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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HighCape Capital Acquisition Corporation | NASDAQ:CAPA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.68 | 10.67 | 10.75 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
85-1388175
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
530 Old Whitfield Street
|
||
Guilford, Connecticut
|
06437
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbols(s)
|
Name of each exchange on which registered
|
||
Class A common stock, $0.0001 per share
|
QSI
|
The Nasdaq Stock Market LLC
|
||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share
|
QSIAW
|
The Nasdaq Stock Market LLC
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☒
|
Smaller reporting company
|
☒
|
Emerging growth company
|
☐
|
Page
|
||
3
|
||
|
||
Part I
|
4
|
|
Item 1.
|
4
|
|
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
Item 2.
|
23
|
|
Item 3.
|
31
|
|
Item 4.
|
31
|
|
Part II
|
32
|
|
Item 1.
|
32
|
|
Item 1A.
|
32
|
|
Item 2.
|
32
|
|
Item 3.
|
32
|
|
Item 4.
|
32
|
|
|
||
Item 5.
|
32
|
|
Item 6.
|
33
|
|
34
|
● |
the ability to recognize the benefits of the Business Combination, which may be affected by, among other things, competition and our ability to grow and manage
growth profitably and retain our key employees;
|
● |
the ability to maintain the listing of our Class A common stock on The Nasdaq Stock Market LLC (“Nasdaq”);
|
● |
changes in applicable laws or regulations;
|
● |
our ability to raise financing in the future;
|
● |
the success, cost and timing of our product development activities;
|
● |
the commercialization and adoption of our existing products and the success of any product we may offer in the future;
|
● |
our manufacturing capabilities;
|
● |
the potential attributes and benefits of our commercialized Platinum™ protein sequencing instrument and our other products once commercialized;
|
● |
our ability to obtain and maintain regulatory approval for our products, and any related restrictions and limitations of any approved product;
|
● |
our ongoing leadership transition;
|
● |
our ability to identify, in-license or acquire additional technology;
|
● |
our ability to maintain our existing license agreements and manufacturing arrangements;
|
● |
our ability to compete with other companies currently marketing or engaged in the development of products and services that serve customers engaged in
proteomic analysis, many of which have greater financial and marketing resources than us;
|
● |
the size and growth potential of the markets for our products, and the ability of each product to serve those markets once commercialized, either alone or in
partnership with others;
|
● |
our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;
|
● |
our financial performance; and
|
● |
the impact of the COVID-19 pandemic on our business.
|
March 31,
2023 |
December 31,
2022 |
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
81,660
|
$
|
84,319
|
||||
Marketable securities
|
240,432 | 266,990 | ||||||
Accounts receivable, net
|
82 | - | ||||||
Inventory, net
|
1,708 | - | ||||||
Prepaid expenses and other current assets
|
6,135
|
6,873
|
||||||
Total current assets
|
330,017
|
358,182
|
||||||
Property and equipment, net
|
18,203
|
16,849
|
||||||
Internally developed software |
887 | - | ||||||
Other assets | 697 | 697 | ||||||
Operating lease right-of-use assets
|
15,221
|
15,757
|
||||||
Total assets
|
$
|
365,025
|
$
|
391,485
|
||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
2,657
|
$
|
3,903
|
||||
Accrued expenses and other current liabilities
|
6,033
|
10,434
|
||||||
Short-term operating lease liabilities
|
1,406 | 1,369 | ||||||
Total current liabilities
|
10,096
|
15,706
|
||||||
Long-term liabilities:
|
||||||||
Warrant liabilities
|
605
|
996
|
||||||
Other long-term liabilities
|
24
|
-
|
||||||
Operating lease liabilities
|
15,297 | 16,077 | ||||||
Total liabilities
|
26,022
|
32,779
|
||||||
Commitments and contingencies (Note 15)
|
||||||||
Stockholders’ equity
|
||||||||
Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of March 31,
2023 and December 31, 2022;
121,559,340 and 120,006,757
shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
|
12
|
12
|
||||||
Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of March 31,
