Q4 2021 Quantum-Si Inc Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to the quantum edge side Q4, 2021 earnings call.
At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session. If you'd like to ask a question simply press star one on your telephone keypad.
Please be advised today's conference is being recorded.
At this time I would now like to turn the conference over to one Avon Donna head of Investor Relations for quantum ESI. One. Please go ahead. Good evening, everyone. Thank you for joining US today after market close quite MSI released financial results for the fourth quarter and full year ended December 31, 2021, a copy.
The press release is available on the company's website.
Joining me today are Dr. Jonathan Rockford interim Chief Executive Officer, Claudia Drayton, Chief Financial Officer, and Dr. Michael Mina Board member and chair of Quanta massage, New scientific Advisory Board.
Before we begin I would like to remind you that management will be making certain forward looking statements within the meaning of the 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 this Chris 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.
<unk> 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 not prepared in accordance with U S General accepted accounting principles or GAAP, including adjusted EBITDA.
A reconciliation of non-GAAP financial measures for the most directly comparable GAAP financial measures is included in the press release.
With that I will turn the call over to Dr. Jonathan are offered.
Thank you Juan good afternoon, everyone. Thank you for joining us.
We're excited to discuss the progress the quantum met side has made over the last few 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.
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 are.
Our unique value proposition.
<unk> and 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 ESI 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 the coding our DNA.
Quantum edge next generation protein sequencing by decoding proteins will unlock a new understanding of disease and illuminate paths to help.
As reported on February 14th.
<unk> board of directors.
Appointed me as interim CEO .
Come back to this role well prepared after founding the company in 2013 and previously serving as CEO from December 2015 through November 2020.
While I am excited to be back, leaving as productive and experienced team.
Interim CEO and along with our board of Directors has initiated the search for a long term CEO , we're looking for a strategic leader, who can inspire scientists and engineers.
Understand the commercial opportunities.
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 in 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, it's 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.
<unk> drove the adoption of next generation.
DNA sequencing and now immunology and COVID-19 are serving a CAD lifts the commercial adoption of quantum of thighs neck.
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 Epidemiologists and current board member Dr. Michael Mina.
Formerly of Harvard T. H Chan School and includes Dr. Anti inbound Ujjain director of Australia in molecular Horizon Institute and formally Harvard Medical School and Dr. Andrew Griffiths of Es PCI 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 are semi quantitative protein measurements. However, quantum that Si stands apart as the only company seeking to commercialize <unk> digital.
Or sequencing based next generation massively parallel protein sequencing.
Similar to how DNA micro array companies.
Enabled measurements of gene expression. These other proteome companies are generally focused on measuring protein levels using affinity reagents.
To identify and tried to quantify node known proteins. These approaches are limited in that they only work on known proteins and mostly blind to critical.
<unk> and predicative protein modification.
Uniquely quantum ESI is focused.
On commercializing a system that enables protein sequencing code 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 transform genomics single molecule protein sequencing is poised to change the way life Science research is conducted.
We studied DNA, because we put we study DNA often as a surrogate for proteins and machinery of life.
Because methods for characterizing proteins have until quantum by 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 are segments, making up a protein.
We described this unique and powerful approach to massively parallel single molecule protein sequencing and our recent tech litho manuscript available and bio archive.
There is a tremendous opportunity for <unk> to change the way we understand disease.
And as I've singled out immunology.
By putting protein sequencing on a semiconductor chip quantum ESI is poised to change the way life Science research is conducted.
Semiconductors bring with them the power of Moore's law.
The technology continues to improve exponentially, while naturally reducing <unk> costs.
Many of quantum <unk> employees work to bring Moore's law to DNA sequencing, changing medicine, agriculture, and pathogen detection forever.
In fact, it was our Nextgen DNA sequencing technology.
<unk> ion torrent.
<unk> the world the omicron.
While oncology drove the adoption of next generation DNA sequencing, we believe that immunology, including our bodies responses to COVID-19 will drive the adoption of next generation protein sequencing.
To elaborate on that I would now like to invite Dr. Michael Mina to talk about the roll and opportunity quantum's size single molecule protein sequencing in immunology.
Well good afternoon as Jonathan mentioned in addition to being a physician I'm an expert in vaccine immunology infectious disease immunology and epidemiology.
Professor at the Harvard School of public Health Medical School, and I'm truly honored to chair quantum <unk> Scientific Advisory Board.
