Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were approximately $1.2 million, representing a 52% increase over Q3 2024 and a 183% increase year-over-year [11][35] - Full year 2024 revenues reached $3.1 million, with a gross profit of $1.6 million and a gross margin of 52% [37][38] - Gross profit for Q4 2024 was $610,000, with a gross margin of 51% [35][36] Business Line Data and Key Metrics Changes - The company achieved its first quarter exceeding $1 million in revenue, driven by the commercialization of the Platinum instrument [10] - The customer base diversified significantly, now including academic, biotech, pharma, government, and contract research organizations [10][11] - The company sold its fiftieth Platinum instrument in Q4 2024, marking a significant milestone [12] Market Data and Key Metrics Changes - The company established an international distribution channel with eighteen partners, expanding its market presence in Western Europe, Eastern Europe, Asia, the Middle East, Africa, South America, and the South Pacific [14] - The company noted a growing interest in proteomics research in regions where traditional instruments are cost-prohibitive, positioning its low-cost Platinum technology as an accessible option [15] Company Strategy and Development Direction - The company aims to accelerate commercial adoption, deliver on its innovation roadmap, and preserve financial strength [9] - Plans for 2025 include launching a version four sequencing kit and continuing to develop the Proteus platform, expected to launch in the second half of 2026 [24][30] - The establishment of a scientific advisory board to enhance collaboration and expand the utility of next-generation protein sequencing [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the international market opportunities and the potential impact of the Avantor partnership, expecting contributions to revenue in the second half of 2025 [44][59] - There is uncertainty regarding NIH funding for 2025, which may affect the academic research market, but other segments like pharma and biotech are expected to remain stable [45][46] - The company anticipates Q1 2025 revenue to be at least $900,000, reflecting a 100% year-over-year growth [46] Other Important Information - The company raised capital through its at-the-market facility, providing an extended cash runway into the second half of 2027 [43] - Adjusted operating expenses for 2025 are projected to be $103 million or less, with total estimated cash usage of $95 million or less [47] Q&A Session Summary Question: Did you sell any Platinum Pro systems since the announcement? - Management confirmed that they expect to start shipping the Platinum Pro before the end of the quarter and have not seen any impact on Platinum sales yet [50][51] Question: Was any of the $1.2 million in Q4 pushed from Q3 or pulled forward from Q1 2025? - Management stated that nothing was pushed from Q3, but some end-of-year buying decisions occurred in Q4 [52][53][54] Question: What are the expectations for the Avantor partnership this year? - Management indicated that Q1 is focused on training and implementation, with expected contributions from the partnership in Q2 and more acceleration in the second half of the year [55][59] Question: Are you seeing a more predictable cadence to sales cycles? - Management acknowledged that the sales cycle is longer than historically seen but is now more consistent [83][84] Question: What is the largest market opportunity and any untapped markets? - Management noted a 50-50 split between academic and other segments, with significant international opportunities identified as untapped markets [86][88][90] Question: Have you expanded your internal commercial team? - Management confirmed that the commercial team is staffed as expected, with some new hires still in training, and they anticipate seeing impacts in the back half of 2025 [93][99]

Group 1: Financial Performance - Quantum-Si Incorporated reported a quarterly loss of $0.18 per share, consistent with the Zacks Consensus Estimate, compared to a loss of $0.16 per share a year ago [1] - The company posted revenues of $1.19 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 20%, and this is an increase from revenues of $0.4 million a year ago [2] - The current consensus EPS estimate for the upcoming quarter is -$0.18 on revenues of $1.8 million, and for the current fiscal year, it is -$0.75 on revenues of $9.31 million [7] Group 2: Market Performance - Quantum-Si Incorporated shares have declined approximately 48.9% since the beginning of the year, while the S&P 500 has gained 1.2% [3] - The company has surpassed consensus EPS estimates three times over the last four quarters, but has only topped consensus revenue estimates once in the same period [2][1] Group 3: Industry Outlook - The Electronics - Semiconductors industry, to which Quantum-Si belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Quantum-Si's stock performance [5] Group 4: Future Expectations - The sustainability of Quantum-Si's stock price movement will largely depend on management's commentary during the earnings call and the outlook for future earnings [3][4] - The current estimate revisions trend for Quantum-Si is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Quantum-Si incurred net losses of $101.0 million, $96.0 million, and $132.4 million for the years ended December 31, 2024, 2023, and 2022, respectively, with an accumulated deficit of $596.6 million as of December 31, 2024[125]. - The company generated limited product revenue since the controlled launch of its first product, Platinum for RUO, in December 2022, and may never generate sufficient revenue to offset expenses[125]. - As of December 31, 2024, Quantum-Si had cash and cash equivalents totaling $209.6 million, expected to fund operations for at least the next twelve months[131]. - The company has recorded a full valuation allowance related to its NOLs and other deferred tax assets due to uncertainty regarding the realization of future