a more tightly integrated 200 person development and operational team that is energized and excited fueled by a growing closeness with our customers in line with this lean mentality. We are pleased to welcome Eric Steward to the <unk> team as our Chief commercial officer.

Barrick has the ability to leverage his experience with danaher and other life sciences tools organizations to capitalize on our lean more tightly integrated commercial force is experienced in alignment with our focus on productivity will be critical moving forward.

We feel our current 140 person commercial team is well equipped to execute against the productivity goals we've laid out.

Last our operational management team has been successful in forecasting supply chain issues building up inventory for critical components, and providing a clear path for us to fulfill customer demand well into 2023 with our system.

Moving onto our single cell proteomics applications and Super Human cell Library.

We've continued to demonstrate our ability to measure and monitor high resolution immune response and health.

We continue to leverage our unique ability to unleash the function of each cell to improve insights and decision, making for cancer immunology infectious disease and immune cell therapy researchers.

Looking at our recent publication. So we've now demonstrated that there are multiple functional immune cell types.

<unk> identifiable on our platform that are contributory to long COVID-19, taking this with a slew of recent publications in cancer immunology, we begin to understand the functionality defining all of our immune cells will play a bigger role in developing better biomarkers across cancers and infectious disease.

Turning to publications and data.

An interesting evolution of our dataset is our new ability to include singles from Matteo mix, which connects our unique functional proteonomic readouts.

With the sequence <unk> gene expression of each cell for the first time <unk>.

To illustrate this last month at the American Association for cancer research or ACR, we presented data generated on our do only platform demonstrates the ability to connect T cell receptor or TCR diversity to the most functionally potent single cells.

This enabled a wide variety of applications for tumor infiltrating lymphocytes personalized neo antigen TCR in cancer immunology in terms of understanding antigen specificity as well as T cell potency.

Importantly, the combination of the varying classes of analytes that are being profile then identified at the single cell level.

It provides a key new modalities are tracking the most potent and powerful single cell subsets of highly functional superhero ourselves.

These cells are critical to driving longer term response in sell in immune therapies via functional proteins.

Additionally, our customers had multiple poster presentations at ACR from institutions, including Brown University, and UCLA and highlighted novel applications in chemotherapy induced senescence fibroblast adoptive cell therapy and next generation car T therapies, we look forward to continuing to update on.

New data being generated both proprietary and from our customers as our innovative technology is being leveraged on a lot deeper insights.

And lastly, turning to our product pipeline, we have three key areas of focus for our product pipeline single cell proteomics single cell multi omics and targeted bolt proteomics.

Day, our revenue almost all single cell proteomics, but our differentiated product pipeline is getting closer to launch both the products and single floor and multi omics as a service in targeted both proteomics.

The midsize to large end markets for these two products are highly visible as well with a few incumbents and recognized unmet need by researchers within the markets.

Looking more closely at our pipeline, we are really excited about the progress with our dual platform. We recently reached a major milestone as we have completed the full workflow with the delivery of proven in situ DNA sequencing capabilities. We can now in situ sequence each bead in a highly paralyzed manner.

Brian Terry DNA, sequencer and leverage a large body of sequencing IP and products.

With the ability to clearly sequence each beating tissue within its own chamber. We now have the ability to generate unique cellular identifier for mrna sequencing and our proprietary proteonomic barcode from the sale itself.

This enables us to manufacture our highly paralyzed dual chamber system at a greater scale.

We are the first and only company able to connect as critical functional Proteonomic biology and genetics.

Exciting to a wide range of biologists and sequencing researchers if you're single cell multi omics is currently having critical gaps, but also viewed as an excellent tier.

Importantly, dual Macao is the proven capability to meet three of the largest unmet single cell multi ohmic needs utilizing the combination of sequencing in proteomics architecture that only our chip has.

These applications include immune suppression in proteomics tumor expression in proteomics and T cell receptor expression in proteomics.

As a reminder, we are offering to do a new platform via early access new service in the second half of the year and are on track with full product launch in mid 2023.

