Quanterix Q3 Loss Widens on Soaring Costs, Akoya Acquisition Impact

TL;DR

**QTRX is bleeding cash with widening losses and massive operating expense hikes, making the Akoya acquisition a high-stakes gamble.**

AI Summary

Quanterix Corp (QTRX) reported a significant net loss of $33.517 million for the three months ended September 30, 2025, a substantial increase from the $8.353 million loss in the prior-year period. For the nine months, the net loss widened to $84.033 million from $26.903 million. Total revenues for the quarter increased to $40.233 million from $35.813 million, driven by product revenue growth to $26.151 million from $19.694 million. However, service and other revenue remained relatively flat at $13.953 million, and collaboration and grant revenues saw sharp declines. The company's gross profit decreased to $17.206 million from $20.153 million, primarily due to a rise in cost of product revenue to $15.379 million. Operating expenses surged to $54.531 million from $31.901 million, largely due to a significant increase in selling, general and administrative expenses to $39.062 million and $7.174 million in impairment and restructuring costs. A key business change was the acquisition of Akoya Biosciences, Inc. in July 2025, expanding Quanterix's portfolio into spatial biology solutions. Risks include the competitive and rapidly changing environment, as well as the integration challenges and potential for further impairment charges related to acquisitions.

Why It Matters

This filing reveals Quanterix's deepening losses despite revenue growth, primarily driven by increased operating expenses and acquisition-related costs. For investors, the significant impairment and restructuring costs, alongside the substantial increase in selling, general and administrative expenses, raise concerns about profitability and efficient integration of the Akoya Biosciences acquisition. Employees might face uncertainty given the restructuring costs, while customers could benefit from an expanded product portfolio in spatial biology, enhancing Quanterix's competitive stance against rivals in the life sciences research and diagnostics market. The broader market will watch how Quanterix navigates its strategic expansion into spatial phenotyping, a rapidly evolving technology, and whether it can translate this into sustainable financial performance.

Risk Assessment

Risk Level: high — The company reported a net loss of $33.517 million for the quarter and $84.033 million for the nine months ended September 30, 2025, a significant increase from the prior year. Operating expenses surged to $54.531 million, including $7.174 million in impairment and restructuring costs, indicating operational inefficiencies and integration challenges post-acquisition. Cash and cash equivalents decreased from $56.709 million at December 31, 2024, to $38.298 million at September 30, 2025, reflecting substantial cash burn.

Analyst Insight

Investors should exercise extreme caution and consider reducing exposure to QTRX given the escalating losses, significant cash burn, and substantial increase in operating expenses. Monitor future filings closely for signs of successful integration of Akoya Biosciences and a clear path to profitability, as the current financial trajectory is unsustainable.

Financial Highlights

debt To Equity

0.41

revenue

$40.233M

operating Margin

-135.5%

total Assets

$444.140M

total Debt

$53.500M

net Income

-$33.517M

eps

N/A

gross Margin

42.8%

cash Position

$38.298M

revenue Growth

+12.3%

Revenue Breakdown

Key Numbers

• $33.517M — Net Loss (Q3 2025) (Increased from $8.353M in Q3 2024)
• $84.033M — Net Loss (YTD Sep 2025) (Increased from $26.903M in YTD Sep 2024)
• $40.233M — Total Revenues (Q3 2025) (Increased from $35.813M in Q3 2024)
• $26.151M — Product Revenue (Q3 2025) (Increased from $19.694M in Q3 2024)
• $54.531M — Total Operating Expenses (Q3 2025) (Increased from $31.901M in Q3 2024)
• $7.174M — Impairment and Restructuring Costs (Q3 2025) (New cost, zero in Q3 2024)
• $39.062M — Selling, General and Administrative Expenses (Q3 2025) (Increased from $22.908M in Q3 2024)
• $93.229M — Acquisitions, net of cash acquired (YTD Sep 2025) (Significant cash outflow for acquisitions, including Akoya)
• $38.298M — Cash and Cash Equivalents (Sep 30, 2025) (Decreased from $56.709M at Dec 31, 2024)
• $135.148M — Intangible Assets, net (Sep 30, 2025) (Increased significantly from $4.031M at Dec 31, 2024, due to acquisitions)

