Financial Performance - Total revenue for the three months ended September 30, 2024, was $18.814 million, a decrease of 25.5% compared to $25.215 million for the same period in 2023[11]. - Product revenue for the nine months ended September 30, 2024, was $40.364 million, down 20.4% from $50.719 million in the same period of 2023[11]. - Gross profit for the three months ended September 30, 2024, was $11.724 million, representing a gross margin of 62.2% compared to $15.276 million in the prior year[11]. - Net loss for the three months ended September 30, 2024, was $10.533 million, compared to a net loss of $12.916 million for the same period in 2023[11]. - For the nine months ended September 30, 2024, the net loss was $47,166 thousand, compared to a net loss of $52,521 thousand for the same period in 2023, indicating a decrease in losses[16]. - The company reported a net loss of $10,533 for the three months ended September 30, 2024, compared to a net loss of $12,916 for the same period in 2023, representing a 17.5% improvement[113]. Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $12.557 million, down from $83.125 million as of December 31, 2023[8]. - Total assets decreased to $129.973 million as of September 30, 2024, from $180.369 million at the end of 2023[8]. - The company’s total stockholders' equity decreased to $13,633 thousand as of September 30, 2024, down from $61,973 thousand at the end of September 2023[14]. - Cash, cash equivalents, and restricted cash at the end of the period were $13,240 thousand, a decrease from $78,925 thousand at the end of the previous year[16]. - As of September 30, 2024, the Company had cash, cash equivalents, and marketable securities totaling $39.295 million and an accumulated deficit of $277.237 million[23]. Liabilities and Expenses - Total liabilities were $116.340 million as of September 30, 2024, compared to $126.599 million at the end of 2023[8]. - Operating expenses for the three months ended September 30, 2024, totaled $20.073 million, a decrease of 25.1% from $26.827 million in the same period of 2023[11]. - The company incurred interest expense of $2.625 million for the three months ended September 30, 2024, compared to $2.239 million in the same period of 2023[11]. - The company’s cash paid for interest was $6,937 thousand for the nine months ended September 30, 2024, compared to $5,678 thousand in the same period of 2023[16]. - The company recorded an impairment charge of $2,971 during the nine months ended September 30, 2024, including $2,069 for right-of-use assets and $902 for property and equipment[121]. Revenue Breakdown - Product revenue for the three months ended September 30, 2024, was $12.298 million, down from $18.048 million in the same period of 2023, reflecting a decrease of about 32.5%[41]. - Service and other revenue for the three months ended September 30, 2024, was $6.516 million, compared to $7.167 million in the same period of 2023, indicating a decline of approximately 9.1%[41]. - North America accounted for 56% of total revenue in Q3 2024, down from 65% in Q3 2023, while APAC and EMEA contributed 16% and 28%, respectively[116]. Stock and Equity - The company reported a weighted-average shares outstanding of 49,503,272 for the three months ended September 30, 2024[11]. - As of September 30, 2024, a total of 49,522,728 shares of common stock were issued and outstanding, an increase from 49,117,738 shares as of December 31, 2023, representing a growth of approximately 0.83%[93]. - Stock options granted during the nine months ended September 30, 2024, totaled 1,202,217 shares at a weighted average fair value of $2.80 per share, compared to 1,518,154 shares at a weighted average fair value of $4.91 per share in the same period of 2023[103]. Strategic Initiatives - The company acquired the commercial Quantitative Pathology Solutions division from Perkin Elmer, now known as Revvity, to enhance its offerings in high parameter tissue analysis[18]. - The company entered into a Companion Diagnostic Agreement with Acrivon Therapeutics, which could yield total development milestone payments of up to $17.850 million[37]. - The Company completed a follow-on public offering of common stock in June 2023, which is part of its strategy to raise additional capital[23]. Operational Changes - The company initiated a workforce reduction in January 2024, recording $1,257 in charges related to this initiative during Q1 2024[130]. - A subsequent workforce reduction in July 2024 resulted in charges of $1,690 during Q3 2024, with $19 remaining unpaid as of September 30, 2024[132]. - The company signed a thirty-five month sublease agreement in June 2024 for a portion of its leased facility in Menlo Park, California, receiving a security deposit of $40[122]. Accounting and Compliance - The Company is evaluating the impact of recently issued accounting standards on its Consolidated Financial Statements[55]. - The Company has established guidelines to control credit risk through credit approvals and monitoring procedures[58]. - The Company’s debt financing is subject to minimum financial covenants, and there is uncertainty regarding compliance with these covenants over the next twelve months[24].

