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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): November 7, 2022

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

(Address of principal executive offices)

(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 

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 November 7, 2022, Akoya Biosciences, Inc. (the “Company”) issued a press release announcing its financial condition and results of operations for the period ended September 30, 2022. 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 November 7, 2022

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: November 7, 2022

Akoya Biosciences, Inc.

By:

/s/ Brian McKelligon

Brian McKelligon

Chief Executive Officer

3

Exhibit 99.1

Akoya Reports Record Revenue with 40% YoY Growth in the Third Quarter and Raises Full Year 2022 Revenue Guidance

November 7, 2022

Q3 2022 revenue $18.9 million, 40% y/y growth

Raising FY 2022 revenue guidance range to $73-75 million

MARLBOROUGH, Mass.— Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the third quarter ending September 30, 2022.

“Akoya continues to deliver strong financial performance with record growth this quarter and healthy system placement across the discovery, translational and clinical markets,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences.  “Our industry leading portfolio and installed base, commercial execution, and success across multiple market segments, from discovery to clinical, are key drivers of our success.”

Third Quarter 2022 Financial Highlights

Total revenue was $18.9 million in the third quarter of 2022, compared to $13.5 million in the prior year period; an increase of 40%.
Product revenue was $14.4 million in the third quarter of 2022, compared to $10.9 million in the prior year period; an increase of 32%.
oInstrument revenue was $9.5 million, compared to $7.1 million; an increase of 34%.
oReagent revenue was $4.7 million, compared to $3.4 million; an increase of 38%.
Services and other revenue totaled $4.4 million in the third quarter of 2022, compared to $2.6 million in the prior year period; an increase of 69%.
Gross profit was $10.9 million and gross profit margin was 58% in the third quarter of 2022.
55 instruments were sold in the third quarter of 2022; 17 PhenoCyclers, 38 PhenoImagers (which includes Fusion, HT and Mantra); compared to 33 instruments sold in the prior year period (16 PhenoCyclers, 17 PhenoImagers); an increase of 67%.
Instrument installed base of 863 as of September 30, 2022; 229 PhenoCyclers, 634 PhenoImagers.
Combined-unit PhenoCycler-Fusion installed base of 72 as of September 30, 2022.
$82 million of cash, cash equivalents, and marketable securities as of September 30, 2022.

YTD 2022 Financial Highlights

Total revenue was $53.6 million YTD as of September 30, 2022 compared to $38.8 million in the prior year period; an increase of 38%.
Product revenue was $41.9 million YTD as of September 30, 2022, compared to $31.6 million in the prior year period; an increase of 33%.
Services and other revenue totaled $11.7 million YTD as of September 30, 2022, compared to $7.2 million in the prior year period; an increase of 63%.

Gross profit was $31.3 million and gross profit margin was 58% YTD as of September 30, 2022.
166 instruments were sold YTD as of September 30, 2022; 47 PhenoCyclers, 119 PhenoImagers (which includes Fusion, HT and Mantra), compared to 101 instruments sold in the prior year period; an increase of 64%.

Third Quarter 2022 Business Highlights

As of September 30, 2022, there have been 691 total publications featuring Akoya’s platforms; 81% growth from 382 total publications as of September 30, 2021.
At the upcoming Society of Immunotherapy of Cancer (SITC) conference taking place in Boston, MA (November 8-12, 2022), Akoya will unveil the PhenoCode Signature Panels (previously referred to as universal protein chemistry) on the PhenoImager workflows; please see the accompanying PhenoCode Signature Panels press release for more details.
oAt SITC, 6 key posters will be presented highlighting the development of PhenoCode Signature Panels and other novel phenotyping applications; Akoya will also be hosting a dinner symposium titled “Supercharging Spatial Signature Development.”
Akoya will be hosting our 2nd annual Spatial Day on December 15, 2022, for which registration details can be found here: Akoya’s 2nd Annual Spatial Day.

2022 Financial Outlook

The Company, based on its updated plans and initiatives, is raising its full year 2022 revenue guidance range to $73-75 million.

Webcast and Conference Call Details

Akoya will host a conference call today, November 7 2022, at 5:00 p.m. Eastern Time to discuss its third quarter 2022 financial results. Investors interested in listening to the conference call are required to register online. 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 PhenoCycler and PhenoImager 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 response to therapy. Akoya offers a full continuum of spatial phenotyping solutions to serve the diverse needs of researchers across discovery, translational and clinical research: PhenoCode™ Panels and PhenoCycler®, PhenoImager® Fusion and PhenoImager HT Instruments. To learn more about Akoya, visit www.akoyabio.com.

