Quanterix Corp 10-Q

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) QUANTERIX CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share data, unaudited) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 38,298 $ 56,709 Marketable securities 96,511 232,413 Accounts receivable, net of allowance for expected credit losses 33,029 32,141 Inventory 54,957 32,775 Prepaid expenses and other current assets 10,483 9,556 Total current assets 233,278 363,594 Restricted cash 3,336 2,610 Property and equipment, net 25,765 17,150 Intangible assets, net 135,148 4,031 Goodwill 23,460 — Operating lease right-of-use assets 18,184 16,339 Financing lease right-of-use assets 917 — Other non-current assets 4,052 2,809 Total assets $ 444,140 $ 406,533 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,633 $ 6,953 Accrued compensation and benefits 12,582 12,620 Accrued expenses and other current liabilities 24,812 8,851 Deferred revenue 20,913 8,827 Operating lease liabilities 7,984 4,756 Financing lease liabilities 428 — Total current liabilities 77,352 42,007 Deferred revenue, net of current portion 7,341 1,073 Operating lease liabilities, net of current portion 31,212 32,615 Financing lease liabilities, net of current portion 496 — Non-current portion of contingent liabilities 5,904 — Other non-current liabilities 7,301 800 Total liabilities 129,606 76,495 Commitments and contingencies (Note 15) Stockholders’ equity: Common stock: $ 0.001 par value; Authorized: 120,000 ; Issued and outstanding: 46,683 and 38,544 shares at September 30, 2025 and December 31, 2024 47 39 Additional paid-in capital 869,420 803,160 Accumulated other comprehensive loss ( 818 ) ( 3,080 ) Accumulated deficit ( 554,115 ) ( 470,081 ) Total stockholders’ equity 314,534 330,038 Total liabilities and stockholders’ equity $ 444,140 $ 406,533 The accompanying notes are an integral part of these Consolidated Financial Statements. 4 Table of Contents QUANTERIX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data, unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Product revenue $ 26,151 $ 19,694 $ 63,723 $ 59,251 Service and other revenue 13,953 13,845 29,806 39,323 Collaboration and license revenue 46 1,872 1,348 2,756 Grant revenue 83 402 165 930 Total revenues 40,233 35,813 95,042 102,260 Costs of goods sold and services: Cost of product revenue 15,379 10,554 34,438 25,461 Cost of service and other revenue 7,648 5,106 15,683 15,864 Total costs of goods sold and services 23,027 15,660 50,121 41,325 Gross profit 17,206 20,153 44,921 60,935 Operating expenses: Research and development 8,009 8,104 27,126 23,015 Selling, general and administrative 39,062 22,908 102,872 73,027 Other lease costs 286 889 870 2,740 Impairment and restructuring costs 7,174 — 14,844 — Total operating expenses 54,531 31,901 145,712 98,782 Loss from operations ( 37,325 ) ( 11,748 ) ( 100,791 ) ( 37,847 ) Other income (expense): Interest income 1,448 3,535 7,408 11,165 Change in fair value of contingent liabilities 58 — 3,952 — Other income (expense), net ( 178 ) 5 ( 68 ) 221 Loss before income taxes ( 35,997 ) ( 8,208 ) ( 89,499 ) ( 26,461 ) Income tax benefit (expense) 2,480 ( 145 ) 5,466 ( 442 ) Net loss $ ( 33,517 ) $ ( 8,353 ) $ ( 84,033 ) $ ( 26,903 ) Net loss per common share, basic and diluted $ ( 0.73 ) $ ( 0.22 ) $ ( 2.04 ) $ ( 0.70 ) Weighted-average common shares outstanding, basic and diluted 46,060 38,449 41,243 38,305 The accompanying notes are an integral part of these Consolidated Financial Statements. 5 Table of Contents QUANTERIX CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (amounts in thousands, unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net loss $ ( 33,517 ) $ ( 8,353 ) $ ( 84,033 ) $ ( 26,903 ) Other comprehensive loss, net of tax: Unrealized gain (loss) on marketable securities 55 1,054 ( 21 ) 272 Foreign currency translation gain (loss) 55 601 2,283 ( 11 ) Total other comprehensive loss 110 1,655 2,262 261 Comprehensive loss $ ( 33,407 ) $ ( 6,698 ) $ ( 81,771 ) $ ( 26,642 ) The accompanying notes are an integral part of these Consolidated Financial Statements. 6 Table of Contents QUANTERIX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands, unaudited) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities: Net loss $ ( 84,033 ) $ ( 26,903 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 9,618 4,740 Credit losses on accounts receivable 284 744 Accretion of marketable securities ( 1,851 ) ( 5,317 ) Impairment 7,269 — Operating lease right-of-use asset amortization 2,058 1,371 Stock-based compensation expense 16,303 15,150 Change in fair value of contingent liabilities ( 3,952 ) — Deferred taxes ( 5,678 ) — Other operating activity ( 76 ) ( 389 ) Changes in assets and liabilities: Accounts receivable 7,901 ( 6,402 ) Inventory 4,204 ( 6,845 ) Prepaid expenses and other current assets 2,198 ( 168 ) Other non-current assets 110 ( 479 ) Accounts payable ( 3,537 ) 588 Accrued compensation and benefits, accrued expenses, and other current liabilities ( 5,847 ) ( 3,166 ) Deferred revenue ( 526 ) ( 826 ) Operating lease liabilities ( 4,003 ) ( 2,971 ) Other non-current liabilities ( 1,234 ) 11 Net cash used in operating activities ( 60,792 ) ( 30,862 ) Cash flows from investing activities: Purchases of marketable securities ( 45,658 ) ( 270,972 ) Proceeds from sales and maturities of marketable securities 183,389 159,279 Purchases of property and equipment ( 2,710 ) ( 2,956 ) Acquisitions, net of cash acquired ( 93,229 ) — Net cash provided by (used in) investing activities 41,792 ( 114,649 ) Cash flows from financing activities: Principal payments on financing leases ( 106 ) — Proceeds from common stock issued under stock plans 930 2,999 Payments for employee taxes withheld on stock-based compensation awards ( 1,010 ) ( 2,584 ) Net cash provided by (used in) financing activities ( 186 ) 415 Net increase (decrease) in cash, cash equivalents, and restricted cash ( 19,186 ) ( 145,096 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1,501 18 Cash, cash equivalents, and restricted cash at beginning of period 59,319 177,026 Cash, cash equivalents, and restricted cash at end of period $ 41,634 $ 31,948 Supplemental disclosure of cash flow information: Equity consideration transferred in connection with the acquisition of Akoya $ 49,900 $ — Cash paid for taxes $ 1,295 $ 703 Right-of-use assets obtained in exchange for lease liabilities $ 6,175 $ — Purchases of property and equipment in accounts payable and accrued expenses $ 229 $ 782 The accompanying notes are an integral part of these Consolidated Financial Statements. 7 Table of Contents QUANTERIX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1. Organization and Nature of Business Quanterix Corporation (“Quanterix” or the “Company”) is a life sciences company that has developed next-generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. 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. With the acquisition of Akoya Biosciences, Inc. (“Akoya”) in July 2025, the Company expanded its portfolio to spatial biology solutions focused on transforming discovery, clinical research, and diagnostics through spatial phenotyping. Spatial phenotyping refers to a rapidly evolving technology that enables academic and biopharma scientists to detect and map the distribution of cell types and biomarkers across whole tissue samples at single-cell resolution, enabling advancements in their understanding of disease progression and patient response to therapy. Akoya’s PhenoCycler and PhenoImager platforms, reagents, software, and services offer end-to-end solutions to perform tissue analysis and spatial phenotyping across the full continuum from discovery through translational and clinical research and diagnostics. 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 Accelerator Laboratory provides customers with access to Simoa technology and its Lucent Diagnostics clinical testing services and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing. Note 2. Significant Accounting Policies Basis of Presentation The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included. The Consolidated Balance Sheet and related information as of December 31, 2024 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2024, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. 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, 2024, as filed with the SEC on March 17, 2025. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below. 