Key Players & Entities

• Quanterix Corp (company) — registrant
• Akoya Biosciences, Inc. (company) — acquired company
• Emission, Inc. (company) — acquired company
• SEC (regulator) — Securities and Exchange Commission
• Nasdaq Global Market (market) — stock exchange
• Simoa (product) — proprietary detection technology
• PhenoCycler (product) — Akoya platform
• PhenoImager (product) — Akoya platform
• Accelerator Laboratory (company) — CLIA certified laboratory
• Bloomberg (company) — financial news outlet

FAQ

Risk Factors

• Acquisition Integration Challenges [high — operational]: The acquisition of Akoya Biosciences, Inc. in July 2025 introduces significant integration risks. Challenges in merging operations, cultures, and technologies could disrupt business and impact financial performance. The company may incur further impairment charges if the acquired assets do not perform as expected.
• Competitive and Rapidly Changing Environment [high — market]: Quanterix operates in a dynamic life sciences sector with intense competition. The rapid pace of technological advancement and evolving market demands require continuous innovation. Failure to adapt or keep pace with competitors could lead to market share erosion and reduced revenue.
• Increasing Net Losses and Cash Burn [high — financial]: The company reported a net loss of $33.517 million for Q3 2025, a substantial increase from $8.353 million in the prior year. Year-to-date net losses widened to $84.033 million. This escalating loss rate, coupled with a decrease in cash and cash equivalents to $38.298 million from $56.709 million, raises concerns about financial sustainability and future funding needs.
• Rising Operating Expenses [medium — financial]: Total operating expenses surged to $54.531 million in Q3 2025 from $31.901 million in Q3 2024. This increase was heavily influenced by a rise in SG&A expenses to $39.062 million and $7.174 million in impairment and restructuring costs, impacting profitability.
• Dependence on Key Technologies [medium — operational]: Quanterix's business relies on its proprietary Simoa detection technology. Any disruption in the development, manufacturing, or adoption of this technology could materially affect its competitive position and financial results. The expansion into spatial biology via Akoya also introduces new technological dependencies.
• CLIA Compliance for Accelerator Laboratory [low — regulatory]: The Accelerator Laboratory operates under CLIA regulations. Maintaining compliance is critical for its LDT services. Any failure to adhere to these regulations could result in penalties, suspension of services, or reputational damage.

Industry Context

Quanterix operates in the rapidly evolving life sciences tools and diagnostics market, characterized by intense competition and a strong emphasis on technological innovation. The industry is seeing a growing demand for ultra-sensitive biomarker detection and spatial biology solutions to accelerate drug discovery, clinical research, and diagnostics. Companies are increasingly focused on expanding their platforms through acquisitions to offer comprehensive solutions.

Regulatory Implications

Quanterix's operations, particularly its Accelerator Laboratory, are subject to regulatory oversight, including CLIA for laboratory testing. Compliance with these regulations is crucial to maintain service offerings and avoid penalties. The company's expansion into new areas may also bring it under the purview of additional regulatory bodies.

What Investors Should Do

1. Monitor acquisition integration progress and related expenses.
2. Analyze the trend of increasing net losses and operating expenses.
3. Evaluate the sustainability of the current cash burn rate.
4. Assess the competitive positioning in both digital immunoassay and spatial biology markets.

Key Dates

• 2025-07-01: Acquisition of Akoya Biosciences, Inc. — Expanded Quanterix's portfolio into spatial biology solutions, a strategic move to diversify and capture growth in a new market segment, but also introduces integration risks and significant goodwill/intangible assets.
• 2025-09-30: End of Q3 2025 — Reported a significant increase in net loss to $33.517M and a surge in operating expenses, highlighting the financial impact of recent acquisitions and operational scaling.
• 2025-09-30: Consolidated Balance Sheet Date — Showcased a substantial increase in intangible assets ($135.148M) and goodwill ($23.460M) due to acquisitions, alongside a decrease in cash and marketable securities.

