Quanterix Corporation

08/10/2026 | Press release | Distributed by Public on 08/10/2026 06:35

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in the section titled "Part I. Item 1. Financial Statements (Unaudited)" in this Quarterly Report on Form 10-Q and our audited Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), as filed with the U.S. Securities and Exchange Commission (the "SEC") on March 2, 2026. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded numbers. In addition to historical information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results, performance, or experience may differ materially from those discussed below due to various important factors, risks, and uncertainties, including, but not limited to, those set forth in the sections titled "Part II, Item 1A. Risk Factors" and "Note Regarding Forward-Looking Statements" included in this Quarterly Report on Form 10-Q or in the section titled "Part I, Item 1A. Risk Factors" of our 2025 Form 10-K. 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.
Overview
We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services. We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our combined platforms have achieved significant commercial adoption with an installed base of over 2,500 instruments and scientific validation with citations in more than 6,800 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation.
Our proprietary digital "Simoa" detection technology enables customers to reliably detect protein biomarkers at ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. Multi-plexing biomarker analysis in tissue samples with our spatial biology platforms enables scientists to understand the localized interactions occurring on the cellular level. We believe our combination of technologies will enable scientists to help drive diagnostic innovation in the evolving healthcare landscape with data across the tissue to fluid continuum. Currently, the ability of our Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to identify early-stage disease markers before symptoms appear.
Our instruments are designed to be used either with assays fully developed by us, including all antibodies and supplies required to run the assays, or with "homebrew" assay kits where we supply some of the components required for testing, and the customer supplies the remaining required elements. Accordingly, our installed instruments generate a recurring revenue stream. As the installed base of our instruments increases, we expect total consumables revenue to increase.
We also provide contract research services and clinical laboratory testing services, including four Laboratory Developed Tests ("LDT"), using our proprietary Simoa and spatial biology technology through our Accelerator Laboratory (the "Accelerator Laboratory"), which is certified under the Clinical Laboratory Improvement Amendments of 1988 ("CLIA"). To date, we have completed over 2,650 projects for more than 500 customers throughout the world using our platforms.
We have an extensive base of worldwide customers including research laboratories, contract research organizations ("CROs"), academic institutions, and bio-pharmaceutical companies. We sell our instruments, consumables, and services through direct field sales and support organizations in North America and Europe, and through our own sales force and distributors in countries throughout Europe, Asia Pacific, Africa, Latin America, and the Middle East.
Our total revenues were $32.9 million and $69.3 million for the three and six months ended June 30, 2026, respectively, and $24.5 million and $54.8 million for the three and six months ended June 30, 2025, respectively. Since our inception, we have incurred annual net losses, including net losses of $48.9 million and $66.5 million for the three and six
months ended June 30, 2026, respectively, and $30.0 million and $50.5 million for the three and six months ended June 30, 2025, respectively.
We expect operating losses to continue in the remainder of 2026 as we incur costs related to the following:
•expanding our research and development efforts to improve our existing, or to develop and launch new, assays and instruments. These expenses could be particularly significant if any of our products become subject to additional or more burdensome regulation by the U.S. Food and Drug Administration (the "FDA");
•investing in Lucent Diagnostics, additional LDTs, and other diagnostics initiatives including entry into translational pharma and clinical diagnostic markets;
•seeking Premarket Approval ("PMA"), de novo classification, or 510(k) clearance from the FDA for our products to market them for use in the prevention, diagnosis, or treatment of a disease or other condition;
•making required earnout payments under the Emission, Inc. ("Emission") acquisition agreement, which are contingent upon certain performance milestones;
•entering into collaboration arrangements, or in-licensing other products and technologies; and
•adding or enhancing operational, financial, and management information systems.
Subsequent to our acquisition of Akoya Biosciences, Inc. ("Akoya") in 2025, we implemented actions to realize many of the transaction's synergies. In the second quarter of 2026, we completed the integration of Akoya with the consolidation of operational processes and financial reporting systems. As a result of the actions we took, on an annualized basis, we have realized approximately $85.0 million of cost synergies.
