What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-12-26 compared with 2024-12-26 · 144 added, 284 removed, 658 unchanged (39% of the section changed)

3 unchanged sentences

(amounts in thousands, except per share data)

June 30, 2024 December 31, 2023

March 31, 2024 December 31, 2023

(As Restated) (As Restated)

26 unchanged sentences

Stockholders’ equity:

Common stock:

$ 0.001 par value per share; Authorized:

120,000 shares; Issued and outstanding:

38,398 and 38,014 shares at June 30, 2024 and December 31, 2023, respectively

Common stock, $ 0.001 par value per share:

120,000 shares;

issued and outstanding:

38,288 and 38,014 shares at March 31, 2024 and December 31, 2023, respectively

Additional paid-in capital 789,006 783,142

7 unchanged sentences

(amounts in thousands, except per share data)

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

(As Restated) (As Restated) (As Restated) (As Restated)

Three Months Ended March 31,

(As Restated) (As Restated)

Product revenue $ 19,670 $ 19,360

25 unchanged sentences

(amounts in thousands)

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

(As Restated) (As Restated) (As Restated) (As Restated)

Three Months Ended March 31,

(As Restated) (As Restated)

Net loss $ ( 11,163 ) $ ( 7,274 )

2 unchanged sentences

Foreign currency translation adjustment ( 674 ) 42

Total other comprehensive loss ( 113 ) ( 244 ) ( 1,394 ) ( 202 )

Total other comprehensive income (loss) ( 1,281 ) 42

Comprehensive loss $ ( 12,444 ) $ ( 7,232 )

3 unchanged sentences

(amounts in thousands)

Three and Six Months Ended June 30, 2024

Three Months Ended March 31, 2024

Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity

Balance at December 31, 2023 (As Restated) 38,014 $ 38 $ 783,142 $ ( 1,672 ) $ ( 431,550 ) $ 349,958

Issuance of common stock under stock plans, net of tax effects and payments 274 — 599 — — 599

Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599

Stock-based compensation expense — — 5,265 — — 5,265

3 unchanged sentences

Balance at March 31, 2024 (As Restated) 38,288 $ 38 $ 789,006 $ ( 2,953 ) $ ( 442,713 ) $ 343,378

Issuance of common stock under stock plans, net of tax effects and payments 110 — ( 328 ) — — ( 328 )

Stock-based compensation expense — — 5,228 — — 5,228

Unrealized loss on marketable securities, net of tax — — — ( 175 ) — ( 175 )

Foreign currency translation — — — 62 — 62

Net loss, as restated — — — — ( 7,387 ) ( 7,387 )

Balance at June 30, 2024 (As Restated) 38,398 $ 38 $ 793,906 $ ( 3,066 ) $ ( 450,100 ) $ 340,778

Three and Six Months Ended June 30, 2023

Three Months Ended March 31, 2023

Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity

Balance at December 31, 2022 (As Restated) 37,280 $ 37 $ 763,629 $ ( 2,538 ) $ ( 403,196 ) $ 357,932

Issuance of common stock under stock plans, net of tax effects and payments 144 — 551 — — 551

Issuance of common stock under stock plans, including tax effects 144 — 551 — — 551

Stock-based compensation expense, as restated — — 3,943 — — 3,943

2 unchanged sentences

Balance at March 31, 2023 (As Restated) 37,424 $ 37 $ 768,123 $ ( 2,496 ) $ ( 410,470 ) $ 355,194

Issuance of common stock under stock plans, net of tax effects and payments 142 — 139 — — 139

Stock-based compensation expense, as restated — — 4,210 — — 4,210

Foreign currency translation — — — ( 244 ) — ( 244 )

Net loss, as restated — — — — ( 5,551 ) ( 5,551 )

Balance at June 30, 2023 (As Restated) 37,566 $ 37 $ 772,472 $ ( 2,740 ) $ ( 416,021 ) $ 353,748

The accompanying notes are an integral part of these Consolidated Financial Statements.

2 unchanged sentences

(amounts in thousands)

Six Months Ended June 30,

Three Months Ended March 31,

(As Restated) (As Restated)

7 unchanged sentences

Stock-based compensation expense 5,265 3,943

Impairment — 54

Other operating activity 55 270

25 unchanged sentences

Cash paid for taxes $ 175 $ 246

Shares received as consideration under product sales agreement $ — $ 1,000

Purchases of property and equipment in accounts payable and accrued expenses $ 222 $ 147

3 unchanged sentences

Restatement of Financial Statements

Subsequent to the issuance of Quanterix Corporation's (“Quanterix” or the “Company”) Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, originally filed with the U.S.

Securities and Exchange Commission (the “SEC”) on August 8, 2024 (the “Original Report"), the Company identified an error related to the capitalization of labor and overhead costs in the Company's inventory balances (the "Misstatement"), which impacted the previously issued unaudited Consolidated Financial Statements as of June 30, 2024, for the quarterly and year to date periods ended June 30, 2024 and 2023, and the audited Consolidated Financial Statements as of December 31, 2023 (the "Restatement Periods").

Subsequent to the issuance of Quanterix Corporation's (“Quanterix” or the “Company”) Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, originally filed with the U.S.

