Quantum-Si Continues Momentum and Accelerates
Commercialization Efforts
Quantum-Si Incorporated (NASDAQ: QSI) (“Quantum-Si” or the
“Company”), a life sciences tools company commercializing a unique
protein sequencing platform, today announced financial results for
the quarter ended September 30, 2021 and provided a business
update.
Recent Highlights
- Expanded Early Access program to ten, with five additional
sites, and participation from leading academic centers and key
industry partners
- Accelerated efforts to create an application ecosystem around
our platform through external partnerships, including the Ecole
Superieure de Physique et de Chimie Industrielles (ESPCI) in Paris
and Protein Evolution, Inc. (PEI)
- Began operations at the new product development and operations
facility in San Diego, CA and made critical hires to accelerate
product development and commercial readiness
- Entered into a definitive agreement to acquire Majelac
Technologies LLC, a provider of semiconductor packaging and
integrated circuit assembly services, to help secure chip
production heading into 2022 and beyond.
“In the third quarter, we made significant progress across our
core foundational goals and accelerated all phases of commercial
efforts,” said John Stark, Chief Executive Officer. “We now have a
total of 10 sites in our Early Access program and are encouraged by
the increasing enthusiasm within the scientific community as we
move from known protein confirmation to resolution at variant and
structural levels. We are well capitalized to pursue our mission to
transform the field of single molecule protein sequencing by
leveraging our unique Time Domain Sequencing approach and look
forward to sharing our progress over the next quarters.”
Third Quarter 2021 Financial Results
Operating expenses were $25.2 million in the third quarter of
2021, compared to $8.6 million in the third quarter of 2020,
representing an increase of 194%.
Research and development expenses for the third quarter of 2021
were $11.1 million compared to $6.7 million in the third quarter of
2020. The increase was driven primarily by increased headcount, and
internal and external product development activities.
Selling, general and administrative expenses for the third
quarter of 2021 were $14.1 million, compared to $1.9 million in the
third quarter of 2020. The increase was driven primarily by
personnel costs, stock-based compensation expense and costs
associated with being a public company.
Net loss for the third quarter of 2021 was $18.1 million
compared to a net loss of $8.6 million during the third quarter of
2020. Adjusted EBITDA was negative $17.5 million in the third
quarter of 2021 compared with negative $7.8 million in the same
period in 2020. Please see the reconciliation of non-GAAP Adjusted
EBITDA to net loss below.
As of September 30, 2021, cash and cash equivalents and
marketable securities were $500.2 million.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its third
quarter 2021 financial results and provide a business update on
November 11, 2021, at 8:30 AM Eastern Time. Interested parties may
access the conference call by dialing (844) 200-6205 (U.S. domestic
callers) or (929) 526-1599 (All other locations) and using access
code 397843. The call will be webcast live and will be available
for replay on the Investors section of Quantum-Si’s website under
Events & Presentations.
About Quantum-Si
Founded by Dr. Jonathan Rothberg in 2013, Quantum-Si 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 single-molecule
next-generation protein sequencing, and digitize proteomic research
in order to advance drug discovery and diagnostics beyond what has
been possible with DNA sequencing.
Non-GAAP Financial Measures
In addition to providing financial measurements that have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”), the Company
provides additional financial metrics that are not prepared in
accordance with U.S. GAAP (“non-GAAP”). The non-GAAP financial
measure included in this press release is Adjusted EBITDA. The
Company presents non-GAAP financial measures in order to assist
readers of its condensed consolidated financial statements in
understanding the core operating results that its management uses
to evaluate the business and for financial planning purposes. The
Company’s non-GAAP financial measure, Adjusted EBITDA, provides an
additional tool for investors to use in comparing its financial
performance over multiple periods.
Adjusted EBITDA is a key performance measure that the Company’s
management uses to assess its operating performance. This non-GAAP
measure facilitates internal comparisons of the Company’s operating
performance on a more consistent basis. The Company uses this
performance measure for business planning purposes and forecasting.
The Company believes that Adjusted EBITDA enhances an investor’s
understanding of the Company’s financial performance as it is
useful in assessing its operating performance from period-to-period
by excluding certain items that the Company believes are not
representative of its core business.
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 U.S. GAAP and should not be considered in isolation
of, or as an alternative to, measures prepared in accordance with
U.S. GAAP. When evaluating the Company’s performance, you should
consider Adjusted EBITDA alongside other financial performance
measures prepared in accordance with U.S. GAAP, including net
loss.
The non-GAAP financial measure does not replace the presentation
of the Company’s U.S. GAAP financial results and should only be
used as a supplement to, not as a substitute for, the Company’s
financial results presented in accordance with U.S. GAAP. In this
press release, the Company has provided a reconciliation of
Adjusted EBITDA to net loss, the most directly comparable U.S. GAAP
financial measure. A reconciliation of Adjusted EBITDA to
corresponding U.S. GAAP measures is not available on a
forward-looking basis because the Company is unable to predict with
reasonable certainty the non-cash component of employee
compensation expense, changes in its working capital needs, the
impact of earnings or charges resulting from matters the Company
considers not to be reflective, on a recurring basis, of its
ongoing operations, and other such items without unreasonable
effort. These items are uncertain, depend on various factors, and
could be material to the Company’s results computed in accordance
with U.S. GAAP. Management strongly encourages investors to review
the Company’s financial statements and publicly-filed reports in
their entirety and not rely on any single financial measure.
