Quantum-Si Inc (QSI) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Quantum-Si fourth-quarter and full-year 2023 earnings call. (Operator instructions) Please be advised that today's conference is being recorded.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 Quantum-Si 第四季和 2023 年全年財報電話會議。（操作員說明）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to Katherine Atkinson from Quantum-Si. Katherine, please go ahead.

我現在想將會議轉交給來自 Quantum-Si 的 Katherine Atkinson。凱瑟琳，請繼續。

Good afternoon, everyone. Thank you for joining us. Earlier today, Quantum-Si released financial results for the fourth quarter and full year ended December 31, 2023. A copy of the press release is available on the company's website. Joining me today are Jeff Hawkins, President and Chief Executive Officer; and Jeff Keyes, Chief Financial Officer.

大家下午好。感謝您加入我們。今天早些時候，Quantum-Si 發布了截至 2023 年 12 月 31 日的第四季度和全年財務業績。該新聞稿的副本可在該公司網站上取得。今天與我一起出席的還有總裁兼執行長傑夫霍金斯 (Jeff Hawkins)；和財務長傑夫凱斯。

Before we begin, I would like to remind you that management will be making certain forward-looking statements within the meaning of Federal securities law. 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.

在開始之前，我想提醒您，管理層將做出聯邦證券法含義範圍內的某些前瞻性聲明。這些陳述涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。有關這些風險和不確定性的更多資訊請參閱我們新聞稿中標題為「前瞻性陳述」的部分。有關風險因素的更完整清單和描述，請參閱該公司向美國證券交易委員會提交的文件。

This conference call contains time-sensitive information that is accurate only as of the live broadcast today, February 29, 2024. Except as required by law, the company disclaims any intention or obligation to update or revise any forward-looking statements. During this call, we will also be referring to certain financial measures that are not prepared in accordance with US generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the press release filed earlier today.

本次電話會議包含時效性訊息，僅截至今天（2024 年 2 月 29 日）直播時準確。除法律要求外，本公司不承擔任何更新或修改任何前瞻性聲明的意圖或義務。在本次電話會議中，我們也將提及某些未依照美國公認會計原則或公認會計準則制定的財務指標。今天稍早提交的新聞稿中包含了這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節表。

With that, I will turn the call over to Jeff Hawkins.

這樣，我會將電話轉給傑夫霍金斯。

Good afternoon, everyone, and thank you for joining us today. In today's call, we will provide a business update, present our fourth-quarter and full-year 2023 financial results, and provide an outlook for 2024. We will then open the line for questions.

大家下午好，感謝您今天加入我們。在今天的電話會議中，我們將提供業務更新、2023 年第四季和全年財務業績，並提供 2024 年展望。然後我們將開通提問熱線。

As a reminder, the goal of Quantum-Si is to bring next-generation protein sequencing to every lab everywhere. Our proprietary technology delivers deeper, unbiased proteomics insights that we believe will accelerate scientific research, enable the discovery of new biomarkers, and ultimately power the development of new therapies and diagnostic tests that will positively impact human health.

提醒一下，Quantum-Si 的目標是將下一代蛋白質定序帶入世界各地的每個實驗室。我們的專有技術提供了更深入、公正的蛋白質組學見解，我們相信這些見解將加速科學研究，促進新生物標記的發現，並最終推動新療法和診斷測試的開發，從而對人類健康產生正面影響。

Now, I would like to provide an update on our progress during the quarter and full year ended December 31, 2023, as well as provide an outlook on 2024. Our first corporate priority is to commercialize Platinum and the 2M Chip. During 2023, we executed a controlled launch of our Platinum system. The controlled launch allowed us the opportunity to build our core commercial capabilities and processes and ultimately define the blueprint for how to scale these efforts in a financially sound way as we enter the full commercial launch phase.

現在，我想介紹我們截至 2023 年 12 月 31 日的季度和全年的最新進展，並提供 2024 年的展望。我們公司的首要任務是將 Platinum 和 2M 晶片商業化。2023 年，我們對白金系統進行了受控啟動。受控發布使我們有機會建立我們的核心商業能力和流程，並最終定義當我們進入全面商業發布階段時如何以財務上合理的方式擴展這些工作的藍圖。

Also, during the controlled launch, we were able to engage deeply with key opinion leaders and early adopters of our technology to better understand their applications of interest, define the focus of our technology development efforts going forward, and deliver on the recent launch of our version 2 kit that I will talk about in a few moments.

此外，在受控發布期間，我們能夠與關鍵意見領袖和我們技術的早期採用者進行深入接觸，以更好地了解他們感興趣的應用程序，確定我們未來技術開發工作的重點，並實現我們最近推出的稍後我將討論第 2 版套件。

Based on the learnings from the controlled launch, during the fourth quarter of 2023 and into the start of 2024, we have been expanding our commercial infrastructure and resources in preparation for our full commercial launch. At present, we are finalizing our commercial readiness and expect our direct sales force and our current distributor network to be fully trained and ready to execute on our full commercial launch by the end of March. As we initiate our full commercial launch, I want to be clear about what this means for our customers and investors going forward.

