☒ | 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) | ( |
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 | ||
3 | ||
Part I | 4 | |
Item 1. | 4 | |
4 | ||
5 | ||
6 | ||
7 | ||
8 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
● | the potential attributes and benefits of our commercialized PlatinumTM protein sequencing instrument and our other products once commercialized; |
● | 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; |
● | our ability to obtain and maintain regulatory approval for our products, and any related restrictions and limitations of any approved product; |
● | the ability to maintain the listing of our Class A common stock on The Nasdaq Stock Market LLC (“Nasdaq”); |
● | our ongoing leadership |
● | our ability to identify, in-license or acquire additional technology; |
● | our intellectual property rights; |
● | 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; |
● | changes in applicable laws or regulations; |
● | market conditions and global and economic factors, such as inflation; and |
● | our ability to raise financing in the |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 87,934 | $ | 84,319 | $ | 93,822 | $ | 84,319 | ||||||||
Marketable securities | 209,251 | 266,990 | 180,803 | 266,990 | ||||||||||||
Accounts receivable, net of allowance for estimated credit losses of $0 and $0, respectively | 327 | - | 466 | - | ||||||||||||
Inventory, net | 1,978 | - | 2,325 | - | ||||||||||||
Prepaid expenses and other current assets | 7,304 | 6,873 | 7,392 | 6,873 | ||||||||||||
Total current assets | 306,794 | 358,182 | 284,808 | 358,182 | ||||||||||||
Property and equipment, net | 18,104 | 16,849 | 17,606 | 16,849 | ||||||||||||
Internally developed software | 673 | - | 627 | - | ||||||||||||
Operating lease right-of-use assets | 14,896 | 15,757 | 14,354 | 15,757 | ||||||||||||
Other assets | 701 | 697 | 701 | 697 | ||||||||||||
Total assets | $ | 341,168 | $ | 391,485 | $ | 318,096 | $ | 391,485 | ||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 833 | $ | 3,903 | $ | 2,056 | $ | 3,903 | ||||||||
Accrued expenses and other current liabilities | 7,882 | 10,434 | 7,428 | 10,434 | ||||||||||||
Short-term operating lease liabilities | 1,478 | 1,369 | ||||||||||||||
Current portion of operating lease liabilities | 1,523 | 1,369 | ||||||||||||||
Total current liabilities | 10,193 | 15,706 | 11,007 | 15,706 | ||||||||||||
Warrant liabilities | 915 | 996 | 1,077 | 996 | ||||||||||||
Other long-term liabilities | 32 | - | 19 | - | ||||||||||||
Operating lease liabilities | 14,733 | 16,077 | 13,928 | 16,077 | ||||||||||||
Total liabilities | 25,873 | 32,779 | 26,031 | 32,779 | ||||||||||||
Commitments and contingencies (Note 15) | ||||||||||||||||
Stockholders’ equity | ||||||||||||||||
Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 121,633,613 and 120,006,757 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 12 | 12 | ||||||||||||||
Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 19,937,500 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 2 | 2 | ||||||||||||||
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 | ||||||||||||||
Additional paid-in capital | 764,139 | 758,366 | 765,637 | 758,366 | ||||||||||||
Accumulated deficit | (448,858 | ) | (399,674 | ) | (473,586 | ) | (399,674 | ) | ||||||||
