Thank you for joining us today. My name is Desiree and I will be your conference operator. I would like to welcome everyone to the Quanterix Corporation First Quarter 2025 Earnings Call. All lines have been muted to avoid background noise. After the speakers finish their comments, we will have a question-and-answer session. Now, I will turn the call over to Joshua Young, Head of Investor Relations. You may begin.

Thank you and good afternoon. With me on today's call are Masoud Toloue, Quanterix President and CEO; and Vandana Sriram, Quanterix Chief Financial Officer. Today's call is being recorded and a replay of the call will be available on the Investor section of our website. During the course of today's presentation, we will make forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act. These forward-looking statements are based on management's beliefs and assumptions as of today, May 12th, 2025. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. To supplement our financial statements presented on the GAAP basis, we have provided certain non-GAAP financial measures. These non-GAAP measures are used to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. We believe that such measures are important in comparing current results with other periods’ results and assessing our operating performance within our industry. Non-GAAP financial information presented herein should be considered in conjunction with and not as a substitute for the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth in the presentation posted on our website and in our earnings release issued today. Finally, any percentage changes we discuss will be on a year-over-year basis unless otherwise noted. Now, I'd like to turn over to the call to Masoud Toloue. Masoud?

Thank you, Joshua and good afternoon. First quarter results exceeded our expectations, highlighting the resilience of our instruments and consumables business and strengthening our confidence in the long-term growth potential. While the quarter was stable, we have revised our guidance more conservatively to account for the broader macro funding environment rather than any company-specific factors. I want to spend some time discussing our position in the market. Let's begin with the key fundamental. Demand for human health is not going away, and we're optimistic about delivering solutions to meet this demand. First, Quanterix's ultrasensitive protein detection platform is unmatched, empowering early disease detection, accelerating the development of new therapies through clinical trials, and enabling precise monitoring of neuro biomarkers in long-term studies. Second, we believe proteomics will be a cornerstone of non-invasive liquid biopsy solutions, offering real-time insight into human health and providing a dynamic view that complements genetic and methylation data. Third, we are building our leadership in neurology, applying the scientific and business expertise we've gained to expand our addressable market into immunology and oncology, areas where we are poised to lead in early biomarker detection. And finally, as long as people seek longer and healthier lives, the demand for high-sensitivity detection tools will remain, and Quanterix is at the forefront with our customers, advancing the science to meet this enduring need. On to the quarter. In the first quarter, we reported revenue of $30.3 million. While this represents a decline of 5%, we recorded our highest consumables quarter and expect consumables performance to remain strong. Our adjusted gross margin was approximately 50% and our adjusted cash usage was $9 million in the quarter, representing a greater than 50% improvement versus last year. Vandana will describe this in more detail. However, I want to emphasize, we are committed to achieving positive cash flow in 2026 with a balance sheet well north of $100 million. Turning now to our pending merger with Akoya Biosciences. Nearly two weeks ago, we announced an amendment to our proposed transaction. I want to highlight some of the key financial details of this amended transaction. First, the equity value of the transaction is being reduced by 67% from $201 million to $66 million. The number of shares being issued is reduced by over 9 million shares, increasing Quanterix's shareholder ownership of the combined company from 70% to 84%. And we expect Akoya will contribute 37% to top line and 40% to Quanterix's gross profit dollars at 16% pro forma ownership. At the core of our strategic rationale for this transaction is the tremendous synergy for tracking protein biomarkers from tissue to blood. Diseases like cancer start in tissue and ultimately leak into blood, causing morbidity. Enabling our customers to track cancer biomarkers such as ORF1p, which plays a critical role in both blood and tissue, will open new opportunities for Quanterix to expand its impact and accelerate our growth beyond what would