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Quantum-Si reported revenue of $457,000 for the first quarter of 2024 and initiated the full commercial launch of its Platinum® instrument. The company is on track to launch version 3 of its sequencing kit by the end of Q3 2024. Addition of Paula Dowdy to the Board of Directors and release of a new version of Platinum® Analysis Software were announced. Quantum-Si reaffirmed its full year 2024 financial guidance, with revenue expected to be between $3.7 - $4.2 million and total cash usage less than $100 million. The Company's cash and cash equivalents as of March 31, 2024, were $235.4 million, providing a runway into 2026.
Quantum-Si announced upgrades to its Platinum Analysis Software, improving data output and precision for Next-Generation Protein Sequencing. The enhancements include reduced processing time and increased accuracy, offering customers a 55% increase in peptide alignments, 9% rise in identifying unknown proteins, and a 70% cut in analysis time.