Earnings Call Transcript - QSI Q4 2021

Operator, Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Quantum-Si Q4 2021 Earnings Call. Please be advised today's conference is being recorded. At this time, I would now like to turn the conference over to Juan Avendano, Head of Investor Relations for Quantum-Si. Juan, please go ahead.

Juan Avendano, Head of Investor Relations

Good evening, everyone. Thank you for joining us. Today, after market close, Quantum-Si released financial results for the fourth quarter and full year ended December 31, 2021. A copy of the press release is available on the company's website. Joining me today are Dr. Jonathan Rothberg, Interim Chief Executive Officer; Claudia Drayton, Chief Financial Officer; and Dr. Michael Mina, Board Member and Chair of Quantum-Si's new Scientific Advisory Board. Before we begin, I'd like to remind you that management will be making certain forward-looking statements within the meaning of 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 today, February 28, 2022. 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 now prepared in accordance with U.S. generally accepted accounting principles, or GAAP, including adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the press release. With that, I will turn the call over to Dr. Jonathan Rothberg.

Jonathan Rothberg, Interim CEO

Thank you, Juan. Good afternoon, everyone. Thank you for joining us. We're excited to discuss the progress that Quantum-Si has made over the last two months as we work to commercialize our single molecule protein sequencing system. To summarize, in 2021, we more than doubled our employee base. We took proactive measures to secure our supply chain. Some of the best scientists in the world are using our instruments, and we ended the year with over $470 million in cash on our balance sheet providing us with sufficient runway to continue investing in the business. In today's call, we will review the previously announced CEO transition, our unique value proposition, opportunities in immunology and long COVID, provide a business update, and present our fourth quarter full year financial performance and outlook for 2022. We will then open the lines for questions. Quantum-Si has created a new generation of semiconductor technology to pioneer and enable next-generation protein sequencing, the next great frontier after next-generation DNA sequencing. Next-generation DNA sequencing provides insights by decoding our DNA. Quantum-Si's next-generation protein sequencing by decoding proteins will unlock a new understanding of disease and illuminate paths to health. As reported on February 14, the Quantum-Si Board of Directors appointed me as Interim CEO. I come back to this role well prepared after founding the company in 2013 and previously serving as its CEO from December 2015 through November 2020. While I'm excited to be back leading this productive and experienced team, I am an interim CEO and along with our Board of Directors, have initiated the search for a long-term CEO. We are looking for a strategic leader who can inspire our scientists and engineers, understand the commercial opportunities in proteomics and execute exceptionally well, a leader with an extraordinary ability to inspire, motivate and execute to create products others can't. Deep insight into applications of protein sequencing in life science research and human health. Simply put, a leader who can own the fork in history our next-generation protein sequencing is poised to create. Under my interim leadership, our goal for 2022 is clear. To commercialize our next-generation protein sequencing platform, two years into the COVID-19 global pandemic, understanding basic biology and especially our immune system is more important than ever. Oncology drove the adoption of next-generation DNA sequencing and now immunology in COVID-19 are serving as a catalyst for the commercial adoption of Quantum-Si's next-generation protein sequencing. To best position us for commercial success, we have established a new Scientific Advisory Board to identify high impact routine applications of single molecule protein sequencing across research, clinical and diagnostic applications. We are pleased to announce that the Scientific Advisory Board will be led by renowned immunologist, epidemiologist and current Board member, Dr. Michael Mina, formerly of Harvard T.H. Chan School and includes Dr. Antoine van Oijen, Director of Australian Molecular Horizons Institute and formerly Harvard Medical School; and Dr. Andrew Griffiths of ESPCI in France. 2021 was a transformative year for the proteomics sector of the life science tools industry. Several companies entered the public market doing analog or semi-quantitative protein measurements. However, Quantum-Si stands apart as the only company seeking to commercialize digital or sequencing-based next-generation massively parallel protein sequencing. Similar to how DNA microarray companies enabled measurements of gene expression, these other proteomic companies are generally focused on measuring protein levels using affinity reagents to identify and try to quantify known proteins. These approaches are limited and that they only work on known proteins and are mostly blind to critical, functional and predictive protein modifications. Uniquely, Quantum-Si is focused on commercializing a system that enables protein sequencing to decode the linear sequence of amino acids and post-translational modifications that make up a protein and determine its function. Similar to how next-generation DNA sequencing transformed genomics, single molecule protein sequencing is poised to change the way life science research is conducted. We studied DNA because we could. We studied DNA often as a surrogate for proteins, the machinery of life. Because methods for characterizing proteins have, until Quantum-Si, lagged behind those for DNA. Unlike DNA, proteins cannot be amplified. So our unique single molecule technology provides us with the ability to perform protein sequencing on the individual peptides or segments making up a protein. We describe this unique and powerful approach to massively parallel single molecule protein sequencing and a recent technical manuscript available in bioarchives. There is a tremendous opportunity for Quantum-Si to change the way we understand disease and as I've singled out immunology by putting protein sequencing on a semiconductor chip, Quantum-Si is poised to change the way life science research is conducted. Semiconductors bring with them the power of Moore's Law, in which the technology continues to improve exponentially while naturally reducing in cost. Many of Quantum-Si's employees worked to bring Moore's law to DNA sequencing, changing medicine, agriculture and pathogen detection forever. In fact, it was our next-gen DNA sequencing technology developed at Ion Torrent that alerted the world to Omicron. While oncology drove the adoption of next-generation DNA sequencing, we believe that immunology, including our body's responses to COVID-19, will drive the adoption of next-generation protein sequencing. To elaborate on this, I would now like to invite Dr. Michael Mina to talk about the role and opportunity of Quantum-Si's single molecule protein sequencing in immunology.