I wanted to discuss the value of single molecule detection sequencing in recognition of post translational modifications to the field of immunology today.
Immunology is the fastest growing field is biosciences.
And how it touches all of infectious diseases.
Along with better understanding and sections, but the pandemic virus and less relevant today.
Tools that enable deeper probing of the immune system from the greatest benefit some developing treatments for cancer chronic and autoimmune diseases.
Bracing allergies increase in longevity, and other physiological enhancements all of which underpinning.
Logical surveillance responses and aberrations.
Boxes.
Multiple sclerosis for MF is a debilitating disease, where the immune system attacks the nerves that course through our bodies.
We showed that at MFS results from an aberrant immune response.
Prevalent viral infection.
<unk>, that's required laborious deep profiling of immune response, using multitude of immunological approaches and thousands of people.
These approaches were slow because they had to be targeted based on a priori knowledge and assumptions.
We had a digital single molecule detection massively parallel protein sequencing discovering the link between.
Will it have enabled us to forgo the multiple you can.
And quantify the molecules of the protein to quickly detect the differences between those with and without this disabling disease.
Quantum of size digital Readouts will allow a more precise profiling of people's immunological responses that will inform clinical decision, making and therapeutics.
Just like DNA sequences do not require a price.
A major difference between economists and other immunological protein measurement tools is that <unk> removes the need for extensive pre specified molecules that bind precisely to one target identification.
By sequencing, the protium directly and quantifying it based on the digital readout similar to highly parallel DNA to the advantages.
Okay.
Both discoveries and bring in a new era.
Diagnostics.
Quantum is sized proteins sequencing and a single molecule detection and quantification will not only in the <unk>.
From an explorer 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 molecule and patterns.
Molecules that diagnose disease in its earliest stages.
For example, most immunological measurements today are made based on analog signals that represent averages of EMEA molecule binding to capture molecules.
Because proteins camp.
Amplified unlike DNA or RNA. These analog protein assays have significant modifications to their sensitivity.
Acquiring large amounts of protein to become detectable.
With digital single molecule detection, what's usually considered negative on that on a routine clinical assay expands into a new world.
World of highly reproducible protein measurement that offering individualized immune baselines from which departures.
Just can quickly be detected.
Thus, enabling early detection of cancer autoimmune transplant rejection and other diseases.
By moving away from an analog in India.
Interdigital wealth of protein measurements in a clinical format quantum ESI silicon chip technology can facilitate faster and more accurate lifesaving diagnostics.
Importantly, quantum ESI silicon chip technology is so powerful that it can even go beyond protein sequencing at the immuno acid level alone.
Sequencing post translational modifications that are not directly coded in the genome or detectable in the mrna and.
And covered we know that antibody titer is not itself sufficient to no protection.
Antibodies are coded and sugars, specifically, the FCC or the stem region of the Dubai shaped antibody.
Still our bloodstream, we know that this specific sugar as our glide can alter the purpose of those antibodies.
Some sugar signal increased immuno acid chains are built measuring them is messy and difficult if.
It's 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 Fas changing this extremely sensitive and specific technology underpinning <unk> doesn't just allow a readout of the amino acid sequence, but can identify the post translational modifications to those amino acid chain that orchestrate the behavior of the molecule detected.
For Covid economy Si technology provides a new approach to view an antibody response to know whether someone is likely susceptible to infection.
Proteins sequencing in digital a single molecule detection with <unk> opening a new world that will complement other protein identification strategies like mass spec.
Pete with a pen.
Technology has been developed specifically for bench top do some research and clinical labs.
While initial release will be labeled for research use only it certainly is critical focus research labs are fine so thats much widespread applications in human health.
Starting with the introduction of quantum of Si instruments, now being central laboratories across the world to begin putting <unk> aside technology key as we opened a new field of highly paralyzed protein sequencing and molecular detection.
I'm excited that two of the labs now in possession of quantum Ssi instruments include those of.
Professor <unk> origin, and professor Andrew correct.
Alright, now joining <unk>, new scientific Advisory Board meeting.
With this in mind I am excited to be heading up this new board.
Focus applications on the most important and most clinically translatable use cases.
Thank you Dr <unk>.
I will now discuss organizational updates and progress towards commercialization.
