Core Insights - Akoya Biosciences has launched a new assay aimed at enhancing antibody-drug conjugate (ADC) development for breast cancer, which will be showcased at the AACR 2025 Annual Meeting [1][2] - The new multiplex immunofluorescence (mIF) panel is designed to improve patient selection in breast cancer treatment, particularly with the rise of HER2- and TROP2-targeting ADCs [2][3] - The PhenoCode Discovery IO60 panel, which provides real-world data, demonstrates its effectiveness in immuno-oncology research, particularly in quantifying protein expression and analyzing biomarker efficacy [4][6] Company Developments - The ADC-focused panel includes key targets such as HER2, TROP2, Ki-67, and ER/PR, allowing for detailed analysis of ADC target expression and localization [3] - Akoya's Advanced Biopharma Services (ABS) offers comprehensive support for assay customization, imaging, and analysis, facilitating the transition from discovery to clinical application [3][4] - The company emphasizes the importance of spatial biology in translational research, aiming to provide tools that reflect the complexity of tumor microenvironments [3][6] Industry Impact - The introduction of the new ADC assay and the IO60 panel is expected to significantly influence therapeutic decision-making in breast cancer treatment [2][4] - The ability to identify specific patient cohorts, such as HER2-low and TROP2-high patients, is critical for enhancing the efficacy of ADC therapies [4] - Akoya's innovations are positioned to advance the field of spatial biology, providing researchers with the necessary tools to achieve patient-relevant outcomes [6][8]

Core Insights - Akoya Biosciences and Enable Medicine have announced a collaboration to create the largest commercially available single-cell spatial proteomics atlas, which includes over 100 million single cells from more than 8,500 samples across 15+ cancer types [1][2][3] Group 1: Enable Pan-Cancer Atlas Features - The Enable Atlas is a multi-modal dataset built using Akoya's PhenoCycler-Fusion platform, featuring the PhenoCode™ Discovery IO60 panel as foundational data [2] - It includes rich cellular features with up to 60 protein biomarkers, H&E images, spatial transcriptomics measurements, and comprehensive clinical metadata [2][5] - The dataset is curated, standardized, and commercially licensable, providing immediate value to biopharma researchers and AI model developers [3][5] Group 2: Benefits for Biopharma and Research - The Enable Atlas allows biopharma customers to generate new hypotheses, increase statistical power, and identify novel cellular phenotypes at an unprecedented scale [4] - It is designed for discovery and offers unmatched scale and depth with over 100 million spatially profiled single cells [8] - The dataset's analytical capabilities enable biomarker discovery, comparative analysis, and statistical validation in both discovery and translational research [5][6] Group 3: Upcoming Showcase - The Enable Atlas will be showcased at the American Association for Cancer Research (AACR) Annual Meeting, providing attendees with a first look at this new spatial proteomics resource [8][9] - A live demonstration will be available during the event, with team members present to discuss applications in translational research, biomarker discovery, and drug development [9]

Core Insights - Akoya Biosciences has announced a collaboration with the Singapore Translational Cancer Consortium (STCC) for the SUPER study, which aims to identify and validate biomarkers predicting responses to immune checkpoint inhibitors [1][2][6] - The study will focus on a unique cohort of 200 patients, including 100 exceptional responders and 100 hyper-progressors, to uncover biological determinants of treatment outcomes [2][5] Study Objectives - Identify and validate the assay combination and biomarker profile that best predicts response or refractoriness to PD1/PDL1 inhibition [7] - Develop a combinatorial assay kit/model for predicting PD1/PDL1 treatment response for clinical applications [7] - Establish a national biomarker discovery program for extreme responders to cancer treatment [7] Collaboration Details - The SUPER study will utilize Akoya's IO60 panel for spatial proteomic analysis, enhancing biomarker-driven cancer treatment [1][5] - The collaboration aims to integrate spatial approaches with DNA/RNA sequencing to identify predictors of response to immunotherapy [5][6] - The study is a multi-institutional effort involving several key healthcare and research institutions in Singapore [6][10] Industry Impact - The findings from the SUPER study could significantly influence future cancer immunotherapy strategies and healthcare cost optimization [5][6] - By bridging spatial proteomics with clinical insights, the initiative has the potential to shape the future of precision oncology [6]

