Healthcare Stock in Focus: Calyxt, Inc. (NASDAQ: CLXT)


On Friday, Calyxt, Inc. (NASDAQ: CLXT) ended the last transaction at $12.42, with a change of -2.66% or -0.34points. The daily volume was calculated at volume shares 21,371. The company has a market worth of $401.742M. It holds an average volume of 61,860 shares.

Calyxt, Inc. (CLXT) recently reported its results for the three-month period and the first half period ended June 30, 2018.

High-Oleic Soybean Update:

  • We successfully completed planting over 17,000 acres with 78 growers. In spite of a wet spring this year, some farmers were still able to plant early. Certain growing regions in our grower network have seen over average rainfall this year.
  • Over 90% of existing farmers signed up to re-plant Calyxt high-oleic soybeans this year. Furthermore, on average, repeat farmers doubled their Calyxt acres year over year.
  • Our field agronomists are providing in-season technical support to farmers growing Calyxt high-oleic soybean variety so that growers have a positive experience and optimize their farming operations for Calyxt variety.
  • Overall crop quality looks good to excellent.
  • ~20 small to large food company consumers engaged across food services and food ingredient applications which includes frying (such as chips and French fries), frying meats, both salty and healthy snacks, baking, nut butter and meat replacement products.

Financial Highlights

  • Cash and cash equivalents were $105.6M at June 30, 2018. We intend to continue to judiciously manage the use of cash and expect to have sufficient cash to fund the business until late 2020. Cellectis remains our majority shareholder with 70.24% of our ordinary stock as of June 30, 2018.
  • Pursuant to the follow-on offering, in aggregate, the Company received net proceeds of about $57.0M, after deducting underwriting discounts and commissions of $3.2M and offering expenses totaling about $0.7M. As part of the follow-on offering, Cellectis purchased 550,000 shares of ordinary stock for a value of $8.3M, the proceeds of which are included in the net proceeds of about $57.0M.
  • For the three months ended June 30, 2018, we incurred losses from operations of $7.6M and used net cash in operating activities of $2.3M. For the six months ended June 30, 2018, we incurred losses from operations of $11.9M and used net cash in operating activities of $8.8M. The first semester cash spend includes spending on high-oleic soybean seed production to support our Spring 2018 planting of high-oleic soybeans.
  • Looking forward for the rest of 2018, we anticipate that our operating cash spend will be in the range of $2.0 to $2.2M per month not including working capital for grain purchases in the later part of 2018. Cash will be used to expand our R&D team to advance key products in the portfolio and continue to build our commercial capabilities.

The company plunged -10.00% in past week and declined -25.45% in one month. During the past three month period the stock dropped -30.58% and decreased -23.90% in past six month. In recent session, the stock hit the peak level of $13.08 and touched to lowest level of $12.38.