About Standard BioTools

Standard BioTools Inc. provides reliable and repeatable insights in health and disease using its proprietary mass cytometry and microfluidics technologies, respectively that help transform scientific discoveries into better patient outcomes. The company has an established portfolio of essential, standardized next-generation technologies that help biomedical researchers develop medicines faster and better. The company works with leading academic, government, pharmaceutical, biotechnology, plant and animal research, and clinical laboratories worldwide, focusing on the most pressing needs in translational and clinical research, including oncology, immunology, and immunotherapy. The company’s tools provide insights in health and disease using its proprietary mass cytometry and microfluidics technologies, which serve applications in proteomics and genomics, respectively. Within proteomics the company’s mass cytometry technology is embodied in two analytical platforms: flow cytometry and tissue imaging or spatial biology. The company’s flow cytometry systems (Helios and CyTOF XT) deeply profile cell phenotype and function. Referenced by more than 2,200 peer-reviewed publications around the world, the company’s CyTOF technology has set a new standard in human immune profiling with its proprietary digital readout. The company’s spatial biology systems (Hyperion Imaging System and Hyperion+ Imaging System) enable highly multiplexed protein biomarker detection at a single cellular level in tissues and tumors while still preserving tissue architecture and cellular morphology information and without any autofluorescence artifacts by using its Imaging Mass Cytometry (IMC) technology. Within genomics, the company’s microfluidics technology with its proprietary Integrated Fluidic Circuits (IFCs) provides high throughput and automated workflows for quantitative polymerase chain reaction (PCR), gene expression, copy number variation analysis, and next-generation sequencing (NGS) library preparation. These automated systems are used to detect somatic and genomic variations from a range of different sample types which provide flexibility and proven analytical performance that customers need to meet the increasing demands of molecular biomarker analysis for diagnostics and research applications. Strategy One of the company’s top priorities is to grow its instrument, consumables and service revenue. The company established new growth strategies for its product lines. It continues to invest in research and development (R&D) to create and launch new products and has adopted best practice approaches to improve its lead generation and funnel management growth, among other things. The company’s second priority is to improve its operating discipline through the implementation of Standard BioTools Business Systems (SBS). The company is actively pursuing business development opportunities in the life sciences industry with consolidation and synergies expected to be a key growth driver to sustain the longer-term value proposition of the company. Products The company markets life science tools, including preparatory and analytical instruments, consumables, and software for single cell proteomics analysis via mass cytometry and tissue imaging and for genomics analysis via real-time polymerase chain reaction (PCR) and next-generation sequencing (NGS) library preparation. Single Cell Proteomics Analytical Systems Helios (a CyTOF System): The Helios mass cytometry system performs high-parameter (>50) single-cell analysis using antibodies conjugated to metal isotopes. CyTOF XT System: The CyTOF XT mass cytometry system performs highly automated high-parameter (>50) single-cell analysis using antibodies conjugated to metal isotopes. Hyperion Imaging System: The Hyperion Imaging System brings together imaging capability with proven high-parameter mass cytometry technology to enable the simultaneous detection of up to 40 protein markers in the spatial context of the tissue microenvironment. Hyperion+ Imaging System: The Hyperion+ Imaging System provides lower limits of detection and twice the speed to results as compared to the Hyperion Imaging System. Hyperion Tissue Imager: The Hyperion Tissue Imager scans tissues at 1 micron resolution. It can be purchased as an upgrade for the Helios system to enable imaging capability, then referred to as Hyperion Imaging System. Hyperion+ Tissue Imager: The Hyperion+ Tissue Imager scans tissues at twice the speed of the Hyperion. It can be purchased as an upgrade for the Helios system to enable imaging capability, then referred to as Hyperion+ Imaging System. Assays and Reagents Maxpar Reagents: Maxpar reagents are included in multiple product lines addressing needs in functional and phenotypic profiling of single cells, as well as nucleic acid detection. The product lines include more than 800 pre-conjugated antibodies, application-specific kits, and custom antibody labeling services. Maxpar Direct Immune Profiling Assay: The assay enables identification and characterization of 37 immune cell populations with automated software. The kit contains 30 pre-titrated antibodies provided in a dry single-tube format