Delaware
(State or other jurisdiction of incorporation or organization)
|
001-37367
(Commission
File Number)
|
06-1614015
(I.R.S. Employer
Identification Number) |
(d) |
Exhibits.
|
OpGen, Inc. | |||
Date: August 6, 2018
|
By:
|
/s/ Timothy C. Dec | |
Timothy C. Dec | |||
Chief Financial Officer | |||
· |
Revenue: Total revenue for the second quarter of 2018 was $0.8 million, compared with $0.7 million for the second quarter of 2017. Total revenue for the first half of 2018 was $1.6 million, compared with $1.5 million for the first half of 2017.
|
· |
Operating Expenses: Operating expenses for the second quarter of 2018 were $4.0 million, compared with $4.9 million for the second quarter of 2017. Operating expenses for the first half of 2018 were $7.9 million, compared with $10.6 million for the first half of 2017.
|
· |
Net Loss: The net loss for the second quarter of 2018 was $3.3 million or $0.57 per share, compared with a net loss of $4.2 million or $3.73 per share for the second quarter of 2017. The net loss for the first half of 2018 was $6.4 million or $1.29 per share, compared with a net loss of $9.2 million or $8.45 per share for the first half of 2017.
|
· |
Cash Position: Cash and cash equivalents were $7.4 million as of June 30, 2018, compared with $1.8 million as of December 31, 2017.
|
· |
Completed preliminary reviews with the FDA resulting in plans to file two 510(k) submissions for the Acuitas AMR Gene Panel u5.47, one for bacterial isolates and a second de novo submission for urine specimens and a separate de novo 510(k) submission for the Acuitas Lighthouse Software.
|
· |
Completed planning for the Acuitas AMR Gene Panel (Isolates) 510(k) FDA submission with testing of approximately 900 stock bacterial isolates and analytical validation testing of IUO product to begin during August.
|
· |
Expanded the OpGen Clinical Advisory Board and Medical Affairs team with the addition of Patricia Simner, Ph.D. D(ABMM), Associate Professor of Pathology, Director of Bacteriology and Parasitology, the Johns Hopkins Medical Institutions, as an advisor to the company.
|
· |
Achieved development milestone in CDC funded program for development of smartphone-based clinical decision support software with hospital testing underway in Colombia.
|
· |
Presented data at ASM Microbe 2018 demonstrating 91% to 100% accuracy for predicting antibiotic resistance using the Acuitas® AMR Gene Panel u5.47 (RUO).
|
· |
Presented data at ASM Microbe 2018 from a prospective clinical trial in Colombia demonstrating a 57% improvement in survival and reductions in antibiotic usage with the Company’s QuickFISH rapid diagnostic test.
|
· |
Reported successful analytical validation and clinical verification results for the Acuitas AMR Gene Panel u5.47 (RUO).
|
· |
Modified the terms of the debt held by Merck Global Health Innovation Fund to extend the note’s maturity and satisfy interest payments with issuance of Company’s common stock.
|
· |
Continued to achieve stated operating expense reduction, down 17% compared with the second quarter of 2017 and down 26% for the six (6) months ended June 30, 2018 as compared to the six (6) months ended June 30, 2017.
|
· |
Derive revenue from the sale of the RUO Acuitas AMR Gene Panel u5.47 to large hospitals, pharmaceutical companies and clinical research organizations.
|
· |
Complete third-party clinical verification studies and clinical trials to support FDA clearance for IVD use of the Acuitas AMR Gene Panel u5.47 test and the Acuitas Lighthouse Software.
|
· |
File a first 510(k) submission with the FDA in the fourth quarter of 2018 for the Acuitas AMR Gene Panel u5.47 (IVD) to support full commercial launch for clinical use.
|
· |
Add QuantStudio 5® and EZ1 Advanced XL® revenue-generating system placements.
|
· |
Enter into additional supply and cooperation agreements in support of the new Acuitas product family under development.
|
· |
Decommission the company’s CLIA laboratory operations in the third quarter of 2018 to provide incremental resources in support of efforts to gain FDA clearance for the company’s new Acuitas products.
|
· |
Complete CDC contract demonstration in Colombia for development of smartphone-based clinical decision support solutions for anti-microbial stewardship and infection control in low- and middle-income countries.
|
· |
Continue to seek third-party funding for development programs.
|
· |
Maintain cost reductions and overall cash burn rate to extend operating cash runway.