Recent Business Developments
Business Strategy Update
Following the appointment of our new President and Chief Executive Officer in January 2026, we undertook a comprehensive review of the Company's commercial and product strategy. Upon completion of the review, we announced in May 2026 and August 2026 several significant changes intended to accelerate revenue growth in our research tools business and to further advance our position in the Alzheimer's Disease diagnostics market.
To improve our commercial effectiveness, we have hired a new Chief Commercial Officer who has extensive life sciences and diagnostics business experience. Under this new leadership, we are reorganizing our commercial organization to product-based selling, adding additional experienced sales leadership within our Accelerator business, improving lead generation efforts, and investing in marketing spend. These investments are intended to strengthen sales execution and competitive positioning and to deepen our pharmaceutical partnerships.
We are also increasing our strategic focus on Alzheimer's diagnostics, as reflected by our hiring of an experienced Senior Vice President, General Manager Diagnostics to oversee our diagnostics business and investing in laboratory infrastructure and targeted commercial programs.
To help fund these investments, we streamlined our product roadmap and commenced upgrading our HD-X platform with the intent to pursue FDA in vitro diagnostics ("IVD") status in 2027.
By focusing our efforts on these initiatives, we believe we can positively impact our revenues starting in the second half of 2026 and more materially in 2027. We further believe these changes, supported by sustained investment in our SP-X, SR-X, and spatial biology platforms, will enable us to defend and extend our leadership in the early-stage research and translational markets, which remain foundational to the organization.
FDA 510(k) Submission for a Multi-Analyte Algorithmic Blood Test for Alzheimer's Disease Detection
On January 31, 2026, we submitted a 510(k) premarket notification to the FDA for a multi-analyte algorithmic blood test for Alzheimer's disease.
This submission represents a significant milestone in the Company's mission to provide superior, non-invasive, high-performance diagnostic tools to aid in the evaluation of patients with cognitive symptoms for possible Alzheimer's disease. The multi-analyte test previously received Breakthrough Device Designation from the FDA, a program intended to accelerate the development and review of devices that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases. The test is intended to aid in identifying whether patients with cognitive symptoms are likely to have amyloid brain plaques-a hallmark of Alzheimer's-providing diagnostic clarity through a non-invasive blood test.
LucentAD Complete
LucentAD Complete is our multi-biomarker LDT used in assessing Alzheimer's disease pathology. In November 2025, the Centers for Medicare & Medicaid Services approved a reimbursement rate of $897 for our LucentAD Complete test.
During the second quarter of 2026, we completed multiple clinical utility and implementation studies evaluating LucentAD Complete across the Alzheimer's disease diagnostic pathway, including primary care and specialty neurology settings. Results from these studies were presented at the Alzheimer's Association International Conference and are being prepared for peer-reviewed publication.
Beginning July 1, 2026, members covered under Anthem Blue Cross and Blue Shield medical policies can receive coverage for qualifying blood-based biomarker testing, including LucentAD Complete, when medical necessity criteria are met.
We believe these clinical and reimbursement milestones support broader adoption of LucentAD Complete and may facilitate additional commercial and government payer coverage over time.
Acquisitions
Refer to Note 3 - Acquisitions in the Notes to Consolidated Financial Statements for information on our acquisitions of Emission and Akoya, which occurred in 2025.
Goodwill Impairment
Due to declines in our revenue during the second quarter of 2026, we concluded that it was more likely than not that the fair value our single reporting unit was less than its carrying amount. As a result, we performed a quantitative impairment test as of June 30, 2026 and determined the carrying value of our reporting unit exceeded its fair value. As a result, we recorded a goodwill impairment charge of $26.9 million during the three months ended June 30, 2026.
