Executed Full Commercial Launch of Platinum®
Instrument
Reaffirms Full Year 2024 Financial
Guidance
Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or
the “Company”), The Protein Sequencing Company™, today announced
financial results for the first quarter ended March 31, 2024.
Press Release Highlights
- Reported revenue of $457,000 in the first quarter of 2024
- Commenced its full commercial launch of its Platinum®
instrument at the end of March 2024
- On track to launch version 3 of its sequencing kit, which is
expected by the end of Q3 2024
- Announced addition of Paula Dowdy to the Board of
Directors
- Announced the release of a new version of Platinum® Analysis
Software
- Reaffirmed full year 2024 financial guidance
“We concluded our first quarter of 2024 with great momentum on
all fronts, including initiation of the full commercial launch of
Platinum. Now that we have emerged from a controlled launch, we
expect to generate steady quarter-over-quarter revenue growth as we
move forward for the rest of the year. In addition to initiating
our full commercial launch of Platinum in the first quarter, we
also secured our first government and pharma customers. While
academic research will remain an attractive market segment for the
company, we are excited about the momentum we are seeing in these
new market segments and the potential they represent for expanding
our instrument adoption and utilization in the future,” said Jeff
Hawkins, President and Chief Executive Officer of Quantum-Si.
Hawkins continued, “On the R&D front, we have made great
progress on version 3 of our sequencing kit and we continue to
expect to deliver it to the market by the end of Q3 2024. In
addition to our version 3 sequencing kit, we have made steady
progress on other development programs, including our library
preparation kit, instrumentation roadmap and analysis software
tools. Finally, we continue to enhance our Board of Directors, with
the recent addition of Paula Dowdy to our Board. Her extensive
global commercial experience, and specifically, her depth of
knowledge in the life sciences markets in EMEA, will be very
valuable as we progress with our full commercial launch of
Platinum.”
First Quarter 2024 Financial Results
At the end of the first quarter of 2024, the Company concluded
its controlled commercial launch of its Platinum® instrument,
recording revenue of $457,000 for the quarter. Gross profit was
$269,000 and gross margin was 59%. 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 $23.6 million in the first quarter
of 2024, compared to $29.3 million for the same period in the prior
year. Adjusted total operating expenses were $21.9 million in the
first quarter of 2024, compared to $24.6 million for the same
period in the prior year. Driven by the Company’s 2023 initiative
to enact operating changes to utilize capital in the most efficient
manner while accelerating R&D innovation and delivering product
enhancements to customers, the overall adjusted operating expenses
included reductions in R&D and G&A spend, partially offset
with increased spending for commercial operations. Overall, the
Company has been able to reduce core areas of spend while
accelerating R&D focus, efficiency, and delivery while still
funding the Company’s full commercial launch of its Platinum®
instrument.
Net loss was $19.5 million in the first quarter of 2024,
compared to a net loss of $23.6 million in the same period of the
prior year. Adjusted EBITDA was negative $20.5 million in the first
quarter of 2024, compared to negative $23.7 million in the same
period of 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 March 31, 2024, the Company’s cash and cash equivalents
and investments in marketable securities were $235.4 million.
2024 Financial Guidance
The Company reaffirms its full year 2024 financial guidance as
follows:
Revenue $3.7 - $4.2 million Adjusted total operating expenses Less
than $103 million Total cash usage Less than $100 million
The Company also maintains the expectation that the balance in
cash and cash equivalents and investments in marketable securities
of $235.4 million as of March 31, 2024 will provide a runway into
2026.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its first
quarter 2024 financial results on Thursday, May 9, 2024, 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 here 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 Company™, 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 quantum-si.com or
follow us on LinkedIn or X.
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 May 9, 2024.