Financial Performance - For Q3 2024, revenue was $18.8 million, a 25% year-over-year decrease from $25.2 million in Q3 2023[3] - Gross margin for Q3 2024 improved to 62.3%, up from 60.6% in Q3 2023[3] - Operating expenses for Q3 2024 were $20.1 million, a 25% year-over-year improvement from $26.8 million in Q3 2023[3] - Loss from operations for Q3 2024 was $8.3 million, a 28% year-over-year improvement from $11.6 million in Q3 2023[3] - Total revenue for Q3 2024 was $18,814, a decrease of 25.5% compared to $25,215 in Q3 2023[15] - Product revenue for Q3 2024 was $12,298, down 32.1% from $18,048 in Q3 2023[15] - Gross profit for Q3 2024 was $11,724, representing a gross margin of 62%, compared to $15,276 and 61% in Q3 2023[16][17] - Operating expenses for Q3 2024 totaled $20,073, a decrease of 25.2% from $26,827 in Q3 2023[18] - Loss from operations for Q3 2024 was $8,349, an improvement from a loss of $11,551 in Q3 2023[19] - Net loss for Q3 2024 was $10,533, compared to a net loss of $12,916 in Q3 2023[15] - Non-GAAP loss from operations for Q3 2024 was $6,659, compared to $11,551 in Q3 2023[19] - YTD 2024 revenue was $60.3 million, a 14% decrease compared to $70.1 million in the prior year period[6] - YTD 2024 loss from operations was $41.0 million, compared to $48.2 million in the prior year period[6] - Total revenue for the nine months ended September 30, 2024, was $60,328, down 14.0% from $70,146 in the same period of 2023[16] Cash and Securities - Cash, cash equivalents, and marketable securities totaled $39.3 million as of September 30, 2024[3] Future Outlook - Full year 2024 revenue is now expected to be in the range of $80 million to $85 million, down from a prior range of $96 million to $104 million[7] Operational Metrics - The installed instrument base increased by 15% year-over-year to 1,299 units as of September 30, 2024[4] - Total publications citing Akoya's technology rose by 47% year-over-year to 1,578 as of September 30, 2024[4] Research and Development - Research and development expenses for Q3 2024 were $4,474, down from $6,314 in Q3 2023[15] Share Information - The weighted-average shares outstanding for Q3 2024 were 49,503,272, compared to 48,975,432 in Q3 2023[15]

Core Viewpoint - Akoya Biosciences reported third-quarter results that fell below expectations due to ongoing capital equipment purchase constraints in the life science tools market, but remains optimistic about long-term growth prospects [2] Financial Results - Revenue for Q3 2024 was $18.8 million, a 25% decrease from $25.2 million in Q3 2023 [3] - Gross margin improved to 62.3% in Q3 2024 from 60.6% in Q3 2023 [3] - Operating expenses decreased by 25% year-over-year to $20.1 million from $26.8 million in Q3 2023 [3] - Loss from operations was $8.3 million, a 28% improvement from $11.6 million in Q3 2023 [3] - Cash, cash equivalents, and marketable securities totaled $39.3 million as of September 30, 2024 [3] Business Updates - The installed instrument base increased by 15% year-over-year to 1,299 units [4] - Publications citing Akoya's technology rose by 47% to 1,578 compared to 1,070 in the prior year [4] - New product offerings were announced at the Society for Immunotherapy of Cancer Conference, including the PhenoCode™ Discovery IO60 Panel and a new mouse FFPE IO panel [4] - Akoya's platforms were selected for the UK-wide MANIFEST program, a multi-million-dollar initiative focused on cancer immunotherapy [4] - Scott Mendel was appointed as Chairman of the Board of Directors [4] Year-to-Date Financial Results - Year-to-date revenue for 2024 was $60.3 million, down from $70.1 million in the prior year, representing a 14% decrease [5] - Reported gross margin for YTD 2024 was 55.5%, with a non-GAAP adjusted gross margin of 58.9% [5] - YTD operating expenses were $74.5 million, with non-GAAP operating expenses at $68.4 million [6] - Loss from operations for YTD 2024 was $41.0 million, with a non-GAAP loss of $32.9 million [6] Financial Outlook - Akoya expects full-year 2024 revenue to be in the range of $80 million to $85 million, down from a previous estimate of $96 million to $104 million [7]

