Quantum-Si Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Quantum-Si (Nasdaq: QSI) reported its Q4 and fiscal year 2021 results, revealing significant increases in operating expenses totaling $27.8 million in Q4, leading to a net loss of $29.4 million. For the fiscal year, total net loss reached $95.0 million, up from $36.6 million in 2020. The company ended the year with $471.3 million in cash and equivalents, positioning it well for upcoming product launches in 2022. They formed a new Scientific Advisory Board, expanded staff from 72 to 153, and entered strategic partnerships to enhance research applications.
- Company ended 2021 with $471.3 million in cash, indicating strong financial positioning.
- Successfully completed the business combination with HighCape Capital, raising $511.2 million.
- Expanded workforce from 72 to 153 employees, supporting future growth.
- Formed a new Scientific Advisory Board to enhance applications of protein sequencing technology.
- Operating expenses rose to $96.9 million in 2021, up 164% from 2020.
- Net loss increased significantly to $95.0 million for the fiscal year, compared to $36.6 million in 2020.
- Adjusted EBITDA was negative $64.0 million for 2021, compared to negative $33.9 million in the previous year.
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 toYale University . -
Ended 2021 with
$471.3 million
Fiscal Year 2021 Business Highlights
-
Completed the business combination with
HighCape Capital Acquisition Corp. inJune 2021 , raising$511.2 million -
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) inParis andProtein 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.
Fourth Quarter 2021 Financial Results
Research and development expenses were
Selling, general and administrative expenses were
Operating expenses were
Net loss was
As of
Fiscal Year 2021 Financial Results
Research and development expenses were
Selling, general and administrative expenses were
Operating expenses were
Net loss was
Webcast and Conference Call Information
About
Use of Non-GAAP Financial Measures
In addition to providing financial measurements that have been prepared in accordance with accounting principles generally accepted in
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
The non-GAAP financial measure does not replace the presentation of the Company’s
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
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||||||||||||||||
Three months ended |
|
Years ended |
||||||||||||||
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 |
|
||||
|
||||||||
|
|
|
||||||
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 |
|
||
|
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) |
|
- |
|
|
195,814 |
|
||
| Stockholders' equity (deficit) | ||||||||
| Class A Common stock, |
|
12 |
|
|
1 |
|
||
| Class |
|
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 |
|
||
|
||||||||||||||||
Adjusted EBITDA |
||||||||||||||||
Three months ended |
|
Years ended |
||||||||||||||
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
ir@quantum-si.com
Media Contact
QSI-PR@westwicke.com
Source:
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