Second Quarter 2023 Financials: Seeing Bright Earnings Growth at Comeera Life Sciences

We are proud to announce that Comera has advanced to the final stage of technical evaluation in its research collaboration with Regeneron, a top biotechnology company in the US. We have also recently received notice that Nasdaq has granted Comera’s request for continued listing of its common stock, subject to the satisfactory fulfillment of certain conditions.

To further strengthen our cash position, we closed a $4.1 million private placement of shares of common stock with existing stockholders in July, and accompanying warrants to purchase shares of the common stock. On top of that, we have significantly expanded our intellectual property portfolio, increasing both the geographical coverage and claims for our core SQore™excipient technology.

Comera Life Sciences Holdings, Inc. (Nasdaq: CMRA) has reported its second quarter of fiscal year 2023 results, showing remarkable progress in its attempts to revolutionize the field of biologic medicines. With innovative methods of improving patient access, safety and convenience, the Woburn-based life sciences company has reported strong financials for the quarter ending on June 30th, 2023. The sustained success of the company has been a remarkable story within the industry, providing exciting developments within the realm of bio-innovations.

At Comera, it’s been a big year of progress. We’ve advanced our collaboration with Regeneron and bolstered our intellectual property to protect our SQore platform. Plus, we’ve improved our cash position to further support our mission of transforming the delivery of biologics from intravenous to self-administered subcutaneous forms. Ultimately, everything we do is aimed at creating value for our shareholders and improving patient quality of life while lowering healthcare costs.

Recent Business Highlights

  • Through a rigorous technical evaluation process, our research collaboration with Regeneron, one of the United States’ top biotechnology companies, has earned us the opportunity to negotiate a potential license agreement. We are thrilled to have advanced to the final stage of evaluation and look forward to what the future holds.
  • Comera recently received great news that Nasdaq approved its request to continue listing its common stock! In order to maintain its listing, Comera must demonstrate compliance with all applicable criteria by November 14, 2023 and meet certain interim milestones. The team is working hard to ensure these conditions are met, and are hopeful for a successful outcome.
  • Comera announced a definitive agreement for a $4.1 million private placement of its common stock and accompanying warrants to its existing stockholders in August 2023, with a purchase price of $0.51125 per share. At the initial closing on July 31, 2023, Comera saw a massive success, raising $2.25 million by selling and issuing 4,399,016 shares of common stock and accompanying warrants, offering investors a chance to purchase up to 10,997,550 shares of common stock. In a second closing after receiving stockholder approval under the applicable Nasdaq listing standards, Comera raised an additional $1.82 million by selling 3,561,851 shares of common stock and accompanying warrants to purchase up to 8,904,641 shares of common stock.
  • In August 2023, Comera’s SQore platform technology received a Notice of Intention to Grant a European patent by the European Patent Office, representing a major milestone as the first granted patent in Europe.
  • In August 2023, Comera celebrated a monumental milestone by receiving four new patents and two forthcoming ones for its SQore technology. These six new patents, three issued in the US, hold claims to a variety of viscosity reducing excipients that significantly bolster the SQore platform. Canada, Korea, and India are also included in this pioneering portfolio.
  • In July 2023, Comera announced an exciting collaboration with Quality Chemical Laboratories to manufacture one of its lead SQore excipients. This marks a major step forward in Comera’s strategic plan to solidify the GMP manufacturing and supply chain of its key proprietary technologies. With the company maintaining ownership over proprietary sourcing for lead SQore excipients, it can now gain greater control over supply chain and manufacturing processes, while providing additional flexibility for product development projects.
  • In April 2023, SQore proudly announced that a new patent had been granted in South Korea, with two Notices of Allowance for exclusive rights in the United States and Japan related to certain excipients in its proprietary platform. This marks a significant expansion of its coverage, enabling broader protection with additional rights.

Second Quarter 2023 Financial Results

The revenue for Comera over the three months ending June 30th 2023 had nearly doubled compared to the period before, reaching an impressive $315 thousand. This remarkable growth can mainly be attributed to the development of research collaborations in the interim.

For the three months ending June 30, 2023, we incurred costs of revenue totaling $56 thousand – a slight increase from the $55 thousand recorded in the year prior. Despite increased revenues in the three months ending June 30th, we were still able to maintain relatively consistent costs. This is largely due to the more favourable margins associated with our customer contracts and increased research efforts.

R&D expense experienced a significant drop in the three months to June 30, 2023, falling to $236 thousand from $369 thousand in the same period in 2022. This substantial decrease of $133 thousand largely reflects a decrease in employee compensation expense and a decrease in lab supply expenses.

The Company witnessed an overall reduction of $2.2 million in general and administrative expenses in the three months ended June 30, 2023 as compared to the same period in 2022. This decrease can mostly be attributed to costs related to the Company’s transition to becoming a public entity as well as a number of cost saving measures.

Comera’s net loss for the quarter ended June 30, 2023 decreased significantly compared to the prior year, with a net loss of $1.5 million (or $0.08 loss per share) compared to a net loss of $9.3 million (or $1.14 loss per share) for the same period in 2022. This remarkable improvement in the company’s bottom line was largely driven by the reduced non-operational expense from the 2022 reverse recapitalization.

At the end of the second quarter of 2023, Comera had approximately $0.8 million in available cash and accounts receivables. Subsequently, the Company was pleased to announce a very successful private placement of shares of its common stock, alongside accompanying warrants to purchase additional shares, raising a total of $4.1 million from both old and new stockholders.

About Comera Life Sciences

Comera Life Sciences is revolutionizing the healthcare industry by aiming to empower patients to lead healthier lives. Through their expertise in formulation science and technology, Comera Life Sciences is transforming IV biologic medicines into simplified SQ forms that can be easily self-administered.

This way, patients gain the freedom and flexibility to take their treatments into their own hands and can break away from excessive institutional dependency. At Comera Life Sciences, they are making sure that patients are the number one priority when it comes to medicine.

Forward-Looking Statements

Comera strives to make our future bright with predictions and projections for our business. We’re confident that we can regain and maintain compliance with Nasdaq listing standards and continue our progress with our SQore platform. However, there are many risks and uncertainties that may affect the outcome of these plans.

Some of these risks include economic downturns, fluctuations in the competitive and highly regulated industries, difficulty in managing our growth, and inability to secure regulatory approval. Moreover, we may also need to raise additional capital which may not be available on favorable terms. While we are optimistic about our future, nothing is certain and only time will tell.

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