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QSI on Nasdaq

Quantum-Si Inc

American measuring and controlling devices company, incorporated in Delaware1

In its 2026 annual report the company says: “We are a life sciences company focused on proteomics research, with the mission of transforming single-molecule analysis and democratizing its use by providing researchers and clinicians access to the proteome, the set of proteins expressed within a cell. We have developed a proprietary, universal, single-molecule detection platform that we are applying to proteomics to enable next-gen protein sequencing to sequence proteins in a massively parallel fashion (rather than sequentially, one at a time), which can also be used for the study of nucleic acids.”4 It is headquartered in Branford, Connecticut.1 Its shares trade on Nasdaq under the symbol QSI.1

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Last updated Oct 21, 2026.

Overview

$2.4MRevenue, fiscal 20252
-$101.3MNet income, fiscal 20252

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  • TickerQSI on Nasdaq1
  • IndustryMeasuring & Controlling Devices, NEC1
  • HeadquartersBranford, Connecticut1
  • Incorporated inDE3
  • Business address29 Business Park Drive, Branford, Ct 064053
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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Quantum-Si Incorporated (including its subsidiaries, “Quantum-Si”, “QSI”, or the “Company”) was incorporated in Delaware on June 10, 2020 as HighCape Capital Acquisition Corp. (“HighCape”). The Company’s legal name became Quantum-Si Incorporated following a business combination on June 10, 2021 between the Company and Q-SI Operations Inc. (formerly Quantum-Si Incorporated) (the “Business Combination”), which was founded in 2013.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.3%Gross margin2
-4766.0%Operating margin2
-4160.1%Net margin2
-20.3%Revenue growth, 20252
-46.0%Return on equity2
-$97.2MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 94% of the revenue Quantum-Si Inc broke down this way in fiscal 2025.

  1. Product$2.3M294%down 22% from 2024
  2. Service$150.0K26%up 13% from 2024
Products and services by year
Products and services202320242025
Product$1.0M$2.9M$2.3M
Service$51.0K$133.0K$150.0K

Regions

Outside the United States brought in 71% of the revenue Quantum-Si Inc broke down this way in fiscal 2025.

  1. Outside the United States$1.7M271%down 5% from 2024
  2. United States$699.0K229%down 43% from 2024
Regions by year
Regions202320242025
Outside the United States$294.0K$1.8M$1.7M
United States$788.0K$1.2M$699.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue1¢$1.3M
  • Research and development54¢$53.8M
  • Selling, general and admin45¢$44.8M
  • Income tax0¢$58.0K

Out of $2.4M in revenue.2 The company lost money this year.