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 nine months ended September 30, 2025 may not be indicative of the results for the full year ending December 31, 2025, or any other period. The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2025,” “2024,” and the like refer to that fiscal year unless otherwise noted. Use of Estimates The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal 8 Table of Contents period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, valuation and impairment of goodwill, intangible and other long-lived assets, valuation of acquired assets and liabilities from acquisitions, valuation of contingent liabilities, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Principles of Consolidation The Consolidated Financial Statements and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation , the Company assesses the terms of non-marketable equity investments to determine if any meet the definition of a variable interest entity (“VIE”) and require consolidation into its Consolidated Financial Statements. Refer to Note 17 - Variable Interest Entities for further discussion. Business Combinations The Company accounts for business combinations in accordance with the acquisition method of accounting under ASC 805 - Business Combinations (“ASC 805”). The acquisition method of accounting requires the Company to record the acquired assets and liabilities, including identifiable intangible assets, at their estimated fair values as of the acquisition date, with any excess of the consideration transferred recorded to goodwill. For customer contracts acquired in an acquisition, the Company reassesses them under ASC 606 - Revenue from Contracts with Customers (“ASC 606”) as if it had originated the contract, including assessing the differences from the Company’s revenue policies and estimates. As part of this reassessment, under ASC 805, the Company has elected the practical expedient to reflect the aggregate effect of all modifications that occurred before the acquisition date. Differences from the reassessments, if any, are recorded as contract assets or deferred revenue. Additionally, the Company assesses acquired customer contracts for off-market terms and records an additional asset or liability for favorable or unfavorable terms. Off-market assets or liabilities are recorded at their estimated fair values as of the acquisition date based on the economic returns that could be realized in a market transaction. On January 8, 2025, the Company acquired all of the issued and outstanding shares of capital stock of Emission, Inc., a privately held company based in Georgetown, Texas. On July 8, 2025, the Company acquired Akoya Biosciences, Inc. ("Akoya") through a merger transaction in which Akoya survived as a wholly owned subsidiary of the Company. Refer to Note 3 - Acquisitions for further discussion. Foreign Currency The functional currency of the Company’s subsidiaries are their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive 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 and nine months ended September 30, 2025 and 2024. 9 Table of Contents 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 September 30, 2025 2024 Cash and cash equivalents $ 38,298 $ 29,339 Restricted cash (1) 3,336 2,609 Cash, cash equivalents, and restricted cash $ 41,634 $ 31,948 (1) Restricted cash consists of collateral for letters of credit issued as security for several of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security. Impairment of Goodwill and Indefinite-Lived Intangible Assets The Company assesses goodwill for impairment at the reporting unit level at least annually or whenever events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. An impairment assessment requires evaluating a potential impairment using either a qualitative assessment, to determine if it is more likely than not that the fair value of any reporting unit is less than its carrying amount, or a quantitative analysis, to determine and compare the fair value of each reporting unit to its carrying value, or a combination of both. Judgment is required in determining the use of a qualitative or quantitative assessment, as well as in determining a reporting unit’s estimated fair value, as it requires us to make estimates of market conditions and operational performance, including items such as projected financial results, discount rates, control premium, or valuation multiples for key financial metrics. During the second quarter of 2025, the Company recorded an impairment charge on its goodwill balance related to the acquisition of Emission. Refer to Note 4 - Goodwill and Intangible Assets for further discussion. The Company accounts for in-process research and development ("IPR&D") purchased as part of a business combination as an indefinite-lived intangible asset until the underlying project is completed. Upon completion, the IPR&D asset is accounted for as a definite lived intangible asset. At least annually or whenever events or circumstances change, the Company assesses whether the IPR&D has been abandoned, in which case it would be written off, or if its estimated fair value is below its carrying value, in which case it could be impaired. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or circumstances indicate the carrying amount of the asset(s) may not be fully recoverable or that the estimated useful lives may warrant revision. To assess the recoverability of a long-lived asset or asset group, the Company compares the estimated undiscounted future cash flows for the estimated remaining useful life, or estimated lease term, of the asset (or the primary asset in the asset group) to its carrying value. If the undiscounted cash flows are less than the carrying value, the Company estimates the asset's fair value using the future discounted cash flows associated with the use of the asset. To the extent that the discounted cash flows are less than the carrying value, the asset(s) are impaired and written down to their estimated fair value. Significant judgment is required to estimate future cash flows, including, but not limited to, estimates about future revenues, expenses, asset disposal value, expected uses of the asset (group), historical customer retention rates, technology roadmaps, customer awareness, trademark and trade name history, contractual provisions that could limit or extend an asset's useful life, market data, discount rates, and potential sublease opportunities including rent and rent escalation rates, time to sublease, and free rent periods. Inventory Inventory consists of instruments, assays, and the materials required to manufacture instruments and assays. Inventory is stated at the lower of cost or net realizable value on a first-in, first-out (“FIFO”) or average cost basis and includes the cost of materials, labor, and manufacturing overhead. The Company analyzes its inventory levels on each reporting date for slow-moving, excess and obsolete inventory, and inventory expected to expire prior to being used. These 10 Table of Contents analyses require judgment and are based on factors including, but not limited to, recent historical activity, anticipated or forecasted demand for the Company’s products (developed through its planning and sales and marketing inputs, scientific data supporting the estimated life of materials that expire, and market conditions). If the Company identifies adverse conditions exist, such as unfavorable changes in estimated customer demand, the lives of materials that expire, or actual market conditions that may differ from its projections, the carrying value of the inventory is reduced to its estimated net realizable value by providing estimated reserves for excess or obsolete inventory. Restructuring Costs The Company records restructuring charges when a restructuring plan is approved and the amounts to be incurred are estimable. Restructuring costs are comprised of employee separation costs, primarily severance and related benefit payments, and any associated costs related to implementing a restructuring plan to reorganize operations. Refer to Note 19 - Restructuring Costs for further discussion on the restructuring plan implemented during the nine months ended September 30, 2025. Recent Accounting Standards to be Adopted In December 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The new standard enhances annual income tax disclosure requirements by requiring specified categories and greater disaggregation within the tax rate reconciliation table, disclosure of income taxes paid by jurisdiction, and additional disclosures of uncertain tax positions and the related financial statement impacts. The new standard will be effective for the Company for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company expects that adoption of the standard will increase its income tax related disclosures but will not have a material impact on its Consolidated Financial Statements. In November 2024, the FASB issued ASU No. 2024-03, Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures . This update enhances disclosure of an entity's expenses, primarily through additional disaggregation of income statement expenses. The update also requires entities to disclose qualitative descriptions of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendments in this update can be applied prospectively or retrospectively. The new standard will be effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient to assume that current conditions as of the balance sheet date will persist through a reasonable and supportable forecast period for eligible assets when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The update also allows an entity to make an accounting policy election to consider subsequent collections of balances received after the balance sheet date through a date selected by the entity. The amendments in this update are required to be applied prospectively. The new standard will be effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures. In September 2025, the