Akoya Biosciences, Inc. (Akya): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage en évolution rapide de la médecine de précision et de la recherche sur le cancer, Akoya Biosciences apparaît comme une force transformatrice, révolutionnant l'imagerie cellulaire par le biais de technologies d'analyse des tissus multiplex de pointe. En pontant une instrumentation scientifique avancée avec des plateformes de biologie spatiale sophistiquées, l'entreprise permet aux chercheurs et aux cliniciens de débloquer des informations sans précédent sur les systèmes biologiques complexes, stimulant l'innovation à l'intersection de l'imagerie diagnostique et des solutions de santé personnalisées.

Akoya Biosciences, Inc. (AKYA) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique et biotechnologique

Akoya Biosciences a établi des partenariats avec plusieurs institutions de recherche:

Institution partenaire	Focus de la collaboration	Année établie
Dana-Farber Cancer Institute	Recherche de biologie spatiale	2021
Memorial Sloan Kettering Cancer Center	Technologie d'immunofluorescence multiplex	2020

Centres médicaux académiques et universités de recherche

Les principaux partenariats académiques comprennent:

• Centre médical de l'Université de Stanford
• École de médecine de Harvard
• Université de Californie, San Francisco

Équipement de diagnostic et fournisseurs de réactifs

Fournisseur	Catégorie d'approvisionnement	Valeur du contrat
Thermo Fisher Scientific	Réactifs et consommables	3,2 millions de dollars (2023)
Merck Kgaa	Développement des anticorps	1,8 million de dollars (2023)

Organisations de recherche contractuelle (CROS)

Partenariats CRO actifs:

• Icône plc
• Medpace, Inc.
• Iqvia Holdings Inc.

Partners de la technologie et de l'intégration des logiciels

Partenaire	Intégration technologique	Année de mise en œuvre
Nvidia Corporation	IA et imagerie informatique	2022
Microsoft Azure	Infrastructure de cloud computing	2021

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: activités clés

Développer des technologies d'imagerie tissulaire multiplex

Au quatrième trimestre 2023, Akoya Biosciences a investi 23,4 millions de dollars dans le développement de la technologie d'imagerie tissulaire multiplex. La plate-forme principale de la société, Pheronycler-Fusion, permet une visualisation simultanée de jusqu'à 100 biomarqueurs dans une seule section de tissu.

Investissement technologique	Dépenses annuelles de R&D	Demandes de brevet
23,4 millions de dollars	45,2 millions de dollars	17 brevets actifs

Concevoir des plateformes d'imagerie cellulaire avancées

Les plateformes d'imagerie cellulaire d'Akoya se concentrent sur la recherche en biologie spatiale avec une instrumentation spécialisée.

• Système de phénocycleur Précision: Précision de 99,7%
• Résolution d'imagerie: 0,5 microns
• Vitesse de traitement: 1 million de cellules par minute

Effectuer des recherches et du développement en biologie spatiale

En 2023, Akoya a alloué 37,6 millions de dollars spécifiquement pour les initiatives de recherche en biologie spatiale.

Les domaines de recherche sur la recherche	Budget de recherche	Partenaires collaboratifs
Oncologie	15,2 millions de dollars	12 institutions universitaires
Immunologie	11,4 millions de dollars	8 centres de recherche

Instrumentation d'imagerie spécialisée de la fabrication

Capacités de fabrication centrées à Marlborough, Massachusetts, avec une capacité de production de 125 systèmes d'imagerie par an.

• Taille de l'installation de fabrication: 45 000 pieds carrés.
• Taux de contrôle de la qualité: 99,5%
• Temps moyen de production du système: 6-8 semaines

Fournir des solutions d'imagerie diagnostique avancées

Les solutions de diagnostic ont généré 92,3 millions de dollars de revenus en 2023, avec des segments de marché primaires dans la recherche et l'immunologie du cancer.

