[Form 4] Akoya BioSciences, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 overview: On 07/10/2025, director Matthew Winkler reported the automatic disposition of 984,513 Akoya Biosciences (AKYA) common shares on 07/08/2025 under transaction code J. The shares were converted pursuant to the Amended and Restated Agreement and Plan of Merger dated 04/28/2025, whereby Akoya merged with a wholly owned subsidiary of Quanterix Corporation and became its wholly owned subsidiary.

Under the merger terms, each Akoya share was exchanged for 0.1461 Quanterix share plus $0.38 in cash, subject to potential adjustment. Following the closing, Winkler now reports zero AKYA shares beneficially owned.

The filing also discloses the cancellation of 153,731 stock options with strike prices between $2.01 and $21.95 that were at or above the per-share merger consideration; these options were terminated for no consideration.

No open-market trades, pricing data, or new financial metrics are included—this is a procedural disclosure linked solely to the completed merger.

Positive

• Merger consideration disclosed: Each AKYA share converts into 0.1461 Quanterix share plus $0.38 cash, providing shareholders with liquidity and ongoing equity exposure.

Negative

• 153,731 stock options cancelled: All outstanding options held by the director were terminated for no consideration because their exercise prices exceeded the merger value.

Insights

Securities Analyst

TL;DR: Administrative Form 4 records conversion of Akoya shares to Quanterix stock and cash; no incremental valuation signal.

The filing confirms the 07/08/2025 close of the Quanterix–Akoya merger and documents director Matthew Winkler’s disposition of 984,513 AKYA shares. The exchange ratio (0.1461 QTRX + $0.38) matches the previously disclosed agreement, so investors learn nothing new about deal economics. All 153,731 stock options were cancelled because their exercise prices exceeded the merger consideration, preventing dilution. The disclosure is routine and should have minimal market impact.

Corporate Governance Expert

TL;DR: Filing evidences completion of merger and tidy-up of insider holdings; governance impact neutral.

This Form 4 complies with Section 16 requirements during a change-of-control event. Using code J clarifies the involuntary nature of the share conversion and option cancellation. Eliminating out-of-the-money options for no consideration avoids excessive insider payouts and aligns compensation with post-merger realities. Overall, the governance signal is neutral—proper disclosure, no unusual benefits, and no remaining insider stake in the now-private subsidiary.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ek John Frederick

(Last) (First) (Middle)

C/O AKOYA BIOSCIENCES, INC.

100 CAMPUS DRIVE, 6TH FLOOR

(Street)

MARLBOROUGH MA 01752

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Akoya Biosciences, Inc. [ AKYA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/08/2025		J(1)		54,452(2)	D	(2)	193,750	D
Common Stock	07/08/2025		J(1)		193,750(3)	D	(2)	0	D
Common Stock	07/08/2025		J(1)		20,000(2)	D	(2)	0	I	Ek Trust Dated November 20, 2020

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$7.6	07/08/2025		J(4)			160,000	(5)	03/20/2033	Common Stock	160,000	$0	0	D
Employee Stock Option (Right to Buy)	$5.35	07/08/2025		J(4)			70,000	(5)	02/22/2034	Common Stock	70,000	$0	0	D

Explanation of Responses:

1. Disposition of shares pursuant to that certain Amended and Restated Agreement and Plan of Merger dated as of April 28, 2025, as amended (the "Merger Agreement"), by and among Quanterix Corporation, a Delaware corporation ("Quanterix"), Wellfleet Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Quanterix ("Merger Sub"), and Issuer. On July 8, 2025 (the "Closing Date"), Merger Sub merged with and into Issuer (the "Merger"), with Issuer surviving the Merger as a wholly owned subsidiary of Quanterix.

2. In connection with the terms of the Merger Agreement, each share of common stock of Issuer outstanding on the Closing Date was converted into the right to receive (a) 0.1461 of a share of common stock of Quanterix (the "Per Share Stock Consideration") and (b) $0.38 in cash, without interest (the "Per Share Cash Consideration" and together with the Per Share Stock Consideration, the "Per Share Merger Consideration"). Each of the Per Share Stock Consideration and the Per Share Cash Consideration may be adjusted pursuant to the terms of the Merger Agreement.

3. Represents aggregate share value of Issuer restricted stock units ("RSU") unvested immediately prior to the Closing Date (each individual RSU, a "Rollover RSU"). On the Closing Date, each Rollover RSU was automatically converted into the right to receive the Per Share Merger Consideration for each share of Issuer common stock subject to such Rollover RSU upon vesting, subject to the same terms and conditions of each Rollover RSU in effect immediately prior to the effectiveness of the Merger.

4. Disposition of options pursuant to Merger Agreement.

5. Pursuant to the Merger Agreement, as of the Closing Date, each outstanding option to purchase Issuer common stock was accelerated and each option with a per share exercise price equal to or greater than the Per Share Merger Consideration was automatically terminated and cancelled for no consideration.

	/s/ John Frederick Ek	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did Matthew Winkler report in the 07/10/2025 Form 4 for Akoya Biosciences (AKYA)?

He disclosed the disposition of 984,513 common shares and the cancellation of 153,731 stock options in connection with the Quanterix merger.

How much will Akoya Biosciences shareholders receive per share after the Quanterix merger?

Each share converts to 0.1461 Quanterix common share plus $0.38 in cash, subject to potential adjustment under the merger agreement.

Why were Matthew Winkler’s Akoya stock options cancelled?

Options with strike prices from $2.01 to $21.95 were automatically terminated because they equaled or exceeded the per-share merger consideration.

Does Matthew Winkler still own Akoya Biosciences shares after the merger?

No. The Form 4 shows zero AKYA shares beneficially owned following the conversion on 07/08/2025.

What does transaction code J signify in this Form 4?

Code J denotes a non-open-market disposition such as a merger, tender offer, or exchange agreement.