|
June 30, 2018
|
December 31, 2017
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
7,428,993
|
$
|
1,847,171
|
||||
Accounts receivable, net
|
516,472
|
809,540
|
||||||
Inventory, net
|
614,423
|
533,425
|
||||||
Prepaid expenses and other current assets
|
525,484
|
311,644
|
||||||
Total current assets
|
9,085,372
|
3,501,780
|
||||||
Property and equipment, net
|
932,215
|
835,537
|
||||||
Goodwill
|
600,814
|
600,814
|
||||||
Intangible assets, net
|
1,219,274
|
1,353,182
|
||||||
Other noncurrent assets
|
289,032
|
328,601
|
||||||
Total assets
|
$
|
12,126,707
|
$
|
6,619,914
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
1,283,469
|
$
|
1,691,712
|
||||
Accrued compensation and benefits
|
868,802
|
746,924
|
||||||
Accrued liabilities
|
1,377,055
|
1,160,714
|
||||||
Deferred revenue
|
14,122
|
24,442
|
||||||
Short-term notes payable
|
476,567
|
1,010,961
|
||||||
Current maturities of long-term capital lease obligations
|
248,305
|
154,839
|
||||||
Total current liabilities
|
4,268,320
|
4,789,592
|
||||||
Deferred rent
|
230,122
|
290,719
|
||||||
Note payable
|
825,911
|
—
|
||||||
Warrant liability
|
298
|
8,453
|
||||||
Long-term capital lease obligations and other noncurrent liabilities
|
403,291
|
130,153
|
||||||
Total liabilities
|
5,727,942
|
5,218,917
|
||||||
Commitments
|
||||||||
Stockholders' equity
|
||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 6,067,039 and
2,265,320 shares issued and outstanding at June 30, 2018 and
December 31, 2017, respectively
|
60,670
|
22,653
|
||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and
outstanding at June 30, 2018 and December 31, 2017, respectively
|
—
|
—
|
||||||
Additional paid-in capital
|
161,449,185
|
150,114,671
|
||||||
Accumulated other comprehensive loss
|
(20,366
|
)
|
(25,900
|
)
|
||||
Accumulated deficit
|
(155,090,724
|
)
|
(148,710,427
|
)
|
||||
Total stockholders’ equity
|
6,398,765
|
1,400,997
|
||||||
Total liabilities and stockholders’ equity
|
$
|
12,126,707
|
$
|
6,619,914
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Revenue
|
||||||||||||||||
Product sales
|
$
|
632,525
|
$
|
681,127
|
$
|
1,266,021
|
$
|
1,415,629
|
||||||||
Laboratory services
|
1,100
|
15,850
|
9,790
|
31,955
|
||||||||||||
Collaboration revenue
|
155,276
|
6,233
|
359,316
|
27,397
|
||||||||||||
Total revenue
|
788,901
|
703,210
|
1,635,127
|
1,474,981
|
||||||||||||
Operating expenses
|
||||||||||||||||
Cost of products sold
|
303,663
|
392,791
|
646,495
|
817,741
|
||||||||||||
Cost of services
|
179,402
|
78,763
|
347,955
|
178,996
|
||||||||||||
Research and development
|
1,308,388
|
1,762,234
|
2,538,817
|
3,884,749
|
||||||||||||
General and administrative
|
1,827,063
|
1,750,018
|
3,617,585
|
3,719,234
|
||||||||||||
Sales and marketing
|
426,297
|
909,402
|
756,070
|
2,014,988
|
||||||||||||
Total operating expenses
|
4,044,813
|
4,893,208
|
7,906,922
|
10,615,708
|
||||||||||||
Operating loss
|
(3,255,912
|
)
|
(4,189,998
|
)
|
(6,271,795
|
)
|
(9,140,727
|
)
|
||||||||
Other (expense)/income
|
||||||||||||||||
Interest and other income
|
5
|
22
|
5,303
|
43
|
||||||||||||
Interest expense
|
(54,533
|
)
|
(53,813
|
)
|
(112,379
|
)
|
(83,657
|
)
|
||||||||
Foreign currency transaction (losses)/gains
|
(21,762
|
)
|
8,998
|
(9,581
|
)
|
11,618
|
||||||||||
Change in fair value of derivative financial instruments
|
(11
|
)
|
26,744
|
8,155
|
26,744
|
|||||||||||
Total other expense
|
(76,301
|
)
|
(18,049
|
)
|
(108,502
|
)
|
(45,252
|
)
|
||||||||
Loss before income taxes
|
(3,332,213
|
)
|
(4,208,047
|
)
|
(6,380,297
|
)
|
(9,185,979
|
)
|
||||||||
Provision for income taxes
|
—
|
—
|
—
|
—
|
||||||||||||
Net loss
|
(3,332,213
|
)
|
(4,208,047
|
)
|
(6,380,297
|
)
|
(9,185,979
|
)
|
||||||||
Net loss available to common stockholders
|
$
|
(3,332,213
|
)
|
$
|
(4,208,047
|
)
|
$
|
(6,380,297
|
)
|
$
|
(9,185,979
|
)
|
||||
Net loss per common share - basic and diluted
|
$
|
(0.57
|
)
|
$
|
(3.73
|
)
|
$
|
(1.29
|
)
|
$
|
(8.45
|
)
|
||||
Weighted average shares outstanding - basic and diluted
|
5,826,947
|
1,128,426
|
4,950,517
|
1,086,477
|
||||||||||||
Net loss
|
$
|
(3,332,213
|
)
|
$
|
(4,208,047
|
)
|
$
|
(6,380,297
|
)
|
$
|
(9,185,979
|
)
|
||||
Other comprehensive loss - foreign currency translation
|
18,113
|
(3,834
|
)
|
5,534
|
(7,591
|
)
|
||||||||||
Comprehensive loss
|
$
|
(3,314,100
|
)
|
$
|
(4,211,881
|
)
|
$
|
(6,374,763
|
)
|
$
|
(9,193,570
|
)
|