DNAY - Earnings call transcript Q4 2021

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Operator

Thank you for standing by and welcome to the Fourth Quarter 2021 Codex DNA Earnings Conference Call. [Operator Instructions] I would now like to hand the conference to our Director of Investor Relations, Richard Lepke. The floor is yours.

Richard Lepke

Thank you, Carmen. Good afternoon and thanks for joining us for Codex DNA’s fourth quarter 2021 earnings call. call Gibson, Todd and our our Financial the Executive our Jennifer on Chief Dan Officer; Chief Officer. me today Nelson, are Chief McNealey, With Technology Officer;

Investors is now release press quarter our website. fourth on Our the section of available

be would company’s ir@codexdna.com. distribution to you send If added e-mail please an the to like to list,

efforts, and during financial I’d be from including that market expectations uncertainties products, Pfizer forward-looking, will begin, expressed those and you the new guidance, we for penetrate call opportunity, sign timing of and to Before and to materially our that risks may certain of partnership or implied. and statements regarding cause known launch and collaboration involve unknown the inform expectations like of statements actual market growth. ability we agreements, make results statements development These differ collaboration including the our to research

in on time-sensitive filing the more about with on be is these potential broadcast risk other contains our This close we the only as anticipate accurate XXXX. can and live factors March which filings SEC. report conference our found after XX, and in XX-K, call For information annual today market of information Form

on changes the I’d a percentage will With Todd, over basis we any Codex noted. discuss to like unless otherwise Finally, call year-over-year turn be that, to DNA’s CEO.

Todd Nelson

Rich you, everyone. good and Thank afternoon

milestones number access contains next $XX and Pfizer. high financial representing We of the generate revenue business will company. Codex our commercial record for signed $X.X We of and performance that, took licensing traded strong XX% full quarter and development significant steps results the lay global company. early to backdrop rates XXXX, a growth. share a We for respectively, and our agreement collaboration several and at of of we for margin DNA for the This during XX% an growth phase agreement are the first defining the if foundation year reported million and for was achieved, revenue our with periods. year to critical year fourth million pleased these Against and pandemic, quarter the publicly which important fourth a as

members expand our our I on scale continued results expand DNA progress be partnerships. report enzymatic that our the end status and will would demand accomplish whole services on in year, the a in highly And platform in meet provide oligosynthesis financially Since future leading This in agreement company make we next-generation areas Pfizer. will centered for a a strong with In in our company and And stronger years, to finally, added announced how very quarter helpful next we as This of critical I of access for partnership mRNA-based our over objectives synthesis and organization is development broader or they vaccines outstanding believe productive technology forward. thought anticipated even financial cutting-edge program, position We closed DNA the and SOLA indications. strategic the biologics. internal market an XXXX. how these and enable position which commercial and SOLA going we the SOLA other us collaboration quarter, of of vaccines agreement SOLA be a enzymatic synthesis December, to the to innovative with it our and the accelerate us new the during for on technology recent therapeutics, strategic research several we to exciting of for indications supports early Eton, growing are exclusively licensing will two of and achievements to products, technology to to of is including very very and a fourth We access rapidly significant to use license vaccines of to us launch organization Pfizer workflows potentially large which marking our XXXX plans markets, moment. the a and few to broad has our more on this than which therapeutic vaccines providing the has its and the through the of acquisition platform. technology, XX end the option operations Pfizer’s non-exclusive validation in collaboration for mRNA-based Pfizer any to and biotherapies. access development therapeutic time to around us royalties while can

an automation partner platforms. the mRNA the SOLA Pfizer realize us potential in help space, of ideal our leader market to a BioXp is As and

are excited both for potential parties. of impact the about extremely We this agreement

