Quanterix Q3 2026 revenue falls 13% to $35M
Nine-month revenue exceeded 2025 levels, while third-quarter revenue and operating cash used were lower year over year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Quanterix Corp. (QTRX) reported third-quarter 2026 revenue of $35.0 million, down from $40.2 million a year earlier, and a net loss of $21.6 million versus $33.5 million. Product revenue was $25.2 million: consumables and other products rose 10% to $20.8 million, while instrument revenue fell 39% to $4.4 million. Service and other revenue declined 33% to $9.4 million.
For the first nine months of 2026, revenue was $104.3 million, compared with $95.0 million, while net loss was $88.1 million versus $84.0 million. Net cash used in operating activities was $39.428 million, compared with $60.792 million a year earlier. At September 30, 2026, cash and cash equivalents were $35.864 million and marketable securities were $41.495 million. Quanterix recorded a $26.9 million goodwill impairment and a $19.3 million impairment of acquired in-process research and development.
In October 2026, China partner Innovita Biological Technology received approval for the HD-X and SR-X instruments and kits for four neurological biomarkers. Quanterix submitted a 510(k) notification to the FDA in January 2026 for an Alzheimer’s blood test. Beginning July 1, 2026, eligible Anthem members could receive coverage for LucentAD Complete when medical necessity criteria are met.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month revenue rose to $104.3 million from $95.0 million.
- Moderate pointThird-quarter net loss narrowed 36% to $21.6 million year over year.
- Moderate pointNine-month operating cash use fell to $39.428 million from $60.792 million.
Negative
- Moderate pointThird-quarter revenue declined 13% to $35.0 million year over year.
Filing Explained
Granted equity awards could add shares upon vesting; the $49.9 million Emission earnout is a performance-based ceiling, not the liability recorded.
The Form 10-Q is an unaudited quarterly report, and this filing shows Emission’s performance-based earnout can produce additional cash payments through
During the first nine months of 2026, Quanterix granted 5.8 million RSUs and 1.2 million PSUs; RSUs require continued employment for vesting, while PSUs also require performance or market conditions. The filing says it generally issues new common shares when awards vest, so these grants can increase the share count and reduce existing holders’ percentage ownership if conditions are met, absent offsetting changes.
Key Figures
Third-quarter revenue: $35.0 million
Nine-month revenue: $104.3 million
Third-quarter net loss: $21.6 million
+5 more
8 metrics
Third-quarter revenue
$35.0 million
Three months ended September 30, 2026; $40.2 million in 2025
Nine-month revenue
$104.3 million
Nine months ended September 30, 2026; $95.0 million in 2025
Third-quarter net loss
$21.6 million
Three months ended September 30, 2026; $33.5 million in 2025
Nine-month net loss
$88.1 million
Nine months ended September 30, 2026; $84.0 million in 2025
Net cash used in operating activities
$39.428 million
Nine months ended September 30, 2026; $60.792 million in 2025
Cash and cash equivalents
$35.864 million
As of September 30, 2026
Marketable securities
$41.495 million
As of September 30, 2026
Goodwill impairment
$26.9 million
Recorded during the second quarter of 2026
Key Terms
off-market liability, goodwill impairment, remaining performance obligations, 510(k) premarket notification, +1 more
5 terms
off-market liability financial
"non-cash income from the contract's related off-market liability"
goodwill impairment financial
"recorded a goodwill impairment charge of $26.9 million"
Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.
remaining performance obligations financial
"aggregate amount of transaction prices allocated to performance obligations"
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
510(k) premarket notification regulatory
"submitted a 510(k) premarket notification to the FDA"
A 510(k) premarket notification is a regulatory submission to the U.S. Food and Drug Administration that shows a new medical device is as safe and effective as an existing, legally marketed device. Think of it like demonstrating your new model performs like a trusted older model so it can be sold; for investors, 510(k) clearance is a key hurdle that affects how quickly a device can reach market, development cost, and the level of regulatory risk in a medical-device investment.
Laboratory Developed Tests medical
"including four Laboratory Developed Tests"
Laboratory developed tests are medical diagnostic tests that are designed, built and performed by a single clinical laboratory for use within that same lab rather than sold as a finished product by a manufacturer. For investors, they matter because they represent a faster path to bringing new diagnostics to patients but carry regulatory, reimbursement and scalability risks—think of a chef crafting a custom dish in their kitchen versus a food company mass-producing a packaged item.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did QTRX report in the third quarter of 2026?
QTRX reported $35.0 million in revenue for the third quarter ended September 30, 2026, compared with $40.2 million in the prior-year quarter. Product revenue was $25.2 million, and service and other revenue was $9.4 million.
What approvals did QTRX receive in China?
In October 2026, Innovita Biological Technology Co., Ltd., Quanterix’s development and commercialization partner in China, received National Medical Products Administration approval for the HD-X and SR-X instruments and test kits for p-Tau 217, GFAP, p-Tau 181 and NfL.
When did coverage for QTRX’s LucentAD Complete begin?
Beginning July 1, 2026, members covered under Anthem Blue Cross and Blue Shield medical policies could receive coverage for qualifying blood-based biomarker testing, including LucentAD Complete, when medical necessity criteria are met. Florida published Medicaid laboratory fee schedule pricing for LucentAD Complete on November 1, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended September 30, 2026
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to .
Commission File Number: 001-38319
_________________________________________________________________
(Exact name of registrant as specified in its charter)
_________________________________________________________________
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
(617 ) 301-9400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | o | x | ||||||||||||
| Non-accelerated filer | o | Smaller reporting company | ||||||||||||
| Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No
As of November 2, 2026, the registrant had 47,478,422 shares of common stock outstanding.
Table of Contents
QUANTERIX CORPORATION
INDEX TO FORM 10-Q
| Page | |||||
Note Regarding Forward-Looking Statements | 3 | ||||
PART I — FINANCIAL INFORMATION | |||||
Item 1. Financial Statements (Unaudited) | 4 | ||||
Consolidated Balance Sheets | 4 | ||||
Consolidated Statements of Operations | 5 | ||||
Consolidated Statements of Comprehensive Loss | 6 | ||||
Consolidated Statements of Cash Flows | 7 | ||||
Notes to Consolidated Financial Statements | 8 | ||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 31 | ||||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 41 | ||||
Item 4. Controls and Procedures | 41 | ||||
PART II — OTHER INFORMATION | |||||
Item 1. Legal Proceedings | 42 | ||||
Item 1A. Risk Factors | 42 | ||||
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 42 | ||||
Item 3. Defaults Upon Senior Securities | 42 | ||||
Item 4. Mine Safety Disclosures | 42 | ||||
Item 5. Other Information | 42 | ||||
Item 6. Exhibits | 43 | ||||
Signatures | 44 | ||||
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Unless the context otherwise requires, the terms “Quanterix,” the “Company,” “we,” “it,” “us,” and “our” in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its consolidated subsidiaries.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words, or other comparable terminology. These forward-looking statements include, but are not limited to, statements related to our financial performance and statements related to our expectations about the development and commercialization of our products and are subject to a number of risks, uncertainties, and assumptions, including those further described in the section titled “Part II, Item 1A. Risk Factors” of this Quarterly Report on Form 10-Q and in the section titled “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2026, or in other filings that we make with the SEC. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
Readers should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to new information, actual results, or to changes in our expectations, except as required by law.
Readers should read this Quarterly Report on Form 10-Q, and any documents referenced herein that we have filed with the SEC as exhibits to this Quarterly Report on Form 10-Q, with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.
Service Marks, Trademarks, and Trade Names
“Quanterix,” “SIMOA,” “SIMOA HD-X,” “SR-X,” “SP-X,” “HD-X,” “LucentAD,” “Lucent Diagnostics,” “Akoya,” “PhenoCycler,” “PhenoImager,” “PhenoCode,” and our logos are our trademarks. All other service marks, trademarks, and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. We do not intend our use or display of other companies’ service marks, trademarks, or trade names to imply a relationship with, or endorsement or sponsorship of us, by these other companies.
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PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
QUANTERIX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data, unaudited)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Marketable securities | |||||||||||
| Accounts receivable, net of allowance for expected credit losses | |||||||||||
| Inventory | |||||||||||
| Prepaid expenses and other current assets | |||||||||||
| Total current assets | |||||||||||
| Restricted cash | |||||||||||
| Property and equipment, net | |||||||||||
| Intangible assets, net | |||||||||||
| Goodwill | |||||||||||
| Operating lease right-of-use assets | |||||||||||
| Other non-current assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued compensation and benefits | |||||||||||
| Accrued expenses and other current liabilities | |||||||||||
| Deferred revenue | |||||||||||
| Operating lease liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Deferred revenue, net of current portion | |||||||||||
| Operating lease liabilities, net of current portion | |||||||||||
| Non-current portion of contingent liabilities | |||||||||||
| Other non-current liabilities | |||||||||||
| Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock: $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Accumulated deficit | ( | ( | |||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Product revenue | $ | $ | $ | $ | |||||||||||||||||||
| Service and other revenue | |||||||||||||||||||||||
| Collaboration and license revenue | |||||||||||||||||||||||
| Total revenues | |||||||||||||||||||||||
| Costs of goods sold and services: | |||||||||||||||||||||||
| Cost of product revenue | |||||||||||||||||||||||
| Cost of service and other revenue | |||||||||||||||||||||||
| Total costs of goods sold and services | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | |||||||||||||||||||||||
| Selling, general and administrative | |||||||||||||||||||||||
| Impairment and restructuring costs | |||||||||||||||||||||||
| Total operating expenses | |||||||||||||||||||||||
| Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
| Other income (expense), net: | |||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Change in fair value of contingent liabilities | |||||||||||||||||||||||
| Other income (expense), net | ( | ( | ( | ||||||||||||||||||||
| Loss before income taxes | ( | ( | ( | ( | |||||||||||||||||||
| Income tax benefit (expense) | ( | ( | |||||||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Net loss per common share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | |||||||||||||||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Unrealized gains (losses) on marketable securities | ( | ( | ( | ||||||||||||||||||||
| Foreign currency translation | ( | ( | |||||||||||||||||||||
| Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
| Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | ( | $ | ( | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization expense | |||||||||||
| Credit losses on accounts receivable | |||||||||||
| Accretion of marketable securities | ( | ( | |||||||||
| Operating lease right-of-use asset amortization | |||||||||||
| Stock-based compensation expense | |||||||||||
| Impairment | |||||||||||
| Change in fair value of contingent liabilities | ( | ( | |||||||||
| Recognition of off-market liability | ( | ( | |||||||||
| Other operating activity | ( | ( | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | |||||||||||
| Inventory | |||||||||||
| Prepaid expenses and other current assets | |||||||||||
| Accounts payable | ( | ( | |||||||||
| Accrued compensation and benefits, accrued expenses, and other current liabilities | ( | ( | |||||||||
| Deferred revenue | ( | ( | |||||||||
| Net change in other operating assets and liabilities | ( | ( | |||||||||
| Net cash used in operating activities | ( | ( | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of marketable securities | ( | ( | |||||||||
| Proceeds from sales and maturities of marketable securities | |||||||||||
| Purchases of property and equipment | ( | ( | |||||||||
| Acquisitions, net of cash acquired | ( | ||||||||||
| Net cash provided by investing activities | |||||||||||
| Cash flows from financing activities: | |||||||||||
| Deferred acquisition payments | ( | ||||||||||
| Principal payments on financing leases | ( | ( | |||||||||
| Proceeds from common stock issued under stock plans | |||||||||||
| Payments for employee taxes withheld on stock-based compensation awards | ( | ( | |||||||||
| Net cash used in financing activities | ( | ( | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | ( | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | ( | ||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | $ | |||||||||
The accompanying notes are an integral part of these Consolidated Financial Statements.
