# EDGAR Filing Document

**Accession Number:** 0001837412
**File Stem:** 0001213900-23-023701
**Filing Date:** 2023-3
**Character Count:** 36851
**Document Hash:** f21611610078af50932b3faff9a9998b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-023701.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001213900-23-023701

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230324

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SomaLogic, Inc.
- **CENTRAL INDEX KEY:** 0001837412
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
- **IRS NUMBER:** 854298912
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40090
- **FILM NUMBER:** 23769916

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CORVEX MANAGEMENT LP
- **STREET 2:** 667 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10065
- **BUSINESS PHONE:** (212) 474 6724

**MAIL ADDRESS:**
- **STREET 1:** C/O CORVEX MANAGEMENT LP
- **STREET 2:** 667 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CM Life Sciences II Inc.
- **DATE OF NAME CHANGE:** 20201221

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 24, 2023

**SomaLogic, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40090** | **85-4298912** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **2945 Wilderness Place** **, Boulder, Colorado** | **80301** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(303) 625-9000**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.0001 par value per share | SLGC | The NASDAQ Stock Market LLC |
| Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share | SLGCW | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Conidtion.**

On March 28, 2023, SomaLogic, Inc. issued a press release announcing results for the fourth quarter ended December 31, 2022. A copy of the press release is furnished with this report as Exhibit 99.1.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*CEO Transition* 

 

Effective as of 5:00 p.m. ET on March 28, 2023 (the "Effective Time"), SomaLogic, Inc. (the "Company") appointed Adam Taich as its Interim Chief Executive Officer. Mr. Taich, age 48, joined the Company in November 2021 and has served as its Executive Vice President of Life Sciences, heading the Company's Life Sciences business since April 2022. Prior to that, Mr. Taich spent 19 years at ThermoFisher Scientific, a global supplier of scientific instrumentation, reagents, and software services, in various roles with increasing responsibilities, including as VP & General Manager – Molecular Biology, from 2020 to 2021, Vice President – Strategy and Business Development, from 2018 to 2020, VP & General Manager – Protein and Cell Analysis, from 2016 to 2018, VP & General Manager – Global Services and Support, from 2013 to 2016, and in various other roles from 2004 to 2013. In connection with Mr. Taich's appointment as Interim CEO, Troy Cox will step down as Executive Chair but will continue to serve as a member of the Company's Board of Directors (the "Board").

In connection with his appointment as Interim Chief Executive Officer, the Company provided Mr. Taich with an employment letter, pursuant to which Mr. Taich will be paid an annual base salary of $600,000. Mr. Taich will also be eligible for (i) a target annual bonus of 100% of his base salary, (ii) a one-time equity grant with an expected grant date notional value of $209,000 in the form of 95,000 stock options under the Company's 2021 Omnibus Incentive Plan, with the shares underlying the option vesting 25% one year after the grant date and the remaining shares vesting in equal monthly installments thereafter , and (iii) participation in the Company's Key Employee Severance Plan as a Tier 1 participant. Additionally, Mr. Taich is eligible to participate in the Company's executive benefits program, including insurance benefits and the Company's 401(k) and retirement plans. The foregoing summary of Mr. Taich's employment letter does not purport to be complete and is qualified in its entirety by the full text of the agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated herein by reference.

 

On March 28, 2023, the Company and Dr. Roy Smythe, the Company's Chief Executive Officer and a member of the Board, announced that Dr. Smythe will be resigning as the Company's Chief Executive Officer and as a member of the Board, effective as of the Effective Time, to pursue other opportunities. In connection with his departure, Dr. Smythe will be eligible for the benefits available under the Company's Key Employee Severance Plan (the "Plan") contemplated in the case of a "Qualifying Termination" for a Tier 1 participant under the Plan. Additionally, the Company and Dr. Smythe entered into a Separation Agreement and General Release (the "Separation Agreement"), which provides for, among other things, the following: (i) the Company has agreed that a "Change of Control Termination" under the Plan may occur "six months prior to, or twelve (12) months after" a "Termination Without Cause" or a resignation for "Good Reason" (as each is defined in the Plan); (ii) in the event of a "Qualifying Termination" that does not constitute a "Change in Control Termination" under the Plan, the Company will extend the exercise period for his vested options as of his departure date through the two-year anniversary thereof; and (iii) in the event that the Company undergoes a "Change in Control" (as defined in the Plan) within the six months following his departure date, the Company has agreed to (a) the payment of an additional six (6) months of base salary; (b) the payment of Dr. Smythe's full incentive bonus as contemplated in Section 4(a) of the Plan; (c) an extension of Dr. Smythe's "COBRA Payment Period" (as defined in the Plan) for an additional six (6) months; and (d) the acceleration of all of Dr. Smythe's outstanding and unvested compensatory equity awards subject to service-based vesting in accordance with Section 4(c)(i) of the Plan. In addition, Dr. Smythe has agreed to certain ongoing obligations and to provide certain releases and waivers as contained in the Separation Agreement. Dr. Smythe will not be entitled to any severance or any other arrangement following his separation except as provided in the Plan and his Separation Agreement The Company's management team and the Board of Directors would like to extend their thanks to Dr. Smythe for his years of service to the Company.

