Good morning, everyone. My name is Marta Pozniak. I'm from the Growth Life Science Tools & Diagnostics team. Welcome to the last day of J.P. Morgan Healthcare Conference. It is my pleasure to introduce our next company, Singular Genomics. As a reminder, we'll have a Q&A after the presentation. If you wanna ask a question, you can raise your hand or enter it online. With that, I will turn it over to the management team. Thank you, Marta. Thank you to the J.P. Morgan team for the opportunity to present here at the conference today. My name is Dalen Meeter. I'm the Chief Financial Officer of Singular Genomics Systems. Presenting with me today is Eli Glezer, our Chief Science Officer and Co-Founder. We posted an updated investor deck on our website. I'd encourage everybody to please download that. Please note that the usual forward-looking statements disclaimer applies for today's presentation. We'll touch on four key themes today. Number one, the G4 is on market. It's our DNA sequencer. We've shipped our first five commercial systems as of the end of December, Q4 will be our first revenue-generating quarter. The early placements are sequencing in customer labs, we're receiving positive feedback. The value proposition is resonating as the commercial team engages in the field. The sequencing opportunity is large and growing. We designed the right features into the G4 to differentiate in some of the largest and largest segments of the market. The speed, the flexibility, and the power of the system provide strong competitive advantage. Number three, business execution. We worked hard to close out 2022 on a strong note. We've addressed many of the supply chain and manufacturing issues experienced last year, and we've established production-level manufacturing capabilities. We grew our commercial team to create awareness, leads, ultimately drive a sales and support process with our customers, and we're continuing to scale these capabilities as we progress into the new year. Number four, the innovation pipeline. We have an exciting product pipeline, including new core consumable kits for the G4, specialty applications and content, and our PX multi-omics system in development. We look forward to progressing these efforts and bringing products to market over time. The G4 provides differentiated performance specs in the areas that our customers care about. Starting on the top left, speed. The team developed novel sequencing by synthesis chemistry from the ground up. That chemistry is surrounded in the instrument by innovative engineering, fast fluidics, lasers, cameras, and stages, and all of that integrates and translates into the industry-leading runtimes where all run modes are completed in less than a day. Moving to power, the G4 produces more data output per hour than any other benchtop system. At its highest output run mode, it produces 2.5x more data than the competition in the same amount of time. In terms of flexibility, it's really unmatched with one to four flow cells, each with four individually addressable lanes. That allows our users to scale up or down and optimize workflows based on the needs of experiments or sample volumes. In terms of accuracy, the commercial specs are 75%-90% of the bases greater than Q30. That's really a gold standard level of accuracy that's in line with other systems on market. The G4 equivalence has been demonstrated at multiple external sites on major applications, and our customers are pleased with the high-quality data they're receiving, as you'll see in the testimonials later in the deck. Our commercial team is in place and engaged in the field. Marketing and trade show activities are helping to create awareness and leads. We increased our trade show presence in 2022, attending events like ASHG, AGBT, and AMP. The sales team is on the ground driving interest, leads, and sellable opportunities, and we finished 2022 on a positive note with systems shipped, installed, and sequencing in customer labs. Feedback from these customers has been positive, as you'll see here on the slide. At Harvard University, the flexibility and speed of the system allows the team to utilize a single instrument to run single-cell and spatial experiments with varying requirements and demanding deadlines. At the Medical College of Wisconsin, the team's been impressed with the high quality of the sequencing data and single-day turnaround times. At the University of New Mexico, the system's versatility is ideally suited for how the core lab works. Our support team engaged deeply to help set up and train their staff for success. One of the highest priorities we have is to make sure we're supporting the installation and training process. Let's look at the large and growing market opportunity and how the G4 fits. The current sequencing market totals approximately $6 billion. That's growing at a double-digit CAGR over the next handful of years. Looking at the split by customer market, we believe it's 50% research and translational, 40% clinical, and 10% applied. If you look at the split by application, we believe it's 50% targeted panels, 20% RNA-Seq, 15% whole genome sequencing, and 15% exome and other. The G4 differentiates in several ways to address these customer markets, and that includes most of the research and translational segment, particularly with RNA-Seq and targeted panels, as well as with the majority of the clinical segment with targeted