Securities and Exchange Commission (the “SEC”) on May 8, 2024 (the “Original Report”), the Company identified an error related to the capitalization of labor and overhead costs in the Company's inventory balances (the “Misstatement”), which impacted the previously issued unaudited Consolidated Financial Statements as of March 31, 2024, for the quarterly periods ended March 31, 2024 and 2023, and the audited Consolidated Financial Statements as of December 31, 2023 (the “Restatement Periods”).

In accordance with ASC 250 - Accounting Changes and Error Corrections , SEC Staff Accounting Bulletin (“SAB”) No.

12 unchanged sentences

QUANTERIX CORPORATION

RESTATED CONSOLIDATED BALANCE SHEET

RESTATED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share data)

As of June 30, 2024

As of March 31, 2024

As Previously Reported Adjustments As Restated

29 unchanged sentences

issued and outstanding:

38,398 shares at June 30, 2024

38,288 shares at March 31, 2024

Additional paid-in capital 789,006 — 789,006

42 unchanged sentences

QUANTERIX CORPORATION

RESTATED CONSOLIDATED STATEMENT OF OPERATIONS

RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

Three Months Ended March 31, 2024

Three Months Ended March 31, 2023

As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated

25 unchanged sentences

Weighted-average common shares outstanding, basic and diluted 38,126 — 38,126 37,327 — 37,327

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated

Product revenue $ 19,692 $ ( 143 ) $ 19,549 $ 38,979 $ ( 70 ) $ 38,909

Service revenue 10,552 ( 82 ) 10,470 19,131 ( 155 ) 18,976

Collaboration and license revenue 629 — 629 997 — 997

Grant revenue 156 — 156 378 — 378

Total revenues 31,029 ( 225 ) 30,804 59,485 ( 225 ) 59,260

Costs of goods sold and services:

Cost of product revenue 7,236 ( 535 ) 6,701 14,269 311 14,580

Cost of service and other revenue 4,655 32 4,687 9,152 119 9,271

Total costs of goods sold and services 11,891 ( 503 ) 11,388 23,421 430 23,851

Gross profit 19,138 278 19,416 36,064 ( 655 ) 35,409

Operating expenses:

Research and development 5,946 182 6,128 10,666 449 11,115

Selling, general, and administrative 21,591 ( 283 ) 21,308 42,441 ( 349 ) 42,092

Other lease costs 1,162 ( 194 ) 968 1,938 ( 170 ) 1,768

Total operating expenses 28,699 ( 295 ) 28,404 55,045 ( 70 ) 54,975

Loss from operations ( 9,561 ) 573 ( 8,988 ) ( 18,981 ) ( 585 ) ( 19,566 )

Interest income

3,886 — 3,886 7,335 — 7,335

Other expense

( 154 ) ( 60 ) ( 214 ) ( 146 ) ( 73 ) ( 219 )

Loss before income taxes ( 5,829 ) 513 ( 5,316 ) ( 11,792 ) ( 658 ) ( 12,450 )

Income tax expense

( 235 ) — ( 235 ) ( 375 ) — ( 375 )

Net loss $ ( 6,064 ) $ 513 $ ( 5,551 ) $ ( 12,167 ) $ ( 658 ) $ ( 12,825 )

Net loss per common share, basic and diluted $ ( 0.16 ) $ 0.01 $ ( 0.15 ) $ ( 0.33 ) $ ( 0.01 ) $ ( 0.34 )

Weighted-average common shares outstanding, basic and diluted 37,494 — 37,494 37,411 — 37,411

QUANTERIX CORPORATION

1 unchanged sentence

(amounts in thousands)

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

Three Months Ended March 31, 2024

Three Months Ended March 31, 2023

As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated

Net income (loss)

$ ( 9,473 ) $ 2,086 $ ( 7,387 ) $ ( 19,545 ) $ 995 $ ( 18,550 )

Net loss $ ( 10,072 ) $ ( 1,091 ) $ ( 11,163 ) $ ( 6,103 ) $ ( 1,171 ) $ ( 7,274 )

Other comprehensive income (loss), net of tax:

1 unchanged sentence

Foreign currency translation adjustment ( 674 ) — ( 674 ) 42 — 42

Total other comprehensive loss

( 113 ) — ( 113 ) ( 1,394 ) — ( 1,394 )

Comprehensive income (loss)

$ ( 9,586 ) $ 2,086 $ ( 7,500 ) $ ( 20,939 ) $ 995 $ ( 19,944 )

Three Months Ended June 30, 2023

Six Months Ended June 30, 2023

As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated

Net income (loss)

$ ( 6,064 ) $ 513 $ ( 5,551 ) $ ( 12,167 ) $ ( 658 ) $ ( 12,825 )

Other comprehensive loss, net of tax:

Foreign currency translation adjustment ( 244 ) — ( 244 ) ( 202 ) — ( 202 )

Total other comprehensive loss

Total other comprehensive income (loss)

( 1,281 ) — ( 1,281 ) 42 — 42

Comprehensive income (loss)

Comprehensive loss

$ ( 11,353 ) $ ( 1,091 ) $ ( 12,444 ) $ ( 6,061 ) $ ( 1,171 ) $ ( 7,232 )

2 unchanged sentences

(amounts in thousands)

Three Months Ended June 30, 2024

As Previously Reported

Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated

deficit Total stockholders' equity

Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ ( 3,038 ) $ ( 444,568 ) $ 341,438

