NEW YORK – Single-molecule protein analysis firm Quantum-Si reported after the close of the market Thursday revenues of $400,000 for the fourth quarter.
The company posted $377,000 in product revenue from sales of its Platinum protein sequencing system and $23,000 in service revenue. It reported no revenue in the year-ago period.
For the three months ended Dec. 31, the Guilford, Connecticut-based firm's net loss was $22.0 million, or $.16 per share, compared to a net loss of $33.1 million, or $.24 per share, in the same quarter a year ago.
Quantum-Si's Q4 R&D spending was $16.4 million, down 10 percent from $18.2 million a year ago, while its SG&A expenses were $11.6 million, up 4 percent from $11.2 million in Q4 2022.
In Q3 2023, the company announced that it planned to operate in a "controlled commercial launch" mode following a strategic review of its R&D efforts. Quantum-Si President and CEO Jeff Hawkins said during a conference call following release of its Q4 financial results that the company anticipates full commercial launch of the Platinum system in Q1.
Hawkins added that Quantum-Si has expanded its commercial team to around 20 people in anticipation of the full commercial launch. He also said that the company has increased the list price of the Platinum instrument to $85,000.
Hawkins said Quantum-Si expects growth on a quarter-over-quarter basis throughout 2024.
In February, Quantum-Si launched its V2 protein sequencing kit and began shipping them to customers. The new kits feature a new amino acid recognizer, advanced analytical and inference tools to identify unknown proteins, and a threefold reduction in cost per amino acid. The company said it plans to launch a V3 kit by the end of Q3 2024.
For full-year 2023, the company reported revenue of approximately $1.1 million. It reported no revenue in 2022. Product revenue was $1.0 million, and service revenue was $51,000.
Net loss for full-year 2023 shrunk to $96.0 million, or $.68 per share, from $132.4 million, or $.95 per share, in 2022.
The company's 2023 R&D expenses fell 7 percent to $67.0 million from $72.1 million in 2022, while its SG&A expenses were $44.6 million, up 6 percent from $42.3 million.
Quantum-Si finished the year with $133.9 million in cash and cash equivalents and $123.9 million in marketable securities.
The company said it expects full-year 2024 revenue of between $3.7 million and $4.2 million. It expects adjusted total operating expenses to be less than $103 million and total cash usage to be less than $100 million.