根據受控發布的經驗教訓，從 2023 年第四季到 2024 年初，我們一直在擴展我們的商業基礎設施和資源，為全面商業發布做好準備。目前，我們正在完成商業準備工作，並期望我們的直銷隊伍和現有的經銷商網路能夠接受全面培訓，並準備好在三月底之前執行全面的商業發布。當我們啟動全面的商業發佈時，我想明確這對我們的客戶和投資者未來意味著什麼。

First, this means that we will no longer hold back the rate of instrument installations. All customers that are within our launch territories or in areas where we can properly service and support them with our existing commercial infrastructure will be moved forward.

首先，這意味著我們將不再抑制儀器安裝速度。在我們的發佈區域內或在我們可以透過現有商業基礎設施為他們提供適當服務和支援的區域內的所有客戶都將繼續前進。

Second, we will continue to closely monitor our commercial performance and customer success rates and leverage that data to execute on a steady scale-up of our commercial infrastructure, both direct and distribution throughout 2024.

其次，我們將繼續密切監控我們的商業業績和客戶成功率，並利用這些數據在 2024 年穩步擴大我們的商業基礎設施（包括直營和分銷）。

Finally, now that we are moving into our full commercial launch phase and have much better visibility to our R&D pipeline, we are pleased to be able to provide full-year financial guidance, which we will talk about in a few minutes.

最後，現在我們正在進入全面的商業啟動階段，並且對我們的研發管道有了更好的了解，我們很高興能夠提供全年財務指導，我們將在幾分鐘內討論這一點。

Our commercial strategy involves a mix of direct sales and service and distribution partners. In the US market, we currently operate with a direct sales and service model. In EMEA, our initial focus will be the European market where we will utilize a mix of direct and distribution approaches.

我們的商業策略涉及直接銷售、服務和分銷合作夥伴的組合。在美國市場，我們目前採用直銷和服務模式營運。在歐洲、中東和非洲地區，我們最初的重點將是歐洲市場，我們將採用直接和分銷相結合的方式。

Beyond the US and EMEA markets, we recently announced the addition of a distribution partner in Japan, which we expect will serve as our strategic entry point into the broader APAC market in the quarters ahead.

除了美國和歐洲、中東和非洲市場之外，我們最近還宣佈在日本增加了一個分銷合作夥伴，我們預計這將成為我們在未來幾季進入更廣泛的亞太市場的戰略切入點。

Our strategy is clear. We will expand our commercial efforts in a fiscally responsible way while ensuring all our customers receive the highest level of service and support. Our goal is not simply to place instruments. It is to secure customers who will utilize our technology to advance their research for years to come.

我們的策略很明確。我們將以對財政負責的方式擴大我們的商業努力，同時確保所有客戶獲得最高水準的服務和支援。我們的目標不僅僅是放置儀器。這是為了確保客戶在未來幾年利用我們的技術來推進他們的研究。

In preparation for full commercial launch, we have been diligently working to expand our direct commercial team across sales, marketing, service, and support. Our direct commercial team now encompasses approximately 20 individuals based in the United States and Western Europe.

為了準備全面的商業發布，我們一直在努力擴大我們在銷售、行銷、服務和支援方面的直接商業團隊。我們的直接商業團隊目前約有 20 名人員，分佈在美國和西歐。

On the distribution front, we have previously announced that we have secured three distribution partnerships covering Eastern Europe, Southern Europe, and Japan. All three of these distribution partners have extensive experience, bringing innovative new technologies to the market, and we look forward to partnering with them to ensure their success.

在分銷方面，我們先前宣布已獲得三個分銷合作夥伴關係，涵蓋東歐、南歐和日本。所有這三個分銷合作夥伴都擁有豐富的經驗，將創新的新技術推向市場，我們期待與他們合作，以確保他們的成功。

In the last quarter, our sales funnel has continued to grow, and we expect that rate to accelerate in the near term based on our planned outbound marketing and direct selling efforts associated with our full commercial launch. Our funnel is well established to support the full commercial launch in both United States and Europe.

在上個季度，我們的銷售管道持續成長，根據我們計劃的與全面商業啟動相關的對外行銷和直銷工作，我們預計該速度在短期內會加速。我們的管道非常完善，可以支援在美國和歐洲的全面商業發布。

In addition, we continue to receive inquiries from other locations throughout the world, but we will not execute on those opportunities until we are confident that we have a sustainable infrastructure in place to service those customers to the highest standards we expect of ourselves.

此外，我們繼續收到來自世界各地其他地點的詢問，但只有當我們確信我們擁有可持續的基礎設施，能夠按照我們期望的最高標準為這些客戶提供服務時，我們才會抓住這些機會。

Lastly, one key takeaway from our controlled launch phase was how much value our Platinum instrument can deliver to customers, and they're surprised at how affordable the instrument is. To this end, effective January 1, 2024, we increased our list price per Platinum to $85,000. We believe this modest increase helps partially capture the exceptional value that Platinum provides relative to other tools in the market while continuing to be attractively priced.