FASB issued ASU No. 2025-06, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . This update enhances disclosure of an entity's internal use software by removing prescriptive and sequential software development stages. The amendments in this update can be applied prospectively or retrospectively. The new standard will be effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures. 11 Table of Contents Note 3. Acquisitions Akoya Biosciences, Inc. On July 8, 2025 (the "Akoya Closing Date"), the Company completed the transactions contemplated by the Amended and Restated Agreement and Plan of Merger dated as of April 28, 2025, by and among the Company, Wellfleet Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and Akoya Biosciences, Inc., a Delaware corporation. On the Akoya Closing Date, Wellfleet Merger Sub, Inc. merged with and into Akoya (the "Merger"), with Akoya surviving the Merger as a wholly owned subsidiary of the Company. Akoya is a life sciences technology company based in Marlborough, Massachusetts delivering spatial biology solutions focused on transforming discovery, clinical research and diagnostics. The acquisition of Akoya is part of the Company's plans to establish the first fully integrated technology ecosystem to identify and measure biomarkers across tissue and blood, expand its technology offerings into oncology and immunology, and expand its portfolio of laboratory service offerings. Total Consideration Transferred The following table presents the fair value of the consideration transferred for the Merger as of the Akoya Closing Date (in thousands, except for exchange ratio and stock price): Total Akoya common stock and equity instruments outstanding as of July 7, 2025 to be converted 51,136 Exchange Ratio 0.147 Total shares of Quanterix common stock to be issued 7,517 Quanterix stock price per share as of the Akoya Closing Date $ 6.54 Fair value of Akoya common stock and equity instruments converted to Quanterix common stock $ 49,161 Cash consideration paid (1) $ 18,942 Cash paid for debt extinguishment (2) $ 82,131 Fair value of replacement equity awards attributable to pre-combination service (3) $ 739 Total fair value of consideration transferred $ 150,973 (1) Represents cash consideration paid to Akoya stockholders, including fractional shares, of $ 0.37 per share of Akoya common stock. (2) Represents the repayment of Akoya’s long-term debt upon closing of the acquisition, including $ 7.0 million of early termination, legal, and prepayment fees. (3) Represents the fair value of certain equity-based awards held by Akoya employees prior to the acquisition date that have been replaced with Quanterix equity-based awards. The portion of these awards that relates to services performed prior to the acquisition date are included within the purchase price. Upon completion of the Merger, the Company assumed Akoya's stock incentive plans. All Akoya restricted stock units that were outstanding immediately prior to the completion of the Merger were automatically adjusted by an exchange ratio and converted into an equity award of the same type covering shares of the Company's common stock on the same terms and conditions, including continuing vesting requirements. 12 Table of Contents Preliminary Allocation of Purchase Price The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the acquired assets and liabilities as of the acquisition date (in thousands): Assets: Cash and cash equivalents $ 16,108 Accounts receivable, net of allowance for expected credit losses 8,616 Inventory 25,800 Prepaid expenses and other assets 5,483 Property and equipment, net 12,087 Intangible assets 121,800 Goodwill (1) 23,460 Operating lease right-of-use assets 4,585 Finance lease right-of-use assets 1,041 Total assets acquired $ 218,980 Liabilities: Accounts payable $ 8,266 Accrued expenses and other liabilities 34,206 Deferred revenue 18,879 Operating lease liabilities 5,616 Finance lease liabilities 1,040 Total liabilities assumed $ 68,007 Net assets acquired $ 150,973 (1) Goodwill represents the estimated fair value of the expected synergies from combining Akoya with Quanterix, as well as the value of the acquired workforce. The goodwill is not deductible for income tax purposes and has been fully assigned to the Akoya reporting unit. The Company determines the fair value of assets acquired and liabilities assumed by using available market information and various valuation methods that require judgment related to estimations. The use of different estimates could produce different results. The purchase price allocation set forth above is preliminary as the Company continues to obtain information to complete the purchase price allocation. The Company will record adjustments, if any, during the measurement period subsequent to the acquisition date and bases such adjustments only on facts and circumstances that existed as of the acquisition date. 13 Table of Contents Intangible Assets The fair value and weighted average amortization period of the intangible assets acquired as of the acquisition date is as follows (in thousands): Fair Value Weighted Average Useful Life (years) Definite-lived intangible assets: Developed technology $ 99,600 9.6 Customer relationships 2,900 9.2 Total $ 102,500 9.6 Indefinite-lived intangible assets: In process research and development $ 19,300 Total intangible assets $ 121,800 In determining the fair values, management primarily relied on income based approaches using Level 3 inputs. A multi-period excess earnings valuation methodology was used for the developed technology and in-process research and development intangible assets, and a distributor method was used for the customer relationship intangible. These income approaches required the use of estimates including: projected revenues and expenses related to the particular asset; obsolescence rates; customer retention rates; a discount rate; and certain published or readily available industry benchmark data. In establishing the estimated useful life of each definite-lived intangible asset, the Company relied primarily on the duration of the cash flows utilized in the valuation model. Off-Market Customer Contract The Company assessed the unfavorable terms of an acquired contract between Akoya and a customer and recorded a $ 13.4 million off-market liability as of the acquisition date. The Company determined the preliminary fair value of the off-market component, which represents the amount by which the terms of the contract with the customer deviate from the terms that a market participant could have achieved, based on an income approach using Level 3 inputs. This income approach required the use of estimates including: projected revenue; expected profit margin; and a discount rate. The off-market liability will be recognized into revenue as the Company satisfies the associated performance obligation. During the three and nine months ended September 30, 2025, the Company recognized $ 1.2 million of non-cash revenue from the amortization of the off-market liability. Financial Results The operating results of Akoya have been included in the Company's financial statements since the acquisition date. For the three and nine months ended September 30, 2025, the acquisition added $ 17.2 million of revenue to the Company's total revenues and a loss of $ 8.4 million to the Company's net loss. The unaudited pro forma financial information presented below was derived from historical financial records of Quanterix and Akoya and presents the operating results for the periods presented as if the acquisition occurred on January 1, 2024 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues $ 41,071 $ 54,519 $ 131,494 $ 161,814 Net loss $ ( 34,110 ) $ ( 24,368 ) $ ( 148,309 ) $ ( 90,811 ) The unaudited pro forma financial information has been prepared in accordance with U.S. GAAP and includes adjustments primarily to reflect (1) additional amortization expense for the acquired intangible assets, (2) additional amortization of the fair value increases of acquired inventory and property and equipment, (3) elimination of interest expense from the repayment of Akoya’s long-term debt, and (4) recognition of additional non-cash revenue from the 14 Table of Contents amortization of an off-market liability. Accordingly, the unaudited pro forma financial information are presented for informational purposes only and are not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2024, nor are they indicative of future results. Acquisition Costs Acquisition costs related to the Akoya transaction were $ 5.2 million and $ 12.4 million for the three and nine months ended September 30, 2025 and are recorded in selling, general and administrative in the Consolidated Statements of Operations. Emission, Inc. On January 8, 2025 (the "Emission Closing Date"), the Company acquired all of the issued and outstanding shares of capital stock of Emission, Inc. ("Emission"), a life sciences manufacturing company based in Georgetown, Texas. Emission produces large-scale, highly-uniform dye-encapsulating magnetic beads designed for low and mid-plex assays and a mid-plex platform that reads these proprietary beads. The transaction is part of the Company's plans to secure the use of Emission’s highly controlled