Issuance of common stock under stock plans, including tax effects 110 — ( 328 ) — — ( 328 )

Stock-based compensation expense — — 5,228 — — 5,228

Unrealized loss on marketable securities, net of tax — — — ( 175 ) — ( 175 )

Foreign currency translation adjustment — — — 62 — 62

Net loss — — — — ( 9,473 ) ( 9,473 )

Balance at June 30, 2024 38,398 $ 38 $ 793,906 $ ( 3,151 ) $ ( 454,041 ) 336,752

Balance at March 31, 2024 — $ — $ — $ 85 $ 1,855 $ 1,940

Issuance of common stock under stock plans, including tax effects — — — — — —

Stock-based compensation expense — — — — — —

Unrealized loss on marketable securities, net of tax — — — — — —

Foreign currency translation adjustment — — — — — —

Net loss — — — — 2,086 2,086

Balance at June 30, 2024 — $ — $ — $ 85 $ 3,941 4,026

Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ ( 2,953 ) $ ( 442,713 ) $ 343,378

Issuance of common stock under stock plans, including tax effects 110 — ( 328 ) — — ( 328 )

Stock-based compensation expense — — 5,228 — — 5,228

Unrealized loss on marketable securities, net of tax — — — ( 175 ) — ( 175 )

Foreign currency translation adjustment — — — 62 — 62

Net loss — — — — ( 7,387 ) ( 7,387 )

Balance at June 30, 2024 38,398 $ 38 $ 793,906 $ ( 3,066 ) $ ( 450,100 ) 340,778

Six Months Ended June 30, 2024

As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated

deficit Total stockholders' equity

Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ ( 1,757 ) $ ( 434,496 ) $ 346,927

Issuance of common stock under stock plans, including tax effects 384 — 271 — — 271

Stock-based compensation expense — — 10,493 — — 10,493

Unrealized loss on marketable securities, net of tax — — — ( 782 ) — ( 782 )

Foreign currency translation adjustment — — — ( 612 ) — ( 612 )

Net loss — — — — ( 19,545 ) ( 19,545 )

Balance at June 30, 2024 38,398 $ 38 $ 793,906 $ ( 3,151 ) $ ( 454,041 ) $ 336,752

Balance at December 31, 2023 — $ — $ — $ 85 $ 2,946 $ 3,031

Issuance of common stock under stock plans, including tax effects — — — — — —

Stock-based compensation expense — — — — — —

Unrealized loss on marketable securities, net of tax — — — — — —

Foreign currency translation adjustment — — — — — —

Net loss — — — — 995 995

Balance at June 30, 2024 — $ — $ — $ 85 $ 3,941 $ 4,026

Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ ( 1,672 ) $ ( 431,550 ) $ 349,958

Issuance of common stock under stock plans, including tax effects 384 — 271 — — 271

Stock-based compensation expense — — 10,493 — — 10,493

Unrealized loss on marketable securities, net of tax — — — ( 782 ) — ( 782 )

Foreign currency translation adjustment — — — ( 612 ) — ( 612 )

Net loss — — — — ( 18,550 ) ( 18,550 )

Balance at June 30, 2024 38,398 $ 38 $ 793,906 $ ( 3,066 ) $ ( 450,100 ) $ 340,778

Three Months Ended June 30, 2023

Three Months Ended March 31, 2024

As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss)

deficit Total stockholders' equity

Balance at March 31, 2023

37,424 $ 37 $ 768,141 $ ( 2,581 ) $ ( 408,265 ) $ 357,332

Accumulated deficit Total stockholders' equity

Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ ( 1,757 ) $ ( 434,496 ) $ 346,927

Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599

4 unchanged sentences

Net loss — — — — ( 10,072 ) ( 10,072 )

Balance at June 30, 2023

37,566 $ 37 $ 772,473 $ ( 2,825 ) $ ( 414,329 ) $ 355,356

Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ ( 3,038 ) $ ( 444,568 ) $ 341,438

— $ — $ ( 18 ) $ 85 $ ( 2,205 ) $ ( 2,138 )

Balance at December 31, 2023 — $ — $ — $ 85 $ 2,946 $ 3,031

Issuance of common stock under stock plans, including tax effects — — — — — —

3 unchanged sentences

Net loss — — — — ( 1,091 ) ( 1,091 )

Balance at June 30, 2023

— $ — $ ( 1 ) $ 85 $ ( 1,692 ) $ ( 1,608 )

Balance at March 31, 2024 — $ — $ — $ 85 $ 1,855 $ 1,940

37,424 $ 37 $ 768,123 $ ( 2,496 ) $ ( 410,470 ) $ 355,194

Balance at December 31, 2023 38,014 $ 38 $ 783,142 $ ( 1,672 ) $ ( 431,550 ) $ 349,958

Issuance of common stock under stock plans, including tax effects 274 — 599 — — 599

4 unchanged sentences

Net loss — — — — ( 11,163 ) ( 11,163 )

Balance at June 30, 2023

37,566 $ 37 $ 772,472 $ ( 2,740 ) $ ( 416,021 ) $ 353,748

Six Months Ended June 30, 2023

Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ ( 2,953 ) $ ( 442,713 ) $ 343,378

