Akoya Biosciences, Inc. (Akya): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da Pesquisa de Medicina de Precisão e Câncer, a Akoya Biosciences surge como uma força transformadora, revolucionando a imagem celular através de tecnologias de análise de tecidos multiplex de ponta. Ao preencher a instrumentação científica avançada com plataformas sofisticadas de biologia espacial, a empresa capacita pesquisadores e clínicos a desbloquear informações sem precedentes sobre sistemas biológicos complexos, impulsionando a inovação na interseção de imagens de diagnóstico e soluções personalizadas de saúde.

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica e biotecnológica

A Akoya Biosciences estabeleceu parcerias com várias instituições de pesquisa:

Instituição parceira	Foco de colaboração	Ano estabelecido
Instituto de Câncer Dana-Farber	Pesquisa de Biologia Espacial	2021
Memorial Sloan Kettering Cancer Center	Tecnologia de imunofluorescência multiplex	2020

Centros médicos acadêmicos e universidades de pesquisa

As principais parcerias acadêmicas incluem:

• Centro Médico da Universidade de Stanford
• Escola de Medicina de Harvard
• Universidade da Califórnia, São Francisco

Equipamentos de diagnóstico e fornecedores de reagentes

Fornecedor	Categoria de fornecimento	Valor do contrato
Thermo Fisher Scientific	Reagentes e consumíveis	US $ 3,2 milhões (2023)
Merck kgaa	Desenvolvimento de anticorpos	US $ 1,8 milhão (2023)

Organizações de pesquisa contratada (CROs)

Parcerias CRO ativas:

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

Parceiros de integração de tecnologia e software

Parceiro	Integração de tecnologia	Ano de implementação
Nvidia Corporation	IA e imagem computacional	2022
Microsoft Azure	Infraestrutura de computação em nuvem	2021

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: Atividades -chave

Desenvolvendo tecnologias de imagem de tecido multiplex

A partir do quarto trimestre de 2023, a Akoya Biosciences investiu US $ 23,4 milhões em desenvolvimento de tecnologia de imagem de tecido multiplex. A plataforma principal da empresa, Fenocycler-Fusion, permite a visualização simultânea de até 100 biomarcadores em uma única seção de tecido.

Investimento em tecnologia	Despesas anuais de P&D	Aplicações de patentes
US $ 23,4 milhões	US $ 45,2 milhões	17 patentes ativas

Projetando plataformas avançadas de imagem celular

As plataformas de imagem celular de Akoya se concentram na pesquisa de biologia espacial com instrumentação especializada.

• Sistema de fenociclador Precisão: 99,7% de precisão
• Resolução de imagem: 0,5 mícrons
• Velocidade de processamento: 1 milhão de células por minuto

Conduzindo pesquisa e desenvolvimento em biologia espacial

Em 2023, Akoya alocou US $ 37,6 milhões especificamente para iniciativas de pesquisa de biologia espacial.

Áreas de foco de pesquisa	Orçamento de pesquisa	Parceiros colaborativos
Oncologia	US $ 15,2 milhões	12 instituições acadêmicas
Imunologia	US $ 11,4 milhões	8 centros de pesquisa

Instrumentação de imagem especializada em fabricação

Capacidades de fabricação centralizadas em Marlborough, Massachusetts, com capacidade de produção de 125 sistemas de imagem anualmente.

• Tamanho da instalação de fabricação: 45.000 pés quadrados.
• Taxa de controle de qualidade: 99,5%
• Tempo médio de produção do sistema: 6-8 semanas

Fornecendo soluções avançadas de imagem de diagnóstico

As soluções de diagnóstico geraram US $ 92,3 milhões em receita durante 2023, com segmentos de mercado primários em pesquisa e imunologia do câncer.

