Quantum-Si Incorporated

Good day and thank you for standing by. Welcome to the Quantum SI Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one 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, please go ahead.

Good afternoon, everyone, and thank you for joining us. Earlier today, Quantum SI released financial results for the third quarter ended September 30th, 2025. A copy of the press release is available on the company's website. Joining me today are Jeff Hawkins, our President and Chief Executive Officer, as well as Jeff Kyes, 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 Exchange Commission. This conference call contains time-sensitive information that is accurate only as of the live broadcast date today, November 5, 2025. Except as required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements. During this call, we will also be referring to certain financial measures that are not prepared in accordance with U.S. generally accepted accounting principles for GAAP. The reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the press release files earlier today. With that, let me turn the call over to Jeff Hawkins.

Good afternoon, and thank you for joining us. On today's call, we will provide a business update and review our operating results for the third quarter of 2025. After that, we will open the call for questions. I will begin with a reminder of our three corporate priorities, to accelerate commercial adoption, to deliver on our innovation roadmap, and to preserve our financial strength. Our first corporate priority is to accelerate commercial adoption. Our revenue for the third quarter was $552,000 as top line results continue to be impacted by the capital sales headwinds in the market. As a reminder, during the second quarter, we announced the launch of an expanded set of instrument acquisition options that allow customers to have our instrument in their lab and purchase and run consumables without having to find the capital dollars to acquire the instrument upfront. Since launching this initiative, We have had 12 new customers implement our platform and all have made their initial reagent purchases. Importantly, more than half of these new customers are in academic labs, a segment that has been very difficult for us to access in 2025 due to the NIH funding challenges. We are very pleased with these early results and expect to continue to offer these alternative options going forward since we view our growing installed base not just as a revenue driver but as a strategic moat. We continue to believe that with every new lab that implements our platform, we will see increasing consumable sales, scientific validation, and customer advocacy. We also believe that many of these customers will be strong sales opportunities for our future Proteus platform. One example of the strategic value of the placement program is the initiative we announced in June of 2025 with the Broad Institute. The goal of this placement was to enable researchers access to our single molecule protein sequencing technology, both within Broad Institute and across the greater Boston life science ecosystem. I'm pleased to report that this initiative is progressing well. We have two active projects underway now and another two in the final stages of study design. We would expect those two studies to be initiated soon. In addition, we have executed on educational seminars with local researchers to build a funnel of additional research study opportunities that can leverage this instrument placement in the coming quarters. Turning now to scientific affairs, during the second half of 2024, we communicated that we were increasing our investments in scientific affairs, with the core focus being to build our scientific advisory board and develop a pipeline of publications to demonstrate the value of our technology. Developing a publication pipeline takes focus and effort over an extended period of time before it yields results. During 2025, we have had five manuscripts submitted for publication. Two of those have been published in peer-reviewed journals, and the remaining three are in the review process. Additionally, we have a strong pipeline of activity with more than five manuscripts being drafted now and another eight studies actively generating data that will fuel the pipeline of publications well into 2026. Beyond these initiatives, we continue to monitor and evaluate several partnership opportunities that may assist in accelerating certain components of our development activities, spanning from new customer applications to sample preparation and enrichment, and applications of artificial intelligence tools that could extract deeper insights from the protein sequencing data our system generates. We remain very confident in the long-term market opportunity in proteomics, the initiatives we are executing on commercially to accelerate awareness and increase the size of our installed base, and the technology roadmaps we are executing against to capitalize on the market opportunity in front of us. Our second priority is to deliver on our innovation roadmap. We continue to make solid progress across all of our development programs. Most importantly, today we announced that we have successfully completed sequencing runs on a prototype Proteus system. We communicated this goal at the start of the year as it represented the single most important milestone for the program to achieve in 2025. And it is not just a single prototype. We have multiple prototype systems performing sequencing and are excited about the quality of the data we are seeing at this stage of the program. As we continue to mature the platform and work through the optimization of our sequencing chemistry on Proteus, we expect the data quality to continue to improve. We look forward to sharing more of the early sequencing data in addition to other Proteus program updates at our Investor and Analyst Day on November 19th. Turning now to our Version 4 sequencing kit, we are pleased to share that we achieved the commercial launch of this new kit in early September and completed our first shipments to customers during the third quarter. As a reminder, this new kit includes increased amino acid detection capabilities and the addition of a new enzyme that is engineered specifically to provide high efficiency cutting of the amino acid directly preceding a proline. This is important because proline is abundant in many vital proteins, such as membrane proteins, antibodies, and transcription factors, and proline rich proteins are well known to be difficult to analyze by mass spectrometry. In addition, as part of the version four sequencing kit launch, we released an expanded set of 24 barcodes that allow customers to increase the multiplexing level of their experiments while maintaining the same level of analytical performance they have experienced to date with the original set of eight barcodes. Moving now to library preparation, our version three library preparation kit has entered our internal validation process and remains on track for launch by the end of 2025. We are pleased to share that this kit remains on track to lower the sample input quantity requirement by at least 100-fold as compared to our current library prep kit. This lower input concentration requirement is expected to allow our customers to be able to process a broader range of biological samples and to study biologically relevant proteins that are at much lower concentrations than our current library prep kit can accommodate. When combined with the V4 sequencing kit, we believe that customers will experience a meaningful level of improvement in overall system performance and be able to pursue some of the more complex biological sample work that to date has been difficult to do with our technology. Finally, I would like to update you on our amino acid recognizer development program. As we have previously shared, our recognizer development program has designed and screened millions of candidates over the past few years. As part of that process, we have amassed what we believe may be the richest set of data in the industry about how mutations inserted into engineered proteins affect their binding to N-terminal amino acids, the kinetic properties of those binding interactions, binder specificity, stability, and many other features. We are very excited about our ability to leverage this proprietary data set in combination with advanced artificial intelligence tools to efficiently scale up the recognizer development program and significantly shorten the timeline to full proteome coverage as compared to our historical trajectory. We look forward to sharing more about this topic at our Investor and Analyst Day on November 19th. Our third priority is to preserve our financial strength. While the capital headwinds in the market are expected to continue to impact short-term commercial results, we are optimistic about the early traction we are seeing with our placement program and the opportunity to continue to grow our customer base using this approach. We firmly believe that a large installed base of active users is a strategic advantage that will position us well for the future launch of Proteus and ultimately create long-term value for our shareholders. Finally, We believe that the current capital market has and will continue to impact otherwise good companies and product lines. We believe our strong balance sheet positions us well to execute on strategic opportunities that may arise based on the current market environment. We will continue to monitor and review all potential options that could accelerate or be additive to our long-term strategic initiatives, including opportunities that could broaden our participation in the overall multi-omics marketplace. I'll now turn the call over to Jeff to review our financial results.