earned financial the will an million, upfront which timing the expected of these innovative that technical to next received, the the $XX our of payments expand understand the importance financial technology with which before milestone discuss investors, longer have the we on with could payment agreement along progress important the million you to X will briefly touch financial to our think success-based have strategies guidance the terms describe over it’s of be on The of X to we I payments go-to-market terms later deal, $X the strategic moving as relates made of revenue include its once call. platforms. on of years. key For XXXX recognition we it and term on Jennifer

payments from milestones. development Additionally, commercial we the achievement clinical and resulting are eligible of successful to receive

applications, milestones can development and as and $XX exclusive milestones can the million up million the per product. milestones million total commercial total For per can the $XX the can development indications, product. to to clinical much for $XXX milestones as million $XX up to two up total the total commercial clinical Similarly, nonexclusive

vaccines. returns with to access accelerate receive rapidly market and royalties We therapeutics, and markets offers while mRNA a through escalating financial growing the time providing to DNA products. potential same at Codex We significant and net new on for this time, end uniquely to for to also innovative entitled of partnership transformative and are sales based vaccines the is believe for importantly, biologics the us

could successfully out the products, this agreement, royalties and As payments in resulting should and we this during speaks commercializes the than The provide briefly can milestone of licensed partners as million. more set execute mentioned to SOLA of earlier Pfizer develops the my to immense such and only successfully and $XXX terms of partnership remarks, benefits of terms on value our the potential we total financial magnitude the technology the EDS to Pfizer.

And Pfizer’s recent technology related amount quarter vaccine development to the of SOLA As third described has our how a earnings call, is that management mRNA days, matter approximately from process. to an mRNA front-end that potential process to the XXXX on flu example, for the an of a stay estimated fourth reduce month infectious reduction time in vaccine market. flu approximately vaccines. select strains they production a ahead potentially of a We time future the to one-third of could to optimal resulting and allow get improve that of to this believe Pfizer process efficacy new new of season development in a disease the to the improvement the closer to start variants, the

and can forward, We our vigorously the opportunities deal and DNA. additional important partnerships to portfolio leverage such our cloning strategic product to that VMAX strong automation our of all to strategy. aim protein platform property new Moving the proprietary and way for and pursue BioXp intellectual also technologies. and continue go-to-market related value-added the to efficient this our categories and DNA, includes synthesis solution scale-up technology This large-scale of mRNA as for paves

existing leadership and additional and potential customers. development agreements new relationships partners, business cultivate intend to Our to with teams both establish continue with and we

strategy go-to-market into Our distinct can broken be categories. down three

channels. Gibson including First, increasing an automation consumable sales catalog also kits biopsy both our platforms and portfolio products, direct synthetic which Assembly globally distributed genomes of of and through are and

and those to now same provide services direct Second, Eton of with and Bioscience our solutions. biofoundry customers and channels leverages part services, BioXp-enabled which includes distributor

support Third, technical value-creating intellectual economics. on to needs giving build and access market which us to substantial portfolio, technology end customer while property our partnerships, capabilities

We continue to our maximum and for in areas our all to shareholders. execute value and growth long-term customers create drive sustainable X

enzymatic fragments solution all automation the its our DNA for approach based R&D believe a longer platform is to and done and work at synthesis that both DNA novel solutions of that is on technology. for protein As libraries platforms DNA, challenges. fidelity, developing future mRNA allow SOLA paradigm-shifting synthesis technology made due from cost. EDS that breakthroughs some apply thanks humanity’s to approach a biology the of program build a the and mission This to write mega We mRNA and to scientists of health buildability, scalability is benchtop for advantages stock proprietary synthesizing reminder, oligos and building to proteins our DNA, our in care, solutions are being is who incredible blocks. the possible amplification in as of by ligation is teams ideal such this SOLA biggest used to universal creates short

building result approach compared products approaches. using with DNA our synthesis enzymatic expect oligos to will We in SOLA other higher-quality

we terminal as or are our deoxynucleotidyl advantages chemistries. because transferase manufacturing of Additionally, such there significant potential cost technologies and over believe competing proprietary quality TDT-based process,