7
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QUANTERIX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1. Organization and Nature of Business
Quanterix Corporation ("Quanterix" or the "Company") is a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using its ultra-sensitive translational research and spatial biology instruments, consumables, and services. The Company continues to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention.
Quanterix's proprietary digital "SIMOA" detection technology enables customers to reliably detect protein biomarkers at ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. Multi-plexing biomarker analysis in tissue samples with the Company's spatial biology platforms enables scientists to understand the localized interactions occurring on the cellular level. The Company believes the combination of its SIMOA and spatial technologies will enable scientists to drive diagnostic innovation in the evolving healthcare landscape with data across the tissue to fluid continuum. Currently, the ability of Quanterix's SIMOA platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to identify early-stage disease markers before symptoms appear.
The Company sells its proprietary instruments and related consumables worldwide to research laboratories, contract research organizations, academic institutions, and bio-pharmaceutical companies. In addition, the Company provides contract research services and clinical laboratory testing services, including four Laboratory Developed Tests ("LDT"), using its proprietary technology through its Accelerator Laboratory (the "Accelerator Laboratory"), which is certified under the Clinical Laboratory Improvement Amendments of 1988 ("CLIA").
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included. The Consolidated Balance Sheet and related information as of December 31, 2025 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2025, but does not include all disclosures required by U.S. GAAP on an annual reporting basis.
These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below.
In the opinion of management, the Consolidated Financial Statements and Notes to Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented. The results of operations for the three and nine months ended September 30, 2026 may not be indicative of the results for the full year ending December 31, 2026, or any other period.
The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2026,” “2025,” and the like refer to that fiscal year unless otherwise noted. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation, including the change in accounting principle discussed below.
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Change in Accounting Principle
During the quarter ended March 31, 2026, the Company changed its accounting policy for classifying shipping and handling costs for product sales, which are primarily comprised of costs paid to third-party shippers for transporting products to customers. Historically shipping and handling costs were recorded in selling, general and administrative expenses. Under the new accounting policy, shipping and handling costs are recorded in cost of product revenue. The Company believes this classification is preferable because including these costs in cost of product revenue will better align the costs with the related revenue in the calculation of gross profit and is consistent with the practices of other companies in the same industry. The Company applied the change in accounting principle retrospectively to all periods presented.
The accompanying Consolidated Statements of Operations reflect the effect of the change in accounting principle, which includes a reclassification of $1.3 million and $4.2 million from selling, general and administrative to cost of product revenue during the three and nine months ended September 30, 2025, respectively. The change in accounting principle had no impact on revenues, loss from operations, net loss, or net loss per share and did not affect the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, or Consolidated Statements of Stockholders’ Equity.
Use of Estimates
The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, valuation and impairment of goodwill, intangible, and other long-lived assets, valuation of acquired assets and assumed liabilities from acquisitions, valuation of contingent liabilities, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Principles of Consolidation
Foreign Currency
Restricted Cash
The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands):
| As of September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash (1) | |||||||||||
| Cash, cash equivalents, and restricted cash | $ | $ | |||||||||
(1) Restricted cash consists of collateral for letters of credit issued as security for several of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.
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Stock-Based Compensation
The Company measures and recognizes stock-based compensation expense by calculating the estimated fair value of restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options, or purchase rights issued under the Company’s employee stock purchase plan ("ESPP"). The Company generally issues new common shares upon the exercise of options, vesting of RSUs and PSUs, and ESPP purchases. Awards granted by the Company are routine in nature including new hire, annual, and promotion grants.
The fair values of stock options and purchase rights under the ESPP are estimated using the Black-Scholes option-pricing model. The Black-Scholes model requires the Company to make assumptions about the expected or contractual term of the option or purchase right, the expected volatility, risk-free interest rates, and expected dividend yield. The Company estimates the expected term of options granted to employees utilizing historical exercise data. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. The expected volatility is based on the Company’s historical stock price volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, commensurate with the expected term. The expected dividend yield is zero as the Company has never paid dividends and has no current plans to pay any dividends on common stock.
The fair values of RSUs and PSUs that do not contain a market vesting condition are determined using the closing market price of the Company’s common stock on the grant date. For these PSUs, at each reporting period, the Company reassesses the probability of achieving the performance condition(s) and any resulting change in stock-based compensation expense is treated as a cumulative catch-up in the period of adjustment. If the outcome of such performance conditions is determined to not be probable, additional compensation expense is not recognized, and if such performance conditions are not able to be met, any previously recognized compensation expense is reversed.
The fair value of PSUs that contain a market vesting condition is determined on the grant date using a Monte Carlo simulation, which requires assumptions for the expected volatility, risk-free interest rate, and expected dividend yield. The Company estimates these assumptions in the same manner as stock options and purchase rights under the ESPP. Stock-based compensation expense is recognized regardless of achievement of the market conditions.
The Company recognizes stock-based compensation expense on a straight-line basis over an award’s requisite service period and recognizes forfeitures as they occur. The requisite service period is the offering period for purchase rights under the ESPP and the vesting period for stock options, RSUs, and PSUs that do not contain a market condition. For PSUs that contain a market condition, the requisite service period is the longer of the derived service period or the explicit service period.
Recently Adopted Accounting Standards
In July 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient to assume that current conditions as of the balance sheet date will persist through a reasonable and supportable forecast period for eligible assets when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The Company adopted this standard as of January 1, 2026 on a prospective basis and elected the practical expedient. The adoption did not have a material impact on the Consolidated Financial Statements and related disclosures.
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Recent Accounting Standards to be Adopted
In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. This update provides a variety of language changes and clarity across several topics which are applicable to the Company. The amendments in this update may be applied prospectively or retrospectively. Additionally, the Company is permitted to elect the transition method for these updates on an issue-by-issue basis. The new standard will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company expects the adoption of the standard will not have a material impact on its Consolidated Financial Statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This update enhances interim disclosure requirements. The amendments in this update can be applied prospectively or retrospectively. The new standard will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company expects the adoption of the standard will not have a material impact on its Consolidated Financial Statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update establishes guidance for recognition, measurement, and presentation of government grants received by public business entities. The new standard may be applied using a modified prospective approach, modified retrospective approach, or retrospective approach. The new standard will be effective for annual reporting periods beginning after December 15, 2028 and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements and related disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update improves operability of the internal use software guidance by removing prescriptive and sequential software development stages. The amendments in this update can be applied prospectively, through a modified transition approach, or retrospectively. The new standard will be effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, and early adoption is permitted. The Company plans to early adopt the standard effective January 1, 2027 and expects the adoption will not have a material impact on its Consolidated Financial Statements and related disclosures.
Note 3. Acquisitions
Akoya Biosciences, Inc.
On July 8, 2025 (the "Akoya Closing Date"), the Company completed the transactions under the Amended and Restated Agreement and Plan of Merger dated as of April 28, 2025 whereby the Company's wholly owned subsidiary, Wellfleet Merger Sub, Inc. merged with and into Akoya Biosciences, Inc. ("Akoya"), with Akoya surviving the merger (the "Merger") as a wholly owned subsidiary of the Company.
Akoya, a life sciences technology company previously based in Marlborough, Massachusetts, delivers spatial biology solutions focused on transforming discovery, clinical research, and diagnostics. The acquisition of Akoya was part of the Company's plans to establish the first fully integrated technology ecosystem to identify and measure biomarkers across tissue and blood, expand its technology offerings into oncology and immunology, and expand its portfolio of laboratory service offerings.
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Total Consideration Transferred
The following table presents the fair value of the consideration transferred for the Merger as of the Akoya Closing Date (in thousands, except for exchange ratio and stock price):
| Total Akoya common stock and equity instruments outstanding as of July 7, 2025 | |||||
| Exchange Ratio | |||||
| Total shares of Quanterix common stock issued | |||||
| Quanterix stock price per share as of the Akoya Closing Date | $ | ||||
| Fair value of Akoya common stock and equity instruments converted to Quanterix common stock | $ | ||||
| Cash consideration paid (1) | |||||
| Cash paid for debt extinguishment (2) | |||||
| Fair value of replacement equity awards attributable to pre-combination service (3) | |||||
| Total fair value of consideration transferred | $ | ||||
(1) Represents cash paid to Akoya stockholders, including fractional shares, of $0.37 per share of Akoya common stock.
(2) Represents the repayment of Akoya’s long-term debt upon closing of the acquisition, including $7.0 million of early termination, legal, and prepayment fees.
(3) Represents the fair value of certain equity-based awards held by Akoya employees prior to the Akoya Closing Date that were replaced with Quanterix equity-based awards. The portion of these awards that relates to services performed prior to the Akoya Closing Date were included within the purchase price.
Upon completion of the Merger, the Company assumed Akoya's stock incentive plans. All Akoya restricted stock units outstanding immediately prior to the completion of the Merger were automatically adjusted by an exchange ratio and converted into an equity award of the same type covering shares of the Company's common stock on the same terms and conditions, including continuing vesting requirements.
