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The call emphasized materially de-risking technical progress for the Proteus platform (successful integrated sequencing, increased amino acid detection, doubled read lengths, PTM strategy) and showed strong early customer engagement and a solid cash runway (~$190M) that supports development through launch. However, near-term revenue remains very small ($258k Q1; ~ $1M outlook for 2026), and the company faces significant R&D/commercialization spend and execution required to scale manufacturing and convert interest into sales. On balance, the advances on Proteus and financial runway are compelling positives, while near-term commercial and burn risks merit monitoring.
The company reiterated 2026 is a “transition year” and gave explicit financial guidance: total revenue of approximately $1.0 million, adjusted operating expenses of $98 million or less, and total cash usage of $93 million or less; as of 03/31/2026 it held $190.4 million in cash, cash equivalents and marketable securities, which management said supports operations into 2028 (roughly 1½ years after the estimated Proteus launch). Quarterly metrics included Q1 revenue of $258k, gross profit of $74k (29% gross margin), GAAP operating expenses of $24.1M (vs. $25.6M PY) and adjusted operating expenses of $21.4M (vs. $22.9M PY), and dividend/interest income of $1.9M (vs. $2.5M PY). Operational guidance and cadence: near-term revenue driven by consumable utilization, modest new capital placements and Platinum placements with embedded Proteus upgrade credits; management expects to complete manufacturing scale-up and early-access deployments (a “handful” of sites by summer), to offer broader sample evaluations as internal Proteus instruments increase, and to achieve product milestones (17 amino acids detected today, up from 15 in Dec‑2025, targeting 18 at delivery and all 20 during 2026 with a 2027 sequencing kit detecting all 20).
Completed sequencing on fully integrated Proteus instruments, demonstrating end-to-end automation (reagent prep to data analysis); this milestone materially de-risks the new platform and confirms fundamental technology performance ahead of commercial launch.
Internal developmental sequencing kit detection increased from 15 amino acids in Dec 2025 to 17 amino acids in Apr/May 2026 (+2 amino acids, ~13.3% increase), with confidence to reach 18 at launch and demonstrate all 20 during 2026.
Customer prototype comparisons showed Proteus delivering roughly double the average peptide read length (~+100%) and a much higher number of reads (higher chip feature density), translating into more sequence-level information per protein.
Significant progress toward post‑translational modification (PTM) capabilities using kinetic signatures and AI-driven analysis, offering a universal sequencing chemistry approach that could expand applications beyond affinity‑based and mass spec methods.
Launched Proteus roadshow program (April) with strong early engagement (example event: 35 attendees vs 25 registered), three customer manuscripts (preprint/peer review), five posters, and a customer podium presentation so far in 2026 — building awareness across academic, clinical, biopharma, and government segments.
Cash, cash equivalents, and marketable securities of $190.4M as of 03/31/2026; company reiterates cash runway into 2028 and guidance for 2026: revenue ~ $1M, adjusted operating expenses ≤ $98M, and total cash usage ≤ $93M, supporting development and launch activities.
GAAP total operating expenses decreased to $24.1M from $25.6M year-over-year (≈ -5.9%), and adjusted operating expenses decreased to $21.4M from $22.9M (≈ -6.6%), reflecting prioritization of R&D for Proteus while trimming SG&A.
Insider activity noted as routine tax-related Form 4 mechanics; two board members purchased 600,000 shares in the quarter in open market, signaling board-level conviction.
Good day, and thank you for standing by. Welcome to the Quantum-Si incorporated First Quarter 2026 Earnings Call and Business Update. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Risa Lindsay. Risa, go ahead.
Good afternoon, everyone, and thank you for joining us. Earlier today, Quantum-Si incorporated released financial results for the first quarter ended 03/31/2026. A copy of the press release is available on the company's website. Joining me today are Jeffrey Alan Hawkins, our President and Chief Executive Officer, as well as Jeffry R. Keyes, our Chief Financial Officer. Before we begin, I would like to remind you that management will be making certain forward-looking statements within the meaning of the federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements of our press release.
For a more complete list and description of risk factors, please see the company's filings made with the Securities and Excha...