Financial statements

Revenue562$2.4M in 2025
0$1.0M$2.0M$3.0M$4.0M2021: $0$020212022: $0$020222023: $1.1M$1.1M20232024: $3.1M$3.1M2024+183%2025: $2.4M$2.4M2025−20%
Gross profit562$1.2M in 2025
0$500.0K$1.0M$1.5M$2.0M2021: $0$020212022: $0$020222023: $488.0K$488.0K20232024: $1.6M$1.6M2024+228%2025: $1.2M$1.2M2025−28%
Operating income78562-$116.1M in 2025+217% since 2019
-$150.0M-$100.0M-$50.0M02019: -$36.6M-$36.6M20192020: -$36.7M-$36.7M2020+0%2021: -$96.9M-$96.9M2021+164%2022: -$123.8M-$123.8M2022+28%2023: -$111.2M-$111.2M2023−10%2024: -$108.6M-$108.6M2024−2%2025: -$116.1M-$116.1M2025+7%
Net income78562-$101.3M in 2025+183% since 2019
-$150.0M-$100.0M-$50.0M02019: -$35.8M-$35.8M20192020: -$36.6M-$36.6M2020+2%2021: -$95.0M-$95.0M2021+159%2022: -$132.4M-$132.4M2022+39%2023: -$96.0M-$96.0M2023−28%2024: -$101.0M-$101.0M2024+5%2025: -$101.3M-$101.3M2025+0%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total revenue$2.4M$3.1M$1.1M
Cost of revenue$1.3M$1.5M$594.0K
Gross profit$1.2M$1.6M$488.0K
Research and development$53.8M$59.6M$67.0M
Selling, general and administrative$44.8M$50.5M$44.6M
Lease termination expense, net$13.6M$0$0
Legal settlement expense, net of insurance proceeds$5.2M$0$0
Total operating expenses$117.3M$110.2M$111.7M
Loss from operations-$116.1M-$108.6M-$111.2M
Dividend income$697.0K$1.7M$9.1M
Interest income$9.0M$9.6M$459.0K
Unrealized gain on trading securities$0$0$10.7M
Realized loss on trading securities$0$0-$5.1M
Change in fair value of warrant liabilities$4.2M-$3.7M-$278.0K
Other income (expense), net$955.0K-$19.0K$366.0K
Loss before provision for income taxes-$101.3M-$101.0M-$96.0M
Provision for income taxes-$58.0K-$56.0K$0
Net loss-$101.3M-$101.0M-$96.0M
Basic net loss per share (in dollars per share)-$0.51-$0.71-$0.68
Diluted net loss per share (in dollars per share)-$0.51-$0.71-$0.68
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic (in shares)197.8M shares143.2M shares141.3M shares
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted (in shares)197.8M shares143.2M shares141.3M shares
Net unrealized (loss) gain on marketable securities, net of tax-$63.0K$70.0K$0
Foreign currency translation adjustment$12.0K-$25.0K$0
Total other comprehensive (loss) gain, net of tax-$51.0K$45.0K$0
Comprehensive loss-$101.4M-$101.0M-$96.0M

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Corporate structure

Quantum-Si Inc sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Quantum-Si Inc

  • Quantum-Si Inc Branford, Connecticut

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Quantum-Si Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$29.9M2 Dec 31, 2025$27.7M2 Dec 31, 2024+8.1%
Accumulated depreciation$16.7M2 Dec 31, 2025$11.7M2 Dec 31, 2024+43.0%
Property and equipment, net$13.2M2 Dec 31, 2025$16.0M2 Dec 31, 2024−17.5%
Operating-lease assets (leased space)$3.5M2 Dec 31, 2025$13.1M2 Dec 31, 2024−73.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$21.6M2 Dec 31, 2025$49.2M2 Dec 31, 2024−56.1%
Marketable securities, current$141.3M2 Dec 31, 2025$160.4M2 Dec 31, 2024−11.9%
Marketable securities, non-current$52.9M2 Dec 31, 2025$02 Dec 31, 2024
Debt securities available for sale$194.1M2 Dec 31, 2025$160.4M2 Dec 31, 2024+21.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$06 Dec 31, 2024$532.0K6 Dec 31, 2023−100.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$3.2M2 Dec 31, 2025$4.1M2 Dec 31, 2024−21.4%
Raw materials$453.0K2 Dec 31, 2025$1.3M2 Dec 31, 2024−64.9%
Work in process$1.8M2 Dec 31, 2025$2.2M2 Dec 31, 2024−18.9%
Finished goods$950.0K2 Dec 31, 2025$565.0K2 Dec 31, 2024+68.1%

Properties, in its own words

We currently lease our executive office at 29 Business Park Drive, Branford, Connecticut 06405. We also lease office, laboratory and manufacturing space in San Diego, California. Our semiconductor chip assembly and packaging business is located in Garnet Valley, Pennsylvania. Our current leases expire at various dates through 2029. We believe our current office, laboratory and assembly and packaging locations are sufficient to meet our needs at existing volume levels through each of the respective lease termination date. For further information, please refer to Note 7. Leases of the Notes to the Consolidated Financial Statements (Part II, Item 8) included in this report, which is incorporated by reference herein.

