Akoya Biosciences(US:AKYA)2025-05-12 23:43Revenue Performance - Total revenue for Q1 2025 was $16,639,000, a decrease of 9.3% compared to $18,350,000 in Q1 2024[17]. - Product revenue was $12,032,000, slightly down from $12,140,000 in the same period last year[17]. - Service and other revenue decreased by 25.8% to $4,607,000 from $6,210,000 year-over-year[17]. - Revenue for the three months ended March 31, 2025, was $16,639,000, a decrease of 9.3% from $18,350,000 in the same period of 2024[145]. - North America accounted for 61% of total revenue in Q1 2025, up from 55% in Q1 2024, indicating a stronger market presence[146]. Profitability and Losses - Net loss for Q1 2025 was $15,652,000, compared to a net loss of $23,484,000 in Q1 2024, representing a 33.5% improvement[17]. - For the three months ended March 31, 2025, Akoya Biosciences reported a net loss of $15,652,000, an improvement from a net loss of $23,484,000 in the same period of 2024, representing a 33% reduction in losses[23]. - The net loss for the three months ended March 31, 2025, was $15,652,000, significantly improved from a net loss of $23,484,000 in 2024, representing a 33.5% reduction[145]. Cash Flow and Liquidity - Cash and cash equivalents increased to $20,357,000 from $11,779,000, indicating improved liquidity[14]. - The company used $7,214,000 in cash from operations during the three months ended March 31, 2025, compared to $20,824,000 in the same period of 2024, indicating a significant decrease in cash used[23]. - Cash, cash equivalents, and marketable securities totaled $27,544,000 as of March 31, 2025, with an accumulated deficit of $301,088,000[32]. Operating Expenses - Total operating expenses decreased to $23,283,000 from $29,964,000, a reduction of 22.4%[17]. - Operating expenses for compensation and benefits decreased to $9,833,000 from $15,013,000, a decline of 34.1%[145]. - Total lease costs for the three months ended March 31, 2025, were $665,000, down from $982,000 in the same period of 2024, reflecting cost-saving measures[155]. Assets and Liabilities - Total assets decreased to $112,649,000 from $125,005,000, reflecting a reduction in marketable securities[14]. - Current liabilities surged to $108,082,000 from $29,444,000, primarily due to the current portion of long-term debt[14]. - Stockholders' equity showed a deficit of $5,889,000 as of March 31, 2025, compared to a positive equity of $7,595,000 at the end of 2024[14]. - Total debt, net as of March 31, 2025, was $76,487,000, slightly up from $76,182,000 as of December 31, 2024[123]. Strategic Initiatives - Akoya is in the process of a merger with Quanterix Corporation, with the merger agreement stipulating an exchange ratio of 0.1461 shares of Quanterix common stock for each share of Akoya common stock[35][36]. - The merger agreement includes a cash consideration of $0.38 per share, totaling up to $20,000,000 in cash to be paid by Quanterix[37][38]. - The company completed a follow-on public offering in June 2023, which is part of its strategy to raise additional capital[32]. Accounting and Financial Reporting - The Company follows ASC 606 for revenue recognition, ensuring revenue is recognized when control of goods or services is transferred to customers[52][53]. - The Company recorded contract assets of $1,831 as of March 31, 2025, compared to $4,023 and $1,276 for December 31, 2024, and December 31, 2023, respectively[72]. - As of March 31, 2025, the Company recorded contract liabilities of $10,740, which includes $6,518 in deferred revenue and $1,440 in accrued expenses[73]. Research and Development - Research and development expenses with Argonaut Manufacturing Services Inc. were approximately $127,000 in Q1 2025, compared to $1,673,000 in Q1 2024, showing a significant decrease[148]. Stock and Compensation - The company recorded stock-based compensation expenses totaling $2,246,000 for the three months ended March 31, 2025, down from $2,566,000 in the same period of 2024[133]. - The company granted 93,092 restricted stock units (RSUs) during the three months ended March 31, 2025, with a weighted average fair value of $2.14 per share, compared to 1,025,951 RSUs at a weighted average fair value of $5.34 per share in 2024[132].