and is also compatible with additional expansion panels focusing on specific cell populations. Maxpar On Demand Reagents: Made to order conjugated antibodies, pre-verified and available with seven-day turn-around. Maxpar IMC Panel Kits for Immuno-oncology: Contains a mix of non-overlapping metal-conjugated antibodies to deeply profile tumor-infiltrating lymphocytes, immune cell activation states or tissue architecture. These new panels can be easily mixed and matched or combined as an 18-marker panel to broadly profile immune infiltrates. Genomics Preparatory Instruments Juno System: An integrated system that automates the preparation of RNA-seq and amplicon-based libraries for next-generation sequencing (NGS). Additionally, Juno automates microfluidic-based PCR workflows by processing IFCs prior to analysis on the Biomark HD System. IFC Controllers (HX, MX, and RX): Each controller is designed to work with specific IFC formats, such as IFC Controller MX- for priming and loading the 48.48 Dynamic Array IFC, the 12.765 Digital Array, IFC, the 48.770 Digital Array IFC, and qdPCR 37K; IFC Controller HX- for priming and loading the Flex Six Gene Expression IFC and Flex Six Genotyping IFC, 96.96 Dynamic Array IFC; and IFC Controller RX- for loading the 192.24 Gene Expression IFC, 192.24 Genotyping IFC, and the 24.192 Dynamic Array IFC for gene expression. Analytical Instruments Biomark HD System: Real-time PCR analytical instrument for microfluidics-based workflows using prepared IFCs. X9 Real-Time PCR System: Real-time PCR analytical instrument, including pre-processing steps for microfluidics-based workflows using IFCs. This system is designed to deliver the functionality of both the Juno and Biomark HD systems. Integrated Fluidic Circuits (IFCs) Library Preparation (LP) IFCs: LP and 48.Atlas IFCs for NGS LP supporting RNA-Seq and targeted amplicon-based sequencing. Juno Genotyping IFC: IFC designed for use with Juno that incorporates preamplification for genotyping of 96 samples and 96 markers in a single run. 96.96 GT Preamp IFC-X: IFC designed for use with X9 that incorporates preamplification for genotyping of 96 samples and 96 markers in single run. Dynamic Array IFCs: IFCs based on matrix architecture, allowing users to individually assay up to 24 samples against up to 192 assays, individually assay up to 48 samples against up to 48 assays, individually assay up to 96 samples against up to 96 assays, or individually assay up to 192 samples against up to 24 assays. Digital Array IFCs: IFCs based on partitioning architecture allowing users to individually assay up to 12 samples or panels across 765 chambers, or to individually assay up to 48 samples across 770 chambers per IFC. Flex Six IFC: IFC that incorporates six 12 X 12 partitions that can be organized in any configuration, in up to six separate experimental runs. Assays and Reagents Advanta RNA-Seq NGS Library Prep Kit: Integrated solution for automated NGS library prep. Used with the Juno system with the Advanta RNA-Seq reagents and 48.Atlas IFCs, supports simultaneous processing of up to 48 total RNA samples. Delta Gene and SNP Type Assays: Custom designed assays targeted to genomic regions of interest for gene expression. and genotyping. Access Array Target-Specific Primers and Targeted Sequencing Prep Primers: Custom designed assays for NGS library preparation using Access Array chemistry on the Access Array systems. Targeted DNA Seq Library Assays: Custom designed assays for NGS library preparation using Targeted DNA Sequencing Library Preparation chemistry on the Juno systems. The company launched two new analytical systems, the Hyperion+ Imaging System and the X9 System. The Hyperion+ Imaging System is a next generation imaging platform that brings twice the speed of its predecessor. The X9 combines the functionality of the Juno and the Biomark HD with improved workflow and performance. The Hyperion+ Imaging System is the company’s second-generation imaging instrument, designed to clearly see the how and where of cellular interaction with fast, sample to insight from clean quality data, even when working with highly autofluorescent tissues. The company continued to expand its Maxpar Direct Immune Profiling Assay panels for CyTOF. Maxpar antibodies and cell labeling reagents are available for use in flow cytometry. The company continued to deliver the Signature Q100 microfluidics platform to its OEM collaborator, Olink Holding AB. Technology Integrated Fluidic Circuits The company’s IFCs incorporate several different types of technology that together enable it to use multi-layer soft lithography (MSL) technology to rapidly design and deploy new microfluidic applications with commercial manufacturing processes. The first level of the company’s IFC technology is a library of components that perform basic microfluidic functions, such as pumps, mixers, single-cell capture chambers, separation columns, control logic, and reaction chambers. The second level of the company’s IFC technology comprises the architectures it has designed to exploit its ability to conduct thousands of reactions on a single IFC. The third level of the company’s IFC technology involves the interaction of