Item 2 of the 10-K filed Mar 3, 2026.4

Leadership

Who has led Quantum-Si Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kevin Rakin2020

Chair

  1. Kevin Rakin2020

President

  1. Michael P. McKenna2021
  2. Patrick Schneider2022–2023

Chief financial officer

  1. Claudia Drayton2021–2023
  2. Jeffry R. Keyes2023–now

Chief operating officer

  1. Michael P. McKenna2021–2022
  2. Patrick Schneider2022–2023
2025
Board members and other officers (21)

Former names

  • HighCape Capital Acquisition Corp.Jul 2, 2020 to Jun 10, 20213

Timeline

  1. Oct 15, 20268-K Other events39
  2. Oct 8, 20268-K Regulation FD disclosure40
  3. Sep 29, 20268-K Regulation FD disclosure41
  4. Aug 13, 20268-K Results of operations42
  5. Jul 24, 20268-K Listing notice or transfer43
  6. Jun 24, 20268-K Entered a material agreement; New debt or obligation44
  7. May 15, 20268-K Shareholder vote45
  8. May 7, 20268-K Results of operations46
  9. Mar 3, 20268-K Results of operations47
  10. Dec 29, 20258-K Regulation FD disclosure48
  11. Nov 20, 20258-K Regulation FD disclosure49
  12. Nov 5, 20258-K Results of operations50
  13. Sep 3, 2020New chief executive Kevin Rakin becomes CEO13

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.17) a share, on Nov 5, 2025.51

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results42
  2. May 7, 2026Reported quarterly or annual results46
  3. Mar 3, 2026Reported quarterly or annual results47
  4. Nov 5, 2025Reported quarterly or annual results50
  5. Aug 5, 2025Reported quarterly or annual results52
  6. May 15, 2025Reported quarterly or annual results53
  7. Mar 3, 2025Reported quarterly or annual results54
  8. Nov 12, 2024Reported quarterly or annual results55

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

352 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 78 major events, 135 insider forms, 30 large holders, 89 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 8, 20268-K EDGAR
  3. Sep 29, 20268-K EDGAR
  4. Sep 23, 2026144 EDGAR
  5. Sep 23, 2026144 EDGAR
  6. Sep 23, 2026144 EDGAR
  7. Sep 23, 20264 EDGAR
  8. Sep 23, 20264 EDGAR
  9. Sep 23, 20264 EDGAR
  10. Aug 28, 2026SCHEDULE 13D/A EDGAR
  11. Aug 13, 202610-Q EDGAR
  12. Aug 13, 20268-K EDGAR
  13. Jul 29, 2026SCHEDULE 13G/A EDGAR
  14. Jul 24, 20268-K EDGAR
  15. Jun 24, 2026144 EDGAR
  16. Jun 24, 2026144 EDGAR
  17. Jun 24, 20268-K EDGAR
  18. Jun 24, 2026144 EDGAR
  19. Jun 24, 2026144 EDGAR
  20. Jun 24, 20264 EDGAR