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, its
anticipated cash runway and its financial guidance for the full
year 2024. 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 inability to
maintain the listing of the Company's Class A common stock on The
Nasdaq Stock Market; 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 Platinum®
protein sequencing instrument and kits 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 most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q 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 BALANCE
SHEETS
(in thousands, except share and
par value amounts)
(Unaudited)
March 31,
December 31,
2024
2023
Assets Current assets: Cash and cash equivalents
$
53,163
$
133,860
Marketable securities
182,268
123,876
Accounts receivable, net of allowance of $0 and $0, respectively
242
368
Inventory, net
4,946
3,945
Prepaid expenses and other current assets
3,756
4,261
Total current assets
244,375
266,310
Property and equipment, net
16,169
16,275
Internally developed software
496
532
Operating lease right-of-use assets
13,850
14,438
Other assets
695
695
Total assets
$
275,585
$
298,250
Liabilities and stockholders' equity Current
liabilities: Accounts payable
$
1,164
$
1,766
Accrued expenses and other current liabilities
5,198
8,277
Current portion of operating lease liabilities
1,610
1,566
Total current liabilities
7,972
11,609
Warrant liabilities
955
1,274
Operating lease liabilities
12,873
13,737
Other long-term liabilities
14
11
Total liabilities
21,814
26,631
Stockholders' equity Class A Common stock, $0.0001
par value; 600,000,000 shares authorized as of March 31, 2024 and
December 31, 2023; 121,878,989 and 121,832,417 shares issued and
outstanding as of March 31, 2024 and December 31, 2023,
respectively.
12
12
Class B Common stock, $0.0001 par value; 27,000,000 shares
authorized as of March 31, 2024 and December 31, 2023; 19,937,500
shares issued and outstanding as of March 31, 2024 and December 31,
2023.
2
2
Additional paid-in capital
768,898
767,239
Accumulated other comprehensive loss
(33)
-
Accumulated deficit
(515,108)
(495,634)
Total stockholders' equity
253,771
271,619
Total liabilities and stockholders' equity
$
275,585
$
298,250
QUANTUM-SI
INCORPORATED
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share
amounts)
(Unaudited)
Three months ended March 31,
2024
2023
Revenue Product $
428
$
251
Service
29
3
Total revenue
457
254
Cost of revenue
188
130
Gross profit
269
124
Operating expenses: Research and development
12,101
18,167
Selling, general and administrative
11,528
11,178
Total operating expenses
23,629
29,345
Loss from operations
(23,360)
(29,221)
Dividend and interest income
3,574
2,219
Gain on marketable securities, net
-
2,942
Change in fair value of warrant liabilities
319
391
Other (expense) income, net
(7)
58
Loss before provision for income taxes
(19,474)
(23,611)
Provision for income taxes
-
-
Net loss $
(19,474)
$
(23,611)
Net loss per common share attributable to common
stockholders, basic and diluted $
(0.14)
$
(0.17)
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
141,773
140,280
Other comprehensive loss: Net unrealized loss on
marketable securities, net of tax $
(28)
$
-
Foreign currency translation adjustment
(5)
-
Total other comprehensive loss, net of tax
(33)
-
Comprehensive loss $
(19,507)
$
(23,611)
QUANTUM-SI
INCORPORATED
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands)
(Unaudited)
Three months ended March 31,
2024
2023
Net loss
$
(19,474)
$
(23,611)
Adjustments to reconcile to EBITDA: Dividend and interest
income
(3,574)
(2,219)
Depreciation and amortization
1,061
803
EBITDA
(21,987)
(25,027)
Adjustments to reconcile to Adjusted EBITDA: Gain on
marketable securities, net
-
(2,942)
Change in fair value of warrant liabilities
(319)
(391)
Other expense (income), net
7
(58)
Stock-based compensation
1,609
3,908
Restructuring costs
143
813
Adjusted EBITDA
$
(20,547)
$
(23,697)
Three months ended March 31,
2024
2023
Total operating expenses
$
23,629
$
29,345
Adjustments to reconcile to Adjusted total operating
expenses: Stock-based compensation
(1,609)
(3,908)
Restructuring costs
(143)
(813)
Adjusted total operating expenses
$
21,877
$
24,624
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509328175/en/
Investor Contact Jeff Keyes, Chief Financial Officer
ir@quantum-si.com
Media Contact Katherine Atkinson, SVP of Commercial
Marketing media@quantum-si.com
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