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| We believe this modest increase helps partially capture the exceptional value that Platinum provides relative to other tools in the market, while continuing to be attractively priced |
| So people are both excited about what we were talking about, but I think equally excited about the trajectory of innovation |
| Our proprietary technology delivers deeper, unbiased proteomics insights that we believe will accelerate scientific research, enable the discovery of new biomarkers and ultimately power the development of new therapies and diagnostic tests that will positively impact human health |
| This sequencing kit has substantial improvements over our prior version, including the introduction of a new amino acid recognizer, high reproducibility across runs, and an approximately threefold reduction in cost per amino acid |
| With the actions that we took in the past and the discipline that we put in place over the last year, we are confident we will be able to achieve superior R&D results and speed to market and fully fund our commercialization efforts for 2024 both with minimal changes in our operating expenses |
| Finally, now that we are moving into our full commercial launch phase and have much better visibility to our R&D pipeline, we are pleased to be able to provide full year financial guidance, which we will talk about in a few minutes |
| We are also making solid progress across library prep and instrument development programs that we believe will solidify our position as the technology leader in next generation protein sequencing and will fuel the growth of the company for years to come |
| As we reported previously, the initial signs coming out of the restructuring were promising, but now based on the team’s performance over the last few months, I am pleased to conclude that the process was a success and we are hitting on all cylinders |
| We expect to deliver a steady cadence of meaningful improvements to our technology going forward |
| I think V3 is very exciting |
| The ability to deliver a high performing new sequencing kit was a result of the R&D realignment that we completed in the third quarter of last year |
| Our funnel is well established to support the full commercial launch in both the United States and Europe |
| This increased rigor along with the clarity we have around our full commercial launch and the visibility we have to our R&D pipeline allow us to be confident that we can provide more color to the investing community with our 2024 financial guidance |
| While the announcement of the launch of the Version 2 sequencing kit and the anticipated launch of a Version 3 kit in the third quarter of this year is exciting news, it is not the end of our innovation roadmap |
| The controlled launch allowed us the opportunity to build our core commercial capabilities and processes and ultimately define the blueprint for how to scale these efforts in a financially sound way as we enter the full commercial launch phase |
| In the last quarter, our sales funnel has continued to grow, and we expect that rate to accelerate in the near-term based on our planned outbound marketing and direct selling efforts associated with our full commercial launch |
| You also discussed that you made some solid progress in regards to library prep |
| We talked about the funnel during 2023 was running ahead of our expectations |
| Our third priority is to preserve financial strength, as we state on each of our calls, we remain committed to continuously improving our fiscal discipline with Jeff Keyes, our Chief Financial Officer, and others joining the organization in the last year, we have significantly ramped up the discipline around our financial resources and planning efforts |
| Though, I can’t share any specifics about the Version 3 sequencing kit yet, I will say that our approach to releasing any new version of our sequencing kits is to ensure it will provide a meaningful improvement over the prior version, further enabling our customers to expand their research efforts using next generation protein sequencing |
| The interest in using next-generation protein sequencing has always been ahead of our expectations |
| So I think in general, the thinking is just continuing to raise the coverage, raise the output and the performance to really just give people a robust set of capabilities that they can then apply to their research in the way that they see fit |
| When we move from one version to another, I think it’s generally about an overall lift in performance, right, providing in this case, with the version 2 kit, we added an additional recognizer so you get more coverage – that coverage manifests itself in terms of the number of visible amino acids |
| Also, during the controlled launch, we were able to engage deeply with key opinion leaders and early adopters of our technology to better understand their applications of interest, define the focus of our technology development efforts going forward and deliver on the recent launch of our version 2 kit that I will talk about in a few moments |
| All three of these distribution partners have extensive experience bringing innovative new technologies to the market, and we look forward to partnering with them to ensure their success |
| I would expect that excitement to be there and be sustained and grow, and that will show up ultimately in the funnel |
| Our strategy is clear we will expand our commercial efforts in a fiscally responsible way, while ensuring all our customers receive the highest level of service and support |
| We continue to make significant progress at Quantum-Si on all fronts, and I want to thank the entire QSI team for their contributions during 2023 |
| We’re excited about our full year of commercial execution and R&D innovation, and we look forward to providing additional updates on our next call |
| Quantum-Si is dedicated to meeting customer needs and enhancing their user experience |
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| Lastly, one key takeaway from our controlled launch phase was how much value our Platinum Instrument can deliver to customers, and they’re surprised at how affordable the instrument is |
| Net loss for the fourth quarter of 2023 was $22 million compared to $33.1 million in the fourth quarter of 2022, and adjusted EBITDA for the fourth quarter of 2023 was negative $25.1 million compared to negative $24.5 million in the fourth quarter of 2022 |
| For the full year of 2023, net loss was $96 million compared to $132.4 million in 2022, and adjusted EBITDA for 2023 was negative $94.3 million compared to negative $100.6 million for 2022 |
| It was – we were really throttling the pace at which customers were able to access the technology |
| Our margin will also be impacted in the near-term by acquisition costs and any accounting adjustments to underlying inventory that dates back to the pre-commercial stage of Quantum-Si |
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