最後，我們受控發布階段的一個關鍵收穫是我們的白金儀器可以為客戶帶來多少價值，他們對這款儀器的價格如此實惠感到驚訝。為此，自 2024 年 1 月 1 日起，我們將每枚白金的價格提高至 85,000 美元。我們認為，這種適度的成長有助於部分體現鉑金相對於市場上其他工具所提供的卓越價值，同時繼續保持具有吸引力的價格。

Our second priority is to lead with innovation. Quantum-Si is dedicated to meeting customer needs and enhancing their user experience. As we announced a few weeks ago, we launched our version 2 sequencing kit. This sequencing kit has substantial improvements over our prior version, including the introduction of a new amino acid recognizer, high reproducibility across runs, and an approximately threefold reduction in cost per amino acids. The ability to deliver a high-performing new sequencing kit was a result of the R&D realignment that we completed in the third quarter of last year.

我們的第二要務是以創新引領。Quantum-Si致力於滿足客戶需求並增強他們的使用者體驗。正如我們幾週前宣布的那樣，我們推出了第二版測序試劑盒。這個定序試劑盒比我們之前的版本有了重大改進，包括引入新的氨基酸識別器、運行的高重複性以及每個氨基酸的成本降低了大約三倍。能夠提供高效能的新型定序試劑盒是我們去年第三季完成的研發調整的結果。

As reported previously, the initial signs coming out of the restructuring were promising. But now based on the team's performance over the last few months, I am pleased to conclude that the process was a success, and we are hitting on all cylinders. This version 2 sequencing kit is not the end. It is just the beginning. We expect to deliver a steady cadence of meaningful improvements to our technology going forward.

正如之前報導的那樣，重組的初步跡像是有希望的。但現在，根據團隊過去幾個月的表現，我很高興地得出結論，這個過程是成功的，我們正在全力以赴。這個版本 2 定序試劑盒還沒結束。這只是一個開始。我們期望能夠穩步推進對我們的技術進行有意義的改進。

In fact, we are already working on a version 3 sequencing kit, which we expect to deliver by the end of the third quarter. Though I can't share any specifics about the version 3 sequencing kit yet, I will say that our approach to releasing any new version of our sequencing kits is to ensure it will provide a meaningful improvement over the prior version, further enabling our customers to expand their research efforts using next-generation protein sequencing.

事實上，我們已經在開發第 3 版定序套件，預計在第三季末交付。雖然我還不能透露有關第3 版定序試劑盒的任何細節，但我想說的是，我們發布任何新版本定序試劑盒的方法是確保它將比之前的版本提供有意義的改進，進一步使我們的客戶能夠使用下一代蛋白質定序來擴大他們的研究工作。

While the announcement of the launch of the version 2 sequencing kit and the anticipated launch of a version 3 kit in the third quarter of this year is exciting news, it is not the end of our innovation roadmap. We are also making solid progress across library prep and instrument development programs that we believe will solidify our position as the technology leader in next-generation protein sequencing and will fuel the growth of the company for years to come.

雖然宣布推出版本 2 定序套件以及預計在今年第三季推出版本 3 套件是令人興奮的消息，但這並不是我們創新路線圖的結束。我們也在文庫製備和儀器開發專案方面取得了紮實的進展，我們相信這將鞏固我們作為下一代蛋白質定序技術領導者的地位，並將推動公司未來幾年的發展。

Finally, we are pleased to share that at the upcoming US Human Proteome Organization Conference, running from March 9 through 13, there will be a Quantum-Si customer giving an oral presentation regarding their use of Platinum for PTM detection and a second customer presenting a poster describing their use of Platinum to develop alternative library prep applications for next-generation protein sequencing. We are excited to see customers beginning to present their work at industry conferences like HUPO and expect to see more of this throughout 2024.

最後，我們很高興與大家分享，在即將於3 月9 日至13 日舉行的美國人類蛋白質組組織會議上，將有一位Quantum-Si 客戶就他們使用Platinum 進行PTM 檢測進行口頭演示，另一位客戶將介紹他們使用Platinum 進行PTM 檢測的情況。海報描述了他們使用 Platinum 開發下一代蛋白質定序的替代文庫製備應用。我們很高興看到客戶開始在 HUPO 等行業會議上展示他們的工作，並期望在 2024 年看到更多此類活動。

Our third priority is to preserve financial strength. As we state on each of our calls, we remain committed to continuously improving our fiscal discipline. With Jeff Keyes, our Chief Financial Officer, and others joining the organization in the last year, we have significantly ramped up the discipline around our financial resources and planning efforts. This increased rigor, along with the clarity we have around our full commercial launch and the visibility we have to our R&D pipeline, allow us to be confident that we can provide more color to the investing community with our 2024 financial guidance.