benefits[200]. - As of December 31, 2024, the company had federal net operating loss carryforwards (NOLs) of approximately $388.3 million, with $65.5 million set to expire in 2033 if not utilized[199]. Market and Commercialization Risks - The commercialization plan for Platinum includes three phases: early access limited release, controlled commercial launch, and broad commercial availability, but progress may not occur as planned[135]. - The market for proteomics and genomics technologies is evolving, making it difficult to predict the size of the markets for current and future products[141]. - The success of Quantum-Si's products depends on broad scientific and market acceptance, which may take longer than anticipated, leading to continued operating losses[137]. - The total addressable market estimates for Quantum-Si's products may be incorrect, impacting the company's ability to successfully sell its products[143]. - The company anticipates that a significant portion of its revenue will depend on research and development spending by academic institutions, which is influenced by external budgetary constraints[162]. Operational Challenges - The company faces risks related to unforeseen expenses and challenges as it transitions from a research-focused entity to one capable of supporting commercial activities[127]. - The company may need to raise additional capital to fund ongoing research, development, and commercialization activities, which could adversely affect stockholder rights[133]. - The company experienced a workforce reduction of approximately 12%, 16%, and 23% in January and August 2023, and November 2024, respectively, as part of organizational restructurings aimed at decreasing costs[155]. - The company must navigate the complexities of recruiting and retaining qualified personnel, particularly in a competitive market for scientific and technical talent[158]. - The company faces potential additional costs and delays if it needs to switch contract manufacturers for its products, which could adversely affect its business[167]. Supply Chain and Manufacturing Risks - The company relies on contract manufacturers for its instruments and consumables, and any failure or unsatisfactory performance from these manufacturers could adversely affect commercialization efforts[165]. - The company relies on a limited number of suppliers for certain components, and losing a supplier could disrupt its ability to deliver products, impacting financial results[168]. - The company’s internal manufacturing equipment is specialized, and any failure could significantly hinder semiconductor chip production[169]. - The company relies on third-party foundries for silicon wafer production, and any failure in these partnerships could disrupt semiconductor chip supply[182]. Regulatory and Compliance Risks - The company is subject to various regulatory and operational risks when commercializing products internationally, which could impact financial results[175]. - The FDA's proposed rule to regulate Laboratory-Developed Tests (LDTs) could disrupt the industry and impact the company's sales and business model[221]. - Legislative efforts, such as the VALID Act, aim to create a new category for in vitro clinical tests, which may affect how the company markets its products[221]. - The company must comply with increasingly rigorous data privacy and security regulations, which could impact its operations and revenue[231]. - The company is currently evaluating its compliance obligations related to data protection laws and does not have formal policies in place for data storage, collection, and processing[235]. Intellectual Property Risks - The company relies on patent protection for its products, but uncertainties in patent laws may adversely affect its competitive position[240]. - The patent application process is costly and time-consuming, and failure to secure patents could expose the company to increased competition[242]. - The company may face claims regarding the inventorship of patents, which could lead to costly litigation and loss of valuable intellectual property rights[261]. - The company may incur substantial costs and distractions from defending against claims of wrongful use or disclosure of trade secrets by employees or contractors[264]. - The company may face significant costs and resource diversion due to potential intellectual property litigation, which could adversely affect its business and financial condition[271]. Cybersecurity Risks - Cybersecurity incidents pose a significant risk to the company's operations, potentially leading to financial, legal, and reputational harm[206]. - The company may face significant costs related to protecting against and responding to cybersecurity incidents, which could impact its financial condition[209]. - The company has implemented significant resources to maintain a secure information infrastructure, focusing on cybersecurity as a key element of risk management[310]. - The company has experienced a ransomware incident in August 2020 but did not pay the ransom due to sufficient data backups, leading to enhanced security measures[315]. - The Chief Financial Officer will provide quarterly updates to the Audit Committee on cyber risk topics, including incident response and material threats[317]. Governance and Control Risks - The company may face material weaknesses in internal control over financial reporting, which could adversely affect investor confidence and the accuracy of financial reporting[291]. - The dual class structure of the company's common stock concentrates voting power with Dr. Rothberg, potentially limiting other shareholders' ability to influence important transactions[303]. - The company has a risk of litigation related to restatements and material weaknesses in financial reporting, which could adversely affect its business and financial condition[295]. - The Board of Directors oversees risk management activities, including cybersecurity threats, with the Audit Committee specifically tasked with this oversight[316].