Michael Mina, Board Member & Chair of Scientific Advisory Board

Good afternoon. As Jonathan mentioned, in addition to being a physician, I'm an expert in vaccine immunology and infectious disease immunology and epidemiology, recently a professor at the Harvard School of Public Health Medical School, and I'm truly honored to chair Quantum-Si's Scientific Advisory Board. I want to discuss the value of single molecule detection sequencing and recognition of post-translational modifications to the field of immunology today. Immunology is the fastest-growing field of biosciences. It's obvious in how it touches the world of infectious diseases, along with better understanding infections, with the pandemic virus most relevant today, tools that enable deeper probing of the immune system will have some of the greatest benefits in developing treatments for cancer, chronic and autoimmune diseases or reversing allergies, increasing longevity and other physiological enhancements, all of which have underpinning in immunological surveillance responses and aberrations of those responses. Multiple sclerosis or MS is a debilitating disease where the immune system attacks the nerves that course through our bodies. Recently, we showed that MS results from an aberrant immune response to a prevalent viral infection. Discovering this required laborious deep profiling of the immune response using a multitude of immunological approaches in thousands of people. These approaches were slow because they had to be targeted based on a prior knowledge and assumptions. Had we had a digital single molecule detection in massively parallel protein sequencing, discovering the link between MS and Epstein-Barr virus infection would have been much simpler. It would have enabled us to forgo the multitude of targeted tools and instead sequencing quantify the molecules of the protein to quickly detect the differences between those with and those without this disabling disease. Quantum-Si's digital readouts will allow a more precise profiling of people's immunological responses that will inform clinical decision-making and therapeutics. Just like DNA sequencers do not require a prior knowledge of the sequence, a major difference between Quantum-Si and other immunological protein measurement tools is that QSI removes the need for expensive prespecified molecules that bind precisely to one target for identification. By sequencing the protein directly and quantifying it based on the digital readout similar to highly parallel DNA sequencing, we can leverage the massive advantages in computation to accelerate new fundamental discoveries and bring in a new era of diagnostics. Quantum-Si's protein sequencing and the single molecule detection and quantification will not only enable exponential gains to more efficiently probe and explore the immune response by removing the need for targeted probes, but the digital single analyte detection will create a powerful diagnostic tool, allowing more precise detection of single molecules and patterns of single molecules that diagnose disease in its earliest stages. For example, most immunological measurements today are made based on analog signals that represent averages of immune molecule binding to capture molecules. Because proteins can't be amplified unlike DNA or RNA, these analog protein assays have significant limitations to their sensitivity, requiring large amounts of protein to become detectable. With digital single-molecule detection, what's usually considered negative on a routine clinical assay expands into a new world of highly reproducible protein measurements that offer individualized immune baselines from which departures can quickly be detected, thus enabling early detection of cancer, autoimmunity, transplant rejection and other diseases. By moving away from an analog and into a digital world of protein measurements in a clinical format, Quantum-Si's silicon chip technology can facilitate faster and more accurate life-saving diagnostics. Importantly, Quantum-Si's silicon chip technology is so powerful that it can even go beyond protein sequencing at the amino acid level alone to sequencing post-translational modifications that are not directly coded in the genome or detectable in the mRNA. In COVID, we know that antibody titer is not itself sufficient for protection. Antibodies are coded in sugars, specifically the Fc or the STEM region of these Y-shaped antibodies that fill our bloodstream. We know that these specific sugars or glycans alter the purpose of those antibodies. Some sugars signal increased immune responses and others dampen those responses to prevent an out-of-control response. Because the sugars are added to our proteins, including COVID antibodies, after the amino acid chains are built, measuring them is messy and difficult, if not often impossible, with current tools. And this prevents these crucial molecules from being measured and used clinically despite their massive importance and everything from infectious diseases to oncology. Quantum-Si is changing this. The extremely sensitive and specific technology underpinning Quantum-Si doesn't just allow a readout of the amino acid sequence but can identify the post-translational modifications to those amino acid chains that orchestrate the behavior of the molecules detected. For COVID, Quantum-Si technology provides a new approach to view an antibody response to know whether someone is likely susceptible to infection. Protein sequencing and digital or single molecule detection with Quantum-Si is opening a new world that will complement other protein identification strategies like mass spec, not compete with them. The technology is being developed specifically for bench-top use in research and clinical labs. And while initial release will be labeled for research-use only, it's through these clinically-focused research labs that will find some of its most widespread applications in human health. This is starting with the introduction of Quantum-Si instruments now being sent to laboratories across the world, to begin putting QSI technology to use as we open a new field of highly parallelized protein sequencing and molecular detection. I'm excited that two of the labs now in possession of Quantum-Si instruments include those of Professor Antoine van Oijen and Professor Andrew Griffiths, who are now joining QSI's new Scientific Advisory Board that I'm leading. With this in mind, I'm excited to be heading up this new Board to focus applications in the most important and most clinically translatable use cases.