beads in the Company's next generation platforms and expansion into a new multi-plex market segment targeting third-party original equipment manufacturer customers. Total Consideration Transferred The following table summarizes the fair value of the aggregate consideration paid or payable for Emission as of the Emission Closing Date (in thousands): Cash paid (1) $ 8,997 Holdback (2) 1,000 Contingent consideration (3) 6,612 Total fair value of consideration transferred $ 16,609 (1) Cash paid represents the contractual amount paid on the Emission Closing Date and is reflected as an investing activity in the Consolidated Statements of Cash Flows. Cash acquired was not material. (2) The holdback is expected to be paid during the first quarter of 2026 and is subject to applicable adjustments. (3) The acquisition includes contingent consideration discussed below in the section titled “Contingent Payments”. Contingent Payments The Emission transaction included two arrangements that could result in additional cash payments to the seller. An additional $ 10.0 million is payable upon completion of certain technical milestones (“Earnout 1”) and up to $ 50.0 million could be payable based on the amount and timing of certain performance targets over a five year period ending December 31, 2029 (“Earnout 2”). Under ASC 805, the Company determined Earnout 1 is compensation expense and is therefore recognized separately from the business combination. In accordance with ASC 710 - Compensation , Earnout 1 is recognized over the expected period certain technical requirements are transferred and certain milestones are completed, which the Company currently estimates to be eleven months from the closing date of the acquisition. This expense is recorded in research and development and selling, general and administrative expenses on the Consolidated Statements of Operations. The preliminary fair value of Earnout 2 on the acquisition date was $ 6.6 million, which represents purchase price and is included in the accounting for the business combination. Monte-Carlo simulations were used to determine the fair value, including the following significant unobservable inputs: projected revenue, a risk adjusted discount rate, and revenue volatility. Refer to Note 8 - Fair Value of Financial Instruments for discussion on the fair value considerations for Earnout 2. 15 Table of Contents Preliminary Allocation of Purchase Price The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the acquired assets and liabilities as of the acquisition date (in thousands): Assets: Cash and cash equivalents $ 43 Accounts receivable, net of allowance for expected credit losses 49 Inventory 307 Intangible asset (1) 12,900 Goodwill (2) 6,374 Total assets acquired $ 19,673 Liabilities: Accounts payable $ 57 Deferred tax liability (3) 3,007 Total liabilities assumed $ 3,064 Net assets acquired $ 16,609 (1) The acquired intangible asset is finite-lived, represents developed technology, and has an estimated useful life of 14 years. The determination of the fair value of the finite-lived intangible asset required management judgment and the consideration of a number of factors. In determining the fair value, management primarily relied on a multi-period excess earnings valuation methodology. This methodology required the use of estimates, including projected revenues related to the particular asset; its obsolescence rate; royalty, margin, and discount rates; and certain published or readily available industry benchmark data. In establishing the estimated useful life of the acquired intangible asset, the Company relied primarily on the duration of the cash flows utilized in the valuation model. (2) Goodwill represents the estimated fair value of the expected synergies from combining Emission with Quanterix as well as the value of the acquired workforce. The goodwill is not deductible for income tax purposes. As of June 30, 2025, the Company has booked a full impairment of the goodwill (refer to Note 4 - Goodwill and Intangible Assets) . (3) Recorded in other non-current liabilities on the Consolidated Balance Sheets. The purchase price allocation set forth above is preliminary as the Company continues to obtain information to complete the purchase price allocation. The Company will record adjustments, if any, during the measurement period subsequent to the acquisition date and bases such adjustments only on facts and circumstances that existed as of the acquisition date. Measurement period adjustments since the acquisition date have not been material. The operating results of Emission have been included in the Company's financial statements since the acquisition date and are not material to the Company's consolidated financial results. Call Option Agreement In connection with the closing of the acquisition of Emission, the Company entered into a call option agreement (the “Option Agreement”), in which the Emission selling shareholders have the right to repurchase all of the outstanding capital stock of Emission for $ 10.0 million after five years if Emission’s revenues do not exceed $ 5.0 million in any one year during such five-year period. If the Emission selling shareholders exercise the right to repurchase Emission, the Company will retain a perpetual, fully-paid, irrevocable license to all Emission intellectual property required to continue to manufacture and commercialize the Company's products. The Company determined that the call option is embedded in the purchased shares of Emission and does not require separate accounting unless exercised. Acquisition Costs Acquisition costs related to the Emission transaction were not material for the three and nine months ended September 30, 2025 and are recorded in selling, general and administrative in the Consolidated Statements of Operations. 16 Table of Contents Note 4. Goodwill and Intangible Assets Goodwill and Impairment Goodwill represents the amount an acquisition’s purchase price exceeds the fair value of the assets acquired, including identifiable intangible assets, and liabilities assumed. Goodwill is not amortized; however it is required to be tested for impairment annually at the reporting unit level. Testing for impairment is also required on an interim basis if events or circumstances indicate it is more likely than not that an impairment loss has been incurred. A reporting unit is defined as an operating segment or a component of an operating segment to the extent discrete financial information is available that is reviewed by segment management. Prior to the third quarter of 2025, the Company determined it had one reporting unit. After the acquisition of Akoya, the Company determined it had two reporting units, consisting of the legacy Quanterix business and the Akoya business. Absent an event that indicates a specific impairment may exist, the Company has selected October 1 as the date for performing its annual goodwill impairment test. The impairment test is first performed at the reporting unit level using a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and an impairment loss is recognized in amount equal to this excess. During the second quarter of 2025, the Company assessed several events and circumstances, including a larger than expected decline in the Company's revenue and bookings primarily due to the rapidly changing macro-economic conditions resulting from reductions in US federal research funding, reductions in research and development spending by larger pharmaceutical customers, and new import tariffs. As a result, during the second quarter of 2025, the Company concluded it was more likely than not that that the fair value of its then single reporting unit was less than its carrying value and performed a quantitative impairment test for its goodwill. The Company estimated the implied fair value of its reporting unit using a market valuation approach, which included inputs such as the Company's quoted stock price. As a result of the quantitative test, the Company determined its goodwill at June 30, 2025 was fully impaired and recorded an impairment charge of $ 6.4 million during the three months ended June 30, 2025. As of September 30, 2025, the Company performed an additional quantitative interim impairment test as result of continued events and circumstances that indicated its goodwill could be impaired. This test was performed on its Akoya reporting unit since all remaining goodwill had previously been assigned to it. The Company estimated the reporting unit's implied fair value based on an income valuation approach using Level 3 inputs, which used estimates including: projected revenues and expenses; obsolescence rates; customer retention rates; a discount rate; and certain published or readily available industry benchmark data. As a result of the quantitative test, the Company determined that its goodwill was not impaired as of September 30, 2025. Changes in the carrying amount of goodwill are as follows (in thousands): Total Goodwill Balance as of December 31, 2024 $ — Acquisition of Emission (1) 6,374 Goodwill impairment ( 6,374 ) Acquisition of Akoya (1) 23,460 Balance as of September 30, 2025 $ 23,460 (1) Refer to Note 3 - Acquisitions. Intangible Assets, Long-Lived Assets, and Impairment The Company