Three Months Ended March 31, 2023

As Previously Reported Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss)

deficit Total stockholders' equity

Accumulated deficit Total stockholders' equity

Balance at December 31, 2022

2 unchanged sentences

Stock-based compensation expense — — 3,902 — — 3,902

Unrealized loss on marketable securities, net of tax — — — — — —

Foreign currency translation adjustment

1 unchanged sentence

Net loss — — — — ( 6,103 ) ( 6,103 )

Balance at June 30, 2023

Balance at March 31, 2023

37,424 $ 37 $ 768,141 $ ( 2,581 ) $ ( 408,265 ) $ 357,332

3 unchanged sentences

Stock-based compensation expense — — 41 — — 41

Unrealized loss on marketable securities, net of tax — — — — — —

Foreign currency translation adjustment

Net loss — — — — ( 1,171 ) ( 1,171 )

Balance at June 30, 2023

Balance at March 31, 2023

— $ — $ ( 18 ) $ 85 $ ( 2,205 ) $ ( 2,138 )

3 unchanged sentences

Stock-based compensation expense — — 3,943 — — 3,943

Unrealized loss on marketable securities, net of tax — — — — — —

Foreign currency translation adjustment

1 unchanged sentence

Net loss — — — — ( 7,274 ) ( 7,274 )

Balance at June 30, 2023

Balance at March 31, 2023

37,424 $ 37 $ 768,123 $ ( 2,496 ) $ ( 410,470 ) $ 355,194

2 unchanged sentences

(amounts in thousands)

Six Months Ended June 30, 2024

Three Months Ended, March 31, 2024

As Previously Reported Adjustments As Restated

35 unchanged sentences

Purchases of property and equipment in accounts payable and accruals $ 222 $ — $ 222

Six Months Ended June 30, 2023

Three Months Ended, March 31, 2023

As Previously Reported Adjustments As Restated

6 unchanged sentences

Stock-based compensation expense 3,902 41 3,943

Impairment — 54 54

Other operating activity 270 — 270

23 unchanged sentences

Cash paid for taxes $ 246 $ — $ 246

Shares received as consideration under product sales agreement $ 1,000 $ — $ 1,000

Purchases of property and equipment in accounts payable and accruals $ 147 $ — $ 147

Organization and Nature of Business

2 unchanged sentences

The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention.

The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its Clinical Laboratory Improvement Amendments of 1988 ("CLIA") certified Accelerator Laboratory (the “Accelerator Laboratory”).

The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its CLIA-certified Accelerator Laboratory (the “Accelerator Laboratory”).

The Accelerator Laboratory provides customers with access to its Simoa technology and its Lucent Diagnostics clinical testing services (launched in July 2023) and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing.

To date, the Company has completed over 2,300 projects for more than 480 customers from all over the world using its Simoa platforms.

Significant Accounting Policies

5 unchanged sentences

GAAP are not included herein.

The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2023 (as restated), but does not include all disclosures required by U.S.

The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the restated audited Consolidated Financial Statements as of December 31, 2023 (as restated), but does not include all disclosures required by U.S.

GAAP on an annual reporting basis.

Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation.

These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 (the "Original Annual Report"), and Amendment No.

These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, originally filed with the SEC on February 29, 2024 (the “Original Annual Report”), and Amendment No.

1 to the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, filed with the SEC on December 23, 2024.

1 unchanged sentence

In the opinion of management, the Consolidated Financial Statements and Notes to Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented.

The results of operations for the three and six months ended June 30, 2024 may not be indicative of the results for the full year ended December 31, 2024, or any other period.

The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted.

The results of operations for the three months ended March 31, 2024 may not be indicative of the results for the full year ended December 31, 2024, or any other period.

The Company’s fiscal year is the twelve-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted.

Use of Estimates

15 unchanged sentences

The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets.

Foreign currency transaction gains (losses) are included in other income (expense), net on the Consolidated Statements of Operations and were not material for the three months ended June 30, 2024 and 2023.

Foreign currency transaction losses were $ 0.3 million for the six months ended June 30, 2024 and were not material for the six months ended June 30, 2023.

Foreign currency transaction gains (losses) are included in other income, net on the Consolidated Statements of Operations and were not material for the three months ended March 31, 2024 and 2023.

Restricted Cash

The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands):

As of June 30,

As of March 31,

(As Restated)

27 unchanged sentences

Revenue from Contracts with Customers

The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, and infectious diseases, and other protein biomarkers associated with diseases.

The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, infectious disease, and other protein biomarkers associated with diseases.

The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.

Disaggregated Revenue

When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues.

The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands):

Three Months Ended June 30, 2024 Three Months Ended June 30, 2023

North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total

(As Restated) (As Restated) (As Restated) (As Restated)

Product revenue:

Instruments $ 1,580 $ 557 $ 329 $ 2,466 $ 1,042 $ 971 $ 1,248 $ 3,261

Consumable and other products 10,498 5,096 1,827 17,421 9,852 4,577 1,859 16,288

Total $ 12,078 $ 5,653 $ 2,156 $ 19,887 $ 10,894 $ 5,548 $ 3,107 $ 19,549

Service revenue:

Service-type warranties $ 1,611 $ 902 $ 200 $ 2,713 $ 1,518 $ 723 $ 142 $ 2,383

Research services 7,775 2,183 170 10,128 6,321 711 453 7,485

Other services 429 240 1 670 372 219 11 602

Total $ 9,815 $ 3,325 $ 371 $ 13,511 $ 8,211 $ 1,653 $ 606 $ 10,470

Collaboration and license revenue:

Total $ 729 $ — $ — $ 729 $ 629 $ — $ — $ 629

Six Months Ended June 30, 2024 Six Months Ended June 30, 2023

Three Months Ended March 31, 2024 Three Months Ended March 31, 2023

North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total

11 unchanged sentences

Total $ 155 $ — $ — $ 155 $ 368 $ — $ — $ 368

For the three and six months ended June 30, 2024, no customer accounted for more than 10% of the Company’s total revenues and for the three and six months ended June 30, 2023, one customer accounted for more than 10% of the Company’s total revenues.