Jonathan Rothberg, Interim CEO

Thank you, Dr. Mina. I will now discuss organizational updates and progress towards commercialization. We have continued to scale and expand the organization by attracting high-caliber talent and securing space for operations. We started 2021 with 72 employees and ended the year with 153. We've continued to access talent through our recently opened San Diego site. And later this year, we plan to move our Connecticut teams to new headquarters close to Yale University. We continue to focus on the entirety of our supply chain and are well positioned to fulfill product demand in 2022 and into 2023. The successful integration of Majelac Technologies brings critical chip assembly and packaging capabilities in-house. We have increased our chip packaging production rate to meet our research demands and are on track to support commercial launch. We are also working closely with our reagent vendors to scale up consumable supply ahead of the launch. Our launch applications are focused on the ability to decode tens to hundreds of proteins while simultaneously understanding their variations and modifications. This mirrors what we saw in DNA sequencing where the bulk of routine sequencing applications were and still are focused on a set of genes, mutations or DNA modifications of interest. The power of Moore's Law, coupled with our technical advances will expand the scope of our applications in commercially addressable markets with each subsequent upgrade to our technology. The goal of proteomics is to identify and compare proteins under different conditions, study their interactions, decode their modifications and use this information to understand biology, develop drugs and create diagnostics. Other digital proteomic solutions rely on mass spectrometry or DNA sequencers. This equipment is expensive to acquire and operate, blinds parts of the proteome and/or is indirect. Quantum-Si's solution is an easy-to-use, affordable bench-top system. With ease of use and unique capabilities in mind, we continue to expand our launch opportunities through interactions with customers and our early adopters in four areas. First, existing users of proteomics tools focused on basic research and discovery and labs who traditionally rely on the use of existing mass spec core facilities. A great way to gain biological insight is to enrich proteins of interest and see what is complex with them. Usually, you send the materials to core facilities and wait, sometimes weeks for results. With Quantum-Si, you can do this in your own lab in a day or two. Second, existing next-generation DNA sequence users who want to move beyond DNA to proteomic information, protein sequencing and post-translational modifications. There are 20,000 protein-coding genes modified in a million ways assembled into complexes for communications, chemical and mechanical function. This is the great next frontier for these users. Third, clinical labs focused on biomarker discovery and development, who want to leverage the added information in post-translational modification. We recently reported the work we are doing in this space with our collaborator and one of our early placements, IncellDX, around individuals experiencing long COVID. Fourth, collaborators and applications development. Two of our longest-term partners and early adopters, ESPCI and the University of Wollongong are working to improve coverage of the proteome and develop new strategies for sample multiplexing and single-cell proteomics. I will now turn the call over to Claudia to review our financial results.

