Quantum-Si Inc
For the period ended Mar 31, 2026. Filed May 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
QSI$1.33+13.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001816431-25-000066
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsLiquidity OutlooktCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001816431-26-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsLiquidity OutlookThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 67 current paragraphs.
24 unchanged; 35 reworded; 8 added; 23 removed; 5 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Total revenue for the sale of our Platinum line of instruments, related reagent kits and service maintenance contracts decreased by$0.6 million, or 69.4%, for thethree months ended March 31, 2026, when compared to the same period in 2025. The decrease in revenue was primarily driven by lower sales volumes of instruments and consumables as customers deferred purchasing decisions in anticipation of the expected commercial launch of Proteus. We expect revenue in 2026 to continue to be impacted as customers may delay purchases ahead of Proteus becoming commercially available by the end of 2026.
Current report
Gross profit decreased$0.4 million, or 84.8%for the three months ended March 31, 2026, when compared to the same period in 2025.
Current report
Dividend Income and Interest Income
Current report
Other Income (Expense), Net
Current report
We expect operating cash usage to continue to be impacted by operating results and working capital requirements.
Current report
Net cash provided by investing activities was $40.3 million during the three months ended March 31, 2026 compared to net cash used in investing activities of $34.2 million during the same period in 2025. Cash provided by investing activities during the current period was primarily attributable to $104.7 million of proceeds from sales and maturities of marketable securities, partially offset by $64.2 million of purchases of marketable securities and $0.3 million of purchases of property and equipment. The net cash inflow reflected the ongoing management of our investment portfolio to optimize liquidity and align investment maturities with anticipated cash requirements, while preserving capital, minimizing exposure to market and credit risk, and supporting our ability to fund ongoing research and development initiatives and operating needs. We also expect our net invested capital balance to vary in future quarters as we fund our operating needs primarily through our investment portfolio.
Current report
We forecast capital expenditures in order to execute on our business plan and maintain growth; however, the actual amount and timing of such capital expenditures will ultimately be determined by the volume of business. We currently anticipate our capital expenditures for the year ended December 31, 2026 will be approximately $5.0 million. We have funded and plan to continue funding these capital expenditures with cash and financing.
Removed paragraphs (23)
Previous report
Going forward, we intend to follow a systematic, phased approach to continue to successfully launch updates and enhancements to our platform which may include improvements to our hardware, software and chemistry that works together to produce the overall platform.
Previous report
Restructuring
Previous report
In November 2024, we announced that we committed to an organizational restructuring program designed to streamline and focus our overall corporate resources, as well as align required resources to focus on future product development objectives, including our recently announced Proteus™ platform. As a result, we terminated approximately 23% of our 187 employee workforce. In connection with the restructuring, we recognized one-time cash charges related to severance and other benefits of approximately $2.3 million in the fourth quarter of 2024. We may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring. Our restructuring activities were complete as of December 31, 2024 and, as of September 30, 2025, we do not expect to incur material additional charges associated with these activities. For further information regarding our restructuring activities, please refer to Note 13. Restructuring in the notes to the unaudited Condensed Consolidated Financial Statements.
Previous report
Equity Transactions
Previous report
At-the-Market Equity Offering Program
Previous report
Registered Direct Offerings and Pre-funded Warrants
Previous report
On January 3, 2025, we entered into a securities purchase agreement with certain institutional investors pursuant to which we agreed to issue and sell, in a registered direct offering (the “January 2025 Registered Direct Offering,” and together with the July 2025 Registered Direct Offering, the “Registered Direct Offerings”) an aggregate of 15,625,000 shares of our Class A common stock at a price of $3.20 per share. The gross proceeds from the January 2025 Registered Direct Offering were $50.0 million. After deducting estimated placement agents’ fees and other offering expenses payable by us, net proceeds recorded as of September 30, 2025 were approximately $46.8 million.
Previous report
In connection with both Registered Direct Offerings, we entered into placement agency agreements with A.G.P./Alliance Global Partners (“AGP”), pursuant to which AGP agreed to serve as our sole placement agent on a reasonable best efforts basis. In connection with the Registered Direct Offerings, we agreed to pay AGP an aggregate cash fee equal to 6.0% of the gross proceeds received in the respective offering. The securities in both Registered Direct Offerings were sold pursuant to our universal shelf registration statement on Form S-3, which was originally filed with the SEC on August 11, 2023, and related base prospectuses and prospectus supplements dated July 3, 2025 and January 3, 2025, respectively, thereunder.
Previous report
For further information regarding our equity transactions, please refer to the Liquidity Outlook section below.
Previous report
Total revenue for the sale of our Platinum line of instruments, related reagent kits and service maintenance contracts decreased by$0.2 million, or 29.9%, and increased$0.1 million, or 6.4%, for thethree and nine months ended September 30, 2025, respectively, when compared to the same periods in 2024. For the three months ended September 30, 2025, we experienced longer capital sales cycles, largely driven by low or no capital spend budgets at certain customers, primarily from actual and potential budget cuts from the National Institute of Health (“NIH”). For thenine months ended September 30, 2025, revenue was higher, primarily from the contribution of the first quarter 2025 results, which largely occurred before significant NIH funding constraints were announced, as well as general higher momentum in our commercialization efforts year over year in the first quarter.
