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FORM10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the quarterly period endedMarch 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from ___________ to ___________ Commission File Number:001-40344 Akoya Biosciences, Inc. (Exact name of registrant as specified in its charter) 47-5586242 Delaware (I.R.S. Employer Identification No.) (State or other jurisdiction ofincorporation or organization) 100 Campus Drive,6th FloorMarlborough,Massachusetts 01752 (Address of principal executive offices) (855)896-8401 Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☒ Acceleratedfiler☐Smallerreportingcompany☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ Number of shares of the registrant’s common shares outstanding at April 30, 2025:49,875,399 AKOYA BIOSCIENCES,INC. TABLE OF CONTENTS PagePARTI. FINANCIAL INFORMATIONItem1.Financial StatementsConsolidated Balance Sheets at March 31, 2025 (Unaudited) and December31,20242Consolidated Statements of Operations (Unaudited) for the Three Months EndedMarch 31, 2025 and 20243Consolidated Statements of Comprehensive Loss (Unaudited) for the Three MonthsEnded March 31, 2025 and 20244Consolidated Statements of Stockholders’ (Deficit) Equity (Unaudited) for theThree Months Ended March 31, 2025 and 20245Consolidated Statements of Cash Flows (Unaudited) for the Three Months EndedMarch 31, 2025 and 20246Notesto Consolidated Financial Statements (Unaudited)7Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations31Item3.Quantitative and Qualitative Disclosures About Market Risk43Item4.Controls and Procedures43PARTII. OTHER INFORMATIONItem1.Legal Proceedings43Item1A.Risk Factors43Item2.Unregistered Sales of Equity Securities and Use of Proceeds47Item3.Defaults Upon Senior Securities47Item4.Mine Safety Disclosures47Item5.Other Information47Item6.Exhibits49Signatures50 Akoya Biosciences,Inc. SPECIAL NOTEREGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are based on management’s beliefs andassumptions and on information currently available to management. All statements contained in thisreport other than statements of historical fact are forward-looking statements, including statementsregarding our ability to develop, commercialize and achieve market acceptance of our current andplanned products and services, our research and development efforts, and other matters regarding ourbusiness strategies, use of capital, results of operations and financial position, and plans andobjectives for future operations. In some cases, you can identify forward-looking statements by thewords “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”“estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms orother comparable terminology, although not all forward-looking statements contain these words.These statements involve risks, uncertainties and other factors that may cause actual results, levels ofactivity, performance or achievements to be materially different from the information expressed orimplied by these forward-looking statements. These risks, uncertainties and other factors aredescribed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition andResults of Operations,” and elsewhere in this report and in other documents we file with theSecuriti