Claudia Drayton, CFO

Thank you, Jonathan. Hello, everyone. Let's discuss the details of our Q4 and full year 2021 financial performance. Research and development expenses in the fourth quarter of 2021 were $14.4 million compared to $6.4 million in the fourth quarter of 2020. The increase in R&D expenses was primarily driven by the increased number of employees, stock-based compensation expenses and product development activities. Selling, general and administrative expenses in the fourth quarter of 2021 were $13.4 million compared to $3.2 million in the fourth quarter of 2020. The increase in SG&A expenses was driven by additional employees and stock-based compensation associated with our scale-up in costs related to being a public company. In aggregate, total operating expenses in the fourth quarter of 2021 were $27.8 million compared to $9.5 million in the fourth quarter of 2020. Net loss for the quarter was $29.4 million compared to a loss of $9.5 million in the fourth quarter of 2020. Adjusted EBITDA for the quarter was a loss of $20.4 million compared to a loss of $9 million in the fourth quarter of 2020. For the year, adjusted EBITDA was a loss of $64 million for 2021 versus a loss of $33.9 million for the year in 2020. A reconciliation table of adjusted EBITDA to GAAP net loss is provided in our press release filed earlier today. As of December 31, 2021, we had $471.3 million in cash, cash equivalents and marketable securities. In summary, we have a strong cash position that allows us to continue investing in our technology, in our business and to prepare for commercialization. We believe that this cash position will support our operations through at least the year 2024. Given the recently announced CEO transition, we are not providing revenue guidance at this time. We plan to launch and commercialize our protein sequencing system in the second half of 2022. We continued hiring significant technical talent in Q1, but we expect hiring to slow down as we integrate new people into the organization. We are also ramping up investments in product development and supplier readiness initiatives. Later in the year, we expect the pace of hiring to pick up again as we prepare for commercialization. With that said, we expect non-GAAP operating expenses to grow about 70% to 80% year-over-year in 2022.

Jonathan Rothberg, Interim CEO

And now I would like to turn the call back over to Jonathan for closing remarks. Thank you, Claudia. In summary, Quantum-Si has a unique team in terms of depth and breadth of their experience, bringing disruptive products to market. Quantum-Si operates at the intersection of chemistry, biochemistry, molecular biology, nanophotonics, semiconductor chips and AI to enable a digital transformation of the $50 billion proteomics market. Positioned to advance life science research and health care, Quantum-Si is motivated by the vision that the products we work on will save the life of someone we love and improve the lives of billions of people around the world. With the technology, opportunity, team and nearly $0.5 billion in the bank, Quantum-Si has a solid foundation for success. We continue to make progress needed to launch our first of its kind next-generation single molecule protein sequencing technology in 2022.

Operator, Operator

We will now take our first question from Kyle Mikson of Canaccord Genuity.

Kyle Mikson, Analyst

So good to hear the launch is expected now in the second half of the year. That's good. Just wanted to confirm, though, how many orders you have right now for the system. And just given everything that's going on internally with the company, how likely is it that you'll be able to fulfill those orders in '22 and place those systems? And then how likely is it that the shipment number for '22 is substantially less than what was kind of previously provided?