Investor Contact:

Priyam Shah

Sr. Director, Investor Relations

Akoya Biosciences

investors@akoyabio.com

Media Contact:

Christine Quern

617-650-8497

media@akoyabio.com


AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets (unaudited)

(in thousands)

    

September 30, 2022

    

December 31, 2021

Assets

 

  

 

  

Current assets

Cash and cash equivalents

$

51,836

$

113,079

Marketable securities

29,868

Accounts receivable, net

 

8,680

 

9,444

Inventories, net

 

13,063

 

9,014

Prepaid expenses and other current assets

 

8,297

 

9,277

Total current assets

 

111,744

 

140,814

Property and equipment, net

 

10,492

 

7,487

Demo inventory, net

 

2,064

 

2,548

Intangible assets, net

 

20,442

 

21,150

Goodwill

 

18,262

 

18,262

Operating lease right of use assets, net

11,307

Financing lease right of use assets, net

1,504

Other non-current assets

642

646

Total assets

$

176,457

$

190,907

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable, accrued expenses and other current liabilities

$

22,209

$

23,198

Current portion of operating lease liabilities

3,004

Current portion of financing lease liabilities

593

Deferred revenue

 

5,876

 

4,484

Total current liabilities

 

31,682

 

27,682

Deferred revenue, net of current portion

 

1,477

 

1,330

Long-term debt, net

 

52,714

 

32,471

Contingent consideration liability, net of current portion

 

5,956

 

7,850

Operating lease liabilities, net of current portion

8,723

Financing lease liabilities, net of current portion

692

Other long-term liabilities

 

125

 

223

Total liabilities

 

101,369

 

69,556

Total stockholders' equity

75,088

121,351

Total liabilities and stockholders' equity

$

176,457

$

190,907


AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share amounts)

Three months ended

Nine months ended

September 30, 

September 30, 

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Revenue:

 

  

 

  

 

  

 

  

Product revenue

$

14,438

$

10,874

$

41,942

$

31,556

Service and other revenue

 

4,414

 

2,602

 

11,698

 

7,203

Total revenue

 

18,852

 

13,476

 

53,640

 

38,759

Cost of goods sold:

 

  

 

  

 

  

 

  

Cost of product revenue

$

5,455

$

3,594

$

14,733

$

10,381

Cost of service and other revenue

 

2,490

 

1,429

 

7,563

 

4,386

Total cost of goods sold

$

7,945

$

5,023

$

22,296

$

14,767

Gross profit

$

10,907

$

8,453

$

31,344

$

23,992

Operating expenses:

 

  

 

  

 

  

 

  

Selling, general and administrative

 

19,922

 

13,725

 

58,705

 

31,970

Research and development

 

5,466

 

3,999

 

16,778

 

10,138

Change in fair value of contingent consideration

 

357

 

224

 

(599)

 

1,050

Depreciation and amortization

 

1,815

 

1,244

 

4,975

 

3,352

Total operating expenses

 

27,560

 

19,192

 

79,859

 

46,510

Loss from operations

 

(16,653)

 

(10,739)

 

(48,515)

 

(22,518)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense

 

(1,109)

 

(763)

 

(2,707)

 

(2,271)

Change in fair value of warrant liability

 

 

 

 

(2,728)

Gain on extinguishment of debt

2,476

Other expense, net

 

(89)

 

(126)

 

(395)

 

(244)

Loss before benefit (provision) for income taxes

(17,851)

(11,628)

(51,617)

(25,285)

Benefit (provision) for income taxes

 

(21)

 

11

 

(149)

 

23

Net loss

$

(17,872)

$

(11,617)

$

(51,766)

$

(25,262)

Dividends accrued on redeemable convertible preferred stock

(1,435)

Accretion of redeemable convertible preferred stock

(296)

Adjusted net loss attributable to common stockholders

(17,872)

(11,617)

(51,766)

(26,993)

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

$

(0.47)

$

(0.31)

$

(1.37)

$

(1.15)

Weighted-average shares outstanding, basic and diluted

 

37,900,821

 

37,162,489

 

37,660,814

 

23,407,358