Total stockholders’ equity | 315,295 | 358,706 | 292,065 | 358,706 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 341,168 | $ | 391,485 | $ | 318,096 | $ | 391,485 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Product | $ | 187 | $ | - | $ | 438 | $ | - | $ | 216 | $ | - | $ | 654 | $ | - | ||||||||||||||||
Service | 18 | - | 21 | - | 7 | - | 28 | - | ||||||||||||||||||||||||
Total revenue | 205 | - | 459 | - | 223 | - | 682 | - | ||||||||||||||||||||||||
Cost of revenue | 127 | - | 257 | - | 115 | - | 372 | - | ||||||||||||||||||||||||
Gross profit | 78 | - | 202 | - | 108 | - | 310 | - | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development | 15,834 | 18,459 | 34,001 | 37,230 | 16,587 | 16,675 | 50,588 | 53,905 | ||||||||||||||||||||||||
Selling, general and administrative | 11,136 | 11,741 | 22,314 | 20,110 | 10,696 | 10,983 | 33,010 | 31,093 | ||||||||||||||||||||||||
Total operating expenses | 26,970 | 30,200 | 56,315 | 57,340 | 27,283 | 27,658 | 83,598 | 84,998 | ||||||||||||||||||||||||
Loss from operations | (26,892 | ) | (30,200 | ) | (56,113 | ) | (57,340 | ) | (27,175 | ) | (27,658 | ) | (83,288 | ) | (84,998 | ) | ||||||||||||||||
Dividend income | 2,483 | 1,052 | 4,702 | 1,907 | 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 | ) | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | (310 | ) | 2,337 | 81 | 4,984 | (162 | ) | 137 | (81 | ) | 5,121 | |||||||||||||||||||||
Other income (expense), net | (854 | ) | (5,603 | ) | 2,146 | (17,140 | ) | (15 | ) | 15 | 370 | 70 | ||||||||||||||||||||
Loss before provision for income taxes | (25,573 | ) | (32,414 | ) | (49,184 | ) | (67,589 | ) | (24,728 | ) | (31,713 | ) | (73,912 | ) | (99,302 | ) | ||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Net loss and comprehensive loss | $ | (25,573 | ) | $ | (32,414 | ) | $ | (49,184 | ) | $ | (67,589 | ) | $ | (24,728 | ) | $ | (31,713 | ) | $ | (73,912 | ) | $ | (99,302 | ) | ||||||||
Net loss per common share attributable to common stockholders, basic and diluted | $ | (0.18 | ) | $ | (0.23 | ) | $ | (0.35 | ) | $ | (0.49 | ) | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.52 | ) | $ | (0.71 | ) | ||||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 141,506,818 | 139,000,261 | 140,896,963 | 138,811,146 | 141,660,018 | 139,542,660 | 141,154,110 | 139,057,663 |
Class A common stock | Class B common stock | Additional paid-in | Accumulated | Total stockholders’ | Class A common stock | Class B common stock | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | deficit | equity | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2022 | 120,006,757 | $ | 12 | 19,937,500 | $ | 2 | $ | 758,366 | $ | (399,674 | ) | $ | 358,706 | 120,006,757 | $ | 12 | 19,937,500 | $ | 2 | $ | 758,366 | $ | (399,674 | ) | $ | 358,706 | ||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | (23,611 | ) | (23,611 | ) | - | - | - | - | - | (23,611 | ) | (23,611 | ) | ||||||||||||||||||||||||||||||||||||||
Common stock issued upon vesting of restricted stock units | 1,552,583 | - | - | - | - | - | - | 1,552,583 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 3,908 | - | 3,908 | - | - | - | - | 3,908 | - | 3,908 | ||||||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2023 | 121,559,340 | $ | 12 | 19,937,500 | $ | 2 | $ | 762,274 | $ | (423,285 | ) | $ | 339,003 | 121,559,340 | $ | 12 | 19,937,500 | $ | 2 | $ | 762,274 | $ | (423,285 | ) | $ | 339,003 | ||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | (25,573 | ) | (25,573 | ) | - | - | - | - | - | (25,573 | ) | (25,573 | ) | ||||||||||||||||||||||||||||||||||||||