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Allocation of Purchase Price
The following table summarizes the allocation of the purchase price to the estimated fair values of the acquired assets and liabilities assumed (in thousands):
| Assets: | |||||
| Cash and cash equivalents | $ | ||||
| Accounts receivable, net of allowance for expected credit losses | |||||
| Inventory | |||||
| Prepaid expenses and other assets | |||||
| Property and equipment, net | |||||
| Intangible assets | |||||
| Goodwill (1) | |||||
| Operating lease right-of-use assets | |||||
| Finance lease right-of-use assets | |||||
| Total assets acquired | $ | ||||
| Liabilities: | |||||
| Accounts payable | $ | ||||
| Accrued expenses and other liabilities | |||||
| Deferred revenue | |||||
| Operating lease liabilities | |||||
| Finance lease liabilities | |||||
| Total liabilities assumed | |||||
| Net assets acquired | $ | ||||
(1) Goodwill represented the estimated fair value of the expected synergies from combining Akoya with Quanterix, as well as the value of the acquired workforce. The goodwill was not deductible for income tax purposes. Refer to Note 4 - Goodwill and Intangible Assets for a discussion of the impairment charge recorded in the second quarter of 2026.
The determination of the fair values of the assets acquired and liabilities assumed involved significant judgment in selecting inputs used in the valuation methodologies, including, but not limited to, projected revenues and expenses, future changes in technology, estimated selling prices, replacement costs or margins, customer attrition rates, covenants not to compete, obsolescence of developed technologies, the likelihood and timing of achieving milestones or performance targets, discount rates, and assumptions about the period of time a brand will continue to be used. The use of different estimates could produce different results.
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Intangible Assets
The fair value and weighted average amortization period of the intangible assets acquired as of the Akoya Closing Date was as follows (in thousands, except weighted average life amounts):
(1) Refer to the section titled "Acquired Diagnostic Development Agreement" for a discussion of the impairment charge recorded in the first quarter of 2026.
| Fair Value | Weighted Average Useful Life (in years) | ||||||||||
| Definite-lived intangible assets: | |||||||||||
| Developed technology | $ | ||||||||||
| Customer relationships | |||||||||||
| Total | $ | ||||||||||
| Indefinite-lived intangible assets: | |||||||||||
| In process research and development (1) | $ | ||||||||||
| Total intangible assets | $ | ||||||||||
The Company primarily relied on income-based approaches using Level 3 inputs to determine the fair values. A multi-period excess earnings valuation methodology was used for the developed technology and in-process research and development ("IPR&D"), and a distributor method was used for the customer relationships. These income approaches required the use of estimates including projected revenues and expenses related to the particular asset, obsolescence rates, customer retention rates, discount rates, and certain published or readily available industry benchmark data. In establishing the estimated useful life of each definite-lived intangible asset, the Company relied primarily on the duration of the cash flows utilized in the valuation model.
Acquired Diagnostic Development Agreement
As part of the acquisition of Akoya, the Company assumed a diagnostics development agreement (the "Development Agreement") with a biopharmaceutical customer (the "Biopharma Customer"). As of the Akoya Closing Date, the Company assessed the unfavorable terms of the Development Agreement and recorded a $16.7 million off-market liability. The Company determined the fair value of the off-market liability, which represented the amount by which the terms of the contract with the customer deviate from the terms that a market participant could have achieved, based on an income approach using Level 3 inputs. This income approach required the use of estimates including projected revenue, expected profit margin, and a discount rate. During the three and nine months ended September 30, 2025, the Company recognized $1.2
On February 25, 2026, the Development Agreement was terminated by mutual agreement of the parties and, in connection with such termination, Quanterix transferred certain know-how to the Biopharma Customer and granted a non-exclusive, sub-licensable, fully paid license of the related intellectual property. No further consideration was paid to either party for the know-how transfer or license.
The IPR&D intangible asset generated by the Merger consisted solely of the intellectual property that was transferred to the Biopharma Customer. As a result of the termination of the Development Agreement, the Company could no longer realize the benefits from the IPR&D asset and the full $19.3 million balance was recorded as an impairment charge during the first quarter of 2026.
Additionally, as a result of the termination of the Development Agreement, during the first quarter of 2026 the Company recognized one-time income from the Development Agreement's remaining balances which consisted of $14.0 million of non-cash income from the off-market liability and $7.9 million of deferred revenue. These amounts were recorded in other income (expense), net on the Company's Consolidated Statements of Operations as the termination of an acquired, off-market, contract is unusual and infrequent in nature.
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Emission, Inc.
On January 8, 2025 (the "Emission Closing Date"), the Company acquired all of the issued and outstanding shares of capital stock of Emission, Inc. ("Emission"), a life sciences manufacturing company based in Georgetown, Texas. Emission produces large-scale, highly-uniform dye-encapsulating magnetic beads designed for low and mid-plex assays and a mid-plex platform that reads these proprietary beads. The transaction was part of the Company's plans to secure the use of Emission’s highly controlled beads in the Company's future products and expansion into a new multi-plex market segment targeting third-party original equipment manufacturer customers. The fair value of the consideration transferred in connection with the acquisition was $16.6 million, which included a $1.0 million holdback that was paid in the first quarter of 2026.
Contingent Payments
The Emission transaction included two contingent payment arrangements providing for potential additional cash payments to the seller subsequent to the Emission Closing Date. An additional $10.0 million was paid in the fourth quarter of 2025 upon completion of certain technical milestones (“Earnout 1”) and, as of September 30, 2026, up to $49.9 million could be payable based on the amount and timing of meeting certain performance targets through December 31, 2029 (“Earnout 2”).
Under ASC 805 - Business Combinations, the Company determined Earnout 1 was compensation expense and was therefore recognized separately from the business combination. In accordance with ASC 710 - Compensation, Earnout 1 was recognized over the period certain technical milestones were completed in 2025. This expense was recorded in research and development and selling, general and administrative expenses on the Consolidated Statements of Operations. During the nine months ended September 30, 2025, the Company recognized expense of $8.1 million. Amounts recognized during the three months ended September 30, 2025 were not material.
The preliminary fair value of Earnout 2 on the Emission Closing Date was $6.6 million, which represented purchase price. During the three and nine months ended September 30, 2026, the Company's payments related to Earnout 2 were not
Call Option Agreement
In connection with the closing of the acquisition of Emission, the Company entered into a call option agreement, in which the Emission selling shareholders have the right to repurchase all of the outstanding capital stock of Emission for $10.0 million after five years if Emission’s revenues do not exceed $5.0 million in any one year during such five-year period. If the Emission selling shareholders exercise the right to repurchase Emission, the Company will retain a perpetual, fully-paid, irrevocable license to all Emission intellectual property required to continue to manufacture and commercialize the Company's products. The Company determined that the call option is embedded in the purchased shares of Emission and does not require separate accounting unless exercised.
Acquisition Costs
Acquisition costs are recorded in selling, general and administrative in the Consolidated Statements of Operations and were not 5.2 million and $12.4 million, respectively.
Note 4. Goodwill and Intangible Assets
Goodwill and Impairment
During the second quarter of 2026, the Company completed the integration activities related to its acquisition of Akoya, including the consolidation of operational processes and financial reporting systems. As a result, management concluded that as of June 30, 2026, the consolidated Company constituted a single reporting unit. Further, on June 30, 2026, the Company assessed events and circumstances, including declines in the Company's revenue, and concluded it was more likely than not that the fair value of its single reporting unit was less than its carrying value. As a result, the Company performed a quantitative impairment test. The Company estimated the fair value of its reporting unit using a market valuation approach with Level 1 inputs including the Company's quoted stock price and Level 2 inputs including certain
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published or readily available industry benchmark data. Based on this quantitative test, the Company determined the carrying value of its reporting unit exceeded its fair value. As a result, the Company recorded a goodwill impairment charge of $26.9 million during the second quarter of 2026.
During the second quarter of 2025, the Company recorded an impairment charge of $6.4 million to its goodwill from the acquisition of Emission.
Changes in the carrying amounts of goodwill were as follows (in thousands):
| Total Goodwill | |||||
| Balance as of January 1, 2025 | $ | ||||
| Acquisition of Emission | |||||
| Goodwill impairment | ( | ||||
| Acquisition of Akoya, including measurement period adjustments | |||||
| Balance as of December 31, 2025 | |||||
| Measurement period adjustments | |||||
| Goodwill impairment | ( | ||||
| Balance as of September 30, 2026 | $ | ||||
Intangible Assets, Long-Lived Assets, and Impairment
During the second quarter of 2026, the Company completed the integration of Akoya's operations and reassessed its asset groups. Based on updates to how management deploys and recovers the costs of its assets, the Company determined that the assets acquired in the Akoya acquisition were combined with the legacy Quanterix assets into a single asset group for the purposes of assessing recoverability. There were no other material changes to the Company's asset groups.
Prior to performing its interim goodwill impairment test during the second quarter of 2026, and at September 30, 2026, the Company tested the recoverability of its definite-lived intangible and long-lived assets. The Company utilized an undiscounted cash flow analysis to determine if the cash flows expected to be generated by each of its asset groups over the remaining estimated useful lives of each groups' primary asset were sufficient to recover the carrying value of each asset group. For certain asset groups, the analysis included an estimate of the group's disposal value. Significant assumptions that form the basis of the forecasted results utilized to calculate undiscounted cash flows include projected revenues and expenses and market conditions related to these assets. Collectively, these assumptions and estimates are based on a complex series of judgments about future events and rely heavily on estimates and assumptions that have been deemed reasonable by the Company. Changes in the estimates or assumptions used could materially affect the determination of recoverability. Potential events and circumstances that could have an adverse impact on the Company's estimates and assumptions include, but are not limited to, lower than expected revenue growth, increases in costs, and other macroeconomic factors.
At each interim period tested, the Company concluded that no definite-lived intangible or long-lived assets were impaired. During the first quarter of 2026, the Company recorded an impairment of an indefinite-lived IPR&D intangible asset (refer to Note 3 - Acquisitions).
Should economic conditions deteriorate or remain depressed for a prolonged period of time, estimates of future cash flows for each of the Company’s asset groups may be insufficient to support their carrying value, requiring an impairment. Impairment charges, if any, may be material to the results of operations and financial position.
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Acquired intangible assets consisted of the following (in thousands, except useful life and weighted average life):
| As of September 30, 2026 | |||||||||||||||||||||||||||||||||||
| Estimated Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Cumulative Translation Adjustment | Net Carrying Value | Weighted Average Life Remaining (in years) | ||||||||||||||||||||||||||||||
| Developed technology | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
| Know-how | ( | ( | |||||||||||||||||||||||||||||||||
| Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
| As of December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Estimated Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Cumulative Translation Adjustment | Net Carrying Value | Weighted Average Life Remaining (in years) | ||||||||||||||||||||||||||||||
| Definite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
| Developed technology | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||
| Know-how | ( | ( | |||||||||||||||||||||||||||||||||
| Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
| Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
| In-process research and development (1) | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
(1) Refer to Note 3 - Acquisitions for discussion on the IPR&D impairment during the first quarter of 2026.
