The lease is a long-term operational commitment with no near-term cash flow impact (rent abatement for first 20 months). Monitor for progress on the Proteus platform and manufacturing scale-up, which this space supports. No immediate trading catalyst.
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Executive Summary
Quantum-Si entered into a 10-year lease for 54,374 sq ft of office, lab, and manufacturing space in San Diego, with an estimated commencement in September 2027. The lease includes 20 months of rent abatement, a $17.1M tenant improvement allowance from the landlord, and a $2.09M security deposit. This is a routine operational commitment to support the company's Proteus platform development and expanded manufacturing, with no immediate financial impact.
Key Facts
- Lease term of 120 months (10 years) with one 5-year renewal option
- Initial monthly base rent of $315,369.20 ($5.80/sq ft), escalating ~3% annually
- 20 months of base rent abatement starting from commencement
- Landlord provides up to $17,127,810 ($315/sq ft) tenant improvement allowance
- Security deposit of $2,085,786.64 in the form of a letter of credit
- Landlord to provide a $19,475,890 letter of credit to fund tenant improvements
- Estimated commencement date of September 1, 2027, with a long-stop of November 1, 2027
- Lease is triple-net; tenant pays pro-rata share of taxes and operating expenses
Financial Impact
Total base rent over the 10-year term (excluding abatement and escalation) is approximately $37.8M, plus operating expenses and taxes. The tenant improvement allowance of $17.1M is funded by the landlord.
Risk Factors
- Lease obligations could strain cash if revenue growth falls short of expectations
- Construction delays or cost overruns on tenant improvements
- Potential for over-commitment relative to current cash position ($180M market cap)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001816431-26-000046 |
| Document: qsi-20260618.htm | 0001816431-26-000046 |
| Document: 0001816431-26-000046-index-headers.html | 0001816431-26-000046 |
| Document: 0001816431-26-000046-index.html | 0001816431-26-000046 |
| Document: 0001816431-26-000046.txt | 0001816431-26-000046 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 8-K | $1.31 $1.15 | ▼ −12.21% | ▼ −11.20% | $1.46 (+11.45%) |
Oct 15, 2026 11d ago | Press Release | $1.31 $1.15 | ▼ −12.21% | ▼ −11.20% | $1.46 (+11.45%) |
Oct 8, 2026 18d ago | 8-K | $1.53 $1.12 | ▼ −26.80% | ▼ −24.83% | $1.46 (−4.58%) |
Sep 28, 2026 28d ago | 8-K | $0.9581 $1.22 | ▲ +27.34% | ▲ +25.39% | $1.46 (+52.38%) |
Sep 23, 2026 4w ago | 144 | $0.7850 $1.43 | ▲ +82.17% | ▲ +82.58% | $1.46 (+85.99%) |
Sep 23, 2026 4w ago | 144 | $0.7850 $1.43 | ▲ +82.17% | ▲ +82.58% | $1.46 (+85.99%) |
Jun 24, 2026 17w ago | 144 | $0.8573 $0.9241 | ▲ +7.79% | ▲ +6.23% | $1.46 (+70.30%) |
Jun 24, 2026 17w ago | 144 | $0.8573 $0.9241 | ▲ +7.79% | ▲ +6.23% | $1.46 (+70.30%) |
Jun 24, 2026 17w ago | 8-K | $0.8573 $0.9241 | ▲ +7.79% | ▲ +6.23% | $1.46 (+70.30%) |
Mar 20, 2026 31w ago | Insider Cluster | $0.8450 $0.7640 | ▼ −9.59% | ▼ −7.44% | $1.46 (+72.78%) |
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