Akoya Biosciences (AKYA) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Key accomplishments and strategic initiatives

• Internalized reagent manufacturing, improving margins and operational control.

• Expanded clinical partnerships, notably with Acrivon, NeraCare, and Shanghai KR Pharmtech, advancing companion diagnostic opportunities.

• Focused on operational excellence and a clear path to profitability amid market headwinds.

• Prioritized leveraging the installed base and expanding protein multiplexing over direct RNA competition.

• Achieved significant progress in 2.0 platform upgrades, aiming for near-completion by next year.

Market trends and competitive landscape

• Spatial proteomics and transcriptomics markets are currently balanced, but protein is expected to dominate long-term.

• Clinical applications are the fastest-growing and highest-value segment, with increasing demand for high-throughput, reproducible platforms.

• Competitive differentiation centers on imaging area, plex level, throughput, and scalability; recent competitor activity includes Bruker's acquisition of Lunaphore and NanoString.

• Customers often use multiple platforms, with true high-plex multiomics still an unmet need.

Financial performance and outlook

• Revenue from clinical partnerships expected to become significant upside in 2025 and more material in 2026.

• Cost structure and margins have been optimized to achieve cash flow break-even by year-end, with adjusted EBITDA as a key metric.

• $48 million in cash at end of Q2, with debt amortization extending to end of 2025.

• Restructuring prioritized profitability over growth, reducing workforce by 35% since end of 2023.