Yeah.

We are also very excited about our uniquely targeted proteomics platform code drugs, which addresses a large unmet need in clinical research for sample answer out automated bench top proteomics solution.

Walkaway workflows in proteomics, we're going to be what wins the market in the midterm and long term.

The state of the art today for most labs at the largest part of the market and then multiplex requires 20 laborious workflow steps for trained technical lab members in an era, where it's difficult to recruit train and retain technical talent, coupled with the increasingly virtual environment workflow automation on the bench is critical.

Our complex workflow combined multiple benches worth of instrumentation onto a single chip.

We reduced over 20 steps into just in an automated walkaway workflow with between $8 30 functional proteins per sample detected which filled a core need in the market.

We are seeing meaningful interest as clinical researchers have already published early studies in journals such as <unk>.

<unk> is an exciting next step for our industry and our company will be a fully featured product and offered for early access in early 2023.

We continue to build one of the largest body of IP in the proteomics and <unk> space and now have over 165 foundational patents issued and filed across proteomics sequencing system patents.

Our investment in our IP enables us to be well positioned for the opportunity ahead.

Overall, I am incredibly proud of our team for their work. These past few months and excited about the opportunity we have ahead.

We look forward to delivering to market are two highly anticipated novel suites of innovative products, which will provide deeper insights towards the development of more curative therapies.

In a large and highly visible end market.

I am confident that by adapting to this next stage of the company's growth.

And our customers needs.

We'll be able to further drive success for our customers who are leading the charge to solve the critical challenges in human health.

I will now turn the call over to John for more detail on our financials.

Thanks, Sean.

Revenue for the first quarter of 2022 was $4 9 million up 52% from $3 2 million in the prior year period product revenue was $4 5 million or 52% increase compared to $2 9 million in the prior year quarter. Our commercial team continued to drive adoption sold 25 instruments in the first.

<unk>, which brings the total number of instruments sold for 234 since our commercial launch service revenue for the first quarter was $457000 compared to $307000 for the prior year quarter.

Operating expenses for the first quarter of 2022 were $30 7 million compared to $15 1 million in the first quarter of 2021.

The increase was primarily driven by head count expansion as we built out the commercial team and advanced development of dual <unk> and complex. This investment over the last three years is largely complete and we are now preparing to bring these products to market.

R&D expense was $7 1 million, an increase of $3 $5 million over the prior year period SG&A expense was $23 5 million, an increase of $12 1 million over the prior year period, and primarily driven by head count expansion and the costs associated with being a public company.

To $90 million these.

These savings were achieved through four key areas first we reduced head count by 20% from end of last year.

We eliminated outside consulting and professional fees as our team is mature and we are able to provide these services internally.

Our net loss was $28 7 million for the first quarter of 2022 compared to $15 6 million in the first quarter of 2021.

The second half of 2024 now.

Now turning to our revenue outlook for the full year 2022, we continue to expect revenue for the year to be between $26 million and $27 million representing growth of 51% to 56%.

At this point I'd like to turn the call back to Sean for closing comments.

Thanks, Sean.

I am proud of our team for the significant commercial progress. We made this quarter. Our recent organizational changes are bringing us closer to our customers and positioning us well for future growth with an efficient and thoughtful use of capital.

I'm also excited about the advancements we're making will do all we can cope legs as we prepare for commercial launch, reflecting three years of significant investment.

As a team we are poised to take advantage of the significant opportunity ahead, we have more conviction than ever that our unique single cell proteomics multi omics in targeted proteomics solutions will be crucial as solving the most critical challenges in human health.

That we will now open it up to questions.

As a reminder to ask a question you went into press star one on your telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.

Our first question comes from the line of Vijay Kumar of Evercore ISI. Your question. Please.

Hey, guys can.

Congrats on the pregnant thanks for taking my question.

I wanted to started.

Art off with them with a big picture of P&L questions.

And perhaps both Sean John both of you can answer this.

