Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or
the “Company”), The Protein Sequencing CompanyTM, today announced
financial results for the third quarter ended September 30,
2023.
Third Quarter Highlights
- Recorded revenue of $223,000 in the third quarter of 2023 as
the Company continued its previously communicated controlled
commercial launch of its Platinum instrument
- Completed a strategic review of research and development
(“R&D”) programs and organizational design; resulting changes
will focus development on rapid delivery of capabilities and
applications with the highest customer demand
- First customer data presented in an October webinar titled
“Next-generation protein sequencing platform: Advances in protein
identification and characterization”
- Further strengthened the Board of Directors with the addition
of independent director Amir Jafri
- Scaling commercial activities to support a full commercial
launch in early 2024
“During the third quarter we completed our previously
communicated strategic review of R&D and made some necessary
changes. These changes have positioned us well to focus our R&D
efforts on delivering the product improvements and enhancements
that our customers are seeking,” said Jeff Hawkins, President and
Chief Executive Officer. “I would like to emphasize that the
changes we made, while resulting in lower expenses, are not
expected to negatively impact R&D output. We believe that our
new organizational structure and focused set of R&D initiatives
will lead to greater R&D effectiveness and result in the
accelerated delivery of new capabilities and applications to our
customers in 2024 and beyond. Though the initial signs of our
realignment are very encouraging, we are still evolving in our new
operating structure. As we had planned, we expect to continue to
operate in our controlled commercial launch status until early
2024, at which point we anticipate transitioning to a full
commercial launch.”
Third Quarter 2023 Financial Results
During the third quarter of 2023, the Company continued its
controlled commercial launch of its Platinum instrument, recording
revenue of $223,000. Gross profit was $108,000 and gross margin was
48%. For the nine months ended September 30, 2023, the Company
recorded revenue of $682,000, gross profit of $310,000, and gross
margin of 45%. The periodic gross margin rate is expected to be
variable in the near term as the Company works through the initial
stages of commercialization as well as the timing and mix of
product sales between instruments and consumable kits.
Total operating expenses were $27.3 million in the third quarter
of 2023, compared to $27.7 million for the same period in the prior
year, and $83.6 million for the nine months ended September 30,
2023, compared to $85.0 million for the same period in the prior
year. Adjusted total operating expenses were $23.9 million in the
third quarter of 2023, compared to $23.6 million for the same
period in the prior year, and adjusted total operating expenses for
the nine months ended September 30, 2023, was $72.6 million
compared to $77.9 million for the same period in the prior
year.
Net loss was $24.7 million in the third quarter of 2023,
compared to a net loss of $31.7 million in the same period of the
prior year, and a net loss of $73.9 million for the nine months
ended September 30, 2023, compared to a net loss of $99.3 million
for the same period in the prior year. Adjusted EBITDA was negative
$22.6 million in the third quarter of 2023, compared to negative
$22.9 million in the same period of the prior year, and negative
$69.2 million for the nine months ended September 30, 2023,
compared to negative $76.1 million for the same period in the prior
year. A reconciliation of the non-GAAP financial measures adjusted
total operating expenses and adjusted EBITDA is provided in a table
included in this press release.
As of September 30, 2023, cash and cash equivalents and
investments in marketable securities were $274.6 million.
2023 Financial Outlook
- The Company expects its full year 2023 adjusted total operating
expenses to be approximately $100 million compared to $103.2
million for 2022
- The Company maintains the expectation that the balance in cash
and cash equivalents and investments in marketable securities of
$274.6 million as of September 30, 2023 will provide a runway into
2026
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its third
quarter 2023 financial results on Thursday, November 9, 2023, at
4:30 p.m. Eastern Time. Individuals interested in listening to the
conference call may do so by joining the live webcast in the
Investors section of the Quantum-Si website under Events &
Presentations. Alternatively, individuals can register online to
receive a dial-in number and personalized PIN to participate in the
call. An archived webcast of the event will be available for replay
following the event.