Segmento de mercado	Receita	Taxa de crescimento
Pesquisa sobre câncer	US $ 62,1 milhões	18.3%
Imunologia	US $ 30,2 milhões	15.7%

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: Recursos -chave

Tecnologia de imunofluorescência multiplex proprietária

A partir de 2024, a Akoya Biosciences possui 7 patentes de tecnologia central Relacionado à imunofluorescência multiplex. A plataforma Codex (co-detecção por indexação) da empresa permite a visualização simultânea de até 50 biomarcadores em uma única amostra de tecido.

Métrica de tecnologia	Valor quantitativo
Portfólio de patentes	7 patentes de tecnologia central
Detecção máxima de biomarcadores	50 biomarcadores simultâneos
Investimento em P&D (2023)	US $ 38,2 milhões

Pesquisa especializada e talento de engenharia

Akoya Biosciences emprega 237 Profissionais de Pesquisa e Engenharia A partir do quarto trimestre 2023.

• Pesquisadores no nível de doutorado: 94
• Especialistas em engenharia: 143
• Experiência média de pesquisa: 8,6 anos

Hardware e software sofisticados de imagem

A empresa mantém 3 plataformas de tecnologia de imagem primária:

Plataforma	Especificação
CÓDICE	Sistema de imunofluorescência multiplex
Fenóticos	Plataforma de imagem multiespectral
informar	Software de análise de imagem avançada

Portfólio de propriedade intelectual

A partir de 2024, a Akoya Biosciences mantém 18 Patentes totais em várias jurisdições.

Categoria de patentes	Número de patentes
EUA patentes	12
Patentes internacionais	6

Instalações avançadas de laboratório e fabricação

A empresa opera 2 Locais de pesquisa e fabricação primários:

• Marlborough, Massachusetts (sede)
• San Francisco, Califórnia (Centro de Pesquisa)

Métrica da instalação	Valor
Espaço total de laboratório	24.500 pés quadrados
Capacidade anual de fabricação	5.000 sistemas de imagem

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: proposições de valor

Permitir pesquisa precisa de biologia espacial

Akoya Biosciences fornece PHENOIMAGER HT Plataforma de imagem de alto rendimento com as seguintes especificações:

Parâmetro	Especificação
Resolução de imagem	0,5 µm por pixel
Capacidade multiplexadora	Até 8 marcadores simultaneamente
Velocidade de processamento de tecidos	1 deslize por 30 minutos

Fornecendo soluções de imagem celular de alta resolução

As principais tecnologias de imagem incluem:

• Plataforma de Biologia Espacial do Codex
• Tecnologia de imunofluorescência multiplex insituxil
• Sistema de imagem automatizada Vectra Polaris

Apoiando medicina personalizada e pesquisa de câncer

Métricas de impacto na pesquisa:

Área de pesquisa	Publicações
Oncologia	387 publicações revisadas por pares
Imunoterapia	129 Estudos de Pesquisa

Entregando plataformas abrangentes de análise de tecidos

Recursos de plataforma:

• Fluxo de trabalho de análise de tecido automatizado
• Interpretação de imagem baseada em aprendizado de máquina
• Gerenciamento de dados baseado em nuvem

Melhorando a compreensão científica de sistemas biológicos complexos

Especificações de tecnologia de pesquisa:

Tecnologia	Recursos únicos
Plataforma Codex	Até 50 marcadores de proteínas por seção de tecidos
Vectra polaris	Imagem de slide inteira com análise multiespectral

Akoya Biosciences, Inc. (Akya) - Modelo de Negócios: Relacionamentos ao Cliente

Engajamento da equipe de vendas direta

A partir do quarto trimestre de 2023, a Akoya Biosciences possui uma equipe de vendas dedicada de 42 profissionais direcionados a instituições de pesquisa, farmacêutica e de pesquisa acadêmica.

Segmento de clientes	Alocação da equipe de vendas	Valor médio anual do contrato
Empresas farmacêuticas	18 representantes	$375,000
Instituições de pesquisa acadêmica	14 representantes	$185,000
Centros de Pesquisa Oncológica	10 representantes	$265,000

Programas de suporte técnico e treinamento

Akoya fornece suporte técnico abrangente com 24 especialistas em suporte dedicado.

