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AquaBounty Technologies, Inc. Results for the quarter ended September 30, 2017

MAYNARD, Mass., Nov. 02, 2017 (GLOBE NEWSWIRE) -- AquaBounty Technologies, Inc. (NASDAQ:AQB) (“AquaBounty” or the “Company”), a biotechnology company focused on enhancing productivity in the aquaculture market and a majority-owned subsidiary of Intrexon Corporation (NYSE:XON), announces the Company’s financial results for the quarter ended September 30, 2017.

Financial and Operational Summary:

  • Commenced work on upgrades to the Indiana farm site to increase its capacity to 1200 metric tons;
  • completed renovations in Rollo Bay on the hatchery building and progressed construction activities on the 250-metric-ton production and broodstock buildings;
  • net loss for the nine-month period ended September 30, 2017, increased to $6.6 million from $5.8 million in the corresponding period of the previous year, reflecting investment in the Indiana farm site and Rollo Bay hatchery; and
  • cash and cash equivalents were $4.7 million (December 31, 2016: $3.3 million).

Ronald Stotish, Chief Executive Officer of AquaBounty, stated: “In this quarter, our primary focus has been on getting our Indiana farm site ready for FDA inspection. This is in advance of stocking the facility with AquAdvantage® Salmon eggs, which we hope will occur next spring. We also anticipate the construction of the production and broodstock buildings at our Rollo Bay farm site to be completed early next year.”

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding the potential for, progress toward, and possible timing for upgrading the Company’s farm site in Indiana and constructing production and broodstock buildings in Rollo Bay; expected production capacities of the Company’s facilities; progress in readying the Indiana farm site for FDA inspection and the possibility of the regulatory approval of that site by the FDA; and the potential for and timing of stocking that facility with AquAdvantage® Salmon eggs. Forward-looking statements may be identified with words such as “will,” “may,” “expect,” “plan,” “anticipate,” “upcoming,” “believe,” “estimate,” or similar terminology, and the negative of these terms. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, we undertake no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, please refer to our public filings with the Securities and Exchange Commission (“SEC”), available on the Investors section of our website at www.aquabounty.com and on the SEC’s website at www.sec.gov.


AquaBounty Technologies, Inc.
Consolidated Balance Sheets
(Unaudited)
 
      As of
      September 30, December 31,
        2017     2016  
Assets      
Current assets:    
  Cash and cash equivalents $   4,717,821   $   3,324,609  
  Certificate of deposit   13,489     10,666  
  Other receivables   219,334     164,743  
  Inventory   78,499     -  
  Prepaid expenses and other assets   245,242     72,983  
  Total current assets   5,274,385     3,573,001  
         
Property, plant and equipment, net   19,478,853     1,723,707  
Definite lived intangible assets, net   188,421     198,698  
Indefinite lived intangible assets   191,800     191,800  
Other assets     162,093     21,628  
Total assets $   25,295,552   $   5,708,834  
         
Liabilities and stockholders' equity    
Current liabilities:    
  Accounts payable and accrued liabilities $   1,602,396   $   1,017,851  
  Current debt   55,223     17,913  
  Total current liabilities   1,657,619     1,035,764  
         
Long-term debt   3,059,990     2,645,015  
  Total liabilities   4,717,609     3,680,779  
         
Commitments and contingencies    
         
Stockholders' equity:    
  Common stock, $0.001 par value, 200,000,000 shares authorized;  
    8,895,094 (2016: 6,463,936) shares outstanding   8,895     6,464  
  Additional paid-in capital   126,681,495     101,581,724  
  Accumulated other comprehensive loss   (243,188 )   (286,272 )
  Accumulated deficit   (105,869,259 )   (99,273,861 )
Total stockholders' equity   20,577,943     2,028,055  
         
Total liabilities and stockholders' equity $   25,295,552   $   5,708,834  


           
           
  AquaBounty Technologies, Inc.
  Consolidated Statements of Operations and Comprehensive Loss
  (Unaudited)
           
      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2017 2016   2017 2016
Revenues            
  Product revenues $   -   $   -     $   53,278   $   -  
               
Costs and expenses          
  Product costs   -     -       50,777     -  
  Sales and marketing   195,947     209,556       607,145     650,075  
  Research and development   860,903     974,980       2,517,242     2,705,978  
  General and administrative   1,382,380     824,381       3,453,516     2,428,044  
  Total costs and expenses   2,439,230     2,008,917       6,628,680     5,784,097  
               
Operating loss   (2,439,230 )   (2,008,917 )     (6,575,402 )   (5,784,097 )
               
Other income (expense)          
  Interest expense   (5,597 )   (131,301 )     (16,130 )   (238,940 )
  Gain on disposal of equipment   -     -       -     2,861  
  Other income (expense), net   (1,392 )   (1,608 )     (3,866 )   (4,463 )
  Total other income (expense)   (6,989 )   (132,909 )     (19,996 )   (240,542 )
               
Net loss   $   (2,446,219 ) $   (2,141,826 )   $   (6,595,398 ) $   (6,024,639 )
               
Other comprehensive income (loss):          
  Foreign currency translation gain (loss)   34,933     13,659       43,084     (86,516 )
  Total other comprehensive income (loss)   34,933     13,659       43,084     (86,516 )
               
Comprehensive loss $   (2,411,286 ) $   (2,128,167 )   $   (6,552,314 ) $   (6,111,155 )
               
               
Basic and diluted net loss per share $   (0.28 ) $   (0.41 )   $   (0.76 ) $   (1.15 )
Weighted average number of common shares -          
  basic and diluted   8,895,094     5,250,510       8,731,178     5,249,776  
               


For further information, please contact:

Dave Conley, Director of Communications
AquaBounty Technologies, Inc.
+1 613 294 3078

AquaBounty Technologies, Inc.