Market Newsdesk

November 11, 2020 4:08 pm

Synopsys Acquires In-chip Monitoring Solutions Leader Moortec

Acquisition Expands Silicon Lifecycle Management Platform to Include Critical PVT Sensor Data for Greater Chip and System Optimizations

PR Newswire

MOUNTAIN VIEW, Calif., Nov. 11, 2020 /PRNewswire/ — Synopsys, Inc. (NASDAQ: SNPS) today announced that it has acquired Moortec, a leading provider of in-chip monitoring technology specializing in process, voltage and temperature (PVT) sensors. The Moortec sensors provide a key component to Synopsys’ new Silicon Lifecycle Management (SLM) platform. Data from these environmental sensors is critical to properly understanding chip performance activity and will enable the SLM platform’s analytics engines to drive more detailed and precise optimizations at each stage of the semiconductor lifecycle, starting with design implementation, and progressing through manufacturing, production test, bring-up and culminating with in-field operation.

The terms of the deal, which are not material to Synopsys’ financials, are not being disclosed.

“We continue to deliver on our roadmap of innovation to provide silicon lifecycle optimization solutions that address the evolving needs of the dynamic semiconductor industry,” said Sassine Ghazi, chief operating officer of Synopsys. “This acquisition accelerates the expansion of our SLM platform by providing our customers with a comprehensive data-analytics-driven solution for devices at the most advanced process nodes.”

In-chip monitoring is now a necessity at advanced process nodes as it enables mission critical management of increasingly variable physical and functional conditions in real-time, thereby increasing performance and reliability. Moortec brings to Synopsys the industry’s most advanced and comprehensive range of in-chip PVT sensors and control subsystems. Moortec’s technology has been adopted by many of the world’s largest fabless and IDM companies, and has been used on hundreds of chip designs on all popular process nodes down to 5nm.

The integration of Moortec’s sensor technology into the Synopsys SLM platform adds a new dimension of value. In addition to providing real-time in-chip feedback, data from these sensors will now be extracted and fed to the platform’s analytics engines. The environmental data provided by these sensors is an essential part of fully understanding complex activities within the chip. Combining this information with data from other structural and functional monitors provide the rich data needed to derive the greatest optimizations throughout the lifecycle.

About Synopsys

Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As the world’s 15th largest software company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and is also growing its leadership in software security and quality solutions. Whether you’re a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest security and quality, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at www.synopsys.com.

Editorial Contact:

Simone Souza

Synopsys, Inc.
650-584-6454
[email protected]

Investor Contact:

Lisa Ewbank

Synopsys, Inc.
650-584-1901
[email protected]

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SOURCE Synopsys, Inc.

November 11, 2020 4:08 pm

Pangaea Logistics Solutions Ltd. Reports Financial Results for the Quarter Ended September 30, 2020

PR Newswire

NEWPORT, R.I., Nov. 11, 2020 /PRNewswire/ — Pangaea Logistics Solutions Ltd. (“Pangaea” or the “Company”) (NASDAQ: PANL), a global provider of comprehensive maritime logistics solutions, announced today its results for the three months ended September 30, 2020.

3rd Quarter Highlights

Net income attributable to Pangaea Logistics Solutions Ltd. was $7.6 million for three months ended September 30, 2020 as compared to $8.3 million of net income for the same period of 2019.

Non-GAAP adjusted net income attributable to Pangaea Logistics Solutions Ltd. of $8.1 million as compared to $8.6 million for the three months ended September 30, 2019.

Diluted net income per share was $0.17 for three months ended September 30, 2020 as compared to earnings per share of $0.19 for the same period of 2019.
Pangaea’s TCE rates were $13,316 for the three months ended September 30, 2020 and $15,915 for the three months ended September 30, 2019. The market average for the third quarter of 2020 was approximately $10,286, giving the Company an overall average premium over market rates of approximately $3,030 or 29%.
Adjusted EBITDA of $15.1 million for the three months ended September 30, 2020, compared to $18.0 million for the same period of 2019.
At the end of the quarter, Pangaea had $48.1 million in cash, restricted cash and cash equivalents.
The Company acquired an additional one-third equity interest in its partially-owned consolidated subsidiary Nordic Bulk Holding Company Ltd. (NBHC), which owns six modern 1-A ice-class panamax bulk vessels, increasing its equity interest to 66.7%.

Ed Coll, Chief Executive Officer of Pangaea Logistics Solutions, commented:

“The third quarter was an active one for us from an operating and investing perspective. We deployed our industry leading ice class capabilities to meet our clients’ needs during the summer arctic shipping season. Our operating fleet expanded from an average of 40 ships in the second quarter to 52 ships in the third quarter, which shows our unique chartering strategy in practice as we limited our exposure to turbulent markets by redelivering vessels earlier in the year and replacing them when needed to meet client demand. Our achieved TCE continued to outperform the market average by 29%. Furthermore, as we previously announced, we increased our ownership in our six ice-class 1A panamax vessels from 33% to 67%, solidifying our position in the strategically important ice class sector. We took additional steps to reduce the average age of our fleet as we completed the sale of the m/v Bulk Beothuk in the 3rd quarter.”

Mr. Coll added, “Collectively we are encouraged by the steps we’ve taken as we focus on niches where we add value and in turn enhance shareholder value. Furthermore, as we look ahead, we continue to watch the rapidly changing conditions caused by COVID-19, from changes to our working environment to rotating crews aboard our vessels. We again extend our sincere gratitude to our people and their families for the hardships they are facing, ashore and aboard our vessels. Our results year over year remain strong. In the longer term we are encouraged by the decline in newbuilding orders and its impact on the dry bulk industry, however we expect, and have prepared for, continued uncertainty in our markets over the next few quarters.”

Results for the three months ended September 30, 2020 and 2019

Total revenue was $103.8 million for the three months ended September 30, 2020, compared with $118.9 million for the three months ended September 30, 2019. The 13% decrease in revenues was mainly attributed to the decrease in the average time charter rates achieved by our vessels during the third quarter of 2020 compared to the same period in 2019.

Time Charter Equivalent rate (TCE) was $13,316 per day for the three months ended September 30, 2020, compared to an average of $15,915 per day for the same period in 2019. However, the achieved premium over the average market TCE rate increased by $3,030 per day or 29% for the three months ended September 30, 2020 compared to 16% in the same period in 2019. The total number of shipping days remained relatively consistent with a 2% increase to 4,734 days in the three months ended September 30, 2020, compared to 4,636 for the same period in 2019, predominantly due to the increase in voyage days.

Liquidity and Cash Flows

Cash, restricted cash and cash equivalents were $48.1 million as of September 30, 2020, compared with $53.1 million on December 31, 2019.

At September 30, 2020 and December 31, 2019, the Company had working capital of $17.3 million and $37.1 million, respectively. Net cash provided by operating activities during the nine months ended September 30, 2020 was $22.4 million compared to net cash provided by operating activities of $23.4 million for the nine months ended September 30, 2019.

Net cash used in investing activities during the nine months ended September 30, 2020 and 2019 was $6.0 million and $48.2 million, respectively. During the nine months ended September 30, 2020, the Company received sale proceeds of $11.7 million from the sale of three vessels and paid $15.0 million for the acquisition of an additional one-third interest in NBHC.