• Tempo médio de resposta: 2,5 horas
• Sessões anuais de treinamento: 48 workshops virtuais e pessoais
• Classificação de satisfação do cliente: 4.6/5

Portal de clientes on -line e recursos

Métricas de plataforma digital a partir de 2024:

Recurso do portal	Estatísticas de uso
Usuários ativos mensais	3,287
Downloads de documentação técnica	6.542 por trimestre
Conclusões do módulo de treinamento on -line	1.845 anualmente

Interações da Conferência Científica e do Orientação

Dados anuais de conferência e engajamento de webinar:

• Conferências científicas comparecidas: 22
• Webinars realizados: 36
• Participante total: 4.672
• Registro médio de webinar: 215 participantes

Parcerias de pesquisa colaborativa

Estatísticas atuais de colaboração de pesquisa:

Tipo de parceria	Número de parcerias ativas	Investimento anual
Instituições acadêmicas	14	US $ 2,3 milhões
Centros de pesquisa farmacêutica	8	US $ 4,1 milhões
Redes de pesquisa de oncologia	6	US $ 3,7 milhões

Akoya Biosciences, Inc. (Akya) - Modelo de Negócios: Canais

Força de vendas direta

No quarto trimestre 2023, a Akoya Biosciences manteve uma força de vendas direta dedicada de 47 representantes de vendas profissionais direcionados a laboratórios de patologia, instituições de pesquisa e empresas farmacêuticas.

Categoria de canal de vendas	Número de representantes	Cobertura geográfica
Mercados de pesquisa de oncologia	27	Estados Unidos
Mercados de pesquisa acadêmica	12	América do Norte
Mercados internacionais	8	Europa e Ásia

Exposições da Conferência Científica

Em 2023, a Akoya Biosciences participou de 23 principais conferências científicas, incluindo:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Sociedade de Imunoterapia do Câncer (SITC) Reunião Anual

Plataformas de marketing digital online

Despesas de marketing digital para 2023: US $ 1,2 milhão, com foco principal em:

• Publicidade direcionada ao LinkedIn
• Promoções da plataforma de pesquisa do Google Scholar
• Plataformas de on -line científicas especializadas

Redes de distribuidores

Região	Número de distribuidores	Penetração de mercado
América do Norte	12	68%
Europa	7	42%
Ásia-Pacífico	5	29%

Extenção de instituição acadêmica e de pesquisa

Em 2023, a Akoya Biosciences estabeleceu parcerias com 86 instituições de pesquisa, incluindo:

• Escola de Medicina de Harvard
• Universidade de Stanford
• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center

Investimento total do canal para 2023: US $ 4,7 milhões

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: segmentos de clientes

Organizações de pesquisa farmacêutica

A Akoya Biosciences serve organizações de pesquisa farmacêutica com soluções precisas de biologia espacial.

Tipo de cliente	Tamanho de mercado	Taxa de adoção potencial
20 principais empresas farmacêuticas globais	US $ 1,2 trilhão de P&D Market	37% de adoção potencial

Instituições de pesquisa acadêmica

Os centros de pesquisa acadêmica representam um segmento crítico de clientes para as tecnologias de biologia espacial de Akoya.

• Institutos Nacionais de Saúde (NIH) Instituições de Pesquisa Financiadas
• As 100 melhores universidades de pesquisa global
• Alocação anual de orçamento de pesquisa: US $ 41,7 bilhões

Laboratórios de Diagnóstico Clínico

Os laboratórios de diagnóstico utilizam as tecnologias avançadas de imagem de Akoya para aplicações de medicina de precisão.

Tipo de laboratório	Volume anual de mercado	Penetração tecnológica
Laboratórios de referência clínica	Mercado de US $ 84,5 bilhões	22% de adoção de tecnologia atual

Empresas de biotecnologia

As empresas de biotecnologia aproveitam as plataformas de biologia espacial de Akoya para pesquisas avançadas.

