Akoya Biosciences, Inc. (AKYA): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Präzisionsmedizin und Krebsforschung erweist sich Akoya Biosciences als transformative Kraft und revolutioniert die zelluläre Bildgebung durch modernste Multiplex-Gewebeanalysetechnologien. Durch die Verknüpfung fortschrittlicher wissenschaftlicher Instrumente mit hochentwickelten Plattformen für die räumliche Biologie ermöglicht das Unternehmen Forschern und Klinikern, beispiellose Einblicke in komplexe biologische Systeme zu gewinnen und so Innovationen an der Schnittstelle von diagnostischer Bildgebung und personalisierten Gesundheitslösungen voranzutreiben.

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen und biotechnologischen Forschungseinrichtungen

Akoya Biosciences hat Partnerschaften mit mehreren Forschungseinrichtungen aufgebaut:

Partnerinstitution	Fokus auf Zusammenarbeit	Gründungsjahr
Dana-Farber-Krebsinstitut	Raumbiologische Forschung	2021
Memorial Sloan Kettering Krebszentrum	Multiplex-Immunfluoreszenz-Technologie	2020

Akademische medizinische Zentren und Forschungsuniversitäten

Zu den wichtigsten akademischen Partnerschaften gehören:

• Medizinisches Zentrum der Stanford University
• Harvard Medical School
• Universität von Kalifornien, San Francisco

Lieferanten von Diagnosegeräten und Reagenzien

Lieferant	Angebotskategorie	Vertragswert
Thermo Fisher Scientific	Reagenzien und Verbrauchsmaterialien	3,2 Millionen US-Dollar (2023)
Merck KGaA	Antikörperentwicklung	1,8 Millionen US-Dollar (2023)

Auftragsforschungsinstitute (CROs)

Aktive CRO-Partnerschaften:

• ICON plc
• Medpace, Inc.
• IQVIA Holdings Inc.

Technologie- und Software-Integrationspartner

Partner	Technologieintegration	Umsetzungsjahr
NVIDIA Corporation	KI und computergestützte Bildgebung	2022
Microsoft Azure	Cloud-Computing-Infrastruktur	2021

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Multiplex-Gewebebildgebungstechnologien

Im vierten Quartal 2023 investierte Akoya Biosciences 23,4 Millionen US-Dollar in die Entwicklung der Multiplex-Gewebebildgebungstechnologie. Die primäre Plattform des Unternehmens, PhenoCycler-Fusion, ermöglicht die gleichzeitige Visualisierung von bis zu 100 Biomarkern in einem einzigen Gewebeschnitt.

Technologieinvestitionen	Jährliche F&E-Ausgaben	Patentanmeldungen
23,4 Millionen US-Dollar	45,2 Millionen US-Dollar	17 aktive Patente

Entwicklung fortschrittlicher zellularer Bildgebungsplattformen

Die zellulären Bildgebungsplattformen von Akoya konzentrieren sich auf die räumliche Biologieforschung mit spezieller Instrumentierung.

• Präzision des PhenoCycler-Systems: 99,7 % Genauigkeit
• Bildauflösung: 0,5 Mikrometer
• Verarbeitungsgeschwindigkeit: 1 Million Zellen pro Minute

Durchführung von Forschung und Entwicklung in der Raumbiologie

Im Jahr 2023 stellte Akoya 37,6 Millionen US-Dollar speziell für Forschungsinitiativen zur Raumbiologie bereit.

Forschungsschwerpunkte	Forschungsbudget	Kooperationspartner
Onkologie	15,2 Millionen US-Dollar	12 akademische Einrichtungen
Immunologie	11,4 Millionen US-Dollar	8 Forschungszentren

Herstellung spezialisierter Bildgebungsinstrumente

Die Produktionskapazitäten befinden sich in Marlborough, Massachusetts, mit einer Produktionskapazität von 125 Bildgebungssystemen pro Jahr.

• Größe der Produktionsstätte: 45.000 Quadratfuß.
• Qualitätskontrollrate: 99,5 %
• Durchschnittliche Systemproduktionszeit: 6-8 Wochen

Bereitstellung fortschrittlicher diagnostischer Bildgebungslösungen

Diagnostische Lösungen erwirtschafteten im Jahr 2023 einen Umsatz von 92,3 Millionen US-Dollar, wobei die Hauptmarktsegmente in der Krebsforschung und Immunologie liegen.