我們的第三個優先事項是保持財務實力。正如我們在每次呼籲中所聲明的那樣，我們仍然致力於不斷改進我們的財務紀律。隨著我們的財務長 Jeff Keyes 和其他人去年加入該組織，我們顯著加強了圍繞財務資源和規劃工作的紀律。這種嚴格性的提高，加上我們對全面商業發布的清晰度以及我們對研發管道的可見性，使我們有信心能夠透過 2024 年財務指導為投資界提供更多色彩。

2024 will be a transformational year for us as we embark on our full commercialization efforts. From our vantage point, we expect to generate revenue in the range of $3.7 million to $4.2 million. We expect growth on a quarter-over-quarter basis during 2024. Our 2024 revenue will include a mix of both Platinum units and consumables with the majority of revenue being derived from the United States, along with contributions from the EMEA region. Jeff will provide further color on our 2024 guidance in a few moments.

2024 年對我們來說將是轉型的一年，我們將開始全面商業化工作。從我們的角度來看，我們預計將產生 370 萬美元至 420 萬美元的收入。我們預計 2024 年將實現環比成長。我們 2024 年的收入將包括白金單位和消耗品的組合，其中大部分收入來自美國，還有來自歐洲、中東和非洲地區的貢獻。Jeff 稍後將提供有關我們 2024 年指導的更多資訊。

With our full commercial launch just a few weeks away, it has never been more important for us to utilize our financial resources in the most effective way, and we remain committed to that. With the actions that we took in the past and the discipline that we put in place over the last year, we are confident we will be able to achieve superior R&D results and speed to market and fully fund our commercialization efforts for 2024, both with minimal changes in our operating expenses.

距離我們的全面商業啟動只有幾週的時間，以最有效的方式利用我們的財務資源對我們來說從未如此重要，我們將繼續致力於這一點。憑藉我們過去採取的行動和去年制定的紀律，我們有信心能夠取得卓越的研發成果和上市速度，並為我們 2024 年的商業化工作提供充分的資金，同時花費最少的資金我們的運營費用的變化。

I'll now turn the call over to Jeff Keyes to review our financial results. Jeff?

我現在將把電話轉給傑夫凱斯，以審查我們的財務表現。傑夫？

Thank you, Jeff. Now, let's discuss the details of our fourth-quarter and full-year 2023 financial results. Revenue in the fourth quarter of 2023 was $400,000, which consisted of revenue from our Platinum instruments and associated consumable kits. Gross profit was $178,000, and gross margin was 45%. For the full year, revenue was $1.1 million, gross profit was $488,000 and gross margin was 45%.

謝謝你，傑夫。現在，讓我們討論一下我們第四季度和 2023 年全年財務業績的詳細資訊。2023 年第四季的收入為 40 萬美元，其中包括來自我們的白金儀器和相關耗材套件的收入。毛利為 178,000 美元，毛利率為 45%。全年收入為 110 萬美元，毛利為 488,000 美元，毛利率為 45%。

As I have stated before, our gross margin percentage will be somewhat variable for the near future as we work through our initial stages of commercialization and also will be impacted by the timing and mix of instruments versus consumable sales. Our margin will also be impacted in the near term by acquisition costs and any accounting adjustments to underlying inventory that dates back to the precommercial stage of Quantum-Si.

正如我之前所說，隨著我們進入商業化的初始階段，我們的毛利率在不久的將來會有所變化，並且還會受到儀器與消耗品銷售的時間安排和組合的影響。我們的利潤率在短期內也將受到收購成本以及對可追溯到量子矽商業化前階段的基礎庫存的任何會計調整的影響。

GAAP total operating expenses in the fourth quarter of 2023 was $28.1 million, compared to $38.8 million in the fourth quarter of 2022. Included within operating expenses are stock-based compensation, restructuring charges, and goodwill impairment in the fourth quarter of 2022. Removing these items, we arrived at an adjusted operating expenses, which were $26.3 million for the fourth quarter of 2023, compared to $25.3 million for the fourth quarter of 2022.

2023 年第四季的 GAAP 總營運費用為 2,810 萬美元，而 2022 年第四季為 3,880 萬美元。2022 年第四季的營運費用包括股票薪酬、重組費用和商譽減損。除去這些項目，我們得出調整後的營運費用，2023 年第四季為 2,630 萬美元，而 2022 年第四季為 2,530 萬美元。

For the full year of 2023, operating expenses were $111.7 million, compared to $123.8 million for the full year of 2022. And adjusted operating expenses for the full year of 2023 were $98.9 million, compared to $103.2 million for the full-year 2022. The takeaway from our year-over-year reduction of adjusted operating expenses is that as a company, we have spent significant effort over the last year rightsizing our spend while also accelerating innovative product releases as demonstrated by our version 2 kit and funding a large part of our scaling our commercial operations.