MARLBOROUGH, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company®, today announced that it will release financial results for the third quarter of 2024 after the market closes on Thursday, November 14, 2024. Company management will host a conference call to discuss financial results at 5:00 p.m. ET. Investors interested in listening to the conference call are required to register online. It is recommended to register at least a day in advanc ...

Consortium includes top universities, hospitals and industry partners, led by the Francis Crick Institute and The Royal Marsden NHS Foundation Trust Akoya's platforms will be used for deep spatial proteomic profiling of thousands of tissue samples from cancer patients to identify biomarkers predicting treatment success MARLBOROUGH, Mass., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company®, today announced that the company's PhenoCycler® Fusion an ...

MARLBOROUGH, Mass., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), the Spatial Biology Company®, today announced Scott Mendel has been appointed as Chairman of its Board, effective October 2, 2024. Mr. Mendel succeeds Robert Shepler, founding Chairman, who will remain on Akoya's board. Mr. Mendel has served as a member of Akoya's board of directors since June 2021 and has over 30 years of financial and operational management experience. "I am thrilled to continue working ...

Akoya Biosciences, Inc. (NASDAQ:AKYA) Q2 2024 Earnings Conference Call August 5, 2024 5:00 PM ET Corporate Participants Priyam Shah - Head, Investor Relations Brian McKelligon - Chief Executive Officer Johnny Ek - Chief Financial Officer Conference Call Participants William Bonello - Craig-Hallum Kyle Mikson - Canaccord Tejas Savant - Morgan Stanley David Westenberg - Piper Sandler Rachel Vatnsdal - JPMorgan Ricki Levitus - Guggenheim Vivian Bais - BTIG Tim Cheung - Capital One Mason Carrico - Stephens Oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-40344 Akoya Biosciences, Inc. (Exact name of registrant as specified in its charter) Dela ...

● For the second quarter of 2024, revenue was $23.2 million, a 26.2% quarter- over-quarter increase from $18.4 million in the first quarter and 1.5% year-over- year decrease from $23.5 million in the second quarter of 2023. o Instruments, consumables and services all contributed to sequential growth. Instrument revenue was $8.3 million, a 70.4% quarter-over- quarter increase. Reagent revenue was $7.4 million, a 5.6% quarter- over-quarter increase. Service and other revenue was $7.2 million, a 16.6% quarter- ...

Group 1 - Akoya Biosciences, Inc. will release its financial results for Q2 2024 on August 5, 2024, after market close [1] - A conference call to discuss the financial results will be held at 5:00 p.m. ET on the same day [1] - Investors must register online to listen to the conference call, with a recommendation to register at least a day in advance [1] Group 2 - Akoya will participate in two upcoming investor conferences: Canaccord Genuity 44th Annual Growth Conference on August 13, 2024, and Morgan Stanley 22nd Annual Global Healthcare Conference on September 6, 2024 [1] - Live and archived webcasts of these events will be available on the Akoya website [1] Group 3 - Akoya Biosciences focuses on spatial phenotyping to enhance understanding of biology and human health [2] - The company provides comprehensive single-cell imaging solutions, including PhenoCode™ Panels, PhenoCycler®, PhenoImager® Fusion, and PhenoImager HT Instruments [2] - Akoya aims to meet the diverse needs of researchers across discovery, translational, and clinical research [2]