Core Insights - Akoya Biosciences has announced a collaboration with the Singapore Translational Cancer Consortium (STCC) for the SUPER study, aimed at identifying biomarkers for immune checkpoint inhibitor responses [1][2] - The study will focus on a unique cohort of 200 patients, including 100 exceptional responders and 100 hyperprogressors, to understand the biological determinants of treatment outcomes [2][4] - The collaboration will utilize Akoya's IO60 panel for spatial proteomic analysis, enhancing biomarker-driven cancer treatment [5][7] Study Objectives - Identify and validate the assay combination and biomarker profile that best predicts response or refractoriness to PD1/PDL1 inhibition [8] - Develop a combinatorial assay kit/model for predicting PD1/PDL1 treatment response for clinical applications [8] - Establish a national biomarker discovery program for extreme responders to cancer treatment [8] Collaboration Significance - The SUPER study represents a national effort to redefine immunotherapy strategies in Singapore, integrating public healthcare and research institutions [4][7] - The partnership aims to bridge spatial proteomics with clinical insights, potentially shaping the future of precision oncology [7] - Akoya's IO60 panel will provide critical insights into the tumor microenvironment, which could lead to more effective cancer treatments and healthcare cost optimization [5][6]

Financial Data and Key Metrics Changes - Quanterix reported revenue of $35.2 million for Q4 2024, an 11% increase year-over-year [10][28] - Non-GAAP gross margin improved to 57.7%, up 300 basis points from the previous year [11][31] - Cash usage declined by 31% to $4.4 million in Q4 2024 [11] Business Line Data and Key Metrics Changes - Accelerator lab revenue reached $8.6 million, a 22% increase driven by clinical trial testing services [29] - Consumable revenue remained flat at $17.4 million as customers transitioned to Advantage PLUS assays [29] - Instrument revenue decreased by 7% to $3.1 million but increased by 29% sequentially [30] Market Data and Key Metrics Changes - North America led revenue growth with a 17% increase, while Europe grew by 11% and Asia-Pacific declined by 6% for the full year [35] - The customer mix for the year was approximately 54% pharma and 46% academia [34] Company Strategy and Development Direction - The company aims to grow its leadership in neurology and expand into immunology and oncology markets through the Simoa ONE platform and the acquisition of Akoya Biosciences [15][20] - Quanterix plans to build a global diagnostic testing infrastructure for Alzheimer's disease, having added 12 partners to its network [17][18] - The company expects to achieve $40 million in operating synergies from the Akoya acquisition by 2026 [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Accelerator business despite market volatility, citing a strong pipeline and diverse customer base [26][52] - The company anticipates a revenue range of $140 million to $146 million for 2025, reflecting a growth of 2% to 6% [40] - Management noted that 20% to 25% of annual revenues are tied to U.S. academic customers, which are expected to decline by 10% in 2025 [41] Other Important Information - The company ended Q4 2024 with $291.7 million in cash and equivalents [36] - Adjusted EBITDA was negative $23.6 million in 2024, compared to negative $19 million in 2023 [38] Q&A Session Summary Question: Impact of NIH academic government on revenue - Management acknowledged the pressure from NIH and indicated that the academic market is experiencing paralysis, affecting decision-making and spending [58][76] Question: Confidence in second half recovery - Management expressed confidence in the Accelerator business, citing a strong pipeline and expected larger projects to materialize in the second half of the year [52][75] Question: Details on validation phase with hospitals - Management confirmed that 10 hospitals are in the validation phase, with some actively in contract negotiations [54] Question: Concerns about the Akoya merger - Management emphasized the long-term value of the Akoya merger, focusing on recurring revenues and synergies [60][82] Question: Revenue guidance and academic market assumptions - Management indicated that the guidance incorporates expected declines in the academic market and potential upside if funding improves [77][88] Question: Simoa ONE launch impact - Management expects the Simoa ONE platform to launch at the end of 2025, expanding the addressable market in immunology and oncology [67][70] Question: Growth expectations outside the U.S. - Management anticipates low double-digit to high single-digit growth outside the U.S., aligned with overall expectations for 2024 [103]

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]