The stock right now it's trading less in cash rather than it's very rare for a tools company.

What we're seeing right now.

Perhaps in pre revenue biotech companies.

Seamless.

Okay.

For us at least when I look at these things the market's basically assuming there was no cash value of the cash is going to get burned so maybe just talk.

Talk about your confidence in driving that 50% revenue growth when you had a restructuring and head count went down by 20%.

Can you still sustain.

Those kinds of growth.

One moderating opex.

Spend.

<unk>.

You mentioned that the cash that you have along with the new facilities and that gets you across through what's the mid of 'twenty two or later.

For maybe just talk.

Talk about the cash burn rate if you don't mind.

Yes.

Vijay So all this is Shawn I'll speak to.

How are we how we feel about the progress moving forward and appreciate your.

Context about the capital markets, yes.

We see it as well I mean, so so from a revenue perspective.

We are as John said, we're reiterating the guidance, we feel strongly that the team we have in place.

Well positioned to.

It really <unk>.

Expectations this year.

One from an instrumentation perspective, I mean, we continue to show strength in our end markets as we did Q1.

In life Sciences end markets in terms of demand and that's really driven by.

No.

Re sort of big incumbent out there flow cytometry, and that's that's a big deal because.

We have we had to.

34 systems out there and you think about the big incumbent is 40000 flow systems, we're offering value to our customers, it's now becoming ever so clear.

High impact publications literature, showing that our immune readouts connect to durable in vivo biology in a way that that flow cytometry has not.

And so what it means for US is from a pipeline perspective from a demand perspective.

We've never been more busy right, which I think thats really exciting and that's kind of.

If you just think about that from a.

Logic perspective.

Now I mean, there's no stopping any signs any sign of immune therapies being the future of all therapies, whether it's for COVID-19.

Vaccines and other therapies or it.

Cancer, and the Immunotherapies against cancer cell therapies.

This is spending not just in cancer and infectious disease, but auto immune disease and as we know.

Large pharma academics right core end markets for us and larger biotech, which covered approximately all of our installed base.

These firms are still cranking, along generating lot of cash or generally on the grant funding, which puts us in a good position I think secondly.

You asked about so so yes, I mean do we see the prospects of our core single cell proteomics business here, we're very excited about it right.

I think our customers are too which is half the battle and I think you're just going to continue to see that.

That that placement and that pulled through continue to rise.

I think the second thing is.

Right now its about execution in single cell proteomics and <unk>.

As I spoke about we brought on new Chief commercial officer experienced in the sort of Danaher methodologies.

We came up with a strategy to keep the same customer facing.

You can look at the awareness metrics in terms of something like Linkedin followers, which we have a lot more kind of I guess buzz around us needing to large companies.

It's about us converting that awareness into sort of executed borders and the team we have with 50, plus commercial facing customer facing folks out there under.

Eric I, just think as well equipped and poised to two.

To capitalize on the demand out there right and I think the final thing is.

Like as you mentioned and John I'm going to pass it to John to go over some of the cash detail.

<unk>.

If you look at.

US having cash into 2024.

We have to.

We have to execute against that but we have a lot of confidence that we're going to what is what does that mean for us right. So right now.

In the sort of growth cycle of our company, we've grown quite a bit we do of course expect to exceed the 50% CAGR as you were talking about.

But I think that.

I think that from a forward looking perspective.

We have.

A couple of really interesting exciting products coming on the market next year, which is the.

Which is really a precursor typically large end markets.

Can connect genomic some single cells down to the functional protium <unk>, we're connecting that biology for the very first time right and so we put out of our data on it recently, that's exciting customers and finally, we have this other product code flex.

There were.

<unk> really laborious workflows.

In mid multiplex proteomics.

Pretty much the largest part of the end market for multiplex proteomics, and we're offering something too.

Let's call it.

Our pull through market of about $1 billion.

Can you comment just don't have right. They don't do take <unk> workflow steps with that as a lack of control. That's a lot of manual for most of the customers a lot of manual usage. We're automating all that on one chip right. We've proven that started publishing it and thats a product thats going to be on the market. So if you think about it it's about execution this year.

