Akoya Biosciences, Inc. (NASDAQ:AKYA) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET Company Participants Priyam Shah - Senior Director, Investor Relations Brian McKelligon - Chief Executive Officer Joseph Driscoll - Chief Financial Officer Conference Call Participants Mason Carrico - Stephens Mark Massaro - BTIG Neil Vibhakar - Morgan Stanley Operator Good day and thank you for standing by. Welcome to the Akoya Biosciences Third Quarter 2022 Earnings Conference Call. At this time, all partici ...

Akoya Biosciences, Inc. (NASDAQ:AKYA) Q2 2022 Earnings Conference Call August 8, 2022 5:00 PM ET Company Participants Priyam Shah - Head of IR Brian McKelligon - CEO Joseph Driscoll - CFO Conference Call Participants Neil Vibhakar - Morgan Stanley Kyle Mikson - Canaccord Genuity Mark Massaro - BTIG David Westenberg - Piper Sandler Operator Thank you for standing by, and welcome to the Akoya Biosciences Second Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. Af ...

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, 2022 or ☐ 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) 4 ...

Akoya Biosciences, Inc. (NASDAQ:AKYA) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Priyam Shah - Head of IR Brian McKelligon - CEO Joe Driscoll - CFO Conference Call Participants Dave Westenberg - Piper Sandler Edmund Tu - Morgan Stanley Operator Welcome to the Akoya Biosciences First Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, today's call is being recorded. I would now like to turn the conference over to your host, Mr. Priyam Shah, Head of ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Akoya Biosciences, Inc.'s unaudited consolidated financial statements for Q1 2022 and 2021, including Balance Sheets, Statements of Operations, Cash Flows, and Notes, reflecting the adoption of ASC 842 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $93,938 | $113,079 | | Total current assets | $126,466 | $140,814 | | Total assets | $187,128 | $190,907 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $31,736 | $27,682 | | Long-term debt, net | $32,576 | $32,471 | | Total liabilities | $80,576 | $69,556 | | Total stockholders' equity | $106,552 | $121,351 | | Total liabilities and stockholders' equity | $187,128 | $190,907 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statement of Operations (Unaudited, in thousands) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Total revenue | $16,894 | $12,212 | | Gross profit | $10,096 | $7,405 | | Total operating expenses | $25,650 | $12,806 | | Loss from operations | ($15,554) | ($5,401) | | Net loss | ($16,399) | ($8,082) | | Net loss per share, basic and diluted | ($0.44) | ($3.54) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statement of Cash Flows (Unaudited, in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($17,932) | ($4,404) | | Net cash used in investing activities | ($1,138) | ($907) | | Net cash used in financing activities | ($71) | ($4) | | Net decrease in cash | ($19,141) | ($5,315) | | Cash at end of period | $94,240 | $12,193 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering business description, accounting policies, ASC 842 adoption, debt agreements, stock compensation, and global revenue generation as a single segment - Akoya is a life sciences technology company delivering spatial biology solutions (PhenoCycler™ and PhenoImager™ platforms) to transform discovery and clinical research[16](index=16&type=chunk) - On January 1, 2022, the Company adopted ASC 842, recognizing operating lease right-of-use assets of **$10.4 million** and financing lease right-of-use assets of **$0.7 million** on the balance sheet[35](index=35&type=chunk)[86](index=86&type=chunk) Revenue by Geography (as % of Total Revenue) | Region | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | North America | 55% | 43% | | APAC | 21% | 30% | | EMEA | 24% | 27% | - The company has a **$37.5 million** credit facility with Midcap Financial Trust, with **$32.5 million** drawn as of March 31, 2022, at an interest rate of one-month LIBOR plus 6.35% (with a 1.50% floor) and maturing in October 2025[57](index=57&type=chunk)[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial performance, including a 38% revenue increase, key business metrics, factors affecting performance, and analysis of operations, liquidity, capital resources, and cash flows [Overview and Key Business Metrics](index=27&type=section&id=Overview%20and%20Key%20Business%20Metrics) - The company's strategy focuses on expanding its installed base of PhenoCycler