We've continued to scale and expand the organization by attracting high caliber talent and securing space for operations. We started 2021 was <unk> 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 <unk> 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 path to support commercial launch.
We are also working closely with our reagent vendors to scale up consumables supply ahead of launch.
Our launch of applications are focused on the ability to decode tens to hundreds of proteins, while simultaneously understanding the variations and modifications. This mirrors, what we saw in DNA sequencing, where the bulk of routine sequencing applications were and still are.
Focused on 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 and commercially addressable markets with each subsequent upgrade to our technology.
The goal of proteomics is to identify and compare proteins under different conditions.
Either interactions the code there modifications and use this information to understand biology to develop drugs and create diagnostics.
Other digital proteomics solutions rely on mass spectrometry or DNA sequences. This equipment is expensive to acquire and operate.
<unk> parts of the proteome <unk> indirect.
Quantum ESI 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 are early adopters in four areas first existing users of Proto.
Omics tools focused on basic research and discovery and labs, who traditionally relied on the use of existing mass spec CT facility.
Ah Greenway to gain biological insight as to enrich proteins of interest and see what is complex with them.
Usually you send the materials to core facilities and weak sometimes weeks for results.
With quantum that 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 proteomics information protein.
Protein sequencing and post translational modifications.
There are 20000 protein coding genes modified it 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 in one of our early placement infill dx around individuals experiencing long COVID-19 .
For <unk>.
Collaborators and applications development two of our longest term partners and early adopters.
Coverage of the proteome and develop new strategies for sample multiplexing and single cell proteomics by.
I will now turn the call over to Claudio to review our financial results.
Thank you Jonathan Hello, everyone.
Discuss details of our Q4 and full year 2021 financial performance.
Research and development expenses in the fourth quarter of 2021, $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.
Thanks.
That development activity.
Selling general and administrative expenses.
And fourth quarter of 2021 was $13 4 million.
Compared to $3.
2020.
The increase in SG&A expenses was driven by additional employee and stock based compensation.
Proceeded what kind of scale up and costs related to being a public company.
In aggregate total operating expenses in the fourth quarter of 2021.
$7 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 with 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. There is just 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 in marketable securities.
In summary, we had a strong cash position that allows us to continue investing in our technology and our business and to prepare for commercialization.
I believe that this cash position will support our operations to 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 proteins 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 investment 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.
And now I would like to turn the call back over to Jonathan for closing remarks.
Thank you Claudia.
In summary, quantum of Si has unique continue in terms of the depth and breadth of their experience.
Bringing disruptive products to market.
<unk> operates at the intersection of chemistry, Biochemistry, molecular biology, nano photonics, seven conductor chips and AI to enable a digital transformation of the $50 billion proteomics market.
Positioned to advanced life Science research and health care.
Quantum ESI is motivated by the vision that the products. We work on we will see the light of someone we love and improves the lives of billions of people around the world.
With the technology opportunity team and nearly a half of $1 billion in the bank Quantum's side 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 .
Thank you Jonathan we will now begin the Q&A session, if you'd like to ask a question. Please press star one on your telephone keypad and if for any reason you'd like to remove that question. Please press star two as a reminder, if you are using a speaker phone. Please remember to pick up your handset before asking your question we will now.
Take our first question from the line of Tayo Mixon of Canaccord Genuity Tayo.
Tayo. Your line is connected you May proceed with your question.
Hey, guys. Thanks for the questions.
So good to hear that the launch is expected 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 'twenty, two and place those systems on how likely that.
The shipment number for 'twenty two is substantially less than what was previously provided.
Thanks, Kyle Thanks for the question.
This has really been an amazing two weeks as they've been working with the team and one of the things I want to highlight that this team is experienced and this team understands the supply chain, we literally leveraging the supply chain, but apple established.
The far east.
We've also brought in house components for 500.
First.
Platinum unit.
So we're well positioned on the instrument side to deliver.
<unk> product.
On the chip side, we literally took control of the supply chain by buying an assembler.
This puts us in a very unique position.
Also often comment.
The breadth of skills, we have for making our own semiconductor chip.
The packaging lasers to supply chain and these are both are examples we were well aware of issues with supply chain concern the conductors and we've got a handle on it so we're well positioned.
To deliver corporate customers.
In terms of those customers will all be 100% focused on protein sequencing. There has truly never been something like never.
Never before in an individual lab could you the code protein.
And find those protein modification.