Common stock issued upon vesting of restricted stock units | 74,273 | - | - | - | - | - | - | 74,273 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 1,865 | - | 1,865 | - | - | - | - | 1,865 | - | 1,865 | ||||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2023 | 121,633,613 | $ | 12 | 19,937,500 | $ | 2 | $ | 764,139 | $ | (448,858 | ) | $ | 315,295 | 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’ | Class A common stock | Class B common stock | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | capital | deficit | equity | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2021 | 118,025,410 | $ | 12 | 19,937,500 | $ | 2 | $ | 744,252 | $ | (267,232 | ) | $ | 477,034 | 118,025,410 | $ | 12 | 19,937,500 | $ | 2 | $ | 744,252 | $ | (267,232 | ) | $ | 477,034 | ||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | (35,175 | ) | (35,175 | ) | - | - | - | - | - | (35,175 | ) | (35,175 | ) | ||||||||||||||||||||||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units | 946,987 | - | - | - | 730 | - | 730 | 946,987 | - | - | - | 730 | - | 730 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | (714 | ) | - | (714 | ) | - | - | - | - | (714 | ) | - | (714 | ) | ||||||||||||||||||||||||||||||||||||||
Balance - March 31, 2022 | 118,972,397 | $ | 12 | 19,937,500 | $ | 2 | $ | 744,268 | $ | (302,407 | ) | $ | 441,875 | 118,972,397 | $ | 12 | 19,937,500 | $ | 2 | $ | 744,268 | $ | (302,407 | ) | $ | 441,875 | ||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | (32,414 | ) | (32,414 | ) | - | - | - | - | - | (32,414 | ) | (32,414 | ) | ||||||||||||||||||||||||||||||||||||||
Common stock issued upon exercise of stock options and vesting of restricted stock units | 271,731 | - | - | - | 264 | - | 264 | 271,731 | - | - | - | 264 | - | 264 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 3,770 | - | 3,770 | - | - | - | - | 3,770 | - | 3,770 | ||||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2022 | 119,244,128 | $ | 12 | 19,937,500 | $ | 2 | $ | 748,302 | $ | (334,821 | ) | $ | 413,495 | 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 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net loss | $ | (49,184 | ) | $ | (67,589 | ) | $ | (73,912 | ) | $ | (99,302 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Depreciation and amortization | 1,893 | 1,060 | 3,063 | 1,789 | ||||||||||||
Non-cash lease expense | 944 | 900 | 1,486 | 1,273 | ||||||||||||
(Gain) loss on marketable securities | (1,761 | ) | 16,144 | |||||||||||||
Unrealized (gain) loss on marketable securities | (8,302 | ) | 20,384 | |||||||||||||
Realized loss on marketable securities | 6,489 | 2,399 | ||||||||||||||
(Gain) loss on disposal of fixed assets | (8 | ) | 9 | (8 | ) | 9 | ||||||||||
Change in fair value of warrant liabilities | (81 | ) | (4,984 | ) | 81 | (5,121 | ) | |||||||||
Change in fair value of contingent consideration | (400 | ) | 107 | (400 | ) | 141 | ||||||||||
Stock-based compensation | 5,773 | 3,056 | 6,914 | 7,099 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable, net | (327 | ) | - | (466 | ) | - | ||||||||||
Inventory, net | (1,740 | ) | - | (2,325 | ) | - | ||||||||||
Prepaid expenses and other current assets | (431 | ) | 1,432 | (236 | ) | (931 | ) | |||||||||
