Akoya Biosciences, Inc. reported total revenue of $81.7 million for the year ended December 31, 2024, a 15% decrease compared to the $96.6 million reported in 2023. The decrease in revenue was primarily attributed to a 21% decline in product revenue, driven by a decrease in instrument sales (147 placements in 2024 versus 249 in 2023), partially offset by a 4.1 million increase in consumable revenue due to a larger installed base of 1,330 instruments at the end of 2024 compared to 1,183 at the end of 2023. Service and other revenue also decreased slightly by 2% to $28.6 million. The company incurred net losses of $55.4 million in 2024, a slight improvement compared to the $63.3 million net loss in 2023.
Significant changes in operating expenses contributed to the improved net loss. Selling, general, and administrative expenses decreased by 21% to $69.3 million, primarily due to workforce reductions and decreased professional fees. Research and development expenses also decreased by 21% to $19.7 million, again largely due to personnel reductions. Offsetting these improvements were a $3.0 million impairment charge related to the closure of a California facility and a $3.1 million restructuring charge associated with workforce reductions.
During 2024, Akoya launched the PhenoCycler-Fusion 2.0 system, which increased slide capacity and introduced multi-omic capabilities. The company also launched several new PhenoCode panels and reagents, expanding its product offerings. As of December 31, 2024, Akoya had 1,330 instruments installed globally, representing a 12% increase from 2023. The number of peer-reviewed publications featuring Akoya's technology also increased significantly, reaching 1,733, a 49% increase over 2023. The company's employee headcount was 205 as of December 31, 2024.
Akoya highlighted several key partnerships, including collaborations with AstraZeneca to advance spatial biomarker signatures, Thermo Fisher Scientific for multi-omic workflows, and Acrivon Therapeutics for a companion diagnostic. The company also emphasized its Advanced Biopharma Solutions (ABS) lab, a CLIA-certified facility supporting clinical trials. Akoya's growth strategy focuses on leveraging sales and marketing efforts, investing in new applications and workflow improvements, forming software partnerships, and investing in clinical developments to demonstrate the validity of its platform.
On January 9, 2025, Akoya entered into a merger agreement with Quanterix Corporation. The merger is expected to close in the second quarter of 2025, subject to customary closing conditions, including stockholder approvals. Upon completion, Quanterix stockholders will own approximately 70% of the combined company, while Akoya stockholders will own approximately 30%. The company acknowledged substantial doubt about its ability to continue as a going concern for the next twelve months, contingent upon the successful completion of the merger.
About Akoya Biosciences, Inc.
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