be possible as a standalone entity. Customers and industry KOLs are excited about the potential of bringing technologies from Quanterix and Akoya together, and we have already begun considering matched tissue blood biomarker detection solutions. Now, an update on our strategic initiatives. Our first growth menu is already delivering results. In Q1, we launched four new immunology assays, building on the 20 new assays we introduced last year, which enabled us to achieve our highest consumables revenue quarter. Our continued investment in this powerful product development engine is paying off. We are expanding our assay portfolio to reinforce our leadership in neurology, adding inflammation biomarkers, and initiating development in oncology applications. With more than 1,000 instruments installed worldwide, each with significant throughput potential, we are committed to maximizing their value through the introduction of novel biomarker assays. Our second strategic focus is expanding into adjacencies, starting with the launch of Simoa ONE, an instrument and reagent platform on track for release by year-end. We expect this next-gen platform will break current sensitivity barriers, delivering up to 10 times the sensitivity of our existing systems with expanded multiplexing of the 10-plex and improved specificity through code-matched barcoding, all with an intuitive workflow. Simoa ONE will extend our category leadership and set a new standard for performance in the field. Our third area of focus is Alzheimer's diagnostics, where we're making rapid progress. Last year, we signed agreements with regional labs and hospital networks, generating $6 million in revenue. This quarter, we expanded our footprint through a new collaboration with ARUP Laboratories, a premier national lab. ARUP will now offer the pTau217 blood test for Alzheimer's disease using our platform and assay kit, leveraging antibody technology licensed from Eli Lilly and validated on samples from Lilly's Phase III TRAILBLAZER-ALZ 2 trial. This is a critical step toward building a global infrastructure for non-invasive Alzheimer's testing, a priority we will continue to advance throughout 2025. We also anticipate introducing pricing for our LucentAD Complete test later this summer, a multi-marker algorithm-driven Alzheimer's risk assessment tool. This test is currently progressing through four clinical trials with enrollment expected to complete by Q4 of this year. Now, a few final words on our current market environment and the three actions we are taking to succeed in it. First, as I said earlier, despite market headwinds around academic funding and biopharma spending, demand for human health in the near or long term is not going away. And today, we're pleased to announce for the first time a new footing for Quanterix to deliver Simoa sensitivity at scale. In response to capital and resource constraints among academic and biopharma customers, we will democratize access to our technology. Starting in 2026 through an early access program, customers will be able to use unlocked Simoa ONE assay kits on over 20,000 existing flow cytometers worldwide, eliminating the need for a high capital instrument purchase. This is made possible by breakthrough reagent innovation. Digital ultrasensitive Simoa signal detection is now embedded in kinetic dye-encoded beads, enabling compatibility with a far broader installed base, one that is at least 20 times greater than our own. This is a massive advance that we will make available after our Simoa ONE platform launch expected at the end of the year. Second, we are scaling the success we've established in neurology into adjacent fields, immunology and oncology through our growth menu initiative and the acquisition of Akoya Biosciences. Day one of the acquisition, our installed base increases by 1,300 instruments and our addressable market expands from $1 billion to $5 billion. Liquid biopsy is expected to eventually surpass the market size of all other diagnostic testing combined, and it has become abundantly clear proteins are the next frontier. Our ability to measure biomarkers across the tissue-to-blood continuum will accelerate the pace of novel diagnostic test. With this expanded footprint, we are executing a strategy grounded in scale and speed unlike other technologies that are still reliant on capital equipment sales in a risk-averse market. Third, we are operating with discipline and purpose. We are committed to achieving positive cash flow by 2026, supported by a balance sheet exceeding $100 million. Today, we are announcing a $30 million core operating cost reduction, scaling to $55 million annualized savings by 2026. These savings are driven by operational efficiencies and our expected synergies from the Akoya acquisition aligned with our stand-alone revenue forecast of $120 million to $130 million for 2025. Now, I'll turn the call over to Vandana.

