☒ | 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) | (I.R.S. Employer Identification No.) |
29 Business Park Drive | ||
Branford, Connecticut | 06405 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(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 | ||
Part I | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
the commercialization and adoption of our existing products, including the Platinum® protein sequencing instrument, and the success of any product we may offer in the future; |
September 30, 2023 | December 31, 2022 | (unaudited) March 31, | December 31, 2023 | |||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 93,822 | $ | 84,319 | $ | 53,163 | $ | 133,860 | ||||||||
Marketable securities | 180,803 | 266,990 | 182,268 | 123,876 | ||||||||||||
Accounts receivable, net of allowance for estimated credit losses of $0 and $0, respectively | 466 | - | ||||||||||||||
Accounts receivable, net of allowance of $0 and $0, respectively | 242 | 368 | ||||||||||||||
Inventory, net | 2,325 | - | 4,946 | 3,945 | ||||||||||||
Prepaid expenses and other current assets | 7,392 | 6,873 | 3,756 | 4,261 | ||||||||||||
Total current assets | 284,808 | 358,182 | 244,375 | 266,310 | ||||||||||||
Property and equipment, net | 17,606 | 16,849 | 16,169 | 16,275 | ||||||||||||
Internally developed software | 627 | - | 496 | 532 | ||||||||||||
Operating lease right-of-use assets | 14,354 | 15,757 | 13,850 | 14,438 | ||||||||||||
Other assets | 701 | 697 | 695 | 695 | ||||||||||||
Total assets | $ | 318,096 | $ | 391,485 | $ | 275,585 | $ | 298,250 | ||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,056 | $ | 3,903 | $ | 1,164 | $ | 1,766 | ||||||||
Accrued payroll and payroll-related costs | 2,103 | 4,943 | ||||||||||||||
Accrued contracted services | 1,212 | 1,519 | ||||||||||||||
Accrued expenses and other current liabilities | 7,428 | 10,434 | 1,883 | 1,815 | ||||||||||||
Current portion of operating lease liabilities | 1,523 | 1,369 | 1,610 | 1,566 | ||||||||||||
Total current liabilities | 11,007 | 15,706 | 7,972 | 11,609 | ||||||||||||
Warrant liabilities | 1,077 | 996 | 955 | 1,274 | ||||||||||||
Operating lease liabilities | 12,873 | 13,737 | ||||||||||||||
Other long-term liabilities | 19 | - | 14 | 11 | ||||||||||||
Operating lease liabilities | 13,928 | 16,077 | ||||||||||||||
Total liabilities | 26,031 | 32,779 | 21,814 | 26,631 | ||||||||||||
Commitments and contingencies (Note 15) | ||||||||||||||||
Stockholders’ equity | ||||||||||||||||
Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 121,790,534 and 120,006,757 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 12 | 12 | ||||||||||||||
Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 19,937,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022 | 2 | 2 | ||||||||||||||
Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 121,878,989 and 121,832,417 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 12 | 12 | ||||||||||||||
Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 19,937,500 shares issued and outstanding as of March 31, 2024 and December 31, 2023 | 2 | 2 | ||||||||||||||
Additional paid-in capital | 765,637 | 758,366 | 768,898 | 767,239 | ||||||||||||
Accumulated other comprehensive loss | (33 | ) | - | |||||||||||||
Accumulated deficit | (473,586 | ) | (399,674 | ) | (515,108 | ) | (495,634 | ) | ||||||||
Total stockholders’ equity | 292,065 | 358,706 | 253,771 | 271,619 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 318,096 | $ | 391,485 | $ | 275,585 | $ | 298,250 |
Three months ended September 30, | Nine months ended September 30, | Three months ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2024 | 2023 | |||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Product | $ | 216 | $ | - | $ | 654 | $ | - | $ | 428 | $ | 251 | ||||||||||||
Service | 7 | - | 28 | - | 29 | 3 | ||||||||||||||||||
Total revenue | 223 | - | 682 | - | 457 | 254 | ||||||||||||||||||
Cost of revenue | 115 | - | 372 | - | 188 | 130 | ||||||||||||||||||
Gross profit | 108 | - | 310 | - | 269 | 124 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 16,587 | 16,675 | 50,588 | 53,905 | 12,101 | 18,167 | ||||||||||||||||||
Selling, general and administrative | 10,696 | 10,983 | 33,010 | 31,093 | 11,528 | 11,178 | ||||||||||||||||||
Total operating expenses | 27,283 | 27,658 | 83,598 | 84,998 | 23,629 | 29,345 | ||||||||||||||||||
Loss from operations | (27,175 | ) | (27,658 | ) | (83,288 | ) | (84,998 | ) | (23,360 | ) | (29,221 | ) | ||||||||||||
Dividend income | 2,572 | 1,381 | 7,274 | 3,288 | ||||||||||||||||||||
