NEW YORK – Single-molecule proteomics firm Quantum-Si reported on Monday after the close of the market that its first quarter net loss more than tripled year over year as the pre-revenue company continued preparations to market its next-generation protein sequencing platform.
For the three months ended March 31, the Guilford, Connecticut-based firm's net loss grew to $35.2 million, or $.25 per share, compared to a net loss of $11.8 million, or $2.13 per share, in the same quarter a year ago.
Quantum-Si used approximately 138.6 million shares to calculate per-share loss in the recently completed quarter compared to about 5.5 million shares a year ago. The firm debuted on the Nasdaq last June after closing a business combination transaction with special-purpose acquisition company HighCape Capital Acquisition.
The company announced Monday that it has appointed Patrick Schneider president and chief operating officer, succeeding Michael McKenna, who will remain as executive VP of product development and operations. Schneider was previously senior VP of strategy, business development and innovation, and chair of the life sciences innovation board at MilliporeSigma.
On a conference call following release of the Q1 results, Jonathan Rothberg, Quantum-Si's founder and interim CEO, said that Schneider will help with management of the company's day-to-day operations as the firm continues its search for a permanent CEO.
Rothberg said the company continues to target the second half of the year for commercial launch of its proteomics platform, which consists of two modules, a sample preparation component called Carbon and a semiconductor chip-based analyzer called Platinum.
He said that "commercial builds" for the Platinum instruments "are in progress" and that the company has "received a number of units from our contract manufacturer."
He added that Quantum-Si has completed the technology transfer to the Garnet Valley, Pennsylvania, facility for the scale up of semiconductor chip production. The company acquired the facility with its purchase last year of semiconductor firm Majelac Technologies.
Rothberg also said the company was working with multiple vendors to secure consumables for the system and had placed advanced orders for key components.
He also highlighted the publication during the quarter of an application note demonstrating the use of Quantum-Si's platform to analyze variants of the Alzheimer's biomarker β-amyloid.
Quantum-Si's R&D spending more than doubled to $18.8 million from $8.0 million a year ago, while its SG&A expenses more than doubled to $8.4 million from about $3.8 million.
Rothberg said the company's headcount increased during the quarter by 22 people to 175 employees.
Quantum-Si finished the quarter with $35.0 million in cash and cash equivalents and $399.8 million in marketable securities.
In Tuesday morning trading on the Nasdaq, Quantum-Si's stock was up 4 percent to $3.64.