Termination of Diagnostic Development Agreement
As part of the acquisition of Akoya, we assumed a diagnostics development agreement (the "Development Agreement") with a biopharmaceutical customer. On February 25, 2026, the Development Agreement was terminated by mutual agreement of the parties. As a result of the termination, during the three months ended March 31, 2026, we recorded an impairment charge of $19.3 million for the related in-process research and development intangible asset. Additionally, we recognized one-time income which included $14.0 million of non-cash income from the contract's related off-market liability and $7.9 million of deferred revenue. These amounts were recorded in other income, net on our Consolidated Statements of Operations, as the termination of an acquired, off-market contract is unusual and infrequent in nature.
Change in Accounting Principle
During the first quarter of 2026 we changed our accounting policy for classifying shipping and handling costs for product sales, which are primarily comprised of costs paid to third-party shippers for transporting products to customers. Historically, shipping and handling costs have been recorded in selling, general and administrative expenses. Under the new accounting policy, shipping and handling costs are recorded in cost of product revenue. We believe this classification is preferable because including these costs in cost of product revenue will better align the costs with the related revenue in the calculation of gross profit and is consistent with the practices of other companies in the same industry. We applied the change in accounting principle retrospectively to all periods presented.
The accompanying Consolidated Statements of Operations and this Management's Discussion and Analysis of Financial Condition and Results of Operations reflect the effect of the change in accounting principle, which includes a reclassification of $1.3 million and $2.9 million from selling, general and administrative to cost of product revenue during the three and six months ended June 30, 2025, respectively. The change in accounting principle had no impact on revenues, loss from operations, net loss, or net loss per share and did not affect the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, or Consolidated Statements of Stockholders' Equity.
Comparison of Results of Operations for the Three Months Ended June 30, 2026 and 2025:
The following table sets forth select Consolidated Statements of Operations data, and such data as a percentage of total revenues (in thousands, except percentages):
Three Months Ended June 30, Increase (Decrease)
2026 % of Revenue 2025 % of Revenue Amount %
Revenues:
Product revenue $ 23,476 71 % $ 16,832 69 % $ 6,644 39 %
Service and other revenue 9,018 28 % 7,112 29 % 1,906 27 %
Collaboration and license revenue 412 1 % 532 2 % (120) (23) %
Total revenues 32,906 100 % 24,476 100 % 8,430 34 %
Costs of goods sold and services:
Cost of product revenue 14,621 44 % 10,594 43 % 4,027 38 %
Cost of service and other revenue 5,611 17 % 3,881 16 % 1,730 45 %
Total costs of goods sold and services 20,232 61 % 14,475 59 % 5,757 40 %
Gross profit 12,674 39 % 10,001 41 % 2,673 27 %
Operating expenses:
Research and development 7,821 24 % 9,081 37 % (1,260) (14) %
Selling, general and administrative 27,350 83 % 30,350 124 % (3,000) (10) %
Impairment and restructuring costs 26,934 82 % 7,670 31 % 19,264 251 %
Total operating expenses 62,105 189 % 47,101 192 % 15,004 32 %
Loss from operations (49,431) (150) % (37,100) (151) % (12,331) 33 %
Other income (expense), net:
Interest income 761 2 % 2,692 11 % (1,931) (72) %
Change in fair value of contingent liabilities (79) - % 4,273 17 % (4,352) (102) %
Other income (expense), net (239) (1) % 49 - % (288) (588) %
Loss before income taxes (48,988) (149) % (30,086) (123) % (18,902) 63 %
Income tax benefit 54 - % 73 - % (19) (26) %
Net loss $ (48,934) (149) % $ (30,013) (123) % $ (18,921) 63 %
Revenues
Total revenues increased $8.4 million, or 34%, to $32.9 million for the three months ended June 30, 2026, compared to $24.5 million for the three months ended June 30, 2025. For the three months ended June 30, 2026, product revenue consisted of instrument sales of $3.7 million and sales of consumables and other products of $19.8 million.