Operating lease right-of-use assets | (83 | ) | (9,338 | ) | (83 | ) | (9,466 | ) | ||||||||
Other assets | (4 | ) | - | (4 | ) | (7 | ) | |||||||||
Accounts payable | (1,952 | ) | 77 | (732 | ) | (444 | ) | |||||||||
Accrued expenses and other current liabilities | (3,059 | ) | 810 | (2,656 | ) | 2,224 | ||||||||||
Other long-term liabilities | 32 | - | 19 | - | ||||||||||||
Operating lease liabilities | (1,235 | ) | 9,142 | (1,995 | ) | 8,976 | ||||||||||
Net cash used in operating activities | $ | (51,623 | ) | $ | (49,174 | ) | $ | (73,067 | ) | $ | (70,977 | ) | ||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of property and equipment | (3,543 | ) | (5,462 | ) | (4,877 | ) | (7,241 | ) | ||||||||
Internally developed software - capitalized costs | (719 | ) | - | (763 | ) | - | ||||||||||
Purchases of marketable securities | - | (101 | ) | - | (834 | ) | ||||||||||
Sales of marketable securities | 59,500 | 100,078 | 88,000 | 119,759 | ||||||||||||
Net cash provided by investing activities | $ | 55,238 | $ | 94,515 | $ | 82,360 | $ | 111,684 | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from exercise of stock options | - | 994 | 357 | 2,619 | ||||||||||||
Deferred offering costs | (147 | ) | - | |||||||||||||
Payment of contingent consideration - business acquisition | - | (348 | ) | - | (348 | ) | ||||||||||
Payment of deferred consideration - business acquisition | - | (500 | ) | - | (500 | ) | ||||||||||
Net cash provided by financing activities | $ | - | $ | 146 | $ | 210 | $ | 1,771 | ||||||||
Net increase in cash and cash equivalents | 3,615 | 45,487 | 9,503 | 42,478 | ||||||||||||
Cash and cash equivalents at beginning of period | 84,319 | 35,785 | 84,319 | 35,785 | ||||||||||||
Cash and cash equivalents at end of period | $ | 87,934 | $ | 81,272 | $ | 93,822 | $ | 78,263 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property and equipment purchased but not paid | $ | 811 | $ | 646 | $ | 59 | $ | 798 | ||||||||
Deferred offering costs payable | 136 | - |
● | valuation allowance with respect to deferred tax assets; |
● | inventory valuation; |
● | 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. |
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 | Fair Value Measurement Level | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
June 30, 2023: | ||||||||||||||||||||||||||||||||
September 30, 2023: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents - Money Market | $ | 82,781 | $ | 82,781 | $ | - | $ | - | $ | 88,354 | $ | 88,354 | $ | - | $ | - | ||||||||||||||||
Marketable securities | 209,251 | 209,251 | - | - | 180,803 | 180,803 | - | - | ||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 292,032 | $ | 292,032 | $ | - | $ | - | $ | 269,157 | $ | 269,157 | $ | - | $ | - | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public Warrants | $ | 881 | $ | 881 | $ | - | $ | - | $ | 1,035 | $ | 1,035 | $ | - | $ | - | ||||||||||||||||
Private Warrants | 34 | - | - | 34 | 42 | - | - | 42 | ||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 915 | $ | 881 | $ | - | $ | 34 | $ | 1,077 | $ | 1,035 | $ | - | $ | 42 |
Fair Value Measurement Level | Fair Value Measurement Level | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
December 31, 2022: | ||||||||||||||||||||||||||||||||
December 31, 2022: | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents - Money Market | $ | 83,079 | $ | 83,079 | $ | - | $ | - | $ | 83,079 | $ | 83,079 | $ | - | $ | - | ||||||||||||||||