At June 30, 2024 and December 31, 2023, one customer accounted for more than 10 % of the Company’s gross accounts receivable.

Product Revenue

UltraDx (As Restated)

On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement").

Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize HD-X instruments assembled in China and related assays in the Chinese neurological in vitro diagnostic market.

Refer to Note 14 - Related Party Transactions for a discussion of the related party relationships between Quanterix and these entities.

The consideration due to the Company included cash proceeds and contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $ 1.0 million.

The issuance of the ordinary shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement.

Given the uncertainty of the completion of a preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception.

In the second quarter of 2023, UltraDx completed a qualified preferred share financing and issued to the Company one million ordinary shares.

Refer to Note 7 - Fair Value of Financial Instruments for the Company’s fair value disclosures related to the ordinary shares received and Note 15 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance.

During the three and six months ended June 30, 2024, revenue recognized from the UltraDx Agreement was not material and $ 1.1 million, respectively.

During both the three and six months ended June 30, 2023, the Company recognized $ 1.2 million of revenue, which includes the one-time revenue from the receipt of the ordinary shares.

Service Revenue

For the three months ended March 31, 2024, no customer accounted for more than 10 % of the Company’s total revenues and for the three months ended March 31, 2023, one customer accounted for more than 10 % of the Company’s total revenues.

At March 31, 2024 and December 31, 2023, one customer accounted for more than 10 % of the Company’s gross accounts receivable.

Eli Lilly and Company Service Revenue Agreements

On February 25, 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (“Lilly”) establishing a framework for future projects focused on the development of Simoa immunoassays (the “Lilly Collaboration Agreement”).

The Company also entered into an initial statement of work (the "SOW") under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease ("AD").

Under the SOW, the Company receives $ 1.5 million per calendar quarter, which began in the first quarter of 2022.

The initial SOW automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement.

During the second quarter of 2024, Lilly launched its CertuitAD test.

As a result, on May 14, 2024, Lilly provided notice to terminate the SOW, effective August 22, 2024.

Under the terms of the SOW, the Company received a quarterly payment of $ 1.5 million during the second quarter of 2024 and will receive a final quarterly payment of $ 1.5 million in the third quarter of 2024.

The Lilly Collaboration Agreement remains in effect and the Company continues to provide products and services to Lilly under other contractual arrangements.

Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use by the Company in research use only products, services, and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease.

The Company also entered into a statement of work under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease.

Under the statement of work, the Company receives $ 1.5 million per calendar quarter, which began in the first quarter of 2022.

The statement of work automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement.

As of March 31, 2024, the Lilly Collaboration Agreement and the statement of work were still in effect.

Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted the Company a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use in research use only products and services and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease.

In consideration of the Lilly License, the Company paid an upfront fee , is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay royalties on net sales of licensed products.

The Company recognized revenue from the Lilly Collaboration Agreement of $ 1.5 million and $ 3.0 million during the three and six months ended June 30, 2024 and 2023, respectively.

The Company recognized $ 1.5 million of revenue from the Lilly Collaboration Agreement during the three months ended March 31, 2024 and 2023.

Contract Assets

There were no contract assets as of June 30, 2024 or December 31, 2023 .

There were no contract assets as of March 31, 2024 or December 31, 2023 .

Deferred Revenue

During the six months ended June 30, 2024 and 2023, the Company recognized $ 4.9 million of revenue in each of the respective periods related to its deferred revenue balance at January 1 of each such period.

During the three months ended March 31, 2024 and 2023, the Company recognized $ 2.7 million and $ 2.4 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Remaining Performance Obligations

As of June 30, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $ 11.0 million.

As of March 31, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $ 11.2 million.

Of this amount, $ 10.2 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter.

5 unchanged sentences

Recognition of costs to obtain a contract ( 95 ) ( 191 )

Balance at June 30 $ 280 $ 379

The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the six months ended June 30, 2024 and 2023 .

Balance at March 31 $ 290 $ 383

The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the three months ended March 31, 2024 and 2023 .

Grant Revenue

5 unchanged sentences

Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant.

As of June 30, 2024, the Company had received $ 0.8 million of the total award value.

During the three and six months ended June 30, 2024, grant revenue recognized and research and development expenses incurred were not material and $ 0.4 million, respectively.

During the three and six months ended June 30, 2023 , grant revenue recognized and research and development expenses incurred were not material.

As of March 31, 2024, the Company had received $ 0.8 million of the total award value.

During the three months ended March 31, 2024 and 2023 , grant revenue recognized and research and development expenses incurred were not material.

On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $ 2.3 million.

The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an IVD test for early detection of AD.

The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through December 2024.