Which we feel confident in and it's about having this three legged stool of our products next year, but.

I think there's great prospects as far as our end markets go as far as market volatility as you know.

We're focused on business execution, and we're focused on are excited customer base and really becoming a mainstay.

I mean, our in our.

Life Sciences tools industry with these kind of.

Very excited customer base, but Vijay why don't I do this I mean, unless you have questions for me on that I'm going to pass it to John and he can speak with more detail around some of the cash projections and how we get into that mid 2024 period with resources on hand.

Thanks, Sean and yes, Vijay So just we did say we have now extended with the actions we've taken and the ongoing work we will do not only on the revenue growth, but on the on the cost control.

Actions, we have extended our runway through the second half of the second.

Second half of 2024 I would also add an additional what Shawn described on the revenue side remember our model.

We have this continuing increasing mix of consumables to our revenue so the recurring.

Consumable revenue as we continue to install and sell instruments. This first quarter consumables represented 29% of our total revenue, we're still on a path to get to 50% or more consumable revenue.

Mix by the end of 2023, so that's another mechanism here that helps drive and fuel our revenue growth.

Just reiterate a couple of things I said in the prepared remarks, we took these actions after a lot of thought made a lot of hard decisions.

And sort of I outlined four key areas and if you think about those the head count reductions happened that happened in early April and so that's.

This will be a transitional quarter in Q2, but those are sort of hard cost savings.

By those actions.

I mentioned, the outside consulting and professional services.

As well just much tighter controls around that as we've.

<unk> done a comprehensive review of processes.

And working hard to eliminate redundancies as well as part of this customer focus a re prioritization of all of our activities.

We're really focused on meeting customer needs and delivering dual Mick and code Plex.

As Sean described so we see all of those activities continue and we gave the.

Our thinking about Opex for this year. So at the end of 2022 between $85 million to $90 million.

And then we will see in Q3 and Q4 is a much lower run rate in that range of $17 million based upon all of these actions we've taken and I was just finished vijay by saying.

All of these steps continued revenue growth continued gross margin expansion generates more gross profit.

Two.

To fund, our Opex and our Opex is at a much lower basis now so all of those actions we have a much clearer path towards profitability of the 2025 time frame.

That's helpful. John .

John maybe if I could one more gross margins they were up sequentially.

Was that was there any one off items in Q1, either from a revenue perspective.

And any licensing fees.

Gross margins, how youre thinking about gross margins.

And then Sean Big picture for you.

I think you spoke about this in the customer adoption of the original enthusiasm Burton.

Is the best way for the Street.

I appreciate that thesis team that you have is.

This is something unique in the risk momentum building within your customer base.

John you can answer the gross margin yes.

So P J nothing no one time, either in the revenue or the cost of goods sold that impacted our margin. So youre right sequential improvement and I just mentioned our longer term path to expand gross margins, we still feel confident about that and we think we will build on the margins going forward here quarter by quarter.

70, plus percent, especially on the consumable side.

And more and more for us to show there in the near future, but definitely some investment there.

In diversifying and sort of getting the on the right side of getting the agents for our platform.

<unk>.

I think the big the big thing in terms of.

Why do our products get excited about is why we sort of continue to sort of push the placements forward.

What's driving this now increased demand just in Q1, we.

We had over a quarter of our instruments repeat customers and a lot of these are big centers and things were just.

We see the velocity only increasing.

A lot of it.

Lot of its driven by two things right, we have a very different very different platform than what's out there and when you have we.

We unleash the full function of each cell types, we call superhero cells instead of getting.

Sort of looking with on the surface of the cell, which is workflow does this is like kind of we have this picture and it looks like it is.

What does that looks like it's like what a human looks like.

We are at least with the cell does what the functionality of the cell dose. So that's all these really tough to get two proteins right. These secreted proteins. These <unk> growth factor.

Phosphate proteins.