Marketable securities | 266,990 | 266,990 | - | - | 266,990 | 266,990 | - | - | ||||||||||||||||||||||||
Total assets at fair value on a recurring basis | $ | 350,069 | $ | 350,069 | $ | - | $ | - | $ | 350,069 | $ | 350,069 | $ | - | $ | - | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Public Warrants | $ | 958 | $ | 958 | $ | - | $ | - | $ | 958 | $ | 958 | $ | - | $ | - | ||||||||||||||||
Private Warrants | 38 | - | - | 38 | 38 | - | - | 38 | ||||||||||||||||||||||||
Total liabilities at fair value on a recurring basis | $ | 996 | $ | 958 | $ | - | $ | 38 | $ | 996 | $ | 958 | $ | - | $ | 38 |
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 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||
Laboratory and production equipment | $ | 14,827 | $ | 14,031 | $ | 14,880 | $ | 14,031 | ||||||||
Computer equipment | 1,488 | 1,073 | 1,736 | 1,073 | ||||||||||||
Purchased software | 188 | 188 | 188 | 188 | ||||||||||||
Furniture and fixtures | 260 | 218 | 260 | 218 | ||||||||||||
Leasehold improvements | 6,739 | 1,308 | 6,918 | 1,308 | ||||||||||||
Construction in process | 2,674 | 6,234 | 2,776 | 6,234 | ||||||||||||
Property and equipment, gross | 26,176 | 23,052 | 26,758 | 23,052 | ||||||||||||
Less: Accumulated depreciation and amortization | (8,072 | ) | (6,203 | ) | (9,152 | ) | (6,203 | ) | ||||||||
Property and equipment, net | $ | 18,104 | $ | 16,849 | $ | 17,606 | $ | 16,849 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||
Employee compensation and benefits | $ | 3,873 | $ | 5,548 | $ | 3,191 | $ | 5,548 | ||||||||
Contracted services | 2,457 | 3,616 | 2,325 | 3,616 | ||||||||||||
Restructuring costs | 551 | - | ||||||||||||||
Business acquisition costs and contingencies | - | 343 | - | 343 | ||||||||||||
Legal fees | 1,150 | 839 | 997 | 839 | ||||||||||||
Other | 402 | 88 | 364 | 88 | ||||||||||||
Total accrued expenses and other current liabilities | $ | 7,882 | $ | 10,434 | $ | 7,428 | $ | 10,434 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Operating lease cost | $ | 896 | $ | 812 | $ | 1,749 | $ | 1,533 | $ | 864 | $ | 819 | $ | 2,613 | $ | 2,352 | ||||||||||||||||
Short-term lease cost | 110 | 108 | 239 | 212 | ||||||||||||||||||||||||||||
Variable lease cost | 287 | 315 | 681 | 601 | 545 | 321 | 1,226 | 922 | ||||||||||||||||||||||||
Total lease cost | $ | 1,293 | $ | 1,235 | $ | 2,669 | $ | 2,346 | $ | 1,409 | $ | 1,140 | $ | 3,839 | $ | 3,274 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Weighted-average remaining lease term (years) | 6.8 | 7.3 | 6.6 | 7.3 | ||||||||||||
Weighted-average discount rate | 7.9 | % | 7.9 | % | 7.9 | % | 7.9 | % |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating cash paid to settle operating lease liabilities | $ | 2,119 | $ | 621 | $ | 3,201 | $ | 1,362 | ||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 83 | $ | 9,338 | $ | 83 | $ | 9,466 |
Operating Leases | Operating Leases | |||||||
Remainder of 2023 | $ | 2,179 | $ | 1,097 | ||||
2024 | 4,436 | 4,436 | ||||||
2025 | 4,527 | 4,527 | ||||||
2026 | 4,585 | 4,585 | ||||||
2027 | 4,549 | 4,549 | ||||||
Thereafter | 13,027 | 13,027 | ||||||
Total undiscounted lease payments | $ | 33,303 | $ | 32,221 | ||||
Less: Imputed interest | 7,988 | 7,666 | ||||||
Less: Lease incentives (1) | 9,104 | 9,104 | ||||||
Total lease liabilities | $ | 16,211 | $ | 15,451 |