About Quantum-Si Incorporated
Quantum-Si, The Protein Sequencing CompanyTM, is focused on
revolutionizing the growing field of proteomics. The Company's
suite of technologies is powered by a first-of-its-kind
semiconductor chip designed to enable next-generation
single-molecule protein sequencing and digitize proteomic research
in order to advance drug discovery and diagnostics beyond what has
been possible with DNA sequencing. Learn more at
www.quantum-si.com.
Use of Non-GAAP Financial Measures
This press release presents the non-GAAP financial measures
“adjusted total operating expenses” and “adjusted EBITDA.” The most
directly comparable measures for these non-GAAP financial measures
are total operating expenses and net loss. The Company has included
below adjusted total operating expenses, which presents the
Company’s total operating expenses after excluding goodwill
impairment, stock-based compensation and restructuring costs. In
addition, adjusted EBITDA further excludes interest, taxes,
depreciation, amortization, dividend income, unrealized and
realized gains and losses on marketable securities, changes in fair
value of warrant liabilities and other income or expense.
A discussion of the reasons why management believes that the
presentation of non-GAAP financial measures provides useful
information to investors regarding the Company’s financial
condition and results of operations is included as Exhibit 99.2 to
the Company’s Current Report on Form 8-K filed with the Securities
and Exchange Commission (the “SEC”) on November 9, 2023.
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. The actual
results of the Company may differ from its expectations, estimates,
and projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company's expectations with respect to future performance and
development and commercialization of products and services and its
anticipated cash runway. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from those discussed in the
forward-looking statements. Most of these factors are outside the
Company's control and are difficult to predict. Factors that may
cause such differences include, but are not limited to: the impact
of COVID-19 on the Company's business; the inability to maintain
the listing of the Company's Class A common stock on The Nasdaq
Stock Market; the ability to recognize the benefits of business
combination, which may be affected by, among other things,
competition and the ability of the Company to grow and manage
growth profitably and retain its key employees; the Company's
ongoing leadership transitions; changes in applicable laws or
regulations; the ability of the Company to raise financing in the
future; the success, cost and timing of the Company's product
development and commercialization activities; the commercialization
and adoption of the Company’s existing products and the success of
any product the Company may offer in the future; the potential
attributes and benefits of the Company’s commercialized PlatinumTM
protein sequencing instrument and the Company’s other products once
commercialized; the Company's ability to obtain and maintain
regulatory approval for its products, and any related restrictions
and limitations of any approved product; the Company's ability to
identify, in-license or acquire additional technology; the
Company's ability to maintain its existing lease, license,
manufacture and supply agreements; the Company's ability to compete
with other companies currently marketing or engaged in the
development or commercialization of products and services that
serve customers engaged in proteomic analysis, many of which have
greater financial and marketing resources than the Company; the
size and growth potential of the markets for the Company's products
and services, and its ability to serve those markets once
commercialized, either alone or in partnership with others; the
Company's estimates regarding future expenses, future revenue,
capital requirements and needs for additional financing; the
Company's financial performance; and other risks and uncertainties
described under "Risk Factors" in the Company’s Annual Report for
the fiscal year ended December 31, 2022, and in the Company's other
filings with the SEC. The Company cautions that the foregoing list
of factors is not exclusive. The Company cautions readers not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made. The Company does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