Previous report
Gross profit decreased$0.2 million, or 47.1%for the three months ended September 30, 2025 and increased slightlyfor thenine months ended September 30, 2025 as compared to the same periods in 2024.
Previous report
Research and development expenses increased by $0.2 million, or 0.4%, for the nine months ended September 30, 2025, when compared to the same period in 2024. This increase was primarily due to a $4.2 million increase in fabrication and outsourced services driven by efforts supporting the development of our Proteus platform partially offset by a $2.2 million decrease in payroll and payroll-related costs resulting primarily from the reduction in headcount related to the November 2024 restructuring, a $1.0 million decrease in laboratory supplies, a $0.4 million decrease in professional services and consulting fees and a $0.4 million net decrease in other expenses.
Previous report
Selling, general and administrative expenses decreased $1.8 million, or 4.8%, for the nine months ended September 30, 2025, when compared to the same period in 2024. This decrease was primarily due to a $0.6 million decrease in legal fees. a $0.5 million decrease in payroll and payroll-related costs, a $0.5 million decrease in depreciation expense, a $0.4 million decrease in insurance expense due to lower premiums, a $0.4 million decrease in tax expense, a $0.2 million decrease in software expense and a $0.9 million net decrease in other expenses. These decreases were partially offset by a $1.5 million increase in stock-based compensation expense and a $0.2 million increase in professional services and consulting fees.
Previous report
Lease Termination Expense, Net
Previous report
For thethree and nine months ended September 30, 2025 and 2024, Lease termination expense, net is as follows (dollars in thousands):
Previous report
Lease termination expense, net, increased $13.6 million for both the three and nine month ended September 30, 2025, when compared to the same periods in 2024. This increase was due to a settlement agreement to terminate the New Haven, Connecticut lease. For further details regarding this settlement, please refer to Note 17. Commitments and Contingencies in the notes to the unaudited Condensed Consolidated Financial Statements.
Previous report
Legal Settlement Expense, Net of Insurance Proceeds
Previous report
For thethree and nine months ended September 30, 2025 and 2024, Legal settlement expense, net of insurance proceeds is as follows (dollars in thousands):
Previous report
Legal settlement expense, net of insurance proceeds, increased $1.8 million and $5.2 million for the three and nine months ended September 30, 2025, as compared to the same periods in 2024. This increase was due to a $3.4 million preliminary legal settlement being reached for the Delaware Stockholder Litigation in the second quarter of 2025 and a $1.8 million settlement being paid to the prior contract manufacturer that had manufactured the Platinum and Carbon instruments in the third quarter of 2025. For further information on these settlements, please refer to Note 17. Commitments and Contingencies in the notes to the unaudited Condensed Consolidated Financial Statements.
Previous report
Dividend and Interest Income
Previous report
Other (Expense) Income, Net
Previous report
Other (expense) income, net, increased for both thethree and nine months ended September 30, 2025 as compared to the same periods in 2024.
Previous report
For thenine months ended September 30, 2025, net cash used in investing activities was$35.3 million compared to net cash used in investing activities of$26.8 million for the same period in 2024. This increase in cash used was primarily due to a $33.2 million increase in cash used to purchase marketable securities that was partially offset by a $23.9 million increase in cash provided by the sales and maturities of marketable securities and a $0.6 million decrease in purchases of property and equipment.
Reworded paragraphs (35)
Previous wording
The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The discussion should be read in conjunction with (i) the unaudited Condensed Consolidated Financial Statements and notes thereto contained in this Quarterly Report on Form 10-Q, (ii) the Consolidated Financial Statements and notes thereto for the year ended December 31, 2024 contained in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2025, and (iii) our other public reports filed with the SEC. This discussion contains forward looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024, this Quarterly Report on Form 10-Q and in other filings that we make with the Securities and Exchange Commission. Actual results may differ materially from those contained in any forward-looking statements. Unless the context otherwise requires, references to “we”, “us”, “our”, the “Company” or “Quantum-Si” are intended to mean the business and operations of Quantum-Si Incorporated and its consolidated subsidiaries. The unaudited Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2025 and 2024 present the financial position and results of operations of Quantum-Si Incorporated and its consolidated subsidiaries.
Current wording
The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The discussion should be read in conjunction with (i) the unaudited Condensed Consolidated Financial Statements and notes thereto contained in this Quarterly Report on Form 10-Q, (ii) the Consolidated Financial Statements and notes thereto for the year ended December 31, 2025 contained in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2026, and (iii) our other public reports filed with the SEC. This discussion contains forward looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, this Quarterly Report on Form 10-Q and in other filings that we make with the Securities and Exchange Commission. Actual results may differ materially from those contained in any forward-looking statements. Unless the context otherwise requires, references to “we”, “us”, “our”, the “Company” or “Quantum-Si” are intended to mean the business and operations of Quantum-Si Incorporated and its consolidated subsidiaries. The unaudited Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 present the financial position and results of operations of Quantum-Si Incorporated and its consolidated subsidiaries.