The 352 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

77 open-market trades by officers, directors and large owners since October 2021: 13 buys and 64 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2026Hawkins Jeffrey AlanPresident & CEOSale9,709$0.76$7.4KForm 4
Sep 22, 2026Keyes Jeffry R.Chief Financial OfficerSale2,493$0.76$1.9KForm 4
Sep 22, 2026LaPointe ChristianGC & Corp. SecretarySale4,721$0.76$3.6KForm 4
Sep 21, 2026Hawkins Jeffrey AlanPresident & CEOSale20,143$0.76$15.3KForm 4
Sep 21, 2026Keyes Jeffry R.Chief Financial OfficerSale5,172$0.76$3.9KForm 4
Sep 21, 2026LaPointe ChristianGC & Corp. SecretarySale9,795$0.76$7.4KForm 4
Jun 23, 2026LaPointe ChristianGC & Corp. SecretarySale7,794$0.90$7.0KForm 4
Jun 23, 2026Keyes Jeffry R.Chief Financial OfficerSale4,117$0.90$3.7KForm 4
Jun 23, 2026Vieceli John S.Chief Product OfficerSale15,112$0.90$13.6KForm 4
Jun 23, 2026Hawkins Jeffrey AlanPresident & CEOSale11,311$0.90$10.2KForm 4
Jun 22, 2026LaPointe ChristianGC & Corp. SecretarySale7,794$0.96$7.5KForm 4
Jun 22, 2026Keyes Jeffry R.Chief Financial OfficerSale4,116$0.96$4.0KForm 4
Jun 22, 2026Vieceli John S.Chief Product OfficerSale15,111$0.96$14.5KForm 4
Jun 22, 2026Hawkins Jeffrey AlanPresident & CEOSale11,310$0.96$10.9KForm 4
Apr 21, 2026Keyes Jeffry R.Chief Financial OfficerSale37,381$1.00$37.4KForm 4
Apr 21, 2026Hawkins Jeffrey AlanPresident & CEOSale83,712$1.00$83.7KForm 4
Apr 20, 2026Keyes Jeffry R.Chief Financial OfficerSale37,382$1.01$37.8KForm 4
Apr 20, 2026Hawkins Jeffrey AlanPresident & CEOSale83,712$1.01$84.5KForm 4
Mar 23, 2026Keyes Jeffry R.Chief Financial OfficerSale4,422$0.83$3.7KForm 4
Mar 23, 2026LaPointe ChristianGC & Corp. SecretarySale6,110$0.83$5.1KForm 4

All 77 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jeffrey HawkinsPresident and Chief Executive Officer48$620.8K$3.2M68
2025Jeffry KeyesChief Financial Officer and Treasurer53$481.7K$1.7M68
2025John Vieceli, Ph.D.Chief Product Officer49$411.7K$1.5M68
2024Jeffrey HawkinsPresident and Chief Executive Officer48$595.8K$4.4M68
2024Jeffry KeyesChief Financial Officer and Treasurer53$465.0K$2.0M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC7,578,208$6.7M0.0%+556,301
ARK Investment Management LLC7,167,738$6.3M0.0%+288,839
BlackRock, Inc.5,225,352$4.6M0.0%−8,189,597
Amova Asset Management Americas, Inc.3,885,230$3.5M0.0%−506,436
Sumitomo Mitsui Trust Group, Inc.3,885,230$3.4M0.0%−506,436
Millennium Management LLC3,131,726$2.8M0.0%New
UBS Group AG2,561,897$2.3M0.0%+859,370
Aqr Capital Management LLC2,348,665$2.1M0.0%−43,514
Geode Capital Management, LLC2,236,526$2.0M0.0%−1,598,595
Jane Street Group, LLC2,142,735$1.9M0.0%New
Susquehanna International Group, Llp1,116,750$988.3K0.0%−347,818
Vanguard Fiduciary Trust Co1,116,683$988.3K0.0%−569
State Street Corp890,741$788.3K0.0%−2,879,948
Fosun International Ltd743,935$658.4K0.1%No change
Renaissance Technologies LLC553,871$490.2K0.0%+435,971
Vanguard Portfolio Management LLC497,098$439.9K0.0%−1,023,548
Goldman Sachs Group Inc476,288$421.5K0.0%+32,111
Northern Trust Corp450,531$398.7K0.0%−810,170
Invesco Ltd.443,929$392.9K0.0%+37,239
Bnp Paribas Financial Markets398,598$352.8K0.0%+360,208
Ieq Capital, LLC350,816$310.5K0.0%−6,872
Aster Capital Management (DIFC) Ltd344,510$304.9K0.1%New
Morgan Stanley323,482$286.3K0.0%+193,542
IQ EQ FUND MANAGEMENT (IRELAND) Ltd321,134$284.2K0.0%+29,027
Knollwood Investment Advisory, LLC300,000$265.5K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Quantum-Si Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARQuantum-Si Inc1
  • CIK0001816431
  • Employer ID (EIN)85-13881754
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3829 Measuring & Controlling Devices, NEC1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address29 Business Park Drive, Branford, CT 064051
  • Phone(203) 458-71001
  • Shares outstanding196,431,273 Common Class A shares; 19,937,500 Common Class B shares as of Feb 25, 20264
  • Public float$286.3M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, San Diego, California PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJul 2, 20201
  • Filings471 in all: 4 (136), 8-K (93), 3 (30), 144 (28), 424B3 (22), 10-Q (18), SC 13G/A (14), 425 (10)1
    All 45 form types