Thank you, Masoud and good afternoon. I will now go over our performance for the first quarter and provide an update for the full year 2025. Total revenue for the first quarter of 2025 was $30.3 million, a decrease of 5% compared to the prior year. Consumables revenue was $18.1 million, up 6% versus the previous year, driven by strong performance from products launched in the past 12 months. Instrument revenue was $2.6 million, up 3% year-over-year as we continue to see pressure on capital equipment. We placed 17 instruments in the quarter as compared to 16 instruments in the first quarter of 2024. Accelerator lab revenue was $5.6 million, a decrease of 36%, driven by a decline in large multimillion-dollar projects from pharma customers. In terms of revenue stratification, our customer mix for Q1 was approximately 50/50 between pharma and academia. Sales to our diagnostics partners totaled $1.6 million for the quarter. From a geographic perspective, our revenue growth was led by North America, which grew 3%. Europe declined 30%, primarily due to lower Accelerator revenues and the Asia-Pacific region was up 14%. Shifting to the rest of the P&L for the quarter. GAAP gross profit and margin were $16.4 million and 54.1%, respectively. Non-GAAP gross profit was $15.1 million and non-GAAP gross margin was 49.7%. The decrease of 150 basis points versus last year was primarily driven by a non-cash charge to inventory reserves. GAAP operating expenses for the quarter were $42.8 million, up $9.1 million; and non-GAAP operating expenses were $33.8 million, up $2.3 million over last year. Included in GAAP operating expenses are approximately $7 million of costs related to acquisition and integration expenses and shipping and handling costs. As we stated last quarter, we are making an update to the non-GAAP financial measures that we report on a quarterly basis. As we add acquisitions to our portfolio, we are adding adjusted EBITDA, adjusted EBITDA margin, and adjusted cash burn as new metrics. Please refer to our earnings release and the accompanying presentation for a definition of these metrics and accompanying reconciliations. Our adjusted EBITDA was a loss of $11.3 million in the first quarter of 2025 as compared to a loss of $8.1 million in the first quarter of the prior year. This EBITDA number includes investments in Simoa ONE and Alzheimer's diagnostics. We ended the first quarter of 2025 with $269.5 million of cash, cash equivalents, marketable securities, and restricted cash, down $22.2 million from last year. During the quarter, $13.2 million of cash was applied towards one-time items. We paid $9 million for the first tranche of the EMISSION acquisition and $4.2 million towards one-time expenses primarily related to the Akoya deal. Excluding these payments, adjusted cash burn during the quarter was $9 million compared to adjusted cash burn of $19.4 million in the prior year, a reduction of over 50% in our cash. I will now turn to our updated guidance for the full year 2025. We currently expect to report revenues in a range of $120 million to $130 million, which represents a revenue decline of 5% to 13% and excludes revenue from Lucent Diagnostics testing. As compared to our prior guide of 4% at the midpoint, we now expect a reduction of 9% at the midpoint. This includes approximately 600 basis points of incremental pressure from the current academic funding and tariff environment. As mentioned before, approximately 22% of our revenues are indexed to U.S. academic customers, and we factored in a 10% or 250 basis point reduction earlier. We now estimate an additional 20% reduction in NIH funding levels, implying approximately 500 basis points of additional pressure. We have assumed 100 basis points of revenue pressure from tariffs. We have also factored in a total of 900 basis points of pressure from pharma versus 200 basis points in our prior guidance, primarily in our Accelerator lab. Last year, Accelerator grew 36% year-on-year. This year, while we see a healthy pipeline and better project diversity within that pipeline, we see some conservatism among our biopharma and biotech customers with some pushout of projects and smaller ticket sizes. We continue to see Accelerator as a key differentiator in our business model and believe that it's a matter of time before pharma uncertainty settles and this eventually returns as a driver of our growth. The second and third upside scenarios in our guide include strong growth in our consumables business, driven by menu additions we saw last year and Lucent Diagnostics testing, which is currently not embedded in the guide. Moving on to gross margin for the year. We expect GAAP gross margin to be in the range of 55% to 59% and non-GAAP gross margin in the range of 50% to 54%, a reduction of 300 basis points from our prior guide. We expect that the impact of tariffs on incoming materials is limited to approximately 50 to 100 basis points of margin after factoring in countermeasures that we have already put in place. The remaining impact on gross margin is driven by the reduction in revenue, specifically in our high-margin Accelerator business and takes into account the cost actions in the future. These cost actions of $15 million in 2025 fully offset the impact of lower revenue and margin in the year. Quanterix's standalone cash usage for the year, therefore, is still expected to be between $35 million to $45 million from operations and $20 million for payments formation. As Masoud mentioned, we expect to close the Akoya transaction in the second quarter. At the end of the second quarter and after settling deal-related expenses and Akoya's debt, we now expect our cash balance to be approximately $160 million versus $155 million previously. We now expect the second EMISSION payment of $10 million to push into the second half of the year. This is partially offset by an additional $5 million of working capital spend in the second quarter, primarily related to bringing in second half inventory earlier than expected. Factoring in cash burn for the combined company in the second half as well as our recent cost reductions, we expect our cash balance will be approximately $120 million at the end of 2025. Finally, I'll provide some color on expected cash balances for 2026. We expect that the cost actions announced today will increase our total cost savings from $40 million to $55 million in 2026. After factoring in a lower revenue run rate from 2025 into 2026, we expect to achieve cash flow breakeven as a combined company in 2026, and we expect to have more than $100 million of cash on the balance sheet with no debt as we exit 2026. I will now turn it back over to Masoud.

