Calyxt Inc. (CLXT) shares surged 10.76% in after-hours on Tuesday, October 5, 2021, and closed the daily trading at $3.50. However, in the regular trading session, CLXT’s stock lost 1.86%. CLXT shares have fallen 42.86% over the last 12 months, and they have moved down 9.46% in the past week. Over the past three months, the stock has lost 21.59%, while over the past six months, it has declined 45.80%.
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CLXT Sustainable, Plant-Based Synthetic Biology Solutions
On October 5, 2021, Calyxt, Inc (CLXT) launched a strategic initiative that will focus the Company on engineering synthetic biology solutions for a diversified base of customers across an expanded group of end markets including the nutraceutical, cosmeceutical, pharmaceutical, advanced materials, and chemical industries.
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The company’s new PlantSpring platform was built on more than a decade of engineering plant metabolism, its proprietary systems, its tools and technologies, and an expanding set of artificial intelligence and machine learning capabilities.
CLXT agreement with Leading Global Food Ingredient Manufacturer
On September 28, 2021, Calyxt, Inc (CLXT) entered into a research collaboration agreement with a leading global food ingredient manufacturer based in Asia to develop an improved soybean capable of producing oil as a commercial alternative to palm oil. The other company name has not been disclosed yet.
CLXT participation in the recent investor conference
Calyxt, Inc (CLXT) recently participated virtually at the H.C Wainwright 23rd Annual Global Investment Conference which was held on September 13, 2021.
CLXT recent financial results announcement
On August 5, 2021, Calyxt, Inc (CLXT), announced financial results for its second quarter ended June 30, 2021.
Q2 2021 financial highlights
- CLXT reported total revenue of $11.9 million in Q2 2021 compared to $2.3 million in the second quarter of 2020.
- The cost of the revenue was $11.5 million in the second quarter of 2021 compared to $ 5.3 million in Q2 2020.
- The gross margin was $0.4 million in Q2 2021 compared to $3.01 million in Q2 2020.
- Total operating expenses were $6.3 million in Q2 2021 compared to $8.03 million in Q2 2020.
- It suffered a net loss of $4.8 million in Q2 2021 compared to a $10.9 million net loss in Q2 2020.
- Net loss per basic and diluted share was $0.13 compared to a net loss of $0.33 per basic and diluted share in Q2 2020.
- Adjusted EBITDA was negative $5.8 million in the second quarter of 2021 compared to negative $6.5 million in Q2 2020.
- As of June 30, 2021, the company had cash, cash equivalents, and restricted cash totalled $18.5 million.
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Conclusion
The recent announcement by the company about sustainable, Plant-Based Synthetic Biology Solutions was the reason behind its turnaround in the after-hours on Tuesday. We can expect it to continue its momentum of Wednesday morning as well.