Quantum-Si Incorporated reported significant financial developments in its 10-Q filing for the third quarter of 2024. The company generated total revenue of $787,000 for the three months ended September 30, 2024, a substantial increase from $223,000 in the same period of 2023, marking a 252.9% rise. Product revenue also saw a notable increase, reaching $764,000 compared to $216,000 in the prior year, reflecting a 253.7% growth. For the nine months ended September 30, 2024, total revenue was $1.866 million, up from $682,000 in 2023, representing a 173.6% increase.

Despite the revenue growth, Quantum-Si reported a net loss of $(25.3 million) for the third quarter of 2024, slightly higher than the $(24.7 million) loss in the same quarter of 2023. For the nine-month period, the net loss decreased to $(67.9 million) from $(73.9 million) in the previous year, indicating an 8.2% improvement. The company’s accumulated deficit increased to $(563.5 million) as of September 30, 2024, compared to $(495.6 million) at the end of 2023.

Operating expenses for the third quarter totaled $28.5 million, up from $27.3 million in the same period last year. This increase was primarily driven by higher selling, general, and administrative expenses, which rose by 14.8% to $12.4 million, largely due to increased stock-based compensation and payroll costs. Research and development expenses decreased by 2.5% to $15.5 million for the quarter, and by 15.7% for the nine-month period.

The company’s cash and cash equivalents significantly declined to $42.3 million as of September 30, 2024, down from $133.9 million at the end of 2023. Total current assets also decreased to $205.8 million from $266.3 million. Quantum-Si reported net cash used in operating activities of $(64.9 million) for the nine months ended September 30, 2024, an improvement from $(73.1 million) in the same period of 2023.

Strategically, Quantum-Si has been focusing on its proprietary universal single-molecule detection platform for Next-Generation Protein Sequencing™ (NGPS), with a controlled launch of its Platinum® instrument in December 2022 and a full commercial launch expected by the end of Q1 2024. The company has also entered into various collaborations and agreements, including a Protein Engineering Collaboration with Protein Evolution, Inc., which was terminated effective May 1, 2024.

As of September 30, 2024, Quantum-Si had 122.8 million shares of Class A common stock and 19.9 million shares of Class B common stock outstanding. The company is actively managing its financial position, including a recent $150 million Shelf Registration Statement to support future capital needs.