Financial Performance - The company reported revenue of $1.2 million for Q4 2024, with a full year revenue of $3.1 million, representing a 183% year-over-year growth[6] - Total revenue for Q4 2024 was $1,192 million, a significant increase from $400 million in Q4 2023, representing a growth of 198% year-over-year[19] - Product revenue reached $1,149 million in Q4 2024, compared to $377 million in Q4 2023, marking a 205% increase[19] - A net loss of $33.1 million was recorded in Q4 2024, compared to a net loss of $22.0 million in the same period of the prior year[8] - Net loss for Q4 2024 was $33,121 million, compared to a net loss of $22,048 million in Q4 2023, indicating a deterioration in financial performance[21] - Comprehensive loss for Q4 2024 was $33,229 million, compared to $22,048 million in Q4 2023, indicating an increase in overall losses[19] Operating Expenses - Total operating expenses for Q4 2024 were $31.3 million, compared to $28.1 million in the same period of the prior year[6] - Total operating expenses for Q4 2024 were $31,287 million, up from $28,061 million in Q4 2023, reflecting an increase of 8.0%[21] - Research and development expenses for the year 2024 totaled $59,641 million, down from $67,025 million in 2023, a decrease of 11%[19] - Selling, general and administrative expenses for the year 2024 were $50,535 million, compared to $44,634 million in 2023, an increase of 13.5%[19] Profitability Metrics - Gross profit for Q4 2024 was $0.6 million, resulting in a gross margin of 51%, while the full year gross margin was 52%[5] - The company reported a gross profit of $610 million for Q4 2024, up from $178 million in Q4 2023, representing a growth of 242%[19] - Adjusted EBITDA for Q4 2024 was negative $25.1 million, consistent with the same period in the prior year[8] - Adjusted EBITDA for Q4 2024 was $(25,143) million, slightly worse than $(25,078) million in Q4 2023[21] Capital and Cash Position - The company raised over $86 million in capital between Q4 2024 and the first week of 2025, extending its cash runway into the second half of 2027[6] - As of December 31, 2024, the company's cash and cash equivalents and investments in marketable securities totaled $209.6 million[9] Product Development and Launches - The company announced the launch of the Platinum Pro instrument in January 2025, with shipping expected to commence in Q1 2025[6] - The company plans to launch a new version 4 Sequencing Kit in Q3 2025[6] - The company has a strong pipeline of scientific data expected to be released throughout 2025, aimed at maximizing customer adoption[4] Shareholder Metrics - The weighted-average shares used to compute net loss per share for Q4 2024 were 146,329 thousand, compared to 141,575 thousand in Q4 2023[19]

Core Viewpoint - QuantumSi Incorporated (QSI) is expected to report significant revenue growth in its fourth-quarter 2024 results, with a consensus estimate of $1.49 million, reflecting a 272.5% increase year-over-year, despite an anticipated loss of 18 cents per share [2][4]. Group 1: Earnings Expectations - QSI's fourth-quarter performance is anticipated to benefit from year-end capital spending trends and new product launches, with expectations to exceed $1 million in quarterly revenues for the first time [4][5]. - The company has consistently beaten the Zacks Consensus Estimate in the previous four quarters, with an average surprise of 19.31% [3]. Group 2: Product Developments - QSI is set to release new products, including a library preparation kit and a barcoding kit, which are expected to enhance sample processing efficiency and attract more customers [6][17]. - The company is actively engaging with the scientific community to raise awareness of its Platinum platform, which may lead to increased customer adoption [7]. Group 3: Market Performance - QSI shares have declined by 43.7% year-to-date, underperforming the broader Zacks Computer & Technology sector and the Zacks Electronics - Semiconductors industry [8][11]. - Compared to peers like Agilent Technologies, Quanterix, and Seer, which have experienced smaller declines, QSI's performance has been notably weaker [11]. Group 4: Valuation and Financial Outlook - QSI is currently trading at a forward Price/Sales ratio of 18.61, significantly higher than the sector average of 6.28, indicating a stretched valuation [12]. - The company anticipates not meeting its full-year revenue guidance due to delayed customer purchases and a slower sales ramp-up, despite expecting sequential revenue growth in Q4 2024 [19][20].