Marktsegment	Einnahmen	Wachstumsrate
Krebsforschung	62,1 Millionen US-Dollar	18.3%
Immunologie	30,2 Millionen US-Dollar	15.7%

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Multiplex-Immunfluoreszenz-Technologie

Ab 2024 hält Akoya Biosciences 7 Kerntechnologiepatente im Zusammenhang mit der Multiplex-Immunfluoreszenz-Bildgebung. Die CODEX-Plattform (Co-Detection by Indexing) des Unternehmens ermöglicht die gleichzeitige Visualisierung von bis zu 50 Biomarkern in einer einzigen Gewebeprobe.

Technologiemetrik	Quantitativer Wert
Patentportfolio	7 Kerntechnologiepatente
Maximale Biomarker-Erkennung	50 gleichzeitige Biomarker
F&E-Investitionen (2023)	38,2 Millionen US-Dollar

Spezialisierte Forschungs- und Ingenieurtalente

Akoya Biosciences beschäftigt 237 Fachleute aus Forschung und Technik ab Q4 2023.

• Doktoranden: 94
• Ingenieursspezialisten: 143
• Durchschnittliche Forschungserfahrung: 8,6 Jahre

Hochentwickelte Imaging-Hardware und -Software

Das Unternehmen unterhält 3 primäre Bildgebungstechnologieplattformen:

Plattform	Spezifikation
CODEX	Multiplex-Immunfluoreszenzsystem
Phenoptik	Multispektrale Bildgebungsplattform
informieren	Fortschrittliche Bildanalysesoftware

Portfolio für geistiges Eigentum

Ab 2024 behauptet Akoya Biosciences Insgesamt 18 Patente über mehrere Gerichtsbarkeiten hinweg.

Patentkategorie	Anzahl der Patente
US-Patente	12
Internationale Patente	6

Fortschrittliche Labor- und Produktionseinrichtungen

Das Unternehmen ist tätig 2 primäre Forschungs- und Produktionsstandorte:

• Marlborough, Massachusetts (Hauptsitz)
• San Francisco, Kalifornien (Forschungszentrum)

Einrichtungsmetrik	Wert
Gesamte Laborfläche	24.500 Quadratmeter
Jährliche Produktionskapazität	5.000 Bildgebungssysteme

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Wertversprechen

Ermöglicht präzise raumbiologische Forschung

Akoya Biosciences bietet PhenoImager HT Hochdurchsatz-Bildgebungsplattform mit folgenden Spezifikationen:

Parameter	Spezifikation
Bildauflösung	0,5 µm pro Pixel
Multiplexfähigkeit	Bis zu 8 Marker gleichzeitig
Geschwindigkeit der Gewebeverarbeitung	1 Folie alle 30 Minuten

Bereitstellung hochauflösender Mobilfunk-Bildgebungslösungen

Zu den wichtigsten Bildgebungstechnologien gehören:

• CODEX-Plattform für räumliche Biologie
• InSituPlex Multiplex-Immunfluoreszenz-Technologie
• Automatisiertes Bildgebungssystem Vectra Polaris

Unterstützung der personalisierten Medizin und Krebsforschung

Kennzahlen zur Forschungsauswirkung:

Forschungsbereich	Veröffentlichungen
Onkologie	387 peer-reviewte Veröffentlichungen
Immuntherapie	129 Forschungsstudien

Bereitstellung umfassender Gewebeanalyseplattformen

Plattformfunktionen:

• Automatisierter Gewebeanalyse-Workflow
• Auf maschinellem Lernen basierende Bildinterpretation
• Cloudbasiertes Datenmanagement

Verbesserung des wissenschaftlichen Verständnisses komplexer biologischer Systeme

Spezifikationen der Forschungstechnologie:

Technologie	Einzigartige Funktionen
CODEX-Plattform	Bis zu 50 Proteinmarker pro Gewebeabschnitt
Vectra Polaris	Ganzobjektträger-Bildgebung mit multispektraler Analyse

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Seit dem vierten Quartal 2023 verfügt Akoya Biosciences über ein engagiertes Vertriebsteam von 42 Fachleuten, die auf die onkologische Forschung, Pharmazie und akademische Forschungseinrichtungen ausgerichtet sind.

Kundensegment	Zuteilung des Vertriebsteams	Durchschnittlicher jährlicher Vertragswert
Pharmaunternehmen	18 Vertreter	$375,000
Akademische Forschungseinrichtungen	14 Vertreter	$185,000
Onkologische Forschungszentren	10 Vertreter	$265,000

Technischer Support und Schulungsprogramme

Akoya bietet umfassenden technischen Support mit 24 engagierten Support-Spezialisten.

