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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): May 8, 2023

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 May 8, 2023, Akoya Biosciences, Inc. (the “Company”) issued a press release announcing its financial condition and results of operations for the period ended March 31, 2023. 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 8, 2023

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: May 8, 2023

Akoya Biosciences, Inc.

By:

/s/ Brian McKelligon

Brian McKelligon

Chief Executive Officer

3

Exhibit 99.1

Akoya Reports Record Revenue in the First Quarter of 2023 and Reiterates Full Year 2023 Revenue Guidance

May 8, 2023

Q1 2023 revenue $21.4 million, 27% y/y growth

Reiterating FY 2023 revenue guidance range of $95-98 million

MARLBOROUGH, Mass.— Akoya Biosciences, Inc. (Nasdaq: AKYA) (“Akoya”), The Spatial Biology Company®, today announced its financial results for the first quarter ending March 31, 2023.

“Akoya started the year strong, highlighted by record quarterly revenue and our 1000th spatial instrument placement in April, the largest installed base in the rapidly growing spatial biology industry,” said Brian McKelligon, Chief Executive Officer, Akoya Biosciences. “We continue to see robust growth and rising interest in our platforms across the discovery, translational, and clinical markets, as well as strong traction with our new product offerings. Our targeted investments in product development, commercial expansion, and business infrastructure have positioned us well to continue to drive long-term growth, while moving towards business profitability.”

First Quarter 2023 Financial Highlights

Total revenue was $21.4 million in the first quarter of 2023, compared to $16.9 million in the prior year period; an increase of 26.6%.
Product revenue (which includes instruments, reagents, and software) was $15.5 million in the first quarter of 2023, compared to $13.3 million in the prior year period; an increase of 16.5%.
oInstrument revenue was $9.6 million, compared to $8.5 million; an increase of 12.9%.
oReagent revenue was $5.7 million, compared to $4.6 million; an increase of 23.9%.
Service and other revenue totaled $5.9 million in the first quarter of 2023, compared to $3.6 million in the prior year period; an increase of 63.9%.
Gross profit was $12.3 million and gross profit margin was 57.4% in the first quarter of 2023.
58 instruments were sold in the first quarter of 2023; 19 PhenoCyclers, 39 PhenoImagers (which includes Fusion and HT); compared to 51 instruments sold in the prior year period (14 PhenoCyclers, 37 PhenoImagers).
Instrument installed base of 992 as of March 31, 2023 (273 PhenoCyclers, 719 PhenoImagers); compared to an installed base of 748 in the prior year period (196 PhenoCyclers, 552 PhenoImagers); an increase of 33%.
Combined-unit PhenoCycler-Fusion installed base of 128 as of March 31, 2023; compared to 23 in the prior year period.
$60.2 million of cash and cash equivalents as of March 31, 2023, with $11.3 million in additional debt capacity.

First Quarter 2023 Business Highlights

As of March 31, 2023, there have been 860 total publications featuring Akoya’s platforms; 62% growth from 530 total publications as of March 31, 2022.
Akoya shipped its 1000th instrument in April, a major milestone for the company and the largest installed base in the spatial biology industry.

At the 2023 American Association of Cancer Research (AACR) conference held from April 16-19, Akoya launched two new commercial product offerings, including the high-plex modular PhenoCode Discovery Panels on the PhenoCycler-Fusion platform, to further increase speed and simplicity of the workflow, and the partnered Enable Medicine Cloud Platform, for enhanced and rapid data analysis of high-plex images, with the potential to improve outcomes in both clinical and research settings.
Johnny Ek appointed as new Chief Financial Officer, who brings more than 20 years of financial leadership experience across the diagnostics and life sciences tools industries, and Joe Driscoll has retired after more than four successful years as Chief Financial Officer.
Jennifer Kamocsay appointed as Akoya’s first General Counsel, who brings over a decade of experience as a corporate and M&A attorney, to oversee all company legal activities and provide strategic guidance and corporate governance oversight.

2023 Financial Outlook

The Company, based on its current plans and initiatives, continues to expect full year 2023 revenue guidance range of $95-98 million.

Webcast and Conference Call Details

Akoya will host a conference call today, May 8, 2023, at 5:00 p.m. Eastern Time to discuss its first quarter 2023 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 our other products and services, our ability to increase awareness of spatial biology technology, our ability to execute on our plans and expectations, our research and development efforts and other matters regarding our business strategies, future performance, 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)

    

March 31, 2023

    

December 31, 2022

Assets

 

  

 

  

Current assets

Cash and cash equivalents

$

60,247

$

74,229

Marketable securities

6,989

Accounts receivable, net

 

12,943

 

9,729

Inventories, net

 

14,507

 

14,486

Prepaid expenses and other current assets

 

3,977

 

6,764

Total current assets

 

91,674

 

112,197

Property and equipment, net

 

10,425

 

10,174

Demo inventory, net

 

1,967

 

2,084

Intangible assets, net

 

19,496

 

20,048

Goodwill

 

18,262

 

18,262

Operating lease right of use assets, net

10,187

10,785

Financing lease right of use assets, net

1,290

1,490

Other non-current assets

996

991

Total assets

$

154,297

$

176,031

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable, accrued expenses and other current liabilities

$

22,983

$

27,147

Current portion of operating lease liabilities

2,975

3,009

Current portion of financing lease liabilities

608

620

Deferred revenue

 

6,657

 

6,279

Total current liabilities

 

33,223

 

37,055

Deferred revenue, net of current portion

 

2,545

 

2,114

Long-term debt, net

 

63,455

 

63,277

Contingent consideration liability, net of current portion

 

4,626

 

6,039

Operating lease liabilities, net of current portion

7,698

8,203

Financing lease liabilities, net of current portion

539

675

Other long-term liabilities

 

87

 

87

Total liabilities

 

112,173

 

117,450

Total stockholders' equity

42,124

58,581

Total liabilities and stockholders' equity

$

154,297

$

176,031


AKOYA BIOSCIENCES, INC. AND SUBSIDIARY

Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share amounts)

Three months ended

March 31, 

March 31, 

    

2023

    

2022

Revenue:

 

  

 

  

Product revenue

$

15,524

$

13,343

Service and other revenue

 

5,886

 

3,551

Total revenue

 

21,410

 

16,894

Cost of goods sold:

 

  

 

  

Cost of product revenue

5,751

4,080

Cost of service and other revenue

3,366

2,718

Total cost of goods sold

9,117

6,798

Gross profit

12,293

10,096

Operating expenses:

 

  

 

  

Selling, general and administrative

 

21,758

 

18,193

Research and development

 

5,773

 

5,714

Change in fair value of contingent consideration

 

227

 

200

Depreciation and amortization

 

1,971

 

1,543

Total operating expenses

 

29,729

 

25,650

Loss from operations

 

(17,436)

 

(15,554)

Other income (expense):

 

  

 

  

Interest expense

 

(2,054)

 

(749)

Interest income

765

22

Other expense, net

 

(48)

 

(96)

Loss before provision for income taxes

(18,773)

(16,377)

Provision for income taxes

 

(29)

 

(22)

Net loss

$

(18,802)

$

(16,399)

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

$

(0.49)

$

(0.44)

Weighted-average shares outstanding, basic and diluted

 

38,326,024

 

37,464,496