UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 18, 2021
Akoya Biosciences, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-40344 | 47-5586242 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
100 Campus Drive, 6th Floor Marlborough, MA |
01752 (Zip Code) |
(855) 896-8401
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||
| Common stock, par value $0.00001 per share | AKYA | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
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. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
On May 18, 2021, Akoya Biosciences, Inc. (the “Company”) issued a press release announcing its financial condition and results of operations for the period ended March 31, 2021. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information under Item 2.02 of this Current Report on Form 8-K, including the press release furnished as Exhibit 99.1, is being furnished, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description of Exhibits | ||
| 99.1 | Press Release, dated May 18, 2021 |
2
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 hereunto duly authorized.
| Date: May 18, 2021 | Akoya Biosciences, Inc. | |||
| By: | /s/ Brian McKelligon | |||
| Brian McKelligon | ||||
| Chief Executive Officer | ||||
3
Exhibit 99.1
Akoya Reports First Quarter 2021 Financial Results and Issues Full Year 2021 Guidance
MARLBOROUGH, Mass. — May 18, 2021 — Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the first quarter ending March 31, 2021.
First Quarter Financial Highlights:
| · | Total revenue for the first quarter of 2021 was $12.2 million, at the high end of the previously provided range of $12.0 million to $12.2 million. |
| · | Solid quarter of instrument sales, especially CODEX with 20 units sold: 28% increase in total company installed base over the last 12 months. |
| · | Gross profit was $7.4 million in the first quarter of 2021, compared to $6.7 million in the first quarter of 2020, resulting in a gross profit margin of approximately 61% in each period. |
| · | Akoya completed an initial public offering of 7.6 million shares of common stock in April, raising $151.3 million in gross proceeds, before deducting underwriting discounts and commissions and offering expenses. |
First Quarter Business Highlights:
| · | Record number of scientific publications related to our platforms: over 60 new publications in Q1, compared to 109 for all of 2020. |
| · | Aggressive hiring plans underway with 21 new employees in Q1 bringing the total headcount to 190; moving quickly to add personnel in all areas of the business, with Commercial and R&D being the near-term priorities. |
| · | Hired Frederic Pla as our Chief Operating Officer to accelerate our strong momentum across all of our spatial biology platforms. |
| · | Strong presence at AACR including presentations by Dr. Garry Nolan from Stanford University and Akoya Founder, Dr. Janis Taube from Johns Hopkins University and Dr. Laura Esserman from University of California, San Francisco. |
| · | Announced collaboration agreement with Johns Hopkins University for immunotherapy biomarker discovery and validation, a co-marketing agreement with Zeiss, and the industry’s first Imaging Innovators (I2) Network to drive application innovation on CODEX. |
“Akoya’s performance in the first quarter demonstrates the continued adoption of our Codex and Phenoptics solutions for discovery, translational and clinical research. Our dedicated team delivered strong financial results and important progress across of range of metrics which position Akoya for continued growth and leadership in spatial biology,” said Brian McKelligon, CEO of Akoya. “We successfully completed our IPO in April and are now well positioned to execute on our mission of delivering a revolutionary new class of spatially derived biomarkers that empower life sciences researchers to better understand disease and response to therapy.”
First Quarter Financial Results
Total revenue for the first quarter of 2021 was $12.2 million, compared to $11.0 million in the first quarter of 2020.
Product revenue was $10.0 million in the first quarter of 2021, compared to $8.9 million in the prior year period. Within product revenue, instrument revenue was $6.8 million in the first quarter 2021, compared to $6.7 million in the first quarter 2020. Reagent revenue was $2.5 million in the first quarter 2021, compared to $2.1 million in the first quarter 2020.
Services and other revenue totaled $2.2 million in the first quarter of 2021, as compared to $2.1 million in the first quarter of 2020.
We also monitor instruments sold and installed based as key performance indicators for our business:
| - | We sold 37 instruments in Q1 2021; 20 Codex, 17 Phenoptics (includes Polaris, Vectra, and Mantra). The total of 37 exceeds the number sold in any quarter in 2020. |
| - | Instrument installed base of 587 as of March 31, 2021; Codex 132, Phenoptics 455 |
2021 Guidance
Akoya expects full year 2021 revenue to be at least $52.0 million. The second quarter of 2021 is expected to have revenue growth of approximately 45% over the prior year quarter. Also, as of April 30, 2021 the total common shares outstanding are 37.1 million, and the fully diluted common shares are 41.1 million.