The Company recorded amortization expense of $3.3 million and $3.0 million for the three months ended September 30, 2026 and 2025, respectively. The Company recorded amortization expense of $9.9 million and $4.2 million for the nine months ended September 30, 2026 and 2025, respectively.
Future estimated amortization expense is as follows (in thousands):
| As of September 30, 2026 | |||||
| 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total amortization expense | $ | ||||
Note 5. Revenue and Related Matters
Revenue from Contracts with Customers
The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of novel therapies and diagnostics for a variety of neurologic, oncologic, cardiovascular, and infectious disease, and through the identification and measurement of other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.
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Disaggregated Revenue
When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. The following tables disaggregate the Company’s revenue by geography, based on the location products and services are consumed, and revenue type (in thousands):
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| North America | EMEA | Asia Pacific | Total | North America | EMEA | Asia Pacific | Total | ||||||||||||||||||||||||||||||||||||||||
| Product revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Instruments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Consumable and other products | |||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Service and other revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Research services | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Service-type warranties | |||||||||||||||||||||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Collaboration and license revenue: | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| North America | EMEA | Asia Pacific | Total | North America | EMEA | Asia Pacific | Total | ||||||||||||||||||||||||||||||||||||||||
| Product revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Instruments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Consumable and other products | |||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Service and other revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
| Research services | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Service-type warranties | |||||||||||||||||||||||||||||||||||||||||||||||
| Other | |||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Collaboration and license revenue: | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
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The following table disaggregates the Company’s revenue by technology type (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Product revenue: | |||||||||||||||||||||||
| SIMOA | $ | $ | $ | $ | |||||||||||||||||||
| Spatial | |||||||||||||||||||||||
| Total product revenue | $ | $ | $ | $ | |||||||||||||||||||
| Service and other revenue: | |||||||||||||||||||||||
| SIMOA | $ | $ | $ | $ | |||||||||||||||||||
| Spatial | |||||||||||||||||||||||
| Total service and other revenue | $ | $ | $ | $ | |||||||||||||||||||
All of the Company's collaboration and license revenue was generated by SIMOA technology.
For the three and nine months ended September 30, 2026 and 2025, no customer accounted for more than 10% of the Company’s total revenues. As of September 30, 2026 and December 31, 2025, no customer accounted for more than 10% of the Company’s gross accounts receivable.
Contract Assets
There were no
Deferred Revenue
During the three months ended September 30, 2026 and 2025, the Company recognized $2.4 million and $2.7 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. During the nine months ended September 30, 2026 and 2025, the Company recognized $10.9 million and $8.3 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.
Additionally, during the first quarter of 2026, the Company recognized $7.9 million of deferred revenue in other income (expense), net as a result of the termination of the Development Agreement (refer to Note 3 - Acquisitions).
Remaining Performance Obligations
Note 6. Allowance for Credit Losses
The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands):
| 2026 | 2025 | ||||||||||
| Balance as of December 31 | $ | $ | |||||||||
| Provision for expected credit losses | |||||||||||
| Write-offs and recoveries collected | ( | ( | |||||||||
| Balance as of September 30 | $ | $ | |||||||||
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Note 7. Marketable Securities
All of the Company's marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities, by major security type, were as follows (in thousands):
| As of September 30, 2026 | |||||||||||||||||||||||
| Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
| U.S. Treasuries | $ | $ | $ | ( | $ | ||||||||||||||||||
| U.S. Government agency bonds | ( | ||||||||||||||||||||||
| Corporate bonds | ( | ||||||||||||||||||||||
| Total marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
| Marketable securities are recorded in the following Consolidated Balance Sheets captions: | |||||||||||||||||||||||
| Cash and cash equivalents | $ | ||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||
| Total marketable securities | $ | ||||||||||||||||||||||
| As of December 31, 2025 | |||||||||||||||||||||||
| Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
| Commercial paper | $ | $ | $ | $ | |||||||||||||||||||
| U.S. Treasuries | |||||||||||||||||||||||
| U.S. Government agency bonds | ( | ||||||||||||||||||||||
| Corporate bonds | ( | ||||||||||||||||||||||
| Total marketable securities | $ | $ | $ | ( | $ | ||||||||||||||||||
The following tables present the fair values and gross unrealized losses of the Company’s marketable securities aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):
| Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||
| As of September 30, 2026 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
| U.S. Treasuries | $ | $ | ( | $ | $ | ||||||||||||||||||
| U.S. Government agency bonds | ( | ||||||||||||||||||||||
| Corporate bonds | ( | ( | |||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||
| Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||
| As of December 31, 2025 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
| U.S. Government agency bonds | $ | $ | $ | $ | ( | ||||||||||||||||||
| Corporate bonds | ( | ||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | ( | |||||||||||||||||
For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded impairment losses or a credit loss allowance.
During the three and nine months ended September 30, 2026, the Company did not
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$13.5 million and $26.2 million, respectively, of marketable securities. Realized gains or losses for the three and nine months ended September 30, 2025 were not
The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):
| As of September 30, 2026 | As of December 31, 2025 | ||||||||||||||||||||||
| Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
| Due within one year | $ | $ | $ | $ | |||||||||||||||||||
| Due in one to two years | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
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Note 8. Fair Value of Financial Instruments
Recurring Fair Value Measurements
The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis (in thousands):
| As of September 30, 2026 | Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| U.S. Treasuries | |||||||||||||||||||||||
| Total cash equivalents | |||||||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| U.S. Treasuries | |||||||||||||||||||||||
| U.S. Government agency bonds | |||||||||||||||||||||||
| Corporate bonds | |||||||||||||||||||||||
| Total marketable securities | |||||||||||||||||||||||
| Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Contingent liabilities (1) | $ | $ | $ | $ | |||||||||||||||||||
| Total financial liabilities | $ | $ | $ | $ | |||||||||||||||||||
| As of December 31, 2025 | Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Cash equivalents: | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Total cash equivalents | |||||||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| Commercial paper | |||||||||||||||||||||||
| U.S. Treasuries | |||||||||||||||||||||||
| U.S. Government agency bonds | |||||||||||||||||||||||
| Corporate bonds | |||||||||||||||||||||||
| Total marketable securities | |||||||||||||||||||||||
| Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Contingent liabilities (1) | $ | $ | $ | $ | |||||||||||||||||||
| Total financial liabilities | $ | $ | $ | $ | |||||||||||||||||||
Cash equivalents and marketable securities classified as Level 2 financial assets are initially valued at their purchase price and subsequently valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches, and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events.
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Level 3 Financial Instruments
The following tables present the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:
| Level 3 Liabilities | |||||||||||||||||
| Emission (1) | PKI License (2) | Total | |||||||||||||||
| Balance as of December 31, 2025 | $ | $ | $ | ||||||||||||||
| Decrease in fair value | ( | ( | ( | ||||||||||||||
| Payments | ( | ( | ( | ||||||||||||||
| Balance as of September 30, 2026 | $ | $ | $ | ||||||||||||||
| Level 3 Liabilities | |||||||||||||||||
| Emission (1) | PKI License (2) | Total | |||||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | ||||||||||||||
| Acquisition date fair value | |||||||||||||||||
| Decrease in fair value | ( | ( | ( | ||||||||||||||
| Balance as of September 30, 2025 | $ | $ | $ | ||||||||||||||
(1)Earnout 2 requires additional consideration to be paid to the selling shareholders based on the amount and timing of certain performance targets. Earnout 2 is measured and paid over a five year period ending December 2029.
(2)As part of Akoya's 2018 acquisition of the Quantitative Pathology Solutions division of PerkinElmer, Inc., subsequently known as Revvity, Inc. ("PKI"), Akoya entered into a license agreement with PKI (the "PKI License"). The Company recognizes the assumed contingent liability at fair value in accordance with ASC 805. The PKI License is measured and paid over an eight year period ending March 2033.
Monte-Carlo simulations and discounted cash flow analyses were used to determine the fair values including projected revenue, a risk adjusted discount rate, and revenue volatility. Changes in fair value subsequent to the acquisition date were due to updated valuation inputs and payments made. Increases or decreases in the inputs would have resulted in a higher or lower fair value measurements.
The remaining range of outcomes payable for Earnout 2 is zero to $49.9 million. It is not possible to estimate a range of outcomes payable for the PKI License as there is no cap on the amount that could be earned.
The contingent liabilities are recorded in accrued expenses and other current liabilities and non-current portion of contingent liabilities on the Consolidated Balance Sheets. Changes in fair value are recorded in change in fair value of contingent liabilities on the Consolidated Statements of Operations.
Other Fair Value Disclosures
During the three and nine months ended September 30, 2026 and 2025, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets or liabilities.
Note 9. Inventory
Inventory, net of inventory reserves, consisted of the following (in thousands):
| September 30, 2026 | December 31, 2025 | ||||||||||
| Raw materials | $ | $ | |||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Total inventory | $ | $ | |||||||||
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Note 10. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
| September 30, 2026 | December 31, 2025 | ||||||||||
| Accrued professional services | $ | $ | |||||||||
| Accrued royalties | |||||||||||
| Accrued tax liabilities | |||||||||||
| Acquisition holdback (1) | |||||||||||
| Off-market liability (2) | |||||||||||
| Other accrued expenses | |||||||||||
| Total accrued expenses and other current liabilities | $ | $ | |||||||||
(1) The holdback associated with the Emission acquisition (refer to Note 3 - Acquisitions) was paid in the first quarter of 2026.
(2) Represented the current portion of an off-market component of the Development Agreement assumed in the acquisition of Akoya. This contract was terminated in the first quarter of 2026. Refer to Note 3 - Acquisitions.
