NEW YORK – Proteomics firm Quantum-Si reported after the close of market Thursday third quarter revenues of $223,000.
The Guilford, Connecticut-based firm reported product revenues of $216,000 and service revenues of $7,000. The company reported no revenues in the year-ago period.
During a conference call following release of its financial results, Quantum-Si President and CEO Jeff Hawkins said the company had completed a strategic review of its R&D efforts it announced last quarter, restructuring and refocusing the company's R&D strategy. He said the firm planned to operate in a "controlled commercial launch" mode until early 2024, after which it expects to transition to a "full commercial launch."
Hawkins said that as part of the strategic review Quantum-Si has decided to discontinue development of its Carbon sample preparation system. During the company's Q2 call, Hawkins had noted that some Quantum-Si customers had expressed interest in a more flexible sample prep approach that could be adapted to a wide range of sample types and experiments.
Quantum-Si's net loss in the third quarter was $24.7 million, or $.17 per share, down from $31.7 million, or $.23 per share, in the year-ago quarter.
Its third quarter R&D spending was down less than 1 percent to $16.6 million from $16.7 million in Q3 2022, while SG&A expenses were down 3 percent to $10.7 million from $11.0 million in Q3 2022.
As of Sept. 30, Quantum-Si had cash and cash equivalents of $93.8 million and marketable securities of $180.8 million.
Looking ahead, the company said it expects its full-year 2023 operating expenses to be roughly $100 million compared to $103.2 million in 2022. It said it believes its cash runway will extend into 2026.
In Friday morning trading on the Nasdaq, Quantum-Si shares were up 5 percent to $1.39.