Revenue of $1.8 million and backlog1 of $23.0
million
Broadened and accelerated commercial
opportunities for VitalSpex™, Rockley’s end-to-end non-invasive
biomarker sensing platform, by signing multiple partnerships across
key markets, including tier-1 consumer electronics manufacturers,
global medtech companies, and leading healthcare research
institutions
Rockley Photonics Holdings Limited (NYSE: RKLY) (“the Company”
or “Rockley”), a global leader in photonics-based health monitoring
and communications solutions, today announced its financial results
for the third quarter ended September 30, 2021.
“I’m very excited about our progress in the third quarter as our
product development and commercial activities exceeded internal
expectations. Rockley’s VitalSpex™ biomarker sensing platform has
been well-received by our customers in both the consumer and
medtech markets, we’ve signed new agreements with a wide range of
partners, and we continue to make substantial progress with our
ongoing human studies toward optimizing our biomarker algorithms,”
said Dr. Andrew Rickman, founder and chief executive officer of
Rockley. “This progress reinforces my belief that our VitalSpex
platform has the potential to improve individuals’ health and
well-being and help enable the transition from reactive to
proactive healthcare.”
Dr. Rickman continued, “Representing a significant step toward
our goal of bringing real-time, non-invasive biomarker sensing to a
wider and more diverse market, today we announced new partnership
agreements with multiple additional consumer electronics companies,
including some of the most prominent companies in the smartphone
and wearables markets. In medtech, we announced partnerships with
two of the world’s largest medical device companies and expanded
our development efforts to include wearables and full-stack data
analytics solutions. And we continued to develop relationships with
healthcare research institutions with the announcement of our
partnership with Caltech. I believe that working with Caltech and
other institutions will accelerate the development of future
healthcare applications using our sensing platform. Each of these
new partnerships provides further validation that our non-invasive
biomarker sensing solutions are uniquely positioned to transform
personal healthcare.”
“We strengthened our balance sheet with the completion of our
business combination and our financing arrangement with Lincoln
Park Capital,” said Mahesh Karanth, chief financial officer of
Rockley. “We continue to make good progress on our
commercialization efforts and are scaling our organization to
address the large market opportunity ahead of us.”
Business Highlights:
- Completed its business combination with SC Health on August 11,
2021, and commenced trading on the NYSE under the ticker “RKLY” on
August 12, 2021
- Extended the Company’s leadership in providing biosensing
solutions for the consumer electronics market with the addition of
five global consumer electronics companies, bringing its total to
six of the top ten consumer wearables manufacturers, and reducing
the Company’s exposure to any single customer
- Expanded and accelerated its commercial strategy in medical
devices and healthcare by signing multi-year partnerships with two
of the world’s top-ten medical equipment and device manufacturers,
enabling Rockley to evaluate and incorporate the next generation of
non-invasive biomarker sensing technology into a range of medical
device applications
- Based on increased healthcare customer demand, began to scale
up capacity for high-volume production of stand-alone wearable
devices, including full-stack data analytics solutions, for
widescale human studies, remote patient monitoring, and diagnostic
and treatment support
- Entered into a research partnership with the California
Institute of Technology (Caltech) to collaborate on the development
of next-generation solutions that combine advanced sensors with AI
to enhance insights into health and well-being
- Completed preliminary stages of multiple human studies using
Rockley’s wearable wristband, producing encouraging results across
a range of biomarkers and refining the overall performance of the
VitalSpex sensing platform
- Began the qualification process of a second source for its
silicon photonics chip supply, putting it on track to qualify in
the first quarter 2022
- Retired all convertible notes and expect to retire the
remaining debt obligation of $28.6 million in 2022
- Signed financing agreement with Lincoln Park Capital, providing
an equity line of credit of up to $50 million to strengthen the
balance sheet and add flexibility in the commercialization of its
non-invasive biomarker sensing solutions
Third Quarter 2021 Financial Highlights:
- Revenue of $1.8 million, compared to $2.2 million in the second
quarter of 2021
- Gross profit of $(1.6) million, compared to $(2.4) million in
the second quarter of 2021
- GAAP selling, general, and administrative expenses of $13.6
million, compared to $6.7 million in the second quarter of 2021.