panels. Looking at the customer markets in a little more detail, the research and translational segment is addressable with applications like RNA-Seq, single-cell RNA-Seq, and targeted panels. The four flow cell flexibility, 16 independent lanes, and competitive cost is resonating. For the clinical segment, over 50% is addressable with targeted panel sequencing, such as cancer panels. The ability to right-size sequencing runs based on uneven sample volumes and get results in less than a day are ideal benefits for these customers. The applied segment is approximately one-third addressable, driven largely by applications in targeted panel sequencing and microbiology. The four flow cell flexibility and speed are differentiators in areas like infectious disease applications. Overall, the value proposition and attributes of the system address customer needs for significant applications in large segments of the market. These are markets that are largely served by only one provider today. Turning to power, the G4's gigabase output per hour is more than 2.5x the NextSeq 2000. It even scales up into the low end of the NovaSeq, and it translates to more data output over time, but also significant CapEx savings for our customers. They no longer need to buy multiple benchtop systems or even spend $1 million on a high throughput piece of capital equipment. In the middle, speed, the chemistry's fast. 2.5 minute cycle time enables industry-leading runtimes across core consumable kits. It allows customers to run experiments in less than a day. The F3 300 cycle kit is completed in approximately 19 hours. It compares to approximately 48 hours on the NextSeq 2000 equivalent kit. On the far right, flexibility with four flow cells, each with four individual lanes. That allows users to scale up or down with their experiments and optimize their workflows. 16 independent lanes is unmatched in the market today. With that, I'll turn it over to Eli to go through business execution. Thank you, Dalen. When we started the company a little bit over six years ago, our goal was to advance the state of the art in DNA sequencing. While at the time, that may have seemed like a long stretch, you know, we are excited to tell you today that we are making it a reality, and not just on the R&D front, but throughout the business. I'll talk briefly about each of these areas, what we're doing today in product development, how we are scaling our business operations, particularly in manufacturing, how we're executing on the sales, marketing, and customer support, and then how we integrate into the current workflows in the sequencing space and the data generation that's gonna support customer confidence. Starting with product development, we developed everything in-house. We didn't start from, you know, an advanced state that was licensed from another company or academia. Instead, we developed everything in-house, starting from the fundamental chemistry, the enzymes, the microfabrication methods, and all of the engineering around that to enable sequencing. Our sequencing is based on a novel SBS chemistry, which is protected by a number of issued patents. We currently have a total of 173 patents and pending patent applications that cover the broad spectrum of innovations that have gone into this platform. We've done it in a very lean and efficient way, very intentional in our research and development activities, really focused on this goal of advancing the state of the art in DNA sequencing. Turning now to operations, you can see here an image of the G4 sequencers on the assembly line. We have a dedicated manufacturing facility, about 20,000 sq ft, which is a significant portion of our overall 135,000 sq ft footprint in San Diego. Everything is built in-house. Of course, we procure components and subsystems from select vendors, but we do all of the final assembly, integration, and testing in-house. On the reagent side, we produce our own nucleotides, our own proteins, our own flow cells. All of that is done in-house as well. Similar to the R&D, a lot of the expertise, skill, and know-how is internal. As Dalen mentioned, we've worked through some of the supply chain issues that we encountered. These really were of three flavors. One is just in the availability of certain electronic components that was common to the industry in general, having to redesign some things around some components that had very long lead times. Working with vendors on making sure that their subsystems can meet our specifications. Finally, the integration and test and validation activities that followed all of that. We're now on track, as Dalen mentioned. We have five systems in the field. We have many systems in-house running internal development as well as projects for customers, and we're scaling our manufacturing to be able to support the growth for this year and beyond. Our facility is well suited to our growth for at least the next two to three years. We're also putting a lot of effort into advancing the robustness and reliability. We're getting positive responses from our early customers, and we're providing very effective support to keep them up and running, and we're committed to continually improving that and providing a top-notch customer experience. Turning to commercial execution, we have a very experienced sales team with domain expertise in the space, and we're focusing on North America for our initial products and intending