Akoya Biosciences, Inc. (AKYA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la medicina de precisión y la investigación del cáncer, Akoya Biosciences surge como una fuerza transformadora, revolucionando las imágenes celulares a través de tecnologías de análisis de tejido multiplex de vanguardia. Al unir una instrumentación científica avanzada con plataformas sofisticadas de biología espacial, la compañía empodera a los investigadores y médicos para desbloquear ideas sin precedentes en sistemas biológicos complejos, lo que impulsa la innovación en la intersección de imágenes diagnósticas y soluciones de atención médica personalizadas.

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica y de biotecnología

Akoya Biosciences ha establecido asociaciones con múltiples instituciones de investigación:

Institución asociada	Enfoque de colaboración	Año establecido
Instituto del Cáncer Dana-Farber	Investigación de biología espacial	2021
Memorial Sloan Kettering Cancer Center	Tecnología de inmunofluorescencia multiplex	2020

Centros médicos académicos y universidades de investigación

Las asociaciones académicas clave incluyen:

• Centro Médico de la Universidad de Stanford
• Escuela de Medicina de Harvard
• Universidad de California, San Francisco

Equipo de diagnóstico y proveedores de reactivos

Proveedor	Categoría de suministro	Valor de contrato
Thermo Fisher Scientific	Reactivos y consumibles	$ 3.2 millones (2023)
Merck KGAA	Desarrollo de anticuerpos	$ 1.8 millones (2023)

Organizaciones de investigación por contrato (CRO)

Asociaciones activas de CRO:

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

Socios de integración de tecnología e software

Pareja	Integración tecnológica	Año de implementación
Nvidia Corporation	IA e imágenes computacionales	2022
Microsoft Azure	Infraestructura de computación en la nube	2021

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: actividades clave

Desarrollo de tecnologías de imágenes de tejido multiplex

A partir del cuarto trimestre de 2023, Akoya Biosciences invirtió $ 23.4 millones en desarrollo de tecnología de imágenes de tejido multiplex. La plataforma principal de la compañía, Phenocycler-Fusion, permite la visualización simultánea de hasta 100 biomarcadores en una sección de tejido único.

Inversión tecnológica	Gastos anuales de I + D	Solicitudes de patentes
$ 23.4 millones	$ 45.2 millones	17 patentes activas

Diseño de plataformas avanzadas de imágenes celulares

Las plataformas de imágenes celulares de Akoya se centran en la investigación de biología espacial con instrumentación especializada.

• Precisión del sistema de fenocicladores: 99.7% de precisión
• Resolución de imágenes: 0.5 micras
• Velocidad de procesamiento: 1 millón de celdas por minuto

Realización de investigaciones y desarrollo en biología espacial

En 2023, Akoya asignó $ 37.6 millones específicamente para iniciativas de investigación de biología espacial.

Áreas de enfoque de investigación	Presupuesto de investigación	Socios colaborativos
Oncología	$ 15.2 millones	12 instituciones académicas
Inmunología	$ 11.4 millones	8 centros de investigación

Fabricación de instrumentación de imágenes especializadas

Capacidades de fabricación centradas en Marlborough, Massachusetts, con capacidad de producción de 125 sistemas de imágenes anualmente.

• Tamaño de la instalación de fabricación: 45,000 pies cuadrados.
• Tasa de control de calidad: 99.5%
• Tiempo de producción promedio del sistema: 6-8 semanas

Proporcionar soluciones avanzadas de diagnóstico de imágenes

Las soluciones de diagnóstico generaron $ 92.3 millones en ingresos durante 2023, con segmentos primarios del mercado en investigación e inmunología del cáncer.

Segmento de mercado	Ganancia	Índice de crecimiento
Investigación del cáncer	$ 62.1 millones	18.3%
Inmunología	$ 30.2 millones	15.7%

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: recursos clave

Tecnología de inmunofluorescencia multiplex patentada

A partir de 2024, Akoya Biosciences tiene 7 patentes de tecnología central Relacionado con la imagen de inmunofluorescencia multiplex. La plataforma Codex (co-detección por indexación) de la compañía permite la visualización simultánea de hasta 50 biomarcadores en una muestra de tejido único.

Métrica de tecnología	Valor cuantitativo
Cartera de patentes	7 patentes de tecnología central
Detección máxima de biomarcadores	50 biomarcadores simultáneos
Inversión de I + D (2023)	$ 38.2 millones

Talento especializado de investigación e ingeniería

Akoya Biosciences emplea 237 profesionales de investigación e ingeniería A partir del cuarto trimestre 2023.

• Investigadores a nivel de doctorado: 94
• Especialistas en ingeniería: 143
• Experiencia de investigación promedio: 8.6 años

Hardware y software sofisticados

La empresa mantiene 3 plataformas de tecnología de imágenes primarias:

Plataforma	Especificación
CÓDICE	Sistema de inmunofluorescencia multiplex
Fenóptico	Plataforma de imágenes multiespectrales
informar	Software avanzado de análisis de imágenes

Cartera de propiedades intelectuales

A partir de 2024, Akoya Biosciences mantiene 18 patentes totales a través de múltiples jurisdicciones.