Non-GAAP selling, general, and administrative expenses of $9.4
million, compared to $5.8 million in the second quarter of
2021
- GAAP research and development expenses of $26.4 million,
compared to $17.6 million in the second quarter of 2021. Non-GAAP
research and development expenses of $24.3 million, compared to
$15.7 million in the second quarter of 2021
- GAAP net loss of $58.0 million, or $0.54 net loss per share,
compared to a net loss of $30.6 million, or $0.36 net loss per
share, in the second quarter of 2021. Non-GAAP net loss of $51.4
million, or $0.48 net loss per share, compared to a non-GAAP net
loss of $27.4 million or $0.33 net loss per share, in the second
quarter of 2021
- Adjusted EBITDA totaled $(35.6) million, compared to $(23.4)
million in the second quarter of 2021
- Cash, cash equivalents and investments of $125.0 million as of
September 30, 2021
- Cash used in operations of $37.4 million, compared to $29.6
million in the second quarter of 2021
A reconciliation of GAAP financial measures to Adjusted EBITDA
(Non-GAAP) financial measures is included in the financial
statement tables included in this press release.
Conference Call Information
Rockley will host a conference call and webcast to discuss its
third quarter 2021 results at 5:00 p.m. Eastern Time today,
November 15, 2021. The live audio webcast along with accompanying
presentation materials will be accessible on the Company’s Investor
Relations website at investors.rockleyphotonics.com.
The U.S. dial-in for the call is 877-407-0784 or +1 201-689-8560
for international callers. Please reference access code 13724627. A
replay of the conference call will be available until November 29,
2021, at 11:59 p.m. Eastern Time, while an archived version of the
webcast will be available on Rockley’s Investor Relations website
for one year. The U.S. dial-in for the conference call replay is
844-512-2921 or +1 412-317-6671. The replay access code is
13724627.
About Rockley
A global leader in photonics-based health monitoring and
communications solutions, Rockley is developing a comprehensive
range of photonic integrated circuits and associated modules,
sensors, and full-stack solutions. From next-generation sensing
platforms specifically designed for mobile health monitoring and
machine vision to high-speed, high-volume solutions for data
communications, Rockley is laying the foundation for a new
generation of applications across multiple industries. Rockley
believes that photonics will eventually become as pervasive as
micro-electronics, and it has developed a platform with the power
and flexibility needed to address both mass markets and a wide
variety of vertical applications.
Formed in 2013, Rockley is uniquely positioned to support
hyper-scale manufacturing and address a multitude of high-volume
markets. Rockley has partnered with numerous Tier-1 customers
across a diverse range of industries to deliver the complex optical
systems required to bring transformational products to market.
To learn more about Rockley, visit rockleyphotonics.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release that are not historical
facts constitute “forward-looking statements” for purposes of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements
regarding Rockley’s future expectations, beliefs, plans,
objectives, and assumptions regarding future events or performance.
The words “anticipate,” “believe,” “continue,” “could,” “develop,”
“enable,” “estimate,” “eventual,” “expect,” “future,” “intend,”
“may,” “might,” “opportunity,” “outlook,” “plan,” “possible,”
“position,” “potential,” “predict,” “project,” “revolutionize,”
“seem,” “should,” “trend,” “will,” “would” and other terms that
predict or indicate future events, trends, or expectations, and
similar expressions or the negative of such expressions may
identify forward-looking statements, but the absence of these words
or terms does not mean that a statement is not forward-looking.