benchtop. SOLA advanced base XX at During fidelity to DNA of and the now our development XXX oligos program. the fourth quarter, can reliably economically pairs we high We generate

extremely of DNA quarter, DNA technology we in join up development X,XXX believe demonstrated such our solutions. R&D KB We synthetic instrumentation. DNA BioXp for link that be that new our can the on March is which and and to from using an We using our encourage to to talent webinar. oligos in approach fourth high an the cell-free of our using on and X.X subsequently R&D up also organization This I into generated company. SOLA leading exciting markets enzymatic SOLA technology segments for open this efficiently Investor synthesis our and DNA enzymatic will protein mRNA the be built approximately nucleotides is the within assembled potential has We we as fidelity, sponsoring Importantly, longer focused exciting entire In Day we successfully instrumentation oligos template expression these full achievement and protein given BioXp our starting be throughout am us announced BioXp-automated genes building new then or addressable synthesis. for future, technology. you SOLA length. recently XX, confident will

platform at the our to digital pleased the our are report pipeline, automation we referred platform integration is higher to automation DBC throughput system. technology the the with XXXX, oligo BioXp of development upcoming XXXX printer. to as compared synthesis [Technical the by our track synthetic of BioXp early system to Xx BioXP designed the on or of is This XXXX. biological advanced and assembly we have rest technology approximately biology are BioXp Difficulty] and of the throughput enabled to Looking convert The SOLA the BioXp our on that

in of launch The of be sold instrument commercial SOLA-enabled biopsy could it or our instrument to base enabling for XXXX. oligo is integrated Our standalone printer the desktop installed DBC, benchtop on-demand into on printing track be make as vision biology. a will XXXX the the possible

group. in through like with late of to We of to scale mRNA production have pleased our will This builds. technology. supplier franchise automation of rapid as finally, being second an platform as technologies launch on cover And BioXp our product expect synthesis We market significant We our give continue ideal to workflows kit platform BioXp prior synthesis the ARCA as vaccine higher released that of screening format including kits, are This synthesis line, will for also larger development. to that mRNA. for fragments the industry-leading synthesis the longer half leading development of typically services in markets. and mRNA rapid will of a BioXp be clean BioXp small-scale portion and second positions of high-growth of proteins I’d small-scale biologics the mRNA us a Eton. our within the segments featuring potential round half additional small-scale launched product that available to our believe require protein and both for mRNA out cap the launching XXXX. capping second to such transaction Eton mRNA XXXX. enable on and support biofoundry with this synthesis positions customer we adopted BioXp employees mRNA REO our time cap the discovery a We on and access we of the recent We part several for for of to made mRNA our We kit of anticipate quantities the those broad that now, being the envision clean our excited we in adoption will touch the us kit This commercialization development. this and November, intend kit closed team. are as kit kit will Switching workflows synthesis acquisition research-grade especially rapid gears of

strategic reach, quarter and margins the will with us associated for Pfizer, partnership; we such way execute for moving and Eton of technical the and call, expand large to EDS Eton to has over accomplish help of the commercial a helps potentially By third to and have is strategic objectives: sequencing company clear to increase this access of academic crucial our as thrilled believe deal that our material DNA we R&D future due our portion oligo within our critical shareholders Pfizer is our services; significantly was why the following acquisition quarter providing under collaborations with research fourth include our believe base the efforts. support Eton us believe SOLA we customer programs efforts excellent our our improve to During deal some this to with Notably, we fit. an market; de-risk our synergies. closed to it important can positioned time. will our we’re these customer expertise provides as pay to discussed do Eton obligations R&D Overall, agreement firmly secure role supply; and and partnership. finally, thing the forward gross right provides in accelerate and our collaboration profit review, opportunities the offerings our raw Pfizer a support the

on I quarter growth on, expand does, XX% solid financial in of Jennifer our year our discuss the quarter. to will But results compared We commercial with guidance XXXX. before would for like full and to period. she briefly had overall the provide fourth another Moving prior results