Unrealized gain (loss) on marketable securities | 1,953 | (4,240 | ) | 8,302 | (20,384 | ) | ||||||||||||||||||
Realized loss on marketable securities | (1,901 | ) | (1,348 | ) | (6,489 | ) | (2,399 | ) | ||||||||||||||||
Dividend and interest income | 3,574 | 2,219 | ||||||||||||||||||||||
Gain on marketable securities, net | - | 2,942 | ||||||||||||||||||||||
Change in fair value of warrant liabilities | (162 | ) | 137 | (81 | ) | 5,121 | 319 | 391 | ||||||||||||||||
Other income (expense), net | (15 | ) | 15 | 370 | 70 | |||||||||||||||||||
Other (expense) income, net | (7 | ) | 58 | |||||||||||||||||||||
Loss before provision for income taxes | (24,728 | ) | (31,713 | ) | (73,912 | ) | (99,302 | ) | (19,474 | ) | (23,611 | ) | ||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net loss and comprehensive loss | $ | (24,728 | ) | $ | (31,713 | ) | $ | (73,912 | ) | $ | (99,302 | ) | ||||||||||||
Net loss | $ | (19,474 | ) | $ | (23,611 | ) | ||||||||||||||||||
Net loss per common share attributable to common stockholders, basic and diluted | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.52 | ) | $ | (0.71 | ) | $ | (0.14 | ) | $ | (0.17 | ) | ||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 141,660,018 | 139,542,660 | 141,154,110 | 139,057,663 | 141,773 | 140,280 | ||||||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||||||
Net unrealized loss on marketable securities, net of tax | $ | (28 | ) | $ | - | |||||||||||||||||||
Foreign currency translation adjustment | (5 | ) | - | |||||||||||||||||||||
Total other comprehensive loss, net of tax | (33 | ) | - | |||||||||||||||||||||
Comprehensive loss | $ | (19,507 | ) | $ | (23,611 | ) |
Class A common stock | Class B common stock | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
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 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 | |||||||||||||||
Net loss | - | - | - | - | - | (25,573 | ) | (25,573 | ) | |||||||||||||||||||
Common stock issued upon vesting of restricted stock units | 74,273 | - | - | - | - | - | - | |||||||||||||||||||||
Stock-based compensation | - | - | - | - | 1,865 | - | 1,865 | |||||||||||||||||||||
Balance - June 30, 2023 | 121,633,613 | $ | 12 | 19,937,500 | $ | 2 | $ | 764,139 | $ | (448,858 | ) | $ | 315,295 | |||||||||||||||
Net loss | - | - | - | - | - | (24,728 | ) | (24,728 | ) | |||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units | 156,921 | - | - | - | 357 | - | 357 | |||||||||||||||||||||
Stock-based compensation | - | - | - | - | 1,141 | - | 1,141 | |||||||||||||||||||||
Balance - September 30, 2023 | 121,790,534 | $ | 12 | 19,937,500 | $ | 2 | $ | 765,637 | $ | (473,586 | ) | $ | 292,065 |
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 | |||||||||||||||
Common stock issued upon vesting of restricted stock units | 1,552,583 | - | - | - | - | - | - | |||||||||||||||||||||
Stock-based compensation | - | - | - | - | 3,908 | - | 3,908 | |||||||||||||||||||||
Net loss | - | - | - | - | - | (23,611 | ) | (23,611 | ) | |||||||||||||||||||
Balance - March 31, 2023 | 121,559,340 | $ | 12 | 19,937,500 | $ | 2 | $ | 762,274 | $ | (423,285 | ) | $ | 339,003 |
Class A common stock | Class B common stock | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
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 | |||||||||||||||
Net loss | - | - | - | - | - | (32,414 | ) | (32,414 | ) | |||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units | 271,731 | - | - | - | 264 | - | 264 | |||||||||||||||||||||
Stock-based compensation | - | - | - | - | 3,770 | - | 3,770 | |||||||||||||||||||||
Balance - June 30, 2022 | 119,244,128 | $ | 12 | 19,937,500 | $ | 2 | $ | 748,302 | $ | (334,821 | ) | $ | 413,495 | |||||||||||||||
Net loss | - | - | - | - | - | (31,713 | ) | (31,713 | ) | |||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units | 604,042 | - | - | - | 1,625 | - | 1,625 | |||||||||||||||||||||
Stock-based compensation | - | - | - | - | 4,043 | - | 4,043 | |||||||||||||||||||||
Balance - September 30, 2022 | 119,848,170 | $ | 12 | 19,937,500 | $ | 2 | $ | 753,970 | $ | (366,534 | ) | $ | 387,450 |
Class A common stock | Class B common stock | Additional paid-in | Accumulated other compehensive | Accumulated | Total stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | loss | deficit | equity | |||||||||||||||||||||||||
Balance - December 31, 2023 | 121,832,417 | $ | 12 | 19,937,500 | $ | 2 | $ | 767,239 | $ | - | $ | (495,634 | ) | $ | 271,619 | |||||||||||||||||