Forward-looking statements in this press release include, but are
not limited to, statements regarding the following: (a) the
potential of the Company’s solutions to improve individuals’ health
and well-being and enable the transition from reactive to proactive
healthcare; (b) the anticipated retirement of the Company’s
remaining debt obligation and timing thereof; (c) the Company’s
financing agreement with Lincoln Park; (d) the status and timing of
the Company’s qualification of a second source for its silicon
photonics chip supply; (e) backlog; (f) the anticipated and
potential features, scope, goals, and benefits of the Company’s
platform, products, technology, and partnerships with third
parties; (g) the Company’s continued development of a range of
photonic integrated circuits and associated modules, sensors, and
full-stack solutions; (h) Rockley’s belief that photonics will
eventually become as pervasive as micro-electronics; and (i)
Rockley’s potential to support hyper-scale manufacturing, address a
multitude of high-volume markets, and deliver the complex optical
systems required to bring transformational products to market.
Forward-looking statements are subject to several risks and
uncertainties (many of which are beyond the Company’s control) or
other assumptions that may cause actual results or performance to
differ materially from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: (i) the Company’s ability to
achieve commercial production of its products and technology,
including in a timely and cost-effective manner; (ii) the Company’s
ability to achieve customer design wins, convert memoranda of
understanding and development contracts into production contracts,
and achieve customer acceptance of its products and technology;
(iii) risks related to purchase orders, including the lack of
long-term purchase commitments, the cancellation, reduction, delay,
or other changes in customer purchase orders, and if and to the
extent customers seek to enter into licensing arrangements in lieu
of purchases; (iv) the Company’s history of losses and need for
additional capital and its ability to access additional financing
to support its operations and execute on its business plan, as well
as the risks associated with any future financings; (v) legal and
regulatory risks, including those related to its products and
technology and any threatened or actual litigation; (vi) risks
associated with its fabless manufacturing model and dependency on
third-party suppliers; (vii) the Company’s reliance on a few
significant customers for a majority of its revenue and its ability
to expand and diversify its customer base; (viii) the Company’s
financial performance; (ix) the impacts of COVID-19 on the Company,
its customers and suppliers, its target markets, and the economy;
(x) the Company’s ability to successfully manage growth and its
operations as a public company; (xi) fluctuations in the Company’s
stock price and the Company’s ability to maintain the listing of
its ordinary shares on the NYSE; (xii) the Company’s ability to
anticipate and respond to industry trends and customer
requirements; (xiii) changes in the Company’s current and future
target markets; (xiv) intellectual property risks; (xv) the
Company’s ability to compete successfully; (xvi) market opportunity
and market demand for, and acceptance of, the Company’s products
and technology, as well as the customer products into which the
Company’s products and technology are incorporated; (xvii) risks
related to international operations; (xviii) risks related to
cybersecurity, privacy, and infrastructure; (xix) risks related to
financial and accounting matters; (xx) general economic, financial,
legal, political, and business conditions and changes in domestic
and foreign markets; (xxi) the Company’s ability to realize the
anticipated benefits of the business combination; (xxii) changes
adversely affecting the businesses or markets in which the Company
is engaged; and (xxiii) risks related to the Company’s backlog,
including the risk that backlog may not translate into future
revenue, as well as other factors described under the heading “Risk
Factors” in the registration statement on Form S-1 filed by the
Company on October 7, 2021, and declared effective on October 19,
2021, and in other documents the Company files with the Securities
and Exchange Commission in the future. The forward-looking
statements contained in this press release are based on various
assumptions, whether or not identified in this press release, and
on the Company’s current expectations, beliefs, and assumptions and
are not predictions of actual performance. If any of these risks or
uncertainties materialize, or should any of these assumptions prove
incorrect, actual results may differ materially from those
discussed in or implied by these forward-looking statements. There
can be no assurance that future developments affecting the Company
will be those that have been anticipated. These forward-looking
statements speak only as of the date hereof and the Company does
not intend to update or revise any forward-looking statements,
whether because of new information, future events, or otherwise,
except as required by law.