    CORRESP (10), SC 13G (9), S-8 (8), SCHEDULE 13G/A (8), UPLOAD (7), 10-K (6), EFFECT (6), DEF 14A (5), DEFA14A (5), SC 13D/A (5), 424B5 (4), ARS (4), S-4/A (4), SC 13D (4), 8-K/A (3), S-1/A (3), SCHEDULE 13D/A (3), 25-NSE (2), POS AM (2), PRE 14A (2), S-1 (2), S-3 (2), SD (2), 10-K/A (1), 10-Q/A (1), 424B4 (1), 5 (1), 8-A12B (1), CERT (1), DEFR14A (1), DRS (1), NT 10-Q (1), POS462B (1), S-1MEF (1), S-3/A (1), S-4 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, $0.0001 per shareQSIThe Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per shareQSIAWThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Quantum-Si Inc names in Item 1A of its 10-K filed Mar 3, 2026: 72 risks under these headings, as written.4

  • Risks Related to Our Financial Condition and Capital Requirements
  • We are an early-stage life sciences technology company with a history of net losses and negative cash flow, which we expect to continue, and we may not be able to generate meaningful revenues or achieve and sustain profitability or positive cash flow in the future.
  • We have a limited operating history, which may make it difficult to evaluate the prospects for our future viability and predict our future performance. As such, you cannot rely upon our historical operating performance to make an investment or voting decision regarding us.
  • Our operating results may fluctuate significantly in the future, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we or other third parties may provide.
  • We may need to raise additional capital to fund ongoing research and development, operating activities, and commercialization activities.
  • Risks Related to Our Business and Industry
  • We may not gain commercial traction for our current products, and we may not be able to successfully commercially launch other future products.
  • The development and launch of new products may slow or stop existing product revenue in anticipation of superior technology that is pending launch.
  • Our Proteus platform is anticipated to be commercially available by the end of 2026, with an expectation of customer-focused applications and capabilities. If Proteus is not launched within our communicated time frame, or is delivered
  • without the customer-focused applications and capabilities, it could materially impact any potential of long-term financial success and our market credibility.
  • Our success depends on broad scientific and market acceptance, which we may fail to achieve.
  • If we are unable to establish superior sales and marketing capabilities, we may not be successful in commercializing our products.
The other 62 risks
  • The size of the markets for our products may be smaller than estimated, and new market opportunities may not develop as quickly as we expect, or at all, limiting our ability to successfully sell our products.
  • Epidemics, pandemics or other public health crises could adversely affect our business.
  • Environmental, social and governance matters may impact our business and reputation.
  • Our use of artificial intelligence and machine learning is subject to evolving laws and regulations and risks associated with unauthorized use, and may not result in the competitive advantages desired, all of which could expose us to competitive risk and legal liability.
  • Unfavorable global economic conditions, retaliatory economic policies, or other geopolitical conditions associated with intra-country economics and policies could adversely affect our business, financial condition or results of operations.
  • Geopolitical conflicts could potentially affect our sales and disrupt our operations and could have a material adverse impact on our business.
  • If we do not sustain or successfully manage our anticipated growth, our business and prospects will be harmed.
  • Recently and in the past, we have undergone leadership transitions and an internal restructuring, and we depend on our key personnel and other highly qualified personnel, and if we are unable to recruit, train and retain our personnel in the future, we may not achieve our goals.
  • We expect to be dependent upon revenue generated from the sales of our initial products from the time they are commercialized through the foreseeable future.
  • Our business will depend significantly on research and development spending by academic institutions and other research institutions, and any reduction in spending, driven by these customers or other third-party funding sources such as the National Institutes of Health, could limit demand for our products and adversely affect our business, results of operations, financial condition and prospects.
  • If we use biological and hazardous materials in a manner that causes injury or violates laws or regulations, we could be liable for damages or subject to enforcement actions.
  • We rely on certain contract manufacturers to manufacture and supply our instruments, components of our instruments, and certain components of our consumable offerings. If these manufacturers should fail or not perform satisfactorily,
  • or for economic or other reasons choose to end business with us, our ability to commercialize and supply our instruments and consumable offerings would be adversely affected.