Common stock issued upon vesting of restricted stock units | 46,572 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 1,645 | - | - | 1,645 | ||||||||||||||||||||||||
Net unrealized loss on marketable securities, net of tax | - | - | - | - | - | (28 | ) | - | (28 | ) | ||||||||||||||||||||||
Refund of issuance costs from 2021 Business Combination | - | - | - | - | 14 | - | - | 14 | ||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | (5 | ) | - | (5 | ) | ||||||||||||||||||||||
Net loss | - | - | - | - | - | - | (19,474 | ) | (19,474 | ) | ||||||||||||||||||||||
Balance - March 31, 2024 | 121,878,989 | $ | 12 | 19,937,500 | $ | 2 | $ | 768,898 | $ | (33 | ) | $ | (515,108 | ) | $ | 253,771 |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||
2023 | 2022 | 2024 | 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (73,912 | ) | $ | (99,302 | ) | $ | (19,474 | ) | $ | (23,611 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization | 3,063 | 1,789 | 1,061 | 803 | ||||||||||||
Non-cash lease expense | 1,486 | 1,273 | 588 | 536 | ||||||||||||
Unrealized (gain) loss on marketable securities | (8,302 | ) | 20,384 | |||||||||||||
Realized loss on marketable securities | 6,489 | 2,399 | ||||||||||||||
(Gain) loss on marketable securities, net | - | (2,942 | ) | |||||||||||||
(Accretion) amortization on marketable securities | (2,119 | ) | - | |||||||||||||
(Gain) loss on disposal of fixed assets | (8 | ) | 9 | - | 3 | |||||||||||
Change in fair value of warrant liabilities | 81 | (5,121 | ) | (319 | ) | (391 | ) | |||||||||
Change in fair value of contingent consideration | (400 | ) | 141 | - | 34 | |||||||||||
Stock-based compensation | 6,914 | 7,099 | 1,645 | 3,908 | ||||||||||||
Other | 22 | - | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable, net | (466 | ) | - | 126 | (82 | ) | ||||||||||
Inventory, net | (2,325 | ) | - | (228 | ) | (1,708 | ) | |||||||||
Prepaid expenses and other current assets | (236 | ) | (931 | ) | 31 | 738 | ||||||||||
Operating lease right-of-use assets | (83 | ) | (9,466 | ) | ||||||||||||
Other assets | (4 | ) | (7 | ) | ||||||||||||
Accounts payable | (732 | ) | (444 | ) | (633 | ) | (730 | ) | ||||||||
Accrued expenses and other current liabilities | (2,656 | ) | 2,224 | (3,094 | ) | (4,537 | ) | |||||||||
Operating lease liabilities | (820 | ) | (743 | ) | ||||||||||||
Other long-term liabilities | 19 | - | 6 | 24 | ||||||||||||
Operating lease liabilities | (1,995 | ) | 8,976 | |||||||||||||
Net cash used in operating activities | $ | (73,067 | ) | $ | (70,977 | ) | (23,208 | ) | (28,698 | ) | ||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property and equipment | (4,877 | ) | (7,241 | ) | (1,046 | ) | (2,574 | ) | ||||||||
Internally developed software - capitalized costs | (763 | ) | - | (59 | ) | (887 | ) | |||||||||
Purchases of marketable securities | - | (834 | ) | (78,823 | ) | - | ||||||||||
Sales of marketable securities | 88,000 | 119,759 | 22,500 | 29,500 | ||||||||||||
Net cash provided by investing activities | $ | 82,360 | $ | 111,684 | ||||||||||||
Net cash (used in) provided by investing activities | (57,428 | ) | 26,039 | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from exercise of stock options | 357 | 2,619 | ||||||||||||||
Deferred offering costs | (147 | ) | - | (70 | ) | - | ||||||||||
Payment of contingent consideration - business acquisition | - | (348 | ) | |||||||||||||
Payment of deferred consideration - business acquisition | - | (500 | ) | |||||||||||||
Net cash provided by financing activities | $ | 210 | $ | 1,771 | ||||||||||||
Net increase in cash and cash equivalents | 9,503 | 42,478 | ||||||||||||||
Refund of issuance costs from 2021 Business Combination | 14 | - | ||||||||||||||
Net cash used in financing activities | (56 | ) | - | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (5 | ) | - | |||||||||||||
Net decrease in cash and cash equivalents | (80,697 | ) | (2,659 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 84,319 | 35,785 | 133,860 | 84,319 | ||||||||||||
Cash and cash equivalents at end of period | $ | 93,822 | $ | 78,263 | $ | 53,163 | $ | 81,660 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | 16 | $ | - | ||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property and equipment purchased but not paid | $ | 59 | $ | 798 | $ | 231 | $ | 847 | ||||||||
Deferred offering costs payable | 136 | - | $ | 75 | $ | - |
● | valuation |
● | inventory valuation; |
● | valuation of excess and obsolete inventory reserves; |
● | assumptions used for leases; |