2023 年全年營運費用為 1.117 億美元，而 2022 年全年營運費用為 1.238 億美元。2023 年全年調整後營運費用為 9,890 萬美元，而 2022 年全年調整後營運費用為 1.032 億美元。調整後營運費用逐年減少的結果是，作為一家公司，我們在過去一年中投入了大量精力來調整支出規模，同時還加快了創新產品的發布，如我們的版本2 套件所示，並為大部分資金提供了資金我們擴大商業營運的規模。

Net loss for the fourth quarter of 2023 was $22 million, compared to $33.1 million in the fourth quarter of 2022. And adjusted EBITDA for the fourth quarter of 2023 was negative $25.1 million, compared to negative $24.5 million in the fourth quarter of 2022. For the full year of 2023, net loss was $96 million compared to $132.4 million in 2022. And adjusted EBITDA for 2023 was negative $94.3 million compared to negative $100.6 million for 2022.

2023 年第四季的淨虧損為 2,200 萬美元，而 2022 年第四季的淨虧損為 3,310 萬美元。2023 年第四季調整後 EBITDA 為負 2,510 萬美元，而 2022 年第四季為負 2,450 萬美元。2023 年全年淨虧損為 9,600 萬美元，而 2022 年淨虧損為 1.324 億美元。2023 年調整後 EBITDA 為負 9,430 萬美元，而 2022 年為負 1.006 億美元。

As of December 31, 2023, we had $257.7 million in cash, cash equivalents and investments and marketable securities. Our full commercial launch plan includes a main focus of a direct sales channel approach in the United States market and a combination of direct and distributor approach in EMEA. Based on these approaches, we are guiding 2024 revenue to a range between $3.7 million and $4.2 million, adjusted operating expenses to be less than $103 million, and net cash usage less than $100 million. In comparison in 2023, we recorded $98.9 million in adjusted operating expenses and utilized $93.6 million in cash and investments.

截至 2023 年 12 月 31 日，我們擁有 2.577 億美元的現金、現金等價物以及投資和有價證券。我們完整的商業啟動計劃包括在美國市場採用直接銷售通路方法以及在歐洲、中東和非洲市場採用直接和分銷商方法相結合的主要重點。基於這些方法，我們將 2024 年的收入指引在 370 萬美元至 420 萬美元之間，調整後的營運費用低於 1.03 億美元，淨現金使用量低於 1 億美元。與 2023 年相比，我們的調整後營運費用為 9,890 萬美元，動用的現金和投資為 9,360 萬美元。

Our guidance for 2024 includes accelerated R&D innovation and fully funding our commercial commercialization ramp up with a minor increase to adjusted operating expense in cash. As I stated earlier and on prior calls, we expect our gross margin percentage to be variable in the near term as we work through our initial stages of commercialization and the impact of acquisition costs and prior-accounting adjustments to underlying inventory that dates back to the precommercial stage of Quantum-Si. Based on this, we're not providing specific gross margin guidance. Finally, we still expect that our existing cash, cash equivalents, and investments in marketable securities will provide runway into 2026.

我們對 2024 年的指導包括加速研發創新，並為我們的商業化進程提供充分資金，並小幅增加調整後的現金營運費用。正如我之前和之前的電話會議中所說，我們預計我們的毛利率在短期內會發生變化，因為我們正在經歷商業化的初始階段，以及收購成本和對基礎庫存的先前會計調整的影響，這些調整可以追溯到量子矽的預商用階段。基於此，我們不提供具體的毛利率指引。最後，我們仍然預期現有現金、現金等價物和有價證券投資將為 2026 年提供支撐。

Now, I will turn the call over to the operator to open the line for questions.

現在，我將把電話轉給接線員，以開通提問線路。

(Operator instructions) Kyle Mikson, Cancaccord.

（操作員說明）Kyle Mikson，Cancaccord。

Hi, this is [Austin Keys] on for Kyle Mikson. Congrats on the quarter, guys. I think we should start is a discussion of the guidance. Could you discuss particularly what the cadence of placements might be sequentially across the year? And more specifically, could there be a step down in 1Q now from 4Q? Thanks.

大家好，我是凱爾·米克森 (Kyle Mikson) 的 [奧斯汀·凱斯 (Austin Keys)]。夥計們，恭喜這個季度。我認為我們應該開始討論指導意見。您能具體討論一下全年的安置節奏嗎？更具體地說，第一季是否會比第四季下降？謝謝。

Yeah, thanks for the question. So we gave the guidance out on an annual basis. I think when you think about the quarterly cadence, I would expect since we're just moving now into the full commercial launch as we get here towards the end of March, we'd expect there to be sort of a consistent rate of revenue here in the first quarter with some step up into Q2 and then more acceleration as you look into the back half of the year. So I don't anticipate a step down from Q4. I expect it to move, maybe more laterally, and then, as I said, sort of accelerate in the back half of the year.