 

*Board Transitions*

Effective as of the Effective Time, the Company appointed Jason Ryan, Tom Carey, Kathy Hibbs, and Tycho Peterson to serve as members of the Board. The Board has not determined the committees to which the new members will be appointed. All of the new members will participate in the same compensation plans as the other non-employee members of the Board, as presently described under "Non-Employee Director Compensation" in the Company's proxy statement dated April 25, 2022 for its 2022 annual meeting of stockholders.

Mr. Ryan will serve as Chairman of the Board. He will also serve as a Class I director and stand for re-election at the 2025 annual meeting of stockholders. Mr. Ryan has decades of experience as a financial and operational leader across the life sciences industry and most recently served as Chief Financial Officer and Chief Operating Officer of Magenta Therapeutics. Mr. Carey will serve as a Class III director and stand for re-election at the Company's 2024 annual meeting of stockholders. Mr. Carey has over twenty-five years of experience in executive search and consulting within the life sciences sector and most recently served as founder and managing partner of the Perspective Group, a boutique life sciences board and executive search firm. Ms. Hibbs will serve as a Class II director and stand for re-election at the Company's 2023 annual meeting of stockholders. Ms. Hibbs has more than 20 years of experience in the clinical laboratory and medical device industries and currently serves as the Chief Administrative Officer for 23andMe. Mr. Peterson will also serve as a Class II director and stand for re-election at Company's the 2023 annual meeting of stockholders. Mr. Peterson was appointed Chief Financial Officer of Adaptive Biotechnologies last year and prior to that held a 23-year tenure with J.P. Morgan Chase & Co., where he served as Managing Director, life science tools and diagnostics in the health care group.

Effective March 27, 2023, Charles M. Lillis informed the Company of his retirement from the Board of Directors, effective immediately. The decision by Dr. Lillis to retire was due to and not due to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Company's management team and the Board of Directors would like to extend their thanks to Dr. Lillis for his service to the Board. Also effective March 27, 2023, Ted Meisel informed the Company of his retirement from the Board of Directors, effective immediately. The decision by Mr. Meisel to retire was due to and not due to any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Company's management team and the Board of Directors would like to extend their thanks to Mr. Meisel for his service to the Board.

**Item 7.01 Regulation FD Disclosure.**

On March 28, 2023, the Company issued a press release announcing, in addition to its results for the fourth quarter ended December 31, 2022, the changes to its management team and Board of Directors. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information furnished in Items 2.02, 7.01 and 9.01 to this Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 10.1 | [Employment Letter, dated March 24, 2023, between SomaLogic, Inc. and Adam Taich](ea175852ex10-1_somalogic.htm) |
| 99.1 | [Press release dated March 28, 2023](ea175852ex99-1_somalogic.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **SomaLogic, Inc.** | **SomaLogic, Inc.** |
| (Registrant) | (Registrant) |
| By: | /s/ Ruben Gutierrez |
| Name: | Ruben Gutierrez |
| Title: | General Counsel |

---

March 28, 2023

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

March 24, 2023<br> Adam Taich<br> Dear Adam:

We are pleased to appoint you to the position of **Interim Chief Executive Officer**. Your official transition date is **03/28/2023**.

**Compensation:** Your compensation package is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Salary</u>: Your
annual salary will be **$600,000** paid on a bi-weekly basis. As an exempt-level employee in accordance with federal and state regulations,
you are not eligible for overtime.

&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Bonus</u>: You will be eligible for an annual target bonus
of **100%** of eligible wages (before taxes and deductions).