Glossary

Simoa

Quanterix's proprietary digital immunoassay technology that enables ultra-sensitive detection of protein biomarkers. (This is the core technology of Quanterix, driving its product revenue and competitive advantage in life sciences research and diagnostics.)

Spatial Biology

A field focused on understanding the spatial relationships and interactions of cells and molecules within biological tissues. (Represents the new market segment Quanterix entered with the acquisition of Akoya Biosciences, aiming to provide end-to-end solutions for tissue analysis.)

Impairment and Restructuring Costs

Expenses recognized when the carrying value of an asset exceeds its recoverable amount (impairment) or costs associated with significant organizational changes (restructuring). (These costs totaled $7.174 million in Q3 2025, contributing significantly to the increased net loss and indicating potential challenges with asset valuations or business adjustments.)

CLIA

Clinical Laboratory Improvement Amendments of 1988, a U.S. federal law that regulates laboratory testing. (Quanterix's Accelerator Laboratory operates under CLIA certification, making compliance with these regulations essential for its diagnostic services.)

Goodwill

An intangible asset that arises when a company acquires another company for a price greater than the fair value of its identifiable net assets. (The $23.460 million in goodwill on the balance sheet as of September 30, 2025, reflects the premium paid for acquisitions, primarily Akoya Biosciences.)

Intangible Assets, net

Non-physical assets that have value, such as patents, trademarks, and acquired technology, net of accumulated amortization. (The significant increase from $4.031M to $135.148M is largely due to the Akoya acquisition, indicating substantial investment in acquired intellectual property and technology.)

Year-Over-Year Comparison

Compared to the prior year, Quanterix has seen a significant increase in total revenues for the nine months ended September 30, 2025, to $95.042 million from $102.260 million in 2024, indicating a revenue decline year-to-date despite Q3 growth. However, the company's net loss has widened dramatically, from $26.903 million to $84.033 million year-to-date, driven by a substantial rise in operating expenses, including new impairment and restructuring costs. Key balance sheet changes include a significant increase in intangible assets and goodwill due to acquisitions, alongside a decrease in cash and cash equivalents, signaling a period of aggressive investment and expansion coupled with deteriorating profitability.

Key Financial Figures

• $0.001 — nge on which registered: Common Stock, $0.001 par value per share QTRX The Nasdaq Glo

Filing Documents

• qtrx-20250930.htm (10-Q) — 1899KB
• ex-311x302certificationceo.htm (EX-31.1) — 9KB
• ex-312x302certificationcfo.htm (EX-31.2) — 9KB
• ex-321x906certificationq325.htm (EX-32.1) — 5KB
• 0001503274-25-000106.txt ( ) — 10308KB
• qtrx-20250930.xsd (EX-101.SCH) — 60KB
• qtrx-20250930_cal.xml (EX-101.CAL) — 110KB
• qtrx-20250930_def.xml (EX-101.DEF) — 309KB
• qtrx-20250930_lab.xml (EX-101.LAB) — 768KB
• qtrx-20250930_pre.xml (EX-101.PRE) — 549KB
• qtrx-20250930_htm.xml (XML) — 1868KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Loss 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 52

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 76

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 76

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 76

Other Information

Item 5. Other Information 76

Exhibits

Item 6. Exhibits 77

Signatures

Signatures 79 2 Table of Contents Unless the context otherwise requires, the terms "Quanterix," the "Company," "we," "it," "us," and "our" in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its consolidated subsidiaries. NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these words, or other comparable terminology. These forward-looking statements include, but are not limited to, statements related to our financial performance and statements related to our expectations about the development and commercialization of our products and about the benefits we may realize from our acquisition of Akoya Biosciences, Inc. and are subject to a number of risks, uncertainties, and assumptions, including those further described in the section titled "Part II, Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q and in the section titled "Part I, Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S Securities and Exchange Commission (the "SEC") on March 17, 2025, as updated by the risk factors in the section titled "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as filed with the SEC on May 12, 2025, or in other filings that we make with the SEC. Moreover, we operate in a very competitive and rapidly changing environment and new

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

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 Fi

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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