to expand globally with a direct sales force in North America and using distributors for the rest of the world. In addition to the sales and marketing team, an important component of our commercial team is the customer support, field application scientists, field service engineers, and internal customer support. We are really investing in this ahead of time to make sure that we can support all of our customers as our customer base expands. Now, sequencer doesn't exist kind of as an island on its own. It ties into a whole ecosystem that's evolved over the last 20 years. Samples are not just thrown into the sequencer. They go through a number of steps in preparing them and getting to libraries of DNA that are the input to the sequencer. It's particularly important for us to design the system so that it seamlessly fits into these workflows. We've partnered with 16 industry-leading library prep partners that together represent approximately 80% of the addressable market. This G4 system exists as basically a drop-in replacement, a plug-and-play solution in the sequencing space. I would say we've yet to encounter anything that is run today on a NextSeq that can't be done the same or better on the G4. There are approximately almost 7,000 NextSeq systems out there, and Illumina recently reported their best quarter yet in terms of NextSeq sales, bringing the total for last year to 1,200 systems. It's a very large and continually growing mid-throughput sequencing market that we're targeting. Finally, the data that comes off the instrument is in an industry standard format, FASTQ files, basically base calls and quality scores, similar to what's or exactly the same as what's expected. We have partnered with several organizations on the back end of this, in particular from the Broad Institute, their Terra platform for bioinformatic analysis, AWS for data storage, and NVIDIA for accelerated computing, both on our instruments and in the cloud. Turning now to data generation and publications, we've worked with multiple third parties as well as producing internal technical reports, poster presentations. These are all available online. Through our beta testing early access program and working with a number of partners in the library prep space, we've produced quite a bit of data that's all available for review in a wide variety of applications spanning everything from targeted cancer panels to RNA sequencing, single-cell RNA, spatial transcriptomics readout, and so on. We'll be presenting more at the upcoming AGBT meeting in February. We're continuing to innovate, so we've gotten here by building a really powerful research and development engine, and that really encompasses many different aspects. There's the fundamental synthetic organic chemistry that underlies the nucleotides, the protein engineering that underlies the enzymes, novel enzymes that we've developed and engineered specifically to do sequencing, the biochemical methods and molecular biology methods that tie all of this together into clustering and sequencing, and importantly, microfabrication polymers and the rest of the microfabrication methods to produce flow cells and kits. That's on the science side. On the engineering side, all of these disciplines, mechanics, electronics, software, and certainly the high-performance optics, have been central to producing this system. The G4 runs at about 1 billion pixels per second, imaging in four colors. It has the opportunity to further expand and has some headroom in terms of getting to even higher throughput than what we've commercialized today. Speaking of the innovation pipeline, today we have the G4 platform on the market. Coming very soon, we will be introducing the next flow cell, which is the F3 flow cell, which doubles the output of our F2 flow cell. We have the Max Read format, which is a method of generating up to 1 billion reads per flow cell or 4 billion reads per run for short read applications down in the range of 50 to 100 base reads. We are also working on performance enhancements to the flow cell to push the output and read lengths, and we'll be talking more about that later this year. We have an innovative technique that allows us to get to extremely high accuracy. We call it HD-Seq or High Definition Sequencing. This allows us to get to Q50 accuracy scores or error rates of about 1 in 100,000. This is done by sequencing both strands of the original duplex DNA, linking those strands together into a single molecule and taking that through all of the steps of library preparation, clustering, and sequencing as a double-stranded molecule. We have a number of important innovations that have allowed us to get there. Finally, Ring-Seq is a technique we've recently developed that allows for detection of gene fusions in an innovative way, and we'll be talking about that more this year as well. Now, the presentation today has really focused on our first product, which is the G4, but we are also actively working on our second product, which is the PX platform. What we're doing in the PX is bringing the power of sequencing as a direct readout for spatial biology and single-cell analysis. The developments that we've made on the G4, particularly around the optics and the fundamental sequencing chemistry, are a powerful springboard for us into the PX platform. Even though the applications are somewhat different, a lot of the foundational work translates