Akoya Biosciences, Inc. Stock Price, News & Analysis

Akoya Biosciences (NASDAQ: AKYA) reported its Q1 2025 financial results, showing a revenue decline of 9.8% to $16.6 million compared to $18.4 million in Q1 2024. Despite lower revenue, the company improved its gross margin to 59.3% from 45.7% year-over-year. Operating expenses decreased by 22.3% to $23.3 million, leading to a reduced operating loss of $13.4 million, a 37.9% improvement. The company ended Q1 with $27.5 million in cash and equivalents. Akoya's installed base grew 12% year-over-year to 1,359 instruments. Notable achievements include the selection of PhenoCycler-Fusion for a Cancer Grand Challenges study and partnership with Singapore Translational Cancer Consortium. The company is currently in the process of being acquired by Quanterix Corporation.

Tikvah Management LLC, owning 1.5% of Quanterix Corp (QTRX) shares, has announced its intention to vote against the proposed merger with Akoya Biosciences (AKYA) at the upcoming Special Meeting. As a significant investor since 2018, Tikvah argues that the merger undervalues Quanterix shares and would significantly reduce the company's cash runway post-merger. The investment firm also supports other investors' opposition, emphasizing that Quanterix's business is superior to Akoya's. Tikvah maintains the right to modify its position if significant developments arise.

Kent Lake, holding 7.7% of Quanterix shares, has strongly criticized the company's amended merger agreement with Akoya Biosciences. The key issue is Quanterix's decision to remove shareholders' voting rights on the merger, despite reports showing nearly 3-to-1 opposition to the deal.

The statement highlights concerning financial impacts, noting that Quanterix's stock price has fallen 48% and enterprise value has declined over 100% since the merger announcement. Kent Lake directly challenges CEO Masoud Toloue's claim about the merger's "strong strategic merits."

In response, Kent Lake will continue its push to elect three new board members at the upcoming Annual Meeting, arguing that the current board has proven unable to represent shareholder interests effectively. The investor views this boardroom change as increasingly urgent following what they describe as a "value-destructive transaction" and "shocking disenfranchisement" of shareholders.

Quanterix and Akoya Biosciences have announced amended merger terms, revising their previous agreement. Under the new terms, Quanterix will issue approximately 7.76 million shares and pay $20 million in cash to Akoya shareholders. Each Akoya share will receive $0.38 in cash and 0.1461 Quanterix shares.

The revised deal structure results in 9 million fewer shares being issued compared to the original terms. Post-merger ownership will be split with Quanterix shareholders holding approximately 84% and Akoya shareholders owning 16% of the combined company.

The amended agreement has received approval from both companies' boards, with over 50% of Akoya shareholders agreeing to vote in favor. The merger is expected to close in Q2 2025, subject to standard closing conditions. Goldman Sachs is advising Quanterix, while Perella Weinberg Partners is serving as Akoya's financial advisor.

Akoya Biosciences (NASDAQ: AKYA) and Enable Medicine have announced a collaboration to launch the largest commercially available single-cell spatial proteomics atlas. The Enable Pan-Cancer Atlas, built using Akoya's PhenoCycler®-Fusion platform and PhenoCode™ Discovery IO60 panel, contains over 100 million single cells from 8,500+ samples across 15+ cancer types.

The atlas features up to 60 protein biomarkers, H&E images, spatial transcriptomics measurements, and comprehensive clinical metadata. This curated and standardized dataset is commercially licensable, aimed at accelerating biomarker discovery and drug development. The platform allows users to filter and analyze data by biomarker expression, tissue type, and clinical metadata.

The atlas will be showcased at the AACR Annual Meeting 2025 at Akoya's Booth #3045, with a live demonstration scheduled for April 27.

Akoya Biosciences (NASDAQ: AKYA) has announced two major developments in its spatial biology portfolio. First, the company launched a new multiplex immunofluorescence (mIF) assay for antibody-drug conjugate (ADC) development in breast cancer, now available through Advanced Biopharma Services (ABS). The panel includes HER2, TROP2, Ki-67, ER/PR, and a membrane-localization cocktail, enabling precise patient selection and quantification of ADC targets.

The assay is optimized for identifying HER2-low and TROP2-high patients in clinical trials and features comprehensive support from a CLIA-certified laboratory. Additionally, Akoya will showcase customer-generated real-world data from their PhenoCode™ Discovery IO60 panel at the AACR 2025 Annual Meeting (April 25-30, Chicago), demonstrating its capabilities in immune phenotyping and tumor microenvironment profiling.

Akoya Biosciences (NASDAQ: AKYA) has announced a collaboration with the Singapore Translational Cancer Consortium (STCC) on the SUPER study (STCC Unified PD1/PDL1 Evaluation of Response). The study aims to identify predictors of PD1 immunotherapy response in Asian patients through a multi-institutional effort.

The research will analyze a unique case-control pan-cancer cohort of 200 patients (100 exceptional responders matched with 100 hyperprogressors) using Akoya's PhenoCode™ Discovery IO60 Panel for spatial proteomic analysis. The study's key objectives include:

• Identifying and validating biomarker profiles predicting response to PD1/PDL1 inhibition
• Developing a combinatorial assay kit/model for predicting treatment response
• Establishing a national biomarker discovery program for extreme responders

The collaboration brings together Singapore's major healthcare institutions, including NCCS, NCIS, NUH, NUS, SGH, and A*STAR, integrating spatial approaches with DNA/RNA sequencing to optimize cancer immunotherapy strategies.

Kent Lake, holding 7.7% of Quanterix (NASDAQ: QTRX) shares, has filed a definitive proxy statement opposing the proposed merger with Akoya Biosciences (NASDAQ: AKYA). The investment firm has issued a letter to shareholders urging them to vote AGAINST both merger-related proposals at the upcoming special meeting scheduled for May 13, 2025.

Kent Lake characterizes the merger as 'value-destructive' and 'deeply unfair,' describing it as effectively a bailout for Akoya at Quanterix shareholders' expense. The firm has raised concerns about the transaction process and potential conflicts of interest among Quanterix board members. Shareholders can access additional voting information and resources at www.SaveQTRX.com.

Tikvah Management , owning approximately 1.5% of Quanterix Corp. (QTRX), has expressed serious concerns regarding Quanterix's recent agreement to purchase up to $30 million in convertible notes from Akoya Biosciences (AKYA).

The investment firm highlighted three major concerns: 1) Akoya's need for bridge financing indicates potential financial distress, 2) the timing of the capital commitment before the shareholder vote on the proposed Quanterix-Akoya merger is questionable, and 3) the convertible notes' terms are considered unfavorable to Quanterix shareholders.

Tikvah has reaffirmed its intention to vote AGAINST the proposed merger between Quanterix and Akoya at the upcoming Special Meeting, while reserving the right to change its position based on new developments.