Product revenue increased $6.6 million, or 39%, to $23.5 million for the three months ended June 30, 2026, compared to $16.8 million for the three months ended June 30, 2025. The increase was due to the acquisition of Akoya, which added $9.3 million of product revenue. For the legacy Quanterix business, product revenue decreased $2.7 million primarily due to weaker demand from both academic and pharmaceutical customers as research grant funding remains constrained and research and development spending declined.
We expect softness in instrument sales to continue during the remainder of 2026 as a result of what we believe is a constrained capital funding environment. As we implement the strategic changes to update our HD-X and improve our commercial execution, or as funding conditions improve, we anticipate a recovery in instrument demand. We also expect the continued uncertain macro-economic environment to cause fluctuations in consumables sales during the remainder of 2026.
Service and other revenue increased $1.9 million, or 27%, to $9.0 million, for the three months ended June 30, 2026, compared to $7.1 million for the three months ended June 30, 2025. The increase was due to the acquisition of Akoya, which added $3.0 million of service and other revenue. For the legacy Quanterix business, service and other revenue decreased $1.0 million primarily due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development. While we continue to see strong opportunities in the market, the uncertain macro-economic environment is expected to continue to drive fluctuations in Accelerator Laboratory revenue during the remainder of 2026.
Cost of Goods Sold and Services
Total cost of goods sold and services increased $5.8 million, or 40%, to $20.2 million for the three months ended June 30, 2026, compared to $14.5 million for the three months ended June 30, 2025.
Cost of product revenue increased $4.0 million, or 38%, to $14.6 million for the three months ended June 30, 2026, compared to $10.6 million for the three months ended June 30, 2025. This increase was due to the acquisition of Akoya, which added $5.1 million to cost of product revenue, including $2.9 million of amortization of acquired intangible assets. This increase was partially offset by a $1.1 million decrease in the legacy Quanterix business primarily related to reductions in headcount and related compensation and benefit costs from the May 2025 restructuring plan.
Cost of service and other revenue increased $1.7 million, or 45%, to $5.6 million for the three months ended June 30, 2026, compared to $3.9 million for the three months ended June 30, 2025. This increase was primarily due to the acquisition of Akoya, which added $1.2 million to cost of service and other revenue.
Research and Development
Research and development expense decreased $1.3 million, or 14%, to $7.8 million for the three months ended June 30, 2026, compared to $9.1 million for the three months ended June 30, 2025. The decrease was primarily due to a $1.9 million decrease from a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission and was partially offset by the research and development expenses added from the acquisition of Akoya.
We believe that our continued investment in research and development is essential to our long-term competitive position and we expect to maintain research and development expense at a more consistent level period to period in the future.
Selling, General and Administrative
Selling, general and administrative expense decreased $3.0 million, or 10%, to $27.4 million for the three months ended June 30, 2026, compared to $30.4 million for the three months ended June 30, 2025.
The decrease was primarily due to (1) a $4.0 million decrease in due diligence and other acquisition costs related to the acquisitions of Akoya and Emission in 2025, (2) a $2.6 million decrease in headcount and related compensation and benefit costs from the May 2025 restructuring plan and changes in our executive team, and (3) a $1.9 million decrease from a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission. These decreases were partially offset by (1) a $1.1 million increase in consulting fees related to strategic initiatives and corporate matters, (2) a $1.0 million increase in professional services and technology integration costs, and (3) the selling, general and administrative expenses added from the acquisition of Akoya.
We do not expect selling, general and administrative expenses in future periods to change at the same rate as total revenue or research and development expenses.
Impairment and Restructuring Costs
We recorded an impairment charge of $26.9 million during the three months ended June 30, 2026 related to impairment of the remaining goodwill from the acquisition of Akoya. During the three months ended June 30, 2025, we recorded impairment and restructuring costs of $7.7 million relating to a goodwill impairment charge and severance and related benefit expenses from the May 2025 restructuring plan.