continually assesses the determination of its asset groups, which primarily focuses on changes in the Company's operating structure, the way in which it expects to deploy its assets, or how the Company intends to recover the cost of its assets. As a result of the acquisitions of Akoya and Emission, the Company reassessed its asset groups. Primarily due to management's updated expectations of how it plans to deploy and recover the costs of its assets, the 17 Table of Contents Company determined the assets acquired in the Akoya and Emission acquisitions would each become their own asset group, along with vacant leased facilities which are each evaluated as separate asset groups for the purposes of assessing recoverability. Prior to performing each of its interim goodwill impairment tests, the Company tested the recoverability of its long-lived assets, including intangible assets and property and equipment. The Company utilized an undiscounted cash flow analysis to determine if the cash flows expected to be generated by each of its asset groups over the remaining estimated useful lives of each group's primary asset were sufficient to recover the carrying value of each asset group. Significant assumptions that form the basis of the forecasted results utilized to calculate undiscounted cash flows include; estimates about future revenues; expenses; and market conditions related to these assets, as well as the disposal value of the asset group. These estimates are based on a complex series of judgments about future events and rely heavily on estimates and assumptions that have been deemed reasonable by the Company. Changes in the estimates or assumptions used could materially affect the determination of recoverability. Potential events and circumstances that could have an adverse impact on the Company's estimates and assumptions include, but are not limited to, lower than expected bookings growth, increases in costs, and other macroeconomic factors. As part of the Akoya acquisition, the Company assumed a vacant leased facility. As of September 30, 2025, this facility remained vacant which triggered an impairment assessment. The impairment analysis evaluated the present value of net cash flows under the original lease and the estimated cash flows under an estimated sublease and considered industry and economic factors such as rental rates, interest rates, and recent real estate activities to estimate the net cash flows analysis and impairment amount. This assessment indicated the right-of-use asset for this facility was fully impaired and resulted in the Company recording an impairment charge of $ 0.9 million during the three and nine months ended September 30, 2025. As of September 30, 2025, the Company concluded that none of its other intangible or other long-lived assets were impaired. Should economic conditions deteriorate further or remain depressed for a prolonged period of time, estimates of future cash flows for each of the Company’s asset groups may be insufficient to support their carrying value, requiring an impairment. Impairment charges, if any, may be material to the results of operations and financial position. Acquired intangible assets consisted of the following (in thousands, except useful life and weighted average life amounts): As of September 30, 2025 Estimated Useful Life (in years) Gross Carrying Value Accumulated Amortization Cumulative Translation Adjustment Net Carrying Value Weighted Average Life Remaining (in years) Definite-lived intangible assets: Developed technology 7.0 - 14.0 $ 114,150 $ ( 4,644 ) $ — $ 109,506 9.8 Know-how 8.5 13,000 ( 8,100 ) ( 1,506 ) 3,394 2.3 Customer relationships 8.5 - 10.0 4,260 ( 1,308 ) ( 4 ) 2,948 8.7 Non-compete agreements 5.5 340 ( 340 ) — — — Trade names 3.0 50 ( 50 ) — — — Total $ 131,800 $ ( 14,442 ) $ ( 1,510 ) $ 115,848 Indefinite-lived intangible assets: In-process research and development $ 19,300 $ — $ — $ 19,300 Total intangible assets $ 151,100 $ ( 14,442 ) $ ( 1,510 ) $ 135,148 18 Table of Contents As of December 31, 2024 Estimated Useful Life (in years) Gross Carrying Value Accumulated Amortization Cumulative Translation Adjustment Net Carrying Value Weighted Average Life Remaining (in years) Know-how 8.5 $ 13,000 $ ( 7,057 ) $ ( 2,093 ) $ 3,850 3.0 Developed technology 7.0 1,650 ( 1,645 ) — 5 0.1 Customer relationships 8.5 - 10.0 1,360 ( 1,166 ) ( 18 ) 176 3.1 Non-compete agreements 5.5 340 ( 285 ) ( 55 ) — — Trade names 3.0 50 ( 50 ) — — — Total intangible assets $ 16,400 $ ( 10,203 ) $ ( 2,166 ) $ 4,031 The Company recorded amortization expense of $ 3.0 million and $ 1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 4.2 million and $ 2.9 million for the nine months ended September 30, 2025 and 2024, respectively. Future estimated amortization expense is as follows (amounts in thousands): As of September 30, 2025 2025 $ 3,282 2026 13,107 2027 13,084 2028 11,540 2029 11,538 Thereafter 63,297 Total amortization expense $ 115,848 Note 5. Revenue and Related Matters Revenue from Contracts with Customers The Company’s customers primarily consist of entities engaged in life sciences research that pursue the development of novel therapies and diagnostics for a variety of neurologic, oncologic, cardiovascular, and infectious diseases, and through the identification and measurement of protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions. 19 Table of Contents Disaggregated Revenue 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 September 30, 2025 Three Months Ended September 30, 2024 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenue: Instruments $ 3,366 $ 2,131 $ 1,700 $ 7,197 $ 1,226 $ 1,070 $ 90 $ 2,386 Consumable and other products 10,568 5,980 2,406 18,954 9,949 5,171 2,188 17,308 Total $ 13,934 $ 8,111 $ 4,106 $ 26,151 $ 11,175 $ 6,241 $ 2,278 $ 19,694 Service revenue: Research services $ 6,996 $ 926 $ 121 $ 8,043 $ 9,841 $ 426 $ 276 $ 10,543 Service-type warranties 1,606 1,039 338 2,983 1,540 857 198 2,595 Other services 1,813 1,001 113 2,927 460 236 11 707 Total $ 10,415 $ 2,966 $ 572 $ 13,953 $ 11,841 $ 1,519 $ 485 $ 13,845 Collaboration and license revenue: $ 46 $ — $ — $ 46 $ 1,872 $ — $ — $ 1,872 Total $ 46 $ — $ — $ 46 $ 1,872 $ — $ — $ 1,872 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenue: Instruments $ 4,780 $ 2,999 $ 3,999 $ 11,778 $ 3,214 $ 2,896 $ 1,288 $ 7,398 Consumable and other products 29,376 15,640 6,929 51,945 30,744 14,566 6,543 51,853 Total $ 34,156 $ 18,639 $ 10,928 $ 63,723 $ 33,958 $ 17,462 $ 7,831 $ 59,251 Service revenue: Research services $ 15,862 $ 1,359 $ 445 $ 17,666 $ 23,378 $ 5,411 $ 573 $ 29,362 Service-type warranties 4,596 2,836 719 8,151 4,787 2,611 592 7,990 Other services 2,513 1,384 92 3,989 1,208 724 39 1,971 Total $ 22,971 $ 5,579 $ 1,256 $ 29,806 $ 29,373 $ 8,746 $ 1,204 $ 39,323 Collaboration and license revenue: $ 1,348 $ — $ — $ 1,348 $ 2,756 $ — $ — $ 2,756 Total $ 1,348 $ — $ — $ 1,348 $ 2,756 $ — $ — $ 2,756 For the three and nine months ended September 30, 2025, no customer accounted for more than 10 % of the Company’s total revenues. For the three months ended September 30, 2024, one customer accounted for more than 10 % of the Company’s total revenues. For the nine months ended September 30, 2024, no customer accounted for more than 10 % of the Company’s total revenues. As of September 30, 2025 and December 31, 2024, no customer accounted for more than 10 % of the Company’s gross accounts receivable. Contract Assets There were no contract assets as of September 30, 2025 or December 31, 2024. 20 Table of Contents Deferred Revenue During the nine months ended September 30, 2025 and 2024, the Company recognized $ 8.3 million and $ 6.5 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period. Remaining Performance Obligations As of September 30, 2025, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $ 28.3 million. Of this amount, $ 20.9 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The remaining $ 7.3 million primarily consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services. Costs to Obtain a Contract Changes in costs to obtain a contract were as follows (in thousands): 2025 2024 Balance as of December 31 $ 292 $ 289 Capitalization of costs to obtain a contract 183 237 Recognition of costs to obtain a contract ( 285 ) ( 260 ) Balance as of September 30 $ 190 $ 266 The Company evaluates potential impairment of these amounts at each bala nce sheet date and no impairments were recorded during the three and nine months ended September 30, 2025 and 2024. Grant Revenue All of the Company's grant revenue is generated within North America. NIH Grant On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $ 1.7 million. The NIH granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. 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 September 30, 2025, the Company had received $ 1.5 million of the total award value. During each of the three and nine months ended September 30, 2025, NIH grant revenue recognized and research and development expenses incurred were not material. During the three and nine months ended September 30, 2024, NIH grant revenue recognized and research and development expenses incurred were $ 0.3 million and $ 0.6 million, respectively. 