Feb. 28, 2022--Quantum-Si Incorporated (Nasdaq: QSI)
(“Quantum-Si,” “QSI” or the “Company”), a life sciences company
commercializing single molecule protein sequencing, today announced
financial results for the fourth quarter and fiscal year ended
December 31, 2021.
Recent Business Highlights
- Announced the appointment of Dr. Jonathan Rothberg, Founder and
Executive Chairman of the Board, as Interim Chief Executive
Officer.
- Formed a new Scientific Advisory Board whose goal will be to
identify high-impact, routine applications for single molecule
protein sequencing across research, clinical, and diagnostics.
- Established list prices for our protein sequencing platform in
anticipation of commercial launch in 2022.
- Shared a technical manuscript on bioRxiv providing an overview
of Time Domain SequencingTM enabling massively-parallel single
molecule protein sequencing at individual amino acid resolution on
a semiconductor chip.
- Entered into a lease agreement for new headquarters in New
Haven, CT, close to Yale University.
- Ended 2021 with $471.3 million in cash and cash equivalents and
marketable securities and no debt, providing a sufficient runway to
make key investments in the business.
Fiscal Year 2021 Business Highlights
- Completed the business combination with HighCape Capital
Acquisition Corp. in June 2021, raising $511.2 million in proceeds
on the day of close.
- Scaled up the organization from 72 to 153 employees as of
December 31, 2021 to support future growth and strengthened the
leadership of the company with key additions to the executive team
and Board of Directors.
- 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).
- Acquired Majelac Technologies LLC, a provider of semiconductor
packaging and integrated circuit assembly services, to help secure
chip production for 2022 and beyond.
- Began operations at our new product development and operations
facility in San Diego, CA to accelerate product development and
commercial readiness.
- Added to the Nasdaq Biotechnology Index (Nasdaq: NBI) based on
the results of the annual reconstitution of the index in December
2021.
“There is a tremendous opportunity for Quantum-Si’s
first-of-its-kind, next-generation protein sequencing technology to
change the way we understand disease and immunology,” said Dr.
Jonathan Rothberg, Interim Chief Executive Officer. “While oncology
drove the adoption of next-generation DNA sequencing, we believe
that immunology, including our bodies’ responses to COVID-19, will
drive the adoption of next-generation protein sequencing. We
continue to make the progress needed to launch our technology in
2022, and with $471 million in the bank, Quantum-Si has a solid
foundation for success.”
Fourth Quarter 2021 Financial Results
Research and development expenses were $14.4 million in the
fourth quarter of 2021, compared to $6.4 million in the fourth
quarter of 2020. The increase was primarily due to higher personnel
costs as a result of increased headcount, including stock-based
compensation expense, as well as other internal and external
product development activities.
Selling, general and administrative expenses were $13.4 million
in the fourth quarter of 2021, compared to $3.2 million in the
fourth quarter of 2020. The increase was primarily due to higher
personnel costs, including stock-based compensation expense,
associated with the scale up of our organization and costs related
to being a public company.
Operating expenses were $27.8 million in the fourth quarter of
2021, compared to $9.5 million in the fourth quarter of 2020,
representing an increase of 191%.
Net loss was $29.4 million in the fourth quarter of 2021,
compared to a net loss of $9.5 million in the fourth quarter of
2020. Adjusted EBITDA was negative $20.4 million in the fourth
quarter of 2021, compared with negative $9.0 million in the fourth
quarter of 2020. Please see the reconciliation of non-GAAP adjusted
EBITDA to net loss in the table provided in this press release.
As of December 31, 2021, cash and cash equivalents and
marketable securities were $471.3 million.
Fiscal Year 2021 Financial Results
Research and development expenses were $46.6 million in 2021,
compared to $27.6 million in 2020. The increase was primarily due
to higher personnel costs as a result of increased headcount,
including stock-based compensation expense, as well as other
internal and external product development activities.
Selling, general and administrative expenses were $50.3 million
in 2021, compared to $9.1 million in 2020. The increase was
primarily due to higher personnel costs, including stock-based
compensation expense, associated with the scale up of our
organization and costs related to being a public company.
Operating expenses were $96.9 million in 2021, compared to $36.7
million in 2020, representing an increase of 164%.
Net loss was $95.0 million in 2021, compared to a net loss of
$36.6 million in 2020. Adjusted EBITDA was negative $64.0 million
in 2021, compared with negative $33.9 million in 2020. Please see
the reconciliation of non-GAAP adjusted EBITDA to net loss in the
table provided in this press release.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its fourth
quarter and fiscal year 2021 financial results on Monday, February
28, 2022, at 4:30 PM 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 662305. A live and archived webcast of the event will be
available on the Investors section of the Quantum-Si website under
Events & Presentations.