是的，謝謝你的提問。因此，我們每年都會發布指導意見。我認為，當你考慮季度節奏時，我預計，由於我們現在剛剛進入全面的商業發布，我們將在三月底到達這裡，因此我們預計這裡的收入率會保持一致在第一季度，第二季度會有一些進步，然後當你展望今年下半年時，會出現更大的加速。因此，我預計第四季不會出現下滑。我預計它會移動，也許會更橫向移動，然後，正如我所說，在今年下半年加速。

Thanks. So you also announced products improvements in early February. You announced you have version 3 kits here. You also discussed that you made solid progress in regards to that library prep. I'm just curious, could an instrument -- could Carbon or an instrument potentially like Carbon be offered in the near to medium term on the sample prep end? Thanks.

謝謝。所以你們也在二月初宣布了產品改進。您在此處宣布擁有版本 3 套件。您還討論了您在圖書館準備方面取得了紮實的進展。我只是很好奇，在中短期內可以在樣品製備方面提供一種儀器嗎？碳或可能像碳一樣的儀器嗎？謝謝。

Yeah. I think when we think about library prep, I think you get -- you think about Carbon, too, right? So Carbon, if you remember, was really for doing some of the front end of workflow automation. In our feedback from customers that we had accumulated last year that led to the decision to put Carbon on hold was really there wasn't sort of the need for Carbon based on the volumes of test our customers are processing and sort of the capabilities of the scientists and laboratory staff that are in those accounts.

是的。我認為當我們考慮圖書館準備時，我想您也會想到 Carbon，對吧？所以，如果你還記得的話，Carbon 其實是為了做一些工作流程自動化的前端。根據我們去年累積的客戶回饋，我們決定擱置 Carbon，根據我們客戶正在處理的測試量以及對 Carbon 的功能的排序，實際上並不需要 Carbon。這些帳戶中的科學家和實驗室工作人員。

We continue to look at options though, for automation as our customers scale up in volume. Really, the question will be, do we do that vis-à-vis a device like Carbon? Or I think as we've communicated before, we're leaning more towards -- we would provide some form of liquid handling solution that could be from one that's available sort of in the existing market in terms of automating library prep and even other aspects of sample prep.

不過，隨著我們的客戶規模擴大，我們仍在繼續尋找自動化選項。事實上，問題是，我們是否會針對像 Carbon 這樣的設備這樣做？或者我認為正如我們之前溝通過的那樣，我們更傾向於提供某種形式的液體處理解決方案，該解決方案可以來自現有市場上在自動化文庫製備甚至其他方面可用的解決方案樣品製備。

All right, thanks. And one more question. In regards to the potential adoption of protein sequencing. Obviously, it's still very much early days because of the technology. You discussed some new posters coming out. They will be presented at a conference. Just curious kind of, how you are seeing adoption levels right now and interest in a protein sequencing? How that's kind of evolved since you've been now working at Quantum-Si? Thanks.

好的，謝謝。還有一個問題。關於蛋白質定序的潛在採用。顯然，由於技術原因，現在還處於早期階段。您討論了一些即將推出的新海報。它們將在一次會議上展示。只是好奇，您如何看待目前的採用水平以及對蛋白質測序的興趣？自從您在 Quantum-Si 工作以來，這種情況是如何演變的？謝謝。

Sure. I think we talked about in prior calls. I sort of reiterate a similar sentiment today. The interest in using next-generation protein sequencing has always been ahead of our expectations. We talked about the funnel during 2023 was running ahead of our expectations. I think as we entered 2024, we continue with the same sentiment. There's always been that interest there to utilize a technology like ours to be able to do types of analysis that are either very difficult to do today or aren't really accessible today for customers.

當然。我想我們在之前的電話中談到過。我今天重申了類似的觀點。人們對使用下一代蛋白質定序的興趣始終超出我們的預期。我們談到 2023 年的漏斗運行超出了我們的預期。我認為，當我們進入 2024 年時，我們將繼續保持同樣的情緒。人們一直有興趣利用像我們這樣的技術來進行當今很難完成或客戶無法真正訪問的分析類型。

So we see that interest. I think, really, now it's about -- with the version 2 kit with the increase in sort of commercial resources, getting all of that trained really now going out and executing on that full commercial launch and really converting that interest into customers who are adopting and using.

所以我們看到了這種興趣。我認為，實際上，現在的重點是——隨著版本2 套件的商業資源的增加，讓所有這些都得到真正的培訓，現在就出去執行完整的商業發布，並將這種興趣真正轉化為正在採用的客戶。和使用。

I think the data that's coming out at HUPO is an example of customers who have access to this technology, they're going to start showing the applications and the types of things they can do. And as we accelerate placement of our device with the full commercial launch, I'd expect that more and more people will talk about applications with the technology.

我認為 HUPO 發布的數據是可以使用該技術的客戶的一個範例，他們將開始展示應用程式以及他們可以執行的操作類型。隨著我們加速設備的全面商業發布，我預計越來越多的人會談論該技術的應用。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Swayampakula Ramakanth, H.C. Wainwright.

拉瑪坎特 (Swayampakula Ramakanth)，H.C.溫賴特。

Thank you. This is RK from H.C. Wainwright. Good afternoon, Jeff and Jeff.