Net cash used in financing activities during the nine months ended September 30, 2020 was $21.4 million compared to net cash provided by financing activities of $5.3 million during the same period of 2019. The Company exercised an early buy-out of one of its finance leases for a purchase price of $5.5 million during the nine months ended September 30, 2020 compared to proceeds received of $14.0 million from a finance lease during the same period of 2019.

Subsequent Event

NBHC Loan Refinancing

On November 2, 2020, NBHC signed a nonbinding term sheet with a new lender pursuant to which the new lender has proposed to provide NBHC a loan for up to $18.0 million with a term of 84 months at an interest rate of 2.95% per annum. The borrower will make 28 quarterly payments in arrears followed by one final installment of $4.4 million payable on the 7^th anniversary of the drawdown date, no later than December 31, 2020. The Loan would be secured by a first lien on m/v Nordic Odyssey and m/v Nordic Orion. The Company intends to use a portion of the proceeds of the loan to repay the outstanding balance of $10.6 million for the Nordic Odyssey and Nordic Orion loan facilities which matures on December 31, 2020.

Conference Call Details

The Company’s management team will host a conference call to discuss the Company’s financial results on November 12, 2020 at 8:00 a.m., Eastern Time (ET). To access the conference call, please dial (888) 895-3561 (domestic) or (904) 685-6494 (international) approximately ten minutes before the scheduled start time and reference ID#5847439.

A supplemental slide presentation will accompany this quarter’s conference call and can be found attached to the Current Report on Form 8-K that the Company filed concurrently with this press release. This document will be available at http://www.pangaeals.com/company-filings or at sec.gov.

A recording of the call will also be available for two weeks and can be accessed by calling (855) 859-2056 (domestic) or (404) 537-3406 (international) and referencing ID#5847439.

Pangaea Logistics Solutions Ltd. Consolidated Statements of Income (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues:
Voyage revenue	$	98,120,344	$	103,806,391	$	251,501,401	$	247,087,805
Charter revenue	5,646,214		15,079,005		18,541,264		34,632,391
Total revenue	103,766,558		118,885,396		270,042,665		281,720,196
Expenses:
Voyage expense	40,729,271		45,102,602		120,283,093		114,501,121
Charter hire expense	34,969,551		41,980,065		82,498,729		85,244,779
Vessel operating expense	9,699,890		11,331,770		28,958,812		32,160,692
General and administrative	3,691,963		2,768,253		11,557,594		12,160,924
Depreciation and amortization	4,230,302		4,652,563		12,818,260		13,521,078
Loss on impairment of vessels	—		—		1,801,039		—
Loss on sale of vessels	485,580		—		705,065		—
Total expenses	93,806,557		105,835,253		258,622,592		257,588,594

Income from operations	9,960,001		13,050,143		11,420,073		24,131,602

Other (expense) income:
Interest expense, net	(1,956,729)		(2,499,617)		(6,073,599)		(6,807,837)
Interest expense on related party debt	—		(10,902)		—		(48,938)
Unrealized gain (loss) on derivative instruments, net	(18,098)		(301,058)		(1,530,875)		2,203,899
Other income	301,543		180,194		996,734		580,106
Total other (expense), net	(1,673,284)		(2,631,383)		(6,607,740)		(4,072,770)

Net income	8,286,717		10,418,760		4,812,333		20,058,832
Income attributable to non-controlling interests	(734,472)		(2,097,200)		(1,050,287)		(4,002,217)
Net income attributable to Pangaea Logistics Solutions Ltd.	$	7,552,245	$	8,321,560	$	3,762,046	$	16,056,615

Earnings per common share:
Basic	$	0.17	$	0.19	$	0.09	$	0.38
Diluted	$	0.17	$	0.19	$	0.09	$	0.37

Weighted average shares used to compute earnings per common share:
Basic	43,488,241		42,817,933		43,393,764		42,729,775
Diluted	43,510,961		43,354,742		43,398,472		43,247,417

Pangaea Logistics Solutions Ltd. Consolidated Balance Sheets

	September 30, 2020		December 31, 2019
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	45,558,951	$	50,555,091
Restricted cash	1,500,000		1,000,000
Accounts receivable (net of allowance of $1,697,961 and $1,908,841 at September 30, 2020 and December 31, 2019, respectively)	19,938,892		28,309,402
Bunker inventory	16,232,580		21,001,010
Advance hire, prepaid expenses and other current assets	22,422,135		18,770,825
Vessel held for sale	—		8,319,152
Total current assets	105,652,558		127,955,480

Restricted cash	1,000,000		1,500,000
Fixed assets, net	275,616,572		281,474,857
Investment in newbuildings in-process	15,390,635		15,357,189
Finance lease right of use assets, net	45,732,947		53,615,305
Total assets	$	443,392,712	$	479,902,831

Liabilities and stockholders’ equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities	$	39,092,634	$	39,973,635
Related party debt	242,852		332,987
Deferred revenue	10,387,175		14,376,394
Current portion of secured long-term debt	31,619,969		22,990,674
Current portion of finance lease liabilities	6,952,635		12,549,208
Dividend payable	99,127		631,961
Total current liabilities	88,394,392		90,854,859

Secured long-term debt, net	65,513,329		83,649,717
Finance lease liabilities, net	52,277,654		57,498,217
Long-term liabilities – other	10,062,268		4,828,364
Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding	—		—
Common stock, $0.0001 par value, 100,000,000 shares authorized; 45,065,662 shares issued and outstanding at September 30, 2020; 44,886,122 shares issued and outstanding at December 31, 2019	4,507		4,489
Additional paid-in capital	159,265,939		157,504,895
Retained earnings	16,498,626		12,736,580
Total Pangaea Logistics Solutions Ltd. equity	175,769,072		170,245,964
Non-controlling interests	51,375,997		72,825,710
Total stockholders’ equity	227,145,069		243,071,674
Total liabilities and stockholders’ equity	$	443,392,712	$	479,902,831

Pangaea Logistics Solutions Ltd. Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended September 30,
	2020		2019
Operating activities
Net income	$	4,812,333	$	20,058,832
Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization expense	12,818,260		13,521,078
Amortization of deferred financing costs	513,092		538,427
Amortization of prepaid rent	91,704		88,948
Unrealized loss (gain) on derivative instruments	1,530,875		(2,203,899)
Income from equity method investee	(1,097,531)		(416,435)
Earnings attributable to non-controlling interest recorded as interest expense	104,662		—
Recovery for doubtful accounts	(45,661)		(47,351)
Loss on impairment of vessels	1,801,039		—
Loss on sale of vessel	705,065		—
Drydocking costs	(3,112,910)		(1,561,689)
Share-based compensation	1,915,188		1,365,968
Change in operating assets and liabilities:
Accounts receivable	8,416,171		(692,306)
Bunker inventory	4,768,430		2,219,986
Advance hire, prepaid expenses and other current assets	(2,553,779)		(15,220,967)
Accounts payable, accrued expenses and other current liabilities	(4,236,385)		6,171,148
Deferred revenue	(3,989,219)		(419,835)
Net cash provided by operating activities	22,441,334		23,401,905

Investing activities
Purchase of vessels and vessel improvements	(2,072,496)		(40,201,356)
Investment in newbuildings in-process	(33,446)		(7,691,522)
Purchase of fixed assets and equipment	—		(293,385)
Acquisition of non-controlling interest	(15,000,000)		—
Proceeds from sale of vessels	11,691,507		—
Purchase of derivative instrument	(628,000)		—
Net cash provided by (used in) investing activities	(6,042,435)		(48,186,263)

