|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
(Address of principal executive offices)
|
(Zip Code)
|
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))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each
exchange on
which registered
|
||
|
|
|
||
|
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits.
|
Exhibit
No.
|
Description
|
|
Press Release dated May 9, 2024
|
||
Use of Non-GAAP Financial Measures
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
QUANTUM-SI INCORPORATED
|
||
By:
|
/s/ Jeffry Keyes
|
|
Name:
|
Jeffry Keyes
|
|
Title:
|
Chief Financial Officer
|
|
Date: May 9, 2024
|
●
|
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
|
Revenue
|
$3.7 - $4.2 million
|
Adjusted total operating expenses
|
Less than $103 million
|
Total cash usage
|
Less than $100 million
|
March 31,
2024
|
December 31,
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
|
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
|
)
|
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
|
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