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Note 11. Stockholders' Equity
The following tables summarize the changes in equity during the three and nine months ended September 30, 2026 and 2025 (amounts in thousands):
| Common Stock | |||||||||||||||||||||||||||||||||||
| Shares | Amount | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
| Issuance of common stock under stock plans, net of tax and payments | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Unrealized losses on marketable securities, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Foreign currency translation, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
| Issuance of common stock under stock plans, net of tax and payments | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Unrealized losses on marketable securities, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Foreign currency translation, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at June 30, 2026 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
| Issuance of common stock under stock plans, net of tax and payments | — | — | — | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Unrealized losses on marketable securities, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Foreign currency translation, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at September 30, 2026 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
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| Common Stock | |||||||||||||||||||||||||||||||||||
| Shares | Amount | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
| Issuance of common stock under stock plans, net of tax and payments | — | — | — | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Unrealized losses on marketable securities, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Foreign currency translation, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
| Issuance of common stock under stock plans, net of tax and payments | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Unrealized losses on marketable securities, net of tax | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Foreign currency translation, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at June 30, 2025 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
| Issuance of common stock under stock plans, net of tax and payments | — | — | — | ||||||||||||||||||||||||||||||||
| Common stock issued as consideration in business combinations, net of tax | — | — | |||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Unrealized gains on marketable securities, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Foreign currency translation, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
| Balance at September 30, 2025 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Note 12. Stock-Based Compensation
Stock-Based Compensation Plans
In the first quarter of 2026, the Board of Directors approved an increase of 2.0 million shares of common stock to be reserved for issuance under the Amended and Restated 2025 Inducement Plan (the "Inducement Plan"). The Inducement Plan allows for issuance of up to 2.9 million shares of Quanterix common stock. The only persons eligible to receive grants of stock-based awards under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Listing Rule 5635(c)(4).
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Stock Options and ESPP
During the nine months ended September 30, 2026, stock option grants, exercises, and ESPP activity were not material. Additionally, 2.0 million stock options were cancelled or forfeited, and such options had a weighted average grant date fair value of $15.06 per share.
Restricted Stock and Performance Stock Units
RSUs represent the right to receive shares of common stock based on continued employment during the vesting period. Shares are delivered to the grantee upon vesting, less shares for the payment of withholding taxes. PSUs represent the right to receive shares of common stock based on the achievement of performance or market conditions and continued employment during the vesting period.
During the nine months ended September 30, 2026, the Company granted 5.8 million RSUs, which had a weighted average grant date fair value of $5.35 per share, and 1.2 million PSUs, which had a weighted average grant date fair value of $5.62 per share. Additionally, 1.3 million RSUs were cancelled or forfeited, and such RSUs had a weighted average grant date fair value of $8.01 per share. PSUs forfeited during the nine months ended September 30, 2026 were not material.
During the nine months ended September 30, 2026, the Company granted 0.8 million PSUs containing market vesting conditions based on the Company's volume weighted share price exceeding pre-set prices over a four year performance period. The Company also granted 0.4 million PSUs containing performance vesting conditions. The number of shares issuable at the end of the one year performance period could be up to 125 % of the granted award based on the Company's performance against pre-set objectives.
RSUs and PSUs vested during the nine months ended September 30, 2026 were not material.
Stock-Based Compensation Expense
Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Cost of product revenue | $ | $ | $ | $ | |||||||||||||||||||
| Cost of service and other revenue | |||||||||||||||||||||||
| Research and development | |||||||||||||||||||||||
| Selling, general and administrative | |||||||||||||||||||||||
| Total stock-based compensation expense | $ | $ | $ | $ | |||||||||||||||||||
As of September 30, 2026, total unrecognized stock-based compensation expense related to unvested RSUs, PSUs, and stock options was $31.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.7 years.
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Note 13. Net Loss Per Share
The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Weighted average common shares outstanding, basic and diluted | |||||||||||||||||||||||
| Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
As the Company was in a net loss position for all periods, the following table presents the common share equivalents (calculated on a weighted average basis) excluded from the calculation of diluted net loss per share (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Stock options | |||||||||||||||||||||||
| RSUs, PSUs, and ESPP purchases | |||||||||||||||||||||||
| Total dilutive shares | |||||||||||||||||||||||
Note 14. Income Taxes
The Company’s effective tax rates were (1.4 )% and 6.9 % for the three months ended September 30, 2026 and 2025, respectively, and (0.3 )% and 6.1 % for the nine months ended September 30, 2026 and 2025, respectively.
The decrease in the effective tax rate for 2026 compared to 2025 was due to a $5.5 million non-recurring benefit in 2025 related to the release of a portion of the Company's valuation allowance. The benefit was due to taxable temporary differences recorded as part of the acquisitions of Akoya and Emission, which are a source of income to realize certain pre-existing federal and state deferred tax assets.
The income tax provision and effective tax rate are driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions. The Company maintains a valuation allowance on the majority of its deferred tax assets and has concluded that it is more likely than not that the deferred tax assets will not be utilized.
Note 15. Commitments and Contingencies
Purchase Commitments
The Company’s non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations, instruments, and third-party technology and services under annual and multi-year agreements, some of which have minimum quantity requirements. As of September 30, 2026, the Company’s total purchase commitments under these agreements was not material.
Legal Contingencies
The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or results of operations. The Company accrues for contingent liabilities when losses are probable and estimable. If an estimate of a probable loss is a range and no amount within the range is more likely than any other amount in the range, the Company accrues the minimum amount of the range.
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Leases
The undiscounted future lease payments for non-cancelable operating and financing leases were as follows (in thousands):
| Maturity of lease liabilities as of September 30, 2026 | Operating Leases | ||||
| 2026 (remainder) | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total lease payments | |||||
| Less: imputed interest | |||||
| Total lease liabilities | $ | ||||
Note 16. Related Party Transactions
Due to a change in the composition of its board of directors, the Company no longer has related party relationships with Harvard University or Tufts University. Additionally, as a result of the termination of the Development Agreement on February 25, 2026, the Company no longer has material related-party transactions with the Biopharma Customer.
Note 17. Restructuring Costs
In May and July 2025, the Company announced actions to reduce operating costs, preserve cash, and, specific to the July action, realize anticipated synergies and other benefits of the Akoya acquisition. These actions included reductions in force and elimination of duplicate corporate positions and were substantially completed in 2025.
During the three and nine months ended September 30, 2025, the Company incurred expenses of $6.3 million and $7.6 million related to the reduction in force, substantially all of which was cash payments in 2025 for severance and related benefits. These expenses were recorded in impairment and restructuring on the Consolidated Statements of Operations.
Restructuring activities during the nine months ended September 30, 2026 were not material.
Note 18. Segment Reporting
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker ("CODM") in deciding how to allocate resources and assess performance. The Company’s CODM is the chief executive officer.
The Company continues to operate as one reportable segment as of September 30, 2026. This operating segment is focused on the development and commercialization of comprehensive biomarker solutions that identify signatures in blood and tissue to provide insights to providers, patients, and research organizations.
The Company utilizes consolidated net loss as the measure of segment profitability (loss) as required by ASU 2023-07 – Segment Reporting (Topic 280). The CODM uses this measure, along with the significant revenue and expense lines included in the table below, when analyzing the Company’s operations and performance and determining how to allocate resources. These measures are consistently used by the CODM in comparing budgeted results versus actuals, in determining when or where to invest resources into specific areas of the business, and for decisions on strategic initiatives, all of which are assessed at the consolidated level.
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The following table presents the reconciliation of significant segment information reviewed by the CODM to consolidated net loss:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Total revenues (1) | $ | $ | $ | $ | |||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Costs of goods sold and services | |||||||||||||||||||||||
| Certain operating expenses (2) | |||||||||||||||||||||||
| Other segment items (3) | ( | ( | |||||||||||||||||||||
| Consolidated net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
(1)Revenue generated from contracts outside of ASC 606 was not material for the three and nine months ended September 30, 2026 and 2025.
(2)Consists of research and development and selling, general and administrative expenses from the Consolidated Statements of Operations.
(3)Other segment items represent discrete events, non-recurring transactions, or insignificant items that are not used by the CODM to evaluate the Company’s performance or allocate resources, and include:
a.Impairment and restructuring costs – impairment charges for IPR&D, goodwill, and other long-lived assets, costs associated with approved restructuring plans, including employee separation costs and any associated costs related to implementing a restructuring plan and vacant leased facilities;
b.Change in fair value of contingent liabilities – changes in the fair value of contingent payments as a result of updated valuation inputs;
c.Interest income – interest earned on cash, cash equivalents, and marketable securities, and the accretion of discounts on marketable securities;
d.Other income (expense), net – gains and losses on foreign currency, and other non-recurring items that are not a part of the Company’s core business operations; and
e.Income tax benefit (expense) – income taxes related to federal, state, and foreign jurisdictions in which the Company conducts business.
The CODM also reviews consolidated balance sheet accounts and activity including cash usage and other working capital changes using the balances as reported on the Consolidated Balance Sheets.
Other than the change in accounting policy for shipping and handling costs (refer to Note 2 - Significant Accounting Policies), there have been no changes to the methods used to determine segment profit or loss or the significant segment captions across any of the periods presented.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in the section titled “Part I. Item 1. Financial Statements (Unaudited)” in this Quarterly Report on Form 10-Q and our audited Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2026. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded numbers. In addition to historical information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results, performance, or experience may differ materially from those discussed below due to various important factors, risks, and uncertainties, including, but not limited to, those set forth in the sections titled “Part II, Item 1A. Risk Factors” and “Note Regarding Forward-Looking Statements” included in this Quarterly Report on Form 10-Q or in the section titled “Part I, Item 1A. Risk Factors” of our 2025 Form 10-K. Unless the context otherwise requires, the terms “Quanterix,” the “Company,” “we,” “it,” “us,” and,” “our,” in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its consolidated subsidiaries.
Overview
We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services. We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our combined platforms have achieved significant commercial adoption with an installed base of over 2,600 instruments and scientific validation with citations in more than 7,100 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation.
Our proprietary digital "SIMOA" detection technology enables customers to reliably detect protein biomarkers at ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. Multi-plexing biomarker analysis in tissue samples with our spatial biology platforms enables scientists to understand the localized interactions occurring on the cellular level. We believe the combination of our SIMOA and spatial technologies will enable scientists to drive diagnostic innovation in the evolving healthcare landscape with data across the tissue to fluid continuum. Currently, the ability of our SIMOA platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to identify early-stage disease markers before symptoms appear.
Our instruments are designed to be used either with assays fully developed by us, including all antibodies and supplies required to run the assays, or with "homebrew" assay kits where we supply some of the components required for testing, and the customer supplies the remaining required elements. Accordingly, our installed instruments generate a recurring revenue stream. As the installed base of our instruments increases, we expect total consumables revenue to increase.
We also provide contract research services and clinical laboratory testing services, including four Laboratory Developed Tests ("LDT"), using our proprietary SIMOA and spatial biology technology through our Accelerator Laboratory (the "Accelerator Laboratory"), which is certified under the Clinical Laboratory Improvement Amendments of 1988 ("CLIA"). To date, we have completed over 2,650 projects for more than 500 customers throughout the world using our platforms.
