Singular Genomics Systems, Inc.

Revenue in Q2 2024 was approximately $0.7 million, versus no explicit companywide revenue comparison was given on the call. Revenue included $0.4 million from consumable sales and $0.3 million from one capital purchase instrument placement. Gross profit was negative $0.2 million in Q2 2024 compared with negative $0.1 million in Q2 2023; gross margin was negative due to G4 instrument discounts, reagent rental and other noncapital models, and higher support costs, partly offset by higher consumable margins. Operating expenses were $22.6 million versus $27.5 million a year ago. Net loss was $21.3 million, or $8.57 per share, versus $25.6 million, or $10.58 per share, in Q2 2023. Ending cash, cash equivalents and short-term investments were $133.2 million, and cash burn was about $17.5 million, sequentially lower than the prior quarter. Management said the lease amendment reduced long-term lease obligations by approximately $50 million, included a one-time $4.5 million payment, and that Q3 2024 cash burn is expected to be higher than Q2; cash runway is still expected to extend to late 2026.

Drew Spaventa framed the quarter as a period of execution on the company’s pivot to spatial sequencing, emphasizing progress on G4X development, the launch of spatial services, and growing customer interest. He said G4X is designed to address throughput and cost-per-sample limitations in spatial biology with combined transcript, protein, and fluorescent H&E readouts, plus Direct-Seq. His tone was confident but still development-focused: the team is working through protocol optimization, tissue-type expansion, manufacturing transfer, and informatics ahead of early access and launch.

Dalen Meeter highlighted the quarter’s financial profile: $0.7 million of revenue, negative $0.2 million gross profit, $22.6 million of operating expenses, $21.3 million net loss, and $133.2 million of cash and investments at quarter-end. He noted noncash stock-based compensation of $2.2 million, cash burn of about $17.5 million, and that burn was lower sequentially due to cost savings timing. He also detailed the lease amendment, saying it cut long-term lease obligations by about $50 million, required a $4.5 million upfront payment, and should not materially change the prior late-2026 runway view, though Q3 burn should be higher than Q2.

Analysts focused on the G4X timeline, the depth of customer demand, the decline in reagent-rental placements, and the company’s path from early access to commercial launch. Management said early access is on track for late this year, with additional sites rolling into early Q1 and commercial launch targeted for the end of Q2 next year. On demand, Drew Spaventa said the funnel now includes over 50 prospective projects/customers and that about two thirds of the installed base has directly expressed interest in spatial, while also noting the company is intentionally deprioritizing new sequencing-only placements in favor of preparing customers for the higher-ASP G4X conversion.