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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, 2021

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: 001-40344

Akoya Biosciences, Inc.

(Exact name of registrant as specified in its charter)

Delaware

    

47-5586242

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

100 Campus Drive, 6th Floor
Marlborough, Massachusetts

01752

(Address of principal executive offices)

(Zip Code)

(855) 896-8401

Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.00001 per share

AKYA

Nasdaq Global Select Market

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      No 

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     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 

Accelerated filer 

Non-accelerated filer  

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.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes     No 

Number of shares of the registrant’s common shares outstanding at October 31, 2021: 37,207,823

Table of Contents

AKOYA BIOSCIENCES, INC.

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheets at September 30, 2021 (Unaudited) and December 31, 2020

2

Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2021 and 2020

3

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) for the Three and Nine Months Ended September 30, 2021 and 2020

4

Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2021 and 2020

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

Item 4. Controls and Procedures

40

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

40

Item 1A. Risk Factors

40

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3. Defaults Upon Senior Securities

41

Item 4. Mine Safety Disclosures

41

Item 5. Other Information

41

Item 6. Exhibits

42

Signatures

43

Table of Contents

Akoya Biosciences, Inc.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report 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 report other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, 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 this report and in other documents we file with the Securities and Exchange Commission (the “SEC”) 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 report represent our views as of the date of this report. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Unless otherwise stated or the context otherwise indicates, references to “we,” “us,” “our” and similar references refer to Akoya Biosciences, Inc. and its consolidated subsidiary.

1

Table of Contents

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

    

September 30, 2021

    

December 31, 2020

(unaudited)

Assets

 

  

 

  

Current assets

 

  

 

  

Cash and cash equivalents

$

120,150

$

17,006

Accounts receivable, net

 

9,605

 

6,470

Inventories, net

 

6,093

 

4,263

Prepaid expenses and other current assets

 

9,812

 

957

Total current assets

 

145,660

 

28,696

Property and equipment, net

 

6,492

 

5,528

Restricted cash – long term

 

301

 

502

Demo inventory, net

 

2,984

 

1,494

Intangible assets, net

 

21,374

 

22,714

Goodwill

 

18,262

 

18,262

Other assets

 

338

 

464

Total assets

$

195,411

$

77,660

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

 

  

 

  

Current liabilities

 

  

 

  

Accounts payable

$

4,071

$

5,074

Accrued expenses and other current liabilities

 

8,596

 

7,015

Current portion of capital lease obligations

 

279

 

197

Deferred revenue

 

4,354

 

3,844

Current portion of long-term debt

 

 

1,032

Total current liabilities

 

17,300

 

17,162

Deferred revenue, net of current portion

 

1,136

 

1,008

Long-term debt, net of current portion and debt discount

 

32,363

 

33,488

Deferred tax liability, net

 

134

 

170

Capital lease obligations, net of current portion

 

262

 

277

Warrant liability

 

 

490

Contingent consideration liability (Note 4), net of current portion

 

6,824

 

6,984

Total liabilities

 

58,019

 

59,579

Redeemable Convertible Preferred Stock:

 

  

 

  

Series B Redeemable Convertible Preferred Stock, $0.00001 par value; 0 shares authorized, issued and outstanding at September 30, 2021; 13,715,330 authorized, issued and outstanding at December 31, 2020 (preference in liquidation of $0 and $11,500 at September 30, 2021 and December 31, 2020, respectively)

 

 

11,500

Series C Redeemable Convertible Preferred Stock, $0.00001 par value; 0 shares authorized, issued and outstanding at September 30, 2021; 26,732,361 shares authorized, issued and outstanding at December 31, 2020 (preference in liquidation of $0 and $30,107 at September 30, 2021 and December 31, 2020, respectively)

 

 

30,107

Series D Redeemable Convertible Preferred Stock, $0.00001 par value; 0 shares authorized, issued, and outstanding at September 30, 2021; 16,758,996 shares authorized; 16,390,217 shares issued and outstanding at December 31, 2020 (preference in liquidation of $0 and $27,500 at September 30, 2021 and December 31, 2020, respectively)

 

 

27,500

Total redeemable convertible preferred stock

 

 

69,107

Stockholders’ equity (deficit):

 

  

 

  

Series A Convertible Preferred Stock, $0.00001 par value; 0 shares authorized, issued and outstanding at September 30, 2021; 5,013,333 shares authorized, issued and outstanding at December 31, 2020 (preference in liquidation of $0 and $1,253 at September 30, 2021 and December 31, 2020, respectively)

 

 

1,253

Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2021; 0 shares authorized, issued and outstanding at December 31, 2020

Class A Common Stock, $0.00001 par value; 500,000,000 shares authorized; 37,177,371 shares issued and outstanding at September 30, 2021; 62,220,020 shares authorized; 0 shares issued and outstanding at December 31, 2020

 

2

 

Class B Common Stock, $0.00001 par value; 0 shares authorized, issued, and outstanding at September 30, 2021; 16,822,202 shares authorized; 2,563,765 issued and outstanding at December 31, 2020

 

 

1

Additional paid in capital

 

215,824

 

Accumulated deficit

 

(78,434)

 

(52,280)

Total stockholders’ equity (deficit)

 

137,392

 

(51,026)

Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)

$

195,411

$

77,660

See accompanying notes to consolidated financial statements.