Thanks, Vandana. Quanterix is committed to driving advancements in high-sensitivity protein detection and expanding into the critical therapeutic areas of neurology, oncology, and immunology. With our strategic initiatives, including the upcoming launch of our Simoa ONE platform and the Akoya Biosciences merger, we are well-positioned to lead the future of protein-based biomarker testing. Our focus on operational discipline and cost efficiencies will ensure sustainable growth with a clear path to positive cash flow by 2026. Operator, please assemble the Q&A roster.

Thank you. We will now begin the question-and-answer session. Our first question comes from Kyle Mikson with Canaccord. Your line is open.

Thank you for the questions. First, I wanted to address the financials regarding Accelerator and consumables. I recognize that Accelerator had a softer performance this quarter, and it seems that we are anticipating a slow start this year due to project delays in the first half. How does this quarter's Accelerator revenue compare to your expectations, and can you discuss the ramp-up, particularly in the second half of the year? I’m looking to understand if this will be a significant factor for the year. Additionally, regarding consumables, which you mentioned reached a record, I'm curious about which assays contributed to this, and if any legacy products are still making a significant contribution to the revenue. Thank you.

Kyle, I'll take the second part of that question and then Vandana can answer the Accelerator question. From a consumable business, we're thrilled with the record quarter on consumables. We continue to lead in neurology and the markers that we are delivering to our customers are markers that our customers have not been able to access before. So, we work with the leading innovators in the field. These super interesting markers come to us. We develop assays in our product development engine and we deliver them to customers. And so I would say it was the top neurology assays and we've been starting to see some good traction in the inflammation and cytokine-based assays that give us good confidence in continued growth of that business.

Yes. Hey Kyle. On Accelerator, I'd say Q1 was very much aligned with our expectations. We have good visibility into Accelerator going into the quarter. We knew that we wouldn't have Lilly revenue. That's a $1.5 million headwind in Accelerator that we had planned for. So, Q1 was very much aligned with our expectations. But as we look forward to the pipeline, we saw that the pipeline was taking longer to develop. We've always described Accelerator as having about 50% pure recurring revenue and the rest of it coming from large projects. The recurring revenue piece of it is strong and is growing. On the project side, we're seeing a lot of good interest. We're seeing a lot of new customers coming and a lot of new areas such as immunology with our new cytokine offering. Having said that, we're not seeing the large ticket items that we had seen earlier in the last year when Accelerator grew about 36%. So, again, with the visibility we have right now and with what we can see in the pipeline right now, we're forecasting to that.