• Durchschnittliche Antwortzeit: 2,5 Stunden
• Jährliche Schulungen: 48 virtuelle und persönliche Workshops
• Kundenzufriedenheitsbewertung: 4,6/5

Online-Kundenportal und Ressourcen

Kennzahlen zu digitalen Plattformen ab 2024:

Portalfunktion	Nutzungsstatistik
Monatlich aktive Benutzer	3,287
Technische Dokumentation zum Herunterladen	6.542 pro Quartal
Abschlüsse des Online-Schulungsmoduls	1.845 jährlich

Wissenschaftliche Konferenz- und Webinar-Interaktionen

Daten zum jährlichen Konferenz- und Webinar-Engagement:

• Teilnahme an wissenschaftlichen Konferenzen: 22
• Durchgeführte Webinare: 36
• Gesamtteilnehmerzahl: 4.672
• Durchschnittliche Webinar-Anmeldung: 215 Teilnehmer

Verbundforschungspartnerschaften

Aktuelle Statistiken zur Forschungskooperation:

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Jährliche Investition
Akademische Institutionen	14	2,3 Millionen US-Dollar
Pharmazeutische Forschungszentren	8	4,1 Millionen US-Dollar
Onkologische Forschungsnetzwerke	6	3,7 Millionen US-Dollar

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Kanäle

Direktvertrieb

Im vierten Quartal 2023 verfügte Akoya Biosciences über ein dediziertes Direktvertriebsteam von 47 professionellen Vertriebsmitarbeitern, die sich an Pathologielabore, Forschungseinrichtungen und Pharmaunternehmen richteten.

Vertriebskanalkategorie	Anzahl der Vertreter	Geografische Abdeckung
Onkologische Forschungsmärkte	27	Vereinigte Staaten
Akademische Forschungsmärkte	12	Nordamerika
Internationale Märkte	8	Europa und Asien

Wissenschaftliche Konferenzausstellungen

Im Jahr 2023 nahm Akoya Biosciences an 23 großen wissenschaftlichen Konferenzen teil, darunter:

• Jahrestagung der American Association for Cancer Research (AACR).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).
• Jahrestagung der Society for Immunotherapy of Cancer (SITC).

Online-Plattformen für digitales Marketing

Ausgaben für digitales Marketing für 2023: 1,2 Millionen US-Dollar, mit Schwerpunkt auf:

• LinkedIn gezielte Werbung
• Werbeaktionen für die Forschungsplattform Google Scholar
• Spezialisierte wissenschaftliche Webinar-Plattformen

Vertriebsnetzwerke

Region	Anzahl der Vertriebspartner	Marktdurchdringung
Nordamerika	12	68%
Europa	7	42%
Asien-Pazifik	5	29%

Öffentlichkeitsarbeit für akademische und Forschungseinrichtungen

Im Jahr 2023 gründete Akoya Biosciences Partnerschaften mit 86 Forschungseinrichtungen, darunter:

• Harvard Medical School
• Stanford-Universität
• Memorial Sloan Kettering Krebszentrum
• MD Anderson Krebszentrum

Gesamtinvestition in den Kanal für 2023: 4,7 Millionen US-Dollar

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Akoya Biosciences beliefert pharmazeutische Forschungsorganisationen mit präzisen räumlichen Biologielösungen.

Kundentyp	Marktgröße	Potenzielle Akzeptanzrate
Top 20 der globalen Pharmaunternehmen	1,2 Billionen US-Dollar Forschungs- und Entwicklungsmarkt	37 % potenzielle Akzeptanz

Akademische Forschungseinrichtungen

Akademische Forschungszentren stellen ein wichtiges Kundensegment für die räumlichen Biologietechnologien von Akoya dar.

• Von den National Institutes of Health (NIH) finanzierte Forschungseinrichtungen
• Die 100 besten Forschungsuniversitäten weltweit
• Jährliche Zuteilung des Forschungsbudgets: 41,7 Milliarden US-Dollar

Klinische Diagnoselabore

Diagnostische Labore nutzen die fortschrittlichen Bildgebungstechnologien von Akoya für Anwendungen in der Präzisionsmedizin.