It's a whole new paradigm for what we're calling single cell functional biology.

<unk>.

It's enough to say well its new biology, that's exciting but the real driver is that we've proven how meaningful it is right. So having that fully unleash sell with all the function of that sell rather than what the cell it looks like you.

We're now getting more and more and more early signs of predictive readouts in the immune system against cancer against infectious disease.

That's again that's.

It's a game changer for anyone developing immune therapeutics the game changer for anyone developing a cell therapy, where they need to improve the process to get more longer term potency and when you have enough.

Again last year was our biggest year by far in terms of publication velocity in terms of case studies and references obviously right. Because we're just we're really stepping up as a company.

You start to reach a part at which it becomes standard par Lance if youre in the immune therapy business to start talking about the <unk> system.

Polyfunctional strengths in these types of things and I think we're really reaching that point and when it becomes that then it's the question.

I tend to ask customers is how can you afford to not have our system in your workflow. How can you afford to not have our system of your trials.

From a research perspective biomarker research hub, because we're uncovering clear early mechanisms into the disease and the response that you just it would be clouded without our system. So I think we're really important time for the customer, but it comes down to two things.

Such such a clear differentiation of technology versus anything else out there.

That's that's just.

You and I discussed it it's it's very clear once it's been explained and you go from what to sell looks like to unleashing the full function of each so the work that it does and then the meaning of that in side by sides studies, we keep putting out data that shows that our unique sort of metrics are really uncovering early early insights.

That drive high value for a really large market of customers. So I think as far as.

We're going to continue to communicate that to the street and we're going to continue to communicate that to our customers with our with our sales force, but and then on top of that Vijay. It's like we unlock those new kind of all that proteomics function per cell and then we're adding gene expression to do Amit great. So that's a that's a next gen product for next year second half of this year with the.

Service, but it's really.

We're doing something no one else's domino, there's a lot of meaningful value our customers can drive from that.

Thanks, guys.

Thank you. Our next question comes from Puneet Sudan.

SBB Securities Your question please.

Yeah, Hi, Sean John Thanks for.

For the question. So first one just wanted to clarify.

The term loan is at $7 $5 million now.

Or is it 15, we recall it was 15, but just wanted to make sure we have that number right.

And then also in terms of the guide I mean can you just elaborate what's your expectation with the reduced commercial organization. What's your expectation total Horton instrumentation installed this year and sort of how should we think about the mix of instruments versus consumables I know you pointed out but consumable.

There is a <unk>.

Bigger push on consumables from some of the sales force.

Then.

Also just wondering.

How should we think about the sort of the dual Mick.

Contribution this year, if you could in the overall guide.

Maybe I'll start just on the loan.

Towards the end of the first quarter, we amended that facility and then we had access to fit the final $15 million of the facility, we drew $75 million by the end of the first quarter and so we and we have now $7 5 million remaining available that we would incur.

Tend to draw this quarter.

And then on the guidance side.

We spoke about it before but we are reiterating the guidance right, we're expecting to grow that.

50% plus growth rate.

And really we're we put up another strong quarter in the evolution of <unk> and we'll continue to do so.

Throughout the year, we had those 25 instruments placed in Q1 of 2022.

With plans for 130 instruments placed this calendar year, which.

It means we'd be at around $3 40 instruments by year end, which is an exciting position to be in given our expanding pull through.

In particular I think we're still we're very excited that Ice's spark is.

Becoming a key catalyst of our growth really in as we expand into academic medical centers and continued biotech.

And our pharma base.

And even within the pharma we saw multiple.

Instrument placements within our current pharma base in Q1, just going back to what we said in our Salesforce. So just to reiterate there.

We did eliminate support staff, which we talked about we right sized the organization, we've sort of <unk>.

Move philosophically to this more.

Customer facing model at the time at the moment, we still have the same number of customer facing folks a little more than 50 right.

We talked about.

Those lean principles, we've been sort of evolving towards and now we're very focused on I think we're well aligned in terms of philosophies and execution.

