Akoya's technology to generate data for a first-of-its-kind Biobank and Data Repository for Cancer Equity Research, funded through the Cancer Grand Challenges initiative The unprecedented scale of the initiative requires the high plex and high throughput of Akoya's PhenoCycler-Fusion platform to process thousands of patients' samples MARLBOROUGH, Mass., April 02, 2025 (GLOBE NEWSWIRE) -- Akoya Biosciences, Inc., (NASDAQ:AKYA), The Spatial Biology Company®, and SAMBAI, a team funded through the Cancer Grand ...

Akoya Biosciences (AKYA) came out with a quarterly loss of $0.17 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to loss of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -13.33%. A quarter ago, it was expected that this tissue analysis provider would post a loss of $0.19 per share when it actually produced a loss of $0.18, delivering a surprise of 5.26%.Over the last four quarters, the c ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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) Delaw ...

Exhibit 99.1 Akoya Reports Fourth Quarter of 2024 and Full Year Financial Results Financial Highlights In light of the pending acquisition by Quanterix Corporation, Akoya will not be hosting an earnings conference call or providing forward guidance at this time. Non-GAAP Financial Measures March 17, 2025 MARLBOROUGH, Mass.— Akoya Biosciences, Inc. (Nasdaq: AKYA) ("Akoya"), The Spatial Biology Company®, today announced its financial results for the fourth quarter and full year ending December 31, 2024. "Akoy ...

Core Insights - Akoya Biosciences faced a challenging 2024 in the life science tools market but managed to strengthen gross margins, reduce operating expenses, and advance companion diagnostics programs, maintaining optimism for long-term growth in spatial biology solutions [2] Financial Highlights - Fourth quarter 2024 revenue was $21.3 million, a decrease of 19.4% from $26.5 million in the prior year, primarily due to a decline in instrument revenue [6] - Gross margin improved to 67.4% in Q4 2024 from 62.7% in the prior year, driven by operational efficiency and product mix [6] - Operating expenses decreased by 22.9% to $20.1 million in Q4 2024 from $26.1 million in the prior year [6] - The operating loss for Q4 2024 was $5.7 million, an improvement of 39.5% compared to a loss of $9.4 million in the prior year [6] - Full year 2024 revenue was $81.7 million, down 15.5% from $96.6 million in the previous year [6] - Full year 2024 gross margin was reported at 58.6%, with a non-GAAP adjusted gross margin of 61.1% [6] - Full year 2024 operating expenses totaled $94.6 million, with non-GAAP operating expenses at $88.6 million [6] - The loss from operations for the full year 2024 was $46.7 million, with a non-GAAP loss from operations of $38.6 million [6] Business Highlights - The installed base of instruments increased to 1,330 as of December 31, 2024, up 12.4% from 1,183 in the prior year [6] - Akoya achieved 1,733 total publications citing its technology, a 49.4% increase from 1,160 in the previous year [6] - The company launched a Manufacturing Center of Excellence to enhance gross margins and expanded its content menu into new markets such as neurobiology [2]

Core Insights - Akoya Biosciences is expanding its product offerings with new ultrahigh-plex neurobiology panels for human and mouse applications, building on the success of the Human IO60 and Mouse FFPE IO panels [1][2] - The new panels aim to provide comprehensive spatial insights in neuroscience research, particularly in understanding neurodegenerative diseases and therapeutic development [2][6] - The company emphasizes its leadership in spatial biology and aims to capture a growing market segment through these innovations [1][4] Product Features - The Human Neurobiology Panel includes a wide range of biomarkers to study neurodegenerative diseases, neuroinflammation, and therapeutic targets, making it essential for neuroscience research [6] - The Mouse Neurobiology Panel is optimized for preclinical studies, offering deep biomarker insights to support disease modeling and translational applications [6] - Both panels are fully integrated with the PhenoCycler-Fusion platform, enhancing speed and resolution in spatial proteomics [6] Market Impact - The PhenoCode™ Discovery IO60 panel has been well-received by key opinion leaders and contract research organizations for its ability to provide deep insights into immune landscapes [2][5] - Strategic partnerships with leading CROs have facilitated the adoption of the IO60 panel, making advanced spatial proteomics more accessible to researchers [5] - The expansion of the product menu is attributed to the efficiency of Akoya's Manufacturing Center of Excellence, which supports the company's growth in various market segments [4]

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]

Akoya Biosciences (AKYA) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.19. This compares to loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5.26%. A quarter ago, it was expected that this tissue analysis provider would post a loss of $0.27 per share when it actually produced a loss of $0.27, delivering no surprise. Over the last four quarters, the company h ...

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]