Labortyp	Jährliches Marktvolumen	Technologiedurchdringung
Klinische Referenzlabore	84,5-Milliarden-Dollar-Markt	22 % aktuelle Technologieakzeptanz

Biotechnologieunternehmen

Biotechnologieunternehmen nutzen die räumlichen Biologieplattformen von Akoya für fortgeschrittene Forschung.

• Aufstrebende Biotech-Unternehmen: 4.500 weltweit
• Gesamtinvestitionen in Forschung und Entwicklung: 79,3 Milliarden US-Dollar
• Potenzieller Markt für räumliche Biologietechnologie: 620 Millionen US-Dollar

Onkologische Forschungszentren

Die Onkologieforschung stellt einen Hauptschwerpunkt für die räumlichen Biologielösungen von Akoya dar.

Forschungsschwerpunkt	Globale Forschungszentren	Jährliche Investition
Krebsforschungszentren	1.200 spezialisierte Zentren	6,8 Milliarden US-Dollar zweckgebundene Forschungsfinanzierung

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Akoya Biosciences Forschungs- und Entwicklungskosten in Höhe von 54,8 Millionen US-Dollar, was 43,4 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben ($)	Prozentsatz des Umsatzes
2023	54,800,000	43.4%
2022	48,300,000	41.2%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten für Akoya Biosciences beliefen sich im Jahr 2023 auf 32,6 Millionen US-Dollar.

• Kosten der verkauften Waren: 28,7 Millionen US-Dollar
• Direkte Produktionsarbeit: 3,9 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für 2023 beliefen sich auf insgesamt 42,3 Millionen US-Dollar.

Marketingkanal	Aufwand ($)
Digitales Marketing	12,700,000
Messen/Konferenzen	8,500,000
Vergütung des Vertriebsteams	21,100,000

Personal- und Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 67,5 Millionen US-Dollar.

• Gehälter: 52,3 Millionen US-Dollar
• Vorteile: 9,8 Millionen US-Dollar
• Rekrutierungskosten: 5,4 Millionen US-Dollar

Wartung der Technologieinfrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 15,2 Millionen US-Dollar.

Infrastrukturkomponente	Kosten ($)
IT-Systeme	7,600,000
Cloud-Dienste	4,300,000
Hardwarewartung	3,300,000

Akoya Biosciences, Inc. (AKYA) – Geschäftsmodell: Einnahmequellen

Instrumentenverkauf

Für das Geschäftsjahr 2023 meldete Akoya Biosciences einen Instrumentenumsatz von 54,2 Millionen US-Dollar, was einer Steigerung von 12,3 % gegenüber dem Vorjahr entspricht.

Instrumententyp	Durchschnittliche Preisspanne	Jährliches Verkaufsvolumen
CODEX Spatial Biology Platform	$350,000 - $450,000	62 Einheiten verkauft
PhenoCycler-Systeme	$275,000 - $375,000	48 Einheiten verkauft

Verkauf von Verbrauchsmaterialien und Reagenzien

Der Umsatz mit Verbrauchsmaterialien und Reagenzien belief sich im Jahr 2023 auf insgesamt 37,8 Millionen US-Dollar, mit einem wiederkehrenden Umsatzmodell.

• Durchschnittliche Kosten für das Reagenzpanel: 5.500 USD pro Forschungsprojekt
• Typischer jährlicher Reagenzienverbrauch pro Forschungseinrichtung: 8–12 Panels

Service- und Supportverträge

Der Umsatz aus Service- und Supportverträgen erreichte im Jahr 2023 22,6 Millionen US-Dollar, was einem Wachstum von 15,7 % gegenüber dem Vorjahr entspricht.

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Standardunterstützung	12,4 Millionen US-Dollar	1-2 Jahre
Premium-Support	10,2 Millionen US-Dollar	2-3 Jahre

Forschungsstipendien und Kooperationen

Forschungsstipendien und Kooperationspartnerschaften generierten im Jahr 2023 16,5 Millionen US-Dollar.

• Zuschüsse der National Institutes of Health (NIH): 8,3 Millionen US-Dollar
• Kooperationen mit privaten Stiftungen: 5,7 Millionen US-Dollar
• Akademische Forschungspartnerschaften: 2,5 Millionen US-Dollar

Softwarelizenzierung und Upgrades

Die Einnahmen aus Softwarelizenzen und Upgrades beliefen sich im Jahr 2023 auf insgesamt 9,7 Millionen US-Dollar.