Financing activities
Proceeds from long-term debt	—		14,000,000
Payments of related party debt	—		(1,681,063)
Payments of financing fees and issuance costs	(167,984)		(646,538)
Payments of long-term debt	(9,852,201)		(17,343,675)
Proceeds from finance leases	—		25,600,000
Dividends paid to non-controlling interests	—		(4,666,665)
Payments of finance lease obligations	(10,817,136)		(4,678,761)
Accrued common stock dividends paid	(532,834)		(5,242,613)
Cash paid for incentive compensation shares relinquished	(154,126)		—
Contributions from non-controlling interest recorded as long-term liability	322,750		—
Payments to non-controlling interest recorded as long-term liability	(193,508)		—
Net cash (used in) provided by financing activities	(21,395,039)		5,340,685

Net decrease in cash, cash equivalents and restricted cash	(4,996,140)		(19,443,673)
Cash, cash equivalents and restricted cash at beginning of period	53,055,091		56,114,735
Cash, cash equivalents and restricted cash at end of period	$	48,058,951	$	36,671,062

Supplemental cash flow information
Cash and cash equivalents	$	45,558,951	$	34,171,062
Restricted cash	2,500,000		2,500,000
	$	48,058,951	$	36,671,062

Supplemental non-cash investing and financing Information:
Deferred consideration related to acquisition of non-controlling interest	$	7,500,000	$	—

Pangaea Logistics Solutions Ltd. Reconciliation of Non-GAAP Measures (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Transportation and Service Revenue
Gross Profit	14,183,087		15,850,171		25,620,946		36,396,012
Add:
Vessel Depreciation and Amortization	4,184,759		4,620,788		12,681,085		13,417,592
Net transportation and service revenue	$	18,367,846	$	20,470,959	$	38,302,031	$	49,813,604

*Adjusted EBITDA*
Income from operations	$	9,960,001	$	13,050,143	$	11,420,073	$	24,131,602
Depreciation and amortization	4,230,302		4,652,563		12,818,260		13,521,078
Loss on impairment of vessels	—		—		1,801,039		—
Loss on sale of vessel	485,580		—		705,065		—
Share-based compensation	391,702		320,462		1,915,188		1,365,969
Adjusted EBITDA	$	15,067,585	$	18,023,168	$	28,659,625	$	39,018,649

*Earnings Per Common Share*
Net income (loss) attributable to Pangaea Logistics Solutions Ltd.	$	7,552,245	$	8,321,560	$	3,762,046	$	16,056,615

Weighted average number of common shares outstanding – basic	43,488,241		42,817,933		43,393,764		42,729,775
Weighted average number of common shares outstanding – diluted	43,510,961		43,354,742		43,398,472		43,247,417

Earnings per common share – basic	$	0.17	$	0.19	$	0.09	$	0.38
Earnings per common share – diluted	$	0.17	$	0.19	$	0.09	$	0.37

*Adjusted EPS*
Net Income attributable to Pangaea Logistics Solutions Ltd.	$	7,552,245	$	8,321,560	$	3,762,046	$	16,056,615
Non-GAAP
Add: loss on sale of vessels	485,580		—		705,065		—
Loss on impairment of vessels	—		—		1,801,039		—
Unrealized (gain) loss on derivative instruments	18,098		301,058		1,530,875		(2,203,899)
Non-GAAP adjusted net income (loss) attributable to Pangaea Logistics Solutions Ltd.	$	8,055,923	$	8,622,618	$	7,799,025	$	13,852,716

Weighted average number of common shares – basic	43,488,241		42,817,933		43,393,764		42,729,775
Weighted average number of common shares – diluted	43,510,961		43,354,742		43,398,472		43,247,417

Adjusted EPS – basic	$	0.19	$	0.20	$	0.18	$	0.32
Adjusted EPS – diluted	$	0.19	$	0.20	$	0.18	$	0.32

INFORMATION ABOUT NON-GAAP FINANCIAL MEASURES. As used herein, “GAAP” refers to accounting principles generally accepted in the United States of America. To supplement our consolidated financial statements prepared and presented in accordance with GAAP, this earnings release discusses non-GAAP financial measures, including non-GAAP net revenue and non-GAAP adjusted EBITDA. This is considered a non-GAAP financial measure as defined in Rule 101 of Regulation G promulgated by the Securities and Exchange Commission. Generally, a non-GAAP financial measure is a numerical measure of a company’s historical or future performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use non-GAAP financial measures for internal financial and operational decision making purposes and as a means to evaluate period-to-period comparisons of the performance and results of operations of our core business. Our management believes that non-GAAP financial measures provide meaningful supplemental information regarding the performance of our core business by excluding charges that are not incurred in the normal course of business. Non-GAAP financial measures also facilitate management’s internal planning and comparisons to our historical performance and liquidity. We believe certain non-GAAP financial measures are useful to investors as they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and are used by our institutional investors and the analyst community to help them analyze the performance and operational results of our core business.

Gross Profit. Gross profit represents total revenue less net transportation and service revenue and less vessel depreciation and amortization.

Net transportation and service revenue. Net transportation and service revenue represents total revenue less the total direct costs of transportation and services, which includes charter hire, voyage and vessel operating expenses. Net transportation and service revenue is included because it is used by management and certain investors to measure performance by comparison to other logistic service providers. Net transportation and service revenue is not an item recognized by the generally accepted accounting principles in the United States of America, or U.S. GAAP, and should not be considered as an alternative to net income, operating income, or any other indicator of a company’s operating performance required by U.S. GAAP. Pangaea’s definition of net transportation and service revenue used here may not be comparable to an operating measure used by other companies.

Adjusted EBITDA and adjusted EPS. Adjusted EBITDA represents income or loss from operations before depreciation, amortization and, when applicable, loss on sale and leaseback of vessel, loss on impairment of vessels, stock-based compensation and certain non-recurring charges. Earnings per share represents net income divided by the weighted average number of common shares outstanding. Adjusted earnings per share represents net income attributable to Pangaea Logistics Solutions Ltd. plus, when applicable, loss on sale of vessel, loss on sale and leaseback of vessel, loss on impairment of vessel, unrealized gains and losses on derivative instruments, and certain non-recurring charges, divided by the weighted average number of shares of common stock.

There are limitations related to the use of net revenue versus income from operations, adjusted EBITDA versus income from operations, and adjusted EPS versus EPS calculated in accordance with GAAP. In particular, Pangaea’s definition of adjusted EBITDA used here are not comparable to EBITDA.

The table set forth above provides a reconciliation of the non-GAAP financial measures presented during the period to the most directly comparable financial measures prepared in accordance with GAAP.

About Pangaea Logistics Solutions Ltd.

Pangaea Logistics Solutions Ltd. (NASDAQ: PANL) provides logistics services to a broad base of industrial customers who require the transportation of a wide variety of dry bulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The Company addresses the transportation needs of its customers with a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, and voyage planning. Learn more at www.pangaeals.com.

Investor Relations Contacts

Gianni Del Signore		Tiya Gulanikar
Chief Financial Officer		Prosek Partners
401-846-7790		646-818-9288
[email protected]		[email protected]

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company disclaims any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise, except as required by law. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors, as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov.