Great. Thanks guys. And then on the Simoa ONE news, the update here, the kits will be compatible on flow cytometers kind of early on here. Just curious about what that really means for this year going forward, especially synergies? So, again, like maybe immunology-focused, but could this help you expand to maybe MRD applications in the hem/onc world, given that's like where Flow is kind of being used today in some cases? And then also, any synergies with the Akoya transaction, given there's definitely overlaps in Akoya's customer base and the Flow users as well?

Thanks for the question, Kyle. Absolutely. When we look at the platforms in the market, you look at a broad-based ubiquitous platform like PCR. And then you think of all the reagents that various companies make for the PCR platform and also sequencing, you look at flow cytometry and you say, hey, this is an existing massive base in a wide diversity of labs, to your point, in immunology, in oncology. And by utilizing that base, we'll be able to accelerate our menu development into these customers' hands. So, in an environment where there are capital constraints, we're meeting the customers where they are and delivering the solution and we think it's going to be super effective. It's going to have high synergy impact in our combination with Akoya Biosciences, where we'll have a footprint in oncology there. We're going to have the immunology markers coming in flowing through the flow cytometer, no pun intended, and we're excited about that possibility.

Thanks. And quickly just on maybe pricing, if you get that in 3Q, just wondering when the testing like revenue would inflect if that's going to happen maybe before mid-next year, mid-2026, if possible. And just remind us the level of pricing you expect to receive and which test that would be for multi-marker, et cetera? Thanks.

Yes, the pricing we're expecting to receive on the PLA would be multi-marker. Obviously, we want triple-digit pricing on reimbursement and reimbursement would begin in the early part of 2026.

Okay, I'll leave it there. Thanks guys. Appreciate it.

Thanks Kyle.

Our next question comes from the line of Matt Sykes with Goldman Sachs. Your line is open.

Hi. This is Jake on for Matt. Thank you for taking my question. One thing I wanted to dig a little bit more into is on like exactly what you're seeing throughout the U.S. academic end market? And is weakness kind of isolated to strictly instrument purchases on a go-forward basis, given the strength we saw in consumables this quarter? And then my follow-up, I'll just ask both upfront. One, can you update us on your FDA submission time line, particularly like how long from submission to approval? And should a competitor receive FDA approval in 2025, how can you counteract the potential first-mover advantage there? Great. Thank you.

Thank you, Jake. I'll answer your question regarding Alzheimer's testing, and then Vandana can provide some insights about the academic sector and the market. We're very enthusiastic about our Alzheimer’s diagnostic test, which is a multi-marker algorithmic test that stands out in the market. We are actively seeking significant partnerships to provide them with access to the test, especially those with extensive distribution networks, while also developing the infrastructure within our lab. We plan to finalize the enrollment for clinical trials in the latter half of the year, and as we finish these trials, we will submit our application to the FDA. In terms of the near-term and long-term outlook for Alzheimer's testing, a significant portion of this market will revolve around laboratory-developed testing. It’s likely that there will be a mix of laboratory-developed tests available. An FDA-approved test will certainly be beneficial, but I foresee a combination of both FDA tests and LDTs in the market, and we're committed to ensuring our FDA test is successful. On a broader note regarding academia before Vandana adds her perspective, you mentioned the consumables business. We currently have over 1,000 instruments in the market. Each of the HD-X platforms in our Accelerator lab generates around $1 million each and is designed for high throughput. In evaluating our strategic initiatives, our central focus is to continuously develop and expand the offerings for our customers. This includes the latest advancements in neurology and immunology, as well as exciting markers as we explore synergies between Akoya and Quanterix in the oncology space.

Yes. And just to build on that, to your question, we're definitely seeing pressure on instruments, but that's where our consumables have proven to be incredibly resilient and really have kind of been balancing out the model with the recurring revenue as well as with the new assays that we've launched. With that said, we are hearing the same concerns that everybody else is around the funding environment and the ability to get additional funding and grants approved. As we look at the data for the first quarter, we saw the same data that everybody else did where cumulative award values are down almost 40%. The proposal for a 40% reduction in 2026 is on the table right now. We assumed that the 40% scenario does not work, but we did also acknowledge that just a 10% cut year-over-year is probably not sufficient either. And that's how we framed that as well.

