NEW YORK – Protein sequencing firm Quantum-Si is laying off 23 percent of its 187-person workforce, according to a filing with the US Securities and Exchange Commission last week.
The company said it is making the cuts in order to "streamline and focus its overall corporate resources, as well as align required resources to focus on future product development objectives, including its recently announced Proteus platform."
Quantum-Si provided details on the Proteus platform for the first time during its investor day last week. The system is meant to be a proteome-scale protein sequencing platform, allowing the company to move beyond its current focus on targeted protein sequencing assays.
In connection with the restructuring, Quantum-Si expects one-time cash charges of approximately $2.3 million related to severance and other benefits in 2024 and another $300,000 in the first six months of 2025. It also expects to recognize a noncash expense of approximately $200,000 related to stock option modifications over the remainder of 2024.
The company said it plans to "substantially complete the restructuring" by the end of the year.
During a conference call earlier this month following the release of Quantum-Si's Q3 2024 results, President and CEO Jeff Hawkins said the firm had failed to hit internal revenue targets for the quarter and was unlikely to reach its full-year 2024 revenue guidance of between $3.7 million and $4.2 million.
At the beginning of November, the company received a notice from the Nasdaq that it no longer meets the minimum bid price requirement for listing on the exchange, as its stock had closed below $1.00 per share for 30 consecutive business days.
Following the announcement of its plans for the Proteus system on Nov. 20, the company's shares more than doubled, closing at $1.39, after closing at $.63 on Nov. 19. In Monday morning trading on the Nasdaq, Quantum-Si's shares were down 4 percent to $1.56.