Revenue Performance - Revenue for Q4 2024 was $21.3 million, a decrease of 19.4% compared to $26.5 million in Q4 2023, primarily due to a decline in instrument revenue[5] - Full year 2024 revenue was $81.7 million, down 15.5% from $96.6 million in 2023[10] - Total revenue for Q4 2024 was $21,344 million, a decrease of 19.3% compared to $26,487 million in Q4 2023[23] - Product revenue decreased to $12,663 million in Q4 2024 from $16,691 million in Q4 2023, representing a decline of 24.3%[23] Gross Margin and Profitability - Gross margin improved to 67.4% in Q4 2024 from 62.7% in the prior year, driven by operational efficiency and product mix[5] - Gross profit for the year ended December 31, 2024, was $47,878 million, down 15.0% from $56,305 million in 2023[23] - Non-GAAP adjusted gross margin for Q4 2024 was 67%, consistent with 63% in Q4 2023[24] - The company reported a gross margin of 59% for the year ended December 31, 2024, compared to 58% in 2023[24] Operating Expenses - Operating expenses decreased by 22.9% to $20.1 million in Q4 2024 from $26.1 million in Q4 2023, reflecting realized operating leverage and efficiencies[5] - Operating expenses for Q4 2024 were $20,101 million, a reduction of 22.9% compared to $26,059 million in Q4 2023[25] Net Loss and Financial Health - Net loss for Q4 2024 was $8,199 million, compared to a net loss of $10,802 million in Q4 2023, showing an improvement of 24.2%[23] - Non-GAAP loss from operations for the year ended December 31, 2024, was $38,627 million, an improvement from $57,668 million in 2023[26] - Interest expense for the year ended December 31, 2024, was $10,429 million, up from $8,761 million in 2023[23] Instrument and Technology Developments - The installed base of instruments increased by 12.4% to 1,330 as of December 31, 2024, compared to 1,183 in the prior year[10] - Total publications citing Akoya's technology rose by 49.4% to 1,733 as of December 31, 2024, up from 1,160 in the prior year[10] - Akoya announced a pending acquisition by Quanterix Corporation, which would create an integrated solution for ultra-sensitive detection of biomarkers[5] - A strategic product roadmap was announced, including the upcoming launch of neurobiology panels to enhance leadership in spatial proteomics[5] - Nature Methods recognized spatial proteomics as "Method of the Year 2024," reaffirming Akoya's leadership in the field[5] Shareholder Information - Weighted-average shares outstanding increased to 49,560,227 in Q4 2024 from 49,089,712 in Q4 2023[23]

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $18.8 million, a 25% year-over-year decrease compared to the prior year period [16][40] - Full year revenue is now expected to be in the range of $80 million to $85 million, down from a previous range of $96 million to $104 million [11][47] - Gross margin improved to 62.3%, up from 60.6% in the prior year period, attributed to operational efficiencies [19][43] - Loss from operations was $8.3 million, a 28% improvement over the $11.6 million loss in the prior year period [20][44] Business Line Data and Key Metrics Changes - Instrument revenue totaled $5.7 million, a 53% year-over-year decrease, with 35 instruments placed in Q3 [17][40] - Reagent revenue was $6.3 million, an 11% increase year-over-year [18][41] - Services and other revenue totaled $6.5 million, a 10% decrease year-over-year [18][42] Market Data and Key Metrics Changes - The total installed base increased to 1,299 instruments, a 15% increase over the prior year [18] - The company continues to lead in publication volume, with 1,578 publications citing its platform technologies, a 47% increase from the prior year [21] Company Strategy and Development Direction - The company is focused on advancing its companion diagnostic pipeline, which is expected to contribute significantly to growth [13] - Akoya aims to be the preferred platform in the spatial biology market, supporting a return to top-line growth in 2025 and beyond [16] - The company is actively evaluating a range of strategic alternatives for sustainable growth and profitability [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth despite current challenges in customer spending and capital equipment funding [10][11] - The company is addressing temporary challenges through organizational restructuring and operational efficiencies [10][12] - Management noted that the macro environment is the primary driver of current volatility, rather than competition [64] Other Important Information - The company has introduced several new reagent product offerings, including the PhenoCode IO60 panel and a 24-plex mouse panel [27][30] - A significant multi-institutional study, MANIFEST, was announced, utilizing Akoya's platforms for cancer immunotherapy research [22][24] Q&A Session Summary Question: Can you provide cash burn expectations for the next several quarters? - Cash burn for Q3 was in the $8 million to $9 million range, expected to decrease in Q4 due to margin expansion and operational cost reductions [51][52] Question: What are the implications of the upcoming principal payments? - The interest-only period has been extended to March 2026, allowing more time before principal payments begin [54] Question: Can you discuss the confidence in reaccelerating top-line growth next year? - Confidence is based on recent reagent introductions and a robust clinical trial pipeline expected to contribute meaningfully to revenue [60][61] Question: What are the dynamics affecting the sales cycle? - The sales cycle has lengthened by about 35%, primarily due to funding availability rather than competition [82][84] Question: Are there competitive pressures affecting the business? - The company is competing for research dollars in shared services and core labs, with meaningful weakness observed in this area [119]

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]