Previous wording
We are a life sciences company focused on proteomics research, with the mission of transforming single-molecule analysis and democratizing its use by providing researchers and clinicians access to the proteome, the set of proteins expressed within a cell. We have developed a proprietary universal single-molecule detection platform that we are applying to proteomics to enable Next-Gen Protein Sequencing TM (“NGPS”), to sequence proteins in a massively parallel fashion (rather than sequentially, one at a time), which can also be used for the study of nucleic acids. We believe that the ability to sequence proteins in a massively parallel fashion and offer a fast analysis time provides NGPS with the potential to unlock significant biological information through improved resolution and unbiased access to the proteome at a speed and scale that is not available today. Traditionally, proteomic workflows to sequence proteins required days or weeks to complete. Our platform includes our Platinum NGPS instrument, Platinum Analysis Software, and consumable kits for use with our Platinum line of instruments. In 2021, we introduced our Platinum early access program to sites with participation from leading academic centers and key industry partners. The early access program introduced the Platinum single-molecule sequencing system to key opinion leaders across the globe for both expansion and development of applications and workflows. We began a controlled launch of the Platinum instrument and started to take orders in December 2022, and subsequently began a controlled commercial launch of Platinum in January 2023, and then moved to a full commercial launch of Platinum beginning the second quarter of 2024. In January 2025, we announced the launch of our Platinum Pro benchtop sequencer. First shipments of Platinum Pro occurred in March 2025.
Current wording
We are a life sciences company focused on proteomics research, with the mission of transforming single-molecule analysis and democratizing its use by providing researchers and clinicians access to the proteome, the set of proteins expressed within a cell. We have developed a proprietary, universal, single-molecule detection platform that we are applying to proteomics to enable next-gen protein sequencing (“NGPS”) to sequence proteins in a massively parallel fashion (rather than sequentially, one at a time), which can also be used for the study of nucleic acids. We believe in the ability to sequence proteins in a massively parallel fashion and offer a fast analysis time provides NGPS with the potential to unlock significant biological information through improved resolution and unbiased access to the proteome at a speed and scale not available today. Traditionally, proteomic workflows to sequence proteins required days or weeks to complete. Our current platform includes our Platinum® NGPS line of instruments, Platinum Analysis Software and consumable kits for use with our Platinum line of instruments. In 2021, we introduced our Platinum early access program to sites with participation from leading academic centers and key industry partners. The early access program introduced the Platinum single-molecule sequencing system to key opinion leaders across the globe for both expansion and development of applications and workflows. We began a controlled launch of the Platinum instrument and started to take orders in December 2022, subsequently began a controlled commercial launch of Platinum in January 2023 and then moved to a full commercial launch of Platinum beginning in the second quarter of 2024. In January 2025, we announced the launch of our Platinum Pro benchtop sequencer. First shipments of Platinum Pro occurred in March 2025.
Previous wording
We believe that our platform offers a differentiated solution in a rapidly evolving proteomics tools market. Within our initial focus market of proteomics, our platform is designed to provide users a seamless opportunity to gain key insights into the immediate state of biological pathways and cell state. Our platform aims to address many of the key challenges and bottlenecks with legacy proteomic solutions, such as mass spectrometry (“MS”), which include high instrument costs both in terms of acquisition and ownership, and complexity with data analysis, which together limit broad adoption. We believe our platform, which is designed to streamline sequencing and data analysis at a lower instrument cost and with greater automation than legacy proteomic solutions, could allow our product to have wide utility across the study of the proteome. For example, our platform could be used for biomarker discovery and disease detection, pathway analysis, immune response, vaccine development, quality assurance and quality control, among other applications.
Current wording
We believe our platform offers a differentiated solution in a rapidly evolving proteomics tools market. Within our initial focus market of proteomics, our platform is designed to provide users a seamless opportunity to gain key insights into the immediate state of biological pathways and cell state. Our platform aims to address many of the key challenges and bottlenecks with legacy proteomic solutions, such as mass spectrometry (“MS”), which include high instrument costs both in terms of acquisition and ownership, and complexity with data analysis, which together limit broad adoption. We believe our platform, which is designed to streamline sequencing and data analysis at a lower instrument cost and with greater automation than legacy proteomic solutions, could allow our product to have wide utility across the study of the proteome. For example, our platform could be used for biomarker discovery and disease detection, pathway analysis, immune response, vaccine development, quality assurance and quality control, among other applications.
Previous wording
Our evolving product roadmap provides for continued updates and enhancements to our current platform including instrumentation, consumable kits and software tools. We intend to execute on this roadmap through a combination of internal development programs and external partnerships to bring to market the most comprehensive proteomics platform in our industry. For example, in November 2024 we announced our next generation platform, Proteus TM, which is estimated to launch in the second half of 2026.
Current wording
In November 2025, we presented an updated technology and product roadmap that we believe positions us to be a leader in proteomics, including instrumentation, consumable kits and software tools. We intend to continue to execute on this roadmap through a combination of internal development programs and external partnerships to bring to market the most comprehensive proteomics platform in our industry.