謝謝。我是 H.C. 的 RK。溫賴特。下午好，傑夫和傑夫。

Good afternoon.

午安.

Congratulations on all the progress. So between the webinar that happened a couple days ago and the posters that are upcoming -- the poster and publication that's coming up in the conferences during the quarter, I guess, what's the takeaway from all this?

祝賀所有的進展。因此，在幾天前舉行的網路研討會和即將發布的海報之間——本季度會議上發布的海報和出版物，我想，這一切的收穫是什麼？

In the sense if I am somebody who is looking for a Platinum, for buying Platinum, by looking at all these data presentations, would I get a good feel for what's the capabilities of the machine? Or is that just a small sample of set of things that the -- possible utility of the machine?

從某種意義上說，如果我是一個正在尋找白金、購買白金的人，透過查看所有這些數據演示，我是否能很好地了解這台機器的功能？或者這只是機器可能的用途的一小部分樣本？

Yeah, it's a good question, RK. I would describe it as it's still a small sampling of what the technology and the Platinum instrument are capable of. As you can imagine, with the broad capabilities of sequencing at the amino acid level and still at the early phases of our commercialization efforts, these customers represent interesting applications.

是的，這是一個好問題，RK。我將其描述為它仍然是該技術和白金儀器能力的一小部分樣本。正如您可以想像的那樣，憑藉氨基酸水平測序的廣泛能力，並且仍處於我們商業化工作的早期階段，這些客戶代表了有趣的應用。

They represent applications that were of importance and priority for those customers, but they could be different for other users. So I expect that as more data comes out at future conferences and even at future webinars, you'll continue to see different things talked about. I don't think you're going to see a lot of repetition. I think you'll continue to see a breadth of applications that people are interested in.

它們代表對這些客戶來說重要且優先的應用程序，但對於其他用戶來說可能有所不同。因此，我預計，隨著未來的會議甚至在網路研討會上出現更多數據，您將繼續看到討論的不同內容。我認為你不會看到很多重複的內容。我認為您將繼續看到人們感興趣的廣泛應用程式。

Okay. And just staying on the same topic. Having -- being hardly in the market for a year, I'm able to get three different presentations out and it speaks to the excitement to a certain extent of the utility of these machines. Is the same amount of enthusiasm palpitating among the funnel that you have? Or is this an indication of how large the funnel can grow to once you start launching the product? I'm just trying to get a feel for like what would be the pull on the product once it becomes commercial?

好的。並且只是停留在同一個主題。進入市場已經一年了，我能夠得到三種不同的演示，這在一定程度上說明了這些機器的實用性令人興奮。您的漏斗是否也充滿了同樣的熱情？或者這是否表明一旦您開始推出產品，漏斗可以成長到多大？我只是想了解產品商業化後會有什麼吸引力？

Yeah. I think about it in a couple of ways, RK, I think the first thing I would tell you is the interest in the technology and the excitement around a new technology like our technology, I think is definitely palpable. It was in the controlled launch days. But as we've talked about on prior calls, that was really our decision, right, to roll out in a very controlled manner, ensure we're able to be very responsive if any issues arose. It was -- we were really throttling the pace at which customers were able to access the technology. So that excitement has already sort of always been there.

是的。我從幾個方面思考這個問題，RK，我想我要告訴你的第一件事是對技術的興趣以及對像我們的技術這樣的新技術的興奮，我認為這絕對是顯而易見的。那是在受控發射期間。但正如我們在之前的電話中談到的那樣，這確實是我們的決定，對吧，以一種非常受控的方式推出，確保如果出現任何問題我們能夠做出快速響應。我們確實限制了客戶獲取該技術的速度。所以這種興奮已經一直存在了。

I think that excitement, I see it actually starting to accelerate with the V2 launch. We've put out some data and examples of performance increases you see at a protein level, at a peptide level, talk about our data around the reproducibility, enhancements in the product. And I think when you start providing information like that, again, serves to just show the innovation, sort of trajectory we're on. So people are both excited about what we were talking about. I think equally excited about the trajectory of innovation.

我認為隨著 V2 的發布，這種興奮感實際上開始加速。我們已經提供了一些您在蛋白質水平、勝肽水平上看到的性能提高的數據和範例，談論我們關於產品的可重複性和增強的數據。我認為，當你開始提供這樣的資訊時，再次，只是為了展示創新，我們正在走的軌跡。所以人們都對我們正在談論的事情感到興奮。我認為對創新的軌跡同樣感到興奮。

I think as customers hear about version 3 kit, it's only going to help with that. So I think we're -- while we're at the early stages because we're just moving to full commercial launch now, I would expect that excitement to be there and be sustained and grow, and that will show up ultimately in the funnel. And then it's our job to convert that, that sort of funnel and interest and excitement into placements and revenue as we move forward throughout the year.