Interest Income
Interest income decreased $1.9 million, or 72%, to $0.8 million during the three months ended June 30, 2026, compared to $2.7 million for the three months ended June 30, 2025. The decrease was primarily due to lower interest rates and a lower balance of cash, cash equivalents, and marketable securities.
Change in Fair Value of Contingent Liabilities
The change in fair value of contingent liabilities was a loss of $0.1 million for the three months ended June 30, 2026 as compared to income of $4.3 million for the three months ended June 30, 2025. The change was driven by the achievement of certain performance targets and updates to the valuation inputs. The contingent arrangements relate to the acquisition of Emission and the assumption of Akoya's contingent liability from its acquisition of the Quantitative Pathology Solutions division of PerkinElmer, Inc. in 2018.
Comparison of Results of Operations for the Six Months Ended June 30, 2026 and 2025:
The following table sets forth select Consolidated Statements of Operations data, and such data as a percentage of total revenues (in thousands, except percentages):
Six Months Ended June 30, Increase (Decrease)
2026 % of Revenue 2025 % of Revenue Amount %
Revenues:
Product revenue $ 48,956 71 % $ 37,572 69 % $ 11,384 30 %
Service and other revenue 19,394 28 % 15,935 29 % 3,459 22 %
Collaboration and license revenue 972 1 % 1,303 2 % (331) (25) %
Total revenues 69,322 100 % 54,810 100 % 14,512 26 %
Costs of goods sold and services:
Cost of product revenue 29,761 43 % 21,935 40 % 7,826 36 %
Cost of service and other revenue 11,320 16 % 8,035 15 % 3,285 41 %
Total costs of goods sold and services 41,081 59 % 29,970 55 % 11,111 37 %
Gross profit 28,241 41 % 24,840 45 % 3,401 14 %
Operating expenses:
Research and development 15,144 22 % 19,117 35 % (3,973) (21) %
Selling, general and administrative 57,121 82 % 61,520 112 % (4,399) (7) %
Impairment and restructuring costs 46,769 142 % 7,670 31 % 39,099 510 %
Total operating expenses 119,034 104 % 88,307 147 % 30,727 35 %
Loss from operations (90,793) (63) % (63,467) (102) % (27,326) 43 %
Other income (expense), net:
Interest income 1,653 2 % 5,962 11 % (4,309) (72) %
Change in fair value of contingent liabilities 1,422 2 % 3,894 7 % (2,472) (63) %
Other income (expense), net 21,182 31 % 108 - % 21,074 19,513 %
Loss before income taxes (66,536) (28) % (53,503) (84) % (10,561) 20 %
Income tax benefit 61 - % 2,986 5 % (2,925) (98) %
Net loss $ (66,475) (28) % $ (50,517) (79) % $ (13,486) 27 %
Revenues
Total revenues increased $14.5 million, or 26%, to $69.3 million for the six months ended June 30, 2026, compared to $54.8 million for the six months ended June 30, 2025. For the six months ended June 30, 2026, product revenue consisted of instrument sales of $7.8 million and sales of consumables and other products of $41.2 million.
Product revenue increased $11.4 million, or 30%, to $49.0 million for the six months ended June 30, 2026, compared to $37.6 million for the six months ended June 30, 2025. The increase was due to the acquisition of Akoya, which added $18.0 million of product revenue. For the legacy Quanterix business, product revenue decreased $6.7 million primarily due to weaker demand from both academic and pharmaceutical customers as research grant funding remains constrained and research and development spending declined.
Service and other revenue increased $3.5 million, or 22%, to $19.4 million, for the six months ended June 30, 2026, compared to $15.9 million for the six months ended June 30, 2025. The increase was due to the acquisition of Akoya, which added $6.7 million of service and other revenue. For the legacy Quanterix business, service and other revenue decreased $3.2 million primarily due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development.
Cost of Goods Sold and Services
Total cost of goods sold and services increased $11.1 million, or 37%, to $41.1 million for the six months ended June 30, 2026, compared to $30.0 million for the six months ended June 30, 2025.
