Akoya Biosciences, Inc. reported significant financial changes in its 10-Q filing for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter decreased by 25% to $18.8 million, down from $25.2 million, while revenue for the nine months fell 14% to $60.3 million from $70.1 million. Product revenue specifically declined by 32% in Q3 to $12.3 million, and by 20% for the nine months to $40.4 million, attributed to a reduction in instrument placements—35 in Q3 2024 compared to 69 in Q3 2023.
Despite the revenue decline, the company managed to reduce its net loss for the third quarter to $10.5 million from $12.9 million in the prior year, and for the nine months, the loss decreased to $47.2 million from $52.5 million. This improvement was supported by a reduction in total operating expenses, which fell by 25% in Q3 to $20.1 million and by 15% for the nine months to $74.5 million, largely due to workforce reductions and decreased personnel-related expenses.
Akoya's cash and cash equivalents saw a significant decline, dropping to $12.6 million as of September 30, 2024, from $83.1 million at the end of 2023. Total current assets also decreased to $76.9 million from $121.8 million. The company reported an accumulated deficit of $277.2 million, up from $230.1 million at the end of 2023.
Strategically, Akoya has focused on enhancing its spatial biology solutions through its PhenoCycler and PhenoImager platforms. The company has also undergone workforce reductions, which were substantially completed by the end of Q1 2024, incurring related charges of $1.7 million. Additionally, Akoya amended its agreement with Acrivon Therapeutics, adding milestone payments totaling $3 million, reflecting its ongoing commitment to developing companion diagnostics.
The company continues to face challenges, including substantial doubt about its ability to continue as a going concern over the next twelve months. It has historically relied on equity financing and debt to fund operations, with a credit facility established with Midcap Financial Trust. As of September 30, 2024, Akoya had approximately $39.3 million in cash, cash equivalents, and marketable securities, indicating a need for careful financial management moving forward.
About Akoya Biosciences, Inc.
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