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling even higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps investors identify which metrics are effective for assessing momentum in stocks [2] Group 2: Quantum-Si Incorporated (QSI) Analysis - Quantum-Si Incorporated currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating potential for outperformance [3][4] - Over the past week, QSI shares increased by 6.4%, significantly outperforming the Zacks Electronics - Semiconductors industry, which rose by 1.74% [7] - In the last month, QSI's price surged by 191.5%, compared to the industry's 5.8% [7] - Over the past quarter, QSI shares rose by 130.59%, and by 46.75% over the last year, while the S&P 500 increased by 10.27% and 32.66%, respectively [8] Group 3: Trading Volume and Earnings Outlook - QSI's average 20-day trading volume is 24,780,828 shares, indicating strong interest and potential bullish sentiment [9] - In terms of earnings outlook, QSI's consensus estimate improved from -$0.71 to -$0.65 over the past 60 days, with one upward revision for the next fiscal year [11] - The combination of positive price trends and earnings estimate revisions supports QSI's classification as a 2 (Buy) stock with a Momentum Score of B [12]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was approximately $787,000, which was below expectations [12][27] - Gross profit was $367,000, resulting in a gross margin of 47% [28] - Net loss for Q3 2024 was $25.3 million compared to $24.7 million in Q3 2023 [32] - Adjusted EBITDA for Q3 2024 was negative $24.5 million, compared to negative $22.6 million in Q3 2023 [32] - As of September 30, 2024, the company had $196.3 million in cash and cash equivalents [33] Business Line Data and Key Metrics Changes - Revenue consisted of sales from the Platinum instrument, consumable kits, and related services [27] - Operating expenses for Q3 2024 were $28.5 million, up from $27.3 million in Q3 2023 [30] - Year-to-date operating expenses decreased to $78.9 million from $83.6 million in the prior year, reflecting a 6% decrease [31] Market Data and Key Metrics Changes - The company observed a lengthening of the sales cycle in Q3 2024, impacting revenue [11] - There is an expectation of an uptick in capital spending in Q4 as customers look to utilize remaining budgets [15] Company Strategy and Development Direction - The company aims to accelerate commercial adoption, deliver on its innovation roadmap, and preserve financial strength [9][26] - New Chief Commercial Officer Todd Bennett has been appointed to enhance sales processes and training [14] - The company plans to launch new library preparation and barcoding kits in Q4 2024 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving sequential revenue growth in Q4 2024, expecting to surpass $1 million in quarterly revenue for the first time [16] - The company is focused on improving sales force execution and expanding its sales pipeline [19] - Management acknowledged that the full impact of recent changes in the sales team is still forthcoming [19] Other Important Information - The company received the Technology Innovation Leadership Award from Frost & Sullivan for its contributions to proteomic research [23] - An Investor Day is scheduled for November 20, 2024, to provide further insights into the company's innovation pipeline [8][25] Q&A Session Summary Question: Why was visibility lacking in Q3 and confidence in future revenue guidance? - Management noted that a few delayed sales can significantly impact revenue outcomes, with instrument prices around $85,000 being a key factor [37] Question: What are the bottlenecks preventing higher placements? - Management indicated that the bottlenecks are not due to technology limitations but rather the ramp-up of new sales professionals and their productivity [44] Question: How have sales placements been driven? - Sales placements have been a mix of direct sales and distribution partner-driven sales [45] Question: Feedback on the version 3 kits? - The transition to version 3 kits has been smooth, with customers reporting better output and performance improvements [46] Question: Thoughts on the clinical potential of protein sequencing? - Management acknowledged ongoing adoption in biopharma and indicated that clinical stage programs are still in the future [50]