Especially as we.

As we are increasing the consumable salesforce, we're evolving to more of that razorblade model, especially into 2023.

As far as the timing goes Rev ramp is similar to what we've discussed in the past which is <unk>.

Weighted towards the second half of the year.

But keeping us keeping ourselves on that 40 60 revenue contribution first half versus second half.

And we're.

Right now, we just we see the consumable pull through as achieving that.

40, K Mark that we set out in our guidance.

For the year.

<unk> really driven off of as I just discussed some of those.

Inflection points around.

Sort of the publications in the utility and the broadening of the end markets.

Hope that helps.

Okay got it and then.

Just.

On deal will make if I could and then just one quick inventory question.

Drew will make launch can you be more precise in 2023 full launch.

When do you expect that and sort of what do you need in order to.

When you think about the current customer base do you have enough co location. A sequencer is what is needed to sort of overall drive awareness publication expectations that you have for this year for <unk> I mean, what are some of the things that are needed at this point from marketing and commercial front.

For the <unk> launch and if you could elaborate maybe.

<unk> 2023.

When should we expect a full launch and then just.

One for John I mean inventory stepped up meaningfully I just want to make sure that we're clear.

Around product obsolescence.

Exploration of reagents and things like that so maybe if you could just clarify.

Where you stand.

On that end.

Anything that we need to be aware in terms of.

Overall inventory buildup, okay. Thanks, guys.

Basically as far as <unk> goes.

Really.

For the second half of this year, we're still planning on launching this as a service right. We put out data as a service to key opinion leaders that's transitioning into launching it as a service that will just every product. We've launched really if you think about single cell proteomics and launched it in service. We've got a lot of great feedback also we had the benefit of getting Kols.

Publications out there and there are a lot of presentations in advance of that so that process is still moving forward right.

<unk> put out the data.

We said, we would as far as the year so far into ACR.

I think the second thing is for next year.

We're still we're still on track for that mid year launch like what do we need for that I mean realistically right now we are.

We're still doing we're still doing our work.

We're still doing our work in terms of preparation for.

The product launch itself, but we're running these on the ICU Sparks everyday right and.

Well, it's not every day every week in the ICU Sparc system is is what the product is going to run on in the field and so all the practice that were getting internally is preparing us for external product launch so that theres going to be no surprises on our end from a cable perspective, we've already.

The concept is sort of.

We will make in the initial data itself has been well presented at various conferences right <unk> and ACR.

Or was it just a lot of positive feedback at those conferences. So we're already generating a tremendous amount of leads.

In the buildup to the product launch.

So we're just on track as far as technology access program early access as a service and then next year is the launch we just we feel excited that.

There's a tremendous amount of funding right now for single cell sequencing and multi omics in single cell multi omics as still a very open field. Most companies are just looking at the gene expression plus and the protium what to sell it looks like just the sort of.

The surface markers on ESL and we offer a whole new product. There is no. One is you can do the functional protium from each single cell <unk> gene expression, we do that it is very exciting to people who care about the connected biology of these cells that have never been able to see so I think we feel very excited about it and now it's just.

We got to be very very focused on.

The execution of this process and finishing out what we built for the last three or four years and do all that.

We do have adequate inventory now to satisfy the demand through 2022, we also expect to reduce our inventory levels over the next nine to 18 months.

Obviously dependent upon supply chain constraints, but as we would see those ease.

Ordering with our demand and our production goals in mind.

Alright, thanks, guys.

Thank you. Our next question comes from Josh <unk> of Morgan Stanley . Your line is open.

Hey, <unk>.

Can you just please make sure your line is muted.

And I apologize for that.

John and John Edmunds.

Tejas, thanks for taking the questions.

Shawn I just wanted to touch upon that.

Operational and commercial commercial restructuring that you guys have undergone recently.

Just wondering now that you've had it in place for a couple of weeks what have you been seeing specifically appearing in the space has recently gone undergone a similar reorganization and they saw a negative impact on the productivity of their sales reps as a result of the change I'm. Just wondering if you've seen any near term negative impact we're expecting any negative near term impact what yourself.