Softwareprodukt	Lizenztyp	Jahresumsatz
inForm Bildanalysesoftware	Ewig	6,2 Millionen US-Dollar
MANTIS-Plattform für räumliche Analyse	Abonnement	3,5 Millionen Dollar

Akoya Biosciences, Inc. (AKYA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why researchers and clinical labs choose Akoya Biosciences, Inc. (AKYA) over other spatial biology tools. It boils down to depth, speed, and a clear path from early research to later-stage application.

Ultrahigh-plex detection of 100+ biomarkers at single-cell resolution

The ability to look at over a hundred different proteins simultaneously within the context of the tissue is a major differentiator. This depth allows for the discovery of complex spatial signatures that simpler assays miss. For instance, Akoya Biosciences, Inc. has supported the world's-first whole-slide, 100+ plex publication on head and neck cancer tissue. This capability is primarily realized through the integrated workflow, specifically leveraging the PhenoCycler platform for the highest parameter counts.

High-throughput, automated whole-slide imaging (400+ slides/week on PhenoImager HT 2.0)

For translational and clinical research moving beyond small proof-of-concept studies, throughput matters. The PhenoImager HT 2.0 is engineered for scale. It offers a throughput capacity of over 400+ slides per week, complete with walk-away automation. This level of automation helps labs manage large cohorts without sacrificing data quality or introducing selection bias from manual processing.

The technical specifications supporting this throughput and imaging quality are concrete:

Metric	PhenoImager HT 2.0 Specification	PhenoCode Signature Panel Performance
Maximum Unmixed Colors	Up to 9-colors	Whole-slide scan of up to 7 colors
Whole Slide Scan Speed (15mm x 15mm region)	Less than 12 minutes	6-plex scan in less than 12 minutes
Throughput Capacity	Over 400+ slides/week	N/A
Latest Reported Stock Price (April 2025)	$1.28 (Nasdaq)	N/A

It's a speed advantage that translates directly into faster time-to-answer for your projects.

Integrated workflow from discovery (PhenoCycler) to clinical (PhenoImager HT)

Akoya Biosciences, Inc. offers a continuum of solutions designed to support a project from its inception through validation. You start with the PhenoCycler platform for ultrahigh-plex discovery work, which is cost-effective for exploring many markers. Then, you transition to the PhenoImager HT instrument for high-throughput spatial signature development in translational and clinical settings. This integrated approach means the same spatial context and data handling principles apply across the entire research lifecycle.

The continuum supports diverse needs:

• Discovery: Ultrahigh-parameter and cost-effective platform via PhenoCycler.
• Translational/Clinical: Fastest solution for spatial signature development via PhenoImager HT 2.0.
• Data Consistency: Leveraging patented Multispectral Imaging (MSI) and spectral unmixing across platforms.

Pre-validated, ready-to-use PhenoCode Panels (e.g., IO60, Neurobiology)

You don't have to spend months optimizing antibody cocktails for every new project. Akoya Biosciences, Inc. provides ready-to-use panels that are pre-validated. The PhenoCode Discovery IO60 panel, for example, offers 60 protein markers focused on immuno-oncology, which has seen adoption through strategic partnerships with CROs like Precision for Medicine and BostonGene. Furthermore, the roadmap included the planned release of PhenoCode Human and Mouse FFPE Neurobiology panels by the end of Q1 and Q2 2025, respectively, to address neuroscience research needs.

The IO60 panel specifically helps researchers:

• Generate deep insights into immune landscapes.
• Profile the tumor microenvironment (TME).
• Accelerate biomarker discovery.

Finance: draft 13-week cash view by Friday.

Akoya Biosciences, Inc. (AKYA) - Canvas Business Model: Customer Relationships

You're managing a high-tech portfolio, so you know that for complex platforms like Akoya Biosciences, Inc.'s spatial biology tools, the relationship isn't just transactional; it's deeply embedded in the customer's success. The support structure reflects this high-touch necessity.

Dedicated direct sales and field application specialist support is the backbone here. The company operates with a team selling model, where Instrument Sales Specialists work alongside Reagent Sales and Application Scientist colleagues to cover territories that span academic, biotech, and pharma markets. The Field Application Scientists (FAS) are critical post-sales resources, providing onsite and remote support covering instrument operation, sample prep, and data analysis for both the CODEX® and Phenoptics™ product lines. This is about ensuring proficiency with the entire Akoya workflow, which is key when you have an installed base growing to 1,359 systems as of the first quarter of 2025.