(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 | 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 | 19,427,755 | $ | 3.69 | 8.68 | $ | 378 | ||||||||||||||||||||
Granted | 9,131,580 | 1.66 | 10,138,730 | 1.79 | ||||||||||||||||||||||||||||
Exercised | - | - | (127,799 | ) | 2.79 | |||||||||||||||||||||||||||
Forfeited | (1,364,750 | ) | 4.41 | (5,816,858 | ) | 3.76 | ||||||||||||||||||||||||||
Outstanding at June 30, 2023 | 27,194,585 | $ | 2.97 | 8.70 | $ | 1,781 | ||||||||||||||||||||||||||
Options exercisable at June 30, 2023 | 6,388,245 | $ | 4.00 | 6.61 | $ | 324 | ||||||||||||||||||||||||||
Vested and expected to vest at June 30, 2023 | 23,661,933 | $ | 3.02 | 8.60 | $ | 1,534 | ||||||||||||||||||||||||||
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 Shares Underlying RSUs | Weighted Average Grant- Date Fair Value | Number of Shares Underlying RSUs | Weighted Average Grant-Date Fair Value | |||||||||||||
Outstanding non-vested RSUs at December 31, 2022 | 2,018,449 | $ | 8.41 | 2,018,449 | $ | 8.41 | ||||||||||
Granted | 256,128 | 1.56 | 491,320 | 1.76 | ||||||||||||
Vested | (1,626,856 | ) | 8.56 | (1,655,978 | ) | 8.56 | ||||||||||
Forfeited | (178,229 | ) | 6.80 | (213,117 | ) | 7.09 | ||||||||||
Outstanding non-vested RSUs at June 30, 2023 | 469,492 | $ | 4.79 | |||||||||||||
Outstanding non-vested RSUs at September 30, 2023 | 640,674 | $ | 3.39 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Research and development | $ | 1,085 | $ | 1,154 | $ | 2,052 | $ | 2,346 | $ | 479 | $ | 1,114 | $ | 2,531 | $ | 3,460 | ||||||||||||||||
Selling, general and administrative | 780 | 2,616 | 3,721 | 710 | 662 | 2,929 | 4,383 | 3,639 | ||||||||||||||||||||||||
Total stock-based compensation | $ | 1,865 | $ | 3,770 | $ | 5,773 | $ | 3,056 | $ | 1,141 | $ | 4,043 | $ | 6,914 | $ | 7,099 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||||
Net loss | $ | (25,573 | ) | $ | (32,414 | ) | $ | (49,184 | ) | $ | (67,589 | ) | $ | (24,728 | ) | $ | (31,713 | ) | $ | (73,912 | ) | $ | (99,302 | ) | ||||||||
Numerator for basic and diluted EPS - loss attributable to common stockholders | $ | (25,573 | ) | $ | (32,414 | ) | $ | (49,184 | ) | $ | (67,589 | ) | $ | (24,728 | ) | $ | (31,713 | ) | $ | (73,912 | ) | $ | (99,302 | ) | ||||||||
Denominator | ||||||||||||||||||||||||||||||||
Common stock | 141,506,818 | 139,000,261 | 140,896,963 | 138,811,146 | 141,660,018 | 139,542,660 | 141,154,110 | 139,057,663 | ||||||||||||||||||||||||
Denominator for basic and diluted EPS - weighted-average common stock | 141,506,818 | 139,000,261 | 140,896,963 | 138,811,146 | 141,660,018 | 139,542,660 | 141,154,110 | 139,057,663 | ||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.18 | ) | $ | (0.23 | ) | $ | (0.35 | ) | $ | (0.49 | ) | $ | (0.17 | ) | $ | (0.23 | ) | $ | (0.52 | ) | $ | (0.71 | ) |
June 30, | September 30, | |||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Outstanding options to purchase common stock | 27,194,585 | 12,881,414 | 23,621,828 | 12,245,302 | ||||||||||||||
Outstanding restricted stock units | 469,492 | 2,137,296 | 640,674 | 2,084,710 | ||||||||||||||
Outstanding warrants | 3,968,319 | 3,968,319 | 3,968,319 | 3,968,319 | ||||||||||||||
31,632,396 | 18,987,029 | 28,230,821 | 18,298,331 |
● | 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 three business days before the Company sends the notice of redemption to the warrant holders. |