View original content to download multimedia:http://www.prnewswire.com/news-releases/pangaea-logistics-solutions-ltd-reports-financial-results-for-the-quarter-ended-september-30-2020-301171320.html

SOURCE Pangaea Logistics Solutions Ltd.

November 11, 2020 4:08 pm

Fathom Holdings Inc. Reports 74% Year-Over-Year Revenue Growth for 2020 Third Quarter

PR Newswire

CARY, N.C., Nov. 11, 2020 /PRNewswire/ — Fathom Holdings Inc. (Nasdaq: FTHM), a holding company that primarily operates through its wholly owned subsidiary, Fathom Realty, LLC, a national, cloud-based, technology-driven, residential real estate brokerage, today announced financial results for the 2020 third quarter and year-to-date period ended September 30, 2020.

Third Quarter 2020 Financial Results

Revenue for the 2020 third quarter grew 74% to $55.8 million, from $32.1 million for the comparable period last year. During the third quarter of 2020, Fathom completed approximately 8,100 real estate transactions, a 56% increase from approximately 5,200 transactions during the same period last year. Average revenue per transaction expanded 12% to $6,895, from $6,171 for last year’s third quarter. Fathom’s real estate agent network grew to 5,026 agents as of September 30, 2020, up 38% from 3,629 one year ago.

GAAP net loss for the 2020 third quarter narrowed to $184,000, or a loss of $0.02 per share, compared with a GAAP net loss of $239,000, or a loss of $0.02 per share, for last year’s third quarter. Adjusted EBITDA, a non-GAAP measure, increased to $5,800 for the third quarter of 2020, from an adjusted EBITDA loss of $170,000 for the same period last year. Fathom is providing adjusted EBITDA, a non-GAAP financial measure, because it provides additional information for monitoring the company’s performance. A table providing a reconciliation of adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of this non-GAAP measure, is included in the tables at the end of this press release.

“By all accounts, the third quarter was a resounding success. Our significant revenue growth reflected our expanded agent network, focus on increasing agent productivity, and improving market conditions, including continued rising home prices both in our mature and newer markets,” said Fathom CEO Joshua Harley. “I’m especially proud of our results, which exceeded expectations, as we were only public and funded for a little over half of the quarter. Clearly, our growth is a result of our tenacity, amazing team, and disruptive model that is attracting hundreds of agents each month.

“We are prudently and strategically using our IPO funds to accelerate growth, including our planned acquisition of Verus Title, which we announced earlier this month, hiring new leaders to accelerate our growth, and geographic expansion into the Oklahoma and West Virginia markets. We are continuing to identify additional opportunities to give us the ability to better serve our agents, including expanding our footprint and increasing our revenue through vertical integration,” Harley continued. “Fathom has built what we believe is an exceptional company dedicated to serving others, which is one of our key missions, and is reflected in both our agent and transaction growth. Fathom is founded on a culture of service, which assists with our agent recruiting and retention efforts. I believe our future is very bright. Our team remains dedicated to proving that out, and we look forward to continued growth and sharing our progress with you.”

First Nine Months 2020 Financial Results

Total revenue for the first nine months of 2020 increased 58% to $123.4 million, from $78.0 million for the same period of 2019. GAAP net loss for the first nine months of 2020 was $66,000, or a loss of $0.01 per share, compared with a GAAP net loss of $2.7 million, or a loss of $0.28 per share, for the first nine months of last year. Adjusted EBITDA totaled $469,000 for the 2020 period, versus an adjusted EBITDA loss of $1.1 million for the 2019 period.

The company had cash and cash equivalents of $31.0 million at September 30, 2020, up from $579,000 at December 31, 2019, primarily reflecting the completion of the company’s initial public offering on August 4, 2020, which resulted in the issuance and sale of approximately 3.4 million shares at an offering price of $10.00 per share, providing net proceeds of $31.1 million, net of offering costs.

“Our balance sheet is strong and flexible, providing us the opportunity to execute our growth plans,” added Fathom President and CFO Marco Fregenal. “Despite the pandemic-related challenges of 2020, Fathom’s market remains strong, we are recruiting new agents at a rapid pace, and at the same time, we are working to solidify and expand our market position.”

Fiscal 2020 Third Quarter Financial Results Conference Call

Date:	Wednesday, November 11, 2020
Time:	5:00 p.m. ET/2:00 p.m. PT
Phone:	877-270-2148 (domestic); 412-902-6510 (international)
Replay:	Accessible through November 18, 2020; 877-344-7529 (domestic);
	412-317-0088 (international); replay access code 10149556
Webcast:	Accessible at www.FathomRealty.com; archive available for
	approximately one year

About Fathom Holdings Inc.

Fathom Holdings Inc. is the parent company of Fathom Realty Holdings, LLC, a national, virtual, full-service real estate brokerage that leverages proprietary cloud-based software called intelliAgent to operate a Platform as a Service model (PaaS) for the residential real estate industry. Fathom offers real estate professionals 100% commission, small flat-fee transaction costs, support, technology, and training, all powered by best in class operational efficiencies. For more information visit www.fathomrealty.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” include, but are not limited to, accelerating growth. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks associated with the COVID pandemic; competition; management of growth; risks associated with making and integrating acquisitions; the costs and distractions of operating as a public company; and the others set forth in the Risk Factors section of the Company’s registration statement for its initial public offering filed with the SEC, copies of which are available on the SEC’s website at www.sec.gov, along with other Company filings made with the SEC made from time to time. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations and Media Contacts:

Roger Pondel/Laurie Berman
PondelWilkinson Inc.
[email protected]
(310) 279-5980

Marco Fregenal
President and CFO
Fathom Holdings Inc.
[email protected]
(888) 455-6040

(Financial tables follow)

FATHOM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019

Revenue	$	55,847,915	$	32,089,978	$	123,375,490	$	78,017,017
Cost of revenue		52,871,073		30,318,582		115,915,107		73,197,739

Gross profit		2,976,842		1,771,396		7,460,383		4,819,278

General and administrative		2,895,055		1,927,407		6,835,350		7,332,891
Marketing		217,931		55,483		586,595		159,432
Total operating expenses		3,112,986		1,982,890		7,421,945		7,492,323

Income (loss) from operations		(136,144)		(211,494)		38,438		(2,673,045)

Other expense (income), net
Interest expense, net		16,103		27,385		80,658		81,816
Other income, net		–		–		(10,000)		–
Other expense (income), net		16,103		27,385		70,658		81,816

Loss from operations before income taxes		(152,247)		(238,879)		(32,220)		(2,754,861)
Income tax (expense) benefit		(31,500)		–		(33,500)		7,980
Net loss	$	(183,747)	$	(238,879)	$	(65,720)	$	(2,746,881)

Net loss per share
Basic and Diluted	$	(0.02)	$	(0.02)	$	(0.01)	$	(0.28)

Weighted average common shares outstanding
Basic and Diluted		12,156,111		9,888,462		10,721,917		9,793,727

FATHOM HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30, 2020		December 31, 2019
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	30,993,116	$	579,416
Accounts receivable		1,398,123		304,769
Agent annual fees receivable, net of allowance for doubtful accounts of $455,551 and $349,420		744,929		356,131
Due from affiliates		–		2,561
Prepaid and other current assets		1,031,851		411,202
Total current assets		34,168,019		1,654,079
Property and equipment, net		107,549		105,972
Capitalized software, net		721,786		464,842
Lease right of use assets		249,075		265,140
Total assets	$	35,246,429	$	2,490,033