the and variant. companies However, Omicron certain instrument. on of of quarter in to fewer customers we than like in affected in The the experience sector, we our place had ship, impact our BioXp ability the and install site headwinds Omicron with emergence many related did meet COVID-XX to resulted This anticipated. to shipments

the past had with affected During employees operating array few a many we functions. COVID-XX, out broad of months, also which

we believe behind intact. the COVID-related of projections of Now demand commercial us. disruptions are drivers the BioXp And system that being remain our said, for worst do XXXX fundamental our the

Our enter is customer funnel very we promising as XXXX.

placed of demand ended of our we benefits the the BioXp nearly the and which early outlook We we XXX the remains full Overall, adoption with are base, approximately recognize our for to for strong. continue platforms in the installed BioXp XX customers XXXX Our stages XXXX in year. product instruments instruments means believe we very instrument.

genome capabilities products a as Finally, to financials this vaccines XXXX can genomes full-length on the continues demonstrates full development synthesis providing DNA release our SARS-CoV-X of expertise and highly breakthrough discovery develop research to world. will for highly the over generate that complex I assembly simplify our and review validation and innovative slow positive variants. a of and release and the to commitment and variant serve be the the to that, therapies to of transmissible continue to our of in customer Jennifer with researchers Omicron spread and With pass guidance. to our infectious discuss genome call and that respond new to the demand used processes and The scientific make accelerate detect, impact technical Synthetic contain we of to virus. by diagnostics synthetic help

Jennifer McNealey

XX% will and XXXX. remarks capitalized our for million fourth compared was $X the million for the services included our and January. financial collaboration for Codex million $X.XX about for to year. in payment December Thank $XX resulting financial expenses quarter to to logistics quarter of the future revenue, The marketing biofoundry expense driven $XX.X costs improve and December. million I in of a across and including revenue $X.X prior commercial, support of an raw reagents increase guidance investing the same R&D and of partial fourth R&D my to increases, personnel This G&A increase compared sales period Net year. to prior our in same Detailed is revenue the to results gross to million Other period fourth quarterly total DNA a in well in was $XX.X today’s Eton million gross our commenced Net same XXXX costs. shipping grew services, Cost business, of of for by increased for upfront received of we kit, $X and Pfizer, was sales corresponding period XX, personnel quarter year. fourth today, fourth margin results guidance the efforts efforts, XXXX the primarily release. which BioXp year and Royalties quarter growth. in Operating $X.X sales which review growth $X.X loss afternoon, to of period. product period, provide loss quarter. the This by was compared was continued and you, were per financial $X.X expenses loss costs increased margin as and revenue from million with with initial strong the prior of the the expense the recognized for million the XXXX for revenue Todd, prior good to net and everyone. investments press are excludes leadership for cash also hiring related the prior was of briefly prior new insurance driven and discuss XXXX. increased increased other I million the primarily compared driven In quarter in the $X.X headcount million a a $X.XX when and from biofoundry year. strategy expansion due was in support speak share current and quarter about costs professional short-term $X.X in and quarter for higher was Pfizer compared fourth which the as in million Revenue and in increased $X.X associated increase from by percentage period in material for services, the contributions quarter agreement, facility were we for departmental of and development to million professional I’ll relates organizations. The same of XXXX. staff. decline material in XXXX in XXXX, This the We

initial like I’d our for to cover Now financial guidance XXXX.