● | valuation of warrant liabilities; |
● | assumptions associated with revenue recognition; and |
● | assumptions underlying the fair value used in the calculation of stock-based compensation. |
● | Expected Term: The expected term using the “simplified” method, which is the simple average of the vesting period and the contractual term. |
● | Risk-free Interest Rate: The risk-free interest rate for periods within the expected term of the awards is based on the U.S. Treasury yield curve in effect at the time of the grant. |
● | Expected Stock Price Volatility: The Company determined expected annual equity volatility based on the historical volatility of its Class A common stock. |
● | Dividend Yield: Because the Company has never paid a dividend and does not expect to begin doing so in the foreseeable future, the Company assumesno dividend yield in valuing the stock-based awards. |
● | Exercise Price: The exercise price is taken directly from the grant notice issued to employees and nonemployees. |
2024 | 2023 | |||||||
Dividend and interest income from marketable securities | $ | 3,574 | $ | 2,219 | ||||
Gain on marketable securities, net | $ | - | $ | 2,942 |
March 31, 2024 | ||||||||||||||||
Amortized Costs | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Financial Assets: | ||||||||||||||||
Short-term marketable securities: | ||||||||||||||||
U.S. Treasury securities | $ | 151,538 | $ | - | $ | (14 | ) | $ | 151,524 | |||||||
Commercial paper | 30,758 | - | (14 | ) | 30,744 | |||||||||||
Total | $ | 182,296 | $ | - | $ | (28 | ) | $ | 182,268 |
December 31, 2023 | ||||||||||||||||
Amortized Costs | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Financial Assets: | ||||||||||||||||
Short-term marketable securities: | ||||||||||||||||
U.S. Treasury securities | $ | 82,625 | $ | 15 | $ | - | $ | 82,640 | ||||||||
Commercial paper | 41,229 | 7 | - | 41,236 | ||||||||||||
Total | $ | 123,854 | $ | 22 | $ | - | $ | 123,876 |
March 31, 2024 | ||||||||||||||||
One Year or Less | Over One Year Through Five Years | Over Five Years | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Short-term marketable securities: | ||||||||||||||||
U.S. Treasury securities | $ | 151,524 | $ | - | $ | - | $ | 151,524 | ||||||||
Commercial paper | 30,744 | - | - | 30,744 | ||||||||||||
Total | $ | 182,268 | $ | - | $ | - | $ | 182,268 |
Purchase Price Allocation | ||||
Prepaid expenses and other current assets | $ | 27 | ||
Property and equipment, net | 906 | |||
Goodwill | 9,483 | |||
Total | $ | 10,416 |
December 31, 2023 | ||||||||||||||||
One Year or Less | Over One Year Through Five Years | Over Five Years | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Short-term marketable securities: | ||||||||||||||||
U.S. Treasury securities | $ | 82,640 | $ | - | $ | - | $ | 82,640 | ||||||||
Commercial paper | 41,236 | - | - | 41,236 | ||||||||||||
Total | $ | 123,876 | $ | - | $ | - | $ | 123,876 |
● | Level |
● | Level |
● | Level |
Fair Value Measurement Level | ||||||||||||||||
September 30, 2023: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents - Money Market | $ | 88,354 | $ | 88,354 | $ | - | $ | - | ||||||||
Marketable securities | 180,803 | 180,803 | - | - | ||||||||||||
Total assets at fair value on a recurring basis | $ | 269,157 | $ | 269,157 | $ | - | $ | - | ||||||||
Liabilities: | ||||||||||||||||
Public Warrants | $ | 1,035 | $ | 1,035 | $ | - | $ | - | ||||||||
Private Warrants | 42 | - | - | 42 | ||||||||||||
Total liabilities at fair value on a recurring basis | $ | 1,077 | $ | 1,035 | $ | - | $ | 42 |
Fair Value Measurement Level | March 31, 2024 | |||||||||||||||||||||||||||||||
December 31, 2022: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents - Money Market | $ | 83,079 | $ | 83,079 | $ | - | $ | - | ||||||||||||||||||||||||
Marketable securities | 266,990 | 266,990 | - | - | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||||||
Money market funds | $ | 45,470 | $ | - | $ | - | $ | 45,470 | ||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | 151,524 | - | - | 151,524 | ||||||||||||||||||||||||||||
Commercial paper | - | 30,744 | - | 30,744 | ||||||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 350,069 | $ | 350,069 | $ | - | $ | - | $ | 196,994 | $ | 30,744 | $ | - | $ | 227,738 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public Warrants | $ | 958 | $ | 958 | $ | - | $ | - | $ | 920 | $ | - | $ | - | $ | 920 | ||||||||||||||||
Private Warrants | 38 | - | - | 38 | - | - | 35 | 35 | ||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 996 | $ | 958 | $ | - | $ | 38 | $ | 920 | $ | - | $ | 35 | $ | 955 |