directly. For example, the optics is exactly the same as what we use on the G4. The PX platform will be capable of analyzing tissue sections and single cells in a well plate format, 96 and 24 well plates, and it will read out both gene expression by measuring the RNA levels and proteins through oligo-barcoded antibodies. It will also allow direct sequencing readout. For example, the variable regions in B cells and T cells. Really a unique capability that's not available on any systems that I'm aware of currently in development. Another important aspect of the PX platform will be the throughput. While most systems being launched today can run at a throughput of about one or two samples per day, this system will run 24 or 96 samples in one run. Currently, we have a small but robust R&D effort on this and are pushing this forward and are beginning a technology access program for which we've had overwhelming enthusiasm from leading academic institutions. We are just getting started on that this year. With that, I'm gonna turn it back over to Dalen to conclude. Thanks, Eli. To recap the four themes, also provide a few more comments on how we are gonna measure our success in 2023. Number one, we're shipping the G4. Things are going well with early customers. The feedback is positive. In 2023, we need to continue that momentum, grow our install base, support our customers to increase their utilization, and ultimately generate revenues. Number two, the sequencing opportunity is large and growing. We're bringing solutions to market that address the needs in some of the largest segments of that opportunity. We've got a good start with five systems. We need to continue validating the product fit at a larger scale as we increase the install base and the number of customers. Business execution, we're ramping our operations, manufacturing, and commercial capabilities. The focus in 2023 will be to continue producing reliable, high-quality products, but at a larger scale. Lastly, the innovation pipeline. We have a rich pipeline of new and innovative products, including, as Eli mentioned, new G4 consumable kits, content, and the PX Multiomics solution in development to expand the addressable opportunity. We look forward to sharing more about this throughout the year. Thanks. We'll turn it to Q&A. Great. Thank you for the wonderful presentation. Let's move to the Q&A, and if anybody has a question, raise your hand. I guess we could start with 4 Q. You guys pre-announced it already. Maybe you could talk about the dynamics you saw in the quarter, any qualitative color. I know you shipped four systems. five, sorry. Yeah. That's right. We announced pre-announced on Monday before the start of the conference that we closed out the year having shipped five systems. We're estimating revenue in Q4, approximately $700,000, and that represents three acceptances out of those five. We're very proud about that. You know, the team worked hard to finish on a strong note. It's a good start for us. Looking at just the profile of those five to give a little more color. You know, three of those were, you know, various academic core labs, and you saw some positive feedback in the testimonials in the deck. One was a commercial lab, and another one was a hospital research lab. Wonderful. I actually have a question online, so let's address it. What is the estimate price of the 30X whole genome sequencing? I'm sorry, estimated price of 30X whole genome sequencing? Yes. That's the question we got. Do you wanna take that? Our F3 flow cell was designed specifically to enable sequencing of a whole genome at 30X coverage without having to pool samples and batch. This really isn't intended for population scale sequencing at genome centers. This is really intended for clinical applications where you want a rapid whole genome. For example, in a NICU setting, there's often a need to understand a rare undiagnosed disease, and it would be ideally suited to that with a 19-hour turnaround time. That isn't our first application 'cause that's a life-critical application that you wouldn't wanna run on the first instrument you put out there. The... that is very much the design intent of the system, is that you could run up to four whole genomes, and you can choose to run one, two, three or four, depending on what you need, and produce those results in under a day. In terms of the cost, I think we have the price list, available. It's on the order of $1,000. Just maybe to add a little color, tying that back to the TAM, slides that we presented in the deck. You know, we think that that's some of the largest sections of the addressable opportunity for us. If you look, I think, you know, whole genome sequencing represented about, you know, 15% of the current market. Targeted panels, RNA-Seq, the applications that Eli mentioned, you know, are the vast majority, and that's, you know, really what I think the G4 is well suited for. Okay. You mentioned a little bit about this in your presentation, but what are the latest updates on the manufacturing delays? What timelines can you share with us? What has improved? What do you still need to work on? Sure, I can start and Eli can chime in. Yeah, as we mentioned, you know, I think we've done, you know, a good job to address, you know, some of the delays that we talked about late last year, right? There's, you know, kind of three, you know, categories of things that Eli mentioned. One, general