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued liabilities	$	4,233,501	$	2,806,228
Due to affiliates		–		23,658
Loan payable – current portion		17,319		17,095
Notes payable – current portion		186,978		–
Lease liability – current portion		78,531		89,566
Total current liabilities		4,516,329		2,936,547
Loan payable, net of current portion		22,076		35,093
Notes payable, net of current portion		266,603		500,000
Lease liability, net of current portion		174,163		177,578
Total liabilities		4,979,171		3,649,218

Commitments and contingencies

Stockholders’ Equity (Deficit)
Common stock, $0.00 par value, 100,000,000 authorized and 13,638,049 and 10,211,658 issued and outstanding as of September 30, 2020 and December 31, 2019		–		–
Treasury Stock, at cost, 5,683 and 0 shares as of September 30, 2020 and December 31, 2019		(30,000)		–
Additional paid-in capital		36,510,545		4,988,382
Accumulated deficit		(6,213,287)		(6,147,567)
Total stockholders’ equity (deficit)		30,267,258		(1,159,185)
Total liabilities and stockholders’ equity (deficit)	$	35,246,429	$	2,490,033

FATHOM HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Nine months ended September 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(65,720)	$	(2,746,881)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		108,457		41,519
Bad debt expense		106,131		110,451
Share based compensation		322,433		1,579,099
Change in operating assets and liabilities:
Accounts receivable		(1,093,354)		987,819
Agent annual fees receivable		(494,929)		(531,911)
Due from affiliates		2,561		575,029
Prepaid and other assets		(620,649)		31,379
Accounts payable and accrued liabilities		1,427,273		(325,894)
Operating lease right of use assets		16,065		63,061
Operating lease liabilities		(14,450)		(61,694)
Due to affiliates		(23,658)		13,594
Net cash used in operating activities		(329,840)		(264,429)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(25,878)		(19,728)
Purchase of capitalized software		(341,100)		(232,780)
Net cash used in investing activities		(366,978)		(252,508)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on loan payable		(12,793)		(12,573)
Proceeds from issuance of common stock		83,014		576,000
Proceeds from the issuance of common stock in connection with public offering		34,300,000		–
Payment of offering cost in connection with issuance of common stock in connection with pubic offering		(3,183,284)		–
Purchase of treasury stock		(30,000)		–
Extinguishment of note payable		(500,000)		–
Proceeds from note payable		453,581		–
Net cash provided by financing activities		31,110,518		563,427

Net increase in cash and cash equivalents		30,413,700		46,490
Cash and cash equivalents at beginning of period		579,416		1,008,538
Cash and cash equivalents at end of period	$	30,993,116	$	1,055,028

Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest	$	81,803	$	81,945
Income taxes paid	$	5,361	$	12,505
Right of use assets obtained in exchange for lease liabilities	$	–	$	261,814
Issuance of common stock warrants as offering costs in connection with public offering of common stock	$	677,082	$	–

FATHOM HOLDINGS INC.
RECONCILIATION OF NON-GAAP TO GAAP FINANCIAL MEASURES
(Unaudited)

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019

Net loss	$	(183,747)	$	(238,879)	$	(65,720)	$	(2,746,881)
Other expense (income), net		16,103		27,385		70,658		81,816
Income tax expense (benefit)		31,500		–		33,500		(7,980)
Depreciation & amortization		44,686		17,886		108,457		41,519
Restricted stock award compensation expense		97,219		2,942		298,239		1,546,247
Stock option compensation expense		–		21,033		24,194		32,852
Adjusted EBITDA	$	5,761	$	(169,633)	$	469,328	$	(1,052,427)

Note about Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company uses Adjusted EBITDA, a non-GAAP financial measure, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may be different than similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Fathom defines Adjusted EBITDA as net income (loss), excluding other expense (income), net, income tax expense (benefit), depreciation and amortization, and share-based compensation expense.

Fathom believes that Adjusted EBITDA provides useful information about the Company’s financial performance, enhances the overall understanding of our past performance and future prospects, and allows for greater transparency with respect to a key metric used by management for financial and operational decision-making. The Company believes that Adjusted EBITDA helps identify underlying trends in its business that otherwise could be masked by the effect of the expenses excluded in Adjusted EBITDA. In particular, Fathom believes the exclusion of share-based compensation expense related to restricted stock awards and stock options provides a useful supplemental measure in evaluating the performance of its operations and provides better transparency into its results of operations.

Adjusted EBITDA is being presented to assist investors in seeing the Company’s financial performance through the eyes of management, and because it believes this measure provides an additional tool for investors to use in comparing Fathom’s core financial performance over multiple periods with other companies in its industry.

Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to net income (loss), the closest comparable GAAP measure, including:

Adjusted EBITDA excludes share-based compensation expense related to restricted stock awards and stock options, which have been, and will continue to be for the foreseeable future, significant recurring expenses in the Company’s business and an important part of its compensation strategy; and
Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation and amortization of property and equipment and, although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future.

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SOURCE Fathom Realty

November 11, 2020 4:08 pm

BioHiTech Global to Report Third Quarter 2020 Financial Results on Monday, November 16, 2020 and Provide Corporate Update

Conference call to be held Monday, November 16, at 4:30 p.m. Eastern Time

PR Newswire

CHESTNUT RIDGE, N.Y., Nov. 11, 2020 /PRNewswire/ — BioHiTech Global, Inc. (“BioHiTech” or the “Company”) (NASDAQ: BHTG), a sustainable technology and services company, announces today that it will report third quarter 2020 financial results on Monday, November 16, 2020 after the market close.

Management will host a conference call at 4:30 p.m. ET on Monday, November 16, 2020 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question and answer session.

Participants are asked to pre-register for the call via the following link:
https://dpregister.com/sreg/10150010/dd340fff34

Please note that registered participants will receive their dial-in number upon registration and will dial directly into the call without delay. Those without Internet access or who are unable to pre-register may dial in by calling 1-866-652-5200 (domestic) or 1-412-317-6060 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the BioHiTech Global call.

The conference call will be available through a live webcast found here:
https://services.choruscall.com/links/bhtg201116.html

It will also be broadcast live through the Company’s website with the following link:
http://investors.biohitechglobal.com/events-and-webcasts

A webcast replay of the call will be available approximately one hour after the end of the call through February 16, 2021. The webcast replay can be accessed through the above links or by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 10150010. A telephonic replay of the call will be available through November 30, 2020.

About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is a technology services company focused on providing cost-effective solutions that improve environmental outcomes. Our technologies for waste management include the patented processing of municipal solid waste into a valuable renewable fuel, biological disposal of food waste on-site, and proprietary real-time data analytics tools to reduce food waste generation. When used individually or in combination, our solutions lower the carbon footprint associated with waste transportation and can reduce or virtually eliminate landfill usage. In addition, we distribute a patented technology that achieves high-level disinfection of spaces such as classrooms, hotel or hospital rooms and other enclosed areas to combat the spread of viruses and bacteria without the use of harsh chemicals. Our unique solutions enable businesses, educational institutions and municipalities of all sizes to solve everyday problems in a smarter and more cost-effective way while reducing their impact on the environment. For more information, please visit www.biohitech.com.