Our next question comes from the line of Sung Ji Nam with Scotiabank. Your line is open.

Hi, thanks for taking the questions. Maybe starting out with the Simoa ONE assays that will be available for other existing flow cytometers. This might be a high-cost problem, but just kind of curious if there are advantages of using your Simoa ONE platform versus other flow cytometers with the Simoa assays?

Yes, Sung Ji, you got it. You nailed it. Yes. The platform that we're going to launch at the end of the year is going to be a fully integrated full instrument assay solution. And as you can imagine, in fully integrated solution, the platform is going to have the greatest specs and it's going to outperform other solutions. And as the technology advances, and there are future iterations of the platform, it's going to become even more sophisticated. Simoa ONE was an intentional naming and we expect the fully integrated solution to be an important solution for a lot of customers, both in research and then those that are working in regulatory environments, doing longitudinal projects, etc.

Got it. You mentioned that the Accelerator lab's pipeline is taking longer to develop. I’m curious if you could elaborate on what factors are contributing to that delay. Do you think it’s primarily due to tariffs and pharmaceutical pricing concerns affecting your customers, or could it be a result of reprioritizing some projects in the short term? What do you consider to be the main reasons for the pipeline development taking longer?

Yes, Sung Ji, I'll take that one. Our Accelerator customers are incredibly sticky and incredibly loyal to the business. We deliver good results and they love those results. So, I would say the customer stickiness is there. The customer diversity versus last year is even better. So, we're seeing a bunch of new customers coming in this year versus last year. And they begin with some of the new customers beginning with pilot projects that expand to preclinical work to Phase I and other programs. So, we feel good about that, and we think that pipeline is healthy. On the short term, I think there's just some pharma spending dynamics in the field. You mentioned a few of them. And folks are mainly pushing out projects that we would expect to have gotten in the early half of the year to the second half or beyond. So, it's not that the projects are disappearing, but we're seeing some level of pushout of larger projects that we had anticipated at the beginning of the first half. But overall, 36% growth last year, it was a big pillar of our ability to differentiate in the market. And we think that this comes back to growth and it continues to be a driver for the business.

Got it. I have a quick question for Vandana. Thank you for providing the breakdown of the tariff impact. I was wondering if you could give us an overview of your supply chain exposure and identify the main sources of the tariff impact. Additionally, are you taking into account today's announcement regarding the tariffs between the U.S. and China? Thank you.

Thank you for the question, Sung Ji. I'll first discuss the costs and then address the revenue impact. Regarding incoming costs, our main exposure is related to certain antibodies. As you know, our HD-X machine is manufactured in Switzerland. Throughout the first quarter and into the early second quarter, we've implemented several countermeasures to ensure inventory is properly aligned to minimize the effect of tariffs. With these adjustments, we anticipate that the impact of tariffs on margins will be limited to 50 to 100 basis points. Concerning potential reciprocal tariffs, we had already considered a slight normalization from China. We expect some pressure on instruments, as passing on the tariffs related to instruments will be challenging. Overall, when factoring in instruments and certain consumables, we believe the total impact of the reciprocal tariff will not exceed around 100 basis points of growth.

Next question comes from the line of Puneet Souda with Leerink Partners. Your line is open.

Yes, hi guys. Thanks for the questions here. So, maybe the first one on the guide at the midpoint. For the year, can you walk us through your assumptions for instrumentation, the consumables, and the Accelerator? The Accelerator obviously came in soft. Just want to understand sort of how are you thinking about growth in each of those? I mean when you look at the end market today, obviously, biotech funding is challenged. I mean large pharma, you've got MFN, you've got tariffs still around the corner. Pharma, it is hard to spend aggressively in times like these. So, just given all that backdrop and then academics, as you know, already challenges there. So, just trying to understand what gives you confidence in this guide? And maybe if you can go into the segments?

