NEW YORK – Proteomics firm Quantum-Si announced in a document filed Monday with the US Securities and Exchange Commission that it plans to lay off roughly 12 percent of its workforce in Q1 as part of a restructuring effort.
The company, which had 153 employees as of Dec. 31 — the last time it reported its headcount — said the move is intended to decrease costs and streamline its organization.
The firm will incur up to $1 million in costs related to the restructuring, primarily due to cash severance payments and other severance benefits.
Quantum-Si's stock has struggled since the company went public in 2021 via a merger with a special purpose acquisition company that valued the firm at $1.46 billion. The company's shares peaked at $20.49 in February of that year, ended 2021 at $7.87, and continued to trend downward throughout 2022. In Tuesday morning trading on the Nasdaq, Quantum-Si shares were up 2 percent to $2.19.
At the end of 2022, the company launched its first commercial product, its Platinum protein sequencing platform. During Quantum-Si's recent presentation at the 41st Annual JP Morgan Healthcare Conference, CEO Jeff Hawkins said the firm will concentrate on building out commercial operations to support the Platinum launch this year.