Forward Looking Statements
Statements in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Without limiting the foregoing, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These statements are also based on many assumptions and estimates and are not guarantees of future performance. These statements are estimates, based on information available to management as of the date of this release, and are subject to further changes. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BioHiTech Global, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. BioHiTech Global, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as “Risk Factors” in our filings with the Securities and Exchange Commission (“SEC”). There may be other factors not mentioned above or included in the BioHiTech’s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. BioHiTech Global, Inc. assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.

Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
[email protected]
www.biohitech.com
Investors:
[email protected]

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SOURCE BioHiTech Global, Inc.

November 11, 2020 4:08 pm

SenesTech Announces Third Quarter 2020 Financial and Operational Results

PR Newswire

PHOENIX, Nov. 11, 2020 /PRNewswire/ — SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary, next generation technologies for managing animal pest populations through fertility control, today announced financial and operational results for the third quarter of fiscal year 2020, which ended on September 30, 2020.

Ken Siegel, CEO of SenesTech, commented, “We continued to achieve traction during the third quarter in the awareness and deployment of ContraPest, which resulted in a 114% increase in sales over the prior year period. Perhaps most notable during the quarter, was the passing of the California Ecosystems Protection Act of 2020, otherwise known as AB 1788, which will prohibit the use of the four major Second Generation Anticoagulant Rodenticides (SGARs) commonly used in rodent pest control under many circumstances. SenesTech’s ContraPest provides pest management professionals (PMP) with an alternative and complementary non-lethal approach to managing rodents through fertility control, and may be increasingly used to replace the SGARs. We are working closely with the PMPs in California to ensure continuity of service to their customers by offering ContraPest as part of their IPM programs once the bill goes effective on January 1, 2021.”

“While we are increasingly focusing efforts within California, we continue to make progress on other key initiatives we set forth at the beginning of the year to drive long-term adoption of ContraPest. These include finalizing data sets within key industries, including poultry and municipal areas, driving pull through demand through a refocused sales and marketing program , as well as direct sales efforts through our e-commerce platform. As budgets become less encumbered by the effects of COVID-19, we believe these efforts, coupled with our repositioning of ContraPest as a component of an overall integrated pest management strategy, will increasingly gain traction,” concluded Mr. Siegel.

Third Quarter 2020 Highlights

Revenue during the third quarter of 2020 was approximately $77,000 compared to approximately $36,000 in the third quarter of 2019.
The California Ecosystems Protection Act of 2020 (AB 1788) was signed by California’s Governor and goes into effect January 1, 2021. AB 1788 will prohibit the use of the four major Second Generation Anticoagulant Rodenticides (SGARs) commonly used in rodent pest control under many circumstances, which opens up a potential $100 million annual market opportunity to alternative solutions, which includes ContraPest.
San Francisco added ContraPest to the Reduced Risk Pesticide List, which now permits ContraPest’s expanded use in San Francisco.
On a GAAP basis, net loss for the third quarter of 2020 was $(1.9) million, compared with a net loss of $(2.6) million for third quarter of 2019.
Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for the third quarter of 2020 was $(1.7) million versus $(2.3) million in the third quarter of 2019.
In October 2020, the Company entered into an inducement agreement with an existing warrant holder to exercise certain outstanding warrants, which provided gross proceeds to the Company of approximately $2.9 million.
Cash balance at the end of the third quarter of 2020, together with the net proceeds of the inducement agreement, was approximately $5.3 million.

Use of Non-GAAP Measure

Adjusted EBITDA is a non-GAAP measure. However, this measure is not intended to be a substitute for those financial measures reported in accordance with GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar term. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure.

Conference Call Details

Date and Time: Wednesday, November 11, 2020 at 5:00 pm ET (2:00 pm PT)

Call-in Information: Interested parties can access the conference call by dialing (844) 308-3351 or (412) 317-5407.

Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Investor Relations section of the Company’s website at http://senestech.investorroom.com/.

Replay: A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation #10149685. A webcast replay will be available in the Investor Relations section of the Company’s website at http://senestech.investorroom.com/ for 90 days.

About SenesTech
SenesTech is changing the model for pest management by targeting one of the root causes of the problem: reproduction.

ContraPest® is an innovative technology with an approach that targets the reproductive capabilities of both sexes in rat populations, inducing egg loss in female rats and impairing sperm development in males. Using a proprietary bait delivery method, ContraPest® is dispensed in a highly palatable liquid formulation that promotes sustained consumption by rat communities. ContraPest® is designed, formulated and dispensed to be low hazard for handlers and non-target species such as wildlife, livestock and pets, where the active ingredients break down rapidly.

We believe ContraPest® will establish a new paradigm in rodent control, resulting in a decreased reliance on lethal options. For more information visit the SenesTech website at www.senestech.com.

Safe Harbor Statement

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. “Forward-looking statements” may be preceded by words such as “may,” “future,” “plan” or “planned,” “will,” “should,” “expected,” “anticipates,” “continue,” “eventually,” “believes,” or “projected.” Forward-looking statements include statements concerning continued or additional success of deployments and success of our products; the continued potential impact and effects of the COVID-19 pandemic on the Company’s business; the Company’s strategy and target marketing and markets; continuing the Company’s vision; expected benefits of the Company’s initiatives and continuation of those initiatives; the continuation or expansion of the use of ContraPest, including as a replacement for SGARs; demand for ContraPest; the Company’s expectation regarding costs, expenses and cash and continuing its cost improvement plan; future financial results; and the Company’s execution of its strategic business plan.

Investors should not unduly rely on forward-looking statements. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those made in the forward-looking statements, including as a result of various factors and other risks, such as market acceptance and demand for the Company’s products, customers completing order commitments, the Company’s ability to reduce costs and execute on its plans and continuing to believe it is following the best strategy, the Company having sufficient financing, and other factors identified in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports filed on Form 10-Q. All forward-looking statements speak only as of the date on which they were made based on management’s assumptions as of such date. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

CONTACT:
Investors: Robert Blum, Joe Dorame, Joe Diaz, Lytham Partners, LLC,
602-889-9700, [email protected]

Company: Tom Chesterman, Chief Financial Officer, SenesTech, Inc.,
928-779-4143

SENESTECH, INC.
CONDENSED BALANCE SHEETS
(In thousands, except shares and per share data)

	September 30,	December 31,
	2020	2019
ASSETS	(Unaudited)

Current assets:
Cash	$ 2,717	$ 1,936
Accounts receivable trade, net	30	26
Accounts receivable-other	–	123
Prepaid expenses	281	257
Inventory	1,102	1,180
Deposits	28	20
Total current assets	4,158	3,542

Right to use asset-operating leases	726	699
Property and equipment, net	541	738
Total assets	$ 5,425	$ 4,979


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Short-term debt	$ 105	$ 123
Accounts payable	444	265
Accrued expenses	316	1,193
Total current liabilities	865	1,581

Long-term debt, net	695	137
Operating lease liability	731	694
Total liabilities	2,291	2,412

Commitments and contingencies (See note 12)	–	–

Stockholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares authorized, 3,398,832 and 1,414,671
shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	3	1
Additional paid-in capital	105,277	98,433
Accumulated deficit	(102,146)	(95,867)
Total stockholders’ equity	3,134	2,567