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. These
forward-looking statements involve significant risks and
uncertainties that could cause 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
shares of Class A common stock on The Nasdaq Stock Market LLC; the
ability to recognize the anticipated benefits of the recently
completed 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; 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
potential attributes and benefits of the Company's products and
services; 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 and commercialization of products and services that the
Company is developing; the size and growth potential of the markets
for the Company's future products and services, and its ability to
serve those markets, either alone or in partnership with others;
the pricing of the Company's products and services following
anticipated commercial launch; 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 indicated from time to time in the
Company's filings with the U.S. Securities and Exchange Commission.
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,
2021
2020
2021
2020
Operating expenses: Research and development
$
11,104
$
6,655
$
32,190
$
21,174
General and administrative
12,989
1,631
34,211
5,157
Sales and marketing
1,082
266
2,717
825
Total operating expenses
25,175
8,552
69,118
27,156
Loss from operations
(25,175)
(8,552)
(69,118)
(27,156)
Interest expense
-
(4)
(5)
(5)
Dividend income
739
2
741
95
Change in fair value of warrant liabilities
6,975
-
3,442
-
Other (expense), net
(630)
(3)
(627)
(2)
Loss before provision for income taxes
(18,091)
(8,557)
(65,567)
(27,068)
Provision for income taxes
-
-
-
-
Net loss and comprehensive loss
$
(18,091)
$
(8,557)
$
(65,567)
$
(27,068)
Net loss per common share attributable to commonstockholders, basic
and diluted
$
(0.13)
$
(1.60)
$
(1.09)
$
(5.06)
Weighted-average shares used to compute net loss pershare
attibutable to common stockholders, basic and diluted
136,456,848
5,360,497
60,104,891
5,350,771
QUANTUM-SI
INCORPORATED
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands,
except share and per share amounts)
(Unaudited)
September 30, December 31,
2021
2020
Assets Current assets: Cash and cash equivalents
$
62,103
$
36,910
Marketable securities
438,102
-
Prepaid expenses and other current assets
4,997
948
Total current assets
505,202
37,858
Property and equipment, net
4,207
1,996
Other assets
117
-
Other assets - related party
-
738
Total assets
$
509,526
$
40,592
Liabilities, convertible preferred stock and stockholders'
equity (deficit) Current liabilities: Accounts payable
$
3,172
$
1,329
Accrued expenses and other current liabilities
4,024
1,425
Total current liabilities
7,196
2,754
Long-term liabilities: Warrant liabilities
8,176
-
Notes payable
-
1,749
Other long-term liabilities
239
-
Total liabilities
15,611
4,503
Commitments and contingencies Convertible preferred
stock Convertible preferred stock (Series A, B, C,
D, and E) $0.0001 par value with an aggregateliquidation preference
of $0 and $216 as of September 30, 2021 and December 31,
2020,respectively; 0 and 92,078,549 shares authorized as of
September 30, 2021 and December 31,2020, respectively; 0 and
90,789,268 shares issued and outstanding as of September 30,
2021and December 31, 2020, respectively
-
195,814
Stockholders' equity (deficit) Class A Common stock, $0.0001
par value; 600,000,000 and 90,000,000 shares authorized as
ofSeptember 30, 2021 and December 31, 2020, respectively;
116,717,990 and 5,378,287 sharesissued and outstanding as of
September 30, 2021 and December 31, 2020, respectively
12
1
Class B Common stock, $0.0001 par value; 27,000,000 and 0 shares
authorized as of September30, 2021 and December 31, 2020,
respectively; 19,937,500 and 0 shares issued and outstandingas of
September 30, 2021 and December 31, 2020, respectively
2
-
Additional paid-in capital
731,711
12,517
Accumulated deficit
(237,810)
(172,243)
Total stockholders' equity (deficit)
493,915
(159,725)
Total liabilities, convertible preferred stock and stockholders'
equity (deficit)
$
509,526
$
40,592
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,
2021
2020
2021
2020
Net loss
$
(18,091)
$
(8,557)
$
(65,567)
$
(27,068)
Interest expense
-
4
5
5
Dividend income
(739)
(2)
(741)
(95)
Change in fair value of warrant liabilities
(6,975)
-
(3,442)
-
Other expense, net
630
3
627
2
Stock-based compensation expense
7,396
493
17,840
1,601
Depreciation
264
222
712
676
Transaction related costs
-
-
7,383
-
Adjusted EBITDA
$
(17,515)
$
(7,837)
$
(43,183)
$
(24,879)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110006284/en/
Investor Contacts Juan Avendano VP of Investor Relations
javendano@quantum-si.com Mike Cavanaugh ICR Westwicke (617)
877-9641 ir@quantum-si.com Media Contact Cammy Duong ICR
Westwicke (203) 682-8380 QSI-PR@westwicke.com
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