Categoría de patente	Número de patentes
Patentes estadounidenses	12
Patentes internacionales	6

Laboratorio avanzado y instalaciones de fabricación

La compañía opera 2 ubicaciones principales de investigación y fabricación:

• Marlborough, Massachusetts (sede)
• San Francisco, California (centro de investigación)

Métrica de la instalación	Valor
Espacio total de laboratorio	24,500 pies cuadrados
Capacidad de fabricación anual	5,000 sistemas de imágenes

Akoya Biosciences, Inc. (AKYA) - Modelo de negocio: propuestas de valor

Habilitación de investigación precisa de biología espacial

Akoya Biosciences proporciona Fenoimager ht Plataforma de imagen de alto rendimiento con las siguientes especificaciones:

Parámetro	Especificación
Resolución de imágenes	0.5 µm por píxel
Capacidad de multiplexación	Hasta 8 marcadores simultáneamente
Velocidad de procesamiento de tejidos	1 diapositiva por 30 minutos

Proporcionar soluciones de imágenes celulares de alta resolución

Las tecnologías clave de imágenes incluyen:

• Plataforma de biología espacial de Codex
• Insituplex multiplex inmunofluorescencia tecnología
• Sistema de imágenes automatizadas de Vectra Polaris

Apoyo a la medicina personalizada y la investigación del cáncer

Métricas de impacto de la investigación:

Área de investigación	Publicaciones
Oncología	387 Publicaciones revisadas por pares
Inmunoterapia	129 Estudios de investigación

Entrega de plataformas integrales de análisis de tejidos

Capacidades de la plataforma:

• Flujo de trabajo de análisis de tejidos automatizado
• Interpretación de imágenes basada en el aprendizaje automático
• Gestión de datos basada en la nube

Mejora de la comprensión científica de sistemas biológicos complejos

Especificaciones de tecnología de investigación:

Tecnología	Características únicas
Plataforma Codex	Hasta 50 marcadores de proteínas por sección de tejido
Vectra polaris	Imágenes de diapositivas enteras con análisis multiespectral

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Akoya Biosciences tiene un equipo de ventas dedicado de 42 profesionales dirigidos a la investigación oncológica, las instituciones de investigación farmacéutica y académica.

Segmento de clientes	Asignación del equipo de ventas	Valor anual promedio del contrato
Compañías farmacéuticas	18 representantes	$375,000
Instituciones de investigación académica	14 representantes	$185,000
Centros de investigación de oncología	10 representantes	$265,000

Programas de soporte técnico y capacitación

Akoya brinda soporte técnico integral con 24 especialistas de soporte dedicados.

• Tiempo de respuesta promedio: 2.5 horas
• Sesiones de capacitación anual: 48 talleres virtuales y en persona
• Calificación de satisfacción del cliente: 4.6/5

Portal y recursos de clientes en línea

Métricas de plataforma digital a partir de 2024:

Característica de portal	Estadísticas de uso
Usuarios activos mensuales	3,287
Descargas de documentación técnica	6,542 por trimestre
Finalizaciones del módulo de capacitación en línea	1.845 anualmente

Conferencia científica e interacciones para seminarios web

Conferencia anual y datos de participación de seminarios web:

• Conferencias científicas a las que asistió: 22
• Webinarios realizados: 36
• Asistencia total del participante: 4,672
• Registro promedio de seminarios web: 215 participantes

Asociaciones de investigación colaborativa

Estadísticas de colaboración de investigación actuales:

Tipo de asociación	Número de asociaciones activas	Inversión anual
Instituciones académicas	14	$ 2.3 millones
Centros de investigación farmacéutica	8	$ 4.1 millones
Redes de investigación oncológica	6	$ 3.7 millones

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: canales

Fuerza de ventas directa

A partir del cuarto trimestre de 2023, Akoya Biosciences mantuvo una fuerza de ventas directa dedicada de 47 representantes profesionales de ventas dirigidos a laboratorios de patología, instituciones de investigación y compañías farmacéuticas.

Categoría de canal de ventas	Número de representantes	Cobertura geográfica
Mercados de investigación oncológica	27	Estados Unidos
Mercados de investigación académica	12	América del norte
Mercados internacionales	8	Europa y Asia

Exposiciones de conferencias científicas

En 2023, Akoya Biosciences participó en 23 principales conferencias científicas, que incluyen:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Sociedad para la Inmunoterapia del Cáncer (SITC)

Plataformas de marketing digital en línea

Gastos de marketing digital para 2023: $ 1.2 millones, con un enfoque clave en:

• Publicidad dirigida a LinkedIn
• Promociones de la plataforma de investigación de Google Scholar
• Plataformas de seminarios web científicos especializados

Redes de distribuidores

Región	Número de distribuidores	Penetración del mercado
América del norte	12	68%
Europa	7	42%
Asia-Pacífico	5	29%

Alcance académico y de la institución de investigación

En 2023, Akoya Biosciences estableció asociaciones con 86 instituciones de investigación, que incluyen:

• Escuela de Medicina de Harvard
• Universidad de Stanford
• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson

Inversión total de canales para 2023: $ 4.7 millones

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: segmentos de clientes

Organizaciones de investigación farmacéutica

Akoya Biosciences atiende a organizaciones de investigación farmacéutica con soluciones precisas de biología espacial.