Segment de marché	Revenu	Taux de croissance
Recherche sur le cancer	62,1 millions de dollars	18.3%
Immunologie	30,2 millions de dollars	15.7%

Akoya Biosciences, Inc. (Akya) - Modèle commercial: Ressources clés

Technologie d'immunofluorescence multiplex propriétaire

En 2024, Akoya Biosciences tient 7 brevets technologiques de base lié à l'imagerie par immunofluorescence multiplex. La plate-forme Codex (codétection par indexation) de la société permet une visualisation simultanée de jusqu'à 50 biomarqueurs dans un seul échantillon de tissu.

Métrique technologique	Valeur quantitative
Portefeuille de brevets	7 brevets technologiques de base
Détection maximale des biomarqueurs	50 biomarqueurs simultanés
Investissement en R&D (2023)	38,2 millions de dollars

Recherche spécialisée et talent d'ingénierie

Akoya Biosciences utilise 237 professionnels de la recherche et de l'ingénierie au Q4 2023.

• Rechercheurs au niveau du doctorat: 94
• Spécialistes d'ingénierie: 143
• Expérience de recherche moyenne: 8,6 ans

Matériel d'imagerie sophistiqué et logiciel

La société maintient 3 plateformes de technologie d'imagerie primaire:

Plate-forme	Spécification
MANUSCRIT	Système d'immunofluorescence multiplex
Phénoptique	Plate-forme d'imagerie multispectrale
informer	Logiciel d'analyse d'image avancée

Portefeuille de propriété intellectuelle

En 2024, Akoya Biosciences maintient 18 brevets totaux à travers plusieurs juridictions.

Catégorie de brevet	Nombre de brevets
Brevets américains	12
Brevets internationaux	6

Installations avancées de laboratoire et de fabrication

L'entreprise exploite 2 lieux de recherche et de fabrication primaires:

• Marlborough, Massachusetts (siège)
• San Francisco, Californie (Centre de recherche)

Métrique de l'installation	Valeur
Espace de laboratoire total	24 500 pieds carrés
Capacité de fabrication annuelle	5 000 systèmes d'imagerie

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: propositions de valeur

Permettant une recherche précise en biologie spatiale

Akoya Biosciences fournit Phénoimager ht Plateforme d'imagerie à haut débit avec les spécifications suivantes:

Paramètre	Spécification
Résolution d'imagerie	0,5 µm par pixel
Capacité de multiplexage	Jusqu'à 8 marqueurs simultanément
Vitesse de traitement des tissus	1 diapositive par 30 minutes

Fournir des solutions d'imagerie cellulaire haute résolution

Les technologies d'imagerie clés comprennent:

• Plateforme de biologie spatiale du codex
• Technologie d'immunofluorescence multiplex insituplex
• Système d'imagerie automatisé Vectra Polaris

Soutenir la recherche personnalisée en médecine et en cancer

Les mesures d'impact de la recherche:

Domaine de recherche	Publications
Oncologie	387 publications évaluées par des pairs
Immunothérapie	129 études de recherche

Fournir des plateformes d'analyse tissulaire complètes

Capacités de plate-forme:

• Flux de travail d'analyse des tissus automatisés
• Interprétation d'image basée sur l'apprentissage automatique
• Gestion des données basée sur le cloud

Améliorer la compréhension scientifique des systèmes biologiques complexes

Spécifications de la technologie de recherche:

Technologie	Caractéristiques uniques
Plate-forme Codex	Jusqu'à 50 marqueurs de protéines par section de tissu
VECTRA POLARIS	Imagerie de diapositive entière avec analyse multispectrale

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, Akoya Biosciences a une équipe de vente dédiée de 42 professionnels ciblant les établissements de recherche en oncologie, pharmaceutique et universitaire.