its IFCs with the actual laboratory environment. Instrumentation and Software The company’s mass cytometry instrumentation technology includes a custom-designed inductively coupled plasma ion source, ion-optical and vacuum systems, and instrument control electronics. With the company’s CyTOF systems, individual cells are atomized, ionized, and extracted. A time-of-flight mass analyzer separates atomic ions of different mass-to-charge ratios, providing information on temporal distribution of ions. The company’s Imaging Mass Cytometry systems combine mass cytometry technology with imaging capability to enable simultaneous interrogation of up to 50 protein markers in the spatial context of the tissue microenvironment. The company’s systems have the ability to utilize up to 135 channels to detect additional parameters to meet future market needs. The company’s microfluidics-based X9 Real-Time PCR system includes its custom thermal cycler, a sophisticated fluorescence imaging system, and on-board scripting and protocol control software, and utilizes its IFC technology for a wide range automated genomics applications. The company also offers specialized software to manage and analyze the unusually large amounts of data produced by its systems. The company offers Cytobank, its cloud-based platform of analytical tools, FCS Express7 Flow, and Maxpar Pathsetter data analysis packages for use with the CyTOF systems. For its Imaging Mass Cytometry platform, Hyperion, the company offers various state of the art software packages to enable data analysis from basic to translational research: CyTOF Software 7.0, MCD Viewer, histoCAT, Visiopharm Phenomap and Indica Lab Halo. The company’s bioinformatic toolset, the Singular software, facilitates the analysis and visualization of single-cell gene expression data. More recently, it extended the scope of the toolset to include DNA analysis tools. Assays and Reagents The company manufactures over 800 metal-conjugated antibodies for use with its mass cytometry and Imaging Mass Cytometry instruments to allow detection of up to 48 protein targets simultaneously in a single cell for a total of more than 50 detected cellular parameters. The company’s metal-conjugated antibodies are manufactured using metal-chelating polymers, which are produced using proprietary polymerization processes and subsequent post-polymerization modifications. The company’s genotyping and single nucleotide polymorphism type (SNP Type) assay products consist of assay design and custom content delivery systems for gene expression and genotyping, respectively. These offerings provide alternatives to other available chemistries and allow customers to use IFCs in more flexible ways with validated assays for their targets of interest. Customers The company sells its instruments and consumables for research use only to leading academic research institutions, translational research and medicine centers, cancer centers, clinical research laboratories, and biopharmaceutical, biotechnology, and plant and animal research companies. Marketing, Sales, Service and Support The company distributes its systems through its direct sales force and support organizations located in North America, Europe, and the Asia-Pacific; and through distributors or sales agents in European, Latin American, the Middle Eastern, and the Asia-Pacific countries. The company’s sales and marketing efforts are targeted at laboratory directors and principal investigators at leading academic, translational research, healthcare consortiums, and biopharmaceutical companies who need reliable life science automation solutions to power their disease research with the goal of providing actionable insights. The company’s sales process often involves numerous interactions and demonstrations with multiple people within an organization. Some potential customers conduct in-depth evaluations of the system, including running experiments on its system and competing systems. In addition, in most countries, sales to academic or governmental institutions require participation in a tender process involving preparation of extensive documentation and a lengthy review process. As a result of these factors and the budget cycles of its customers, the company’s sales cycle, the time from initial contact with a customer to its receipt of a purchase order, can often be 12 months or longer. Research and Development The company’s research and development expenses were $38.5 million in 2022. Trademarks Fluidigm, the Fluidigm logo, 48.Atlas, Access Array, Advanta, Advanta EASE, Atlas, Biomark, Bringing new insights to life, C1, Callisto, Cell-ID, CyTOF, CyTOF XT, the CyTOF XT logo, D3, Delta Gene, Direct, Digital Array, Dynamic Array, EP1, EQ, FC1, Flex Six, Flow Conductor, FluiDesign, Helios, High-Precision 96.96 Genotyping, HTI, Hyperion, Hyperion+, IMC, Imaging Mass Cytometry, Immune Profiling Assay, Juno, Maxpar, MCD, MSL, Nanoflex, Open App, Pathsetter, Polaris, qdPCR 37K, Script Builder, Script Hub, Singular, SNP Trace, SNP Type, ‘Unleashing tools to accelerate breakthroughs in human health’, X9 Real Time PCR System, and Xgrade, are trademarks or registered trademarks of the company or its affiliates in