“GreenLight is sharply focused on its mission, leveraging scientific expertise, global partnerships, and the power of our platform to progress innovative RNA-based products for plant health and human health,” said
CORPORATE HIGHLIGHTS:
- In
March 2023 , GreenLight received a non-binding indication of interest fromFall Line Endurance Fund, L.P. (“Fall Line”) to acquire all outstanding capital stock of the company. The terms of any potential agreement between the parties would be contingent on a number of conditions, including completion of due diligence review and negotiation of definitive transaction documents and no assurance can be given that a definitive transaction with respect to Fall Line’s indication of interest or any other potential transaction will eventually be consummated. - In
April 2023 , GreenLight released its inaugural Sustainability Report containing the company's sustainability updates and roadmap. Full details of the report can be accessed here.
First Quarter 2023 Financial Results
- Cash Position: Cash, cash equivalents, and marketable securities were
$32.4 million as ofMarch 31, 2023 , compared to$68.1 million as ofDecember 31, 2022 ; this decrease was primarily due to cash used to fund operations of approximately$31.1 million . - Collaboration Revenue: Collaboration revenue was
$3.8 million during the first quarter of 2023, compared to no collaboration revenue during the first quarter of 2022. This revenue was primarily related to our agreement with Serum institute ofIndia Private Limited , which was signed inMarch 2022 . - R&D Expenses: Research and development expenses decreased by
$4.1 million to$23.2 million during the first quarter of 2023, compared to$27.3 million during the first quarter of 2022. This decrease was primarily related to closely managed program costs related to research and development materials and manufacturing costs as well as reduced headcount supporting research and development activities resulting in decreased personnel costs. - G&A Expenses: General and administrative expenses decreased by
$0.9 million to$8.9 million during the first quarter of 2023, compared to$9.8 million during the first quarter of 2022. This decrease was primarily related to reduced professional fees and lower personnel costs. - Net Loss: The Company’s net loss was
$28.5 million for the first quarter of 2023, compared to$38.2 million during the first quarter of 2022.
Financial Guidance:
The Company expects its cash and equivalents of
About GreenLight:
Availability of Other Information About GreenLight Biosciences
Investors and others should note that we communicate with our investors and the public using our website (www.greenlightbiosciences.com), the investor relations website (https://investors.greenlightbio.com/), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets,
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to the Fall Line’s non-binding indication of interest and whether a potential agreement, if any, will be reached between the parties, success, cost and timing of our research and development activities in our plant and human health programs, the acceptance of RNA-based technologies by regulators and the public, our ability to raise and productively deploy capital and the rate at which we can successfully bring products to market, our projected cash runway and our ability to obtain funding for our operations when needed. Forward-looking statements include statements relating to our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7db50176-2a39-4e74-9cea-f2d9e3217d18
Contacts:
Media Contact:
SVP Corporate Affairs
press@greenlightbio.com
Investor Contact:
Director, Enterprise Operations and Strategy & Head of Investor Relations
investors@greenlightbio.com
GREENLIGHT BIOSCIENCES HOLDINGS, PBC | ||||||||
Condensed Consolidated Statements of Operations (unaudited) | ||||||||
(In thousands, except share and per share data) | ||||||||
THREE MONTHS ENDED | ||||||||
2023 | 2022 | |||||||
REVENUE: | ||||||||
License and collaboration revenue | $ | 3,820 | $ | — | ||||
Grant revenue | — | 257 | ||||||
Total revenue | 3,820 | 257 | ||||||
OPERATING EXPENSES: | ||||||||
Research and development | 23,168 | 27,281 | ||||||
General and administrative | 8,944 | 9,755 | ||||||
Total operating expenses | 32,112 | 37,036 | ||||||
LOSS FROM OPERATIONS | (28,292 | ) | (36,779 | ) | ||||
OTHER INCOME (EXPENSE): | ||||||||
Interest and other income (expense), net | 603 | 4 | ||||||
Interest expense | (1,007 | ) | (1,073 | ) | ||||
Change in fair value of warrant liabilities | 227 | (359 | ) | |||||
Total other income (expense), net | (177 | ) | (1,428 | ) | ||||
Net loss | $ | (28,469 | ) | $ | (38,207 | ) | ||
Net loss per share — basic and diluted | $ | (0.19 | ) | $ | (0.34 | ) | ||
Weighted-average common stock outstanding — basic and diluted | 151,614,008 | 113,558,404 | ||||||
GREENLIGHT BIOSCIENCES HOLDINGS, PBC | |||||||
Condensed Consolidated Balance Sheets (unaudited) | |||||||
(In thousands, except share and per share data) | |||||||
2023 | 2022 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 32,350 | $ | 68,097 | |||
Prepaid expenses and other current assets | 5,347 | 3,214 | |||||
Total Current Assets | 37,697 | 71,311 | |||||
Restricted cash | 1,411 | 1,321 | |||||
Property and equipment, net | 40,441 | 41,365 | |||||
Operating lease right-of-use assets | 32,740 | 32,766 | |||||
Other assets | 1,400 | 1,835 | |||||
TOTAL ASSETS | $ | 113,689 | $ | 148,598 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 1,073 | $ | 839 | |||
Accrued expenses | 11,478 | 13,544 | |||||
Operating lease liabilities, current portion | 4,083 | 3,358 | |||||
Long-term debt, current portion | 13,782 | 13,229 | |||||
Deferred revenue | 47 | 3,866 | |||||
Other current liabilities | 724 | 724 | |||||
Total Current Liabilities | 31,187 | 35,560 | |||||
Warrant liabilities | 15 | 242 | |||||
Operating lease liabilities, net of current portion | 48,702 | 49,569 | |||||
Long-term debt, net of current portion | 10,858 | 14,326 | |||||
Other liabilities | 991 | 839 | |||||
TOTAL LIABILITIES | 91,753 | 100,536 | |||||
COMMITMENTS AND CONTINGENCIES (Note 17) | |||||||
STOCKHOLDERS’ EQUITY | |||||||
Common stock, | 15 | 15 | |||||
Preferred Stock, | — | — | |||||
Additional paid-in capital | 471,028 | 468,685 | |||||
Accumulated deficit | (449,107 | ) | (420,638 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY | 21,936 | 48,062 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 113,689 | $ | 148,598 | |||
Image: GreenLight Biosciences
Image: GreenLight Biosciences
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