&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Stock Options</u>: You will be eligible to receive an
equity award of **95,000** stock options subject to the approval of SomaLogic's Board of Directors. The equity award is subject
to the Terms and Conditions of SomaLogic's 2021 Omnibus Plan.

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Key Employee Severance Plan:</u> You will be eligible
to participate in our Key Employee Severance Plan as a **Tier 1** participant.

2) **Conditions of Your Employment:** All other terms and conditions of your employment remain the same.

We are excited about your opportunities with this new position at SomaLogic and look forward to a mutually beneficial relationship.

Best Regards,

Troy Cox

Executive Chair

## Exhibit 99.1

**Exhibit 99.1**

**SomaLogic Reports Fourth Quarter and Full Year 2022 Financial Results** 

**Announces Director Appointments and Management Evolution**

*●* *Adam Taich, EVP Life Sciences, promoted to interim CEO with a focus on operational execution* 

*●* *Board transition adds industry veterans: Jason Ryan as Chairman; Tycho Peterson, Kathy Hibbs, and Tom Carey as Independent Directors* 

*●* *Fourth quarter 2022 revenue of $18.8 million; full year 2022 revenue of $97.7 million* 

*●* *Full year 2023 revenue guidance of $80-84 million, reflecting 12-17% growth over 2022, excluding licensing revenue from New England Biolabs* 

*●* *Substantial balance sheet provides flexibility with cash and investments of $539.6 million at year-end 2022* 

*●* *Working with advisors to pursue offensive strategic options including transformational opportunities* 

*●* *Management to host a conference call today at 4:30 pm ET.* 

BOULDER, Colo. (March 28, 2023) – SomaLogic, Inc., a leader in proteomics technology, today reported financial results for the quarter and year ended December 31, 2022 and announced a management transition, as well as the appointment of four new members to the Board of Directors.

**Management and Board Transition**

 

Effective today, the Company has appointed Adam Taich, former Executive Vice President of Life Sciences, to the role of interim Chief Executive Officer. Roy Smythe, M.D, has stepped down from his role as Chief Executive Officer and board member, also effective today.

"SomaLogic has tremendous potential and since stepping into the role of Executive Chairman in October of last year, my focus has been to put management and the board in the best position and structure to realize that potential." said Troy Cox, Executive Chairman of the Board of Directors. "The announcements today cap that work, with the appointments of Adam Taich to interim Chief Executive Officer and four new independent board directors who are seasoned leaders in the industry. Jason Ryan as Chairman and Tycho Peterson, Kathy Hibbs, Tom Carey as directors." Troy continued, "On behalf of the board and company, we thank Roy for his contributions including advancing our technology and partnerships as well as overseeing our transition to a public company. We also thank Chuck Lillis and Ted Meisel who are stepping down from board positions, effective today."

Adam has over 20 years of experience in the life sciences and healthcare markets. His career has spanned a diverse set of roles, including general management, commercial, finance and corporate development. Prior to joining SomaLogic, Mr. Taich served as the global leader of the molecular biology business of Thermo Fisher Scientific. While at Thermo Fisher, he also led the protein and cell analysis business, strategy and corporate development for the life sciences group, and held a variety of commercial and finance roles earlier in his career.

"We are moving into a new and important chapter at SomaLogic and I am squarely focused on bringing improved operational discipline while managing for growth," said Adam Taich, interim Chief Executive Officer. "Since joining the company more than a year ago as Chief Business Officer, the team has proven that it can bring down costs while diversifying and scaling our revenue base. Beginning in the third quarter of last year, I took on broader responsibilities here at SomaLogic and believe we're building momentum to take advantage of the significant market opportunity before us. There is more work to do but we plan to continue to deliver with increased focus and execution while preserving cash."

Troy concluded, "At SomaLogic we are fortunate that we can not only expand our footprint in the burgeoning field of proteomics but we also are in a unique position to leverage our balance sheet and new board leadership to pursue strategic and transformational options for maximum shareholder value."

Jason Ryan joins SomaLogic as the company's Chairman of the Board, bringing decades of experience as a financial and operational leader across the life sciences industry. He most recently served as Chief Financial Officer (CFO) and Chief Operating Officer of Magenta Therapeutics, and prior to that he was CFO of Foundation Medicine. Jason holds additional board positions with GeneDx and Singular Genomics.