The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an IVD test for early detection of Alzheimer's disease.

Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of December 31, 2023, the Company had received the total funding value of $ 2.3 million.

During the three and six months ended June 30, 2024 and 2023 grant revenue recognized and research and development expenses incurred were not material.

As of June 30, 2024, the Company had $ 0.9 million of deferred revenue related to the ADDF Grant.

During the three months ended March 31, 2024 and 2023 grant revenue recognized and research and development expenses incurred were not material.

As of March 31, 2024, the Company had $ 1.0 million of deferred revenue related to the ADDF Grant.

Allowance for Credit Losses

3 unchanged sentences

Write-offs and recoveries collected ( 103 ) ( 74 )

Balance at June 30 $ 1,012 $ 442

Balance at March 31 $ 527 $ 222

Marketable Securities

The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):

As of June 30, 2024

As of March 31, 2024

Amortized Cost Unrealized Gains Unrealized Losses Fair Value

21 unchanged sentences

Less Than 12 Months

As of June 30, 2024 Fair Value Unrealized Losses

As of March 31, 2024 Fair Value Unrealized Losses

Commercial paper $ 38,497 $ ( 40 )

9 unchanged sentences

Total $ 56,365 $ ( 27 )

The Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position as of June 30, 2024.

For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related.

For marketable securities in an unrealized loss position, the Company does not intend to sell them before recovery of their amortized cost bases, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related.

Accordingly, the Company has not recorded any impairment losses or a credit loss allowance.

The Company did not sell any marketable securities or record any realized gains or losses for the six months ended June 30, 2024.

At June 30, 2024 and December 31, 2023, the Company had $ 1.5 million and $ 1.0 million, respectively, of accrued interest receivable on its marketable securities.

The Company did not sell any marketable securities or record any realized gains or losses for the three months ended March 31, 2024.

At March 31, 2024 and December 31, 2023, the Company had $ 1.2 million and $ 1.0 million, respectively, of accrued interest receivable on its marketable securities, which was recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):

As of June 30, 2024 As of December 31, 2023

As of March 31, 2024 As of December 31, 2023

Amortized Cost Fair Value Amortized Cost Fair Value

2 unchanged sentences

Total $ 273,381 $ 273,098 $ 153,470 $ 153,795

Fair Value of Financial Instruments (As Restated)

Fair Value of Financial Instruments

Recurring Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands):

As of June 30, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs

Significant unobservable inputs

As of March 31, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs

Significant unobservable inputs (Level 3)

Financial assets:

1 unchanged sentence

Money market funds $ 19,792 $ 19,792 $ — $ —

Commercial paper 1,994 — 1,994 —

Treasuries 16,458 — 16,458 —

8 unchanged sentences

As of December 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs

Significant unobservable inputs

Significant unobservable inputs (Level 3)

Financial assets:

15 unchanged sentences

Nonrecurring Fair Value Measurements

In the second quarter of 2023, the Company received 1 million ordinary shares of UltraDx under the UltraDx Agreement (refer to Note 4 - Revenue and Related Matters ).

As UltraDx is a privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset.

Pursuant to ASC 321 – Investments – Equity Securities , the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its equity investment in UltraDx at cost, less any impairment, and adjusted for any observable price changes in orderly transactions.

The ordinary shares received were valued at $ 0.8 million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing that closed in the second quarter of 2023.

Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement.

The Company’s non-marketable equity investment in UltraDx contains certain restrictions related to the sale or transfer of the securities.

The Company has a non-marketable equity investment in an entity that is evaluated under the VIE guidance (refer to Note 15 - Variable Interest Entities for further discussion).

Pursuant to ASC 321 – Investments – Equity Securities , the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its non-marketable equity investment at cost, less any impairment, and adjusted for any observable price changes in orderly transactions.

The Company’s investment is classified as a Level 3 financial asset.

Changes in the inputs and assumptions used to determine the fair value would result in a higher or lower fair value measurement.

The Company’s non-marketable equity investment contains certain restrictions related to the sale or transfer of the securities.

The restrictions are in place indefinitely and cannot lapse.

No adjustment to the fair value was required as a result of adopting ASU 2022-03 on January 1, 2024.

During the three and six months ended June 30, 2024 and 2023, the Company did not record any fair value adjustments to its non-marketable equity investment, and to date, the cumulative fair value adjustments have not been material.

As of June 30, 2024 and December 31, 2023, the carrying value of the non-marketable equity investment was $ 0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets.

Refer to Note 15 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance.

During the three months ended March 31, 2024 and 2023, the Company did not record any fair value adjustments to its non-marketable equity investment and to date, the cumulative fair value adjustments have not been material.

As of March 31, 2024 and December 31, 2023, the carrying value of the non-marketable equity investment was $ 0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets.

Other Fair Value Disclosures

During the three months ended June 30, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy.

During the three months ended March 31, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy.

Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets.