21 Table of Contents Note 6. Allowance for Credit Losses The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands): 2025 2024 Balance as of December 31 $ 1,042 $ 454 Provision acquired through acquisition 1,015 — Provision for expected credit losses 461 744 Write-offs and recoveries collected ( 901 ) ( 437 ) Balance as of September 30 $ 1,617 $ 761 Note 7. Marketable Securities All of the Company's marketable securities are classified as available-for-sale. 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 September 30, 2025 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 5,406 $ — $ ( 3 ) $ 5,403 U.S. Treasuries 37,054 75 — 37,129 U.S. Government agency bonds 28,301 10 ( 11 ) 28,300 Corporate bonds 25,663 23 ( 7 ) 25,679 Total marketable securities $ 96,424 $ 108 $ ( 21 ) $ 96,511 As of December 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 1,494 $ — $ — $ 1,494 U.S. Treasuries 61,891 19 ( 53 ) 61,857 U.S. Government agency bonds 93,987 89 ( 98 ) 93,978 Corporate bonds 74,937 148 ( 1 ) 75,084 Total marketable securities $ 232,309 $ 256 $ ( 152 ) $ 232,413 The following tables show the fair value and gross unrealized losses of the Company’s marketable securities aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): Less Than 12 Months Greater Than 12 Months As of September 30, 2025 Fair Value Unrealized Losses Fair Value Unrealized Losses Commercial paper $ 5,403 $ ( 3 ) $ — $ — U.S. Government agency bonds 9,495 ( 5 ) 5,564 ( 6 ) Corporate bonds 7,998 ( 7 ) — — Total $ 22,896 $ ( 15 ) $ 5,564 $ ( 6 ) 22 Table of Contents Less Than 12 Months As of December 31, 2024 Fair Value Unrealized Losses U.S. Treasuries $ 35,085 $ ( 53 ) U.S. Government agency bonds 32,148 ( 98 ) Corporate bonds 7,415 ( 1 ) Total $ 74,648 $ ( 152 ) There were no individual securities that were in a significant unrealized loss position as of September 30, 2025. 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. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance. During the nine months ended September 30, 2025, the Company sold $ 26.2 million of marketable securities. Realized gains related to the sale were not material. At September 30, 2025 and December 31, 2024, the Company had $ 0.8 million and $ 1.4 million, respectively, of accrued interest receivable on its marketable securities, which is 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 September 30, 2025 As of December 31, 2024 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 77,752 $ 77,823 $ 197,141 $ 197,306 Due in one to two years 18,672 18,688 35,168 35,107 Total $ 96,424 $ 96,511 $ 232,309 $ 232,413 23 Table of Contents Note 8. Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis (in thousands): As of September 30, 2025 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: Cash equivalents: (1) Money market funds $ 9,725 $ 9,725 $ — $ — Commercial paper 14,126 14,126 — — Total cash equivalents 23,851 23,851 — — Marketable securities: Commercial paper 5,403 — 5,403 — U.S. Treasuries 37,129 — 37,129 — U.S. Government agency bonds 28,300 — 28,300 — Corporate bonds 25,679 — 25,679 — Total marketable securities 96,511 — 96,511 — Total financial assets $ 120,362 $ 23,851 $ 96,511 $ — Financial liabilities: Contingent liabilities (2) $ 6,279 $ — $ — $ 6,279 Total financial liabilities $ 6,279 $ — $ — $ 6,279 As of December 31, 2024 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets: Cash equivalents: (1) Money market funds $ 44,426 $ 44,426 $ — $ — Total cash equivalents 44,426 44,426 — — Marketable securities: Commercial paper 1,494 — 1,494 — U.S. Treasuries 61,857 — 61,857 — U.S. Government agency bonds 93,978 — 93,978 — Corporate bonds 75,084 — 75,084 — Total marketable securities 232,413 — 232,413 — Total financial assets $ 276,839 $ 44,426 $ 232,413 $ — (1) Included in cash and cash equivalents on the Consolidated Balance Sheets. (2) The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration liability from the acquisition of Emission and the contingent liability assumed in the acquisition of Akoya. Cash equivalents and marketable securities classified as Level 2 financial assets are initially valued at their purchase price and subsequently valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches, and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events. 24 Table of Contents Level 3 Financial Instruments The following table presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis, which consist of contingent liabilities: Level 3 Liabilities Emission (1) PKI License (2) Total Balance as of December 31, 2024 $ — $ — $ — Acquisition 6,612 3,619 10,231 Change in fair value of contingent liabilities ( 3,427 ) ( 525 ) ( 3,952 ) Balance as of September 30, 2025 $ 3,185 $ 3,094 $ 6,279 (1) Emission Earnout 2 requires additional consideration to be paid to the selling shareholders based on the amount and timing of certain performance targets. Earnout 2 is measured and paid over a five year period ending December 2029.. (2) As part of Akoya's 2018 acquisition of the Quantitative Pathology Solutions division of Perkin Elmer, Inc. ("PKI"), subsequently known as Revvity, Inc., Akoya entered into a license agreement with PKI (the "PKI License"). The PKI License requires Akoya to pay royalties to the sellers based on net sales of products and services that are covered by the licensed patent rights. The Company recognizes this assumed contingent liability at fair value in accordance with ASC 805. The PKI License is measured and paid over the remaining eight year period ending March 2033. Monte-Carlo simulations and discounted cash flow analyses were used to determine the fair values, including the following significant unobservable inputs: projected revenue, a risk adjusted discount rate, and revenue volatility. Changes in fair value subsequent to the acquisition date were due to updated valuation inputs and the passage of time and increases or decreases in the inputs would have resulted in a higher or lower fair value measurements. The range of outcomes payable for Earnout 2 is zero to $ 50.0 million. It is not possible to estimate a range of outcomes payable for the PKI License as there is no cap on the amount that could be earned. The fair value of the contingent liabilities are recorded in accrued expenses and other current liabilities and non-current portion of contingent liabilities on the Consolidated Balance Sheets. Changes in fair value are recorded in change in fair value of contingent liabilities on the Consolidated Statements of Operations. Nonrecurring Fair Value Measurements The Company has a non-marketable equity investment in a privately held entity. Since there is minimal market activity or other financial information available to determine the fair value of the shares held by Quanterix, 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 at cost, less any impairment, adjusted for any observable price changes in orderly transactions. The shares received were valued at $ 0.8 million upon receipt, primarily using the third-party purchase price of similar interests. 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 contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse. During the three and nine months ended September 30, 2025, the Company did not record any fair value adjustments to its non-marketable equity investment. To date, the cumulative fair value adjustments have not been material. As of September 30, 2025 and December 31, 2024, 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 17 - Variable Interest Entities for the Company's evaluation of investments in other entities under the VIE guidance. Other Fair Value Disclosures During the three months ended September 30, 2025 and 2024, 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 or liabilities. 25 Table of Contents Note 9. Inventory Inventory, net of inventory reserves, consisted of the following (in thousands): September 30, 2025 December 31, 2024 Raw materials $ 14,674 $ 7,215 Work in process 9,088 7,980 Finished goods 31,195 17,580 Total inventory $ 54,957 $ 32,775 Note 10. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, 2025 December 31, 2024 Accrued professional services $ 2,378 $ 4,897 Accrued royalties 1,554 1,361 Accrued tax liabilities 1,469 1,018 Contingent compensation — Earnout 1 (1) 8,129 — Acquired off-market liability (2) 5,618 — Other accrued expenses 5,664 1,575 Total accrued expenses and other current liabilities $ 24,812 $ 8,851 (1) Represents the current portion of contingent compensation from Earnout 1 related to the Emission acquisition. Refer to Note 3 - Acquisitions . (2) Represents the current portion of an off-market component of an acquired customer contract in the acquisition of Akoya. Refer to Note 3 - Acquisitions . 