and PhenoImager platforms, a leading indicator of future recurring revenue from consumables and services[104](index=104&type=chunk) - Recurring revenue (consumables and services) grew to **38% of total revenue** in Q1 2022, up from **33% in Q1 2021**, and is expected to become an increasingly important contributor as the installed base expands[107](index=107&type=chunk) Instrument Placements | Period | Placements | | :--- | :--- | | Q1 2022 | 51 | | Q1 2021 | 37 | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Total revenue increased **38% to $16.9 million** in Q1 2022, driven by product and service revenue growth, while operating expenses significantly rose due to increased headcount and public company costs, resulting in a wider operating loss Revenue Comparison (in thousands) | Revenue Type | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Product revenue | $13,343 | $9,963 | $3,380 | 34% | | Service and other revenue | $3,551 | $2,249 | $1,302 | 58% | | **Total revenue** | **$16,894** | **$12,212** | **$4,682** | **38%** | Operating Expense Comparison (in thousands) | Expense Category | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Selling, general and administrative | $18,193 | $8,179 | $10,014 | 122% | | Research and development | $5,714 | $3,192 | $2,522 | 79% | | **Total operating expenses** | **$25,650** | **$12,806** | **$12,844** | **100%** | - Gross margin decreased slightly from **61% in Q1 2021** to **60% in Q1 2022**[128](index=128&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2022, the company held **$93.9 million in cash**, funded operations through equity and debt, and expects sufficient liquidity for 12 months, despite increased cash usage in Q1 2022 - As of March 31, 2022, the company held **$93.9 million** in cash and cash equivalents[140](index=140&type=chunk) - The company completed its IPO in April 2021, receiving net proceeds of **$138.6 million**[141](index=141&type=chunk) Cash Flow Summary (in thousands) | Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($17,932) | ($4,404) | | Net cash used in investing activities | ($1,138) | ($907) | | Net cash used in financing activities | ($71) | ($4) | [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Akoya, as a smaller reporting company, notes exposure to interest rate risk affecting customer financing and debt costs, and foreign currency risk from international expansion, without current hedging arrangements - The company is exposed to interest rate risk, as many customers rely on debt financing to purchase its platforms, though a hypothetical **100 basis point** change would not materially impact Q1 2022 interest expense[149](index=149&type=chunk) - As international presence grows, results may be subject to fluctuations from changes in foreign currency exchange rates, with no hedging arrangements made to date[150](index=150&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[157](index=157&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business, financial condition, or results of operations - The company is not currently a party to or aware of any material legal proceedings[158](index=158&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021 - There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K filed on March 15, 2022[161](index=161&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Not applicable [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) Not applicable [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley Act of 2002 and Inline XBRL documents - Exhibits filed include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act[163](index=163&type=chunk)

Akoya Biosciences, Inc. (NASDAQ:AKYA) Q4 2021 Earnings Conference Call March 14, 2022 5:00 PM ET Company Representatives Brian McKelligon - Chief Executive Officer Joe Driscoll - Chief Financial Officer Priyam Shah - Head of Investor Relations Conference Call Participants Kyle Mikson - Canaccord Genuity Tejas Savant - Morgan Stanley Julia Qin - JP Morgan Dave Westenberg - Piper Sandler Operator Thank you for standing by, and welcome to Akoya Biosciences' Fourth Quarter 2021 Earnings Conference Call. At this ...

Akoya Biosciences, Inc. (NASDAQ:AKYA) Q3 2021 Earnings Conference Call November 8, 2021 5:00 PM ET Company Participants Priyam Shah - IR Brian McKelligon - CEO Joe Driscoll - CFO Conference Call Participants Kyle Mikson - Canaccord Operator Ladies and gentlemen, thank you for standing by and welcome to the Q3 2021 Akoya Biosciences' Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] ...