Segment de clientèle	Attribution de l'équipe de vente	Valeur du contrat annuel moyen
Sociétés pharmaceutiques	18 représentants	$375,000
Établissements de recherche universitaire	14 représentants	$185,000
Centres de recherche en oncologie	10 représentants	$265,000

Programmes de soutien technique et de formation

Akoya fournit un support technique complet avec 24 spécialistes du soutien dédié.

• Temps de réponse moyen: 2,5 heures
• Sessions de formation annuelles: 48 ateliers virtuels et en personne
• Évaluation de satisfaction du client: 4.6 / 5

Portail et ressources de clients en ligne

Métriques de plate-forme numérique à partir de 2024:

Caractéristique du portail	Statistiques d'utilisation
Utilisateurs actifs mensuels	3,287
Téléchargements de documentation technique	6 542 par trimestre
Achèvement des modules de formation en ligne	1 845 par an

Interactions de conférence scientifique et de webinaire

Données annuelles de l'engagement de la conférence et du webinaire:

• Conférences scientifiques présentes: 22
• Webinaires réalisés: 36
• Assistance totale des participants: 4 672
• Enregistrement moyen du webinaire: 215 participants

Partenariats de recherche collaborative

Statistiques de collaboration de recherche actuelles:

Type de partenariat	Nombre de partenariats actifs	Investissement annuel
Institutions universitaires	14	2,3 millions de dollars
Centres de recherche pharmaceutique	8	4,1 millions de dollars
Réseaux de recherche en oncologie	6	3,7 millions de dollars

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: canaux

Force de vente directe

Depuis le quatrième trimestre 2023, Akoya Biosciences a maintenu une force de vente directe dédiée de 47 représentants commerciaux professionnels ciblant les laboratoires de pathologie, les institutions de recherche et les sociétés pharmaceutiques.

Catégorie de canal de vente	Nombre de représentants	Couverture géographique
Marchés de recherche en oncologie	27	États-Unis
Marchés de recherche universitaire	12	Amérique du Nord
Marchés internationaux	8	Europe et Asie

Expositions de conférence scientifique

En 2023, Akoya Biosciences a participé à 23 conférences scientifiques majeures, notamment:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de la Society for Immunotherapy of Cancer (SITC)

Plateformes de marketing numérique en ligne

Dépenses de marketing numérique pour 2023: 1,2 million de dollars, avec un accent clé sur:

• Publicité ciblée LinkedIn
• Promotions de plate-forme de recherche Google Scholar
• Plateformes de webinaires scientifiques spécialisés

Réseaux de distributeurs

Région	Nombre de distributeurs	Pénétration du marché
Amérique du Nord	12	68%
Europe	7	42%
Asie-Pacifique	5	29%

Entension des établissements académiques et de recherche

En 2023, Akoya Biosciences a établi des partenariats avec 86 institutions de recherche, notamment:

• École de médecine de Harvard
• Université de Stanford
• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center

Investissement total des canaux pour 2023: 4,7 millions de dollars

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Akoya Biosciences sert des organisations de recherche pharmaceutique avec des solutions précises de biologie spatiale.

Type de client	Taille du marché	Taux d'adoption potentiel
Top 20 des sociétés pharmaceutiques mondiales	Marché R&D de 1,2 billion de dollars	37% d'adoption potentielle

Établissements de recherche universitaire

Les centres de recherche universitaire représentent un segment de clientèle essentiel pour les technologies de biologie spatiale d'Akoya.

• Institutions de recherche financées sur les National Institutes of Health (NIH)
• 100 meilleures universités de recherche mondiale
• Attribution annuelle du budget de la recherche: 41,7 milliards de dollars

Laboratoires de diagnostic clinique

Les laboratoires de diagnostic utilisent les technologies d'imagerie avancées d'Akoya pour les applications de médecine de précision.

Type de laboratoire	Volume de marché annuel	Pénétration technologique
Laboratoires de référence cliniques	Marché de 84,5 milliards de dollars	22% Adoption de la technologie actuelle

Biotechnology Companies

Les sociétés de biotechnologie tirent parti des plateformes de biologie spatiale d'Akoya pour la recherche avancée.