我認為當客戶聽到第 3 版套件時，它只會對此有所幫助。所以我認為，雖然我們還處於早期階段，因為我們現在剛剛進入全面商業發布，但我希望這種興奮能夠持續存在並不斷增長，這最終將體現在漏斗中。然後，我們的工作就是將這種漏斗、興趣和興奮轉化為我們全年前進的展示位置和收入。

Okay. Thank you. And then my last question is, in terms of -- as you said, version 3 should be significantly different from version 2 based on what you're suggesting, I know you don't want to kind of unveil what's going to -- what we are going to see in version 3. But in terms of -- again, I'm just going back to the utility question again. So does -- when you start moving from version 1 to 2 to 3, what's the aim there? Is it to increase the spectrum of utility? Or is it more in terms of how well and how clean of a sequencing -- sequence can you get? What's the drive when you go from one version to the other?

好的。謝謝。然後我的最後一個問題是，正如您所說，根據您的建議，版本 3 應該與版本 2 顯著不同，我知道您不想透露將會發生什麼我們將在版本 3 中看到。但就——再次而言，我只是再次回到效用問題。那麼，當您開始從版本 1 轉向版本 2 和版本 3 時，目標是什麼？是為了增加效用範圍嗎？或者更重要的是你能得到多好的和多乾淨的定序序列？當你從一個版本轉向另一個版本時，驅動力是什麼？

Yeah, when we move from one version to another, I think it's generally about an overall lift in performance, right? Providing -- in this case with the version 2 kit, we added an additional recognizer so you get more coverage that coverage, manifests itself in terms of the number of visible amino acids. It manifests itself as being able to see more peptides from a given protein. But we also increase the overall output of the device, and that increased output gives customers then the flexibility to apply that in different ways.

是的，當我們從一個版本轉向另一個版本時，我認為這通常是關於效能的整體提升，對吧？在本例中，我們使用版本 2 試劑盒添加了一個額外的識別器，以便您獲得更多的覆蓋範圍，該覆蓋範圍以可見氨基酸的數量來體現。它表現為能夠從給定的蛋白質中看到更多的勝肽。但我們也增加了設備的整體輸出，而增加的輸出使客戶可以靈活地以不同的方式應用它。

On one hand, with greater sequencing output per run, some customers might choose, RK, to apply that to look at a more complex sample, perhaps a more complex mixture of proteins. Other customers might want to apply that to really deeply interrogate samples and look at protein variants or PTMs in the future. So I think in general, the thinking is just continuing to raise the coverage raise, the output, and the performance to really just give people a robust set of capabilities that they can then apply to their research and the way that they see fit.

一方面，隨著每次運行的定序輸出更大，一些客戶可能會選擇 RK，將其應用於查看更複雜的樣本，也許是更複雜的蛋白質混合物。其他客戶未來可能希望將其應用於真正深入研究樣品並研究蛋白質變體或 PTM。所以我認為總的來說，我們的想法只是繼續提高覆蓋率、產出和性能，真正為人們提供一套強大的能力，然後他們可以將這些能力應用到他們的研究中並以他們認為合適的方式應用。

So it's really just about opening up applications, capabilities, compatibility with different samples they might want to work with. And then we really see where they go with their research and how they apply it. And we'll take those learnings like we did in the creation of V2 and they're fueling what we're doing in V3. And I'm sure they'll fuel what we do in a future version after that.

因此，這實際上只是開放應用程式、功能以及與他們可能想要使用的不同範例的兼容性。然後我們真正看到他們的研究進展以及他們如何應用它。我們將像創建 V2 時那樣汲取這些經驗教訓，並為我們在 V3 中所做的事情提供動力。我確信它們會為我們在未來版本中所做的事情提供動力。

I think V3 is very exciting. Where we're well underway. But I don't think that's the end either. And we'll learn in the market, and we'll apply those learnings as we go forward.

我認為V3非常令人興奮。我們進展順利。但我也不認為這就是結局。我們將在市場中學習，並在未來的發展中應用這些知識。

Perfect. Thank you. Thanks for taking all my questions.

完美的。謝謝。感謝您回答我所有的問題。

Yes, thank you, RK.

是的，謝謝你，RK。

Thank you. I'm showing no further questions in the queue at this time. I will now turn the call back over to Mr. Jeff Hawkins for any closing remarks.

謝謝。目前我在隊列中沒有顯示任何其他問題。現在，我將把電話轉回給傑夫霍金斯先生，讓他發表結束語。

Thank you. We continue to make significant progress that Quantum-Si on all fronts. And I want to thank the entire QSI team for their contributions during 2023. We're excited about our full year of commercial execution and R&D innovation, and we look forward to providing additional updates on our next call.

謝謝。我們繼續在量子矽的各個方面取得重大進展。我要感謝整個 QSI 團隊在 2023 年所做的貢獻。我們對全年的商業執行和研發創新感到興奮，並期待在下次電話會議上提供更多最新資訊。

Ladies and gentlemen, that does conclude our conference for today. Thank you all for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。