Previous wording
Proteus aims to provide single molecule, amino acid level resolution while also providing significantly higher sequencing output per sample, increased sample throughout per run, automation of the sequencing workflow and automated data analysis. The Proteus platform is being developed to be a modular, scalable system that allows for expansion in the overall platform, the number of consumables that be processed concurrently and the overall output of sample data from the platform. The first generation of Proteus and associated sequencing consumables is anticipated to include motion control, liquid handling, and a new on-board single optical system with the ability to accept a new consumable chip that has approximately 80 million features. We believe this new platform will provide much deeper insights while simplifying and significantly reducing the cost of the underlying consumable.
Current wording
Most importantly, this roadmap includes the development of Proteus TM, our next-generation platform, which was announced in November 2024 and is anticipated to launch by the end of 2026. Proteus aims to provide single-molecule, amino acid level resolution while also providing anticipated significantly higher sequencing output per sample and increased sample throughput per run, automation of the sequencing workflow and automated data analysis as compared to Platinum Pro. The Proteus platform is being developed to be a modular, scalable system that allows for expansion in the overall platform, the number of consumables that can be processed concurrently and the overall output of sample data from the platform. The first generation of Proteus and associated sequencing consumables is anticipated to include motion control, liquid handling, and a new on-board single optical system with the ability to accept a new consumable chip that has approximately 80 million features. We believe this new platform will provide much deeper insights while simplifying and significantly reducing the cost of the underlying consumable. In addition, during our presentation in November 2025, we provided data demonstrating the wide range of proteomics applications that are addressable with our proprietary, single-molecule, kinetic detection technology. As a result of the anticipated launch of Proteus, we expect some customers may delay purchasing decisions for existing products, which is expected to adversely impact revenue until Proteus becomes commercially available.
Previous wording
Results of Operations for the Three and Nine Months Ended September 30, 2025 as Compared to the Three and Nine Months Ended September 30, 2024
Current wording
Results of Operations for the Three Months Ended March 31, 2026 as Compared to the Three Months Ended March 31, 2025
Previous wording
The following table presents the Condensed Consolidated Statements of Operations and Comprehensive Loss for thethree and nine months ended September 30, 2025 and 2024 (dollars in thousands):
Current wording
The following table presents the Condensed Consolidated Statements of Operations and Comprehensive Loss for thethree months ended March 31, 2026 and 2025 (dollars in thousands):
Previous wording
Revenue is derived from sales of products and services. Product revenue is generated from the following sources: (i) sales of our Platinum line of instruments, (ii) consumables kits, including library preparation kits, sequencing kit (which includes sequencing reagents and semiconductor chips), and other related reagent kits, and (iii) freight revenue, which is recognized upon shipment. Service revenue is generated from service maintenance contracts including Platinum Analysis Software access, and advanced training for instrument use.
Current wording
Revenue is derived from sales of products and services. Product revenue is generated from the following sources: (i) sales of our Platinum line of instruments, (ii) consumables kits, including Library Preparation Kits, Sequencing Kits (which includes sequencing reagents and semiconductor chips), and other related reagent kits, and (iii) freight revenue, which is recognized upon shipment. Service revenue is generated from service maintenance contracts including Platinum Analysis Software access, and advanced training for instrument use.
Previous wording
Revenue, Cost of revenue and Gross profit for thethree and nine months ended September 30, 2025 and 2024 are as follows (dollars in thousands):
Current wording
Revenue, Cost of revenue and Gross profit for thethree months ended March 31, 2026 and 2025 are as follows (dollars in thousands):
Previous wording
Total cost of revenue decreased$0.1 million, or 14.8%, and increased $0.1 million, or 8.9%, for thethree and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. The change in the cost of revenue is based on the relative revenue and volume decreases for the three months ended September 30, 2025 as compared to the to the same period in 2024 and increases in revenue and volume for thenine months ended September 30, 2025 as compared to the same period in 2024.
Current wording
Total cost of revenue decreased$0.2 million, or 48.3%, for thethree months ended March 31, 2026, when compared to the same period in 2025. The change in the cost of revenue is directly correlated to the relative revenue and volume decreases for the three months ended March 31, 2026 as compared to the same period in 2025.
Previous wording
Gross profit margin was 35.1% and 51.9% for thethree and nine months ended September 30, 2025, respectively, as compared to 46.6% and 53.1% for the same periods in 2024, respectively. This change in margin was primarily based on the mix of products sold during each period and, for the nine months ended September 30, 2025, includes approximately a 1% benefit for inventory utilized that was carried at low or no value that predates the commercial launch of our Platinum line of instruments. There was no such benefit for the three months ended September 30, 2025. The three and nine months ended September 30, 2024 include approximately a 1% and 6% benefit, respectively, for inventory utilized that was carried at low or no value that predates the commercial launch of our Platinum line of instruments. Our gross profit margin will continue to be impacted by this utilized inventory and has also been impacted and may continue to be impacted by inventory acquisition costs. We expect gross profit margin to be variable for the foreseeable future as we work through our continued commercialization efforts.