Jonathan Rothberg, Interim CEO

This has truly been an exciting few weeks as I've been collaborating with the team. I want to emphasize that this team is experienced and knowledgeable about the supply chain. We are utilizing the supply chain that Apple set up in the Far East. Additionally, we have brought components in-house for 500 of our first platinum units, positioning us well to launch the product on the instrument side. On the chip side, we have taken control of the supply chain by acquiring a chip assembler, which places us in a unique situation. I often highlight the wide range of skills we possess, from manufacturing our own semiconductor chips and packaging to lasers and supply chain management. These are both excellent examples. We are fully aware of the supply chain challenges in semiconductors, and we have control over them. This puts us in a strong position to deliver to our initial customers, who will all focus on protein sequencing. There has never been a moment like this where an individual lab could decode proteins and identify their modifications. We have identified over 1,000 opportunities, with 60% of them directly connected to protein sequencing. Our objective is to target the segment of those 600 that are most likely to lead the way and contribute to publications, ultimately fostering widespread adoption of this technology. Thus, we have a pipeline of over 1,000 potential customers, of which 600 are centered on protein sequencing. We will prioritize deliveries to those we believe will have the most significant impact on their applications and drive adoption. We have successfully launched complex systems, instruments, chips, reagents, and software multiple times before. We know these customers, we’ve identified 1,000 of them, and we have parts for 500 builds. This year, we’ll deliver to those we believe will be the most promising in terms of future chip adoption.

Kyle Mikson, Analyst

Great. Dr. Rothberg, that was actually encouraging. And I guess an early access launch would be first before the commercial launch at the end of the year, second half of the year. So maybe could you just walk through like the next steps before that early access program. And maybe like what's on the docket as it relates to like publications and conference presentations, things like that.

Jonathan Rothberg, Interim CEO

For us, this feels familiar not only because of Ion Torrent, but also due to 454, which was the first next-generation DNA sequencing brought to market. Our primary focus now is to release white papers that pioneer the use of next-generation massively parallel protein sequencing. We are collaborating with early adopters and others to identify challenges, such as understanding the mTOR pathway, where you reduce one protein and observe how drugs influence that. In the next six months, our aim with early adopters and internal resources is to publish three to five white papers that highlight the key issues people will encounter when identifying and comprehending signal transduction, neoantigens, and peptide hormones. The focus during this period is on those white papers summarizing the major areas that will drive the placement of future machines. You can expect to see white papers and conference presentations from us, along with a paper we submitted that is available on the technology. Our efforts are centered around engaging early adopters, producing white papers, and establishing protein sequencing as the essential tool for both research and biomarker discovery. When we examined DNA modifications, it led to companies like GRAIL because those modifications could be linked to cancers. As Dr. Michael Mina stated, oncology is currently our driving force, but we now have a much more robust set of tools. We can investigate modifications, whether they are external glycosylations of proteins in long COVID or studying how protease inhibitors function for COVID. This will allow us to examine those complexes, understand their modifications, and develop a new generation of biomarkers. Thus, all our efforts in the next six months are centered on white papers that showcase the potential of our technology across various applications, setting the groundwork for the future use of next-generation protein sequencing.

Kyle Mikson, Analyst

Okay, that's great. That's helpful. I have a question for Dr. Mina. You mentioned the clinical diagnostic potential of the technology. How long do you think it will take for that potential to be realized? Are we looking at around 5 to 10 years? I'm also curious about the requirements for that type of application, especially regarding throughput and dynamic range. Can you share your thoughts on those characteristics of the platform as it currently stands and what advancements are needed for the future?

Michael Mina, Board Member & Chair of Scientific Advisory Board

We are not required to wait until every amino acid is sequencable to explore the early clinical applications. We can employ a massively parallel approach and maintain the scalability we currently achieve with NGS. It took years to develop NGS, but some of the initial applications will involve aptamer-based designs. These probes can be crafted to provide readouts based on their amino acid barcodes using the sequencing technology that Quantum-Si is developing. Essentially, these probes can target various molecules of interest. The significant advantage here is the substantial sensitivity improvements that Quantum-Si offers, allowing for digital quantification that can detect what is typically seen as a negative result in even the most sensitive ELISAs. As we delve into the digital single molecule realm, we uncover a new understanding of baseline levels. By using aptamers and other molecular identifiers that can be analyzed with QSI instruments to detect single proteins of interest, we will witness the initial clinical applications emerging, achieving a throughput comparable to highly parallelized NGS for proteins. While it's hard to predict the exact timeline for clinical implementation, as it has taken years for DNA sequencing to be adopted as a clinical tool, I believe we will begin to see targeted clinical applications in the next few years, particularly as we develop reagents for specific indications.

