Business
Quantum-Si Reports Third Quarter 2021 Financial Results
Quantum-Si Continues Momentum and Accelerates Commercialization Efforts GUILFORD, Conn.--(BUSINESS WIRE)-- Quantum-Si Incorporated (NASDAQ: QSI)
About this update from Quantum-si Incorporated
[{"type":"text","content":"\nQuantum-Si Continues Momentum and Accelerates Commercialization Efforts\n\n GUILFORD, Conn.--(BUSINESS WIRE)--\nQuantum-Si Incorporated (NASDAQ: QSI) (“Quantum-Si” or the “Company”), a life sciences tools company commercializing a unique protein sequencing platform, today announced financial results for the quarter ended September 30, 2021 and provided a business update.\n\nRecent Highlights\n\n\nExpanded Early Access program to ten, with five additional sites, and participation from leading academic centers and key industry partners\n\n\nAccelerated efforts to create an application ecosystem around our platform through external partnerships, including the Ecole Superieure de Physique et de Chimie Industrielles (ESPCI) in Paris and Protein Evolution, Inc. (PEI)\n\n\nBegan operations at the new product development and operations facility in San Diego, CA and made critical hires to accelerate product development and commercial readiness\n\n\nEntered into a definitive agreement to acquire Majelac Technologies LLC, a provider of semiconductor packaging and integrated circuit assembly services, to help secure chip production heading into 2022 and beyond.\n\n\n“In the third quarter, we made significant progress across our core foundational goals and accelerated all phases of commercial efforts,” said John Stark, Chief Executive Officer. “We now have a total of 10 sites in our Early Access program and are encouraged by the increasing enthusiasm within the scientific community as we move from known protein confirmation to resolution at variant and structural levels. We are well capitalized to pursue our mission to transform the field of single molecule protein sequencing by leveraging our unique Time Domain Sequencing approach and look forward to sharing our progress over the next quarters.”\n\nThird Quarter 2021 Financial Results\n\nOperating expenses were $25.2 million in the third quarter of 2021, compared to $8.6 million in the third quarter of 2020, representing an increase of 194%.\n\nResearch and development expenses for the third quarter of 2021 were $11.1 million compared to $6.7 million in the third quarter of 2020. The increase was driven primarily by increased headcount, and internal and external product development activities.\n\nSelling, general and administrative expenses for the third quarter of 2021 were $14.1 million...