This leads directly to the high-touch, consultative support for complex instrument platforms. When you're dealing with systems like the PhenoCycler® and PhenoImager® platforms, users need more than a manual; they need scientific partnership. The FAS roles specifically require experience in troubleshooting and working with new technologies, indicating that the support is scientific, not just technical.

For your biopharma clients, the co-development and service model via the ABS lab for biopharma clients offers a premium path. Akoya Biosciences' Advanced Biopharma Solutions (ABS) operates as a contract research service laboratory, leveraging its CLIA-certified lab in Marlborough, Massachusetts, to support later-stage clinical trial studies. This service spans the entire workflow, from sample prep to reporting, and is strategically focused on partnering with top biopharma companies on clinical trials and studies. For instance, in early 2025, they launched a new assay designed to advance antibody-drug conjugate (ADC) development in breast cancer, made available through ABS.

The scientific community's adoption is a powerful indicator of relationship health. Community building through scientific publications shows the technology is being validated in the field. As of the first quarter of 2025, there were 1,891 total publications citing Akoya's technology. That represents a year-over-year increase of 44.7% compared to the 1,307 publications reported in the first quarter of 2024. That's a lot of independent validation.

Here's a quick look at the key relationship metrics as of Q1 2025:

Metric	Value as of Q1 2025 (ending March 31, 2025)	Context/Detail
Total Scientific Publications Citing Technology	1,891	Represents a 44.7% year-over-year increase
Instrument Installed Base	1,359 systems	Includes 410 PhenoCyclers and 949 PhenoImagers
Biopharma Service Lab Certification	CLIA-certified	Supports later-stage clinical trial studies
Geographic Revenue Concentration (North America)	61%	Revenue share for the three months ending March 31, 2025

The support structure is clearly tiered, moving from broad technical training for the installed base to deep, regulated co-development for top-tier pharma partners. If onboarding for a new instrument takes longer than expected, churn risk definitely rises, so responsiveness from those FAS teams is everything.

The customer engagement points look like this:

• Instrument Sales Specialist: Point person for new instrument sales.
• Field Application Scientist (FAS): Provides onsite/remote post-sales technical training and support.
• ABS Team: Offers custom assay development and CDx Assay Development services.
• Scientific Community: Engaged via technology citations in peer-reviewed literature.

Finance: draft 13-week cash view by Friday.

Akoya Biosciences, Inc. (AKYA) - Canvas Business Model: Channels

You're looking at how Akoya Biosciences, Inc. (AKYA) gets its spatial biology technology-instruments, reagents, and services-into the hands of researchers and biopharma clients. The channel strategy is a mix of high-touch direct engagement and broader third-party reach.

Direct Sales Force for High-Capital Equipment and Reagent Sales

The direct sales force is key for placing the high-capital equipment, like the PhenoCycler and PhenoImager systems. This team handles the complex sales cycle for instruments and the recurring revenue stream from proprietary reagents. As of March 31, 2025, the installed base of instruments reached 1,359 units, comprising 410 PhenoCyclers and 949 PhenoImagers. That installed base represented a year-over-year increase of 12.0%, showing the direct channel is still driving hardware adoption, even with broader market constraints. Remember, the first quarter of 2025 revenue was $16.6 million, which reflects the sales velocity through these direct efforts.

Global Distribution Network Spanning Over 30 Countries

While Akoya Biosciences maintains direct sales and support in key regions, they rely on a network of distributors to achieve global reach. This strategy helps them access researchers where a full direct presence isn't yet established. The network is structured across three main geographical areas: the Americas, EMEA (Europe, Middle East and Africa), and APAC (Asia-Pacific). For instance, you see specific distributor partners listed for countries like Argentina, Chile, Croatia, and Israel. This structure allows Akoya Biosciences to sell its spatial phenotyping technologies across numerous international markets, even if the exact count of countries served by distributors isn't publicly itemized as 30-plus in the latest filings. It's about market penetration where it makes financial sense to use a local partner.

Advanced Biopharma Solutions (ABS) Lab for Service Revenue Delivery

The Advanced Biopharma Solutions (ABS) lab serves as a critical channel for service revenue, moving beyond just selling instruments and consumables. This is where Akoya Biosciences delivers hands-on service, often for clients who need immediate data or are scaling up clinical work. Back in Q2 2024, the management noted that the CLIA Lab services were rapidly transitioning to higher-value, longer-term clinical trial studies, which made up approximately 90% of the ongoing programs then. In Q1 2025, the ABS portfolio expanded with a new antibody-drug conjugate (ADC) breast cancer assay, indicating this service channel is a focus for delivering specialized, high-margin work. This lab acts as a direct service provider channel, complementing the product sales.

