Akoya Biosciences(AKYA) - 2024 Q4 - Annual Report

Financial Performance - Total revenue for the year ended December 31, 2024, was $81.672 million, a decrease of 15.5% compared to $96.633 million in 2023[550] - Product revenue decreased to $53.027 million in 2024 from $67.410 million in 2023, representing a decline of 21.4%[550] - Net loss for 2024 was $55.365 million, compared to a net loss of $63.323 million in 2023, showing an improvement of 12.4%[550] - The company reported a gross profit of $47.878 million for 2024, down from $56.305 million in 2023, reflecting a decrease of 15.0%[550] - For the year ended December 31, 2024, the net loss was $55,365, an improvement from a net loss of $63,323 in 2023, representing a reduction of approximately 11.5%[557] - The company reported a net loss before income taxes of $55,219 for the year ended December 31, 2024, compared to a net loss of $63,283 in 2023, indicating an improvement of approximately 12.5%[691] - Basic and diluted net loss per common share improved to $(1.12) in 2024 from $(1.43) in 2023[706] Cash and Assets - Cash and cash equivalents decreased significantly from $83.125 million in 2023 to $11.779 million in 2024[548] - Total assets decreased from $180.369 million in 2023 to $125.005 million in 2024, a reduction of 30.6%[548] - Total cash equivalents and marketable securities decreased from $76,844 million in 2023 to $31,385 million in 2024[652] - Cash, cash equivalents, and marketable securities totaled $35,040 as of December 31, 2024, with an accumulated deficit of $285,436[561] - The company’s total intangible assets decreased from $17,412 million in 2023 to $14,559 million in 2024[660] - The company had total deferred tax assets of $64,647 as of December 31, 2024, compared to $53,496 in 2023, representing an increase of approximately 20.9%[692] Liabilities and Expenses - Total liabilities decreased from $126.599 million in 2023 to $117.410 million in 2024, a decline of 7.5%[548] - Operating expenses for 2024 were $94.608 million, down from $113.973 million in 2023, a decrease of 16.9%[550] - The company incurred cash paid for interest of $9,178 in 2024, compared to $7,650 in 2023, indicating a 19.9% increase in interest expenses[557] - Total accrued expenses and other current liabilities decreased from $13,433 million in 2023 to $10,848 million in 2024[662] - Operating expenses for compensation and benefits decreased to $46,779,000 in 2024 from $60,895,000 in 2023, a reduction of 23.2%[709] Revenue Breakdown - Revenue from instruments was $23,829 million in 2024, down from $42,095 million in 2023, a decrease of 43.5%[609] - Consumables revenue increased to $28,258 million in 2024, up from $24,134 million in 2023, reflecting a growth of 17.8%[609] - Service and other revenue totaled $28,645 million in 2024, slightly down from $29,223 million in 2023, a decrease of 2.0%[609] - Revenue recognized from contract liabilities was $7,123 million in 2024 and $9,032 million in 2023[616] - Revenue from North America accounted for 62% of total revenue in 2024, slightly up from 60% in 2023, while APAC revenue decreased to 15% from 17%[710] Inventory and Receivables - The company reported a total inventory of $24,321 as of December 31, 2024, up from $17,877 in 2023, reflecting a 36.0% increase[580] - Accounts receivable balance was $13,779 as of December 31, 2024, net of an allowance for credit losses of $960, which increased from $45 in 2022[576] Capital and Financing - The company completed a follow-on public offering in June 2023, raising additional capital to support operations[561] - The Company received approximately $47,817,000 in net proceeds from the Offering of 10,005,000 shares at a public offering price of $5.00 per share[679] - The Company has not sold any shares of common stock under the ATM program as of December 31, 2024, despite having an aggregate offering price of up to $50,000,000[676] Workforce and Operational Changes - In January 2024, the Company initiated a workforce reduction as part of operating expense cost savings initiatives[731] - The workforce reduction was substantially completed by the end of Q1 2024[731] - During the three months ended March 31, 2024, the Company recorded $1,257 million in charges related to the workforce reduction[732] - The Company also incurred $140 million in employee and equipment relocation costs associated with the exit of its Menlo Park facility[732] Impairment and Asset Evaluation - The Company recorded $902 million in impairment related to property and equipment for the three months ended March 31, 2024[656] - The Company evaluates long-lived assets for impairment and concluded that its long-lived assets were not impaired as of December 31, 2024[591] - Goodwill was tested for impairment and determined to be not impaired as of November 1, 2024[592] Stock and Compensation - The Company granted stock options with an aggregate fair value of $3,451,000 in 2024, down from $7,447,000 in 2023, indicating a decrease of 53.6%[683] - The aggregate intrinsic value of options exercised was $571,000 in 2024, compared to $4,330,000 in 2023, representing a decline of 86.8%[685] - The Company granted Restricted Stock Units (RSUs) with an aggregate fair value of $7,915,000 in 2024, down from $13,057,000 in 2023, reflecting a decrease of 39.5%[686] - Total stock-based compensation for the year ended December 31, 2024, was $9,306, a decrease of 10.8% from $10,437 in 2023[688] Accounting Standards and Compliance - The Company follows ASC 606 for revenue recognition, ensuring revenue is recognized when control of goods or services is transferred to customers[595] - The company adopted ASC 2023-07 on December 31, 2024, enhancing segment disclosures in its financial statements[643] - The company is evaluating the impact of ASC Update No. 2023-09 on its consolidated financial statements, effective after December 15, 2024[644]