December 31, 2023 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 50,226 | $ | - | $ | - | $ | 50,226 | ||||||||
U.S. Treasury securities | 59,654 | - | - | 59,654 | ||||||||||||
Commercial paper | - | 19,436 | - | 19,436 | ||||||||||||
Marketable securities: | ||||||||||||||||
U.S. Treasury securities | 82,640 | - | - | 82,640 | ||||||||||||
Commercial paper | - | 41,236 | - | 41,236 | ||||||||||||
Total assets at fair value on a recurring basis | $ | 192,520 | $ | 60,672 | $ | - | $ | 253,192 | ||||||||
Liabilities: | ||||||||||||||||
Public Warrants | $ | 1,227 | $ | - | $ | - | $ | 1,227 | ||||||||
Private Warrants | - | - | 47 | 47 | ||||||||||||
Total liabilities at fair value on a recurring basis | $ | 1,227 | $ | - | $ | 47 | $ | 1,274 |
March 31, 2024 | December 31, 2023 | |||||||
Raw materials | $ | 5,461 | $ | 4,951 | ||||
Work in progress | 2,039 | 784 | ||||||
Finished goods | 1,470 | 1,592 | ||||||
Total inventory | 8,970 | 7,327 | ||||||
Inventory reserves | (4,024 | ) | (3,382 | ) | ||||
Total inventory, net | $ | 4,946 | $ | 3,945 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Unrealized gain (loss) on marketable securities | $ | 1,953 | $ | (4,240 | ) | $ | 8,302 | $ | (20,384 | ) | ||||||
Realized loss on marketable securities | (1,901 | ) | (1,348 | ) | (6,489 | ) | (2,399 | ) | ||||||||
Dividend income from marketable securities | 2,572 | 1,381 | 7,274 | 3,288 |
September 30, 2023 | December 31, 2022 | March 31, 2024 | December 31, 2023 | |||||||||||||
Laboratory and production equipment | $ | 14,880 | $ | 14,031 | $ | 15,696 | $ | 14,727 | ||||||||
Computer equipment | 1,736 | 1,073 | 1,721 | 1,707 | ||||||||||||
Purchased software | 188 | 188 | 188 | 188 | ||||||||||||
Furniture and fixtures | 260 | 218 | 325 | 310 | ||||||||||||
Leasehold improvements | 6,918 | 1,308 | 7,226 | 6,948 | ||||||||||||
Construction in process | 2,776 | 6,234 | 2,133 | 2,438 | ||||||||||||
Property and equipment, gross | 26,758 | 23,052 | ||||||||||||||
Subtotal | 27,289 | 26,318 | ||||||||||||||
Less: Accumulated depreciation and amortization | (9,152 | ) | (6,203 | ) | (11,120 | ) | (10,043 | ) | ||||||||
Property and equipment, net | $ | 17,606 | $ | 16,849 | $ | 16,169 | $ | 16,275 |
September 30, 2023 | December 31, 2022 | |||||||
Employee compensation and benefits | $ | 3,191 | $ | 5,548 | ||||
Contracted services | 2,325 | 3,616 | ||||||
Restructuring costs | 551 | - | ||||||
Business acquisition costs and contingencies | - | 343 | ||||||
Legal fees | 997 | 839 | ||||||
Other | 364 | 88 | ||||||
Total accrued expenses and other current liabilities | $ | 7,428 | $ | 10,434 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2024 | 2023 | |||||||||||||||||||
Operating lease cost | $ | 864 | $ | 819 | $ | 2,613 | $ | 2,352 | $ | 864 | $ | 982 | ||||||||||||
Variable lease cost | 545 | 321 | 1,226 | 922 | 436 | 394 | ||||||||||||||||||
Total lease cost | $ | 1,409 | $ | 1,140 | $ | 3,839 | $ | 3,274 | $ | 1,300 | $ | 1,376 |
September 30, | December 31, | Remaining Lease Payments | ||||||||||
2023 | 2022 | |||||||||||
Weighted-average remaining lease term (years) | 6.6 | 7.3 | ||||||||||
Remainder of 2024 | $ | 3,339 | ||||||||||
2025 | 4,527 | |||||||||||
2026 | 4,585 | |||||||||||
2027 | 4,549 | |||||||||||
2028 | 2,975 | |||||||||||
Thereafter | 10,053 | |||||||||||
Total remaining undiscounted lease payments | $ | 30,028 | ||||||||||
Less: Imputed interest | (6,441 | ) | ||||||||||
Less: Lease incentives (1) | (9,104 | ) | ||||||||||
Total operating lease liabilities | 14,483 | |||||||||||
Less: current portion | (1,610 | ) | ||||||||||
Long-term operating lease liabilities | $ | 12,873 | ||||||||||
Weighted-average remaining lease term (in years) | 6.2 | |||||||||||
Weighted-average discount rate | 7.9 | % | 7.9 | % | 7.9 | % |
(1) | Includes lease incentives that may be realized in 2024 for the costs of leasehold improvements. |
Nine months ended September 30, | ||||||||
2023 | 2022 | |||||||
Operating cash paid to settle operating lease liabilities | $ | 3,201 | $ | 1,362 | ||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 83 | $ | 9,466 |
Operating Leases | ||||
Remainder of 2023 | $ | 1,097 | ||
2024 | 4,436 | |||
2025 | 4,527 | |||
2026 | 4,585 | |||
2027 | 4,549 | |||
Thereafter | 13,027 | |||
Total undiscounted lease payments | $ | 32,221 | ||
Less: Imputed interest | 7,666 | |||
Less: Lease incentives (1) | 9,104 | |||
Total lease liabilities | $ | 15,451 |
2024 | 2023 | |||||||