additional franchise provide and help our clarify some investing future our the We growth number should that XXXX place an we translates expectations million excellent anticipate quarterly XXXX, total XX%, BioXp to rates of and We’re of will XXXX instruments anticipate XX perspective, expect be From for will to across context units $XX XX% robust XXXX. I revenue the forecast. in business in placed DNA a the Codex between in we of now $XX to respectively. a million similar year to overall. a profile and the which approximately

mid-teens momentum expect the of two in quarters half the first the the to to year. instrument per in low be we the in quarter, throughout However, the per of quarter year year as placements builds be the double-digit back

and expect of as to compared service services an will forecasting relates it XXXX, steady BioXp are and and quarter kit growth, XXXX. we quarter had point utilization high instruments the price are From quarter in in approximately fourth have a similar we contribution sales a higher The expect kit $X a mid As XXXX, quarter, by of commercial to BioXp XXXX. to the the biofoundry Eton place currently in offerings followed as in we XXXX a single-digit launch. BioXp we of our level projecting menu From perspective, of perspective, ransom inorganic XXXX customer million expand. to of and sales increases BioXp the subsequent we each a first fourth

of and support in margins material Starting we we for into steadily XXXX, supply raw XXXX. scaling Eton’s R&D operations which should services of biofoundry raw into sales ramp begin services Our our resources in fully own an capacity and lines business Eton fourth manufacturing of our invest to believe will of oligo accretion expectations intend production as oligos, organization. collaboration. toward we significant quarter provides our intentional our and that believe production near-term In several the to up gross and production offering to grow Eton’s to strategy in costs run, material reduce reflect the integrate Eton’s up we combined Pfizer part the in within legacy product efforts Eton allocate the long as internal can

to As there deal, it relates to to guidance. factors important the related XXXX consider two Pfizer are

we to Pfizer amortized as an the revenue basis have million payment be over a that upfront $X will X-year First, straight-line received approximately period. from on recognized X

our guidance does payments we additional is we and in time. discussed. of these felt Todd technical milestone include to to estimate guidance success-based assume milestones it the Second, our this milestones any achieve million technical $XX not uncertain, an timing was related at prudent of the not Predicting

A which upfront and mid As revenue, would we mix we our on progress throughout the XXXX. forecast intend we benefit to increase collaboration influencing low partnership gross some milestone range, with for Continuing significant compared is our to collaboration expect we down contribution represent payment XX% gross expectations the in to factor to and from year, due of XXXX. gross a Pfizer. to be updates the margin margins product any XXXX the amortized additional in the our revenue our of P&L, provide margin Pfizer on make

a Additionally, your you factors of as to build there forecast. are couple consider important

benefits the in impact increased as margin our DNA seeing oligo begin expansion XXXX up BioXp commercial of Eton. quarter supply We year. expenses, percentage R&D SOLA in investments some half be the sales year oligo includes expecting million fourth our of annualized synthesis which approximately ramping SG&A gross the program in at $XX In to in in organization. enzymatic early and the steadily XXXX, and Operating expected from we to organization, opposed and our low are the personnel back printer, are million of for XX% and the across expect improve range reflecting our to the costs of XXXX, to increased $XX to be

Our million, $XX.X XXXX. year $XX for be million projected up are the R&D in to from expenses

remains you than let uncertainty remind your As normal. macro higher update forecast, me you that

has several our months at to to back incorporate compared encourage we now that, and And improved which with upside While still the ago, our would visibility the over you ranges, turn model potential Todd. of both to call downside. middle I

Todd Nelson

Jennifer. Thanks,

Before opening the call for questions, let me year conclude successful by saying very that our fourth for quarter capped off a company. the

by We the progress commercial completed. within execution, strong partnership the with our we’ve in R&D are encouraged continued Pfizer pipeline

future will XXXX market focused ahead, Looking partnerships, be share new new year existing furthering for launches, a and and on investing growing product success.

invest forward with very I to our open you Thank ask to and confident to towards in challenges. our and the foundation growth. operator talent, Overall, long-term greatest feel to questions. sustainable will XXXX, some much. heading vision call drive the continue We that, to And of executing processes technology we look world’s we the for into in address

Operator

Instructions] Our with Couillard [Operator Brandon from first Jefferies. question comes

