Akoya Biosciences, Inc. (AKYA): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and understand the true engine driving Akoya Biosciences, Inc. right before that big Quanterix merger closes. Honestly, mapping out their business model reveals a focused strategy: they are successfully monetizing ultrahigh-plex spatial biology, evidenced by their installed base of 1,359 systems as of March 31, 2025, which supported $79.96 million in trailing revenue with a strong 59.3% gross margin in Q1 2025. This canvas distills exactly how Akoya Biosciences converts proprietary technology-from their PhenoCycler discovery tool to their CLIA lab services-into recurring revenue streams you need to see for your own analysis.

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

You're looking at the strategic alliances that underpinned Akoya Biosciences, Inc. (AKYA) right before its integration into Quanterix Corporation. These partnerships were crucial for scaling adoption and driving the platform toward clinical utility, which is key when you're trying to justify a valuation in the spatial biology space.

Merger and Integration

The most significant event for Akoya Biosciences' partnership structure in 2025 was the completion of its merger with Quanterix Corporation, which finalized on July 8, 2025. This move was designed to unite ultra-sensitive biomarker detection with spatial phenotyping capabilities.

The terms of the amended merger agreement, approved on April 29, 2025, involved a specific exchange for Akoya equity holders. The final structure saw Quanterix shareholders owning approximately 84% of the combined entity, with former Akoya shareholders holding about 16%.

Here are the concrete financial and equity details of the transaction:

Honestly, the fact that Akoya Biosciences stopped hosting earnings calls after Q1 2025, citing the pending acquisition, shows how central this deal was to their near-term strategy. Finance needs to track the post-merger integration costs against the expected revenue synergies from combining the platforms.

Data Collaboration for Scale

A major value-driver partnership was the one with Enable Medicine, announced in April 2025, to launch the largest commercially available single-cell spatial proteomics atlas. This immediately expanded the available data ecosystem for Akoya's technology.

The scale of this atlas is substantial, providing immediate, licensable data for biopharma research:

• Over 100 million single cells analyzed.
• Data derived from over 8,500+ samples.
• Covers 15+ cancer types.
• Features up to 60 protein biomarkers per sample.

This effort directly supports the goal of accelerating biomarker discovery and drug development by providing a massive, curated, multi-modal dataset.

Biopharma and Companion Diagnostic (CDx) Development

Akoya Biosciences actively positioned its Advanced Biopharma Solutions (ABS) lab as a key partner for clinical trials, aiming to establish its spatial phenotyping as the preferred biomarker solution for CDx enablement. The company had several key relationships here:

• Acrivon Therapeutics: Partnership to co-develop, clinically validate, and commercialize the OncoSignature® test as a CDx for Acrivon's ACR-368 therapy.
• AstraZeneca: Collaboration to advance new multiplex immunofluorescence workflows and spatial biomarker signatures using the PhenoImager HT platform to study drug mechanism of action.
• Agilent Technologies: Agreement to develop chromogenic and mIF assays incorporating spatial analysis for precision cancer therapeutics.

To be fair, the CDx strategy is a long-term play. The success of these early-stage partnerships, like the one with Acrivon Therapeutics for ACR-368, directly influences future revenue streams once regulatory approvals are secured.

Academic and Consortium Engagements

Academic and consortium partnerships were vital for generating the necessary publication footprint and clinical validation data. As of the first quarter of 2025, Akoya's technology was cited in 1,891 total publications, a 44.7% year-over-year increase.

A flagship academic partnership involved the Singapore Translational Cancer Consortium (STCC) on the STCC Unified PD1/PDL1 Evaluation of Response (SUPER) study. This study is designed to find spatial biomarkers predicting response to immune checkpoint inhibitors. The cohort is specifically structured with 200 patients, split evenly between 100 exceptional responders and 100 hyperprogressors, utilizing Akoya's IO60 panel.

Other key academic relationships included thought leaders at:

• Stanford University
• Dana Farber Cancer Institute
• University of Queensland
• MD Anderson

Also, Akoya's technology was slated to generate data for a Biobank and Data Repository for Cancer Equity Research, funded by the Cancer Grand Challenges initiative.

Technology and Software Integration

For the computational side of the workflow, Akoya Biosciences partnered with key software providers to ensure seamless data analysis from its instruments, the PhenoImager and PhenoCycler systems. The instrument installed base as of March 31, 2025, stood at 1,359 total units.

Indica Labs was a primary technology partner, with its HALO and HALO AP platforms being the recommended solution for PhenoImager clinical workflows. Furthermore, PathAI, Inc. was listed as an AI-powered pathology analysis services partner, helping translate the spatial data into actionable insights.

Finance: track the adoption rate of the PhenoImager/PhenoCycler base (410 PhenoCyclers and 949 PhenoImagers as of Q1 2025) against the uptake of these computational partners' software licenses.