  • Our internal manufacturing equipment is specialized with limited vendor options and long lead times. If these pieces of equipment were to stop working and be unable to be repaired in a timely manner or at all, our ability to manufacturer our semiconductor chips would be adversely affected.
  • A portion of our revenue is generated through a number of key channel partners, and the loss of any such channel partner could adversely impact our business and our results of operations could suffer.
  • If we do not successfully develop and maintain our Platinum Analysis Software service, our commercialization efforts and therefore business and results of operations could suffer.
  • Commercializing our products outside of the United States could expose us to business, regulatory, political, operational, financial, and economic risks associated with doing business outside of the United States.
  • We have limited experience producing and supplying our products, and we may be unable to consistently manufacture or source our instruments and consumables to the necessary specifications or in quantities necessary to meet demand on a timely basis and at acceptable performance and cost levels.
  • We rely on third-party foundries to produce silicon wafers, which when packaged and tested internally, lead to our supply of semiconductor chips. If these third-party foundries should fail or not perform satisfactorily, our ability to supply semiconductor chips would be negatively and adversely affected.
  • Our products could have defects or errors, which may give rise to claims against us and adversely affect our business, financial condition, results of operations and cash flows.
  • The life sciences technology market is highly competitive. If we fail to compete effectively, our business and results of operations will suffer.
  • We may acquire other companies or technologies which could divert our management’s attention, result in additional dilution to our stockholders and otherwise disrupt our operations and harm our operating results.
  • We may seek to enter into strategic collaborations and licensing arrangements with third parties, but we may not be successful in establishing or maintaining such arrangements.
  • Our ability to use net operating losses to offset future taxable income may be subject to certain limitations.
  • If our facilities or our third-party manufacturers’ facilities become unavailable or inoperable, our research and development program and commercialization launch plan could be adversely impacted and manufacturing of our instruments and consumables could be interrupted.
  • If we experience a significant disruption in our information technology systems, including our Platinum Analysis Software services, or cybersecurity incidents, our business could be adversely affected.
  • We could become subject to various litigation claims and legal proceedings.
  • Risks Related to Government Regulation
  • If we elect to label and promote any of our products as clinical diagnostics or medical devices, we would be required to obtain prior marketing authorization from the FDA, which would take significant time and expense and could fail to result in FDA marketing authorization of the device for the intended use or uses we believe are commercially attractive.
  • Our research use only (“RUO”) products could become subject to government regulation as medical devices by the U.S. Food and Drug Administration (“FDA”) and other regulatory agencies even if we do not elect to seek regulatory authorization to market our products for diagnostic purposes, which would adversely impact our ability to market and sell our products and harm our business.
  • Our reagents may be used by clinical laboratories to create Laboratory-Developed Tests (“LDTs”), which could, in the future, become subject to some form of FDA or other regulatory requirements, which could materially and adversely affect our business and results of operations.
  • We may be subject to certain federal, state and foreign fraud and abuse laws, health information privacy and security laws and physician payment transparency laws, which, if violated, could subject us to substantial penalties. Additionally, any challenge to or investigation into our practices under these laws could cause adverse publicity and be costly to respond to, and thus could harm our business.
  • We are currently subject to, and may in the future become subject to, both U.S. federal and state laws and regulations as well as international laws imposing obligations on how we collect, store and process personal information. Our actual or perceived failure to comply with such obligations could harm our business. Ensuring compliance with such laws could also impair our efforts to maintain and expand our business and future customer base, and thereby decrease our revenue.
  • We could be adversely affected by alleged violations of the Federal Trade Commission Act or other truth-in-advertising and consumer protection laws.
  • Medical product manufacturers’ use of social media platforms could present new risks.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain and enforce sufficient intellectual property protection for our products and technology, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be impaired.