Sure, I'll take that. Starting with instruments and consumables, we are still facing significant challenges in the market. We anticipate that instrument revenue will remain similar to what we experienced in 2024, which was a decline for us. The growth we see in consumables is crucial as it represents our recurring revenue. This quarter, consumables showed growth, and while we may not meet our initial expectations, we anticipate some level of stability due to the recurring nature of this revenue. On the Accelerator front, the part of the business that generates steady recurring revenue is expected to maintain its performance. However, we will see a notable decline year-over-year, particularly due to the conclusion of the Lilly collaboration, which has a substantial impact. Additionally, the slowdown in the pipeline and the challenges you mentioned concerning pharma spending account for the remaining differences.

Okay, got it. And then just on 2Q, I didn't hear on the revenue or the margin side. How are you thinking about the second quarter, just given you have some read into that as to how that's playing out?

Yes, sure. So, our expectation for the first half versus second half is somewhat consistent with what our history has been in the past. And we've generally done between 45% and 48% of our total year revenue in the first half. Our expectation would be somewhat similar this year as well, where 45% to 48% in the first half and then the second half picks up just a little bit.

Okay, that's helpful. And then if I could ask on the Simoa ONE, would you expect your customers to pause the HD-X purchases or other instrument purchases? And then ultimately, how should we think about the Simoa ONE itself versus flow cytometers that are out there? Do you expect to have higher consumables mix in 2026, just given the installed base there and potentially migrating to those as much as you can with your assays?

Yes Puneet. The HD-X continues to be a key player for Quanterix. You can think of the HD-X as a system that provides unmatched performance in neurology, processing blood samples and delivering results. We anticipate this business will continue to thrive without interruption. The Simoa platform, at its launch, will initially focus on immunology and oncology markers, so we do not foresee any cannibalization of the HD-X. Regarding the expansion into the installed base of over 20,000 units, we believe our margins on consumables are quite favorable. In a market with constraints where capital expenditures are uncertain, we are developing a solution that aligns with market needs. As mentioned in a previous question, we are working to meet researchers at their current level of needs. We believe this approach will be well-received as it emphasizes consumable purchases rather than high capital equipment investments. Similar to last year, when we adjusted our strategy in a capital-constrained environment and moved into the Accelerator, this initiative is significant and is set to broaden the use of our ultrasensitive biomarker detection.

Got it. If I could ask one last question about LucentDx and Alzheimer's, what are your expectations for its contribution this year? Are you also beginning to evaluate what the contribution could be in 2026? The important point to consider is that while some startup platforms, like mass spec platforms, have seen significant adoption, larger companies that are major players in this field are also investing. How do you view your position with the assay, where you currently stand, and your expectations for this year? Thank you.

Yes, absolutely. This is going to be a large market, with projections indicating a blood testing market worth $9 billion to $10 billion in the future. Our offering is unmatched. LucentAD complete combines 217 with four additional markers, and we have developed an algorithm that delivers 90% accuracy while keeping intermediate zones around 10% to 12%. Other tests typically have intermediate zones of 20% to 30%. I believe that customers will appreciate our ability to minimize follow-on PET scans and associated costs, which will be beneficial for patients, payers, and physicians. We are confident that Quanterix will play a significant role in the testing market. Regarding the availability of our test compared to other providers, we are actively working to establish distribution collaborations, with a major announcement made today. We will continue to ensure that our customers and service providers globally can access our testing. Simultaneously, we are building the necessary infrastructure in our laboratory, enhancing our fleet of systems and instruments for field deployment. In terms of revenue contribution, we generated $6 million, and Vandana noted $1.5 million this quarter. This is partially dependent on the pace of therapy and drug adoption in the market. As soon as demand arises, we have a commercial infrastructure ready and in place. We are committed to investing in Alzheimer's diagnostics and are not slowing our efforts. We believe we have the best test, a robust infrastructure, strong partners, and are well-prepared to support the market.