parts availability from suppliers. Two, you know, kind of the reliability of the complex subcomponents, you know, from suppliers and those meeting our specs. Number three, just the integration and kind of final testing of assembly and final units before they go out to customers. I think the team's been working very hard to address all three. We feel, you know, good at the position we're in right now. We believe in the production and capacity ranges that we've previously talked about, and that, just to remind people, was, you know, two to four per month, kinda gradually increasing, over the course of the year, over time. We feel good about the position we're in. Yeah, I think that's a great summary. Okay. How should we think about revenue and cash burn for next year? Not asking you to guide, but maybe some qualitative color, especially given the number of moving pieces. Absolutely. The, the ranges that we've talked about, you know, really were meant to be, you know, kind of directional, help with modeling out, you know, revenue over the course of the year. From a cash and burn perspective, we had approximately $264 million of cash in short-term investments on the balance sheet at the end of September. You know, our quarterly burn has kind of trended, you know, about $25 million or so. We're intending to manage, you know, those existing resources to extend the cash runway out into the second half of 2025. Okay. Due to macro challenges, you, I believe, last quarter announced that you slowed OpEx growth to extend cash runway. What other levers are at your disposal to aid in cash preservation if needed? Yeah, absolutely. I mean, we feel good about the capital position. You know, we're well capitalized and we think we have a good, you know, operating plan to extend the cash out into, you know, 2.5, three years, as we talked about. Like many other companies in the space, you know, we're absolutely, you know, tightening the belt wherever we can, looking across, you know, every function as we set our budgets and our annual plan. You know, with that tightening of the belt, you know, comes trade-offs, right? For us, you know, the priority is absolutely on the G4. You know, when we had to think about the pace of incremental investment on the second product in the roadmap, that's where we had to make some trade-off decisions. As Eli mentioned, you know, we're still, you know, advancing that from a dedicated, you know, moderate team of R&D people, advancing the key initiatives there. We're building our beta systems, conducting the technology access program, and we will move that into an early access program. You know, if we weren't in a constrained kinda macro environment, would we, you know, accelerate investment there? Absolutely. Fair. Anything to add? No. I think it's a great summary. What are your expectations for G4 placements next year, and how does your current order book look, and how does it compare to internal expectations? Yeah, I think it's the same range that we've talked about, right? Our expectation for next year is, you know, kinda two to four per month, gradually increasing that, you know, over time. You know, the order book, you know, a good early look at, you know, kind of how things are shaping up from a customer profile perspective are the first five. You know, we've got, threone of those are academic cores, one commercial, one, you know, hospital research lab. Over time, as we establish, you know, a bigger install base, more customers, word of mouth, credibility around reliability and robustness of the system, you know, you could see a little bit of a shift, you know, more towards, you know, commercial labs. Right now it's a little more skewed on the academic side. You know, we'll see how that evolves over the course of the year as we put more systems out there. What are your, like, internal estimates for the potential consumer pull through for G4? Yeah, it's still early. We have, you know, an N of 5 on the placements out there, the customers are running them in their labs and, you know, early utilization has been positive. Some customers running once a week, some twice a week, multiple times. I mean, we're gonna have to see how the utilization patterns, you know, really evolve with these customers and, you know, our additional customers as we get more systems out. You know, one thing to keep in mind is just the pull-through potential. You know, given the additional power of the system as a reminder, you know, it's 2.5x the data output of an equivalent NextSeq 2000. If, you know, we're intending to price, you know, the core consumable kits, you know, anywhere up to 50% less than NextSeq today, you know, you can do the math on kind of what's possible from a pull-through potential. You know, we feel good about, you know, the opportunity on the pull-through side, and we'll see how customers' utilization patterns, you know, work out over the course of the year. Any questions in the audience? Okay. Did you biopharma spending cuts, you know, offer lease arrangements? How has the traction of leases been so far? Are you seeing any increased interest from customers who are significantly impacted by macro environment? I think our approach has been consistent from the get-go. You know, we're a new entrant. Our intent is to be flexible based on our customers' needs. What we've done is really arm the sales team with alternative models. You know, those