Webcast and Conference Call Details
Akoya will host a conference call today, May 18, 2021, at 5:00 p.m. Eastern Time to discuss its first quarter 2021 financial results. The dial-in numbers are (833) 562-0146 for domestic callers or (661) 567-1226 for international callers, followed by Conference ID: 7824008. A live webcast of the conference call will be available on the “Investors” section of the Company's website at https://investors.akoyabio.com/. The webcast will be archived on the website following the completion of the call for three months.
Forward-Looking Statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including expectations regarding our ability to market and sell our CODEX and Phenoptics platforms and increase awareness of spatial biology technology, our research and development efforts and other matters regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
About Akoya Biosciences
As The Spatial Biology Company®, Akoya Biosciences’ mission is to bring context to the world of biology and human health through the power of spatial phenotyping. The company offers comprehensive single-cell imaging solutions that allow researchers to phenotype cells with spatial context and visualize how they organize and interact to influence disease progression and treatment response. Akoya offers two distinct solutions, the CODEX® and Phenoptics™ platforms, to serve the diverse needs of researchers across discovery, translational and clinical research.
Investor Contact:
David Deuchler
Gilmartin Group LLC
investors@akoyabio.com
Media Contact:
Michelle Linn
Bioscribe, Inc.
774-696-3803
michelle@bioscribe.com
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
| March 31, 2021 | December 31, 2020 | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 11,691 | $ | 17,006 | ||||
| Accounts receivable | 6,590 | 6,470 | ||||||
| Inventories | 4,718 | 4,263 | ||||||
| Prepaid expenses and other current assets | 1,035 | 957 | ||||||
| Total current assets | 24,034 | 28,696 | ||||||
| Property and equipment, net | 6,053 | 5,528 | ||||||
| Demo inventory, net | 1,828 | 1,494 | ||||||
| Intangible assets, net | 22,160 | 22,714 | ||||||
| Goodwill | 18,262 | 18,262 | ||||||
| Other non-current assets | 2,144 | 966 | ||||||
| Total Assets | $ | 74,481 | $ | 77,660 | ||||
| Accounts payable, accrued expenses and other current assets | $ | 15,204 | $ | 12,286 | ||||
| Deferred revenue | 4,116 | 3,844 | ||||||
| Current portion of long-term debt | 1,238 | 1,032 | ||||||
| Total current liabilities | 20,558 | 17,162 | ||||||
| Deferred revenue, net of current portion | 1,059 | 1,008 | ||||||
| Long-term debt, net | 33,388 | 33,488 | ||||||
| Warrant liability | 2,360 | 490 | ||||||
| Contingent consideration liability | 6,260 | 6,984 | ||||||
| Other long term liabilities | 559 | 447 | ||||||
| Total liabilities | 64,184 | 59,579 | ||||||
| Total redeemable convertible preferred stock | 70,297 | 69,107 | ||||||
| Total stockholders' deficit | (60,000 | ) | (51,026 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $ | 74,481 | $ | 77,660 | ||||
AKOYA BIOSCIENCES, INC. AND SUBSIDIARY
Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
| Three months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenue: | ||||||||
| Product Revenue | $ | 9,963 | $ | 8,929 | ||||
| Service and other Revenue | 2,249 | 2,092 | ||||||
| Total revenue | 12,212 | 11,021 | ||||||
| Cost of goods sold: | ||||||||
| Cost of product revenue | $ | 3,607 | $ | 3,466 | ||||
| Cost of service and other revenue | 1,200 | 859 | ||||||
| Total cost of goods sold | $ | 4,807 | $ | 4,325 | ||||
| Gross profit | $ | 7,405 | $ | 6,696 | ||||
| Operating expenses: | ||||||||
| Selling, general and administrative | 8,179 | 6,349 | ||||||
| Research and development | 3,192 | 2,372 | ||||||
| Change in fair value of contingent consideration | 426 | (1,561 | ) | |||||
| Depreciation and amortization | 1,009 | 899 | ||||||
| Total operating expenses | 12,806 | 8,059 | ||||||
| Loss from operations | (5,401 | ) | (1,363 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense, net | (751 | ) | (637 | ) | ||||
| Change in fair value of warrant liability | (1,870 | ) | - | |||||
| Other expense, net | (66 | ) | (105 | ) | ||||
| Loss before provision for income taxes | $ | (8,088 | ) | $ | (2,105 | ) | ||
| Benefit (provision) for income taxes | 6 | (38 | ) | |||||
| Net Loss | $ | (8,082 | ) | $ | (2,143 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (3.54 | ) | $ | (1.59 | ) | ||
| Weighted-average shares outstanding, basic and diluted | 2,706,133 | 2,288,875 | ||||||