$SEQC

SeeQC, Inc.

CIK:0001779977|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 937	$ 472	$ 1,793	$ 1,450
Operating costs and expenses:
Cost of revenue	609	426	1,207	1,288
Research and development	2,595	2,845	4,837	4,678
Selling, general and administrative	3,108	1,512	6,175	2,369
Grant income	(574)	(683)	(648)	(1,100)
Total operating costs and expenses	5,738	4,100	11,572	7,234
Loss from operations	(4,801)	(3,628)	(9,778)	(5,785)
Other expenses (income):
Interest income	(126)	(108)	(282)	(213)
Finance leases interest expense	12	28	35	57
Other expense (income), net		22		16
Loss before income tax expense	(4,688)	(3,570)	(9,531)	(5,645)
Income tax expense	50		79
Net loss	(4,738)	(3,570)	(9,610)	(5,645)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes	54	87	(200)	118
Total other comprehensive income (loss)	54	87	(200)	118
Total comprehensive loss	$ (4,684)	$ (3,483)	$ (9,810)	$ (5,527)
Net loss per share attributable to common stockholders, basic	$ (0.44)	$ (0.34)	$ (0.9)	$ (0.53)
Net loss per share attributable to common stockholders, diluted	$ (0.44)	$ (0.34)	$ (0.9)	$ (0.53)
Weighted average shares used in computing net loss per share attributable to common stockholders, basic	10,697,159	10,620,333	10,684,069	10,613,166
Weighted average shares used in computing net loss per share attributable to common stockholders, diluted	10,697,159	10,620,333	10,684,069	10,613,166

Unaudited Consensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (9,610)	$ (5,645)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	674	484
Amortization of finance lease right-of-use assets	47	44
Stock-based compensation expense	1,099	1,239
Non-cash operating lease expense	3	86
Non-cash finance lease interest expense	30	51
Deferred tax asset	(163)
Change in operating assets and liabilities:
Accounts receivable	(362)	636
Contract assets	(140)	(38)
Prepaid expenses and other current assets	(124)	(395)
Other assets	(27)	(120)
Accounts payable	667	56
Accrued expenses and other current liabilities	(262)	(16)
Deferred revenue	349	(59)
Operating lease liabilities	173	(128)
Net cash used in operating activities	(7,646)	(3,805)
Cash flows from investing activities:
Purchases of property and equipment	(1,410)	(359)
Net cash flow used in investing activities	(1,410)	(359)
Cash flows from financing activities:
Proceeds from issuance of Series A-2 preferred stock		9,990
Proceeds from issuance of Series X preferred stock	257
Payment of deferred offering costs	(1,240)
Proceeds from the exercise of stock options	40	76
Principal payment on finance leases	(280)	(150)
Net cash (used in) provided by financing activities	(1,223)	9,916
Effect of exchange rate changes on cash	428	104
Net (decrease) increase in cash	(9,851)	5,856
Cash at beginning of year	27,967	9,584
Cash at end of period	18,116	15,440
Supplemental disclosure of cash flow information:
Deferred financing costs in accrued expenses	1,410	10
Reclassification of finance right-of-use asset to property and equipment upon purchase	298
Property and equipment in accrued expenses	$ 6

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 18,116	$ 27,967
Accounts receivable	1,143	789
Contract assets	261	121
Prepaid expenses and other current assets	234	111
Total current assets	19,754	28,988
Property and equipment, net	5,190	4,084
Finance right-of-use assets	524	961
Operating right-of-use assets	1,433	1,436
Deferred offering costs	2,650	858
Other assets	288	190
Total assets	29,839	36,517
Current liabilities:
Accounts payable	2,218	1,048
Accrued expenses and other current liabilities	2,086	1,602
Contract liabilities	349
Current portion of finance lease liabilities	139	223
Total current liabilities	4,792	2,873
Finance lease liabilities, net of current portion	225	489
Operating lease liabilities	1,752	1,579
Deferred tax liability		92
Total liabilities	6,769	5,033
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.0001 par value per share; 28,487,198 shares authorized as of June 30, 2026 and December 31, 2025; 10,761,714 and 10,670,829 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	88,669	87,273
Accumulated other comprehensive loss	(329)	(129)
Accumulated deficit	(65,271)	(55,661)
Total stockholders’ equity	23,070	31,484
Total liabilities and stockholders’ equity	29,839	36,517
Series X Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value
Series A-2 Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value
Series SA-2 Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value
Series A-1 Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value
Series A Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value
Series Seed-2 Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value
Series Seed-1 Convertible Preferred Stock
Stockholders’ equity:
Preferred stock, value