Informes de resultados financieros del cuarto trimestre y del año fiscal 4
MaxCyte Reports Fourth Quarter and Full Year 2023 Financial Results and Reiterates 2024 Guidance
ROCKVILLE, Maryland, 13 de marzo de 2024 - MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development, and commercialization of next-generation cell therapeutics and innovative bioprocessing applications, today announced its fourth quarter and full year ended December 31, 2023 financial results and reiterated its 2024 guidance.
Fourth Quarter and Full Year Highlights
· Total revenue of $15.7 million in the fourth quarter of 2023, an increase of 26% over the fourth quarter of 2022.
· Core business revenue of $7.2 million in the fourth quarter of 2023, a decline of 32% over the fourth quarter of 2022.
· Strategic Platform License (SPL) Program-related revenue was $8.5 million for the fourth quarter of 2023, an increase of 359% over the fourth quarter of 2022.
· Total revenue of $41.3 million for the full year 2023, a decline of 7% over the full year 2022.
· Core business revenue of $29.8 million for the full year 2023, a decrease of 25% over the full year 2022.
· SPL Program-related revenue was $11.5 million for the full year 2023, an increase of 148% over the full year 2022.
· Ended the year with 23 active SPL agreements that allowed for over 160 potential programs, 16 of which were active programs currently in the clinic (defined as programs with at least a cleared IND or equivalent) and 1 of which was an active program currently commercial. With the addition of three SPLs signed in 2024, the total number of SPLs now stands at 26.
· Total cash, cash equivalents and investments were $211.2 million as of December 31, 2023.
"In 2023, we navigated a challenging operating environment in our industry, that included increased capital conservatism and pipeline portfolio reevaluation among our customers. Our team adapted well to the changing environment last year, and I am confident in our ability to execute across the business this year," said Maher Masoud, President and CEO of MaxCyte.
"We are pleased with our accomplishments and progress in 2023, which included supporting the recent FDA approval of CASGEVYTM by our client, Vertex Pharmaceuticals. MaxCyte signed five new SPLs in 2023 and we have seen continued momentum with three additional SPLs signed in January 2024. Our pipeline of potential clients remains robust, and we look forward to further expanding our portfolio of SPLs in 2024. The opportunity in front of us in the cell therapy industry continues to strengthen, and we will focus on executing in 2024 on our goal of being the industry's premier non-viral cell therapy platform."
The following tables provide details regarding the sources of our revenue for the periods presented.
Tres meses terminados |
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| Año terminado |
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31 de diciembre, (No auditado) |
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| 31 de diciembre,
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2023 |
| 2022 |
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| 2023 |
| 2022 |
| % | ||||||
(en miles, excepto porcentajes) |
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Terapia celular | $ | 5,518 | $ | 7,544 | (27%) | $ | 22,829 | $ | 30,546 | (25%) | ||||||
Descubrimiento de medicamento | 1,644 | 3,026 | (46%) | 6,994 | 9,100 | (23%) | ||||||||||
relacionado con el programa | 8,504 | 1,854 | 359% | 11,465 | 4,616 | 148% | ||||||||||
Los ingresos totales | $ | 15,665 | $ | 12,424 | 26% | $ | 41,288 | $ | 44,262 | (7%) |
Tres meses terminados |
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| Año terminado |
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31 de diciembre, (No auditado) |
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| 31 de diciembre,
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2023 |
| 2022 |
| % |
| 2023 |
| 2022 |
| % | ||||||||
(en miles, excepto porcentajes) |
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Instrumento | $ | 2,330 | $ | 3,705 | (37%) | $ | 8,317 | $ | 11,704 | (29%) | ||||||||
AP | 2,163 | 3,721 | (42%) | 10,283 | 16,027 | (36%) | ||||||||||||
Arrendar | 2,406 | 2,813 | (14%) | 10,326 | 10,897 | (5%) | ||||||||||||
Otro | 263 | 331 | (21%) | 897 | 1,018 | (12%) | ||||||||||||
Total Core Revenue | $ | 7,162 | $ | 10,570 | (32%) | $ | 29,823 | $ | 39,646 | (25%) | ||||||||
In addition to revenue, management regularly reviews key business metrics to evaluate our business, measure performance, identify trends affecting our business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:
As of December 31, 2023 | ||||
2023 | 2022 | 2021 | ||
Base instalada de instrumentos (vendidos o arrendados) | 683 | 616 | 502 | |
Core Revenue Generated by SPL Clients as a % of Core Revenue | 48% | 42% | 40% | |
Number of active SPLs | 23 | 18 | 15 | |
Total number of licensed potential programs (SPL clients only) | > 160 | > 125 | > 95 | |
Total number of active licensed clinical programs under SPLs currently in the clinic * | 16 | 16 | 15 | |
Total number of active licensed programs under SPLs currently commercial * | 1 | - | - | |
Total potential pre-commercial milestones under SPLs | > $ 1.95 mil millones | > $ 1.55 mil millones | > $ 1.25 mil millones |
* Number of licensed clinical programs and commercial programs under SPLs are by number of product candidates and not by indication.