Operating cash paid to settle operating lease liabilities | $ | 1,097 | $ | 1,059 |
March 31, 2024 | December 31, 2023 | |||||||
Restructuring costs | $ | 222 | $ | 519 | ||||
Legal fees | 1,330 | 979 | ||||||
Royalties | 93 | 123 | ||||||
Other | 238 | 194 | ||||||
Total accrued expenses and other current liabilities | $ | 1,883 | $ | 1,815 |
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 | 10,138,730 | 1.79 | ||||||||||||||
Exercised | (127,799 | ) | 2.79 | |||||||||||||
Forfeited | (5,816,858 | ) | 3.76 | |||||||||||||
Outstanding at September 30, 2023 | 23,621,828 | $ | 2.86 | 8.46 | $ | 1,129 | ||||||||||
Options exercisable at September 30, 2023 | 6,311,402 | $ | 3.98 | 6.38 | $ | 286 | ||||||||||
Vested and expected to vest at September 30, 2023 | 19,261,890 | $ | 2.96 | 8.29 | $ | 916 |
Number of Options | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||
Outstanding at December 31, 2023 | 22,511,900 | $ | 2.79 | 8.22 | $ | 3,194 | ||||||||||
Granted | - | - | ||||||||||||||
Exercised | - | - | ||||||||||||||
Forfeited | (384,573 | ) | 3.78 | |||||||||||||
Expired | (25,520 | ) | 0.06 | |||||||||||||
Outstanding at March 31, 2024 | 22,101,807 | $ | 2.78 | 8.01 | $ | 2,832 | ||||||||||
Exercisable at March 31, 2024 | 7,918,930 | $ | 3.52 | 6.65 | $ | 610 | ||||||||||
Vested and expected to vest at March 31, 2024 | 18,615,698 | $ | 2.85 | 7.86 | $ | 2,286 |
Number of Shares Underlying RSUs | Weighted Average Grant-Date Fair Value | Number of Shares Underlying RSUs | Weighted Average Grant-Date Fair Value (per share) | |||||||||||||
Outstanding non-vested RSUs at December 31, 2022 | 2,018,449 | $ | 8.41 | |||||||||||||
Nonvested RSUs at December 31, 2023 | 847,169 | $ | 2.68 | |||||||||||||
Granted | 491,320 | 1.76 | 5,406,164 | 1.73 | ||||||||||||
Vested | (1,655,978 | ) | 8.56 | (46,572 | ) | 6.66 | ||||||||||
Forfeited | (213,117 | ) | 7.09 | (54,417 | ) | 2.11 | ||||||||||
Outstanding non-vested RSUs at September 30, 2023 | 640,674 | $ | 3.39 | |||||||||||||
Nonvested RSUs at March 31, 2024 | 6,152,344 | 1.82 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2024 | 2023 | |||||||||||||||||||
Research and development | $ | 479 | $ | 1,114 | $ | 2,531 | $ | 3,460 | $ | 490 | $ | 967 | ||||||||||||
Selling, general and administrative | 662 | 2,929 | 4,383 | 3,639 | 1,155 | 2,941 | ||||||||||||||||||
Total stock-based compensation | $ | 1,141 | $ | 4,043 | $ | 6,914 | $ | 7,099 | $ | 1,645 | $ | 3,908 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2024 | 2023 | |||||||||||||||||||
Numerator | ||||||||||||||||||||||||
Net loss | $ | (24,728 | ) | $ | (31,713 | ) | $ | (73,912 | ) | $ | (99,302 | ) | $ | (19,474 | ) | $ | (23,611 | ) | ||||||
Numerator for basic and diluted EPS - loss attributable to common stockholders | $ | (24,728 | ) | $ | (31,713 | ) | $ | (73,912 | ) | $ | (99,302 | ) | $ | (19,474 | ) | $ | (23,611 | ) | ||||||
Denominator | ||||||||||||||||||||||||
Common stock | 141,660,018 | 139,542,660 | 141,154,110 | 139,057,663 | 141,773 | 140,280 | ||||||||||||||||||
Denominator for basic and diluted EPS - weighted-average common stock | 141,660,018 | 139,542,660 | 141,154,110 | 139,057,663 | 141,773 | 140,280 | ||||||||||||||||||
Basic and diluted net loss per share | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.52 | ) | $ | (0.71 | ) | $ | (0.14 | ) | $ | (0.17 | ) |
September 30, | |||||||||||||||||
2023 | 2022 | 2024 | 2023 | ||||||||||||||
Outstanding options to purchase common stock | 23,621,828 | 12,245,302 | 22,101,807 | 24,218,892 | |||||||||||||
Outstanding restricted stock units | 640,674 | 2,084,710 | 6,152,344 | 465,866 | |||||||||||||
Outstanding warrants | 3,968,319 | 3,968,319 | 3,968,319 | 3,968,319 | |||||||||||||
28,230,821 | 18,298,331 | 32,222,470 | 28,653,077 |
● | 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 Class A 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 three business days before the Company sends the notice of redemption to the warrant holders. |
Research and Development | Selling, general and administrative | Total | ||||||||||
Balance as of December 31, 2023 | $ | 513 | $ | 6 | $ | 519 | ||||||
Restructuring charges incurred(1) | 131 | - | 131 | |||||||||
Cash payments and other adjustments(1) | (422 | ) | (6 | ) | (428 | ) | ||||||
Balance as of March 31, 2024 | $ | 222 | $ | - | $ | 222 | ||||||
Current liabilities | $ | 222 | ||||||||||
Long-term liabilities | - | |||||||||||
Total liabilities as of March 31, 2024 | $ | 222 |