Current wording
Gross profit margin was 28.7%for thethree months ended March 31, 2026 compared to 57.7%for the same period in 2025. This change in margin was primarily based on the mix of products sold during each period. We expect gross profit margin to be variable for the foreseeable future as we work through our continued commercialization efforts.
Previous wording
Research and development expenses for thethree and nine months ended September 30, 2025 and 2024 are as follows (dollars in thousands):
Current wording
Research and development expenses for thethree months ended March 31, 2026 and 2025 are as follows (dollars in thousands):
Previous wording
Research and development expenses decreased by $2.3 million, or 14.1%, for the three months ended September 30, 2025, when compared to the same period in 2024. This decrease was primarily driven by a $1.3 million decrease in payroll and payroll-related costs resulting primarily from the reduction in headcount related to the November 2024 restructuring, a $0.9 million decrease in laboratory supplies expense, a $0.4 million decrease in professional services and consulting fees and a $0.1 million net decrease in other expenses. These decreases were partially offset by a $0.4 million increase in fabrication and outsourced services driven by efforts to support the development of our Proteus platform.
Current wording
Research and development expenses increased by $0.8 million, or 5.6%, for the three months ended March 31, 2026, when compared to the same period in 2025. This increase was primarily driven by a $0.8 million increase in laboratory supplies, $0.3 million of payroll and payroll-related costs, $0.2 million of fabrication and outsourced services driven by efforts to support the development of our Proteus platform and $0.2 million of net increases in other expenses. These increases were partially offset by a $0.5 million decrease in rent expense driven by the New Haven lease termination that occurred in the third quarter of 2025 and a $0.2 million decrease in professional services and consulting fees.
Previous wording
Selling, general and administrative expenses for thethree and nine months ended September 30, 2025 and 2024 are as follows (dollars in thousands):
Current wording
Selling, general and administrative expenses for thethree months ended March 31, 2026 and 2025 are as follows (dollars in thousands):
Previous wording
Selling, general and administrative expenses decreased $1.6 million, or 12.8%, for the three months ended September 30, 2025, when compared to the same period in 2024. This decrease was primarily due to a $0.8 million decrease in payroll and payroll-related costs, a $0.3 million decrease in tax expense, a $0.3 million decrease in legal fees, a $0.2 million decrease in insurance expense due to lower insurance premiums, a $0.1 million decrease in depreciation expense and a $0.4 million net decrease in other expenses. These decreases were partially offset by a $0.4 million increase in stock-based compensation and a $0.1 million increase in professional services and consulting fees.
Current wording
Selling, general and administrative expenses decreased $2.2 million, or 18.9%, for the three months ended March 31, 2026, when compared to the same period in 2025. This decrease was primarily due to a $1.4 million decrease in legal fees, a $0.3 million decrease in payroll and payroll-related costs, a $0.3 million decrease in trade show and other marketing-related costs, a $0.2 million decrease in professional services and consulting fees and a $0.2 million net decrease in other expenses. These decreases were partially offset by a $0.2 million increase in stock-based compensation.
Previous wording
For thethree and nine months ended September 30, 2025 and 2024, dividend and interest income was derived primarily from fixed income securities and money market mutual funds.
Current wording
For thethree months ended March 31, 2026 and 2025, dividend income and interest income was derived primarily from fixed income securities and money market mutual funds, respectively.
Previous wording
Dividend and interest income for thethree and nine months ended September 30, 2025 and 2024 is as follows (dollars in thousands):
Current wording
Dividend and interest income for thethree months ended March 31, 2026 and 2025 is as follows (dollars in thousands):
Previous wording
Dividend and interest income decreased by$0.1 million and$1.7 million for thethree and nine months ended September 30, 2025, respectively, as compared to the same respective periods in 2024. These decreases are a result of lower market interest rates on invested capital as well as relative lower invested balances in thethree and nine months ended September 30, 2025.
Current wording
Dividend income and interest income decreased by$0.1 million and$0.6 million, respectively, or 40.7% and 25.0%, respectively, for thethree months ended March 31, 2026, when compared to the same period in 2025. These decreases are a result of lower market interest rates on invested capital as well as relative lower invested balances in thethree months ended March 31, 2026.
Previous wording
Change in warrant liabilities for thethree and nine months ended September 30, 2025 and 2024 is as follows (dollars in thousands):
Current wording
Change in warrant liabilities for thethree months ended March 31, 2026 and 2025 is as follows (dollars in thousands):
Previous wording
For the three months ended September 30, 2025, we recognized $1.5 million of income from the decrease in the fair value of warrant liabilities as compared to $0.1 million of income from the decrease in the fair value of warrant liabilities for the same period in 2024, resulting in an increase in income of $1.4 million, or 1152.9%.
Current wording
For the three months ended March 31, 2026, we recognized $0.4 million of income from the decrease in the fair value of warrant liabilities as compared to $3.4 million of income from the decrease in the fair value of warrant liabilities for the same period in 2025. These changes in the fair value of warrant liabilities were primarily driven by the change in the underlying trading price of our Class A common stock during the periods reported.