Cost of product revenue increased $7.8 million, or 36%, to $29.8 million for the six months ended June 30, 2026, compared to $21.9 million for the six months ended June 30, 2025. This increase was due to the acquisition of Akoya, which added $10.3 million to cost of product revenue, including $5.6 million of amortization of acquired intangible assets. This increase was partially offset by a $1.2 million decrease in the legacy Quanterix business primarily related to reductions in headcount and related compensation and benefit costs from the May 2025 restructuring plan and lower product sales.
Cost of service and other revenue increased $3.3 million, or 41%, to $11.3 million for the six months ended June 30, 2026, compared to $8.0 million for the six months ended June 30, 2025. This increase was primarily due to the acquisition of Akoya, which added $2.3 million to cost of service and other revenue.
Research and Development
Research and development expense decreased $4.0 million, or 21%, to $15.1 million for the six months ended June 30, 2026, compared to $19.1 million for the six months ended June 30, 2025. The $4.0 million decrease was primarily due to a $4.0 million decrease from a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission and a $2.1 million decrease in headcount and related compensation and benefit costs from the May 2025 restructuring plan. These decreases were partially offset by the research and development expenses added from the acquisition of Akoya.
Selling, General and Administrative
Selling, general and administrative expense decreased $4.4 million, or 7%, to $57.1 million for the six months ended June 30, 2026, compared to $61.5 million for the six months ended June 30, 2025.
The decrease was primarily due to the legacy Quanterix business resulting from (1) a $7.2 million decrease in due diligence and other acquisition costs related to the acquisitions of Akoya and Emission in 2025, (2) a $3.9 million decrease from a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission, (3) a $2.8 million decrease in headcount and related compensation and benefit costs from the May 2025 restructuring plan, and (4) a $1.9 million decrease in consulting and professional services fees. These decreases were partially offset by the selling, general and administrative expenses added from the acquisition of Akoya.
Impairment and Restructuring Costs
We recorded impairment and restructuring costs of $46.8 million during the six months ended June 30, 2026 primarily related to impairments of the remaining goodwill from the acquisition of Akoya and an in process research and development intangible asset. During the six months ended June 30, 2025, we recorded impairment and restructuring costs of $7.7 million relating to a goodwill impairment charge and severance and related benefit expenses from the May 2025 restructuring plan.
Interest Income
Interest income decreased $4.3 million, or 72%, to $1.7 million for the six months ended June 30, 2026, compared to $6.0 million for the six months ended June 30, 2025. The decrease in fair value was primarily due to lower interest rates and a lower balance of cash, cash equivalents, and marketable securities.
Change in Fair Value of Contingent Liabilities
The change in fair value of contingent liabilities was income of $1.4 million for the six months ended June 30, 2026, compared to income of $3.9 million for the six months ended June 30, 2025. The change was driven by the achievement of certain performance targets and updates to the valuation inputs. The contingent arrangements relate to the Emission acquisition that closed in the first quarter of 2025 and the assumption of Akoya's contingent liability from its acquisition of the Quantitative Pathology Solutions division of PerkinElmer, Inc in 2018.
Other Income (Expense), Net
Other income (expense), net increased $21.1 million for the six months ended June 30, 2026. As a result of the termination of the Development Agreement in the first quarter of 2026, we recognized $14.0 million of non-cash income from the contract's off-market liability and $7.9 million of deferred revenue. This termination of an acquired, off-market contract is unusual and infrequent in nature.
Income Tax (Expense) Benefit
Income tax benefit decreased $2.9 million, or 98%, to $0.1 million for the six months ended June 30, 2026, compared to $3.0 million for the six months ended June 30, 2025. The change was primarily due to the release of a portion of our valuation allowance on deferred tax assets due to temporary tax differences related to the acquisition of Emission.