We have an extensive base of worldwide customers including research laboratories, contract research organizations, academic institutions, and bio-pharmaceutical companies. We sell our instruments, consumables, and services through direct field sales and support organizations in North America and Europe, and through our own sales force and distributors in countries throughout Europe, Asia Pacific, Africa, Latin America, and the Middle East.
Our total revenues were $35.0 million and $104.3 million for the three and nine months ended September 30, 2026, respectively, and $40.2 million and $95.0 million for the three and nine months ended September 30, 2025, respectively. Since our inception, we have incurred annual net losses, including net losses of $21.6 million and $88.1
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million for the three and nine months ended September 30, 2026, respectively, and $33.5 million and $84.0 million for the three and nine months ended September 30, 2025, respectively.
We expect operating losses to continue into 2027 as we incur costs related to the following:
•expanding our research and development efforts to improve our existing, or to develop and launch new, assays and instruments. These expenses could be particularly significant if any of our products become subject to additional or more burdensome regulation by the U.S. Food and Drug Administration (the “FDA”);
•investing in Lucent Diagnostics, additional LDTs, and other diagnostics initiatives including entry into translational pharma and clinical diagnostic markets;
•seeking Premarket Approval (“PMA”), de novo classification, or 510(k) clearance from the FDA for our products to market them for use in the prevention, diagnosis, or treatment of a disease or other condition;
•making required earnout payments under the Emission, Inc. ("Emission") acquisition agreement, which are contingent upon certain performance milestones;
•entering into collaboration arrangements, or in-licensing other products and technologies; and
•adding or enhancing operational, financial, and management information systems.
Subsequent to our acquisition of Akoya Biosciences, Inc. ("Akoya") in 2025, we implemented actions to realize many of the transaction's synergies. In the second quarter of 2026, we completed the integration of Akoya with the consolidation of operational processes and financial reporting systems. As a result of the actions we took, on an annualized basis, we have realized approximately $85.0 million of cost synergies.
Recent Business Developments
Business Strategy Update
Following the appointment of our new President and Chief Executive Officer in January 2026, we undertook a comprehensive review of the Company’s commercial and product strategy. Upon completion of the review, in May 2026 and August 2026 we announced several significant changes intended to accelerate revenue growth in our research tools business and to further advance our position in the Alzheimer’s disease diagnostics market.
To improve our commercial effectiveness, we hired a new Chief Commercial Officer who has extensive life sciences and diagnostics business experience. Under this new leadership, we reorganized our commercial organization to product-based selling, added experienced sales leadership within our Accelerator business, and are continuing to improve lead conversion efforts. These investments are intended to strengthen sales execution and competitive positioning and deepen our pharmaceutical partnerships. We also increased our strategic focus on Alzheimer’s diagnostics by hiring an experienced Senior Vice President, General Manager Diagnostics to oversee our diagnostics business.
To help fund these investments, we streamlined our product roadmap and commenced upgrading our HD‑X platform with the intent to pursue FDA in vitro diagnostics ("IVD") status in 2027.
We believe these initiatives began to positively impact our revenues in the third quarter of 2026 and we expect this trend to increase into 2027. We further believe these changes, supported by sustained investment in our SIMOA blood-based and spatial biology tissue-based platforms, will enable us to defend and extend our leadership in the early-stage research and translational markets, which remain foundational to the organization.
Instrument and Assay Approvals by National Medical Products Administration in China
In October 2026, our development and commercialization partner in China, Innovita Biological Technology Co., Ltd., received regulatory approval by the National Medical Products Administration in China for our HD-X and SR-X instruments, as well as our testing kits for four biomarkers relevant to neurological disease: p-Tau 217, GFAP, p-Tau 181 and NfL.
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These approvals establish a broader SIMOA-powered neurology biomarker portfolio in China and represent an important step toward expanding access to blood-based biomarker testing into clinical practice within the country.
FDA 510(k) Submission for a Multi-Analyte Algorithmic Blood Test for Alzheimer’s Disease Detection
On January 31, 2026, we submitted a 510(k) premarket notification to the FDA for a multi-analyte algorithmic blood test for Alzheimer’s disease.
This submission represents a significant milestone in the Company’s mission to provide superior, non-invasive, high-performance diagnostic tools to aid in the evaluation of patients with cognitive symptoms for possible Alzheimer’s disease. The multi-analyte test previously received Breakthrough Device Designation from the FDA, a program intended to accelerate the development and review of devices that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases. The test is intended to aid in identifying whether patients with cognitive symptoms are likely to have amyloid brain plaques—a hallmark of Alzheimer’s—providing diagnostic clarity through a non-invasive blood test.
LucentAD Complete
LucentAD Complete is our multi-biomarker LDT used in assessing Alzheimer’s disease pathology.
Beginning July 1, 2026, members covered under Anthem Blue Cross and Blue Shield medical policies can receive coverage for qualifying blood-based biomarker testing, including LucentAD Complete, when medical necessity criteria are met. On November 1, 2026, the Florida Agency for Health Care Administration published its Medicaid laboratory fee schedule with pricing for LucentAD Complete, which can provide coverage of our test for traditional Medicaid members and state employees in Florida.
Additionally, during 2026, multiple clinical utility and implementation studies evaluating LucentAD Complete across the Alzheimer's disease diagnostic pathway were completed, including primary care and specialty neurology settings. Results from these studies were presented at the Alzheimer's Association International Conference and are being prepared for peer-reviewed publication.
We believe these reimbursement and clinical milestones support broader adoption of LucentAD Complete and facilitate additional clinical adoption and commercial and government payer coverage over time.
Acquisitions
Refer to Note 3 - Acquisitions in the Notes to Consolidated Financial Statements for information on our acquisitions of Emission and Akoya, which occurred in 2025.
Goodwill Impairment
Due to declines in our revenue during the second quarter of 2026, we concluded that it was more likely than not that the fair value of our single reporting unit was less than its carrying amount. As a result, we performed a quantitative impairment test as of June 30, 2026 and recorded a goodwill impairment charge of $26.9 million.
Termination of Diagnostic Development Agreement
As part of the acquisition of Akoya, we assumed a diagnostics development agreement (the "Development Agreement") with a biopharmaceutical customer. On February 25, 2026, the Development Agreement was terminated by mutual agreement of the parties. As a result of the termination, during the three months ended March 31, 2026, we recorded an impairment charge of $19.3 million for the related in-process research and development ("IPR&D") intangible asset. Additionally, we recognized one-time income which included $14.0 million of non-cash income from the contract's related off-market liability and $7.9 million of deferred revenue. These amounts were recorded in other income, net on our Consolidated Statements of Operations, as the termination of an acquired, off-market contract is unusual and infrequent in nature.
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Change in Accounting Principle
During the first quarter of 2026 we changed our accounting policy for classifying shipping and handling costs for product sales, which are primarily comprised of costs paid to third-party shippers for transporting products to customers. Historically, shipping and handling costs have been recorded in selling, general and administrative expenses. Under the new accounting policy, shipping and handling costs are recorded in cost of product revenue. We believe this classification is preferable because including these costs in cost of product revenue will better align the costs with the related revenue in the calculation of gross profit and is consistent with the practices of other companies in the same industry. We applied the change in accounting principle retrospectively to all periods presented.
The accompanying Consolidated Statements of Operations and this Management's Discussion and Analysis of Financial Condition and Results of Operations reflect the effect of the change in accounting principle, which includes a reclassification of $1.3 million and $4.2 million from selling, general and administrative to cost of product revenue during the three and nine months ended September 30, 2025, respectively. The change in accounting principle had no impact on revenues, loss from operations, net loss, or net loss per share and did not affect the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, or Consolidated Statements of Stockholders’ Equity.
Comparison of Results of Operations for the Three Months Ended September 30, 2026 and 2025:
The following table sets forth select Consolidated Statements of Operations data, and such data as a percentage of total revenues (in thousands, except percentages):
| Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
| 2026 | % of Revenue | 2025 | % of Revenue | Amount | % | ||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Product revenue | $ | 25,193 | 72 | % | $ | 26,151 | 65 | % | $ | (958) | (4) | % | |||||||||||||||||||||||
| Service and other revenue | 9,359 | 27 | % | 14,036 | 35 | % | (4,677) | (33) | % | ||||||||||||||||||||||||||
| Collaboration and license revenue | 422 | 1 | % | 46 | — | % | 376 | 817 | % | ||||||||||||||||||||||||||
| Total revenues | 34,974 | 100 | % | 40,233 | 100 | % | (5,259) | (13) | % | ||||||||||||||||||||||||||
| Costs of goods sold and services: | |||||||||||||||||||||||||||||||||||
| Cost of product revenue | 15,447 | 44 | % | 16,684 | 41 | % | (1,237) | (7) | % | ||||||||||||||||||||||||||
| Cost of service and other revenue | 6,027 | 17 | % | 7,648 | 19 | % | (1,621) | (21) | % | ||||||||||||||||||||||||||
| Total costs of goods sold and services | 21,474 | 61 | % | 24,332 | 60 | % | (2,858) | (12) | % | ||||||||||||||||||||||||||
| Gross profit | 13,500 | 39 | % | 15,901 | 40 | % | (2,401) | (15) | % | ||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Research and development | 7,372 | 21 | % | 8,009 | 20 | % | (637) | (8) | % | ||||||||||||||||||||||||||
| Selling, general and administrative | 28,453 | 81 | % | 38,043 | 95 | % | (9,590) | (25) | % | ||||||||||||||||||||||||||
| Impairment and restructuring costs | 171 | — | % | 7,174 | 18 | % | (7,003) | (98) | % | ||||||||||||||||||||||||||
| Total operating expenses | 35,996 | 102 | % | 53,226 | 133 | % | (17,230) | (32) | % | ||||||||||||||||||||||||||
| Loss from operations | (22,496) | (63) | % | (37,325) | (93) | % | 14,829 | (40) | % | ||||||||||||||||||||||||||
| Other income (expense), net: | |||||||||||||||||||||||||||||||||||
| Interest income | 663 | 2 | % | 1,448 | 4 | % | (785) | (54) | % | ||||||||||||||||||||||||||
| Change in fair value of contingent liabilities | 595 | 2 | % | 58 | — | % | 537 | 926 | % | ||||||||||||||||||||||||||
| Other income (expense), net | (65) | — | % | (178) | — | % | 113 | (63) | % | ||||||||||||||||||||||||||
| Loss before income taxes | (21,303) | (59) | % | (35,997) | (89) | % | 14,694 | (41) | % | ||||||||||||||||||||||||||
| Income tax benefit (expense) | (288) | (1) | % | 2,480 | 6 | % | (2,768) | (112) | % | ||||||||||||||||||||||||||
| Net loss | $ | (21,591) | (60) | % | $ | (33,517) | (83) | % | $ | 11,926 | (36) | % | |||||||||||||||||||||||
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Revenues
Total revenues decreased $5.3 million, or 13%, to $35.0 million for the three months ended September 30, 2026, compared to $40.2 million for the three months ended September 30, 2025.