2023 and December 31, 2022;
19,937,500 shares issued and outstanding as of March 31, 2023 and December 31, 2022
|
2
|
2
|
||||||
Additional paid-in capital
|
762,274
|
758,366
|
||||||
Accumulated deficit
|
(423,285
|
)
|
(399,674
|
)
|
||||
Total stockholders’ equity
|
339,003
|
358,706
|
||||||
Total liabilities and stockholders’ equity
|
$
|
365,025
|
$
|
391,485
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Revenue:
|
||||||||
Product
|
$ | 251 | $ | - | ||||
Service
|
3 | - | ||||||
Total revenue
|
254 | - | ||||||
Cost of revenue
|
130 | - | ||||||
Gross profit |
124 | - | ||||||
Operating expenses:
|
||||||||
Research and development
|
18,167
|
|
18,771
|
|||||
Selling, general and administrative
|
11,178
|
8,369
|
||||||
Total operating expenses
|
29,345
|
27,140
|
||||||
Loss from operations
|
(29,221
|
)
|
(27,140
|
)
|
||||
Dividend income
|
2,219 | 855 | ||||||
Change in fair value of warrant liabilities
|
391
|
2,647
|
||||||
Other income (expense), net
|
3,000
|
(11,537
|
)
|
|||||
Loss before provision for income taxes
|
(23,611
|
)
|
(35,175
|
)
|
||||
Provision for income taxes
|
-
|
-
|
||||||
Net loss and comprehensive loss
|
$
|
(23,611
|
)
|
$
|
(35,175
|
)
|
||
Net loss per common share attributable to common stockholders, basic and diluted
|
$
|
(0.17
|
)
|
$
|
(0.25
|
)
|
||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
|
140,280,332
|
138,619,929
|
Class A
common stock
|
Class B
common stock
|
Additional
paid-in
|
Accumulated | Total stockholders’ | ||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
deficit
|
equity
|
||||||||||||||||||||||
Balance - December 31, 2021
|
118,025,410
|
$
|
12
|
19,937,500
|
$
|
2
|
$
|
744,252
|
$
|
(267,232
|
)
|
$
|
477,034
|
|||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(35,175
|
)
|
(35,175
|
)
|
|||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units
|
946,987
|
-
|
-
|
-
|
730
|
-
|
730
|
|||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
(714
|
)
|
-
|
(714
|
)
|
|||||||||||||||||||
Balance - March 31, 2022
|
118,972,397
|
$
|
12
|
19,937,500
|
$
|
2
|
$
|
744,268
|
$
|
(302,407
|
)
|
$
|
441,875
|
Class A
common stock
|
Class B
common stock
|
Additional
paid-in
|
Accumulated |
Total stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
deficit
|
equity
|
||||||||||||||||||||||
Balance - December 31, 2022
|
120,006,757
|
$
|
12
|
19,937,500
|
$
|
2
|
$
|
758,366
|
$
|
(399,674
|
)
|
$
|
358,706
|
|||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(23,611
|
)
|
(23,611
|
)
|
|||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units
|
1,552,583
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
3,908
|
-
|
3,908
|
|||||||||||||||||||||
Balance - March 31, 2023
|
121,559,340
|
$
|
12
|
19,937,500
|
$
|
2
|
$
|
762,274
|
$
|
(423,285
|
)
|
$
|
339,003
|
Three Months Ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(23,611
|
)
|
$
|
(35,175
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
803
|
452
|
||||||
Non-cash lease expense
|
536 |
428 | ||||||
(Gain) loss on marketable securities (realized and unrealized)
|
(2,942 | ) | 11,511 | |||||
Loss on disposal of fixed assets
|
3 | - | ||||||
Change in fair value of warrant liabilities
|
(391
|
)
|
(2,647
|
)
|
||||
Change in fair value of contingent consideration
|
34 | 54 |
||||||
Stock-based compensation
|
3,908
|
(714
|
)
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
(82 | ) | - | |||||
Inventory, net
|
(1,708 | ) | - | |||||
Prepaid expenses and other current assets
|
738
|
883
|
||||||
Operating lease right-of-use assets | - | (8,490 | ) | |||||
Accounts payable
|
(730
|
)
|
1,481
|
|||||
Accrued expenses and other current liabilities
|
(4,537
|
)
|
707
|
|||||
Other long-term liabilities
|
24 | - | ||||||
Operating lease liabilities | (743 | ) | 8,281 | |||||
Net cash used in operating activities
|
$
|
(28,698
|
)
|
$
|
(23,229
|
)
|
||
Cash flows from investing activities:
|
||||||||
Purchases of property and equipment
|
(2,574
|
)
|
(2,500
|
)
|
||||
Internally developed software - capitalized costs
|
(887 | ) | - | |||||
Purchases of marketable securities | - | (802 | ) | |||||
Sales of marketable securities
|
29,500 | 25,000 | ||||||
Net cash provided by investing activities
|
$
|
26,039
|
$
|
21,698
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from exercise of stock options