Resultados financieros del cuarto trimestre de 2023
Total revenue for the fourth quarter of 2023 was $15.7 million, compared to $12.4 million in the fourth quarter of 2022, representing growth of 26%.
Core business revenue (sales and leases of instrument and disposables to cell therapy and drug discovery customers, excluding SPL Program-related revenue) for the fourth quarter of 2023 was $7.2 million, compared to $10.6 million in the fourth quarter of 2022, representing a decline of 32%.
Cell therapy revenue for the fourth quarter of 2023 was $5.5 million, compared to $7.5 million in the fourth quarter of 2022, representing a decline of 27%. Drug discovery revenue for the fourth quarter of 2023 was $1.6 million, compared to $3.0 million in the fourth quarter of 2022, representing a decline of 46%.
SPL Program-related revenue was $8.5 million in the fourth quarter of 2023, as compared to $1.9 million in the fourth quarter of 2022.
Gross profit for the fourth quarter of 2023 was $14.1 million (90% gross margin), compared to $10.9 million (88% gross margin) in the fourth quarter of 2022.
Operating expenses for the fourth quarter of 2023 were $22.2 million, compared to operating expenses of $17.6 million in the fourth quarter of 2022.
Fourth quarter 2023 net loss was $5.3 million compared to net loss of $4.8 million for the same period in 2022. EBITDA, a non-GAAP measure, was a loss of $7.0 million for the fourth quarter of 2023, compared to a loss of $5.8 million for the fourth quarter of 2022; stock-based compensation expense was $3.6 million in the fourth quarter of 2023 compared to $3.1 million in the fourth quarter of 2022.
Resultados financieros del año completo 2023
Total revenue for 2023 was $41.3 million, compared to $44.3 million in 2022, representing a decline of 7%.
Core business revenue (sales and leases of instruments and disposables to cell therapy and drug discovery customers, excluding SPL Program-related revenue) for 2023 was $29.8 million, compared to $39.6 million for 2022, representing a decline of 25%.
Cell therapy revenue for 2023 was $22.8 million, compared to $30.5 million in 2022, representing a decline of 25%. Drug discovery revenue for 2023 was $7.0 million, compared to $9.1 million in 2022, representing a decline of 23%.
SPL Program-related revenue was $11.5 million in 2023, as compared to $4.6 million in 2022.
Gross profit for 2023 was $36.5 million (89% gross margin), compared to $39.2 million (88% gross margin) in the prior year.
Operating expenses for 2023 were $84.8 million, compared to operating expenses of $66.5 million in 2022.
Full year 2023 net loss was $37.9 million compared to a loss of $23.6 million in 2022. 2023 EBITDA was a loss of $44.1 million compared to a loss of $24.8 million in 2022; total stock-based compensation for 2023 was $14.0 million, compared to $11.8 million for 2022.
Total cash, cash equivalents and investments were $211.2 million as of December 31, 2023, compared to $227.3 million as of December 31, 2022.
Guía de ingresos para 2024
Management is reiterating 2024 revenue guidance for core business revenue and SPL Program-related revenue.
Management expects full year 2024 core business revenue to be flat to 5% growth compared to 2023, and SPL Program-related revenue is expected to be approximately $3 million. Our outlook for the full year does not include SPL Program-related revenue from Vertex/CRISPR's CASGEVYTM and reflects a difficult year-over-year comparison from a client milestone recognized in 2023 that was initially expected in 2024.
