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Classified in: Health, Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Quantum-Si Reports Second Quarter 2022 Financial Results


Aug. 08, 2022 -- Quantum-Si Incorporated (Nasdaq: QSI) ("Quantum-Si," "QSI" or the "Company"), a life sciences company commercializing the first next-generation, single-molecule protein sequencing platform, today announced financial results for the second quarter ending June 30, 2022.

Recent Business Highlights

"During the first half of 2022, with our intense focus on execution and supply chain strengthening, we have continued on our path forward toward the commercial launch of Quantum-Si's PlatinumTM instrument," said Dr. Jonathan Rothberg, Founder and Interim Chief Executive Officer. "Our first-of-its-kind, next-generation protein sequencing technology will unlock a new understanding of disease, illuminate better paths to health, and like next-generation DNA sequencing before it, impact all of life science research."

Second Quarter 2022 Financial Results

Research and development expenses were $18.5 million in the second quarter of 2022, compared to $13.1 million in the second quarter of 2021. The increase was primarily due to higher internal and external product development activities and higher personnel costs as a result of increased headcount.

Selling, general and administrative expenses were $11.7 million in the second quarter of 2022, compared to $19.1 million in the second quarter of 2021. The decrease was primarily the result of lower transaction costs associated with the business combination that took place last year, partially offset by an increase in compensation and costs associated with being a public company.

Operating expenses were $30.2 million in the second quarter of 2022, compared to $32.2 million in the second quarter of 2021, representing a decrease of 6%.

Net loss was $32.4 million in the second quarter of 2022, compared to a net loss of $35.7 million in the second quarter of 2021. Adjusted EBITDA was negative $25.8 million in the second quarter of 2022, compared to negative $15.0 million in the second quarter of 2021. Please see the reconciliation of non-GAAP adjusted EBITDA to net loss in the table provided in this press release.

As of June 30, 2022, cash and cash equivalents and investments in marketable securities were $400.7 million.

Webcast and Conference Call Information

Quantum-Si will host a conference call to discuss its second quarter 2022 financial results on Monday, August 8, 2022, at 4:30 PM Eastern Time. Individuals interested in listening to the conference call may do so through the live webcast on 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 will be available for replay following the event.

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 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

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 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 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 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 described under "Risk Factors" in the Company's Annual Report for the fiscal year ended December 31, 2021, 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 June 30,

 

Six months ended June 30,

 

2022

 

2021

 

2022

 

2021

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

18,459

 

$

13,114

 

$

37,230

 

$

21,086

Selling, general and administrative

 

11,741

 

 

19,050

 

 

20,110

 

 

22,857

Total operating expenses

 

30,200

 

 

32,164

 

 

57,340

 

 

43,943

Loss from operations

 

(30,200)

 

 

(32,164)

 

 

(57,340)

 

 

(43,943)

Interest expense

 

-

 

 

(5)

 

 

-

 

 

(5)

Dividend income

 

1,052

 

 

2

 

 

1,907

 

 

2

Change in fair value of warrant liabilities

 

2,337

 

 

(3,533)

 

 

4,984

 

 

(3,533)

Other (expense) income, net

 

(5,603)

 

 

3

 

 

(17,140)

 

 

3

Loss before provision for income taxes

 

(32,414)

 

 

(35,697)

 

 

(67,589)

 

 

(47,476)

Provision for income taxes

 

-

 

 

-

 

 

-

 

 

-

Net loss and comprehensive loss

$

(32,414)

 

$

(35,697)

 

$

(67,589)

 

$

(47,476)

Net loss per common share attributable to common stockholders, basic and diluted

$

(0.23)

 

$

(0.97)

 

$

(0.49)

 

$

(2.23)

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

139,000,261

 

 

36,890,502

 

 

138,811,146

 

 

21,296,162

 

QUANTUM-SI INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)

 

 

June 30,
2022

 

December 31,
2021

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

81,272

 

$

35,785

Marketable securities

 

319,398

 

 

435,519

Prepaid expenses and other current assets

 

4,436

 

 

5,868

Total current assets

 

405,106

 

 

477,172

Property and equipment, net

 

12,562

 

 

8,908

Goodwill

 

9,483

 

 

9,483

Other assets

 

690

 

 

690

Operating lease right-of-use assets

 

15,411

 

 

6,973

Total assets

$

443,252

 

$

503,226

Liabilities and stockholders' equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

2,370

 

$

3,393

Accrued expenses and other current liabilities

 

7,912

 

 

7,276

Short-term operating lease liabilities

 

1,150

 

 

859

Total current liabilities

 

11,432

 

 

11,528

Long-term liabilities:

 

 

 

 

 

Warrant liabilities

 

2,255

 

 

7,239

Other long-term liabilities

 

-

 

 

206

Operating lease liabilities

 

16,070

 

 

7,219

Total liabilities

 

29,757

 

 

26,192

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 119,244,128 and 118,025,410 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

12

 

 

12

Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 19,937,500 shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

2

 

 

2

Additional paid-in capital

 

748,302

 

 

744,252

Accumulated deficit

 

(334,821)

 

 

(267,232)

Total stockholders' equity

 

413,495

 

 

477,034

Total liabilities and stockholders' equity

$

443,252

 

$

503,226

 

QUANTUM-SI INCORPORATED
RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands)
(Unaudited)
Adjusted EBITDA

 

 

Three months ended June 30,

 

Six months ended June 30,

 

2022

 

2021

 

2022

 

2021

Net loss

$

(32,414)

 

$

(35,697)

 

$

(67,589)

 

$

(47,476)

Adjustments to reconcile to EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

-

 

 

5

 

 

-

 

 

5

Dividend income

 

(1,052)

 

 

(2)

 

 

(1,907)

 

 

(2)

Depreciation

 

608

 

 

235

 

 

1,060

 

 

448

EBITDA

$

(32,858)

 

$

(35,459)

 

$

(68,436)

 

$

(47,025)

Adjustments to reconcile to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

(2,337)

 

 

3,533

 

 

(4,984)

 

 

3,533

Other expense (income), net

 

5,603

 

 

(3)

 

 

17,140

 

 

(3)

Stock-based compensation

 

3,770

 

 

9,987

 

 

3,056

 

 

10,444

Transaction related costs - business combination

 

-

 

 

6,920

 

 

-

 

 

6,920

Adjusted EBITDA

$

(25,822)

 

$

(15,022)

 

$

(53,224)

 

$

(26,131)

 


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