About Quantum-Si Incorporated
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 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
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 to assist readers of
its 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 several 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 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 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; our
ongoing leadership transition; 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 or 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 proxy statement/prospectus
relating to the business combination, including those under "Risk
Factors" therein, 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
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts) (Unaudited)
Three months ended December
31,
Years ended December
31,
2021
2020
2021
2020
Operating expenses: Research and development
$
14,385
$
6,381
$
46,575
$
27,555
General and administrative
12,166
2,827
46,377
7,984
Sales and marketing
1,239
327
3,956
1,152
Total operating expenses
27,790
9,535
96,908
36,691
Loss from operations
(27,790
)
(9,535
)
(96,908
)
(36,691
)
Interest expense
-
(4
)
(5
)
(9
)
Dividend income
1,808
2
2,549
97
Change in fair value of warrant liabilities
937
-
4,379
-
Other (expense), net
(4,377
)
(8
)
(5,004
)
(10
)
Loss before provision for income taxes
(29,422
)
(9,545
)
(94,989
)
(36,613
)
Provision for income taxes
-
-
-
-
Net loss and comprehensive loss
$
(29,422
)
$
(9,545
)
$
(94,989
)
$
(36,613
)
Net loss per common share attributable to common stockholders,
basic and diluted
$
(0.21
)
$
(1.78
)
$
(1.19
)
$
(6.84
)
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
137,364,475
5,369,437
79,578,540
5,355,463
QUANTUM-SI INCORPORATED
CONSOLIDATED BALANCE SHEETS (in thousands, except share and per
share amounts) (Unaudited)
December 31,
December 31,
2021
2020
Assets Current assets: Cash and cash equivalents
$
35,785
$
36,910
Marketable securities
435,519
-
Prepaid expenses and other current assets
5,868
948
Total current assets
477,172
37,858
Property and equipment, net
8,908
1,996
Goodwill
9,483
-
Other assets
690
-
Other assets - related party
-
738
Operating lease right-of-use assets
6,973
-
Total assets
$
503,226
$
40,592
Liabilities, convertible preferred stock and stockholders'
equity (deficit) Current liabilities: Accounts payable
$
3,393
$
1,329
Accrued expenses and other current liabilities
7,276
1,425
Short-term operating lease liabilities
859
-
Total current liabilities
11,528
2,754
Long-term liabilities: Warrant liabilities
7,239
-
Notes payable
-
1,749
Other long-term liabilities
206
-
Operating lease liabilities
7,219
-
Total liabilities
26,192
4,503
Commitments and contingencies Convertible preferred
stock Convertible preferred stock (Series A, B, C, D, and E)
$0.0001 par value with an aggregate liquidation preference of $0
and $216 as of December 31, 2021 and December 31, 2020,
respectively; 0 and 92,078,549 shares authorized as of December 31,
2021 and December 31, 2020, respectively; 0 and 90,789,268 shares
issued and outstanding as of December 31, 2021 and 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 of
December 31, 2021 and December 31, 2020, respectively; 118,025,410
and 5,378,287 shares issued and outstanding as of December 31, 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 December 31, 2021 and December 31, 2020,
respectively; 19,937,500 and 0 shares issued and outstanding as of
December 31, 2021 and December 31, 2020, respectively
2
-
Additional paid-in capital
744,252
12,517
Accumulated deficit
(267,232
)
(172,243
)
Total stockholders' equity (deficit)
477,034
(159,725
)
Total liabilities, convertible preferred stock and stockholders'
equity (deficit)
$
503,226
$
40,592
QUANTUM-SI INCORPORATED
RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (in
thousands) (Unaudited)
Adjusted EBITDA
Three months ended December
31,
Years ended December
31,
2021
2020
2021
2020
Net loss
$
(29,422
)
$
(9,545
)
$
(94,989
)
$
(36,613
)
Interest expense
-
4
5
9
Dividend income
(1,808
)
(2
)
(2,549
)
(97
)
Change in fair value of warrant liabilities
(937
)
-
(4,379
)
-
Other expense, net
4,377
8
5,004
10
Stock-based compensation expense
7,078
323
24,918
1,924
Depreciation
329
218
1,041
894
Transaction related costs - business combination
-
-
6,920
-
Adjusted EBITDA
$
(20,383
)
$
(8,994
)
$
(64,029
)
$
(33,873
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220228006009/en/
Investor Contacts Juan Avendano Mike Cavanaugh
ir@quantum-si.com
Media Contact Jon Yu QSI-PR@westwicke.com
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