Tipo de cliente	Tamaño del mercado	Tasa de adopción potencial
Top 20 compañías farmacéuticas globales	Mercado de I + D de $ 1.2 billones	37% de adopción potencial

Instituciones de investigación académica

Los centros de investigación académica representan un segmento crítico de clientes para las tecnologías de biología espacial de Akoya.

• Institutos Nacionales de Salud (NIH) Instituciones de investigación financiadas
• Top 100 universidades de investigación global
• Asignación anual de presupuesto de investigación: $ 41.7 mil millones

Laboratorios de diagnóstico clínico

Los laboratorios de diagnóstico utilizan las tecnologías de imágenes avanzadas de Akoya para aplicaciones de medicina de precisión.

Tipo de laboratorio	Volumen de mercado anual	Penetración tecnológica
Laboratorios de referencia clínica	Mercado de $ 84.5 mil millones	22% de adopción de tecnología actual

Compañías de biotecnología

Las empresas de biotecnología aprovechan las plataformas de biología espacial de Akoya para la investigación avanzada.

• Empresas de biotecnología emergente: 4.500 a nivel mundial
• Inversión total de I + D: $ 79.3 mil millones
• Mercado de tecnología de biología espacial potencial: $ 620 millones

Centros de investigación de oncología

Oncology Research representa un enfoque principal para las soluciones de biología espacial de Akoya.

Enfoque de investigación	Centros de investigación globales	Inversión anual
Centros de investigación del cáncer	1.200 centros especializados	$ 6.8 mil millones de fondos de investigación dedicados

Akoya Biosciences, Inc. (AKYA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Akoya Biosciences reportó gastos de I + D de $ 54.8 millones, lo que representa el 43.4% de los ingresos totales.

Año fiscal	Gastos de I + D ($)	Porcentaje de ingresos
2023	54,800,000	43.4%
2022	48,300,000	41.2%

Costos de fabricación y producción

Los costos totales de fabricación para Akoya Biosciences en 2023 fueron de $ 32.6 millones.

• Costo de bienes vendidos: $ 28.7 millones
• Trabajo de fabricación directa: $ 3.9 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 42.3 millones.

Canal de marketing	Gasto ($)
Marketing digital	12,700,000
Ferias/conferencias	8,500,000
Compensación del equipo de ventas	21,100,000

Adquisición de personal y talento

Los gastos totales de personal para 2023 fueron de $ 67.5 millones.

• Salarios: $ 52.3 millones
• Beneficios: $ 9.8 millones
• Costos de reclutamiento: $ 5.4 millones

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la tecnología y la infraestructura en 2023 ascendieron a $ 15.2 millones.

Componente de infraestructura	Costo ($)
Sistemas de TI	7,600,000
Servicios en la nube	4,300,000
Mantenimiento de hardware	3,300,000

Akoya Biosciences, Inc. (AKYA) - Modelo de negocios: flujos de ingresos

Ventas de instrumentos

Para el año fiscal 2023, Akoya Biosciences reportó ingresos por ventas de instrumentos de $ 54.2 millones, lo que representa un aumento del 12.3% respecto al año anterior.

Tipo de instrumento	Rango de precios promedio	Volumen de ventas anual
Plataforma de biología espacial de Codex	$350,000 - $450,000	62 unidades vendidas
Sistemas de fenocicladores	$275,000 - $375,000	48 unidades vendidas

Ventas de consumibles y reactivos

Las ventas de consumibles y reactivos para 2023 totalizaron $ 37.8 millones, con un modelo de ingresos recurrente.

• Costo promedio del panel de reactivos: $ 5,500 por proyecto de investigación
• Consumo típico de reactivos anuales por institución de investigación: 8-12 paneles

Contratos de servicio y soporte

Los ingresos por contrato de servicio y soporte alcanzaron los $ 22.6 millones en 2023, con un crecimiento año tras año de 15.7%.

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Soporte estándar	$ 12.4 millones	1-2 años
Soporte premium	$ 10.2 millones	2-3 años

Subvenciones y colaboraciones de investigación

Las subvenciones de investigación y las asociaciones colaborativas generaron $ 16.5 millones en 2023.

• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 8.3 millones
• Colaboraciones de la Fundación Privada: $ 5.7 millones
• Asociaciones de investigación académica: $ 2.5 millones

Licencias de software y actualizaciones

Los ingresos por licencias y actualizaciones de software totalizaron $ 9.7 millones en 2023.

Producto de software	Tipo de licencia	Ingresos anuales
Informar el software de análisis de imágenes	Perpetuo	$ 6.2 millones
Plataforma de análisis espacial de Mantis	Suscripción	$ 3.5 millones

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