Previous wording
Other (expense) income, net, typically consists of currency revaluations and income from credit card cash rewards programs. Other (expense) income, net, for thethree and nine months ended September 30, 2025 and 2024 is as follows (dollars in thousands):
Current wording
Other income (expense), net, primarily consists of currency revaluations. Other income (expense), net, for thethree months ended March 31, 2026 and 2025 is as follows (dollars in thousands):
Previous wording
The following table presents a summary of our consolidated cash flows for operating, investing, and financing activities for thenine months ended September 30, 2025 and 2024 (in thousands):
Current wording
The following table presents a summary of our consolidated cash flows for operating, investing, and financing activities for thethree months ended March 31, 2026 and 2025 (in thousands):
Previous wording
For the nine months ended September 30, 2025, net cash used in operating activities of $78.4 million was primarily due to a net loss of $83.7 million resulting from continued spend on research and development and commercialization efforts, accretion on marketable securities of $6.5 million, a change in fair value of warrant liabilities of $3.9 million which was primarily driven by the change in the underlying trading price of our Class A common stock, and net changes in operating assets and liabilities of $2.8 million partially offset by stock-based compensation of $8.1 million, depreciation and amortization of $3.3 million, a loss on lease termination of $2.3 million and related $1.2 million write-off of construction in process for the New Haven, Connecticut lease, non-cash lease expense of $1.9 million and write-downs of inventory of $1.8 million.
Current wording
Net cash used in operating activities was $25.6 million during the three months ended March 31, 2026. This cash used was primarily attributable to our net loss of $21.7 million, which resulted from continued spend on research and development and commercialization efforts. Net cash used was further impacted by $8.2 million of cash used from net changes in operating assets and liabilities, primarily due to the timing of cash receipts and payments for a legal settlement and activities in the ordinary course of business. In addition, operating cash flows were reduced by non-cash gains, including $0.9 million of accretion on marketable securities and a $0.4 million gain from changes in the fair value of warrant liabilities, primarily driven by the change in the underlying trading price of our Class A common stock. These items were partially offset by non-cash expenses, including stock-based compensation of $2.6 million, inventory write-downs of $1.3 million, depreciation and amortization of $1.2 million and non-cash lease expense of $0.4 million.
Previous wording
The net cash used in operating activities of$64.9 million for thenine months ended September 30, 2024 was primarily due to a net loss of $67.9 million resulting from continued spend on research and development and commercialization efforts, accretion on marketable securities of $6.5 million and changes in operating assets and liabilities of $3.9 million, partially offset by stock-based compensation of $6.5 million, depreciation and amortization of $3.6 million, write-downs of inventory of $2.4 million and achange in fair value of warrant liabilities of $0.9 million which was primarily driven by the change in the underlying trading price of our Class A common stock.
Current wording
Net cash used in operating activities was $26.2 million during the three months ended March 31, 2025. This cash used was primarily attributable to our net loss of $19.2 million, which resulted from continued spend on research and development and commercialization efforts. Net cash used was further impacted by $6.1 million of cash used from net changes in operating assets and liabilities, primarily due to the timing of cash receipts and payments in the ordinary course of business. In addition, operating cash flows were reduced by non-cash gains, including a $3.4 million gain from changes in fair value of warrant liabilities, primarily driven by the change in the underlying trading price of our Class A common stock, and $2.1 million of accretion on marketable securities. These items were partially offset by non-cash expenses, including stock-based compensation of $2.4 million, depreciation and amortization of $0.9 million, inventory write-downs of $0.7 million and non-cash lease expense of $0.6 million.
Previous wording
Net cash used in investing activities
Current wording
Net cash provided by (used in) investing activities
Previous wording
For thenine months ended September 30, 2025, net cash provided by financing activities was$95.4 million compared to$0.1 million for the same period in 2024. This increase in cash provided was primarily due to $93.5 million of net proceeds from the issuance of common stock from net direct equity and pre-funded warrant offerings that occurred in January and July of 2025 and a $1.7 million increase in proceeds from the exercise of stock options. Further information regarding the direct equity and pre-funded warrant offerings can be found below under the header Liquidity Outlook.
Current wording
There was no net cash provided by financing activities during thethree months ended March 31, 2026 compared to$48.4 million of net cash provided by financing activities during the same period in 2025. There were no financing transactions during the current period. Net cash provided by financing activities during the prior‑year period was attributable to $46.8 million of net proceeds from the issuance of common stock in a net direct equity offering and $1.6 million of proceeds from the exercise of stock options. Further information regarding the direct equity offering can be found below under the header Liquidity Outlook.
Previous wording
We expect that our existing cash and cash equivalents and investments in marketable securities, together with revenue from the sale of our products and services, will be sufficient to meet our liquidity, capital expenditure, and anticipated working capital requirements and fund our operations for at least the next 12 months. We expect to use our cash and cash equivalents and investments in marketable securities and funds from revenue generated to invest in our continued commercialization efforts, to further invest in research and development, for other operating expenses, business acquisitions and for working capital and general corporate purposes.