Kyle Mikson, Analyst

Okay. That was great. Dr. Rothberg, I want to return to you. I understand you're not providing guidance, but could you share your thoughts on the expectation of generating $1 million in revenue in a given quarter in '22? I feel that could serve as a reasonable benchmark for the end of the year.

Jonathan Rothberg, Interim CEO

Well, I think I should just roll Claudia under the bus. But very seriously, we're in a transition now. I'm interim CEO. We're bringing in a new CEO. This is going to be a super impactful technology. We have a team that has done this many times before. When we say we're going to commercially launch in 2022, we mean a significant launch. Again, this is the team that pioneered DNA sequencing. This is the team that put DNA sequencing on a semiconductor chip. We're looking really to change research globally. So launch means launch. We have a team that can do it. I have to be fair. We're hiring a CEO. We've brought in Spencer Stuart. I have Ruth Fattori, who worked with Indra Nooyi and is on our Board, spearheading it. Let's let the new CEO give you guidance. The guidance I can give you is this is transformational. We have $471 million in the bank. We have 200 experienced people, and this is the greatest opportunity I have seen in my career.

Kyle Mikson, Analyst

Okay. No, I respect that and definitely appreciate it. It's fair. I'm going to leave that there for my questions. Congrats on success this year.

Operator, Operator

There are no additional questions waiting at this time. Our next question is from the line of Jeff Manookian.

Unidentified Analyst, Analyst

Just a couple of quick questions. First of all, once you place a machine, can you give an idea of how you would be targeting, say, recurring revenues with that customer, if any, if you can kind of give us an idea about that? And also, I know you're not obviously giving projections over the next year, but can you kind of give an idea of, let's say, within, say, 5 years from now where you might think the company might be in terms of sales?

Jonathan Rothberg, Interim CEO

Let's start with your first question. This is clearly a razor and razor blade model. We have our instruments priced around $70,000. Along with that, there is a disposable semiconductor chip, and we aim to initially place these in research labs that are expected to operate the machine 3 to 5 times a week. This context involves the sale of both the chip and the kit for sequencing proteins on it. Historically, we have seen that for instruments like this, the sales of reagents in the first year can match the instrument's price. Therefore, we would expect a $70,000 instrument to generate $700,000 in reagent sales in the first year. Regarding placements, we have ordered parts for 500 units at $70,000 each, and we anticipate these parts will be delivered throughout this year and into next year. We believe protein sequencing has the potential to be as significant as next-generation sequencing, and we have observed the rapid growth of that market. I expect the next 3 to 5 years will see exponential growth as initial adopters from our first year of sales set examples that clinical labs can follow. Clinical labs will benefit from this because they can use these machines to run 3 or 5 chips every two days instead of the initial 3 or 5 chips a week. Our objective is to create early adopters who will pave the way for the use of protein sequencing across various applications and encourage those involved in clinical research to assist pharmaceutical companies in their trials, ultimately leading to integration into diagnostic labs. While I won't make a specific 5-year projection, I believe this represents the next frontier. Everyone is eager to understand proteins. While DNA indicates potential outcomes, proteins reveal current conditions. Similar to how oncology propelled the adoption of next-generation sequencing, immunology and challenges like long COVID will likely drive the uptake of next-generation protein sequencing. We are distinct as a public company focused on developing sequencing or digital assays for protein, whereas others are more analog. As with previous advancements, the transition from analog to digital allows for the aggregation of digital information, which can be analyzed using deep learning to discover valuable biomarkers. Although I cannot provide a 5-year forecast, I can confirm we have $471 million in the bank, a talented team of 200 experienced individuals, a semiconductor chip that adheres to Moore’s Law, and we are well-positioned to be the first to offer digital protein sequencing. We will be ready to capitalize on this pivotal moment in history when we bring in an exceptional CEO to help build the company.

Operator, Operator

There are no additional questions waiting at this time. So I'm going to hand the conference back over to Juan for closing remarks.

Juan Avendano, Head of Investor Relations

Thank you all for your participation today. We look forward to updating you on our progress in the next quarterly earnings call. Have a good evening.

Operator, Operator

That concludes the Quantum-Si Q4 2021 Earnings Call. Thank you all for your participation. You may now disconnect your lines.