La gerencia espera terminar 2024 con $175 millones en tTotal de efectivo, equivalentes de efectivo e inversiones.
Detalles del webcast y la conferencia telefónica
MaxCyte will host a conference call today, March 12, 2024, at 4:30 p.m. Eastern Time. Los inversores interesados en escuchar la conferencia telefónica deben registro en línea. Un webcast en vivo y archivado del evento estará disponible en la sección "Eventos" del sitio web de MaxCyte en https://investors.maxcyte.com/.
Acerca de MaxCyte
At MaxCyte, we pursue cell engineering excellence to maximize the potential of cells to improve patients' lives. We have spent more than 20 years honing our expertise by building best-in-class platforms, perfecting the art of the transfection workflow, and venturing beyond today's processes to innovate tomorrow's solutions. Our ExPERT? platform, which is based on our Flow Electroporation® technology, has been designed to support the rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based medicines. The ExPERT family of products includes: four instruments, the ATx?, STx?, GTx? and VLx?; a portfolio of proprietary related processing assemblies or disposables; and software protocols, all supported by a robust worldwide intellectual property portfolio. By providing our partners with the right technology, as well as scientific, technical and regulatory support, we aim to guide them on their journey to transform human health. Learn more at maxcyte.com y síguenos en Twitter y Etiqueta LinkedIn.
Medidas financieras no GAAP
This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The company's management uses this non-GAAP measure to compare the company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
La gerencia no considera el EBITDA de forma aislada o como una alternativa a las medidas financieras determinadas de acuerdo con GAAP. La principal limitación del EBITDA es que excluye gastos significativos que los GAAP exigen que se registren en los estados financieros de la empresa. Para compensar estas limitaciones, la administración presenta el EBITDA junto con los resultados GAAP. Las medidas no GAAP deben considerarse además de los resultados preparados de acuerdo con GAAP, pero no deben considerarse un sustituto o superior a los resultados GAAP. Al final de este comunicado se incluye una tabla de conciliación de la pérdida neta, la medida financiera GAAP más comparable, con el EBITDA. MaxCyte insta a los inversores a revisar la conciliación y no depender de ninguna medida financiera única para evaluar el negocio de la empresa.
Declaraciones a futuro
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our industry involve substantial known and unknown risks, uncertainties, and assumptions, including those described in Item 1A under the heading "Risk Factors" and elsewhere in our report on Form 10-K, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company's preliminary results of operations, including fourth quarter and full year total revenue, core revenue, and SPL program revenue and statements about possible or future results of operations or financial position. In some cases, you can identify forward-looking statements because they contain words such as "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "contemplate," "target," the negative of these words and similar words or expressions. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements contained in this press release, include, without limitation, statements concerning the following: our expected future growth and success of our business model; the size and growth potential of the markets for our products, and our ability to serve those markets, increase our market share, and achieve and maintain industry leadership; our ability to expand our customer base and enter into additional SPL partnerships; our expectation that our partners will have access to capital markets to develop and commercialize their cell therapy programs; our financial performance and capital requirements; the adequacy of our cash resources and availability of financing on commercially reasonable terms; our expectations regarding our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others; our expectations regarding general market and economic conditions that may impact investor confidence in the biopharmaceutical industry and affect the amount of capital such investors provide to our current and potential partners; and our use of available capital resources.
These and other risks and uncertainties are described in greater detail in Item 1A , entitled "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on or about March 12, 2024, as well as in discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available through the Investor Menu, Financials section, under "SEC Filings" on the Investors page of our website at http://investors.maxcyte.com. Any forward-looking statements in this press release are based on our current beliefs and opinions on the relevant subject based on information available to us as of the date of such press release, and you should not rely on forward-looking statements as predictions of future events. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Contactos de MaxCyte:
Asesor de IR de EE. UU.
Grupo Gilmartin
David Deuchler
+1 415-937-5400
Relaciones con los medios de EE. UU.
Colaboración sísmica de espectro
Valeria Enes
+1 408-497-8568
Consejero Designado y Sociedad Conjunta Broker
panmure gordon
Emma Earl/Freddy Crossley
Corretaje corporativo
Rupert Dearden
44 0 20 7886 2500
Asesor de RI del Reino Unido
Consejo ICR
Mary Jane Elliott
chris galés
44 0 203 709 5700
MaxCyte, Inc.