|
-
|
730
|
||||||
Net cash provided by financing activities
|
$
|
-
|
$
|
730
|
||||
Net decrease in cash and cash equivalents
|
(2,659
|
)
|
(801
|
)
|
||||
Cash and cash equivalents at beginning of period
|
84,319
|
35,785
|
||||||
Cash and cash equivalents at end of period
|
$
|
81,660
|
$
|
34,984
|
||||
Supplemental disclosure of noncash information:
|
||||||||
Noncash acquisition of property and equipment
|
$
|
847
|
$
|
1,580
|
● |
valuation allowance with respect to deferred tax assets;
|
● |
assumptions used for leases;
|
● |
valuation of warrant liabilities; and
|
● |
assumptions underlying the fair value used in the calculation of the stock-based compensation.
|
● |
Step 1: Identify Contracts with
Customers: The Company executes contracts in the form of purchase orders with its customers for the sale of products, which includes instruments and consumables, and services, which includes service maintenance contracts,
cloud subscription access, proof of concept services, and advanced training for instrument use.
|
a.
|
Contract approval and commitment of parties: Customer submits a purchase order (“PO”) and the Company accepts.
|
b.
|
Identification of rights and obligations: PO is compared to terms and conditions to ensure alignment.
|
c.
|
Identification of payment terms: e.g. Net 30.
|
d.
|
Commercial substance: Evidenced by fees exchanged for goods and services.
|
e.
|
Collectability is probable: Credit check measures performed before PO is accepted.
|
● |
Step 2: Identify Performance
Obligations: Identifying the separately identifiable performance obligations in a contract involves two steps: (i) identifying the promised goods or services and (ii) determining which of those promised goods or services
represent distinct performance obligations.
|
● |
Step 3: Determine Transaction Price: The
transaction price is the amount of consideration to which an entity expects to be entitled in exchange for providing goods or services under the contract. The Company estimates the transaction price at contract inception, including any
variable consideration, and updates the estimate each reporting period for any changes in circumstances. When determining the transaction price, the Company assumes that the goods or services will be transferred to the customer based on
the terms of the existing contract and does not take into consideration the possibility of a contract being canceled, renewed, or modified.
|
● |
Step 4: Allocate Transaction Price to
Performance Obligations: The Company allocates transaction price to the performance obligations in a contract with a customer, based on the relative standalone selling price of each performance obligation. The Company determines standalone selling price based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information and specific factors such as
competitive positioning, internal costs, profit objectives, and internally approved pricing guidelines related to the performance obligation. The Company currently generates its revenue from products and services.
|
● |
Step 5: Recognize Revenue as
Performance Obligations are Satisfied: The final step in the revenue model is to recognize the transaction price allocated to a performance obligation as revenue when (or as) the performance obligation is satisfied. The
Company’s performance obligation is satisfied for goods upon shipment to the customer; this would include instruments and consumables. The Company’s performance obligation is satisfied for services in accordance with ASC 606
guidance; service maintenance contracts and cloud subscription access are straight-lined over the subscription period; proof of concept services and advanced training upon completion. Freight revenue is recognized as Product revenue in the condensed consolidated statements of operations and comprehensive loss upon product shipment.
|
Purchase Price
Allocation
|
||||
Prepaid expenses and other current assets
|
$
|
27
|
||
Property and equipment, net
|
906
|
|||
Goodwill
|
9,483
|
|||
Total
|
$
|
10,416
|
● |
Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.
|
● |
Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not
active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
|
● |
Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or
liabilities.