As we've mentioned we do have.
Over 1000 opportunities that we have identified.
And 60% of them are.
Directly related to protein sequencing. Our goal is to address the segment of those 600 that.
That are most likely to be pioneers and lead to publication.
We'll lead to mass adoption of this technology. So we have a pipeline of over 1000 potential customers.
604 focused on protein sequencing.
And we will be delivering to those that we think.
We will have the most pull through.
New application.
So the next adoption remember we've done this many times before this isn't the first time.
Once the complex system instrument chips reagents and software. So we know these customers. We've identified 1000 of them we have parts for 500 build.
And this year, we'll deliver for those that we think will be the best.
In terms of future chip pull through.
Alright, great. Thank you to author Dr. Rockford that was actually encouraging thanks, a lot for the color.
And I guess in early access launch would be first before the commercial launch at the.
End of the year second half are there. 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.
For us this is deep.
<unk>, who all over again and not just because of ion torrent, but also 454, which was the first DNA sequencing nextgen DNA sequencing brought to market.
So the key thing and our chief focus now.
Is to get white papers out.
Pioneering the use of Nextgen massively parallel protein sequence.
So we're working with early adopters and others to identify problem.
Like working out the <unk> pathway, where you bring down one protein and you want to see how drove drug affect and so our goal.
Over the next six months.
With early adopters and internal resources is the published a series of three to five white papers that a prototypical of the problems people will fade and identifying and understanding signal transduction.
And understanding needle Amazon.
I understand the peptide hormones.
So the idea and the focus over the next.
Six months.
As those three to five white papers.
That will summarize the big areas that will drive placed.
Placements of future machine, so what youll see from US is white papers.
Conferences.
And we've submitted a paper which is available on the technology.
So it's all about getting the early adopters.
All about those white papers all about establishing.
Protein sequencing as the go to tool, whether you're doing research or biomarker discovery.
I will note that when we looked at modifications of DNA that gave us companies like Grail, because you could associate those modification.
Cancers.
As Dr. Michael Mina mentioned oncology is driving US now, but now we have a much more powerful tool set and you can look for modifications whether their external quite constellations of protein.
Pretty long Covid.
Or if you are studying how the protease inhibitors work for Covid, you'll be able to see those complexes and understand how they are modified and have a whole new generation of biomarkers.
So all of the work over the next six months, it's focused on white papers, demonstrating the promise of our technology across a range of applications that will really set the precedent for the future use of next generation protein sequencing.
Okay.
Great that's helpful and maybe one for Dr. <unk> actually.
Dr. <unk>, you talked a lot of that by the clinical diagnostic opportunity for the technology.
I guess, a few questions about that I mean first by how long until that could really be realized I mean are we.
We're talking five years or 10 years I'm just curious about that and then also I mean and maybe this isn't the best question for you, but if you could comment would be great.
Obviously, you need a pretty solid throughput and dynamic range for that kind of application I'm. Just curious if you could comment on those kind of attributes of the platform.
They were not to get too in the future.
Sure, Yes, some of the early clinical applications.
Have to wait.
Amino acid sequence, the ball and we were able to get massively parallel.
The scale that we can do with Ngls right now obviously that took years to get through with NDS.
And.
While we can do for example, some of the earliest applications, they're going to be after the best we can design.
That will be read out based on their amino acid barcode.
Using a sequencing platform.
On MSI is building.
Others, Aptamer based and essentially Dave.
Targeting different molecules that we're interested in and I know, it's a real benefit there.
Asset sensitivity, Dan that we're seeing that's bought MSI being able to really digital quantification and get down to sort of what is normally considered negative results on in our lives.
Normal even a high sensitivity Elisa.
Really getting into the digital single molecule space.
Well that's.
Baseline level.
Making sure probing those and really being able to detect single price point of interest.
Using optimize than other molecular identifiers that can be read out on CSI and spend them.
That will be I think where we start to see the very first clinical applications of that.
Really getting it into sort of highly paralyzed.
And GFS level throughput for our proteins themselves I think that thats.
I don't want to necessarily surprised when exactly thats going to be brought into the clinic a couple of years and here's why it's really be.
Bill being adopted frankly for DNA sequencing as a clinical tool.
But I do think that that will start to see clinical applications that are very targeted.
In the coming few years, certainly for one day, when we start creating a reagents that are going to do that for a very clear indication.
