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

November 2, 2017 at 4:30 PM EDT

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.

Press Release Details

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