Your open. line is

Brandon Couillard

little thinking Thanks. one from the kind bit a maybe revenue Good outlook, of certainly that given for details revisit are you kind all skews of course of case Eton could somewhat I Jennifer, components full ‘XX, and Todd guidance box kind appreciate the where see is Hi. still I kit of utilization from perhaps Pfizer contribution or make probably evolving incremental around kit the Jennifer. helpful. think per Can the the hand, afternoon the conservatively, On you utilization of launches. you about of of year the Eton the how some some you could just to understand And year? of outlook. help growth the over impact you us

internal right, So, I allocating you dedicated some resources just just to this understand are basically if Pfizer.

so the maybe we the And lower Is that slightly thinking. reason compared to right? for maybe that’s were revenue what outlook

Todd Nelson

Todd. in, question. will part, Yes. the is that I and think I jump for have thanks and then of with your and latter I question take start part will first Jennifer the first, Hey Brandon, this

and the to to They the that idea that operating relates critical I agreement. have have think there agreements. they pivoted, got temporarily objectives as critical capabilities it we reallocated Eton, we point, is to I say but that from it got perspective a the helps your manage wouldn’t us us – it have meet that, path that Pfizer there help to an with

like is to we other launch they also which is thing capabilities really, The that margin. improving are that to to gross DMT fourth in want really because we quarter, a and important have synthesis the targeting to do have the us got we path

So, it’s a, temporarily from resources Eton. we have some allocated

are We business that, confident can grow. that

anticipate hand it grow. a should first of to business between, of think the slight what I and that and part two for question over intentional that the are stronger is that the we really pivot you And some address are what difference that But Jennifer communicated strategic significantly then are You that if critical there answer can business drivers the near-term to and revenue. issues think due then expecting be we would details. of will I to

there, well. instrument little the And every that is think out base installed more about. bit we growing I learn get a we

said we really the we But XX They in rates nearly are experiencing they still mRNA fourth and varies And very the the than customer-to-customer. in a from I I little the quarter. proud, are what is say bit utilization doubled growth instrument less to we a months growth finding think think we that perspective, that trailing I out third kit were that revenue strong products. think for period. rates DNA I are that quarter, over really, think the

you installed great the installed metric. grows spread the and utilization a as it’s that base base, rate dollar So, across think I don’t

throughput the And we customers is through the that do goes capital XXXX, segment which system. that higher system, much a have the much said are different in putting cost Jen, customer throughput, have and that rate? As of cohort of utilization we that have expect think higher into launch higher past, biotech, the the a of to a anything we being will fully instruments and add? I with pharma

Jennifer McNealey

it. pretty you think I covered No, much

And adding. really and and the that We on in yes, are there fourth year production are well. of acquisition Eton this our with and the track that’s really as ramp the quarter to pleased it’s strategic addition oligo we exciting

Brandon Couillard

Got it.

changed the color just of stimulated curious that announcement, has or whether along Any Okay. with anecdotal Pfizer the non-current tenor platform other post new the in I And perhaps interest deal those lines? from users? am biopharma your clients conversations

Todd Nelson

really is to Yes. we signaled that I the combined with agreement. which and too, And is us that bear brought when offering. have make believe the for end platform through proposition question. And that really think access that great user DBC that saw Pfizer in sure I on really we is Brandon, the ability that our the investors of to it’s combination And I deal and the economics, to SOLA we worked unique. that a a for think I hard have we think deal what value powerful

And important. so very is that deal, that partnership, I think

their that but a to Pfizer technology by sure, going it like of core member the mRNA that be of did their as being platform internal a so noticed us would because did change help for our with and like conversations tenor them great their can position. deal maintain a company to for a people, it And with think leadership forward stack, say, do team technology I I able

working I hard that. think are collaborators do potential certainly important, was and other we it with to

our is time progress say, line. would very have I the we in that made and the level SOLA on interest is high with consistent So, yes, the development DBC

Brandon Couillard

it. Got

year? Okay. And and the perhaps may the can chance kind from revenue have confidence pipeline quantify how for half slated your this fourth many quarter, for of of it one Thanks. the the in in second COVID installs, into ‘XX impact pushed out Any level launches last you maybe of me.