  • The U.S. law relating to the patentability of certain inventions in the life sciences technology industry is uncertain and rapidly changing, which may adversely impact our existing patents or our ability to obtain patents in the future.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Issued patents covering our products could be found invalid or unenforceable if challenged.
  • If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected, and our business could be harmed.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • We may not be able to protect and enforce our trademarks and trade names, or build name recognition in our markets of interest thereby harming our competitive position.
  • Patent terms may be inadequate to protect our competitive position on our products for an adequate amount of time.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed to us alleged trade secrets of their other clients or former employers, which could subject us to costly litigation.
  • We may become involved in lawsuits to defend against third-party claims of infringement, misappropriation or other violations of intellectual property or to protect or enforce our intellectual property, any of which could be expensive, time consuming and unsuccessful, and may prevent or delay our development and commercialization efforts.
  • Obtaining and maintaining our patent protection depends on compliance with various required procedures, document submissions, fee payments and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We currently rely on licenses from third parties, and in the future may rely on additional licenses from other third parties, and if we lose any of these licenses, then we may be subjected to future litigation.
  • If we cannot license rights to use technologies on reasonable terms, we may not be able to commercialize new products in the future.
  • Certain of our in-licensed patents are, and our future owned and in-licensed patents may be, subject to a reservation of rights by one or more third parties, including government march-in rights, that may limit our ability to exclude third parties from commercializing products similar or identical to ours.
  • Our products contain third-party open-source software components and failure to comply with the terms of the underlying open-source software licenses could restrict our ability to sell our products and provide third parties access to our proprietary software.
  • Intellectual property rights do not necessarily address all potential threats.
  • Risks Related to Our Securities and to Being a Public Company
  • Our outstanding warrants became exercisable for our Class A common stock in September 2021, which increased the number of shares eligible for future resale in the public market and could result in dilution to our stockholders if exercised.
  • Our warrants are accounted for as liabilities and changes in the value of our warrants could have a material effect on our financial results.
  • There can be no assurance that the warrants will be in the money prior to their expiration, and they may expire worthless.
  • We have in the past experienced material weaknesses in our internal control over financial reporting, and if we experience such material weaknesses in our internal control over financial reporting in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to report our financial condition, results of operations or cash flows accurately or in a timely manner, which may adversely affect investor confidence in us and, as a result, materially and adversely affect our business and the value of our Class A common stock.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Because we are a “controlled company” within the meaning of the Nasdaq rules, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies.
  • We could fail to maintain the listing of our Class A common stock on the Nasdaq Stock Market LLC, which could seriously harm the liquidity of our shares and our ability to raise capital or complete a strategic transaction.
  • The dual class structure of our common stock has the effect of concentrating voting power with our Founder, who is also on our Board of Directors, which will limit an investor’s ability to influence the outcome of important transactions, including a change in control.
  • We cannot predict the impact our dual class structure may have on the stock price of our Class A common stock.
  • Delaware law and provisions in our certificate of incorporation and bylaws could make a takeover proposal more difficult.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings and the federal district courts as the sole and exclusive forum for
  • other types of actions and proceedings, in each case, that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain what such stockholders believe to be a favorable judicial forum for disputes with us or our directors, officers or other employees.

Legal proceedings

We are involved in various legal proceedings, claims, investigations and litigation that arise in the ordinary course of our business. For further information regarding our legal proceedings, please refer to Note 17. Commitments and Contingencies of the Notes to the Consolidated Financial Statements (Part II, Item 8) included in this report, which is incorporated by reference herein.

The opening of Item 3, Legal Proceedings.4

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