|
Fair Value Measurement Level
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
March 31, 2023:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents - Money Market
|
$
|
79,798
|
$
|
79,798
|
$
|
-
|
$
|
-
|
||||||||
Marketable securities
|
240,432 |
240,432 |
- |
- |
||||||||||||
Total assets at fair value on a recurring basis
|
$
|
320,230
|
$
|
320,230
|
$
|
-
|
$
|
-
|
||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Public Warrants
|
$
|
575
|
$
|
575
|
$
|
-
|
$
|
-
|
||||||||
Private Warrants
|
30
|
-
|
-
|
30
|
||||||||||||
Total liabilities at fair value on a recurring basis
|
$
|
605
|
$
|
575
|
$
|
-
|
$
|
30
|
Fair Value Measurement Level
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
December 31, 2022:
|
||||||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents - Money Market
|
$
|
83,079
|
$
|
83,079
|
$
|
-
|
$
|
-
|
||||||||
Marketable securities
|
266,990 | 266,990 | - | - | ||||||||||||
Total assets at fair value on a recurring basis
|
$
|
350,069
|
$
|
350,069
|
$
|
-
|
$
|
-
|
||||||||
|
||||||||||||||||
Liabilities:
|
||||||||||||||||
Public Warrants
|
$
|
958
|
$
|
958
|
$
|
-
|
$
|
-
|
||||||||
Private Warrants
|
38
|
-
|
-
|
38
|
||||||||||||
Total liabilities at fair value on a recurring basis
|
$
|
996
|
$
|
958
|
$
|
-
|
$
|
38
|
March 31,
2023 |
December 31,
2022 |
|||||||
Laboratory and production equipment
|
$
|
14,656
|
$
|
14,031
|
||||
Computer equipment
|
1,146
|
1,073
|
||||||
Software
|
188
|
188
|
||||||
Furniture and fixtures
|
218
|
218
|
||||||
Leasehold improvements | 1,333 | 1,308 | ||||||
Construction in process
|
7,663
|
6,234
|
||||||
Property and equipment, gross |
25,204
|
23,052
|
||||||
Less: Accumulated depreciation and amortization
|
(7,001
|
)
|
(6,203
|
)
|
||||
Property and equipment, net
|
$
|
18,203
|
$
|
16,849
|
March 31,
2023 |
December 31,
2022 |
|||||||
Employee compensation and benefits
|
$
|
2,828
|
$
|
5,548
|
||||
Contracted services
|
1,918
|
3,616
|
||||||
Business acquisition costs and contingencies | 377 | 343 | ||||||
Legal fees
|
875
|
839
|
||||||
Other
|
35
|
88
|
||||||
Total accrued expenses and other current liabilities
|
$
|
6,033
|
$
|
10,434
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Operating lease cost
|
$
|
853
|
$
|
725
|
||||
Short-term lease cost
|
129
|
104
|
||||||
Variable lease cost
|
394
|
286
|
||||||
Total lease cost
|
$
|
1,376
|
$
|
1,115
|
March 31,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
Weighted-average remaining lease term (years)
|
7.1
|
7.3
|
||||||
Weighted-average discount rate
|
7.9
|
%
|
7.9
|
%
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Operating cash paid to settle operating lease liabilities
|
$
|
1,059
|
$
|
310
|
||||
Right-of-use assets obtained in exchange for lease liabilities
|
$
|
-
|
$
|
8,490
|
Operating Leases
|
||||
Remainder of 2023
|
$
|
3,225
|
||
2024
|
4,394
|
|||
2025
|
4,507
|
|||
2026
|
4,590
|
|||
2027
|
4,554
|
|||
Thereafter
|
12,811
|
|||
Total undiscounted lease payments
|
$
|
34,081
|
||
Less: Imputed interest
|
8,274
|
|||
Less: Lease incentives (1)
|
9,104
|
|||
Total lease liabilities
|
$
|
16,703
|
(1)
|
Includes lease incentives that may be realized in 2023 for the costs of leasehold improvements.