26 Table of Contents Note 11. Stockholders' Equity The following tables summarize the changes in equity during the three months ended September 30, 2025 and 2024, respectively (amounts in thousands): Common Stock Shares Amount Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' equity Balance at December 31, 2024 38,544 $ 39 $ 803,160 $ ( 3,080 ) $ ( 470,081 ) $ 330,038 Issuance of common stock under stock plans, net of tax and payments 228 — 138 — — 138 Stock-based compensation expense — — 5,462 — — 5,462 Unrealized losses on marketable securities, net of tax — — — ( 8 ) — ( 8 ) Foreign currency translation, net of tax — — — 1,267 — 1,267 Net loss — — — — ( 20,504 ) ( 20,504 ) Balance at March 31, 2025 38,772 $ 39 $ 808,760 $ ( 1,821 ) $ ( 490,585 ) $ 316,393 Issuance of common stock under stock plans, net of tax and payments 101 — ( 188 ) — — ( 188 ) Stock-based compensation expense — — 5,373 — — 5,373 Unrealized losses on marketable securities, net of tax — — — ( 68 ) — ( 68 ) Foreign currency translation, net of tax — — — 961 — 961 Net loss — — — — ( 30,013 ) ( 30,013 ) Balance at June 30, 2025 38,873 $ 39 $ 813,945 $ ( 928 ) $ ( 520,598 ) $ 292,458 Issuance of common stock under stock plans, net of tax and payments 323 — 114 — — 114 Common stock issued as consideration in business combinations, net of tax 7,487 8 49,892 — 49,900 Stock-based compensation expense — — 5,469 — — 5,469 Unrealized gains on marketable securities, net of tax — — — 55 — 55 Foreign currency translation, net of tax — — — 55 — 55 Net loss — — — — ( 33,517 ) ( 33,517 ) Balance at September 30, 2025 46,683 $ 47 $ 869,420 $ ( 818 ) $ ( 554,115 ) $ 314,534 27 Table of Contents Common Stock 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 $ ( 1,672 ) $ ( 431,550 ) $ 349,958 Issuance of common stock under stock plans, net of tax and payments 274 — 599 — — 599 Stock-based compensation expense — — 5,265 — — 5,265 Unrealized losses on marketable securities, net of tax — — — ( 607 ) — ( 607 ) Foreign currency translation, net of tax — — — ( 674 ) — ( 674 ) Net loss — — — — ( 11,163 ) ( 11,163 ) Balance at March 31, 2024 38,288 $ 38 $ 789,006 $ ( 2,953 ) $ ( 442,713 ) $ 343,378 Issuance of common stock under stock plans, net of tax and payments 110 — ( 328 ) — — ( 328 ) Stock-based compensation expense — — 5,228 — — 5,228 Unrealized losses on marketable securities, net of tax — — — ( 175 ) — ( 175 ) Foreign currency translation, net of tax — — — 62 — 62 Net loss — — — — ( 7,387 ) ( 7,387 ) Balance at June 30, 2024 38,398 $ 38 $ 793,906 $ ( 3,066 ) $ ( 450,100 ) $ 340,778 Issuance of common stock under stock plans, net of tax and payments 77 1 144 — — 145 Stock-based compensation expense — — 4,657 — — 4,657 Unrealized gains on marketable securities, net of tax — — — 1,054 — 1,054 Foreign currency translation, net of tax — — — 601 — 601 Net loss — — — — ( 8,353 ) ( 8,353 ) Balance at September 30, 2024 38,475 $ 39 $ 798,707 $ ( 1,411 ) $ ( 458,453 ) $ 338,882 Note 12. Stock-Based Compensation In July 2025, the Company adopted the Quanterix Corporation Restricted Stock Unit Inducement Awards Plan (the "Inducement Plan"). The Inducement Plan allows for issuance of up to 520,450 shares of Quanterix Common Stock, consisting of: (i) up to 253,181 shares of Quanterix Common Stock that may be become available for issuance again under the 2021 Akoya Equity Incentive Plan pursuant to the terms of such plan and (ii) 267,269 shares of Quanterix Common Stock issuable upon vesting of restricted stock units granted to Akoya employees as an inducement to employment with Quanterix following the Merger. In accordance with Nasdaq listing rules, equity awards issued under the Inducement Plan are restricted to individuals who are not already employees or directors of the Company. All of the 267,269 shares were granted as of September 30, 2025 and vest over a one year period. 28 Table of Contents Stock Options Stock option activity for the nine months ended September 30, 2025 is presented below (in thousands, except per share and contractual life amounts): Number of options Weighted-average exercise price per share Weighted-average remaining contractual life (in years) Aggregate intrinsic value Outstanding at December 31, 2024 3,563 $ 19.94 7.7 $ 678 Granted 2,529 8.35 Exercised ( 4 ) 3.12 Forfeited/expired ( 544 ) 13.73 Outstanding at September 30, 2025 5,544 $ 15.27 8.0 $ 9 Exercisable at September 30, 2025 2,142 $ 20.89 6.4 $ 3 Vested and expected to vest at September 30, 2025 5,544 $ 15.27 8.0 $ 9 Restricted Stock Units Restricted stock unit (“RSU”) activity for the nine months ended September 30, 2025 is presented below (in thousands, except per share amounts): Number of shares Weighted-average grant date fair value per share Unvested at December 31, 2024 1,115 $ 18.55 Assumed through acquisition of Akoya (1) 253 6.54 Granted 1,503 7.90 Vested ( 496 ) 9.02 Forfeited ( 525 ) 14.18 Unvested at September 30, 2025 1,850 $ 12.05 (1) Refer to Note 3 - Acquisitions . Employee Stock Purchase Plan (“ESPP”) During the nine months ended September 30, 2025, employees purchased 172 thousand shares of the Company’s common stock pursuant to the 2017 Employee Stock Purchase Plan. 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cost of product revenue $ 182 $ 276 $ 755 $ 883 Cost of service and other revenue 213 283 763 866 Research and development 594 530 1,738 1,598 Selling, general and administrative 4,480 3,568 13,047 11,803 Total stock-based compensation expense $ 5,469 $ 4,657 $ 16,303 $ 15,150 29 Table of Contents As of September 30, 2025, total unrecognized stock-based compensation expense related to unvested RSUs and stock options was $ 42.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.5 years. Note 13. 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Numerator: Net loss $ ( 33,517 ) $ ( 8,353 ) $ ( 84,033 ) $ ( 26,903 ) Denominator: Weighted average common shares outstanding, basic and diluted 46,060 38,449 41,243 38,305 Net loss per share, basic and diluted $ ( 0.73 ) $ ( 0.22 ) $ ( 2.04 ) $ ( 0.70 ) 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): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Stock options 5,830 453 5,426 781 RSUs 1,890 306 1,790 748 Estimated ESPP purchases 10 12 8 9 Total dilutive shares 7,730 771 7,224 1,538 Note 14. Income Taxes The Company’s effective tax rates were 6.9 % and 6.1 % for the three and nine months ended September 30, 2025, respectively, and ( 1.8 )% and ( 1.7 )% for the three and nine months ended September 30, 2024, respectively. The effective tax rate in 2025 is higher than 2024 due to a non-recurring benefit of $ 5.5 million related to the release of a portion of the Company's valuation allowance due to taxable temporary differences recorded as part of the Akoya and Emission acquisitions, which are a source of income to realize certain pre-existing federal and state deferred tax assets. 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. The Company maintains a valuation allowance on the majority of its deferred tax assets and has concluded that it is more likely than not that the deferred assets will not be utilized. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These changes are reflected in the Company's results for the three and nine months ended September 30, 2025. 30 Table of Contents Note 15. Commitments and Contingencies Purchase Commitments STRATEC During the second quarter of 2025, the Company and STRATEC Consumables GmbH (“STRATEC”) entered into the third amendment to the supply agreement between the Company and STRATEC (the “Amended STRATEC Supply Agreement”), effective as of January 1, 2025, related to the manufacturing of certain Simoa instruments. As part of the Amended STRATEC Supply Agreement, the Company agreed to purchase a minimum number of instruments in 2025 and 2026 at agreed upon pricing. The Company may also be required to pay an additional annual maintenance fee based on the number of instruments purchased during 2025 and 2026. The agreement may be terminated upon 12 months notice after the later of meeting the minimum purchases or December 31, 2026. The total purchase commitment for instruments under the Amended STRATEC Supply Agreement is approximately $ 10.8 million, of which $ 2.5 million was purchased during the three and nine months ended September 30, 2025, and $ 5.4 million is due within one year from September 30, 2025. 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 September 30, 2025, the Company’s total purchase commitments under these agreements were $ 1.3 million. License Agreements Eli Lilly and Company In February 2022, the Company and Eli Lilly and Company (“Lilly”) 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. Pursuant to 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. Harvard University In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $ 0.6 million and 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 nine months ended September 30, 2025 and 2024. Refer to Note 16 - Related Party Transactions for a discussion of a related party relationship with Harvard. Perkin Elmer Under the PKI License acquired as part of the acquisition of Akoya, PKI granted Akoya an exclusive, nontransferable, sublicensable license under certain patent rights to make, use, import, and commercialize certain products and services. Akoya is required to pay single digit royalties through March 2033 on net sales of products and services that are covered by patent rights under the PKI License. Refer to Note 8 - Fair Value of Financial Instruments for further discussion. 31 Table of Contents Tufts University In June 2007, the Company and Tufts University (“Tufts”) entered into a license agreement (the “Tufts License Agreement”) for certain intellectual property owned by Tufts. The Tufts License Agreement, which was subsequently amended, is exclusive and sub-licensable, and will continue in effect on a country-by-country basis as long as there is a valid claim of a licensed patent in a country. 