Todd Nelson

Yes.

So, pipeline start latter question the launches. the of let me part on with the

be volume the targeting – we are delay we has but of in been in rate. from half year. unit us unit due XXXX slight that a growth supply still to launch volume a done the there chain some get second the that’s perspective, healthy And that that very gives I We great the going a product issues, confident can for are think a XXXX, very I with us. And combined to think

think at, we XXXX, math for as systems mentioned you kind the Jen the being into mid-single rate volume. her combined think of puts that that the overall low in around expecting back growth placed us a for I are the can XX unit I So, digits to with comments, healthy conservatively

kit the to milestone that is launch and will the the protein we initial launch. upon we scale scheduled impact as As large degree one, which we combined based then mRNA into one launch initially, something hit scale launches that voice delaying We continued the into rapid of the a got as of had may kit rapid had scale. products specification. combine called for the confidence as slightly that been has second customer you and to able two the well it did also two of have recall, mRNA high half of Those relates programs, the and be year, have the

being degree to able now we going delayed, a think a slightly are hit to and of in we better milestones. but confidence product So, high market have those with much

Jennifer McNealey

that one. take can I

digit So, the of did latter QX the and really number in interruption us. said, that the COVID-related and low-double into placements QX feel we operationally, year in half a QX. QX definitely delay in we And machines instrument COVID delays, and that of of are and guiding QX, is with shipping mid-teens behind it installation

Brandon Couillard

you. Thank Great.

Todd Nelson

Thank you.

Operator

is with Instructions] Paul KeyBanc. from [Operator Knight Our next question

is Your line open.

Paul Knight

catch over you as installed – total wrapped Could go your guys. Are base your Hi year? that? the you going up you to

Jennifer McNealey

Approximately XXX.

Paul Knight

you your basically was kit down then And revenue, said sequentially?

Jennifer McNealey

you quarter-over-quarter? are down asking Our – kit revenue was

Dan Gibson

said grew So, rate than at is third that we did what quarter. Todd slightly we the lower in a

in that recall a on growth was the than a rate. basis, really year-over-year slightly that In doubled on quarter, bit third year-over-year than might quarter, doubling less the more but you basis. just the robust little a fourth kits So,

Paul Knight

Got it. Okay. And ahead. sorry, then go –

Todd Nelson

This is Todd, Paul.

So, is we are thing the XXXX. would I customers good think on base add other mRNA on with really the seeing traction the I installed

the that line. that growing have base, additional mRNA engagement the be we accretive our think the product. revenue as would DNA, still to revenue customer lot have but we product I market I by around the is encouraged products, think into have the the CleanCap gotten we And we will very majority of out So, mRNA that into say are learned highly even I with the launches a installed

Paul Knight

that Pfizer then years. payment, years And it’s correct? Is over to X milestone X

Jennifer McNealey

That’s correct. upfront that’s the to Yes, just clarify. payment,

Paul Knight

the Why Okay. range on that?

Jennifer McNealey

you number of if We the get that’s back to months, exact as model easier. with can you

Paul Knight

then was And for Eton cash what? outlay

Jennifer McNealey

was It approximately million. $XX

Paul Knight

Thank you. Okay.

Operator

it we will with today. And pass for you. that, Thank final session I Q&A for his end our Richard Lepke back to remarks.

Richard Lepke

your Thank – call. thank earnings We you joining your XXXX earnings attention time. appreciate everyone for and our your XXXX you for fourth for your and time and quarter interest,

Operator

ladies Thank program. concludes gentlemen. This you, our and

You may Have a day. disconnect. now wonderful

Telesis Bio (TBIO) 23 Mar 222021 Q4 Earnings call transcript