QUANTUM-SI
INCORPORATED
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and
per share amounts)
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
Revenue:
Product
$
216
$
-
$
654
$
-
Service
7
-
28
-
Total revenue
223
-
682
-
Cost of revenue
115
-
372
-
Gross profit
108
-
310
-
Operating expenses:
Research and development
16,587
16,675
50,588
53,905
Selling, general and administrative
10,696
10,983
33,010
31,093
Total operating expenses
27,283
27,658
83,598
84,998
Loss from operations
(27,175
)
(27,658
)
(83,288
)
(84,998
)
Dividend income
2,572
1,381
7,274
3,288
Unrealized gain (loss) on marketable
securities
1,953
(4,240
)
8,302
(20,384
)
Realized loss on marketable securities
(1,901
)
(1,348
)
(6,489
)
(2,399
)
Change in fair value of warrant
liabilities
(162
)
137
(81
)
5,121
Other income (expense), net
(15
)
15
370
70
Loss before provision for income
taxes
(24,728
)
(31,713
)
(73,912
)
(99,302
)
Provision for income taxes
-
-
-
-
Net loss and comprehensive loss
$
(24,728
)
$
(31,713
)
$
(73,912
)
$
(99,302
)
Net loss per common share attributable to
common stockholders, basic and diluted
$
(0.17
)
$
(0.23
)
$
(0.52
)
$
(0.71
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders, basic and
diluted
141,660,018
139,542,660
141,154,110
139,057,663
QUANTUM-SI
INCORPORATED
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share and
per share amounts)
(Unaudited)
September 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
93,822
$
84,319
Marketable securities
180,803
266,990
Accounts receivable, net of allowance for
estimated credit losses of $0 and $0, respectively
466
-
Inventory, net
2,325
-
Prepaid expenses and other current
assets
7,392
6,873
Total current assets
284,808
358,182
Property and equipment, net
17,606
16,849
Internally developed software
627
-
Operating lease right-of-use assets
14,354
15,757
Other assets
701
697
Total assets
$
318,096
$
391,485
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
2,056
$
3,903
Accrued expenses and other current
liabilities
7,428
10,434
Current portion of operating lease
liabilities
1,523
1,369
Total current liabilities
11,007
15,706
Warrant liabilities
1,077
996
Other long-term liabilities
19
-
Operating lease liabilities
13,928
16,077
Total liabilities
26,031
32,779
Commitments and contingencies
Stockholders' equity
Class A Common stock, $0.0001 par value;
600,000,000 shares authorized as of September 30, 2023 and December
31, 2022; 121,790,534 and 120,006,757 shares issued and outstanding
as of September 30, 2023 and December 31, 2022, respectively
12
12
Class B Common stock, $0.0001 par value;
27,000,000 shares authorized as of September 30, 2023 and December
31, 2022; 19,937,500 shares issued and outstanding as of September
30, 2023 and December 31, 2022
2
2
Additional paid-in capital
765,637
758,366
Accumulated deficit
(473,586
)
(399,674
)
Total stockholders' equity
292,065
358,706
Total liabilities and stockholders'
equity
$
318,096
$
391,485
QUANTUM-SI
INCORPORATED
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands)
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
Net loss
$
(24,728
)
$
(31,713
)
$
(73,912
)
$
(99,302
)
Adjustments to reconcile to
EBITDA:
Dividend income
(2,572
)
(1,381
)
(7,274
)
(3,288
)
Depreciation and amortization
1,170
729
3,063
1,789
EBITDA
$
(26,130
)
$
(32,365
)
$
(78,123
)
$
(100,801
)
Adjustments to reconcile to Adjusted
EBITDA:
Unrealized (gain) loss on marketable
securities
(1,953
)
4,240
(8,302
)
20,384
Realized loss on marketable securities
1,901
1,348
6,489
2,399
Change in fair value of warrant
liabilities
162
(137
)
81
(5,121
)
Other (income) expense, net
15
(15
)
(370
)
(70
)
Stock-based compensation
1,141
4,043
6,914
7,099
Restructuring costs
2,251
-
4,131
-
Adjusted EBITDA
$
(22,613
)
$
(22,886
)
$
(69,180
)
$
(76,110
)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
Total operating expenses
$
27,283
$
27,658
$
83,598
$
84,998
Adjustments to reconcile to Adjusted
total operating expenses:
Stock-based compensation
(1,141
)
(4,043
)
(6,914
)
(7,099
)
Restructuring costs
(2,251
)
-
(4,131
)
-
Adjusted total operating
expenses
$
23,891
$
23,615
$
72,553
$
77,899
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109679224/en/
Investor Contact Jeff Keyes, CFO ir@quantum-si.com
Media Contact Katherine Atkinson, SVP, Commercial
Marketing media@quantum-si.com
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