2

Table of Contents

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands except share & per share data)

Three months ended

Nine months ended

September 30, 

September 30, 

September 30, 

September 30, 

    

2021

    

2020

    

2021

    

2020

Revenue:

 

  

 

  

  

 

  

Product revenue

$

10,874

$

7,852

$

31,556

$

22,967

Service and other revenue

 

2,602

 

2,102

 

7,203

 

6,568

Total revenue

 

13,476

 

9,954

 

38,759

 

29,535

Cost of goods sold:

 

  

 

  

 

  

 

  

Cost of product revenue

$

3,594

$

2,752

$

10,381

$

8,756

Cost of service and other revenue

 

1,429

 

1,168

 

4,386

 

2,779

Total cost of goods sold

$

5,023

$

3,920

$

14,767

$

11,535

Gross profit

$

8,453

$

6,034

$

23,992

$

18,000

Operating expenses:

 

  

 

  

 

  

 

  

Selling, general and administrative

 

13,725

 

5,712

 

31,970

 

17,166

Research and development

 

3,999

 

2,279

 

10,138

 

7,071

Change in fair value of contingent consideration

 

224

 

739

 

1,050

 

(167)

Depreciation and amortization

 

1,244

 

971

 

3,352

 

2,792

Total operating expenses

 

19,192

 

9,701

 

46,510

 

26,862

Loss from operations

 

(10,739)

 

(3,667)

 

(22,518)

 

(8,862)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense, net

 

(763)

 

(683)

 

(2,271)

 

(1,978)

Change in fair value of warrant liability

 

 

 

(2,728)

 

Gain on extinguishment of debt

2,476

Other expense, net

 

(126)

 

57

 

(244)

 

(104)

Loss before benefit (provision) for income taxes

(11,628)

(4,293)

(25,285)

(10,944)

Benefit (provision) for income taxes

 

11

 

9

 

23

 

(68)

Net loss

$

(11,617)

$

(4,284)

$

(25,262)

$

(11,012)

Dividends accrued on redeemable convertible preferred stock

(1,190)

(1,435)

(3,570)

Accretion of redeemable convertible preferred stock

(296)

(296)

(296)

Adjusted net loss attributable to common stockholders

(11,617)

(5,770)

(26,993)

(14,878)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.31)

$

(2.44)

$

(1.15)

$

(6.43)

Weighted-average shares outstanding, basic and diluted

 

37,162,489

 

2,363,063

 

23,407,358

 

2,314,990

See accompanying notes to consolidated financial statements.

3

Table of Contents

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED

STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Unaudited)

(in thousands, except share data)

Series B

Series C

Series D

Redeemable

Redeemable

Redeemable

Series A

Convertible

Convertible

Convertible

Convertible

Class A

Class B

Additional

Total

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Common Stock

Paid in

Accumulated 

Stockholders’

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

  

  

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

Capital

    

Deficit

    

equity (deficit)

Balance at December 31, 2020

 

13,715,330

$

11,500

 

26,732,361

$

30,107

 

16,390,217

 

$

27,500

 

5,013,333

$

1,253

 

$

 

2,563,765

$

1

$

$

(52,280)

$

(51,026)

Exercise of stock options

271,334

44

44

Accrued dividends

180

510

500

(298)

(892)

(1,190)

Net loss

(8,082)

(8,082)

Stock-based compensation

254

254

Balance at March 31, 2021

13,715,330

$

11,680

26,732,361

$

30,617

16,390,217

$

28,000

5,013,333

$

1,253

$

2,835,099

$

1

$

$

(61,254)

$

(60,000)

Conversion of Class B shares

2,835,099

1

(2,835,099)

(1)

Exercise of stock options

 

 

 

 

 

 

 

 

 

189,175

 

 

 

 

99

 

 

99

Accrued dividends

 

 

37

 

 

105

 

 

103

 

 

 

 

 

 

 

(245)

 

 

(245)

Initial public offering of common stock

7,567,000

138,553

138,553

Conversion of preferred stock into common stock in connection with the IPO

(13,715,330)

(11,717)

(26,732,361)

(30,722)

(16,390,217)

(28,103)

(5,013,333)

(1,253)

26,545,579

1

71,794

70,542

Reclassification of warrant liability to equity

3,219

3,219

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,563)

 

(5,563)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

1,216

 

 

1,216

Balance at June 30, 2021

 

$

 

$

 

$

 

$

 

37,136,853

$

2

 

$

$

214,636

$

(66,817)

$

147,821

Exercise of stock options

40,518

30

30

Net loss

(11,617)

(11,617)

Stock-based compensation

1,158

1,158

Balance at September 30, 2021

 

$

 

$

 

$

 

$

 

37,177,371

$

2

 

$

$

215,824

$

(78,434)

$

137,392

4

Table of Contents

AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED

STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Unaudited)

(in thousands, except share data)

Series B

Series C

Series D

Redeemable

Redeemable

Redeemable

Series A

Convertible

Convertible

Convertible

Convertible

Class A

Class B

Additional

Total

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Common Stock

Paid in

Accumulated

Stockholders’

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

  

  

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

Capital

    

Deficit

    

deficit

Balance at December 31, 2019

 

13,715,330

$

10,780

 

26,732,361

$

28,067

 

16,390,217

$

25,500

 

5,013,333

$

1,253

 

$

 

2,286,872

$

1

$

$

(31,413)

$

(30,159)

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

5,495

 

 

2

 

 

2

Accrued dividends

 

 

180

 

 

510

 

 

500

 

 

 

 

 

 

 

(314)

 

(876)

 

(1,190)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,143)

 

(2,143)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

312

 

 

312

Balance at March 31, 2020

13,715,330

$

10,960

26,732,361

$

28,577

16,390,217

$

26,000

5,013,333

$

1,253

$

2,292,367

$

1

$

$

(34,432)

$

(33,178)

Exercise of stock options

6,526

2

2

Accrued dividends

180

510