And should we run rate that for the rest of the year, $1.5 million?

Yes. Actually too soon to say the year as you saw last year, it was a little bit lumpy, but now there is a steady flow.

And we have a question from Dan Brennan with TD Cowen. Your line is open.

Great. Thank you. Thanks for taking the questions. Congrats on the quarter. Maybe just on the cash flow side, you talked about the levels this year and next year. Can you just discuss some of the puts and takes for next year, kind of what goes into the assumption? Any high-level comments there? And then also, what's the latest thinking about Akoya's cash burn for 2026, if you could share that?

Yes, I can begin with that. As we look ahead to 2026, we have factored in the changes we announced today regarding our revenue guidance. I don’t want to provide specific guidance for Akoya just yet, but we have made a cautious assumption regarding Akoya’s revenue as well. When we combine the two businesses, we also take into account the synergies we expect to achieve. We previously discussed $40 million in synergies, but with the cost measures we are implementing today, we believe that figure will actually be closer to $55 million. This adjustment significantly impacts our cash burn and helps us achieve the scale we intended with this acquisition. We designed our operations for scale during our transformation a couple of years ago, so we have the capability and resources to manage that volume and realize those synergies. Our cash strategy anticipates that by 2025 we will complete the deal, reduce debt, and start to lower the cash burn right away. Then in 2026, we expect to see the full benefits of all the synergies materialize.

Got it, okay. Maybe just on the LucentAD, the triple-digit price, what's kind of the visibility on that? Can you just remind us on kind of how you get there? Obviously, the single analyte price was disappointing the way it was priced, I'm just wondering on the triple-digit price.

Yes. Yes. So, the way we think about this, this is a five marker test, Dan. So, five markers, we have an Alzheimer's algorithm that takes each of the five markers, quantitates it through the algorithm, and then provides an Alzheimer's risk score. So, when you look at comparable tests in the market, proteomic tests in the market that are four, five markers, you see sort of the price level that I'm referencing. So, it's very different than single marker tests that got priced in the past. And we anticipate this to be a summer pricing and hopefully, with favorable pricing, be able to offer that at the beginning of 2026.

Great. And then maybe just one more on the Accelerator. I know there's a few questions asked already. But just in terms of that, you talked about the percentage of the business that isn't recurring, maybe it's like lumpier, bigger contracts. Just what have you baked in, in the back half guide for that? Just I know it was mentioned earlier in a few questions, just given the uncertainty on pharma spending right now. I wonder if you've kind of taken a real conservative stance there?

Yes. So, over there, we've mentioned that on the overall pharma side, we've baked in about 900 basis points of reduction year-over-year. The large majority of that will hit at Accelerator, again, $4.5 million coming straight from Lilly and then the remainder coming from the fact that we don't have visibility right now into those large projects. The pipeline is there. We don't have good line of sight into exactly when that develops and when that really starts to hit.

Got it. Okay. Okay. Final one, Simoa ONE, just kind of when that's in the market, kind of what's your feedback now in terms of sales funnel, things of that nature? How do you think about the contribution that you could see from that, say, in year one?

Yes. With Simoa ONE, there is enthusiasm about its enhanced sensitivity capabilities. We have regular customers asking about detecting single molecules transitioning from tissue to blood sooner. This feedback contributed to the development of Simoa ONE, which allows for increased multiplexing that is significant for proteomics and testing, with up to 10 markers being very relevant for diagnostics. We've focused on creating an efficient workflow and delivering a straightforward, user-friendly platform, which is essential for our customers. We are engaging with individuals in the immunology sector and are very eager about the progress. By the end of the year, we expect to share more details about the features and system, as well as have customers ready to utilize it. Additionally, we have a program planned for 2026 aimed at broader accessibility, which could lead to more extensive growth than what we've discussed regarding instrument purchases.

Okay, terrific. All right, well, thank you very much.

Ladies and gentlemen, that concludes today's conference call. Thank you all for joining and participating today. You may now disconnect.