Scientific Conferences, Digital Platforms, and Peer-Reviewed Literature

Awareness and demand generation flow through scientific validation channels. This is where the technology proves its worth in the field. A major metric here is the publication count, which acts as a powerful, third-party endorsement channel. As of March 31, 2025, there were 1,891 total publications citing Akoya Biosciences' technology. That number saw a year-over-year increase of 44.7% compared to the prior year period, showing strong uptake in peer-reviewed validation. You can expect to see their presence at major scientific conferences, which are essential for showcasing new assays and driving leads for the direct sales team.

Here's a quick look at some of the key performance indicators tied to these channels as of early 2025:

Metric	Value (as of Q1 2025 or latest)	Context
Q1 2025 Revenue	$16.6 million	Total revenue for the first quarter of 2025.
Total Instrument Installed Base	1,359 units	As of March 31, 2025.
Total Publications Citing Technology	1,891	As of March 31, 2025, up 44.7% year-over-year.
ABS Clinical Trial Program Mix (Historical)	Approx. 90%	Percentage of ongoing ABS programs that were longer-term clinical trial studies (Q2 2024 data).

The direct sales team is focused on growing that installed base, which in turn drives reagent consumption, while the ABS lab captures higher-value service revenue from clinical applications. Finance: draft the Q2 2025 channel performance review by end of next week.

Akoya Biosciences, Inc. (AKYA) - Canvas Business Model: Customer Segments

You're looking at who is actually buying and using the spatial biology tools from Akoya Biosciences, Inc. (AKYA) as of early 2025. Honestly, the customer base is broad, spanning from the biggest drug makers to government-funded academic labs. It's not just one type of buyer; it's a spectrum of researchers needing high-content spatial data.

The overall adoption rate gives you a good proxy for the customer base size. As of March 31, 2025, Akoya Biosciences, Inc. (AKYA) reported an installed base of 1,359 systems globally. That's a year-over-year increase of 12.0% from the 1,213 systems they had installed in the prior year period. This installed base is spread across more than 30 countries as of Q1 2025, showing a defintely global reach.

Here's a breakdown of the installed base by instrument type as of March 31, 2025, which hints at the mix of customers, from high-throughput facilities to smaller labs:

Instrument Type	Installed Base (as of March 31, 2025)
Total Systems	1,359
PhenoImagers	949
PhenoCyclers	410

The impact of these customers is visible in the scientific output. The company noted that as of the end of the first quarter of 2025, there were 1,891 total publications citing Akoya's technology, which was a 44.7% increase year-over-year. This growing publication count is key for attracting more researchers in these segments.

We can map these customer types to the segments you listed:

• The Biopharma companies for drug development and clinical trials are clearly engaged, evidenced by the expansion of the Advanced Biopharma Solutions portfolio with a new antibody-drug conjugate (ADC) breast cancer assay in Q1 2025.
• Academic research centers focused on spatial biology discovery are a core segment, contributing to the 1,891 total publications.
• Governmental institutions and large-scale population studies are showing growing adoption, as noted by the CEO. The selection of PhenoCycler-Fusion for a Cancer Grand Challenges-funded study is a concrete example of this segment engagement.
• Translational and clinical researchers requiring high-throughput analysis use the continuum of solutions, which includes the PhenoImager HT platform, supporting their need for scale.

Geographically, North America is the primary revenue engine. For the three months ending March 31, 2025, this region generated approximately 61% of the total revenue, up from 55% in the same period of 2024. The total revenue for that quarter was $16.6 million.

To give you a sense of the market focus areas driving these customer segments, Akoya Biosciences, Inc. (AKYA) is expanding its content menu beyond its established presence in oncology and inflammatory disease into new areas like neurobiology. This product expansion directly targets new research needs within these customer groups.

Finance: review the Q2 2025 revenue forecast against the Q1 2025 installed base growth rate by end of next week.

Akoya Biosciences, Inc. (AKYA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Akoya Biosciences, Inc. (AKYA)'s business as of early 2025, right before the planned combination with Quanterix Corporation. Honestly, for a life sciences tools company, the costs are heavily weighted toward innovation and getting the product into the hands of researchers.

The total Operating Expenses for the first quarter ending March 31, 2025, were reported as $23.3 million, which was a marked improvement, falling 22.3% from $30.0 million in the prior year period. This reduction reflects a focus on operational discipline. The cost structure is clearly segmented into the engine of future growth-R&D-and the engine of current revenue-SG&A.