the United States and/or other countries. Intellectual Property Patents As of December 31, 2022, the company owned or licensed more than 400 patents and had approximately 160 pending patent applications worldwide. The company’s utility patents have expiration dates ranging up to year 2039, and its design patents have expiration dates ranging up to year 2047. License Agreements The company has entered into licenses for technologies from various companies and academic institutions. Genomics Technologies: The company’s core Genomics technology originated at the California Institute of Technology (Caltech) in the laboratory of Professor Stephen Quake, who is a co-founder of Fluidigm (Standard BioTools Inc.). The company licenses genomics technology from Caltech, Harvard University, and Caliper Life Sciences, Inc. (Caliper), a PerkinElmer company. The company exclusively licenses from Caltech relevant patent filings relating to developed technologies that enable the production of specialized valves and pumps capable of controlling fluid flow at nanoliter volumes. The license agreement will terminate as to each country and licensed product upon expiration of the last-to-expire patent covering licensed products in each country. The U.S. issued patents the company has licensed from Caltech expire between now and year 2025. The company has entered into a co-exclusive license agreement with Harvard University for the license of relevant patent filings relating to genomics technology. The license agreement will terminate with the last-to-expire of the licensed patents. The U.S. issued patents the company has licensed from Harvard University expire between now and year 2027. Proteomics: Some of the intellectual property rights covering the company’s mass cytometry products were subject to a license agreement (the Original License Agreement) between Fluidigm Canada Inc. (Standard BioTools Canada Inc.), and PerkinElmer Health Sciences, Inc. (PerkinElmer). Under the Original License Agreement, Fluidigm Canada Inc, received an exclusive, royalty bearing, worldwide license to certain patents owned by PerkinElmer in the field of inductively coupled plasma (ICP) -based proteomics, including the analysis of elemental tagged materials in connection therewith (the Patents), and a non-exclusive license for reagents outside the field of ICP-based mass cytometry. In November 2015, the company entered into a patent purchase agreement with PerkinElmer pursuant to which it purchased the Patents and a patent assignment agreement pursuant to which PerkinElmer transferred and assigned to the company all rights, title, privileges, and interest in and to the Patents and the Original License Agreement. Accordingly, the company has no further financial obligations to PerkinElmer under the Original License Agreement. Contemporaneously with the purchase of the Patents, the company entered into a license agreement with PerkinElmer pursuant to which it granted PerkinElmer a worldwide, non-exclusive, fully paid-up license to the Patents in fields other than ICP-based mass analysis of atomic elements associated with a biological material, including any elements that are unnaturally bound, directly or indirectly, to such biological material (Mass Analysis) and the development, design, manufacture, and use of equipment or associated reagents for such Mass Analysis. The license will terminate on the last expiration date of the Patents, expected to be in November 2026, unless earlier terminated pursuant to the terms of the license agreement. InstruNor AS: In January 2020, the company completed the acquisition of InstruNor AS (InstruNor). InstruNor provided automated sample preparation solutions for proteomics and flow cytometry instrument markets and became part of the company’s proteomics business. Included in this acquisition were certain intellectual property portfolio assets consisted of patents and/or patent applications directed to various aspects of automated cell pretreatment instruments. The expiration dates for the issued patents in this patent portfolio extend to March 2033. Environmental Matters The Restriction on the Use of Certain Hazardous Substances in Electrical and Electronic Equipment Directive (RoHS), the Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH) and the Waste Electrical and Electronic Equipment Directive (WEEE), enacted in the European Union, regulate the use of certain hazardous substances, notification of customers of the presence of any substances of very high concern in products, and require the collection, reuse, and recycling of waste from, products the company manufactures. Certain products sold in these countries are subject to RoHS, REACH and WEEE requirements. History The company was founded in 1999. It was incorporated in 1999. The company was formerly known as Fluidigm Corporation and changed its name to Standard BioTools Inc. in 2022.

Country
Industry:
Laboratory Analytical Instruments
Founded:
1999
IPO Date:
02/10/2011
ISIN Number:
I_US34385P1084
Address:
2 Tower Place, Suite 2000, South San Francisco, California, 94080, United States
Phone Number
650 266 6000

Key Executives

CEO:
Egholm, Michael
CFO
Black, Jeffrey
COO:
Kim, Hanjoon