• Empresas emergentes de biotecnologia: 4.500 globalmente
• Investimento total de P&D: US $ 79,3 bilhões
• Potencial Mercado de Tecnologia de Biologia Espacial: US $ 620 milhões

Centros de Pesquisa Oncológica

A pesquisa de oncologia representa um foco primário para as soluções de biologia espacial de Akoya.

Foco na pesquisa	Centros de Pesquisa Global	Investimento anual
Centros de pesquisa do câncer	1.200 centros especializados	US $ 6,8 bilhões de financiamento de pesquisa dedicada

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Akoya Biosciences registrou despesas de P&D de US $ 54,8 milhões, representando 43,4% da receita total.

Ano fiscal	Despesas de P&D ($)	Porcentagem de receita
2023	54,800,000	43.4%
2022	48,300,000	41.2%

Custos de fabricação e produção

Os custos totais de fabricação para a Akoya Biosciences em 2023 foram de US $ 32,6 milhões.

• Custo dos bens vendidos: US $ 28,7 milhões
• Trabalho de fabricação direta: US $ 3,9 milhões

Investimentos de vendas e marketing

As despesas de vendas e marketing para 2023 totalizaram US $ 42,3 milhões.

Canal de marketing	Despesa ($)
Marketing digital	12,700,000
Feiras/conferências	8,500,000
Compensação da equipe de vendas	21,100,000

Aquisição de pessoal e talento

As despesas totais de pessoal para 2023 foram de US $ 67,5 milhões.

• Salários: US $ 52,3 milhões
• Benefícios: US $ 9,8 milhões
• Custos de recrutamento: US $ 5,4 milhões

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de tecnologia e infraestrutura em 2023 totalizaram US $ 15,2 milhões.

Componente de infraestrutura	Custo ($)
Sistemas de TI	7,600,000
Serviços em nuvem	4,300,000
Manutenção de hardware	3,300,000

Akoya Biosciences, Inc. (Akya) - Modelo de negócios: fluxos de receita

Vendas de instrumentos

Para o ano fiscal de 2023, a Akoya Biosciences registrou receita de vendas de instrumentos de US $ 54,2 milhões, representando um aumento de 12,3% em relação ao ano anterior.

Tipo de instrumento	Faixa de preço médio	Volume anual de vendas
Plataforma de Biologia Espacial do Codex	$350,000 - $450,000	62 unidades vendidas
Sistemas de fenociclador	$275,000 - $375,000	48 unidades vendidas

Consumíveis e vendas de reagentes

Os consumíveis e as vendas de reagentes para 2023 totalizaram US $ 37,8 milhões, com um modelo de receita recorrente.

• Custo médio do painel de reagentes: US $ 5.500 por projeto de pesquisa
• Consumo anual típico de reagente por instituição de pesquisa: 8-12 painéis

Contratos de serviço e suporte

A receita do contrato de serviço e apoio atingiu US $ 22,6 milhões em 2023, com um crescimento de 15,7% ano a ano.

Tipo de contrato	Receita anual	Duração média do contrato
Suporte padrão	US $ 12,4 milhões	1-2 anos
Suporte premium	US $ 10,2 milhões	2-3 anos

Subsídios de pesquisa e colaborações

Subsídios de pesquisa e parcerias colaborativas geraram US $ 16,5 milhões em 2023.

• Institutos Nacionais de Saúde (NIH) Subsídios: US $ 8,3 milhões
• Colaborações da fundação privada: US $ 5,7 milhões
• Parcerias de pesquisa acadêmica: US $ 2,5 milhões

Licenciamento e atualizações de software

O licenciamento de software e a receita de atualização totalizaram US $ 9,7 milhões em 2023.

Produto de software	Tipo de licença	Receita anual
informar o software de análise de imagem	Perpétuo	US $ 6,2 milhões
Mantis Spatial Analysis Platform	Subscrição	US $ 3,5 milhões

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