Here's the quick math on the Q1 2025 Operating Expenses (in thousands):

Expense Category	Q1 2025 Amount (in thousands)	Q1 2025 Amount (in millions)
Selling, General and Administrative (SG&A)	$17,580	$17.580
Research and Development (R&D)	$5,557	$5.557
Change in fair value of contingent consideration	$146	$0.146
Total Operating Expenses (GAAP)	$23,283	$23.283

The high R&D expenses for platform and reagent development are essential for maintaining a competitive edge in spatial biology. For Q1 2025, Research and Development spending was $5.557 million. This investment supports platform evolution, like the PhenoCycler-Fusion, and the expansion of their content offerings, such as the new Antibody-Drug Conjugate (ADC) breast cancer assay, which is key to driving future reagent utilization.

The Sales, General, and Administrative (SG&A) costs for global commercialization represent the largest component of the operating spend. In Q1 2025, SG&A totaled $17.580 million. This covers the global footprint supporting the installed base of 1,359 instruments as of March 31, 2025, and the sales efforts needed to convert research interest into recurring reagent revenue.

When we look at the Cost of Goods Sold (COGS) for instrument and reagent manufacturing, the company showed structural improvement. Total revenue for Q1 2025 was $16.639 million, and the Gross Margin expanded significantly to 59.3% from 45.7% year-over-year. This margin expansion is attributed to cost actions, including scaling internal reagent manufacturing.

The COGS breakdown for the quarter (in thousands) was:

• Cost of product revenue (instruments/hardware): $4,491
• Cost of service and other revenue (reagents/services): $2,277
• Total Cost of Goods Sold: $6,768

Finally, you must account for financing costs, specifically servicing the current portion of long-term debt, which was $76.5 million in Q1 2025. The balance sheet as of March 31, 2025, reflected the current portion of long-term debt, net of debt discount, at $76,487 thousand. Interest expense for the quarter was $2.492 million.

Finance: draft 13-week cash view by Friday.

Akoya Biosciences, Inc. (AKYA) - Canvas Business Model: Revenue Streams

You're looking at how Akoya Biosciences, Inc. actually brings in the money, which is key for understanding its valuation, especially with the pending merger. Honestly, the model is built on selling the tools and then locking in repeat business.

The Trailing Twelve Months (TTM) revenue was reported at $79.96 million as of Q1 2025. That same quarter, the Q1 2025 Gross Margin came in strong at 59.3%. This margin expansion reflects cost actions and in-house reagent manufacturing improvements.

Akoya Biosciences, Inc. structures its revenue generation around three primary areas, all driven by its spatial biology platforms, the PhenoCycler and PhenoImager systems. Expansion of the installed base is what drives the recurring revenue streams.

The installed base, which underpins future consumable and service revenue, stood at 1,359 instruments as of March 31, 2025. This total breaks down into 410 PhenoCyclers and 949 PhenoImagers.

Here's how the revenue streams break down:

• Instrument sales (PhenoCycler and PhenoImager platforms).
• Recurring revenue from proprietary reagent and consumable sales (e.g., PhenoCode Panels).
• Service revenue from the Advanced Biopharma Solutions (ABS) CLIA lab.

To give you a concrete look at the mix, we can reference the Q2 2024 figures, which showed strong sequential growth across all segments, though the Q1 2025 service revenue saw a material decline year-over-year. For the year ended December 31, 2022, recurring revenue represented 35% of total product and service revenue, growing to 36% for the year ended December 31, 2023. The ABS CLIA lab contributes to the service revenue, which was $4.6 million in Q1 2025.

You can see the relative contribution of the components using the Q2 2024 data as a snapshot of segment performance:

Revenue Component	Q2 2024 Revenue Amount
Instrument Revenue	$8.3 million
Reagent Revenue (Consumables)	$7.4 million
Service and Other Revenue	$7.2 million

The company's strategy is definitely centered on driving pull-through on that installed base, meaning the focus is on selling more reagents and services after the initial instrument placement. Here are the key financial metrics we have as of the first quarter of 2025:

• TTM Revenue: $79.96 million
• Q1 2025 Revenue: $16.6 million
• Q1 2025 Gross Margin: 59.3%
• Instrument Installed Base (as of Mar 31, 2025): 1,359
• Q1 2025 Service Revenue: $4.6 million