Okay that was great that was great and Dr. Rob first want to go back to you. So I know you guys aren't providing guidance.
But I mean can you kind of speak to your expectation that youll be able to generate at least $1 billion revenue in any given quarter and 'twenty two.
As like a benchmark I feel like that's a.
A decent kind of BARDA set for the end of the year.
Well I think I should just real quality under the bus, but very seriously.
We're in a transition now.
Term CEO , we're bringing in a new CEO .
This is going to be Super impactful technology, we have a team that have 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 pioneer DNA sequencing. This is the team that put DNA sequencing on a semiconductor chip.
Bob.
We're looking really to trains research globally, so launch <unk> launch.
We have a team that can do it has.
Has to be fair.
Hiring a CEO , we broaden Spencer Stuart Ruth procuring, who works with Indra annuity and is on our board spearheading, let's let the new CEO gave you guidance. The guidance I can give you is this is transformational we have $471 million in the bank we have 200.
People and this is the greatest opportunity I have seen in my career.
Okay.
Definitely I appreciate it's fair I don't believe that.
My questions, but thanks, a lot for taking them and Ah Congrats on successfully here.
Yes.
Thank you Kyle Thank you Kyle.
There are no additional questions waiting at this time so as a final reminder, it is star one on your telephone keypad, we will pause here very briefly for any questions that need to be registered.
Our next question is from the line of Jeff <unk>.
Jeff Your line is connected please proceed with your question.
Hi, Dr. Rothberg, 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 see reoccurring revenues with that customer if any if you can kind of give us an idea about that and also I know youre, not obviously, giving projections over the next year, but can you kind of give a.
An idea of let's say within say five years from now where you might think the company might be in terms of sales.
Well, let's start with your first question. This is clearly.
The razor and razor blade model.
We have our instruments, which we placed on the order of $70000.
We then have a disposable semiconductor chip and.
And we're looking to make placements initially in clinical lab I'm sorry. Initially in research lab that are expected to run the machine three to five times a week, so that would entail the sale of that.
Chip as well as the kit.
For sequencing the protein on that yet.
Shortly.
We've been able to have pull through an instrument like this.
You expect that.
The pull through and reagents.
Over the first year becomes equivalent the sale price of the instrument, so you'd like a $70000 instrument.
Within the first year to pull an established with the dollar.
Worth of reagents.
In terms of placements.
Orders and how parts for 500 units at 70000 a year.
And we expect those park.
To supply us throughout this year and into next year.
In terms of impact it's clear to us that protein sequence thing will be as big potentially as next generation sequencing and we've all seen how that market has grown quickly and I see the next three to five years being a time of exponential.
Growth as those early adopters.
From our first year of sales.
Established precedence.
Clinical labs can use and clinical labs have beautiful pull through because they can use those machine to instead of running three or five chips. So weak.
<unk> run three shifts.
Every two days.
So our goal is to establish early adopters established people who will set.
Precedent for the use of protein sequencing across a range of applications and encourage those people doing clinical research to help.
Pharmaceutical companies in their trials and then ultimately move into those diagnostic lab, so I'm not going to give you a five year projection, but I will well, we'll say that.
Absolutely.
Frontier everybody wants to understand proteins.
DNA tells you what may happen proteins tell you what is happening and then the same way that we saw oncology drive the use of next generation sequencing.
Immunology and unfortunately long Covid is going to drive the adoption of Nextgen protein sequencing. We are unique in being a public company that is developing sequencing or digital assays for protein everybody else's analogue and as we saw.
And every other area you go from analog to digital because digital information can be aggregated and then you can use things like deep learning on it define those correlations could give us the next generation of powerful Biomarkers. So I can't give you a five year projection, but I can tell you with $471 million in it.
Bank.
200 people, who have done this before.
Our semiconductor chip that a phase Moore's law, we are well positioned to be the first to offer digital protein sequencing.
And we'll be well positioned.
When we bring in a great CEO that can help build this company and owning this pork in history that we create.
Thank you Jeff there are no additional questions waiting at this time, so I'm going to hand, the conference back over to Juan for closing remarks.
Thank you all for your participation today, we look forward to a better than you on our progress in the next quarterly earnings call have a good evening.
That concludes the quantum ESI Q4, 2021 earnings call. Thank you all for your participation you may now disconnect your lines.
Alright.
Okay.