Revenue and Profit Growth - Total revenue increased by $0.6 million (252.9%) for the three months and $1.2 million (173.6%) for the nine months ended September 30, 2024, compared to the same periods in 2023[125][128] - Gross profit increased by $0.3 million (239.8%) for the three months and $0.7 million (219.4%) for the nine months ended September 30, 2024, compared to the same periods in 2023[125][128][129] - The company's Platinum instrument and related reagent kits and service maintenance contracts drove the increase in revenue[128] Cost and Expense Changes - Cost of revenue increased by $0.3 million (265.2%) for the three months and $0.5 million (135.5%) for the nine months ended September 30, 2024, compared to the same periods in 2023[125][128] - Research and development expenses decreased by $0.4 million (2.5%) for the three months and $7.9 million (15.7%) for the nine months ended September 30, 2024, compared to the same periods in 2023[125][131][132] - Selling, general and administrative expenses increased by $1.6 million (14.8%) for the three months and $3.2 million (9.8%) for the nine months ended September 30, 2024, compared to the same periods in 2023[125] - Selling, general and administrative expenses increased by $1.6 million (14.8%) for the three months ended September 30, 2024, primarily due to higher stock-based compensation and payroll costs[134] - Selling, general and administrative expenses increased by $3.2 million (9.8%) for the nine months ended September 30, 2024, driven by higher payroll, outsourced services, and marketing expenses[135] Net Loss and Financial Performance - Net loss decreased by $0.6 million (2.4%) for the three months and $6.0 million (8.2%) for the nine months ended September 30, 2024, compared to the same periods in 2023[125] - Dividend and interest income increased by $0.1 million (4.5%) and $1.9 million (25.8%) for the three and nine months ended September 30, 2024, respectively, due to higher earnings from marketable securities[137] - Unrealized gain on trading securities was $0 for the three and nine months ended September 30, 2024, compared to gains of $2.0 million and $8.3 million in the same periods of 2023[139] - Realized loss on trading securities was $0 for the three and nine months ended September 30, 2024, compared to losses of $1.9 million and $6.5 million in the same periods of 2023[140] - Change in fair value of warrant liabilities decreased by $0.1 million for the three months ended September 30, 2024, and decreased by $0.9 million for the nine months ended September 30, 2024[142] Cash Flow and Investments - Net cash used in operating activities was $64.9 million for the nine months ended September 30, 2024, primarily due to a net loss of $67.9 million and R&D spending[146] - Net cash used in investing activities was $26.8 million for the nine months ended September 30, 2024, compared to net cash provided by investing activities of $82.4 million in the same period of 2023[148] - The company had cash and cash equivalents and investments in marketable securities totaling $196.3 million as of September 30, 2024[152] - Marketable securities as of September 30, 2024, primarily consist of U.S. government-backed money market funds, Treasury bills, and high-quality corporate commercial paper, with minimal expected impact from interest rate changes[161] Lease and Licensing Commitments - Future lease payments under non-cancellable lease agreements were approximately $27.8 million as of September 30, 2024[156] - Annual minimum fixed payments for intellectual property licenses total approximately $0.1 million, with additional royalties based on net sales if they exceed the fixed payments[157] Business and Market Expansion - The company initiated a full commercial launch of the Platinum instrument at the end of the first quarter of 2024[123][129] - The company's platform is designed to streamline sequencing and data analysis at a lower instrument cost than legacy proteomic solutions[123] - The company's platform could be used for biomarker discovery, disease detection, pathway analysis, immune response, vaccine development, and quality assurance[123] - The company anticipates future expansion into Europe and other regions, which may increase foreign currency risk, though no hedging arrangements are currently in place[162][163] Financial and Operational Risks - The company's financial statements are prepared based on estimates and assumptions, which may differ under different conditions, impacting reported assets, liabilities, and expenses[158] - Inflation has impacted the cost of supplies and manufacturing components, potentially affecting the company's ability to offset higher costs through price increases or efficiencies[160]

