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- **Instrument Placement Success**: 12 new customers (50% academic) using alternative acquisition models, driving consumable sales despite capital constraints.
- **Proteus Milestone**: Completed sequencing runs on multiple prototypes, with data to be shared at Nov 19 Investor Day.
- **Financial Resilience**: $230.5M cash, $24M lease savings, and tight cost controls support R&D while preserving runway.
- **Q4 Outlook**: Modest growth expected, with academic placements and V4/V3 kit launches offsetting capital market headwinds.
- **Strategic Focus**: Accelerating AI-driven recognizer development and expanding multi-omics applications through partnerships.

**【CEO Summary Section】**
- **Commercial Adoption Progress**: Launched instrument placement program, securing 12 new customers (50% academic), including Broad Institute collaboration with 4 active projects. V4 sequencing kit launched in Q3 with enhanced proline analysis and 24 barcodes for multiplexing. V3 library prep kit on track for end-2025 launch, reducing sample input by 100x.
- **Innovation Milestones**: Completed sequencing runs on Proteus prototype; multiple systems generating data. AI-driven recognizer program screens millions of candidates, aiming for faster proteome coverage. V4 kit and V3 library prep combo to improve complex sample analysis.
- **Financial Strength**: Strong balance sheet ($230.5M cash) supports strategic initiatives. Terminated $10.2M lease, saving $24M in future expenses. Focused on cost control while funding R&D.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenue $552K, gross margin 35%, operating expenses $40M (GAAP). 9M 2025 revenue $2M, gross profit $1M (52% margin). Adjusted operating expenses down 15% YoY to $68.1M. Cash use guidance updated to $103M (prev $95M) due to lease termination.
- **Guidance & Capital Management**: 2025 adjusted opex ≤$96M, total cash use ≤$103M. Filed $300M shelf registration (including $100M ATM) for strategic flexibility. Management holds 18% of shares, with no discretionary sales.
- **Lease Termination Impact**: One-time $10.2M payment offsets $24M future savings, neutralizing long-term cash impact.

**【Q&A Highlights】**
- **PROS Program & DARPA**: Aware of DARPA's PROS initiative but focus on lab-scale instruments. Existing DoD customers leverage tech for defense research. No direct PROS participation, but engaged in industry/DARPA dialogues.
- **Q4 Outlook**: Modest revenue growth expected vs. historical Q4 uptick, due to capital market headwinds. Consumable sales from placements may offset instrument sales weakness.
- **NIH Funding**: Uncertainty persists; academic placements mitigate capital constraints. NIH budget resolution stalled due to government shutdown.
- **Proteus Challenges**: Scaling from prototypes to manufacturing, optimizing sequencing chemistry, and integrating with library prep. Data sharing at Nov 19 Investor Day will clarify 2026 milestones.


Quantum-Si incorporated (QSI) Q3 2025 Earnings Call Transcript

- **Q2 Revenue Miss**: $591K driven by U.S. academic lab capital freeze, but consumables ahead of expectations.
- **New Sales Models Launched**: Lease, rental, and placement options secure first customers, targeting consumable pull-through.
- **Innovation Milestones**: V4 sequencing kit launched, Proteus prototype sequencing achieved, AI-accelerated recognizer design succeeds first cycle.
- **Strong Cash Position**: $214.2M + $50M raise provides runway to 2028, supporting R&D and commercialization.
- **Gross Margin Resilience**: 59% gross margin despite capital headwinds, benefiting from low-cost instrument production.

**【CEO Summary Section】**
- **Q2 Revenue**: $591,000, below expectations due to U.S. academic lab capital freeze, but consumables slightly ahead of forecasts.
- **New Instrument Models**: Introduced lease, rental, and placement options to bypass capital constraints, securing first customers and consumable purchases.
- **Installed Base Growth**: Emphasizes strategic importance of expanding user base for long-term consumable revenue and scientific validation.
- **Innovation Progress**: 
  - V4 sequencing kit with 24 barcodes for higher multiplexing launched Q2.
  - V3 library prep kit targeting 100x lower sample input on track for end-2025 launch.
  - Proteus prototype sequencing milestone achieved, with wafer-scale processing and expanded fluorescent dye set demonstrated.
  - AI-driven amino acid recognizer design reduces timeline, first candidate meets specs.
  - PTM detection method transferred to product development, expected to simplify complex analyses.

**【CFO Financial Commentary】**
- **Q2 Financials**: Revenue $591,000 (59% gross margin), GAAP operating expenses $30.5M (up 14% YoY), adjusted expenses $23.8M (flat YoY).
- **Cash Position**: $214.2M as of Q2, strengthened by $50M registered direct offering in July 2025.
- **Guidance Update**: Revised annual adjusted operating expenses to $98M or less, cash use $95M or less (now includes litigation settlement).
- **Runway**: Cash balance + $50M offering provides runway to Q2 2028.

**【Q&A Highlights】**
- **Revenue Breakdown**: 65% of installed base outside U.S., pharma/biotech funnel doubled to 60+ opportunities, but longer sales cycle.
- **New Models Impact**: Early-stage success with customers who had completed evaluation but lacked capital; focus on converting placements to capital sales over time.
- **Consumable Utilization**: Consistent purchasing across segments, no notable drop-off despite capital headwinds.
- **Proteus Strategy**: No immediate plans for non-capital acquisition models; prioritizes Platinum Pro for near-term growth.
- **R&D Efficiency**: Flat headcount, focused on high-priority programs with strong execution track record.
- **M&A Outlook**: Open to strategic opportunities but prioritizes core tech execution; high bar for external partnerships.