Product revenue decreased $1.0 million, or 4%, to $25.2 million for the three months ended September 30, 2026, compared to $26.2 million for the three months ended September 30, 2025.
Instrument revenues were $4.4 million, a decrease of $2.8 million or 39% from $7.2 million, primarily due to weaker instrument demand from customers in both our academic and pharmaceutical end markets. We expect softness in instrument sales to continue into 2027 as a result of what we believe is a constrained capital funding environment.
Consumables and other product revenues were $20.8 million, an increase of $1.8 million or 10% from $19.0 million, primarily due to demand from pharmaceutical customers. We believe research grant funding has not returned to previous levels, which may affect the pace of recovery in our consumables revenues.
Service and other revenue decreased $4.7 million, or 33%, to $9.4 million, for the three months ended September 30, 2026, compared to $14.0 million for the three months ended September 30, 2025. This decrease was primarily due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development. We continue to see strong opportunities in the market and believe the strategic changes we made to our commercial organization will drive an increase in Accelerator Laboratory revenue into 2027.
Cost of Goods Sold and Services
Total cost of goods sold and services decreased $2.9 million, or 12%, to $21.5 million for the three months ended September 30, 2026, compared to $24.3 million for the three months ended September 30, 2025.
Cost of product revenue decreased $1.2 million, or 7%, to $15.4 million for the three months ended September 30, 2026, compared to $16.7 million for the three months ended September 30, 2025. This decrease was primarily due to reductions in headcount and related compensation and benefit costs from the 2025 restructurings and an overall decrease in product revenue.
Cost of service and other revenue decreased $1.6 million, or 21%, to $6.0 million for the three months ended September 30, 2026, compared to $7.6 million for the three months ended September 30, 2025. This decrease was primarily due to lower headcount and related compensation and benefit costs from the 2025 restructurings and an overall decline in service revenue.
Research and Development
Research and development expense decreased $0.6 million, or 8%, to $7.4 million for the three months ended September 30, 2026, compared to $8.0 million for the three months ended September 30, 2025. The decrease was primarily due to lower headcount and related compensation and benefit costs from the 2025 restructurings and was partially offset by an increase in outside services related to planned HD-X instrument upgrades.
We believe that our continued investment in research and development is essential to our long-term competitive position and we expect to maintain research and development expense at a more consistent level period to period in the future.
Selling, General and Administrative
Selling, general and administrative expense decreased $9.6 million, or 25%, to $28.5 million for the three months ended September 30, 2026, compared to $38.0 million for the three months ended September 30, 2025. The decrease was primarily due to non-recurring due diligence and other acquisition costs related to the acquisition of Akoya in 2025 and a reduction in facilities expenses.
We do not expect selling, general and administrative expenses in future periods to change at the same rate as total revenue or research and development expenses.
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Impairment and Restructuring Costs
Impairment and restructuring costs decreased $7.0 million, or 98%, to $0.2 million for the three months ended September 30, 2026. During the three months ended September 30, 2025, we recorded impairment and restructuring costs of $7.2 million relating to severance and related benefit expenses from the 2025 restructuring and impairment of a leased facility acquired in the Akoya acquisition that we are not using. No such costs were recorded in the three months ended September 30, 2026.
Interest Income
Interest income decreased $0.8 million, or 54%, to $0.7 million during the three months ended September 30, 2026, compared to $1.4 million for the three months ended September 30, 2025. The decrease was due to a lower balance of cash, cash equivalents, and marketable securities.
Change in Fair Value of Contingent Liabilities
The change in fair value of contingent liabilities was income of $0.6 million for the three months ended September 30, 2026 as compared to income of $0.1 million for the three months ended September 30, 2025. The change was driven by the updates to the valuation inputs. The contingent arrangements relate to the acquisition of Emission and the assumption of Akoya's contingent liability from its acquisition of the Quantitative Pathology Solutions division of PerkinElmer, Inc. in 2018.
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Comparison of Results of Operations for the Nine Months Ended September 30, 2026 and 2025:
The following table sets forth select Consolidated Statements of Operations data, and such data as a percentage of total revenues (in thousands, except percentages):
| Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
| 2026 | % of Revenue | 2025 | % of Revenue | Amount | % | ||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Product revenue | $ | 74,149 | 71 | % | $ | 63,723 | 67 | % | $ | 10,426 | 16 | % | |||||||||||||||||||||||
| Service and other revenue | 28,752 | 28 | % | 29,971 | 32 | % | (1,219) | (4) | % | ||||||||||||||||||||||||||
| Collaboration and license revenue | 1,394 | 1 | % | 1,348 | 1 | % | 46 | 3 | % | ||||||||||||||||||||||||||
| Total revenues | 104,295 | 100 | % | 95,042 | 100 | % | 9,253 | 10 | % | ||||||||||||||||||||||||||
| Costs of goods sold and services: | |||||||||||||||||||||||||||||||||||
| Cost of product revenue | 45,208 | 43 | % | 38,619 | 41 | % | 6,589 | 17 | % | ||||||||||||||||||||||||||
| Cost of service and other revenue | 17,347 | 17 | % | 15,683 | 17 | % | 1,664 | 11 | % | ||||||||||||||||||||||||||
| Total costs of goods sold and services | 62,555 | 60 | % | 54,302 | 57 | % | 8,253 | 15 | % | ||||||||||||||||||||||||||
| Gross profit | 41,740 | 40 | % | 40,740 | 43 | % | 1,000 | 2 | % | ||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Research and development | 22,516 | 22 | % | 27,126 | 29 | % | (4,610) | (17) | % | ||||||||||||||||||||||||||
| Selling, general and administrative | 85,575 | 82 | % | 99,561 | 105 | % | (13,986) | (14) | % | ||||||||||||||||||||||||||
| Impairment and restructuring costs | 46,940 | 45 | % | 14,844 | 37 | % | 32,096 | 216 | % | ||||||||||||||||||||||||||
| Total operating expenses | 155,031 | 149 | % | 141,531 | 171 | % | 13,500 | 10 | % | ||||||||||||||||||||||||||
| Loss from operations | (113,291) | (109) | % | (100,791) | (128) | % | (12,500) | 12 | % | ||||||||||||||||||||||||||
| Other income (expense), net: | |||||||||||||||||||||||||||||||||||
| Interest income | 2,316 | 2 | % | 7,408 | 8 | % | (5,092) | (69) | % | ||||||||||||||||||||||||||
| Change in fair value of contingent liabilities | 2,017 | 2 | % | 3,952 | 4 | % | (1,935) | (49) | % | ||||||||||||||||||||||||||
| Other income (expense), net | 21,117 | 20 | % | (68) | — | % | 21,185 | (31,154) | % | ||||||||||||||||||||||||||
| Loss before income taxes | (87,841) | (85) | % | (89,499) | (116) | % | 3,593 | (4) | % | ||||||||||||||||||||||||||
| Income tax benefit (expense) | (227) | — | % | 5,466 | 6 | % | (5,693) | (104) | % | ||||||||||||||||||||||||||
| Net loss | $ | (88,068) | (85) | % | $ | (84,033) | (110) | % | $ | (2,100) | 2 | % | |||||||||||||||||||||||
Revenues
Total revenues increased $9.3 million, or 10%, to $104.3 million for the nine months ended September 30, 2026, compared to $95.0 million for the nine months ended September 30, 2025.
Product revenue increased $10.4 million, or 16%, to $74.1 million for the nine months ended September 30, 2026, compared to $63.7 million for the nine months ended September 30, 2025.
Instrument revenues were $12.2 million, an increase of $0.4 million or 3% from $11.8 million, primarily due to the acquisition of Akoya in the third quarter of 2025, which added $4.7 million during the first half of 2026. This increase was partially offset by a decrease in product revenues primarily due to weaker instrument demand from customers in both our academic and pharmaceutical end markets.
Consumables and other product revenues were $62.0 million, an increase of $10.0 million or 19% from $51.9 million, primarily due to the acquisition of Akoya the third quarter of 2025, which added $13.3 million during the first half of 2026 and and was partially offset by reduced demand from academic customers.
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Service and other revenue decreased $1.2 million, or 4%, to $28.8 million, for the nine months ended September 30, 2026, compared to $30.0 million for the nine months ended September 30, 2025. The decrease was due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development. These decreases were partially offset by the acquisition of Akoya in the third quarter of 2025, which added $6.7 million of service and other revenue in the first half of 2026.
Cost of Goods Sold and Services
Total cost of goods sold and services increased $8.3 million, or 15%, to $62.6 million for the nine months ended September 30, 2026, compared to $54.3 million for the nine months ended September 30, 2025.
Cost of product revenue increased $6.6 million, or 17%, to $45.2 million for the nine months ended September 30, 2026, compared to $38.6 million for the nine months ended September 30, 2025. This increase was primarily due to the acquisition of Akoya in the third quarter of 2025, which added $10.3 million to cost of product revenue in the first half of 2026 and an increase in amortization expense related to acquired intangible assets. These increases were partially offset by lower headcount and related compensation and benefit costs from the 2025 restructurings and an overall decline in product revenue.
Cost of service and other revenue increased $1.7 million, or 11%, to $17.3 million for the nine months ended September 30, 2026, compared to $15.7 million for the nine months ended September 30, 2025. This increase was primarily due to the acquisition of Akoya in the third quarter of 2025, which added $2.3 million to to cost of service and other revenue in the first half of 2026 and was partially offset by an overall decline in service revenue.
Research and Development
Research and development expense decreased $4.6 million, or 17%, to $22.5 million for the nine months ended September 30, 2026, compared to $27.1 million for the nine months ended September 30, 2025. The decrease was primarily due to a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission and a decrease in headcount and related compensation and benefit costs from the 2025 restructurings. These decreases were partially offset by an increase in outside services related to planned HD-X instrument upgrades and the acquisition of Akoya.