|
Number of
Options
|
Weighted Average
Exercise Price
|
Weighted Average
Remaining
Contractual Term
(Years)
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding at December 31, 2022
|
19,427,755
|
$
|
3.69
|
8.68
|
$
|
378
|
||||||||||
Granted
|
5,175,550
|
1.82
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Forfeited
|
(384,413
|
)
|
4.88
|
|||||||||||||
Outstanding at March 31, 2023
|
24,218,892
|
$
|
3.27
|
8.77
|
$
|
359
|
||||||||||
Options exercisable at March 31, 2023
|
5,457,016
|
$ |
4.03
|
6.49
|
$
|
316
|
||||||||||
Vested and expected to vest at March 31, 2023
|
21,144,855
|
$
|
3.30
|
8.67
|
$
|
352
|
Number of
Shares
Underlying
RSUs
|
Weighted
Average Grant-
Date Fair Value
|
|||||||
Outstanding non-vested RSUs at December 31, 2022
|
2,018,449
|
$ | 8.41 | |||||
Granted
|
-
|
-
|
||||||
Vested
|
(1,552,583
|
)
|
8.53
|
|||||
Forfeited
|
-
|
-
|
||||||
Outstanding non-vested RSUs at March 31, 2023
|
465,866
|
$
|
8.02
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Research and development
|
$
|
967
|
$
|
1,192
|
||||
Selling, general and administrative
|
2,941
|
(1,906
|
)
|
|||||
Total stock-based compensation
|
$
|
3,908
|
$
|
(714
|
)
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Numerator
|
||||||||
Net loss
|
$
|
(23,611
|
)
|
$
|
(35,175
|
)
|
||
Numerator for basic and diluted EPS - loss attributable to common stockholders
|
$
|
(23,611
|
)
|
$
|
(35,175
|
)
|
||
Denominator
|
||||||||
Common stock
|
140,280,332
|
138,619,929
|
||||||
Denominator for basic and diluted EPS - weighted-average common stock
|
140,280,332
|
138,619,929
|
||||||
Basic and diluted net loss per share
|
$
|
(0.17
|
)
|
$
|
(0.25
|
)
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Outstanding options to purchase common stock
|
24,218,892
|
11,365,205
|
||||||
Outstanding restricted stock units
|
465,866
|
2,311,634
|
||||||
Outstanding warrants
|
3,968,319
|
3,968,319
|
||||||
28,653,077
|
17,645,158
|
● |
in whole and not in part;
|
● |
at a price of $0.01 per warrant;
|
● |
upon not less than 30 days’ prior written
notice of redemption (the “30-day redemption period”) to each warrant holder; and
|
● |
if, and only if, the closing price of the Company’s common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
business days before the Company sends the notice of redemption to the warrant holders. |
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Three months ended March 31,
|
||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
% Change
|
|||||||||
Revenue:
|
||||||||||||
Product
|
$
|
251
|
$
|
-
|
nm
|
|||||||
Service
|
3
|
-
|
nm
|
|||||||||
Total revenue
|
254
|
-
|
nm
|
|||||||||
Cost of revenue
|
130
|
-
|
nm
|
|||||||||
Gross profit
|
124
|
-
|
nm
|
|||||||||
Operating expenses:
|
||||||||||||
Research and development
|
18,167
|
18,771
|
(3.2
|
)%
|
||||||||
Selling, general and administrative
|
11,178
|
8,369
|
33.6
|
%
|
||||||||
Total operating expenses
|
29,345
|
27,140
|
8.1
|
%
|
||||||||
Loss from operations
|
(29,221
|
)
|
(27,140
|
)
|
7.7
|
%
|
||||||
Dividend income
|
2,219
|
855
|
159.5
|
%
|
||||||||
Change in fair value of warrant liabilities
|
391
|
2,647
|
(85.2
|
)%
|
||||||||
Other income (expense), net
|
3,000
|
(11,537
|
)
|
(126.0
|
)%
|
|||||||
Loss before provision for income taxes
|
(23,611
|
)
|
(35,175
|
)
|
(32.9
|
)%
|
||||||
Provision for income taxes
|
-
|
-
|
nm
|
|||||||||
Net loss and comprehensive loss
|
$
|
(23,611
|
)
|
$
|
(35,175
|
)
|
(32.9
|
)%
|
Three months ended
March 31, |
Change
|
||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
|||||||||
Total revenue
|
$
|
254
|
$
|
-
|
$
|
254
|
nm
|
Three months ended
March 31,
|
Change
|
||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
|||||||||
