Bioinformatics company SomaLogic has released its Q4 and full-year 2022 earnings reporting a loss per share of USD 0.26, missing analyst estimates by 23.8%. Net losses for the quarter significantly increased by 111.6% YoY to USD 49.3 million. Net losses for the full-year 2022 worsened by 24.8% YoY to USD 109.2 million, despite an increase in revenue by 20% YoY to USD 97.7 million .  

The increase in revenue was primarily due to the accounting recognition of future-year licensing revenue minimums. Operating expenses increased by 76.5% YoY to USD 273.4 million due to a rise in R&D expenses (up 69.9% YoY) as a result of project costs, internal clinical studies, and increased headcount. Administrative expenses also worsened (up 100.9% YoY), primarily driven by advisory and management services related to public company compliance and transactions and commercial team expansion. For FY2022, adjusted EBITDA was at a loss of USD 160.6 million (up 152.5% YoY).  

At the end of December 2022, the firm's cash and cash equivalents stood at USD 539.6 million compared with USD 657.5 million in December 2021. The company expects revenue for the full-year 2023 in the range of USD 80 million–84 million, implying a 12%–17% decrease, excluding licensing revenue from New England Biolabs.