Quantum-Si Stock Falls Below $1, Triggering Nasdaq Compliance Clock
Distressed
Company Background
Quantum-Si is a Branford, Connecticut-based proteomics company developing single-molecule protein sequencing technology. Its current commercial product, the Platinum Pro instrument, has been on the market for several years but has generated minimal revenue: $2.4 million for all of 2025, declining from $3.1 million in 2024, against a net loss of $101.3 million. The company's bet is on its next-generation Proteus platform, which it targets for commercial launch by year-end 2026 at a list price of $425,000 per instrument.
As of March 31, 2026, the company held $190.4 million in cash, cash equivalents, and marketable securities, which management states will sustain operations into the second quarter of 2028. First-quarter 2026 revenue was $258,000 on a net loss of $21.7 million. Full-year 2026 guidance calls for revenue of approximately $1.0 million — lower than 2025 — which management attributes to deliberate choices including embedding upgrade credits into Platinum Pro units sold during 2026 to ease the customer path to Proteus, as well as customers deferring purchases while awaiting the new platform.
The company has not been without turbulence in its asset base. In September 2025, it paid $11 million to exit a legacy New Haven, Connecticut office lease early. In September 2025, it also established an at-the-market equity offering program with Leerink Partners for up to $100 million in Class A shares. Share count has grown substantially, from roughly 147 million Class A shares at end-2024 to approximately 197 million by March 31, 2026.
What Was Disclosed
Nasdaq's Listing Qualifications Department notified Quantum-Si on July 23, 2026 that its Class A common stock has closed below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5450(a)(1). The notice has no immediate effect on trading — shares continue to trade on The Nasdaq Global Market under the symbol QSI — but it formally opens a compliance clock. Under Nasdaq Listing Rule 5810(c)(3)(A), Quantum-Si has 180 calendar days, until January 19, 2027, to regain compliance. To do so, the closing bid price must reach at least $1.00 per share for a minimum of 10 consecutive business days, though Nasdaq retains discretion to extend that window further.