Current wording
We expect our existing cash and cash equivalents and investments in marketable securities, together with revenue from the sale of our products and services, will be sufficient to meet our liquidity, capital expenditure, and anticipated working capital requirements and fund our operations for at least the next 12 months. We expect to use our cash and cash equivalents and investments in marketable securities and funds from revenue generated to invest in our continued commercialization efforts, to further invest in research and development, for other operating expenses, business acquisitions and for working capital and general corporate purposes.
Previous wording
As of September 30, 2025, we had cash and cash equivalents and investments in marketable securities, current and non-current of $230.5 million. Our future capital requirements may vary from those currently planned and will depend on various factors including the pace and success of product commercialization.
Current wording
As of March 31, 2026, we had cash and cash equivalents and investments in marketable securities, current and non-current of$190.4 million. Our future capital requirements may vary from those currently planned and will depend on various factors including the pace and success of product commercialization.
Previous wording
Our ongoing commercialization of our Platinum line of instruments as well as our continuing research and development efforts to enhance our instruments may require an accelerated amount of spending to enhance the sales and marketing teams, continue to drive development, and build inventory. Other factors that could accelerate cash needs include: (i) delays in achieving scientific and technical milestones, (ii) unforeseen capital expenditures and fabrication costs related to manufacturing for commercialization, (iii) changes we may make in our business or commercialization strategy, (iv) costs of running a public company, (v) other items affecting our forecasted level of expenditures and use of cash resources, including potential acquisitions, and (vi) increased product and service costs.
Current wording
Our ongoing commercialization efforts and continued research and development activities in advance of the anticipated launch of Proteus may require increased levels of spending. These efforts and activities may include investments to expand sales and marketing capabilities, advance product development, and build inventory to support commercialization. Other factors that could accelerate cash requirements include: (i) delays in achieving scientific and technical milestones, (ii) unforeseen capital expenditures and manufacturing costs related to commercialization, (iii) changes to our business or commercialization strategy, including those related to the timing and scope of the Proteus launch, (iv) costs associated with operating as a public company, (v) other items affecting our forecasted expenditures and use of cash resources, including potential acquisitions and (vi) increased product and service costs.
Previous wording
On September 26, 2025, we entered into a Sales Agreement (the “Sales Agreement”) with Leerink Partners LLC (“Leerink”), pursuant to which we may offer and sell shares of our Class A common stock having an aggregate offering price of up to $100.0 million, from time to time through an “at-the-market” offering program under which Leerink will act as sales agent (the “2025 ATM Offering”). We have no obligation to sell any shares under the Sales Agreement and may at any time suspend solicitation and offers under the Sales Agreement. The 2025 ATM Offering is being made pursuant to a universal shelf registration statement on Form S-3, which we originally filed on September 26, 2025, and a sales agreement prospectus related to the 2025 ATM Offering. During the three and nine months ended September 30, 2025, there were no shares sold under the Sales Agreement.
Current wording
On December 11, 2024, we entered into an Equity Distribution Agreement (the “Canaccord Sales Agreement”) with Canaccord to sell shares of our Class A common stock having an aggregate offering price of up to $75.0 million, from time to time through an “at-the-market” offering program under which Canaccord acted as sales agent (the “2024 ATM Offering”). We had no obligation to sell any shares under the Canaccord Sales Agreement and could at any time suspend solicitation and offers under the Canaccord Sales Agreement. The 2024 ATM Offering was made pursuant to the 2023 Shelf Registration Statement and a prospectus supplement related to the 2024 ATM Offering dated December 11, 2024.
Previous wording
On December 11, 2024, we entered into an Equity Distribution Agreement (the “Canaccord Sales Agreement”) with Canaccord to sell shares of our Class A common stock having an aggregate offering price of up to $75.0 million, from time to time through an “at-the-market” offering program under which Canaccord acted as sales agent (the “2024 ATM Offering”). We had no obligation to sell any shares under the Canaccord Sales Agreement and could at any time suspend solicitation and offers under the Canaccord Sales Agreement. The 2024 ATM Offering was made pursuant to the 2023 Shelf Registration Statement and a prospectus supplement related to the 2024 ATM Offering dated December 11, 2024. During the year ended December 31, 2024, we sold and issued 23,425,650 shares of our Class A common stock under the 2024 ATM Offering, resulting in gross proceeds of $36.2 million. Net proceeds were $34.8 million after commissions and issuance costs of $1.4 million. We sold no shares of our Class A common stock under the 2024 ATM Offering during thethree and nine months ended September 30, 2025. In connection with the July 2025 Registered Direct Offering, we provided written notice, effective as of July 3, 2025, to Canaccord of our election to terminate the Canaccord Sales Agreement for our at-the-market offering. At the time of termination, we had sold 23,425,650 shares of our Class A common stock under the Canaccord Sales Agreement for aggregate gross proceeds of $36.2 million.