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

You're looking at the core engine of Akoya Biosciences, Inc. (AKYA) as they navigated the pending acquisition by Quanterix in mid-2025. The key activities here are all about driving platform adoption to fuel the high-margin reagent business.

Research and Development (R&D) for new high-plex PhenoCode Panels

Akoya Biosciences, Inc. (AKYA) focused on innovation even with the merger pending. The company highlighted the expansion of its content roadmap, specifically mentioning the IO60 panel and the neurobiology roadmap as drivers for future reagent pull-through. This R&D effort is supported by the company's overall cost discipline. For the first quarter ending March 31, 2025, total Operating Expenses were $23.3 million, an improvement of 22.3% year-over-year, which reflects a push for operational leverage across all functions, including R&D.

• Innovation focus includes the IO60 panel and neurobiology roadmap.
• Announced a new antibody-drug conjugate (ADC) breast cancer assay in Q1 2025.

Manufacturing and quality control of instruments and proprietary reagents

A major activity here is the in-house manufacturing of proprietary reagents, which directly impacted profitability. The company reported a Gross Margin of 59.3% in the first quarter of 2025, a significant expansion from 45.7% in the prior year period. This margin improvement was explicitly attributed to operational efficiency from in-house reagent manufacturing and product mix. This activity is critical for controlling the cost of goods sold for the consumables that drive recurring revenue.

Operating the CLIA-certified Advanced Biopharma Solutions (ABS) lab

The ABS lab provides biopharma services, which is a key part of the service revenue stream. In Q1 2025, total service and other revenue declined materially to $4.6 million from $6.2 million in Q1 2024. Despite this, the company continued to advance clinical partnerships, such as the one with NeraCare and Acrivon, and the selection of PhenoCycler-Fusion for a Cancer Grand Challenges-funded study underscores the lab's role in large-scale projects.

Global sales and application-driven marketing to drive reagent pull-through

The sales and marketing activity centers on expanding the installed base to ensure high utilization of the proprietary reagents. As of March 31, 2025, the instrument installed base grew 12.0% year-over-year to 1,359 instruments. This growth is the foundation for reagent pull-through, which is further validated by the rising publication count. The company's full-year 2024 revenue was $81.67 Million USD, and the TTM revenue as of Q1 2025 was $79.96 Million USD. Marketing efforts are designed to drive awareness and adoption, as noted in prior filings expecting increased spending to support commercial team expansion.

Here's the quick math on platform adoption as of the end of Q1 2025:

What this estimate hides is the mix between instrument sales (which lagged in Q4 2024) and the more stable reagent/service revenue, which was $4.6 million for services in Q1 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power Akoya Biosciences, Inc.'s spatial biology platform. The foundation here is definitely the proprietary spatial phenotyping technology, which centers around the PhenoCycler and PhenoImager systems. These instruments are what allow researchers to quantify diverse immune phenotypes within the tumor microenvironment while keeping the tissue context and spatial distribution intact at single-cell resolution.

The competitive edge is heavily reliant on the intellectual property portfolio. Akoya Biosciences, Inc. has patented technology covering multispectral imaging (MSI) and spectral unmixing. This patented approach is key because it helps isolate and remove tissue autofluorescence and accurately resolve spectral overlap from multiple fluorophores, which is a major hurdle in multiplex imaging. The company continues to bolster this with new grants; for instance, a patent related to processing and imaging tissue samples was granted as recently as February 25, 2025. That's the kind of IP you want to see being actively defended and expanded.

The commercial footprint, represented by the installed base, shows tangible market penetration. As of the first quarter of 2025, the global installed base reached 1,359 systems, marking a 12.0% year-over-year increase. This installed base is the engine for recurring revenue from reagents and services. The company's financial liquidity, while under pressure from operating losses, stood at $27.5 million in cash, cash equivalents, and marketable securities at the end of Q1 2025.

Here's a quick look at the hardware deployment and the balance sheet snapshot from March 31, 2025:

The technological capabilities themselves are defined by specific performance metrics, especially for the high-throughput PhenoImager HT 2.0:

• Whole-slide multispectral scanning with onboard spectral unmixing.
• Throughput up to 400+ slides/week with walk-away automation.
• Imaging capability up to 9 colors in brightfield and fluorescence.
• Spectral unmixing provides up to a 50% increase in scoring accuracy.
• Signal-to-noise ratio improvement up to 10-fold due to spectral unmixing.

The intellectual property is a critical, non-physical asset. It underpins the entire workflow, from image acquisition to data reduction. The company has secured grants covering core methods, such as one granted in April 2022 for multispectral sample imaging. This patent portfolio protects the methods used to generate the 1,891 total publications citing Akoya Biosciences, Inc.'s technology as of the end of Q1 2025. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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):

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:

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