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Akoya BioSciences Inc. (AKYA+1.21%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $81.7 million for 2024, down from $96.6 million in 2023. Product revenue decreased by 21% to $53.0 million, while service and other revenue decreased by 2% to $28.6 million.
Instrument sales accounted for 45% of product revenue in 2024, compared to 62% in 2023. Consumables revenue increased, reflecting a larger installed base of 1,330 systems as of December 31, 2024.
The company reported a net loss of $55.4 million for 2024, compared to a net loss of $63.3 million in 2023. Operating expenses decreased by 17% to $94.6 million.
Research and development expenses decreased by 21% to $19.7 million, while selling, general, and administrative expenses decreased by 21% to $69.3 million.
Akoya announced a proposed merger with Quanterix Corporation, with the transaction expected to close in the second quarter of 2025, subject to customary conditions.
The company’s cash, cash equivalents, and marketable securities totaled $35.0 million as of December 31, 2024.
Akoya's management has raised substantial doubt about the company's ability to continue as a going concern due to recurring operating losses and cash flow concerns.
The company plans to focus on improving operational results and achieving cash flow positivity through various strategic initiatives.
Akoya continues to invest in research and development to enhance its PhenoCycler and PhenoImager platforms and expand its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akoya BioSciences Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.