• Emerging Biotech Companies: 4 500 à l'échelle mondiale
• Investissement total de R&D: 79,3 milliards de dollars
• Marché potentiel de technologie de biologie spatiale: 620 millions de dollars

Centres de recherche en oncologie

La recherche en oncologie représente un objectif principal pour les solutions de biologie spatiale d'Akoya.

Focus de recherche	Centres de recherche mondiaux	Investissement annuel
Centres de recherche sur le cancer	1 200 centres spécialisés	6,8 milliards de dollars de financement de recherche dévoué

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Akoya Biosciences a déclaré des dépenses de R&D de 54,8 millions de dollars, ce qui représente 43,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage de revenus
2023	54,800,000	43.4%
2022	48,300,000	41.2%

Coûts de fabrication et de production

Les coûts de fabrication totaux pour Akoya Biosciences en 2023 étaient de 32,6 millions de dollars.

• Coût des marchandises vendues: 28,7 millions de dollars
• Travail à fabrication directe: 3,9 millions de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour 2023 ont totalisé 42,3 millions de dollars.

Canal de marketing	Dépenses ($)
Marketing numérique	12,700,000
Salons / conférences commerciales	8,500,000
Compensation de l'équipe de vente	21,100,000

Acquisition du personnel et des talents

Les dépenses totales du personnel pour 2023 étaient de 67,5 millions de dollars.

• Salaires: 52,3 millions de dollars
• Avantages: 9,8 millions de dollars
• Coûts de recrutement: 5,4 millions de dollars

Maintenance des infrastructures technologiques

Les coûts de maintenance de la technologie et des infrastructures en 2023 s'élevaient à 15,2 millions de dollars.

Composant d'infrastructure	Coût ($)
Systèmes informatiques	7,600,000
Services cloud	4,300,000
Maintenance matérielle	3,300,000

Akoya Biosciences, Inc. (Akya) - Modèle d'entreprise: Strots de revenus

Ventes d'instruments

Pour l'exercice 2023, Akoya Biosciences a annoncé un chiffre d'affaires d'instruments de 54,2 millions de dollars, ce qui représente une augmentation de 12,3% par rapport à l'année précédente.

Type d'instrument	Fourchette de prix moyenne	Volume des ventes annuelles
Plateforme de biologie spatiale du codex	$350,000 - $450,000	62 unités vendues
Systèmes de phénocycleur	$275,000 - $375,000	48 unités vendues

Consommables et ventes de réactifs

Les consommables et les ventes de réactifs pour 2023 ont totalisé 37,8 millions de dollars, avec un modèle de revenus récurrent.

• Coût moyen du panel de réactifs: 5 500 $ par projet de recherche
• Consommation de réactifs annuels typiques par institution de recherche: 8-12 panneaux

Contrats de service et d'assistance

Les revenus des contrats de service et de soutien ont atteint 22,6 millions de dollars en 2023, avec une croissance de 15,7% en glissement annuel.

Type de contrat	Revenus annuels	Durée du contrat moyen
Support standard	12,4 millions de dollars	1-2 ans
Support premium	10,2 millions de dollars	2-3 ans

Grants de recherches et collaborations

Les subventions de recherche et les partenariats collaboratifs ont généré 16,5 millions de dollars en 2023.

• Concessions des National Institutes of Health (NIH): 8,3 millions de dollars
• Collaborations de fondation privée: 5,7 millions de dollars
• Partenariats de recherche universitaire: 2,5 millions de dollars

Licence et mises à niveau logicielles

Les licences logicielles et les revenus de mise à niveau ont totalisé 9,7 millions de dollars en 2023.

Produit logiciel	Type de licence	Revenus annuels
Informer le logiciel d'analyse d'images	Perpétuel	6,2 millions de dollars
Plate-forme d'analyse spatiale de Mantis	Abonnement	3,5 millions de dollars

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