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 June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Product | $ | 187 | $ | - | nm | $ | 438 | $ | - | nm | $ | 216 | $ | - | nm | $ | 654 | $ | - | nm | ||||||||||||||||||||||||||||
Service | 18 | - | nm | 21 | - | nm | 7 | - | nm | 28 | - | nm | ||||||||||||||||||||||||||||||||||||
Total revenue | 205 | - | nm | 459 | - | nm | 223 | - | nm | 682 | - | nm | ||||||||||||||||||||||||||||||||||||
Cost of revenue | 127 | - | nm | 257 | - | nm | 115 | - | nm | 372 | - | nm | ||||||||||||||||||||||||||||||||||||
Gross profit | 78 | - | nm | 202 | - | nm | 108 | - | nm | 310 | - | nm | ||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | 15,834 | 18,459 | (14.2 | )% | 34,001 | 37,230 | (8.7 | )% | 16,587 | 16,675 | (0.5 | )% | 50,588 | 53,905 | (6.2 | )% | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 11,136 | 11,741 | (5.2 | )% | 22,314 | 20,110 | 11.0 | % | 10,696 | 10,983 | (2.6 | )% | 33,010 | 31,093 | 6.2 | % | ||||||||||||||||||||||||||||||||
Total operating expenses | 26,970 | 30,200 | (10.7 | )% | 56,315 | 57,340 | (1.8 | )% | 27,283 | 27,658 | (1.4 | )% | 83,598 | 84,998 | (1.6 | )% | ||||||||||||||||||||||||||||||||
Loss from operations | (26,892 | ) | (30,200 | ) | (11.0 | )% | (56,113 | ) | (57,340 | ) | (2.1 | )% | (27,175 | ) | (27,658 | ) | (1.7 | )% | (83,288 | ) | (84,998 | ) | (2.0 | )% | ||||||||||||||||||||||||
Dividend income | 2,483 | 1,052 | 136.0 | % | 4,702 | 1,907 | 146.6 | % | 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 | (310 | ) | 2,337 | (113.3 | )% | 81 | 4,984 | (98.4 | )% | (162 | ) | 137 | (218.2 | )% | (81 | ) | 5,121 | (101.6 | )% | |||||||||||||||||||||||||||||
Other income (expense), net | (854 | ) | (5,603 | ) | (84.8 | )% | 2,146 | (17,140 | ) | (112.5 | )% | (15 | ) | 15 | (200.0 | )% | 370 | 70 | 428.6 | % | ||||||||||||||||||||||||||||
Loss before provision for income taxes | (25,573 | ) | (32,414 | ) | (21.1 | )% | (49,184 | ) | (67,589 | ) | (27.2 | )% | (24,728 | ) | (31,713 | ) | (22.0 | )% | (73,912 | ) | (99,302 | ) | (25.6 | )% | ||||||||||||||||||||||||
Provision for income taxes | - | - | nm | - | - | nm | - | - | nm | - | - | nm | ||||||||||||||||||||||||||||||||||||
Net loss and comprehensive loss | $ | (25,573 | ) | $ | (32,414 | ) | (21.1 | )% | $ | (49,184 | ) | $ | (67,589 | ) | (27.2 | )% | $ | (24,728 | ) | $ | (31,713 | ) | (22.0 | )% | $ | (73,912 | ) | $ | (99,302 | ) | (25.6 | )% |
Three months ended June 30, | Change | Three months ended September 30, | Change | |||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||
Total revenue | $ | 205 | $ | - | $ | 205 | nm | $ | 223 | $ | - | $ | 223 | nm | ||||||||||||
Cost of revenue | 127 | - | 127 | nm | 115 | - | 115 | nm | ||||||||||||||||||
Gross profit | 78 | - | 78 | nm | 108 | - | 108 | nm | ||||||||||||||||||
Gross profit margin | 38.0 | % | nm | 48.4 | % | nm |
Three months ended June 30, | Change | Three months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Research and development | $ | 15,834 | $ | 18,459 | $ | (2,625 | ) | (14.2 | )% | $ | 16,587 | $ | 16,675 | $ | (88 | ) | (0.5 | )% |
Three months ended June 30, | Change | Three months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Selling, general and administrative | $ | 11,136 | $ | 11,741 | $ | (605 | ) | (5.2 | )% | $ | 10,696 | $ | 10,983 | $ | (287 | ) | (2.6 | )% |