Quantum-Si incorporated (QSI) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 84% YoY to $842,000, driven by Platinum Pro adoption despite U.S. academic market headwinds. 
- **Innovation Momentum**: Version 4 Sequencing Kit and Library Prep v3 on track for 2025 launches; Proteus prototype sequencing milestone achieved. 
- **Financial Strength**: $232.6M cash runway into 2027; 58% gross margin in Q1 with visibility to stable 40-50% range. 
- **Strategic Focus**: Accelerating pharma/biotech penetration, expanding international distribution, and advancing next-gen Proteus platform. 
- **Risk Mitigation**: Proactive tariff strategies and channel partner leverage to maintain growth despite macro uncertainty. 


**【CEO Opening Remarks】**
- Q1 2025 revenue reached $842,000, up 84% YoY, driven by the launch of the Platinum Pro system. U.S. academic instrument sales slowed due to NIH funding uncertainty, but consumables remained stable. 
- International expansion continues with 23 distribution partners, representing ~60% of instrument installations outside the U.S. 
- Innovation roadmap progress: Version 4 Sequencing Kit on track for Q3 2025 launch with enhanced proteome coverage; Library Prep Kit v3 expected by end-2025 to reduce sample input requirements. 
- Proteus development milestone: Successful protein sequencing on prototype by end-2025, targeting H2 2026 launch. 
- New application: Ultrasensitive protein detection in serum using existing Platinum Pro hardware, sensitivity in low femtomolar range. 

**【CFO Financial Review】**
- Q1 2025 GAAP net loss of $22.9 million (Non-GAAP EPS: $0.45). Gross margin 58% (benefit from low/no-value inventory). 
- Operating expenses: $25.6M (GAAP) / $22.9M (Non-GAAP), up 8% YoY but tightly controlled. 
- Cash position: $232.6M as of Q1, providing runway into H2 2027. 
- Tariff impact: Minimal near-term, with mitigation strategies in place. 

**【Q&A Key Themes】**
- **International Growth**: 23 partners cover global markets, with ~40% of instruments in U.S. and 20% in academic sector. 
- **Avantor Partnership**: Training complete, early sales funnel activity positive across regions. 
- **R&D Strategy**: $103M+ annual R&D spend focused on Proteus and product line extensions. 
- **Margin Outlook**: 40-50% gross margin expected, stable with Platinum Pro and future platforms. 
- **Tariff Mitigation**: Sourcing diversification and volume commitments to offset long-term risks. 
- **Cash Management**: No immediate need for additional capital, strategic options to be evaluated post-Proteus launch. 


Quantum-Si incorporated (QSI) Q1 2025 Earnings Call Transcript

- **Revenue Milestone**: Q4 2024 revenue of $1.2 million marks first quarter over $1 million, with full-year growth of 183%.
- **Instrument Adoption**: Sold 50th Platinum instrument, signaling strong commercial traction.
- **Strategic Partnerships**: Avantor distribution in North America and 18 international partners drive global expansion.
- **Innovation Pipeline**: Proteus platform targeting 160 million wells per run, with sequencing on prototype expected by end-2025.
- **Financial Strength**: $209.6 million cash as of Dec 31, 2024, plus $50 million raise, providing runway to H2 2027.
- **Growth Drivers**: International markets and pharma/biotech offset NIH funding uncertainty in U.S. academia.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue reached $1.2 million, up 52% from Q3 and 183% year-over-year. Full-year 2024 revenue was $3.1 million. 
- **Milestone Achievement**: Sold 50th Platinum instrument in Q4, marking significant commercial adoption.
- **Commercial Expansion**: 
  - Launched Avantor distribution partnership in North America, with training and implementation ongoing.
  - Expanded international channel to 18 partners across Middle East, Africa, South America, and South Pacific.
- **Innovation Roadmap**: 
  - Launched Platinum Pro in Q1 2025 with enhanced processing capabilities.
  - Announced Proteus platform targeting 2026 launch with 160 million wells per run.
  - Published 4 manuscripts demonstrating technology's clinical utility.
- **Scientific Affairs**: Formed Scientific Advisory Board led by Dr. Gloria Shankman to drive data generation and partnerships.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Revenue: $1.2 million (51% gross margin)
  - Full-year revenue: $3.1 million (52% gross margin)
  - GAAP operating expenses: $31.3 million (down 1% year-over-year)
- **Cash Position**: $209.6 million as of Dec 31, 2024, plus $50 million raised in Jan 2025, providing cash runway into H2 2027.
- **2025 Guidance**: 
  - Q1 2025 revenue ≥$900,000 (100% YoY growth)
  - Adjusted operating expenses ≤$103 million
  - Cash use ≤$95 million
- **Key Risks**: NIH funding uncertainty could impact U.S. academic sales, but international and pharma/biotech markets remain strong.

**【Q&A Highlights】**
- **Platinum Pro Impact**: No cannibalization of Platinum sales; consumables remain compatible across platforms.
- **Avantor Contribution**: Expect Q2 2025 for initial sales, with meaningful impact in H2 2025.
- **Proteus Development**: On track for protein sequencing on prototype by end-2025, with H2 2026 launch.
- **Market Penetration**: Focus on international expansion via channel partners, targeting regions with limited legacy infrastructure.
- **Sales Cycle**: Consistent elongated cycle (~3-6 months) due to technology complexity and new market adoption.


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