Tycho Peterson joins the board of SomaLogic after being appointed CFO of Adaptive Biotechnologies last year. Prior to Adaptive, Tycho held a 23-year tenure with J.P. Morgan Chase & Co., where he served as Managing Director, life science tools and diagnostics in the health care group. From his tenure, Tycho brings unique insights into the life sciences industry where disruptive technologies have driven a complete paradigm shift in diagnostics, tools and precision medicine.

Kathy Hibbs brings more than 20 years of expertise in the clinical laboratory and medical device industries to her new position as member of the board of directors. She currently serves as the Chief Administrative Officer for 23andMe. Prior to 23andMe, she served as General Counsel to Genomic Health and Monogram Biosciences and assisted with Monogram's 2009 acquisition by LabCorp. Kathy currently serves on the board of Sophia Genetics, and previously was a board member of Decipher Biosciences.

Tom Carey has over twenty-five years in executive search and consulting within the life sciences sector. Most recently, he served as founder and managing partner of the Perspective Group, a boutique life sciences board and executive search firm. Before founding the firm in 2015, Tom served as the Global Head of the Healthcare and Life Sciences Practice for Russell Reynolds Associates and leader of the Life Sciences Board Practice for Spencer Stuart. Tom was a public life sciences company CFO early in his career. He previously served as the Chair of the Board of Vital Biosciences and held an eight-year tenure on the board of Exact Sciences.

Troy Cox, who joined the board in April 2021 and served as Executive Chairman since October 2022, will transition back to independent board member.

**Fourth Quarter 2022 Financial Results**

Revenue for the three months ended December 31, 2022 was $18.8 million, an 18.1% decrease from $23.0 million in the corresponding period of 2021. The decrease was primarily driven by the recognition of $1.9 million of licensing revenue in the fourth quarter of 2021.

Gross margin for the three months ended December 31, 2022 was 31.1% compared to 54.5% for the corresponding period of 2021. The decrease was primarily driven by an increase in sample volume from Human Technopole (HTI) in the fourth quarter of 2022.

Research and development expenses grew by $11.4 million, and selling, general and administrative expenses grew by $8.1 million in the three-month period ended December 31, 2022 relative to the corresponding prior-year period.

Net loss was $49.3 million in the fourth quarter of 2022, or a loss of $0.26 per share, as compared to a loss of $23.3 million, or $0.13 per share, in the corresponding period of 2021.

Adjusted EBITDA was a loss of $49.9 million in the fourth quarter of 2022 compared with an adjusted EBITDA loss of $27.7 million in the corresponding period of 2021.

**Full Year 2022 Financial Results**

Revenue for the full year 2022 was $97.7 million, an increase of $16.1 million, or 20%, compared to the prior year. Growth was primarily due to the accounting recognition of future year licensing revenue minimums.

Full year 2022 gross margin was 55.6%, compared to 59.0% in the prior year, primarily driven by HTI sample volume.

Research and development expenses grew by $29.9 million in 2022 relative to the prior year, primarily driven by projects for content expansion and cost reduction, internal clinical studies, and increased headcount. Selling, general and administrative expenses grew by $78.6 million in 2022 relative to the prior year, primarily due to advisory and management services related to public company compliance and transactions, and commercial team expansion.

For the full year 2022, net loss was $109.2 million, or a loss of $0.59 per share, as compared to a net loss of $87.5 million, or $0.64 per share in the prior year.

For the full year 2022, adjusted EBITDA was a loss of $160.6 million compared with an adjusted EBITDA loss of $63.6 million in the corresponding period of the prior year. Please see the reconciliation of net loss to non-GAAP Adjusted EBITDA set forth below.

Cash, cash equivalents, and short-term investments were $539.6 million as of December 31, 2022.

**2023 Financial Guidance**

SomaLogic projects revenue for the full year 2023 to range from $80 million to $84 million.

**Webcast and Conference Call Details**

SomaLogic will host a conference call at 4:30 p.m. ET on Tuesday, March 28, 2023 to discuss its fourth quarter 2022 financial results. Those interested in listening to the conference call should register online here. Participants are encouraged to register more than 15 minutes before the start of the call. A live and archived version of the webcast will be available at https://investors.somalogic.com/.

