Quantum-Si says the cuts and other cost reductions will save $12 million annually and extend its cash runway into late 2028.
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A Branford-based biotech company is cutting about 20% of its workforce as it delays the launch of a new system designed to help scientists better study proteins.
Quantum-Si Inc., a publicly traded company, develops laboratory systems for analyzing proteins, which researchers study to better understand diseases and develop new drugs. The company said it is pushing the launch of Proteus, a new version of its technology, to the second quarter of 2027, from a previous target of the end of 2026.
Proteus is being developed to process more samples and provide more detailed protein analysis than the company's existing technology.
In a second-quarter earnings release, Quantum-Si President and CEO Jeff Hawkins said the company decided to add another design cycle to improve the system's performance and prepare it for manufacturing.
“While this decision extends the timeline, we believe it significantly improves our readiness for commercialization,” Hawkins said in a statement.
Quantum-Si said it is terminating about 20% of its 152-person workforce, or roughly 30 employees, as it restructures resources devoted to Proteus and reduces other expenses. The company did not disclose where the affected employees are located.
Quantum-Si is headquartered in Branford, where it also conducts research and development, and has additional operations in San Diego and Garnet Valley, Pennsylvania, according to its annual report.
Quantum-Si said it expects to incur about $2.6 million in severance and other costs and substantially complete the restructuring by the end of this year.
As part of the cost-cutting effort, Chief Product Officer John Vieceli is leaving the company effective Aug. 13, the company disclosed in a quarterly report.
Quantum-Si reported second-quarter revenue of $344,000, down 42% from $591,000 a year earlier. The company said sales of its existing products have declined as some customers delay purchases while waiting for Proteus. Its quarterly net loss narrowed to $23.5 million from $28.8 million a year earlier.
Quantum-Si had $169.9 million in cash, cash equivalents and investments as of June 30. The company said the workforce reduction and other cost-cutting measures are expected to save about $12 million annually and extend its available funding into the fourth quarter of 2028.
Quantum-Si also disclosed that it received a notice from Nasdaq in July after its stock traded below the exchange's $1 minimum bid price for 30 consecutive business days. The company has until Jan. 19, 2027, to regain compliance.
The company’s stock closed Thursday at 79 cents, below its 52-week high of $3.10.
