Akoya Biosciences, Inc.

CIK:0001711933|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue	$ 16,639	$ 18,350
Cost of goods sold	6,768	9,971
Gross profit	9,871	8,379
Operating expenses:
Selling, general and administrative	17,580	19,863
Research and development	5,557	5,554
Change in fair value of contingent consideration	146	179
Impairment	0	2,971
Restructuring		1,397
Total operating expenses	23,283	29,964
Loss from operations	(13,412)	(21,585)
Other income (expense):
Interest expense	(2,492)	(2,612)
Interest income	313	937
Other expense, net	(13)	(161)
Loss before provision for income taxes	(15,604)	(23,421)
Provision for income taxes	(48)	(63)
Net loss	$ (15,652)	$ (23,484)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.32)	$ (0.48)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.32)	$ (0.48)
Weighted-average shares outstanding, basic (in shares)	49,664,515	49,188,170
Weighted-average shares outstanding, diluted (in shares)	49,664,515	49,188,170
Product
Revenue	$ 12,032	$ 12,140
Cost of goods sold	4,491	6,723
Service and other
Revenue	4,607	6,210
Cost of goods sold	$ 2,277	$ 3,248

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net loss	$ (15,652)	$ (23,484)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,798	2,051
Non-cash interest expense	305	215
Stock-based compensation expense	2,246	2,566
Deferred taxes	11	37
Change in fair value of contingent consideration	146	179
Credit losses on accounts receivable	55	375
Net accretion of marketable securities	(182)	(545)
Operating lease right of use assets	396	728
Provision for excess and obsolete inventories	517	2,298
Impairment	0	2,971
Changes in operating assets and liabilities:
Accounts receivable, net	1,982	3,146
Prepaid expenses and other assets	(471)	4
Inventories, net	995	(7,310)
Accounts payable	1,532	(1,029)
Accrued expenses and other liabilities	(27)	(2,133)
Operating lease liabilities	(548)	(552)
Deferred revenue	(317)	(341)
Net cash used in operating activities	(7,214)	(20,824)
Investing activities
Purchases of property and equipment	(204)	(810)
Purchases of marketable securities	(3,752)	(48,007)
Maturities of marketable securities	20,000
Net cash provided by (used in) investing activities	16,044	(48,817)
Financing activities
Proceeds from stock option exercises	7	36
Settlement of restricted stock units for tax withholding obligations	(77)	(149)
Principal payments on financing leases	(180)	(181)
Payments of deferred offering costs		(150)
Net cash used in financing activities	(250)	(444)
Net increase (decrease) in cash, cash equivalents, and restricted cash	8,580	(70,085)
Cash, cash equivalents, and restricted cash at beginning of period	12,465	83,824
Cash, cash equivalents, and restricted cash at end of period	21,045	13,739
Supplemental disclosures of cash flow information
Cash paid for interest	2,122	2,243
Supplemental disclosures of non-cash activities
Purchases of property and equipment included in accounts payable and accrued expenses	$ 307	$ 84

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 20,357	$ 11,779
Marketable securities	7,187	23,261
Accounts receivable, net	11,742	13,779
Inventories, net	22,853	24,321
Prepaid expenses and other current assets	4,073	3,592
Total current assets	66,212	76,732
Property and equipment, net	6,920	7,203
Restricted cash	688	686
Demo inventory, net	1,119	1,336
Intangible assets, net	13,845	14,559
Goodwill	18,262	18,262
Operating lease right of use assets, net	3,859	4,255
Financing lease right of use assets, net	1,307	1,525
Other assets	437	447
Total assets	112,649	125,005
Current liabilities
Accounts payable	10,291	8,759
Accrued expenses and other current liabilities	11,572	10,848
Current portion of operating lease liabilities	2,708	2,674
Current portion of financing lease liabilities	506	609
Deferred revenue	6,518	6,554
Current portion of long-term debt, net of debt discount	76,487
Total current liabilities	108,082	29,444
Deferred revenue, net of current portion	2,782	3,063
Long-term debt, net of current portion and debt discount		76,182
Deferred tax liability, net	140	129
Operating lease liabilities, net of current portion	3,406	3,988
Financing lease liabilities, net of current portion	616	693
Contingent consideration liability, net of current portion	3,472	3,871
Other liabilities	40	40
Total liabilities	118,538	117,410
Stockholders' (deficit) equity:
Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
Common Stock, $0.00001 par value; 500,000,000 shares authorized at March 31, 2025 and December 31, 2024; 49,836,931 and 49,572,122 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	2	2
Additional paid in capital	295,198	293,022
Accumulated deficit	(301,088)	(285,436)
Accumulated other comprehensive (loss) income	(1)	7
Total stockholders' (deficit) equity	(5,889)	7,595
Total liabilities and stockholders' (deficit) equity	$ 112,649	$ 125,005