Total liabilities and stockholders’ equity	$ 5,425	$ 4,979

SENESTECH, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except shares and per share data)
(Unaudited)

	For the Three Months		For the Nine Months
	Ended September 30,		Ended September 30,
	2020	2019	2020	2019

Revenue:
Sales	$ 77	$ 36	$ 185	$ 79
Cost of sales	41	25	106	58
Gross profit	36	11	79	21

Operating expenses:
Research and development	380	432	902	1,359
Selling, general and administrative	1,568	2,173	5,040	5,908
Total operating expenses	1,948	2,605	5,942	7,267

Net operating loss	(1,912)	(2,594)	(5,863)	(7,246)

Other income (expense):
Interest income	–	19	2	45
Interest expense	(7)	(10)	(22)	(34)
Other income (expense)	–	–	18	(3)
Total other income (expense)	(7)	9	(2)	8

Net loss and comprehensive loss	(1,919)	(2,585)	$ (5,865)	$ (7,238)
Deemed dividend-warrant price protection-revaluation adjustment	–	–	414	–
Net loss attributable to common shareholders	$ (1,919)	$ (2,585)	$ (6,279)	$ (7,238)


Weighted average common shares outstanding – basic and fully diluted	3,398,832	1,394,575	2,593,288	1,266,842

Net loss per common share – basic and fully diluted	$ (0.56)	$ (1.85)	$ (2.42)	$ (5.71)

SenesTech Inc.
Itemized Reconciliation Between Net Loss and Non-GAAP Adjusted EBITDA
For the Three and Nine Months Ended September 30, 2020 and 2019
(Unaudited)

(in thousands)			For the Three Months		For the Nine Months
			Ended September 30,		Ended September 30,
			2020	2019	2020	2019
Net Loss (As Reported, GAAP)			(1,919)	(2,585)	(5,865)	(7,238)

Non-GAAP Adjustments:
	Interest and dividends		7	(9)	20	(11)
	Stock-based compensation		162	204	453	675
	Reserve for future severance payments		–	–	(51)	–
	Loss (gain) on sale of assets		–	1	(18)	3
	Amortization and accretion:
	Depreciation expense		71	101	219	314
		Total of non-GAAP adjustments	240	297	623	981

Adjusted EBITDA Loss (Non-GAAP)			(1,679)	(2,288)	(5,242)	(6,257)

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SOURCE SenesTech, Inc.

November 11, 2020 4:08 pm

Manning & Napier, Inc. Reports October 31, 2020 Assets Under Management

PR Newswire

FAIRPORT, N.Y., Nov. 11, 2020 /PRNewswire/ — Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported preliminary assets under management (“AUM”) as of October 31, 2020 of $18.5 billion compared with $19.2 billion at September 30, 2020. AUM by investment vehicle and by portfolio are set forth in the table below.

	Assets Under Management
	(in millions)

		October 31, 2020		September 30, 2020

By investment vehicle:
Separate accounts		$	13,317.5	$	13,626.7
Mutual funds and collective investment trusts		5,138.2		5,618.4
Total		$	18,455.7	$	19,245.1

By portfolio:
Blended Asset		$	12,732.4	$	13,367.7
Equity		4,729.3		4,872.6
Fixed Income		994.0		1,004.8
Total		$	18,455.7	$	19,245.1

About Manning & Napier, Inc.
Manning & Napier (NYSE: MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, we offer equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. We serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, our relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY.

Safe Harbor Statement
This press release and other statements that the Company may make may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the Company’s current views with respect to, among other things, its operations and financial performance. Words like “believes,” “expects,” “may,” “estimates,” “will,” “should,” “intends,” “plans,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, are used to identify forward-looking statements, although not all forward-looking statements contain these words. Although the Company believes that it is basing its expectations and beliefs on reasonable assumptions within the bounds of what it currently knows about its business and operations, there can be no assurance that its actual results will not differ materially from what the Company expects or believes. Some of the factors that could cause the Company’s actual results to differ from its expectations or beliefs include, without limitation: changes in securities or financial markets or general economic conditions; a decline in the performance of the Company’s products; client sales and redemption activity; changes of government policy or regulations; and other risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission.

Contacts

Investor Relations Contact

Sean Silva

Prosek Partners
646-818-9122
[email protected]

Public Relations Contact

Nicole Kingsley Brunner

Manning & Napier, Inc.
585-325-6880
[email protected]

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SOURCE Manning & Napier, Inc.

November 11, 2020 4:08 pm

Heron Therapeutics to Present at Several Upcoming Virtual Investor Conferences

PR Newswire

SAN DIEGO, Nov. 11, 2020 /PRNewswire/ — Heron Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs, today announced that Barry Quart, Pharm.D., Chairman and Chief Executive Officer of Heron Therapeutics, will present at the following virtual investor conferences:

Stifel 2020 Virtual Healthcare Conference: Tuesday, November 17, 2020 at 3:20 pm ET
Jefferies Virtual London Healthcare Conference: Thursday, November 19, 2020 at 1:30 pm GMT
3^rd Annual Evercore ISI HealthCONx Conference: Tuesday, December 1, 2020 at 4:20 pm ET

A live webcast of each presentation will be available on the Company’s website at www.herontx.com in the Investor Resources section. A replay of each presentation will be archived on the site for 60 days.

About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage biotechnology company focused on improving the lives of patients by developing best-in-class treatments to address some of the most important unmet patient needs. Heron is developing novel, patient-focused solutions that apply its innovative science and technologies to already-approved pharmacological agents for patients suffering from pain or cancer. For more information, visit www.herontx.com.

Forward-Looking Statements
This news release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Heron cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements reflect our analysis only on their stated date, and Heron takes no obligation to update or revise these statements except as may be required by law.

Investor Relations and Media Contact:

David Szekeres

Executive Vice President, Chief Operating Officer
Heron Therapeutics, Inc.
[email protected]
858-251-4447

View original content:http://www.prnewswire.com/news-releases/heron-therapeutics-to-present-at-several-upcoming-virtual-investor-conferences-301171239.html

SOURCE Heron Therapeutics, Inc.

November 11, 2020 4:08 pm

PDS Biotechnology Reports Financial Results for the Third Quarter 2020 and Provides Business Update

FLORHAM PARK, N.J., Nov. 11, 2020 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company’s proprietary Versamune^® T-cell activating technology, today announced its financial results for the third quarter ended September 30, 2020 and provided a business update.

Third Quarter 2020 and Recent Business Highlights

Successfully raised approximately $19 million via a public offering of common stock.
Initiated VERSATILE-002, a Phase 2 trial of PDS0101, our investigational drug candidate, in combination with standard of care KEYTRUDA^® for first-line treatment of patients with metastatic or recurrent HPV-positive head and neck cancer.
Initiated a Phase 2 study of PDS0101 in combination with standard of care chemoradiotherapy at the MD Anderson Cancer Center for treatment of locally advanced cervical cancer.
Continued development of PDS0103 in partnership with the National Cancer Institute.
Advanced co-development program with Farmacore with plans to move the PDS0203 COVID-19 vaccine into clinical development with the support of the Brazilian government.
Expanded Board of Directors with appointment of preeminent oncologist, Otis Brawley, M.D.