Inventory, net of inventory reserves, consisted of the following (in thousands):

June 30, 2024 December 31, 2023

(As Restated) (As Restated)

March 31, 2024 December 31, 2023

(As Restated)

Raw materials $ 6,082 $ 5,114

4 unchanged sentences

Accrued expenses and other current liabilities consisted of the following (in thousands):

June 30, 2024 December 31, 2023

(As Restated) (As Restated)

March 31, 2024 December 31, 2023

(As Restated)

Accrued professional services $ 1,947 $ 1,596

5 unchanged sentences

Stock Options

Stock option activity for the six months ended June 30, 2024 is presented below (in thousands, except per share and contractual life amounts):

Stock option activity for the three months ended March 31, 2024 is presented below (in thousands, except per share and contractual life amounts):

Number of options Weighted-average

7 unchanged sentences

Forfeited/expired ( 181 ) 20.24

Outstanding at June 30, 2024 3,618 $ 20.64 8.1 $ 2,177

Exercisable at June 30, 2024 1,305 $ 21.79 6.4 $ 1,292

Vested and expected to vest at June 30, 2024 3,618 $ 20.64 8.1 $ 2,177

Outstanding at March 31, 2024 3,668 $ 20.80 8.3 $ 17,741

Exercisable at March 31, 2024 1,297 $ 22.24 6.6 $ 7,615

Vested and expected to vest at March 31, 2024 3,668 $ 20.80 8.3 $ 17,741

Restricted Stock Units

Restricted stock unit (“RSU”) activity for the six months ended June 30, 2024 is presented below (in thousands, except per share amounts):

Restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 is presented below (in thousands, except per share amounts):

Number of shares Weighted-average

5 unchanged sentences

Forfeited ( 96 ) 20.52

Unvested at June 30, 2024 1,358 $ 19.75

Unvested at March 31, 2024 1,481 $ 19.71

Employee Stock Purchase Plan (“ESPP”)

2 unchanged sentences

March 1 through August 31, and September 1 through February 28.

During the six months ended June 30, 2024, employees purchased 36 thousand shares of the Company’s common stock pursuant to the 2017 ESPP.

During the three months ended March 31, 2024, employees purchased 36 thousand shares of the Company’s common stock pursuant to the 2017 ESPP.

Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

(As Restated) (As Restated)

Three Months Ended March 31,

(As Restated)

Cost of product revenue $ 281 $ 197

3 unchanged sentences

Total stock-based compensation expense $ 5,265 $ 3,943

As of June 30, 2024, there was $ 48.5 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.

As of March 31, 2024, there was $ 56.0 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 3.1 years.

Net Loss Per Share

The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data):

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

(As Restated) (As Restated) (As Restated) (As Restated)

Three Months Ended March 31,

(As Restated)

Net loss $ ( 11,163 ) $ ( 7,274 )

1 unchanged sentence

Net loss per share, basic and diluted $ (0.29) $ (0.19)

As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands) for the three and six months ended June 30, 2024 and 2023:

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Three Months Ended March 31,

Stock options 3,520 2,720

RSUs 1,410 1,607 1,332 1,557

Common stock and RSUs 1,497 1,489

Estimated ESPP purchases 19 26

1 unchanged sentence

Income Taxes (As Restated)

The Company’s effective tax rate was ( 1.6 )% for both the three and six months ended June 30, 2024, and ( 4.4 )% and ( 3.0 )% for the three and six months ended June 30, 2023, respectively.

The Company’s effective tax rates were ( 1.6 )% and ( 2.0 )% for the three months ended March 31, 2024 and 2023, respectively.

The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions.

4 unchanged sentences

As part of the STRATEC Supply Agreement, the Company agreed to purchase a total of 515 thousand discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc.

The total purchase commitment under the STRATEC Supply Agreement is $ 3.7 million, of which $ 2.7 million has been paid, and $ 1.0 million is due within one year from June 30, 2024.

During the three and six months ended June 30, 2024 STRATEC shipped 46 thousand and 81 thousand discs, respectively, and during the three and six months ended June 30, 2023 it shipped 46 thousand and 120 thousand discs, respectively, to the Company.

The Company recorded cost of product revenue related to these shipments of $ 0.3 million and $ 0.6 million for the three and six months ended June 30, 2024, respectively, and $ 0.3 million and $ 0.9 million for the three and six months ended June 30, 2023, respectively.

During the remainder of 2024, STRATEC is required to ship 141 thousand discs to the Company.

The total purchase commitment under the STRATEC Supply Agreement is $ 3.7 million, of which $ 2.1 million has been paid, and $ 1.6 million is due within one year from March 31, 2024.

During the three months ended March 31, 2024 and 2023, STRATEC shipped 35 thousand and 75 thousand discs, respectively, to the Company.

The Company recorded cost of product revenue related to these shipments of $ 0.3 million and $ 0.5 million for the three months ended March 31, 2024 and 2023, respectively.

During 2024, STRATEC is required to ship 222 thousand discs to the Company.

During the three months ended March 31, 2024, 35 thousand discs were shipped.

Other Purchase Commitments

The Company’s other non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements.

As of June 30, 2024, the Company’s total purchase commitments under these agreements were $ 7.3 million, most of which the Company expects to incur by the end of 2025.

As of March 31, 2024, the Company’s total purchase commitments under these agreements were $ 3.8 million, most of which the Company expects to incur in the year ending December 31, 2024.

License Agreements

2 unchanged sentences

Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $ 0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations.

Under the Harvard License Agreement, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues.

The Company incurred no royalty expense under the Harvard License Agreement for the three and six months ended June 30, 2024 and 2023.

Under this license, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues.

The Company incurred no royalty expense under the Harvard License Agreement for the three months ended March 31, 2024 and 2023.