(1) | Restructuring charges incurred and Cash payments and other adjustments include non-cash charges related to stock-based compensation expenses. |
Three months ended | Nine months ended | |||||||
September 30, 2023 | September 30, 2023 | |||||||
Research and development | $ | 1,602 | $ | 2,738 | ||||
Selling, general and administrative | 649 | 1,393 | ||||||
Total restructuring costs | $ | 2,251 | $ | 4,131 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended March 31, | ||||||||||||||||
2024 | 2023 | $ Change | % Change | |||||||||||||
Revenue: | ||||||||||||||||
Product | $ | 428 | $ | 251 | $ | 177 | 70.5 | % | ||||||||
Service | 29 | 3 | 26 | 866.7 | % | |||||||||||
Total revenue | 457 | 254 | 203 | 79.9 | % | |||||||||||
Cost of revenue | 188 | 130 | 58 | 44.6 | % | |||||||||||
Gross profit | 269 | 124 | 145 | 116.9 | % | |||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 12,101 | 18,167 | (6,066 | ) | (33.4 | )% | ||||||||||
Selling, general and administrative | 11,528 | 11,178 | 350 | 3.1 | % | |||||||||||
Total operating expenses | 23,629 | 29,345 | (5,716 | ) | (19.5 | )% | ||||||||||
Loss from operations | (23,360 | ) | (29,221 | ) | 5,861 | (20.1 | )% | |||||||||
Dividend and interest income | 3,574 | 2,219 | 1,355 | 61.1 | % | |||||||||||
Gain on marketable securities, net | - | 2,942 | (2,942 | ) | (100.0 | )% | ||||||||||
Change in fair value of warrant liabilities | 319 | 391 | (72 | ) | (18.4 | )% | ||||||||||
Other (expense) income, net | (7 | ) | 58 | (65 | ) | (112.1 | )% | |||||||||
Loss before provision for income taxes | (19,474 | ) | (23,611 | ) | 4,137 | (17.5 | )% | |||||||||
Provision for income taxes | - | - | - | nm | ||||||||||||
Net loss | $ | (19,474 | ) | $ | (23,611 | ) | $ | 4,137 | (17.5 | )% |
2024 | 2023 | $ Change | % Change | |||||||||||||
Total revenue | $ | 457 | $ | 254 | $ | 203 | 79.9 | % | ||||||||
Cost of revenue | 188 | 130 | 58 | 44.6 | % | |||||||||||
Gross profit | $ | 269 | $ | 124 | $ | 145 | 116.9 | % | ||||||||
Gross profit margin | 58.9 | % | 48.8 | % |
2024 | 2023 | $ Change | % Change | |||||||||||||
Research and development | $ | 12,101 | $ | 18,167 | $ | (6,066 | ) | (33.4 | )% |
2024 | 2023 | $ Change | % Change | |||||||||||||
Selling, general and administrative | $ | 11,528 | $ | 11,178 | $ | 350 | 3.1 | % |
2024 | 2023 | $ Change | % Change | |||||||||||||
Dividend and interest income | $ | 3,574 | $ | 2,219 | $ | 1,355 | 61.1 | % |
2024 | 2023 | $ Change | % Change | |||||||||||||
Gain on marketable securities, net | $ | - | $ | 2,942 | $ | (2,942 | ) | (100.0 | )% |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Product | $ | 216 | $ | - | nm | $ | 654 | $ | - | nm | ||||||||||||||
Service | 7 | - | nm | 28 | - | nm | ||||||||||||||||||
Total revenue | 223 | - | nm | 682 | - | nm | ||||||||||||||||||
Cost of revenue | 115 | - | nm | 372 | - | nm | ||||||||||||||||||
Gross profit | 108 | - | nm | 310 | - | nm | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 16,587 | 16,675 | (0.5 | )% | 50,588 | 53,905 | (6.2 | )% | ||||||||||||||||
Selling, general and administrative | 10,696 | 10,983 | (2.6 | )% | 33,010 | 31,093 | 6.2 | % | ||||||||||||||||
Total operating expenses | 27,283 | 27,658 | (1.4 | )% | 83,598 | 84,998 | (1.6 | )% | ||||||||||||||||
Loss from operations | (27,175 | ) | (27,658 | ) | (1.7 | )% | (83,288 | ) | (84,998 | ) | (2.0 | )% | ||||||||||||
Dividend income | 2,572 | 1,381 | 86.2 | % | 7,274 | 3,288 | 121.2 | % | ||||||||||||||||
Unrealized gain (loss) on marketable securities | 1,953 | (4,240 | ) | (146.1 | )% | 8,302 | (20,384 | ) | (140.7 | )% | ||||||||||||||
Realized loss on marketable securities | (1,901 | ) | (1,348 | ) | 41.0 | % | (6,489 | ) | (2,399 | ) | 170.5 | % | ||||||||||||
Change in fair value of warrant liabilities | (162 | ) | 137 | (218.2 | )% | (81 | ) | 5,121 | (101.6 | )% | ||||||||||||||
Other income (expense), net | (15 | ) | 15 | (200.0 | )% | 370 | 70 | 428.6 | % | |||||||||||||||
Loss before provision for income taxes | (24,728 | ) | (31,713 | ) | (22.0 | )% | (73,912 | ) | (99,302 | ) | (25.6 | )% | ||||||||||||
Provision for income taxes | - | - | nm | - | - | nm | ||||||||||||||||||
Net loss and comprehensive loss | $ | (24,728 | ) | $ | (31,713 | ) | (22.0 | )% | $ | (73,912 | ) | $ | (99,302 | ) | (25.6 | )% |
Three months ended September 30, | Change | ||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | |||||||||
Total revenue | $ | 223 | $ | - | $ | 223 | nm | ||||||
Cost of revenue | 115 | - | 115 | nm | |||||||||
Gross profit | 108 | - | 108 | nm | |||||||||
Gross profit margin | 48.4 | % | nm |