**About SomaLogic**

SomaLogic (Nasdaq: SLGC) seeks to deliver precise, meaningful, and actionable health-management information that empowers individuals worldwide to continuously optimize their personal health and wellness throughout their lives. This essential information, to be provided through a global network of partners and users, is derived from SomaLogic's personalized measurement of important changes in an individual's proteins over time. For more information, visit www.somalogic.com and follow @somalogic on Twitter.

The SomaScan Platform is for Research Use Only (RUO) and has not been cleared or approved by the U.S. Food and Drug Administration for diagnostic or patient management purposes.

**Non-GAAP Financial Measures**

We present non-GAAP financial measures in order to assist readers of our consolidated financial statements in understanding the core operating results used by management to evaluate and run the business, as well as, for financial planning purposes. Our non-GAAP financial measure, Adjusted EBITDA, provides an additional tool for investors to use in comparing our financial performance over multiple periods.

Adjusted EBITDA is a key performance measure that our management uses to assess its operating performance. Adjusted EBITDA facilitates internal comparisons of our operating performance on a more consistent basis, and we use this measure for business planning, forecasting, and decision-making. We believe that Adjusted EBITDA enhances an investor's understanding of our financial performance as it is useful in assessing our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business.

Our Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate this measure in the same manner. Adjusted EBITDA is not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. When evaluating our performance, you should consider Adjusted EBITDA alongside other financial performance measures prepared in accordance with GAAP, including net loss.

**Forward Looking Statements Disclaimer**

This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements, other than statements of historical fact included in this press release, regarding our strategy, future operations, financial position, estimated revenues, projections, prospects, plans and objectives of management are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "forecast," "guidance," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "continue," "will likely result," "possible," "potential," "predict," "pursue," "target" and similar expressions, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward looking statements do not guarantee future performance and involve known and unknown risks, uncertainties and other factors. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including factors which are beyond SomaLogic's control. You should carefully consider these risks and uncertainties, including, but not limited to, those factors described under Part I, Item 1A – "Risk Factors" in our Annual Report on Form 10-K and other filings we make with the Securities and Exchange Commission. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SomaLogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company will not and does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**SomaLogic Contact**

Emilia Costales

720-798-5054

ecostales@somalogic.com

**Investor Contact**

Marissa Bych

Gilmartin Group LLC

investors@somalogic.com

**SomaLogic, Inc.<br> Condensed Consolidated Statements of Operations and Comprehensive Loss<br> Unaudited**

**(in thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br> December 31,** | **Three Months Ended <br> December 31,** | **Year Ended <br> December 31,** | **Year Ended <br> December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assay services revenue | $15733 | $19730 | $63038 | $68038 |
| &nbsp;&nbsp;&nbsp;Product revenue | 2025 | 547 | 4243 | 1277 |
| &nbsp;&nbsp;&nbsp;Collaboration revenue | 763 | 763 | 3051 | 3051 |
| &nbsp;&nbsp;&nbsp;Other revenue | 308 | 1954 | 27334 | 9260 |
| Total revenue | 18829 | 22994 | 97666 | 81626 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of assay services revenue | 12204 | 10234 | 41419 | 32782 |
| &nbsp;&nbsp;&nbsp;Cost of product revenue | 761 | 229 | 1945 | 681 |
| &nbsp;&nbsp;&nbsp;Research and development | 22589 | 11192 | 73444 | 43496 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 37756 | 29697 | 156619 | 77971 |
| Total operating expenses | 73310 | 51352 | 273427 | 154930 |
| Loss from operations | (54481) | (28358) | (175761) | (73304) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income and other, net | 4593 | 99 | 8049 | 263 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  | (1324) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 421 | 1159 | 30968 | (6952) |
| &nbsp;&nbsp;&nbsp;Change in fair value of earn-out liability | 121 | 3793 | 26870 | (1869) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt, net |  |  |  | (4323) |
| Total other income (expense) | 5135 | 5051 | 65887 | (14205) |
| Net loss before income tax benefit (provision) | $(49346) | $(23307) | $(109874) | $(87509) |
| Income tax benefit (provision) | 95 |  | 717 | (38) |
| Net loss | (49251) | (23307) | (109157) | (87547) |
| Other comprehensive loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized loss on available-for-sale securities | 450 | (61) | (424) | (68) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation loss | 11 | 1 | (17) | (2) |
| Total other comprehensive loss | $461 | $(60) | $(441) | $(70) |
| Comprehensive loss | (48790) | (23367) | (109598) | (87617) |
| Net loss per share, basic and diluted | $(0.26) | $(0.13) | $(0.59) | $(0.64) |
| Weighted-average shares used to compute net loss per share, basic and diluted | 186313420 | 181338298 | 183991643 | 137157283 |