Cost of revenue
|
$
|
130
|
$
|
-
|
$
|
130
|
nm
|
|
Three months ended
March 31,
|
Change
|
||||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
||||||||||||
Research and development
|
$
|
18,167
|
$
|
18,771
|
$
|
(604
|
)
|
(3.2
|
)%
|
|
Three months ended
March 31,
|
Change
|
||||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
||||||||||||
Selling, general and administrative
|
$
|
11,178
|
$
|
8,369
|
$
|
2,809
|
33.6
|
%
|
|
Three months ended
March 31,
|
Change
|
||||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
||||||||||||
Dividend income
|
$
|
2,219
|
$
|
855
|
$
|
1,364
|
159.5
|
%
|
Three months ended
March 31,
|
Change
|
|||||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
||||||||||||
Change in fair value of warrant liabilities
|
$
|
391
|
$
|
2,647
|
$
|
(2,256
|
)
|
(85.2
|
)%
|
|
Three months ended
March 31,
|
Change
|
||||||||||||||
(in thousands, except for % changes)
|
2023
|
2022
|
Amount
|
%
|
||||||||||||
Other income (expense), net
|
$
|
3,000
|
$
|
(11,537
|
)
|
$
|
14,537
|
(126.0
|
)%
|
Three months ended March 31,
|
||||||||
(in thousands)
|
2023
|
2022
|
||||||
Net loss
|
$
|
(23,611
|
)
|
$
|
(35,175
|
)
|
||
Adjustments to reconcile to EBITDA:
|
||||||||
Dividend income
|
(2,219
|
)
|
(855
|
)
|
||||
Depreciation and amortization
|
803
|
452
|
||||||
EBITDA
|
(25,027
|
)
|
(35,578
|
)
|
||||
Adjustments to reconcile to Adjusted EBITDA:
|
||||||||
Change in fair value of warrant liabilities
|
(391
|
)
|
(2,647
|
)
|
||||
Other (income) expense, net
|
(3,000
|
)
|
11,537
|
|||||
Stock-based compensation
|
3,908
|
(714
|
)
|
|||||
Restructuring costs
|
813
|
-
|
||||||
Adjusted EBITDA
|
$
|
(23,697
|
)
|
$
|
(27,402
|
)
|
Three months ended
March 31,
|
||||||||
(in thousands)
|
2023
|
2022
|
||||||
Net cash (used in) provided by:
|
||||||||
Net cash used in operating activities
|
$
|
(28,698
|
)
|
$
|
(23,229
|
)
|
||
Net cash provided by investing activities
|
26,039
|
21,698
|
||||||
Net cash provided by financing activities
|
-
|
730
|
||||||
Net decrease in cash and cash equivalents
|
$
|
(2,659
|
)
|
$
|
(801
|
)
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
ITEM 1. |
LEGAL PROCEEDINGS.
|
ITEM 1A. |
RISK FACTORS.
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4. |
MINE SAFETY DISCLOSURES.
|
ITEM 5. |
OTHER INFORMATION.
|
Exhibit
Number
|
|
Exhibit Description
|
|
Filed Herewith
|
|
Incorporated by
Reference Herein from
Form or Schedule
|
|
Filing Date
|
|
SEC File/
Reg. Number
|
Protein Engineering Collaboration Agreement, dated as of March 13, 2023, by and between Quantum-Si Incorporated and Protein Evolution, Inc.
|
Form 10-K
(Exhibit 10.14)
|
3/17/2023
|
001-39486
|
|||||||
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
|||||||||
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
X
|
|||||||||
|
Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
X
|
|
|
|
|
|
|
|
101.INS
|
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
|
|
X
|
|
|
|
|||
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
X
|
|
|
|
|||
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
X
|
|
|
|
|||
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
X
|
||||||||
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
X
|
||||||||
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
X
|
||||||||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
X
|
QUANTUM-SI INCORPORATED
|
|||
Date: May 11, 2023
|
By:
|
/s/ Jeffrey Hawkins
|
|
Jeffrey Hawkins
|
|||
Chief Executive Officer
|
|||
Date: May 11, 2023
|
By:
|
/s/ Claudia Drayton
|
|
Claudia Drayton
|
|||
Chief Financial Officer
|
1 Year HighCape Capital Acquisi... Chart |
1 Month HighCape Capital Acquisi... Chart |
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