Refer to Note 14 − Related Party Transactions for a discussion of a related party relationship with Harvard.

3 unchanged sentences

The Company is required to pay license and maintenance fees that are creditable against royalties, in addition to low single-digit royalties on direct sales and services, and a royalty on sublicense income.

The Company incurred royalty expenses related to the Tufts License Agreement of $ 0.6 million and $ 1.1 million during the three and six months ended June 30, 2024, respectively, and $ 0.4 million and $ 0.8 million during the three and six months ended June 30, 2023, respectively, which were recorded in cost of product revenue on the Consolidated Statements of Operations.

The Company incurred royalty expenses related to the Tufts License Agreement of $ 0.5 million and $ 0.4 million during the three months ended March 31, 2024 and 2023, respectively, which was recorded in cost of product revenue on the Consolidated Statements of Operations.

Refer to Note 14 − Related Party Transactions for a discussion of a related party relationship with Tufts.

2 unchanged sentences

however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or results of operations.

The Company records contingent liabilities when losses are probable and estimable.

If an estimate of a probable loss is a range and no amount within the range is more likely than any other amount in the range, the Company records the minimum amount of the range.

The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):

Maturity of lease liabilities As of June 30, 2024

Maturity of lease liabilities As of March 31, 2024

2024 (remainder) $ 5,340

8 unchanged sentences

A member of the Company’s Board of Directors was previously affiliated with Tufts and continues to receive compensation from Tufts on a formulaic basis based on royalties and license payments the Company makes to Tufts.

At June 30, 2024 and December 31, 2023, open payable balances to Tufts were not material.

At March 31, 2024 and December 31, 2023, open payable balances to Tufts were not material.

In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 13 − Commitments and Contingencies ).

Harvard is required to pay a portion of the payments received from the Company under the Harvard License Agreement to a member of the Company’s Board of Directors.

The same member of the Company’s Board of Directors is also affiliated with Mass General Brigham.

Revenue recorded from sales of products and services to Harvard and Mass General Brigham was not material and $ 0.5 million for the three and six months ended June 30, 2024, respectively, and $ 0.5 million and $ 0.7 million for the three and six months ended June 30, 2023, respectively.

Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three and six months ended June 30, 2024 and 2023.

At June 30, 2024 and December 31, 2023, open payables to and receivable balances from Harvard and Mass General Brigham were not material.

As discussed in Note 4 - Revenue and Related Matters , on May 26, 2022, the Company and UltraDx, a company formed by ARCH, entered into the UltraDx Agreement.

A member of the Company’s Board of Directors is also affiliated with Harvard and Mass General Brigham.

Revenue recorded from sales of products and services to Harvard and its affiliates and to Mass General Brigham and its affiliates was $ 0.3 million for both the three months ended March 31, 2024 and 2023.

Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three months ended March 31, 2024 and 2023.

At March 31, 2024 and December 31, 2023, open payables to and receivable balances from Harvard and Mass General Brigham were not material.

In May 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement”).

Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize, HD-X instruments assembled in China and related assays in the Chinese IVD market.

At contract inception, the Company determined that UltraDx was a related party because a member of the Company’s Board of Directors was affiliated with ARCH and UltraDx.

As of June 7, 2023, this individual no longer served as a member of the Company’s Board of Directors.

Cost of goods sold were not material for the three and six months ended June 30, 2024 and 2023.

At June 30, 2024 and December 31, 2023 open receivable balances from UltraDx were not material and there were no open payable balances to UltraDx.

As of June 7, 2023, this individual was no longer a member of the Company’s Board of Directors.

Revenue recorded from sales of products and services to UltraDx totaled $ 1.1 million for the three months ended March 31, 2024.

Cost of product revenue and services was not material for the three months ended March 31, 2024.

At March 31, 2024 there was $ 1.2 million in open receivable balances and no open payable balances to UltraDx.

Revenue and cost of product revenue and services for three months ended March 31, 2023 were not material.

At December 31, 2023, there were no open payable balances to UltraDx and open receivable balances from UltraDx were not material.

Variable Interest Entities (As Restated)

The Company enters into relationships with, or has investments in, other entities that may be VIEs.

The Company assesses the criteria in ASC 810 – Consolidation to determine if any such entities meet the definition of a VIE and require consolidation into its financial statements.

Based on the Company’s assessments, it does not have any controlling financial interests in any VIE, and therefore did not consolidate any VIE into its Consolidated Financial Statements during the three and six months ended June 30, 2024 and 2023.

As of June 30, 2024 and December 31, 2023 , the carrying value of the Company’s investment in a VIE was $ 0.8 million , which was recorded in other non-current assets on the Consolidated Balance Sheets.

The Company assesses the criteria in ASC 810 – Consolidation to determine if any of these entities meet the definition of a VIE and require consolidation into its financial statements.

The Company’s analysis determines whether it has a controlling financial interest and also identifies the primary beneficiary of a VIE as the enterprise that has both (1) the power to direct activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity.

As of March 31, 2024 and December 31, 2023 , the carrying value of the Company’s investment in a VIE was $ 0.8 million, which was recorded in other non-current assets on the Consolidated Balance Sheets.

Refer to Note 7 − Fair Value of Financial Instruments for the Company’s related valuation disclosures.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q/A

Item 1. Financial Statements