Balance general consolidado
(en miles, excepto acciones y montos por acción)
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| Año terminado el 31 de diciembre de | ||||
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| 2023 |
| 2022 | ||
Activos | ||||||
Activos corrientes: |
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Efectivo y equivalentes de efectivo | $ | 46,506 | $ | 11,065 | ||
Inversiones a corto plazo, a costo amortizado | 121,782 | 216,275 | ||||
Cuentas por cobrar, neto | 5,778 | 11,175 | ||||
Accounts receivable - TIA* | - | 1,912 | ||||
Inventario | 12,229 | 8,581 | ||||
Gastos anticipados y otros activos corrientes. | 3,899 | 3,258 | ||||
Total de activos corrientes | 190,194 | 252,266 | ||||
| ||||||
Investments, non-current, at amortized cost | 42,938 | - | ||||
Inmuebles y equipo, neto | 23,513 | 23,725 | ||||
Right-of-use asset - operating leases | 11,241 | 9,853 | ||||
Otros activos | 388 | 809 | ||||
los activos totales | $ | 268,274 | $ | 286,653 | ||
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Pasivos y capital contable | ||||||
Pasivos corrientes: | ||||||
Cuentas por pagar | $ | 743 |
| $ | 292 | |
Gastos acumulados y otros | 11,269 | 8,265 | ||||
Pasivo por arrendamiento operativo, corriente | 774 | 157 | ||||
Ingresos diferidos, porción corriente | 5,069 | 6,713 | ||||
Total pasivo corriente | 17,855 | 15,427 | ||||
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Pasivo por arrendamiento operativo, neto de la porción actual | 17,969 | 15,938 | ||||
Otros pasivos | 283 | 1,320 | ||||
Pasivos totales | 36,107 | 32,685 | ||||
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compromisos y contingencias | ||||||
Capital contable | ||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares issued and outstanding at December 31, 2023 and December 31, 2022 | - | - | ||||
Acciones comunes, valor nominal de $ 0.01; 400,000,000 acciones autorizadas, 103,961,670 y 102,397,913 acciones emitidas y en circulación al 31 de diciembre de 2023 y 31 de diciembre de 2022, respectivamente | 1,040 | 1,024 | ||||
Capital pagado adicional | 406,925 | 390,819 | ||||
Déficit acumulado | (175,798) | (137,875) | ||||
Equidad del total de accionistas | 232,167 | 253,968 | ||||
Pasivo total y capital contable | $ | 268,274 | $ | 286,653 |
* Asignación de mejoras para inquilinos ("TIA")
MaxCyte, Inc.
Estados de operaciones consolidados
(en miles, excepto acciones y montos por acción)
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| Tres meses terminados el 31 de diciembre de |
| Año terminado el 31 de diciembre de | ||||||||
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| 2023 (No auditado) |
| 2022 (No auditado) |
| 2023 |
| 2022 | ||||
Ingresos | $ | 15,666 | $ | 12,424 | $ | 41,288 | $ | 44,261 | ||||
Costo de los bienes vendidos |
| 1,573 |
| 1,547 |
| 4,742 |
| 5,098 | ||||
Beneficio bruto |
| 14,093 |
| 10,877 |
| 36,546 |
| 39,163 | ||||
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Gastos de funcionamiento: |
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Investigación y desarrollo |
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| 5,842 |
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| 5,728 |
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| 23,817 |
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| 19,514 |
Ventas y marketing | 7,196 | 5,377 | 26,975 | 18,653 | ||||||||
General y administrativo |
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| 8,087 |
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| 5,649 |
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| 30,068 |
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| 25,829 |
Depreciación y amortización | 1,063 | 873 | 3,985 | 2,528 | ||||||||
Gastos totales de operación |
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| 22,188 |
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| 17,627 |
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| 84,845 |
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| 66,524 |
Pérdida operativa |
| (8,095) |
| (6,750) |
| (48,299) |
| (27,361) | ||||
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Other income and expense: |
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Otro gasto |
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| - |
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| (11) |
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| - |
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| (127) |
Ingresos por intereses | 2,818 | 1,952 | 10,376 | 3,917 | ||||||||
Total otros ingresos |
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| 2,818 |
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| 1,941 |
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| 10,376 |
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| 3,790 |
Pérdida neta | $ | (5,277) | $ | (4,809) | $ | (37,923) | $ | (23,571) | ||||
Pérdida neta básica y diluida por acción |
| $ | (0.05) |
| $ | (0.05) |
| $ | (0.37) |
| $ | (0.23) |
Weighted average shares outstanding, |
| 103,703,240 |
| 102,120,812 |
| 103,268,502 |
| 101,702,664 |
MaxCyte, Inc.