include reagent rentals, leases, subscriptions. So they have kind of a toolkit of different, you know, mechanisms to go sell into the opportunities based on what the customer needs are. With that said, the vast majority of the customer discussions have been, and interest has been, you know, on the traditional CapEx instrument, upfront purchase, razor blade model. Okay. How are you prioritizing your go-to-market focus? Which customer segments are you prioritizing in the near term, medium term, and long term? Yeah. I think the sales and the commercial team have done a good job of just generating leads, you know, through their kind of field activities. You know, the top of the funnel is increasing from a marketing and sales lead and opportunity perspective, and the team's engaged to really try and work that through the funnel steps and sales cycle. The profile of those leads, you know, probably, you know, aligns fairly similarly with the first five. You know, there's a little bit of a skew on the academic side right now, but then, you know, the rest are really commercial, you know, commercial private type labs. Okay. Can I have a question? Go ahead. Is it me? Mm-hmm. As she's finished. I'm just curious about. She's giving you the mic. Thanks. I'm just a little bit curious about your spatial activity. You developed this new polymerase or modified it some way. Are you intending to do like sequencing by synthesis in those tissues? Or can you reveal something about it? Because I was thinking about the patent situation now with 10x buying, so from that perspective, could you comment on that? Yeah. if you feel that you're violating something there? Just so that we don't get confused between the G4 and the PX, that question's probably more targeted for the PX. Just on the G4, one of the applications is the readout of single-cell and spatial methods today as a sequencer, just like you would on another sequencer. There's that. Looking ahead to the PX, we are directly bringing sequencing in situ, meaning inside cells and tissue sections. That readout is designed to either, you know, measure RNA or proteins or even directly sequence variable regions, let's say cancer hotspot panels or immune repertoire, you know, VDJ regions for light and heavy chain, antibody genes or T-cell receptors. It has that multifaceted capability, and, it's quite different than anybody else is doing. Everybody else that I'm aware of is using labeled probes. It is quite a different technique. Coming back to your question about the enzymes and all that, the engineered polymerases that we've developed and have issued, I.P. on, those are the same enzymes that we would use in sequencing in that format as well. The IP situation, you're not worried about that? IP is a complex landscape. We're aware of it. I would say the same thing in the sequencing space is also a complex landscape and we're careful to, you know, chart the right path through that. Could you remind us when the early access of that system will be? I believe on the chart it was updated. Is it late 2023 or 2024 for PX? What we're starting right now, we're calling a technology access program. Just to explain what that is, because it can have many different meanings. It's really research collaborations with leading academics in the field. Together, we will decide on the panels of markers and apply it to particular human or mouse model case studies in spatial biology. Those samples will be sent to us and run internally, and the data provided back to the investigator. That'll be the technology access program. When we get to a point where we are comfortable sending our beta systems externally, that will be an early access program. We're not providing specific guidance on when that'll be. Okay. Given that one of your biggest competitors continues to reduce prices, how much buffer do you have to stay competitive for users? How much buffer do you have left? Yeah, maybe a couple thoughts on that. You know, a lot of the announcements, you know, on pricing, you know, I think we've talked a lot about it internally. It's largely geared towards the high throughput kinda NovaSeq end of the market, with whole genomes. That's just not the area of the market that we're, you know, currently going after with the G4, right? We're gonna compete squarely in that, you know, kinda bench top segment that Eli, you know, talked about. If you look at some of the latest, you know, numbers that Illumina released here earlier this week, you know, they shipped almost, you know, over 1,200 NextSeqs, you know, last year. Q4 was a record quarter, you know, for the system. The install bases is approaching 7,000 systems at this point. So it's still a very large and rapidly growing segment of the overall sequencing market. That's going to be where we compete. Our intent is to be cost competitive in some instances with the NextSeq, getting down to 50% less just from a direct consumable kit perspective. But we'll provide faster turnaround time, faster sequencing times, and the customer the ability to really scale down. They don't need to fill up a whole flow cell to get those economics They can get kinda the bite-size, you know, one flow cell or four flow cells based on whatever the needs of their experiment are. We really provide customer more, you know, for the money in addition to direct cost savings. Great. Thank you. I think we're at time, so thank you, everyone. Thank you.