Third Quarter 2021 Financial Results
ROCKLEY PHOTONICS HOLDINGS
LIMITED
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited and in thousands,
except share and per share amounts)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Revenue
$
1,839
$
2,195
$
4,517
$
5,805
$
19,061
Cost of revenue
3,459
4,549
5,015
11,742
18,100
Gross profit
(1,620
)
(2,354
)
(498
)
(5,937
)
961
Operating expenses:
Selling, general and administrative
expenses
13,568
6,715
5,354
27,588
12,603
Research and development expenses
26,418
17,551
10,790
59,949
27,007
Total operating expenses
39,986
24,266
16,144
87,537
39,610
Loss from operations
(41,606
)
(26,620
)
(16,642
)
(93,474
)
(38,649
)
Other income (expense):
Forgiveness of PPP loan
—
2,860
—
2,860
—
Interest expense, net
(1,587
)
(179
)
1
(1,913
)
(73
)
Equity method investment loss
40
(597
)
(689
)
(720
)
(941
)
Change in fair value of debt
instruments
(14,255
)
(6,008
)
(3,325
)
(59,916
)
(5,547
)
Change in fair value of warrant
liabilities
515
—
—
515
—
Gain (loss) on foreign currency
(481
)
97
285
150
(1,369
)
Total other income (expense)
(15,768
)
(3,827
)
(3,728
)
(59,024
)
(7,930
)
Loss before income taxes
(57,374
)
(30,447
)
(20,370
)
(152,498
)
(46,579
)
Provision for income tax
598
110
154
808
374
Net loss and comprehensive loss
$
(57,972
)
$
(30,557
)
$
(20,524
)
$
(153,306
)
$
(46,953
)
Net loss per share:
Basic and diluted
$
(0.54
)
$
(0.36
)
$
(0.25
)
$
(1.67
)
$
(0.56
)
Weighted-average shares
outstanding:
Basic and diluted
107,633,037
84,247,703
83,509,920
92,008,435
83,392,042
ROCKLEY PHOTONICS HOLDINGS
LIMITED
Condensed Consolidated Balance
Sheets
(in thousands, except share
amounts and par value)
September 30, 2021
December 31, 2020
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
75,191
$
19,228
Short-term investments, at fair value
29,317
—
Accounts receivable
1,516
4,925
Other receivables
24,966
18,024
Prepaid expenses
9,815
1,605
Other current assets
4
609
Total current assets
140,809
44,391
Long-term investments, at fair value
20,485
—
Property, equipment, and finance lease
right-of-use assets, net
9,358
6,182
Equity method investment
4,856
5,202
Intangible assets, net
3,048
3,048
Other non-current assets
3,069
1,607
Total assets
$
181,625
$
60,430
Liabilities and Shareholders’ Equity
(Deficit)
Current liabilities
Trade payables
$
6,266
$
4,413
Accrued expenses
16,121
10,395
Debt, current portion
28,590
—
Other current liabilities
923
998
Total current liabilities
51,900
15,806
Long-term debt, net of current portion
—
74,804
Warrant liabilities
13,789
—
Other long-term liabilities
2,442
1,127
Total liabilities
$
68,131
$
91,737
Shareholders’ equity (deficit)
Ordinary shares, $0.000004 par value;
12,417,500,000 and 139,033,366 authorized as of September 30, 2021,
and December 31, 2020, respectively; 126,675,098 and 83,539,382
issued and outstanding as of September 30, 2021, and December 31,
2020, respectively
—
—
Additional paid-in-capital
499,683
201,576
Accumulated deficit
(386,189
)
(232,883
)
Total shareholders’ equity (deficit)
113,494
(31,307
)
Total liabilities and shareholders’ equity
(deficit)
$
181,625
$
60,430
ROCKLEY PHOTONICS HOLDINGS
LIMITED
Condensed Consolidated
Statements of Cash Flows
(Unaudited and in
thousands)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Cash flows from operating
activities:
Net loss
$
(57,972
)
$
(30,557
)
$
(20,524
)
$
(153,306
)
$
(46,953
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization of property,
equipment and finance lease right-of-use assets
1,229
1,069
700
3,228
2,095
Amortization of debt issuance costs
—
—
—
—
26
Gain on disposal of property and
equipment
—
—
26
—
(98
)
Bad debt expense
—
—
—
377
—
Accretion of marketable securities to
redemption value
(32
)
—
—
(32
)
—
Stock-based compensation
2,155
1,976
1,676
5,856
5,865
Change in equity-method investment
(145
)
604
689
346
941
Change in fair value of debt
instrument
14,255
6,008
3,325
59,916
5,547
Change in fair value of warrant
liabilities
(515
)
—
—
(515
)
—
Forgiveness of Paycheck Protection Program
loan
—
(2,860
)
—
(2,860
)
—
Changes in operating assets and
liabilities:
Accounts receivable
895
(106
)
271
3,032
(1,111
)
Other receivables
(1,929
)
(2,644
)
(4,566
)
(6,942
)
4,036
Prepaid expenses and other current
assets
(2,090
)
(63
)
(385
)
(7,859
)
878
Other non-current assets