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 $ 0.3 million and $ 1.1 million during the three and nine months ended September 30, 2025, respectively, and $ 0.6 million and $ 1.6 million during the three and nine months ended September 30, 2024, respectively, which were recorded in cost of product revenue on the Consolidated Statements of Operations. Refer to Note 16 - Related Party Transactions for a discussion of a related party relationship with Tufts. Legal Contingencies The Company is subject to claims in the ordinary course of business; 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. Leases Refer to Note 4 - Goodwill and Intangible Assets for discussion on the impairment of an acquired vacant facility under an operating lease. The undiscounted future lease payments for non-cancelable operating and financing leases were as follows (in thousands): Maturity of lease liabilities as of September 30, 2025 Operating Leases Financing Leases 2025 (remainder) $ 2,560 $ 108 2026 10,259 430 2027 8,960 382 2028 8,395 76 2029 8,570 — Thereafter 7,723 — Total lease payments 46,467 996 Less: imputed interest 7,270 72 Total lease liabilities $ 39,197 $ 924 During the three and nine months ended September 30, 2025, the Company did not enter into any material leases. Note 16. Related Party Transactions Akoya, which the Company acquired in July 2025, is party to a diagnostic development agreement with a biopharmaceutical customer of Akoya's. A member of the Company's Board of Directors also serves on the Board of Directors of the biopharmaceutical customer. Revenue recorded from sales of products and services to this customer was $ 2.3 million for both the three and nine months ended September 30, 2025. Cost of product revenue for goods and services delivered to this customer was $ 2.7 million for both the three and nine months ended September 30, 2025. At September 30, 2025, the Company did not have any open payables to or open receivables from the customer. In the first quarter of 2025, the Company entered into agreements with two entities owned by selling shareholders of Emission (refer to Note 3 - Acquisitions ) to continue development work on certain future products for Quanterix. At September 30, 2025, the Company did not have any open payable balances with these entities. Operating expense incurred by the Company were not material for the three months ended September 30, 2025, and $ 0.3 million during the nine months ended September 30, 2025. 32 Table of Contents In the third quarter of 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 15 - 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 $ 0.4 million and $ 0.9 million for both the three and nine months ended September 30, 2025, respectively, and $ 1.0 million and $ 1.4 million for the three and nine months ended September 30, 2024, respectively. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three and nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, open payables to Harvard and Mass General Brigham were not material. Open receivables balances were $ 0.3 million at September 30, 2025 and were not material at December 31, 2024. In the second quarter of 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 15 - Commitments and Contingencies ). 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 September 30, 2025 and December 31, 2024, open payable balances to Tufts were not material. Note 17. Variable Interest Entities The Company enters into relationships with, or has investments in, other entities that may be VIEs. The Company assesses the criteria in ASC 810 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 nine months ended September 30, 2025 and 2024. As of September 30, 2025 and December 31, 2024 , the carrying value of the Company’s inves tment in a VIE was $ 0.8 million. Refer to Note 8 - Fair Value of Financial Instruments for the Company’s related valuation disclosures. Maximum exposure to losse s related to the VIE is limited to its carrying value and the Company does not have any future funding commitments to the VIE. Note 18. Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is the chief executive officer. As a result of completing the acquisition of Akoya in the third quarter of 2025, the Company reassessed its operating segments and concluded that the Company continues to operate as one reportable segment. This operating segment is focused on the development and commercialization of comprehensive protein biomarker solutions that identify signatures in blood and tissue to provide insights to providers, patients, and research organizations. The Company utilizes consolidated net loss as the measure of segment profitability (loss) as required by ASU 2023-07 - Segment Reporting (Topic 280). The CODM uses this measure, along with the significant revenue and expense lines included in the table below, when analyzing the Company’s operations and performance and determining how to allocate resources. These measures are consistently used by the CODM in comparing budgeted results versus actuals, in determining when or where to invest resources into specific areas of the business, and for decisions on strategic initiatives, all of which is assessed at the consolidated level. 33 Table of Contents The following table presents the reconciliation of significant segment information reviewed by the CODM to consolidated net loss: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Revenue from contracts with customers $ 40,150 $ 35,411 $ 94,877 $ 101,330 Grant revenue 83 402 165 930 Total revenues 40,233 35,813 95,042 102,260 Less: Costs of goods sold and services, including shipping and handling costs 24,332 17,671 54,302 47,553 Certain operating expenses, excluding shipping and handling costs (1) 45,766 29,001 125,817 89,814 Other segment items (2) 3,652 ( 2,506 ) ( 1,044 ) ( 8,204 ) Consolidated net loss $ ( 33,517 ) $ ( 8,353 ) $ ( 84,033 ) $ ( 26,903 ) (1) Expenses consist of research and development and selling, general and administrative expenses from the Consolidated Statements of Operations and exclude shipping and handling costs. (2) Other segment items represent discrete events, non-recurring transactions, or insignificant items that are not used by the CODM to evaluate the Company’s performance or allocate resources, and include: a. Impairment and restructuring costs – impairment charges for goodwill and other long-lived assets, and costs associated with approved restructuring plans, including employee separation costs and any associated costs related to implementing a restructuring plan, and vacant leased facilities; b. Change in fair value of contingent liabilities – changes in the fair value of contingent payments as a result of updated valuation inputs; c. Other lease costs – amortization of operating lease right-of-use assets and other facility operating expenses from leased facilities the Company is not using; d. Interest income – interest earned on cash, cash equivalents, and marketable securities, and the accretion of discounts on marketable securities; e. Other income (expense), net – gains and losses on foreign currency, and other non-recurring items that are not a part of the Company’s core business operations; and f. Income tax benefit (expense) – income taxes related to federal, state, and foreign jurisdictions in which the Company conducts business. The CODM reviews consolidated usage of cash, cash equivalents, marketable securities, accounts receivable, and inventory, as reported on the Consolidated Balance Sheets, as part of evaluating the Company’s performance, but does not review or evaluate any other assets. There have been no changes to the methods used to determine segment profit or loss, or the significant segment captions, across any of the periods presented. Note 19. Restructuring Costs Restructuring Costs In May and July 2025, the Company announced actions to reduce operating costs, preserve cash, and, specific to the July action, realize anticipated synergies and other benefits of the Akoya acquisition. These actions included reductions in force and elimination of duplicate corporate positions and are expected to be substantially completed in 2025. Under these actions, the Company expects to incur expenses of $ 7.6 million, substantially all of which will be cash expenditures incurred in 2025 for severance and related benefits. During the three and nine months ended September 30, 2025, the Company incurred expenses of $ 6.3 million and $ 7.6 million, respectively. These expenses are recorded within impairment and restructuring on the Consolidated Statements of Operations. 34 Table of Contents The following table shows the accrual activity and payments relating to cash-based restructuring costs for the nine months ended September 30, 2025: Severance and related benefit costs Balance as of December 31, 2024 $ ( 269 ) Costs ( 7,573 ) Payments 7,075 Balance as of September 30, 2025 $ ( 767 ) The accrual for severance and related benefit costs is included in accrued compensation on the Consolidated Balance Sheets. 35 Table of Contents