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Quantum-Si Posts Higher Q3 Net Loss as It Preps for Commercial Launch

NEW YORK — Proteomics firm Quantum-Si reported after the market closed on Monday a jump in its net loss for the third quarter to $31.7 million versus a net loss of $18.1 million the year before.

Quantum-Si, which is developing a single-molecule protein sequencing instrument, reported no revenues in the quarter.

The Guilford, Connecticut-based firm's loss per share in the third quarter was $.23 per share, up from $.13 per share, in the year-ago quarter.

Its third quarter R&D spending climbed about 50 percent to $16.7 million from $11.1 million in Q3 last year, in part due to increased headcount, while SG&A expenses slipped 21 percent down to $11.0 million from $14.1 million in Q3 2021 on lower stock-based compensation following Quantum-Si's acquisition of semiconductor firm Majelac Technologies in late 2021.

At the end of September, Quantum-Si had cash and cash equivalents of $78.3 million and marketable securities of $293.8 million.

Looking ahead, the company said it now expects its 2022 operating expenses to grow between 25 percent and 30 percent year over year compared to previous guidance of 40 percent to 50 percent. Quantum-Si also said that it expects to begin shipping its Platinum protein sequencing instrument in the first quarter of next year.

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