403
(236
)
128
(1,330
)
485
Trade payables
1,277
(2,102
)
432
1,147
(3,915
)
Accrued expenses
5,398
(441
)
2,598
5,800
4,306
Other current and long-term
liabilities
(374
)
(206
)
(2
)
1,240
(840
)
Net cash used in operating activities
(37,445
)
(29,558
)
(15,632
)
(91,902
)
(28,738
)
Cash flows from investing
activities:
Purchase of property and equipment
(2,876
)
(2,109
)
(440
)
(5,698
)
(1,090
)
Purchase of marketable securities
(54,800
)
—
—
(54,800
)
—
Proceeds from sale of marketable
securities
5,000
—
—
5,000
—
Proceeds from maturity of marketable
securities
30
—
—
30
—
Payment for asset acquisition
—
(500
)
—
(500
)
—
Investment in equity method investee
—
—
—
—
(2,500
)
Net cash used in investing activities
(52,646
)
(2,609
)
(440
)
(55,968
)
(3,590
)
Cash flows from financing
activities:
Proceeds from convertible loan notes
—
—
16,464
76,723
28,714
Principal payments on long-term debt
—
—
(27
)
—
(1,979
)
Proceeds from issuance of ordinary shares,
net of issuance costs
167,966
—
—
167,966
1,961
Proceeds from Paycheck Protection Program
loan
—
—
—
—
2,860
Proceeds from exercise of options
86
146
—
369
20
Proceeds from the exercise of warrants
146
233
—
379
7
Proceeds from issuance of warrants
—
—
—
263
—
Debt issuance costs incurred
3,173
(2,416
)
—
(383
)
—
Transaction costs
(41,484
)
—
—
(41,484
)
—
Principal payments on finance lease
—
—
—
—
(1,231
)
Net cash provided by (used in) financing
activities
129,887
(2,037
)
16,437
203,833
30,352
Net increase (decrease) in cash and
cash equivalents
39,796
(34,204
)
365
55,963
(1,976
)
Cash and cash equivalents:
Beginning of period
35,395
69,599
18,563
19,228
20,904
End of period
$
75,191
$
35,395
$
18,928
$
75,191
$
18,928
Use of Non-GAAP Financial Measures
This press release references certain financial measures that
are not prepared in accordance with generally accepted accounting
principles in the United States (GAAP), including Adjusted EBITDA,
non-GAAP cost of revenue, non-GAAP selling, general, and
administrative expense, non-GAAP research and development expense,
non-GAAP net loss and non-GAAP net loss per share. The Company
defines Adjusted EBITDA as earnings before interest expense, taxes,
depreciation and amortization, stock-based compensation, and
certain other items the Company believes are not indicative of its
core operating performance. The Company defines non-GAAP cost of
revenue as cost of revenue as cost of revenue other than
stock-based compensation, non-GAAP selling, general, and
administrative expenses as selling, general, and administrative
expenses other than stock-based compensation, non-capitalized
transaction costs and forgiveness of PPP loan, and non-GAAP
research and development expenses as research and development
expenses other than stock-based compensation. The Company defines
non-GAAP net loss as net loss other than the non-GAAP cost of
revenue adjustment, non-GAAP selling, general and administrative
expenses adjustment, and non-GAAP research and development expenses
adjustment (in each case as described above), and defines non-GAAP
net loss per share as net loss other than the non-GAAP adjustments
noted above divided by weighted shares outstanding. None of these
non-GAAP financial measures is a substitute for or superior to
measures of financial performance prepared in accordance with GAAP
and should not be considered as an alternative to any other
performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP financial
measures provides useful supplemental information to investors
about the Company in understanding and evaluating its operating
results, enhancing the overall understanding of its past
performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. The
Company uses these non-GAAP measures to help assess its operating
performance and operating leverage in its business, analyze its
financial results, establish operational goals, develop operating
budgets, and make strategic decisions. The Company also believes
that the presentation of these non-GAAP financial measures provides
an additional tool for investors to use in comparing its core
business and results of operations over multiple periods with other
companies in its industry, many of which present similar non-GAAP
financial measures to investors, and to help analyze the Company’s
cash performance.