Financial Performance - Quantum-Si Incorporated reported a quarterly loss of $0.18 per share, better than the Zacks Consensus Estimate of a loss of $0.21, but worse than a loss of $0.15 per share a year ago, indicating an earnings surprise of 14.29% [1] - The company posted revenues of $0.79 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 25.76%, compared to revenues of $0.22 million in the same quarter last year [2] - Over the last four quarters, Quantum-Si has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - Quantum-Si shares have declined approximately 50.3% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The current Zacks Rank for Quantum-Si is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.20 on revenues of $2.01 million, and for the current fiscal year, it is -$0.71 on revenues of $4.15 million [7] - The trend of estimate revisions for Quantum-Si is mixed, which could change following the recent earnings report [6] Industry Context - The Electronics - Semiconductors industry, to which Quantum-Si belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, suggesting that the outlook for the industry can significantly impact stock performance [8]

Financial Performance - Reported revenue of $787,000 for Q3 2024, with a gross profit of $367,000 and a gross margin of 47%[3] - Year-to-date revenue for the nine months ended September 30, 2024, totaled $1.9 million, with a gross profit of $990,000 and a gross margin of 53%[3] - Total revenue for the three months ended September 30, 2023, was $787,000, a 253% increase compared to $223,000 for the same period in 2022[18] - Gross profit for the three months ended September 30, 2023, was $367,000, compared to $108,000 for the same period in 2022, reflecting a significant improvement[18] Operating Expenses - Total operating expenses for Q3 2024 were $28.5 million, compared to $27.3 million in Q3 2023[4] - Adjusted total operating expenses for Q3 2024 were $26.0 million, compared to $23.9 million in Q3 2023[4] - Operating expenses for the three months ended September 30, 2023, totaled $28,455,000, an increase from $27,283,000 in the same period last year[22] - Selling, general and administrative expenses for the three months ended September 30, 2023, were $12,284,000, compared to $10,696,000 for the same period in 2022[18] - Research and development expenses for the three months ended September 30, 2023, were $16,171,000, slightly down from $16,587,000 in the same period last year[18] Net Loss - Net loss for Q3 2024 was $25.3 million, slightly higher than the net loss of $24.7 million in Q3 2023[4] - Net loss for the three months ended September 30, 2023, was $25,313,000, compared to a net loss of $24,728,000 for the same period in 2022[21] - Adjusted EBITDA for Q3 2024 was negative $24.5 million, compared to negative $22.6 million in the same period last year[4] - Adjusted EBITDA for the three months ended September 30, 2023, was $(24,513,000), compared to $(22,613,000) for the same period in 2022[21] - Comprehensive loss for the three months ended September 30, 2023, was $25,153,000, compared to $24,728,000 for the same period in 2022[19] Cash Position - Cash and cash equivalents, along with investments in marketable securities, amounted to $196.3 million as of September 30, 2024, providing a runway into the second half of 2026[5][6] Future Outlook - The company anticipates not achieving its full-year revenue guidance range of $3.7 million to $4.2 million due to lengthening sales cycles[2] - Two new kits are on track for launch before the end of 2024, aimed at driving broader market adoption[2] Executive Changes - The company has appointed new executives, including Todd Bennett as Chief Commercial Officer and John Vieceli, Ph.D. as Chief Product Officer[2]