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Quanterix Reveals Multiple Control Deficiencies Related to Inventory, Compensation, & More
Life sciences research firm is now hiring finance professionals after suggesting it fired too many.
March 23, 2023
Quanterix Corporation (QTRX), a life sciences firm helping drug companies discover an Alzheimer cure, acknowledged multiple control deficiencies in its latest annual report. The material weaknesses in its controls over financial reporting (ICFRs) include:
—the accounting for inventory, including excess and obsolescence reserves
—the accounting for salary and commissions expense
—the financial statement close process, including financial reporting, share-based compensation and non-recurring transactions such as impairment of assets and accounting for leases
—the accounting for property and equipment, net
Quanterix attributed the deficiencies to not having enough qualified accounting and finance employees after implementing a restructuring plan. The company says it’s now hiring people to fix the deficiencies. It also plans to enhance its end user system by automating certain controls and processes after disclosing:
“In addition, our reliance on a significant number of end user computing tools requires additional procedures to verify the completeness and accuracy of information used within our analyses.”
In a clinical trial for Alzheimer’s investigative drug lecanemab, Biogen (BIIB) and Eisai used Quanterix’s ultrasensitive Simoa assay kits. Quanterix also has a commercial agreement with Eli Lilly (LLY) as it develops an Alzheimer’s drug.
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