Current wording
During the year ended December 31, 2024, we sold and issued 23,425,650 shares of our Class A common stock under the 2024 ATM Offering, resulting in gross proceeds of $36.2 million. Net proceeds were $34.8 million after commissions and issuance costs of $1.4 million. We sold no shares of our Class A common stock under the 2024 ATM Offering during theyear ended December 31, 2025. In connection with the July 2025 Registered Direct Offering, we provided written notice, effective as of July 3, 2025, to Canaccord of our election to terminate the Canaccord Sales Agreement for our at-the-market offering. At the time of termination, we had sold 23,425,650 shares of our Class A common stock under the Canaccord Sales Agreement for aggregate gross proceeds of $36.2 million.
Previous wording
On September 26, 2025, we entered into the Leerink Sales Agreement. We have no obligation to sell any shares under the Leerink Sales Agreement and may at any time suspend solicitation and offers under the Leerink Sales Agreement. The 2025 ATM Offering is being made pursuant to the 2025 Shelf Registration Statement and a prospectus supplement related to the 2025 ATM Offering. During the three and nine months ended September 30, 2025, there were no shares sold under the Leerink Sales Agreement. Shares offered and sold in the 2025 ATM Offering ,if any, will be sold pursuant to the 2025 Shelf Registration Statement.
Current wording
On September 26, 2025, we entered into the Leerink Sales Agreement. We have no obligation to sell any shares under the Leerink Sales Agreement and may at any time suspend solicitation and offers under the Leerink Sales Agreement. The 2025 ATM Offering is being made pursuant to the 2025 Shelf Registration Statement and a prospectus supplement related to the 2025 ATM Offering. During the three months ended March 31, 2026 and the year ended December 31, 2025, there were no shares sold under the Leerink Sales Agreement. Shares offered and sold in the 2025 ATM Offering, if any, will be sold pursuant to the 2025 Shelf Registration Statement.
Previous wording
We lease certain facilities and equipment under non-cancellable lease agreements that expire at various dates through 2029. As of September 30, 2025, future lease payments were approximately$5.1 million.
Current wording
We lease certain facilities and equipment under non-cancellable lease agreements that expire at various dates through 2029. As of March 31, 2026, future lease payments were approximately$4.0 million.
Previous wording
We license certain intellectual property, some of which may be utilized in our current or future product offerings. Topreserve the right to use such intellectual property, we are required to make annual minimum fixed payments totaling approximately $0.2 million as well as royalties based on net sales if the royalties exceed annual minimum fixed payments.
Current wording
We license certain intellectual property, some of which may be utilized in our current or future product offerings. Topreserve the right to use such intellectual property, we are required to make annual minimum fixed payments totaling approximately $0.1 million as well as royalties based on net sales if the royalties exceed annual minimum fixed payments.
Previous wording
Please refer to Note 2. Summary of Significant Accounting Policies in the accompanying notes to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for a description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations.
Current wording
Please refer to Note 2. Summary of Significant Accounting Policies in the accompanying notes to the unaudited Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for a description of recently issued accounting pronouncements that impacted or may potentially impact our financial position and results of operations.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
On July 3, 2025, we entered into a securities purchase agreement with a certain institutional investor, pursuant to which we agreed to issue and sell, in a registered direct offering (the “July 2025 Registered Direct Offering”), an aggregate of (i) 18,200,000 shares of our Class A common stock at a price of $1.67 per share and (ii) pre-funded warrants to purchase 11,740,119 shares of Class A common stock (the “Pre-Funded Warrants”). The Pre-Funded Warrants were exercised in full on August 1, 2025 at the exercise price of $0.0001 for one share of Class A common stock per Pre-Funded Warrant. The gross proceeds from the July 2025 Registered Direct Offering were $50.0 million. After deducting estimated placement agents’ fees and other offering expenses payable by us, net proceeds as of September 30, 2025 were approximately $46.7 million.
Previous report — wording carried elsewhere
In addition, in connection with the July 2025 Registered Direct Offering, we provided written notice, effective as of July 3, 2025, to Canaccord Genuity LLC (“Canaccord”) of our election to terminate the equity distribution agreement dated December 11, 2024 for our at-the-market offering. At the time of termination, we had sold 23,425,650 shares of our Class A common stock under the equity distribution agreement for aggregate gross proceeds of $36.2 million.
Previous report — wording carried elsewhere
We began a controlled launch of the Platinum instrument and started to take orders in December 2022, and subsequently began a controlled commercial launch of Platinum in January 2023, and then moved to a full commercial launch of Platinum beginning in the second quarter of 2024. In January 2025, we announced the launch of our Platinum Pro benchtop sequencer. First shipments of Platinum Pro occurred in March 2025.
Previous report — wording carried elsewhere
For the nine months ended September 30, 2025, we recognized $3.9 million of income from the decrease in the fair value of warrant liabilities as compared to $0.9 million of income from the decrease in the fair value of warrant liabilities for the same period in 2024, resulting in an increase in income of $3.0 million, or 327.8%.
Previous report — wording carried elsewhere
These changes in the fair value of warrant liabilities were primarily driven by the change in the underlying trading price of our Class A common stock during the periods reported.