Estados Consolidados de Flujos de Efectivo
(En miles)
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| Año terminado el 31 de diciembre de | ||||
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| 2023 |
| 2022 | ||
Flujos de efectivo por actividades operacionales: | ||||||
Pérdida neta |
| $ | (37,923) |
| $ | (23,571) |
Ajustes para conciliar la pérdida neta con la neta | ||||||
Depreciación y amortización | 4,171 | 2,698 | ||||
Gastos de arrendamiento no monetarios | 395 | 767 | ||||
Valor neto en libros del equipo consignado vendido | 94 | 76 | ||||
Pérdida por enajenación de activos fijos | 30 | 139 | ||||
Compensación basada en acciones | 13,979 | 11,752 | ||||
Gastos por deudas incobrables | 171 | - | ||||
Change in excess/obsolete inventory reserve | 697 | - | ||||
Amortization of discounts on investments | (7,120) | (2,667) | ||||
Cambios en los activos y pasivos operativos: | ||||||
Cuentas por cobrar | 5,226 | (4,569) | ||||
Cuentas por cobrar - TIA | 1,912 | (1,912) | ||||
Inventario | (4,534) | (3,493) | ||||
Gastos pagados por adelantado y otros activos corrientes | (641) | 320 | ||||
Otros activos | 421 |
| (492) | |||
Cuentas por pagar, gastos acumulados y otros | 3,252 | (150) | ||||
Responsabilidad de arrendamiento operativo | (133) | 5,482 | ||||
Ingresos diferidos | (1,644) | (34) | ||||
Otros pasivos | (39) | 871 | ||||
Efectivo neto utilizado en actividades operativas | (21,686) | (14,783) | ||||
Flujos de efectivo de las actividades de inversión: |
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Compras de inversiones | (255,095) | (290,942) | ||||
Maturities of investments | 313,770 | 284,596 | ||||
Compras de propiedades y equipo. | (3,700) | (18,477) | ||||
Ingresos por la venta de equipos | 9 | - | ||||
Efectivo neto provisto por (utilizado en) actividades de inversión | 54,984 | (24,823) | ||||
Flujos de efectivo de actividades de financiación: |
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Producto del ejercicio de opciones sobre acciones | 1,874 | 2,888 | ||||
Proceeds from issuance of common stock under employee stock purchase plan | 269 | - | ||||
Efectivo neto provisto por actividades de financiamiento | 2,143 | 2,888 | ||||
Aumento (disminución) neto de efectivo y equivalentes de efectivo | 35,441 | (36,718) | ||||
Efectivo y equivalentes de efectivo, principio del año | 11,065 | 47,783 | ||||
Efectivo y equivalentes de efectivo al final del año | $ | 46,506 | $ | 11,065 |
Reconciliación no auditada de pérdida neta a EBITDA
(En miles)
(No auditado)
Tres meses terminados |
| Año terminado | ||||||||||
Diciembre 31, |
| Diciembre 31, | ||||||||||
2023 |
| 2022 |
| 2023 |
| 2022 | ||||||
(En miles) |
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Pérdida neta | $ | (5,277) | $ | (4,809) | $ | (37,923) | $ | (23,571) | ||||
Gastos de depreciación y amortización | 1,102 | 920 | 4,171 | 2,698 | ||||||||
Ingresos por intereses | (2,818) | (1,952) | (10,376) | (3,917) | ||||||||
Impuestos sobre la renta | - | - | - | - | ||||||||
anual | $ | (6,993) | $ | (5,841) | $ | (44,128) | $ | (24,790) |
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