Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $43.9 million, representing a 25% increase year-over-year and a 7% sequential increase [11] - Organic revenue declined by 22% [11] - Adjusted EBITDA loss was $7.9 million, an improvement of $4 million from a loss of $11.9 million in Q3 [16] - Cash equivalents, marketable securities, and restricted cash at the end of the quarter totaled $122 million [16] Business Line Data and Key Metrics Changes - Simoa contributed $27 million, reflecting a 22% organic revenue decline [11] - Spatial reported $17 million, down 23% year-over-year, with a 16% decline when excluding a terminated diagnostics development agreement [11] - Instrument revenue was $6.1 million, with 21 Simoa and 17 Spatial instruments placed in the quarter [12] - Consumables revenue was $23 million, up $3.8 million sequentially [12] Market Data and Key Metrics Changes - Academic customers represented approximately 55% of the business in Q4 [12] - Pharma revenue declined by 21% year-over-year due to lower large Accelerator projects [13] - Diagnostics partnerships generated $9.6 million in revenue during 2025, up from $6 million in the prior year [13] Company Strategy and Development Direction - The company aims to achieve break-even profitability in 2026, with a focus on operational rigor and steady growth [8][16] - The strategy includes expanding the diagnostics market, particularly in Alzheimer's disease, leveraging its ultrasensitive platforms [8] - The company has completed major integration activities and is focusing on profitable growth [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the base business and the plan for break-even profitability [19] - The company is focused on generating clinical utility data for the LucentAD Complete test to support payer conversations [14][34] - The FDA submission for the LucentAD test is expected to take 6 to 9 months, with anticipated approval by Q4 2026 [38] Other Important Information - The company launched 13 new assays in 2025 and plans for a continuous stream of assay launches throughout 2026 [27] - The terminated diagnostics development agreement had a minimal impact on the core business for 2026 [18] Q&A Session Summary Question: Assessment of Quanterix's core high sensitivity proteomics and Spatial Biology businesses - Management is assessing the diversified strategy and is pleased with the increased diversification in the Spatial business post-Akoya acquisition [23][24] Question: New assay or product launches planned for 2026 - The company expects a regular cadence of assay launches every quarter, with several already in the pipeline for Q1 [27] Question: Prioritization of diagnostics versus Simoa proteomics versus Spatial business - Management is excited about the diagnostics opportunity, particularly in Alzheimer's, and is focusing on payer engagement and reimbursement strategies [34] Question: Update on FDA submission and potential timeline - The FDA approval for the LucentAD test is expected within 6 to 9 months, with a focus on establishing a good payer strategy [38]