“As a result of our team’s dedicated efforts during the third quarter and our clinical partnerships with leading institutions in immuno-oncology, today PDS0101 is being evaluated in three phase 2 clinical trials for multiple HPV-associated cancers,” commented Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotechnology. “Furthermore, the successful equity raise we completed in August strengthened our balance sheet, ensuring we can continue to progress the clinical development of our oncology programs as well as expand both our oncology and infectious disease programs despite the challenges posed by the COVID-19 pandemic.”

Third
Quarter 2020 Financial Review

For the third quarter of 2020, net loss was approximately $3.9 million, or $0.23 per basic share and diluted share, compared to a net loss of approximately $5.8 million, or $1.10 per basic share and diluted share for the third quarter of 2019.

Research and development expenses totaled approximately $2.1 million for the third quarter of 2020, compared to approximately $1.8 million for the same period in 2019, an increase of 12%. The increase was primarily attributable to an increase of $0.1 million in technical operations (manufacturing) and $0.3 million in clinical studies, offset by a decrease of $0.1 million in professional fees and $0.1 million in regulatory expenses.

For the third quarter of 2020, general and administrative expenses were approximately $1.8 million compared with approximately $3.0 million during the third quarter of 2019, a decrease of 40%. The decrease was primarily attributable to a decrease of $0.2 million in salary and benefits, $0.1 million in facilities and office expense, $0.3 million in insurance expense, $0.6 million in professional fees, and $0.1 million in legal fees offset by an increase of $0.1 million in licenses, taxes and fees.

Total operating expenses for the third quarter of 2020 were approximately $3.9 million, compared to total operating expenses of approximately $5.8 million during the same period of 2019, a decrease of 33%.

As of September 30, 2020, the Company’s cash balance was approximately $33.5 million.

Conference Call and Webcast

The conference call is scheduled to begin at 8:00 am ET on Thursday, November 12, 2020. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and mention PDS Biotechnology. A live webcast of the conference call will also be available on the investor relations page of the Company’s corporate website at www.pdsbiotech.com.

After the live webcast, the event will be archived on PDS Biotech’s website for 6 months. In addition, a telephonic replay of the call will be available for 6 months. The replay can be accessed by dialing 877-660-6853 (United States) or 201-612-7415 (International) with confirmation code 13712632.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company with a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company’s proprietary Versamune^® T-cell activating technology platform. Versamune^® effectively delivers disease-specific antigens for in vivo uptake and processing, while also activating the critical type 1 interferon immunological pathway, resulting in production of potent disease-specific killer T-cells as well as neutralizing antibodies. PDS Biotech has engineered multiple therapies, based on combinations of Versamune^® and disease-specific antigens, designed to train the immune system to better recognize disease cells and effectively attack and destroy them. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for its lead asset PDS0101 and other Versamune^® based products; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101 and other Versamune^® based products and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the acceptance by the market of the Company’s product candidates, if approved; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Company’s product candidates; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Media & Investor Relations Contact:

Deanne Randolph
PDS Biotechnology
Phone: +1 (908) 517-3613
Email: [email protected]

Jacob Goldberger
CG Capital
Phone: +1 (404) 736-3841
Email: [email protected]

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed Consolidated
Balance Sheets

	September 30, 2020			December 31, 2019
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	33,468,935		$	12,161,739
Prepaid expenses and other		373,395			2,308,462
Total current assets		33,842,330			14,470,201

Property and equipment, net		9,345			21,051
Operating lease right-to-use asset		593,580			–

Total assets	$	34,445,255		$	14,491,252

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable	$	1,559,591		$	1,197,720
Accrued expenses		1,222,773			1,097,640
Restructuring reserve		–			498,185
Operating lease obligation – short term		116,240			–
Total current liabilities		2,898,604			2,793,545

Noncurrent liability:
Operating lease obligation – long term		521,692			–

STOCKHOLDERS’ EQUITY
Common stock, $0.00033 par value, 75,000,000 shares authorized at September 30, 2020 and December 31, 2019, 22,261,619 shares and 5,281,237 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively		7,346			1,742
Additional paid-in capital		70,775,892			40,633,670
Accumulated deficit		(39,758,279	)		(28,937,705	)
Total stockholders’ equity		31,024,959			11,697,707

Total liabilities and stockholders’ equity	$	34,445,255		$	14,491,252

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed Consolidated
Statements of Operations and Comprehensive
Loss

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Operating expenses:
Research and development expenses	$	2,060,815		$	1,834,371		$	5,446,718		$	4,751,308
General and administrative expenses		1,846,214			3,068,581			5,428,098			9,358,429
Lease termination costs		–			944,445			–			944,445

Total operating expenses		3,907,029			5,847,397			10,874,816			15,054,182

Loss from operations		(3,907,029	)		(5,847,397	)		(10,874,816	)		(15,054,182	)

Other income (expense):
Gain on bargain purchase upon merger		–			–			–			11,939,331
Interest income		1,207			95,787			54,242			294,694
Interest expense		–			–			–			(606	)

Net loss and comprehensive loss		(3,905,822	)		(5,751,610	)		(10,820,574	)		(2,820,763	)
Per share information:
Net loss per share, basic and diluted	$	(0.23	)	$	(1.10	)	$	(0.73	)	$	(0.60	)

Weighted average common shares outstanding, basic and diluted	$	17,169,257		$	5,246,829		$	14,892,764		$	4,729,153

November 11, 2020 4:08 pm

Kinsale Capital Group Announces Dividend Declaration

RICHMOND, Va., Nov. 11, 2020 (GLOBE NEWSWIRE) — Kinsale Capital Group, Inc. (Nasdaq: KNSL) today announced that its Board of Directors declared a cash dividend of $0.09 per share of common stock. This dividend is payable on December 11, 2020 to all stockholders of record as of the close of business on November 30, 2020.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

Contact

Kinsale Capital Group, Inc.
Bryan Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
804-289-1272
[email protected]

November 11, 2020 4:08 pm

Arcutis Biotherapeutics to Present at the Stifel 2020 Virtual Healthcare Conference

WESTLAKE VILLAGE, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) — Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology, today announced that Frank Watanabe, President and CEO, will present a corporate overview during the Stifel 2020 Virtual Healthcare Conference taking place November 16-18, 2020.

Details for the presentation are as follows:
Stifel 2020 Virtual Healthcare Conference
Presentation Date: Wednesday, November 18, 2020
Presentation Time: 12:20 p.m. PST / 3:20 p.m. EST

The presentation will be webcast and may be accessed at the “Events & Presentations” section of the Company’s website at https://investors.arcutis.com/events-and-presentations. Arcutis will maintain an archived replay of the webcast on its website for 30 days after the conference.

About Arcutis – Bioscience, applied to the skin.
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology. The company is leveraging recent advances in immunology and inflammation to develop differentiated therapies against biologically validated targets to solve persistent treatment challenges in serious diseases of the skin. Arcutis’ robust pipeline includes four novel drug candidates currently in development for a range of inflammatory dermatological conditions. The company’s lead product candidate, topical roflumilast, has the potential to revitalize the standard of care for plaque psoriasis, atopic dermatitis, scalp psoriasis, and seborrheic dermatitis. For more information, visit www.arcutis.com or follow the company on LinkedIn and Twitter.

Investor
Contact
:

Heather Rowe Armstrong
Vice President, Investor Relations & Corporate Communications
[email protected]
805-418-5006, Ext. 740