Other companies may calculate non-GAAP measures differently, or
may use other measures to calculate their financial performance,
and therefore any non-GAAP measures the Company uses may not be
directly comparable to similarly titled measures of other
companies. Further, there are a number of limitations related to
the use of non-GAAP measures and their nearest GAAP equivalents.
Accordingly, these non-GAAP financial measures should be considered
as supplemental in nature, should not be considered as the sole
measure of the Company’s performance, and are not intended to be
construed, and should not be considered, in isolation from, or as a
substitute for, the comparable or related financial information
calculated in accordance with GAAP.
These limitations of the non-GAAP financial measures presented
in this press release include the following:
- Adjusted EBITDA: (i) The exclusion of certain recurring,
non-cash charges, such as depreciation of property and equipment
and stock-based compensation expense. While these are non-cash
charges, the Company may need to replace the assets being
depreciated and amortized in the future and Adjusted EBITDA does
not reflect cash requirements for these replacements or new capital
expenditure requirements; and ii the exclusion of stock-based
compensation expense, which has been a significant recurring
expense and the Company expects will continue to constitute a
significant recurring expense for the foreseeable future, as equity
awards are expected to continue to be an important component of the
Company’s compensation strategy.
- Non-GAAP cost of revenue, non-GAAP selling, general, and
administrative expenses, non-GAAP research and development
expenses, non-GAAP net loss, and non-GAAP net loss per share: The
exclusion of stock-based compensation expense, which has been a
significant recurring expense and the Company expects will continue
to constitute a significant recurring expense for the foreseeable
future, as equity awards are expected to continue to be an
important component of the Company’s compensation strategy.
In addition, non-GAAP selling, general, and administrative
expenses exclude non-recurring expense related to non-capitalized
transaction costs. While the Company expects this non-recurring
expense to cease, the Company expects new non-recurring expense
will be introduced following the Business Combination such as
change in fair value of the Company’s outstanding warrants which
the Company expects will constitute to be a significant expense
until all warrants are exercised and/or redeemed.
Because of these limitations, you should consider Adjusted
EBITDA, non-GAAP cost of revenue, non-GAAP selling, general, and
administrative expenses, non-GAAP research and development
expenses, non-GAAP net loss, and non-GAAP net loss per share
alongside other financial performance measures, including net loss
and the Company’s other GAAP results. The information in the tables
below sets forth the non-GAAP financial measures along with the
most directly comparable GAAP financial measures.