Three months ended June 30, | Change | Three months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Dividend income | $ | 2,483 | $ | 1,052 | $ | 1,431 | 136.0 | % | $ | 2,572 | $ | 1,381 | $ | 1,191 | 86.2 | % |
Three months ended June 30, | Change | Three months ended September 30 | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | $ | (310 | ) | $ | 2,337 | $ | (2,647 | ) | (113.3 | )% | ||||||||||||||||||||||
Unrealized gain (loss) on marketable securities | $ | 1,953 | $ | (4,240 | ) | $ | 6,193 | (146.1 | )% |
Three months ended June 30, | Change | |||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | ||||||||||||
Other income (expense), net | $ | (854 | ) | $ | (5,603 | ) | $ | 4,749 | (84.8 | )% |
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 | )% |
Six months ended June 30, | Change | Nine months ended September 30, | Change | |||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||
Total revenue | $ | 459 | $ | - | $ | 459 | nm | $ | 682 | $ | - | $ | 682 | nm | ||||||||||||
Cost of revenue | 257 | - | 257 | nm | 372 | - | 372 | nm | ||||||||||||||||||
Gross profit | 202 | - | 202 | nm | 310 | - | 310 | nm | ||||||||||||||||||
Gross profit margin | 44.0 | % | nm | 45.5 | % | nm |
Six months ended June 30, | Change | Nine months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Research and development | $ | 34,001 | $ | 37,230 | $ | (3,229 | ) | (8.7 | )% | $ | 50,588 | $ | 53,905 | $ | (3,317 | ) | (6.2 | )% |
Six months ended June 30, | Change | Nine months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Selling, general and administrative | $ | 22,314 | $ | 20,110 | $ | 2,204 | 11.0 | % | $ | 33,010 | $ | 31,093 | $ | 1,917 | 6.2 | % |
Six months ended June 30, | Change | Nine months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Dividend income | $ | 4,702 | $ | 1,907 | $ | 2,795 | 146.6 | % | $ | 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 | % |
Six months ended June 30, | Change | Nine months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Change in fair value of warrant liabilities | $ | 81 | $ | 4,984 | $ | (4,903 | ) | (98.4 | )% | $ | (81 | ) | $ | 5,121 | $ | (5,202 | ) | (101.6 | )% |
Six months ended June 30, | Change | Nine months ended September 30, | Change | |||||||||||||||||||||||||||||
(in thousands, except for % changes) | 2023 | 2022 | Amount | % | 2023 | 2022 | Amount | % | ||||||||||||||||||||||||
Other income (expense), net | $ | 2,146 | $ | (17,140 | ) | $ | 19,286 | (112.5 | )% | $ | 370 | $ | 70 | $ | 300 | 428.6 | % |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net cash (used in) provided by: | ||||||||||||||||
Net cash used in operating activities | $ | (51,623 | ) | $ | (49,174 | ) | $ | (73,067 | ) | $ | (70,977 | ) | ||||
Net cash provided by investing activities | 55,238 | 94,515 | 82,360 | 111,684 | ||||||||||||
Net cash provided by financing activities | - | 146 | 210 | 1,771 | ||||||||||||
Net increase in cash and cash equivalents | $ | 3,615 | $ | 45,487 | $ | 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, |
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 | ||
Form S-3 (Exhibit 1.2) | 8/11/2023 | 333-273934 | ||||||||||
Form 8-K (Exhibit 10.1) | ||||||||||||
001-39486 | ||||||||||||
Separation Agreement, dated as of September 1, 2023 | Form (Exhibit | |||||||||||
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 | |||||||||||
| | 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 |