Yes.

That one was I think down was a little bit different because I think they are they have multiple <unk>.

Different types of.

Boxes.

As far as I guess pretty different as far as just the way we're approaching the customer I mean, what we're seeing so far is.

Again, it's early days, but we are.

We had piloted this concept that.

It's actually optimal to be communicating with the customer.

When youre in this land and expand phase so we're not.

With the isolate in the Ics part, we're not really in Hey, This is the first product to this that and the other thing which I think.

A lot of what you're describing with the other or was that towards hey, This is not our total margin.

The launch of a new instrument product.

For Us. It's you guys already have as an institution four to five disease. So so if you think about it like <unk>.

Our reps right now, but the same ones that are talking to folks about consumables. They are asking about is there anyone else you might know in terms of someone interested in instruments right and they're not only are we getting the leads at the top of the funnel, but they are actually communicating about the sort of impacted.

The instrument closing level.

So far so good in terms of pipeline that we're seeing for instruments for Q2, I think we just feel more connected with the customer I think there is some evidence that we are more connected I think.

And as far as the consumables go theirs.

We just see.

Continued path to sort of improve what were doing on a per customer basis.

Make sure that we are.

Achieving the contacts the quotes et cetera. So there's just there's a lot of that going on right now but.

To me that's all positive around discipline, so far no surprises everything is what we were sort of piloting in the Q1 phase now it's just about execution.

Control of the situation that we're in.

Okay.

Got it thanks for the color there.

Then.

Sean just wanted to pick your brain on broader industry consolidation, what we're seeing now there's a lot of smaller tools company is selling to the same market was duplicated commercial efforts what are your views on combining with a smaller company to sell them through the same channels, even absent ticket from alerted to appear.

Yes, I mean.

There's a few things I think that.

If you think about the relationship of the sales channel to having multiple products I think to justify the sales channel you need multiple products right and so I think thats. What you are implying which I think is accurate I think from our perspective, if we look at ISO again. This is a core thesis going all along and we.

We really start to achieve that in 2023.

The multi omics system and at that point, you really utilize the sales channel to sell all of those three products right as instruments consumables and as a service so they're there becomes a justification for having those channels.

I think more broadly because this has been a theme that we've heard over and over again kind of recently on.

Really it's been written about redundant sales channels.

I think more broadly.

There is an expectation that some consolidation is going to occur to build out the sales channel that some of the larger players have.

One or two sales folks per account for just 30 to 40 products. So.

That remains to be seen I think our focus is.

Got it very helpful and then one maybe for John .

On your outlook I was wondering if you could point to some of the potential drivers to upside not contemplated in the guidance.

So the one thing I point to is the dual Mick and John has talked about that a lot today.

Prior calls.

We are releasing two omega as a service.

As upside to us.

And I would just say the overall pace and cadence of.

Our instrument places and then and then the consumable pull through.

Great. Thanks for the time today.

Yes.

Thank you. Our next question comes from Max Masucci of Cowen Your line is open.

Hi, Good morning, I apologize if you addressed this during the prepared remarks.

Shawn first one two parter number one are there any menu items near applications that you plan to rollout.

The commercially launched platform over the coming quarters.

Worth calling out.

New tests that could become available for customers to run in house. During 2022, and then second part if you could just remind us which tasks, which applications will be available to do I'll make users at the outset of the early access period that would be great.

Yes sure.

So a couple of things like what we're going to be an early access phase for.

For the next iteration of.

The.

Within the three buckets, let's think about three buckets right mid single cell proteomics, we have single cell multi omics.

Could flex targeted proteomics. So we didn't single cell proteomics, which is all of our current revenue platform et cetera.

We have a couple of things, we've released more let's call it more panels and things for other cell types right natural killer cells in particular.