---

**SomaLogic, Inc.<br> Condensed Consolidated Balance Sheets<br> Unaudited** 

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2022** | **December 31,<br> 2021** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $421830 | $439488 |
| &nbsp;&nbsp;&nbsp;Investments | 117758 | 218218 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 17006 | 17074 |
| &nbsp;&nbsp;&nbsp;Inventory | 13897 | 11213 |
| &nbsp;&nbsp;&nbsp;Deferred costs of services | 1337 | 462 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 9873 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 581701 | 691552 |
| Non-current inventory | 4643 | 4085 |
| Accounts receivable, net of current portion | 9284 |  |
| Property and equipment, net | 19564 | 9557 |
| Other long-term assets | 5083 | 908 |
| Intangible assets | 16700 |  |
| Goodwill | 10399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $647374 | $706102 |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $16794 | $15089 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 20678 | 11109 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 3383 | 3021 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 2477 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 43332 | 29285 |
| Warrant liabilities | 4213 | 35181 |
| Earn-out liability | 15 | 26885 |
| Deferred revenue, net of current portion | 31732 | 2364 |
| Other long-term liabilities | 5524 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 84816 | 94078 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding at December 31, 2022 and December 31, 2021 |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 600,000,000 shares authorized; 187,647,973 and 181,552,241 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 19 | 18 |
| Additional paid-in capital | 1171122 | 1110991 |
| Accumulated other comprehensive loss | (513) | (72) |
| Accumulated deficit | (608070) | (498913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 562558 | 612024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $647374 | $706102 |

---

**SomaLogic, Inc.**

**Reconciliation of net loss in accordance with GAAP to non-GAAP adjusted EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> December 31,** | **Three Months Ended <br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| <br>*(in thousands)* | **2022** | **2021** | **2022** | **2021** |
| **GAAP net loss** | $(49251) | $(23307) | $(109157) | $(87547) |
| **Non-GAAP EBITDA adjustments to net income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income and other, net | (4593) | (99) | (8049) | (263) |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  | 1324 |
| &nbsp;&nbsp;&nbsp;Income tax benefit (provision) | (95) |  | (717) | 38 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1681 | 660 | 4571 | 2569 |
| **EBITDA** | (52258) | (22746) | (113352) | (83879) |
| **Other non-GAAP adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment debt, net <sup>(1)</sup> |  |  |  | 4323 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities <sup>(2)</sup> | (421) | (1159) | (30968) | 6952 |
| &nbsp;&nbsp;&nbsp;Change in fair value of earn-out liability <sup>(3)</sup> | (121) | (3793) | (26870) | 1869 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense related to the secondary sale transaction <sup>(4)</sup> |  |  |  | 6461 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense related to equity modifications <sup>(5)</sup> |  |  | 7661 | 700 |
| &nbsp;&nbsp;&nbsp;Restructuring charges <sup>(6)</sup> | 2888 |  | 2888 |  |
| **Adjusted EBITDA** | $(49912) | $(27698) | $(160641) | $63574 |

---

<sup>(1)</sup> For the year ended December 31, 2021, represents the $5.2 million loss on extinguishment of debt as a result of the repayment of the Amended and Restated Credit Agreement in April 2021, the $2.7 million loss on extinguishment of debt as a result of the conversion of the Convertible Debt in July 2021, and offset by the $3.6 million gain on extinguishment of debt as a result of the forgiveness of the PPP loan in June 2021.

<sup>(2)</sup> Represents fair value adjustments to warrant liabilities.

<sup>(3)</sup> Represents fair value adjustments to earn-out liability.

<sup>(4)</sup> Represents a one-time non-cash stock-based compensation expense of $6.5 million related to the sale of stock and vested options by an employee to an economic interest holder in excess of fair value.

<sup>(5)</sup> Represents stock-based compensation expense related to equity modifications.

<sup>(6)</sup> Represents restructuring charges related to the Strategic Reorganization consisting of severance, other termination benefit costs, and non-cash stock-based compensation expense.