A reconciliation of Adjusted EBITDA to net loss for the three
months ended September 30, 2021, June 30, 2021, and September 30,
2020 and nine months ended September 30, 2021 and 2020,
respectively, are set forth below:
(Unaudited and in thousands)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Net Loss
$
(57,972
)
$
(30,557
)
$
(20,524
)
$
(153,306
)
$
(46,953
)
Interest expense, net
1,587
179
(1
)
1,913
73
Income tax expense
598
110
154
808
374
Depreciation and amortization
1,229
1,069
700
3,228
2,095
EBITDA
(54,558
)
(29,199
)
(19,671
)
(147,357
)
(44,411
)
Non-capitalized transaction costs*
3,214
79
1,511
4,254
1,541
Stock-based compensation
2,155
1,976
1,676
5,856
5,865
Equity method investment loss
(145
)
604
689
346
941
Change in fair value of debt
instruments
14,255
6,008
3,325
59,916
5,547
Change in fair value of warrants
(515
)
—
—
(515
)
—
Forgiveness of PPP Loan
—
(2,860
)
—
(2,860
)
—
Adjusted EBITDA
$
(35,594
)
$
(23,392
)
$
(12,470
)
$
(80,360
)
$
(30,517
)
A reconciliation of non-GAAP net loss to net loss for the three
months ended September 30, 2021, June 30, 2021, and September 30,
2020 and nine months ended September 30, 2021 and 2020,
respectively, are set forth below:
(Unaudited and in thousands)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Net Loss
$
(57,972
)
$
(30,557
)
$
(20,524
)
$
(153,306
)
$
(46,953
)
Non-GAAP cost of revenue adjustment
347
363
467
977
1,808
Non-GAAP selling, general and
administrative expenses adjustment
4,132
945
2,016
6,824
3,196
Non-GAAP research and development expenses
adjustment
2,119
1,816
1,404
5,537
4,497
Non-GAAP Net loss
$
(51,374
)
$
(27,433
)
$
(16,637
)
$
(139,968
)
$
(37,452
)
Non-GAAP Net loss per share:
Basic and diluted
$
(0.48
)
$
(0.33
)
$
(0.20
)
$
(1.52
)
$
(0.45
)
Weighted-average shares
outstanding:
Basic and diluted
107,633,037
84,247,703
83,509,920
92,008,435
83,392,042
A reconciliation of cost of revenue to non-GAAP cost of revenue
for the three months ended September 30, 2021, June 30, 2021, and
September 30, 2020 and nine months ended September 30, 2021 and
2020, respectively, are set forth below:
(Unaudited and in thousands)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Cost of revenue
$
3,459
$
4,549
$
5,015
$
11,742
$
18,100
Stock-based compensation
347
363
467
977
1,808
Non-GAAP Cost of revenue
$
3,112
$
4,186
$
4,548
$
10,765
$
16,292
A reconciliation of selling, general, and administrative
expenses to non-GAAP selling, general, and administrative expenses
for the three months ended September 30, 2021, June 30, 2021, and
September 30, 2020 and nine months ended September 30, 2021 and
2020, respectively, are set forth below:
(Unaudited and in thousands)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Selling, general, and administrative
expenses
$
13,568
$
6,715
$
5,354
$
27,588
$
12,603
Depreciation and amortization
449
424
186
1,250
569
Stock-based compensation
469
442
319
1,320
1,086
Non-capitalized transaction costs*
3,214
79
1,511
4,254
1,541
Non-GAAP selling, general and
administrative expenses
$
9,436
$
5,770
$
3,338
$
20,764
9,407
A reconciliation of research and development expenses to
non-GAAP research and development expenses for the three months
ended September 30, 2021, June 30, 2021, and September 30, 2020 and
nine months ended September 30, 2021 and 2020, respectively, are
set forth below:
(Unaudited and in thousands)
Three Months Ended
Nine Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
September 30, 2021
September 30, 2020
Research and development expenses
$
26,418
$
17,551
$
10,790
$
59,949
$
27,007
Depreciation and amortization
780
645
514
1,978
1,526
Stock-based compensation
1,339
1,171
890
3,559
2,971
Non-GAAP research and development
expenses
$
24,299
$
15,735
$
9,386
$
54,412
$
22,510
______________________ ∗ Non-capitalized transaction costs
include non-recurring expense related to the issuance of
convertible loan notes and the Business Combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211115006189/en/
For Rockley Media Karen Boud Resonates Telephone: +44
1635 898 698 Email: rockley@resonates.com
Investors Gwyn Lauber Rockley Photonics Holdings Limited
Telephone: +1 626-995-0001 Email:
investors@rockleyphotonics.com
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