Really expanding applications when the Super human cell library, we've put up more cell types and now it's about customer education, but there's there's a lot more cell types like let's say cancer associated cell types like cancer associated fibroblasts and cancer associated endothelial cells and things that are really influential in terms of how we fight.

Cancer together using all the cells that are the.

Sort of prototypical community and then structural immunity right.

Cancer associated endothelial cells, and fiberglass and alike. So we're putting out put up more cell menu not about education of that cell menu to sort of drive increased usage and finally, a lot of folks have been.

Especially in the cell therapy world have been interested in what we can accomplish using our phosphoprotein platform for.

Immune signaling right so immune signaling networks, because we really were the first technology that could that can capture the multiplex level the proteins.

Within single cells simultaneously not sort of whatever it is.

Simultaneously and that's a big deal with capturing it all at once at a high multiplex getting a signaling that brooks of those single immune cells.

And again people use western blot today, but imagine at the single cell resolution what networks. The way that the cells are integrally intricately connected within themselves. We've shown that there is really valuable information you can get from these small subsets of highly active cell so coming out with that adaptive immune single.

Cell signaling <unk> early access as well so I think some some very cool things coming on the just the single cell proteomics realm for dual Mick.

<unk> it was immune just immune cell gene expression in a functional proteome. So connecting all of the gene expression levers you have at a super high multiplex level with the potency of each immune cell and finally, I think a really exciting one that just came became a few weeks ago was at ACR.

The T cell receptor profiling TCR seek plus a functional protein elevate yourself right and that's just.

At a very high level.

Every immunologists out there wants to see couple of things they want to see the specificity of this though which is a T cell receptor to the antigen itself right and again, we know the immune.

Immune system therapies or sort of revolution on your industry. That's one half of the equation now the other equation is if you have a corner you have the specificity of that cell you want to know what that is doing what its potency proteomics potency at the functional level is really the only way to get to that right in terms of the direct methodology. We're combining the two so on.

Understand and T cell receptor and Protium, you can get to the specificity what the T cell is going to do against that tumor antigen wise in functionally how it is going to accomplish this goal. So that's like a really really cool application that people are really excited about so.

Those three no surprises just data we've already put out and now it's about execution and delivering that data as a service.

Great and final one for me just following up on the ACR comment.

Great to hear.

Even at a high level, whether the conference ACR was productive in terms of generating new sales leads and building the funnel.

Yes, just really really productive I think you guys were there you guys saw the buzz about sort of continue to buyers about the next wave of single cell, which I think everyone knows at this point, there's two avenues right. It's you've done a lot of single cell sequencing. There is a lot of publications literature out that to sort of generate validation.

And better understanding of what that exactly means.

Context of human health, you're either going into spatial.

Validating the sort of location of the single cell gene expression, where youre going into the protium, which validates the function of that single cell gene expression profile because the two are very different as we know and you just I think we talked about it.

While you're at ACR.

There's just a tremendous amount of buzz in the end markets. The academics are getting funding and the farmers know they need this next sort of.

Layer of precision medicine to sort of differentiate their nextgen of immune therapies and cell therapies.

Gene therapies, and we ever really key mouse trap in terms of unlocking that part of the functional proteins.

Lets us I'll get to that next level of biology. So we added just tremendous ACR a lot of leads.

And really I think productive use of our sales force there as well I think you guys.

It might recall you being in a picture in our booth with some of our sales reps doing doing some diligence on what we were doing so.

No I think I think we're looking forward to more of those in person conferences I think are great for our industry I think there I think there's a lot of tools companies right now that are just.

Experiencing some real.

Tailwind in terms of the end markets and we just need to play this out a little bit with E. Comm alluding more of this biology that sort of unlocks that next level of human health.

Got it I appreciate you taking the questions.

Thanks, Matt.

Thank you at this time I would like to turn the call over to Karen for closing remarks, Sir.

Thanks, everyone, we look forward to being in touch and.

Yes.

We look forward to take care.

This concludes today's conference call. Thank you for participating you may now disconnect.

Q1 2022 IsoPlexis Corp Earnings Call

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