Selling, General and Administrative
Selling, general and administrative expense decreased $14.0 million, or 14%, to $85.6 million for the nine months ended September 30, 2026, compared to $99.6 million for the nine months ended September 30, 2025. The decrease was primarily due to non-recurring due diligence and other acquisition costs related to the acquisitions of Emission and Akoya in 2025, a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission, and a decrease in facilities expenses. These decreases were partially offset by increases in headcount and related compensation and benefits costs due to the strategic changes discussed in the section titled "Business Strategy Updates" and professional services and technology integration costs.
Impairment and Restructuring Costs
During the nine months ended September 30, 2026, we recorded impairment and restructuring costs of $46.9 million primarily related to impairments of the remaining goodwill from the acquisition of Akoya and an IPR&D intangible asset. During the nine months ended September 30, 2025, we recorded $14.8 million of impairment and restructuring costs related to impairment of the remaining goodwill from the acquisition of Emission, impairment of a leased facility acquired in the Akoya acquisition that we no longer used, and severance and related benefit expenses from the 2025 restructurings.
Interest Income
Interest income decreased $5.1 million, or 69%, to $2.3 million for the nine months ended September 30, 2026, compared to $7.4 million for the nine months ended September 30, 2025. The decrease in fair value was primarily due to a lower balance of cash, cash equivalents, and marketable securities.
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Change in Fair Value of Contingent Liabilities
The change in fair value of contingent liabilities was income of $2.0 million for the nine months ended September 30, 2026, compared to income of $4.0 million for the nine months ended September 30, 2025. The change was driven by updates to the valuation inputs.
Other Income (Expense), Net
Other income (expense), net increased $21.2 million for the nine months ended September 30, 2026. As a result of the termination of the Development Agreement in the first quarter of 2026, we recognized $14.0 million of non-cash income from the contract's off-market liability and $7.9 million of deferred revenue. This termination of an acquired, off-market contract is unusual and infrequent in nature.
Income Tax Benefit (Expense)
Income tax expense was $0.2 million for the nine months ended September 30, 2026, compared to an income tax benefit of $5.5 million for the nine months ended September 30, 2025. The change was primarily due to the release of a portion of our valuation allowance on deferred tax assets in 2025 due to temporary tax differences related to the acquisitions of Akoya and Emission.
Liquidity and Capital Resources
Our principal sources of liquidity are cash, cash equivalents, marketable securities, and funds generated from sales of our products and services. As of September 30, 2026, we had $35.9 million of cash and cash equivalents and $41.5 million of marketable securities. Historically we have also financed our operations through equity offerings and borrowings from credit facilities. Our liquidity requirements have consisted, and we expect that they will continue to consist, of sales and marketing expenses, research and development expenses, working capital, general corporate expenses, and contingent payments related to our prior acquisition activity.
We believe our cash, cash equivalents, and marketable securities, along with funds generated from sales of our products and services, will be sufficient to meet our anticipated operating cash requirements for at least 12 months from the date of this Quarterly Report on Form 10-Q.
Our future capital requirements will depend on many factors, including, but not limited to, our pace of growth, enhancements to or introductions of new instruments, assays, and services, including Lucent Diagnostics, advancing access to our diagnostic tests, market acceptance of our products and services, regulatory requirements, regulatory approval of our products or services, and the effects of competition, technological developments, and broader market and economic trends.
If additional capital is needed, we cannot guarantee that we will be able to obtain funding on acceptable terms, or at all. If we raise additional funds by issuing equity or equity-linked securities, our stockholders may experience dilution. Future debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or equity financing that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we do not have or are not able to obtain sufficient funds, if needed, we may have to delay development or commercialization of our products and services. We also may have to reduce marketing, customer support, or other resources devoted to our products, or cease operations.
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Cash Flows
The following table summarizes our cash flows (in thousands):
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash used in operating activities | $ | (39,428) | $ | (60,792) | |||||||
| Net cash provided by investing activities | 46,828 | 41,792 | |||||||||
| Net cash used in financing activities | (1,245) | (186) | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | $ | 6,155 | $ | (19,186) | |||||||
Operating Activities
We derive cash flows from operations primarily from the sale of our products and services. Our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to develop new products and services, invest in process and product improvements, and increase our sales and marketing efforts. We have historically experienced negative cash flows from operating activities as we have developed our technology, expanded our business, and built our infrastructure. We expect negative cash flows from operating activities will continue into 2027.
Net cash used in operating activities was $39.4 million and $60.8 million for the nine months ended September 30, 2026 and 2025, respectively. The $21.4 million increase in net cash used in operations was primarily due to an increase in net loss and adjustments for non-cash items, including a $39.5 million increase of impairment charges for goodwill and an IPR&D intangible asset, partially offset by the one-time recognition of $14.0 million of non-cash income related to the termination of the Development Agreement, and an increase in depreciation and amortization expense primarily related to the intangible assets acquired in the acquisition of Akoya. The overall change in net cash used in operations was also driven by changes in working capital items, primarily the recognition of $7.9 million of deferred revenue associated with the termination of the Development Agreement and an increase in accounts receivable from both the acquisition of Akoya and stronger demand at the end of the third quarter of 2026.
Investing Activities
Our primary investing activities have consisted of purchases, sales, and maturities of marketable securities, funds to acquire companies, and capital expenditures for the purchase of property and equipment to support our infrastructure.
Net cash provided by investing activities was $46.8 million during the nine months ended September 30, 2026, which consisted primarily of $63.8 million of proceeds from sales and maturities of marketable securities and $16.7 million of purchases of marketable securities.
Net cash provided by investing activities was $41.8 million during the nine months ended September 30, 2025, which consisted of $183.4 million of proceeds from sales and maturities of marketable securities, $93.2 million of cash paid for the acquisition of Emission, $45.7 million for the purchase of marketable securities, and $2.7 million of purchases of property and equipment.
Financing Activities
Net cash used in financing activities was $1.2 million during the nine months ended September 30, 2026, compared to $0.2 million during the nine months ended September 30, 2025. The cash used in 2026 was primarily related to payments made for the holdback liability from the acquisition of Emission and achievement of certain performance targets on contingent payment arrangements from our acquisitions.
Future Cash Obligations
As of September 30, 2026, there have been no material changes to our contractual obligations and commitments from those described in the section titled "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in our 2025 Form 10-K.
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In addition to the cash commitments disclosed in our 2025 Form 10-K, we may have other payables and liabilities that may be legally enforceable but are not considered contractual commitments.
Critical Accounting Policies and Estimates
Our critical accounting policies and significant estimates that involve a higher degree of judgment and complexity are described in the section titled "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates" included in our 2025 Form 10-K.
There have been no material changes to our critical accounting policies and estimates as previously disclosed in our 2025 Form 10-K.
Recent Accounting Pronouncements
Refer to Note 2 - Significant Accounting Policies in the Notes to Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a full description of recent accounting pronouncements, including the expected dates of adoption and effects on our Consolidated Financial Statements and related disclosures.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As of September 30, 2026, there have been no material changes to the market risk information from those described in the section titled "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk" included in our 2025 Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Management carried out an evaluation, under the supervision and with the participation of its chief executive officer and chief financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide a reasonable assurance of achieving their objectives.
Based on the evaluation described above, our principal executive officer and principal financial officer concluded that as of September 30, 2026 our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
During the second quarter of 2026, we completed the integration of Akoya's related business processes and systems into our overall internal controls over financial reporting. We will include Akoya in our annual internal control assessment beginning with our Annual Report on Form 10-K for the year ending December 31, 2026.
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PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In the ordinary course of business, we are from time to time involved in lawsuits, claims, investigations, proceedings and threats of litigation consisting of intellectual property, contractual, employment, and other matters. While the outcome of any such actions or proceedings cannot be predicted with certainty, as of September 30, 2026, we were not party to any legal proceedings, the outcome of which would be expected to have a material adverse effect on our financial condition or results of operations. Regardless of any outcome, litigation can have a material adverse effect on us due to defense and settlement costs, diversion of management resources, and other factors.
ITEM 1A. RISK FACTORS
Our business is subject to risks and events that, if they occur, could adversely affect our financial condition, results of operations, or the price of our common stock. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors set forth in the section titled "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), as filed with the SEC on March 2, 2026. These risk factors are not the only risks we face. Additional risks and uncertainties not currently known to us or that we deem to be not material also may adversely affect our business, financial condition, and results of operations.
As of the date of this Quarterly Report on Form 10-Q, there were no material changes to the risk factors described in our Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2026, none of our directors or officers adopted terminated
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ITEM 6. EXHIBITS
| Exhibit Number | Exhibit Description | Filed Herewith | Incorporated by Reference herein from Form or Schedule | Filing Date | SEC File/ Reg. Number | |||||||||||||||||||||||||||
| 3.1 | Amended and Restated Certificate of Incorporation. | 8-K | 10/02/2025 | 001-38319 | ||||||||||||||||||||||||||||
| 3.2 | Restated Bylaws. | 8-K | 10/02/2025 | 001-38319 | ||||||||||||||||||||||||||||
| 10.1+ | Amended and Restated Quanterix Corporation Non-Employee Director Compensation Policy | 10-Q | 05/06/2026 | 001-38319 | ||||||||||||||||||||||||||||
| 10.2+ | Amended and Restated 2025 Inducement Plan. | S-8 | 09/11/2026 | 333-298863 | ||||||||||||||||||||||||||||
| 18.1 | Preferability Letter of KPMG LLP Regarding Change in Accounting Principle | 10-Q | 05/06/2026 | 001-38319 | ||||||||||||||||||||||||||||
| 31.1 | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||||||||||||||||||||||
| 31.2 | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||||||||||||||||||||||
| 32.1 | Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||||||||||||||||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||
| 101.DEF | XBRL Taxonomy Extension Definition. | X | ||||||||||||||||||||||||||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | X | ||||||||||||||||||||||||||||||
| * | Certain exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant hereby undertakes to furnish supplemental copies of any of the omitted exhibits and schedules upon request by the SEC; provided, however, that the Registrant may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any exhibits or schedules so furnished. | ||||
| + | Management contract or compensatory plan or arrangement. | ||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| QUANTERIX CORPORATION | ||||||||
Dated: November 9, 2026 | By: | /s/ Everett Cunningham | ||||||
Everett Cunningham | ||||||||
| President and Chief Executive Officer | ||||||||
| (principal executive officer) | ||||||||
Dated: November 9, 2026 | By: | /s/ Jason Faessler | ||||||
| Jason Faessler | ||||||||
| Chief Financial Officer | ||||||||
| (principal financial officer and principal accounting officer) | ||||||||
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