Three months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Research and development | $ | 16,587 | $ | 16,675 | $ | (88 | ) | (0.5 | )% |
2024 | 2023 | $ Change | % Change | |||||||||||||
Change in fair value of warrant liabilities | $ | 319 | $ | 391 | $ | (72 | ) | (18.4 | )% |
Three months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Selling, general and administrative | $ | 10,696 | $ | 10,983 | $ | (287 | ) | (2.6 | )% |
2024 | 2023 | $ Change | % Change | |||||||||||||
Other (expense) income, net | $ | (7 | ) | $ | 58 | $ | (65 | ) | (112.1 | )% |
Three months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Dividend income | $ | 2,572 | $ | 1,381 | $ | 1,191 | 86.2 | % |
Three months ended September 30 | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Unrealized gain (loss) on marketable securities | $ | 1,953 | $ | (4,240 | ) | $ | 6,193 | (146.1 | )% |
Three months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Realized loss on marketable securities | $ | (1,901 | ) | $ | (1,348 | ) | $ | (553 | ) | 41.0 | % |
Three months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Change in fair value of warrant liabilities | $ | (162 | ) | $ | 137 | $ | (299 | ) | (218.2 | )% |
Three months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Other income (expense), net | $ | (15 | ) | $ | 15 | $ | (30 | ) | (200.0 | )% |
Nine months ended September 30, | Change | ||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | |||||||||
Total revenue | $ | 682 | $ | - | $ | 682 | nm | ||||||
Cost of revenue | 372 | - | 372 | nm | |||||||||
Gross profit | 310 | - | 310 | nm | |||||||||
Gross profit margin | 45.5 | % | nm |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Research and development | $ | 50,588 | $ | 53,905 | $ | (3,317 | ) | (6.2 | )% |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Selling, general and administrative | $ | 33,010 | $ | 31,093 | $ | 1,917 | 6.2 | % |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Dividend income | $ | 7,274 | $ | 3,288 | $ | 3,986 | 121.2 | % |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Unrealized gain (loss) on marketable securities | $ | 8,302 | $ | (20,384 | ) | $ | 28,686 | (140.7 | )% |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Realized loss on marketable securities | $ | (6,489 | ) | $ | (2,399 | ) | $ | (4,090 | ) | 170.5 | % |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Change in fair value of warrant liabilities | $ | (81 | ) | $ | 5,121 | $ | (5,202 | ) | (101.6 | )% |
Nine months ended September 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Other income (expense), net | $ | 370 | $ | 70 | $ | 300 | 428.6 | % |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Net cash (used in) provided by: | ||||||||
Net cash used in operating activities | $ | (23,208 | ) | $ | (28,698 | ) | ||
Net cash (used in) provided by investing activities | (57,428 | ) | 26,039 | |||||
Net cash used in financing activities | (56 | ) | - | |||||
Effect of exchange rate changes on cash and cash equivalents | (5 | ) | - | |||||
Net change in cash and cash equivalents | $ | (80,697 | ) | $ | (2,659 | ) |
Nine months ended September 30, | ||||||||
(in thousands) | 2023 | 2022 | ||||||
Net cash (used in) provided by: | ||||||||
Net cash used in operating activities | $ | (73,067 | ) | $ | (70,977 | ) | ||
Net cash provided by investing activities | 82,360 | 111,684 | ||||||
Net cash provided by financing activities | 210 | 1,771 | ||||||
Net increase in cash and cash equivalents | $ | 9,503 | $ | 42,478 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
ITEM 1. | LEGAL PROCEEDINGS. |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF |
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 |
Nonemployee Director Compensation Policy | Form | 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 | |||||||||
| Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | X | | | | | | | |
Certification of the Principal 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 |
+ | Management contract or compensatory plan or arrangement. |
* | The certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Quantum-Si Incorporated under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of such Form 10-Q), irrespective of any general incorporation language contained in such filing. |
QUANTUM-SI INCORPORATED | |||
Date: | By: | /s/ Jeffrey Hawkins | |
Jeffrey Hawkins | |||
President and Chief Executive Officer | |||
Date: | By: | /s/ Jeffry Keyes | |
Jeffry Keyes | |||
Chief Financial Officer and Treasurer |