Quantum-Si (NasdaqGM:QSI) Conference Transcript

Quantum-Si Conference Call Summary Company Overview - Company: Quantum-Si (NasdaqGM:QSI) - Industry: Life Sciences Tools and Diagnostics - Technology: Utilizes semiconductor chip technology for single-molecule protein sequencing with products including the Platinum instrument and QSI Cloud software [3][4] Key Points and Arguments Product Portfolio and Technology - Current Products: The first-generation technology includes the Platinum and Platinum Pro instruments, which have been in the market for about three years [4] - Business Model: Operates on a razor-razor blade model where customers purchase the machine and consumables for sample preparation and sequencing [4] - Upcoming Product: The Proteus platform represents a significant architectural change, moving optics from consumables to the machine, allowing for higher sequencing output and lower-cost consumables [5][15] Financial Performance and Strategy - Recent Earnings: The company has adapted to NIH headwinds by offering alternative purchasing options for the Platinum machine, resulting in 12 machines sold under this program, with over half going to academia [6] - Publications: Five publications have been released this year, indicating a strong pipeline and market development [6] - Cash Position: Ended Q3 2025 with over $230 million in cash, providing a runway into Q2 2028, which includes 18 months post-Proteus launch [44][46] Proteus Development and Launch Timeline - Milestones: Completed sequencing on over 50 runs of the Proteus prototype, achieving this milestone ahead of schedule [7][8] - Launch Timeline: Expected to launch Proteus by the end of 2026 [21][22] - Early Access Program: Targeting big centers with core labs for testing and comparison against existing technologies [26][28] Pricing Strategy - Price Range: Anticipated pricing for Proteus is between $300,000 and $500,000, reflecting its advanced capabilities compared to the current Platinum device priced at $125,000 [23][24] - Market Accessibility: The pricing strategy aims to balance value capture with accessibility to avoid constraining the number of potential users [25] R&D and Technological Advancements - AI and Binding Kinetics: The integration of AI tools has accelerated the development of engineered protein recognizers, enhancing the ability to achieve full proteome coverage [30][31] - Proteome Coverage Goals: Aiming to demonstrate coverage of all 20 amino acids by 2026, which would enable advanced applications in single amino acid variants and post-translational modifications (PTMs) [33] Commercialization Strategy - Sales Strategy: Considering various sales models for Proteus, including trade-ins for existing Platinum users, while leaning towards capital sales [39][40] - Long-term Focus: Emphasis on capital efficiency and targeted investments to support the Proteus launch and subsequent commercialization efforts [46][47] Additional Important Insights - Engineering and Chemistry Hurdles: Early data from Proteus shows improvements across all metrics compared to the Platinum machine, indicating a de-risked program moving towards commercialization [10][12] - Controlled Cleavage Technology: Future versions of Proteus may incorporate controlled cleavage technology to enhance sequencing capabilities [41][43] - Strategic Opportunities: Open to exploring strategic opportunities and technologies that align with Quantum-Si's goals, while maintaining focus on the Proteus launch [47]