Liquidity and Capital Resources
Our principal sources of liquidity are cash, cash equivalents, marketable securities, and funds generated from sales of our products and services. As of June 30, 2026, we had $44.2 million of cash and cash equivalents and $49.4 million of marketable securities. Historically we have also financed our operations through equity offerings and borrowings from credit facilities. Our liquidity requirements have consisted, and we expect that they will continue to consist, of sales and marketing expenses, research and development expenses, working capital, general corporate expenses, and contingent payments related to our prior acquisition activity.
We believe our cash, cash equivalents, and marketable securities, along with funds generated from sales of our products and services, will be sufficient to meet our anticipated operating cash requirements for at least 12 months from the date of this Quarterly Report on Form 10-Q.
Although we previously set a cash flow breakeven target of year-end 2026, we now anticipate being cash flow breakeven in 2027. The primary factors leading to this change include increasing our investment in commercial leadership and resources across our research tools and Accelerator Laboratory businesses and building our diagnostics team and infrastructure as we focus on Alzheimer's diagnostics. Along with the changes discussed in the section titled "Recent Business Developments - Business Strategy Update", we believe that improving our commercial execution will allow us to grow without substantial macro-environment recovery. Additionally, weaker-than-expected revenue in the first half of 2026 contributed to our updated timeline. Our ability to achieve our cash flow breakeven target is dependent on our success in implementing our strategy changes and meeting revenue and expense objectives. Further, our progress could be adversely affected by economic, market, and other external factors.
Our future capital requirements will depend on many factors, including, but not limited to, our pace of growth, enhancements to or introductions of new instruments, assays, and services, including Lucent Diagnostics, and advancing access to our diagnostic tests, market acceptance of our products and services, regulatory requirements, regulatory approval of our products or services, and the effects of competition, technological developments, and broader market and economic trends.
If additional capital is needed, we cannot guarantee that we will be able to obtain funding on acceptable terms, or at all. If we raise additional funds by issuing equity or equity-linked securities, our stockholders may experience dilution. Future debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or equity financing that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we do not have or are not able to obtain sufficient funds, if needed, we may have to delay development or commercialization of our products and services. We also may have to reduce marketing, customer support, or other resources devoted to our products, or cease operations.
Cash Flows
The following table summarizes our cash flows (in thousands):
Six Months Ended June 30,
2026 2025
Net cash used in operating activities $ (23,226) $ (19,543)
Net cash provided by investing activities 38,926 94,642
Net cash used in financing activities (1,297) (336)
Net increase in cash, cash equivalents, and restricted cash $ 14,403 $ 74,763
Operating Activities
We derive cash flows from operations primarily from the sale of our products and services. Our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to develop new products and services, invest in process and product improvements, and increase our sales and marketing efforts. We have historically experienced negative cash flows from operating activities as we have developed our technology, expanded our business, and built our infrastructure. We expect negative cash flows from operating activities will continue into 2027.
Net cash used in operating activities was $23.2 million and $19.5 million for the six months ended June 30, 2026 and 2025, respectively. The $3.7 million increase in net cash used in operations was primarily due to an increase in net loss and adjustments for non-cash items, including $46.8 million of impairment charges for goodwill and an in-process research and development intangible asset, partially offset by the recognition of $14.0 million of non-cash income related to the termination of the Development Agreement. The overall change in net cash used in operations was also driven by a $25.3 million change in working capital items, primarily a $15.6 million decrease in accounts payable and accrued compensation and benefits and the recognition of $7.9 million of deferred revenue associated with the termination of the Development Agreement.
Investing Activities
Our primary investing activities have consisted of purchases, sales, and maturities of marketable securities, funds to acquire companies, and capital expenditures for the purchase of property and equipment to support our infrastructure.
Net cash provided by investing activities was $38.9 million during the six months ended June 30, 2026, which consisted primarily of $47.4 million of proceeds from sales and maturities of marketable securities offset by $8.2 million of purchases of marketable securities.
Net cash provided by investing activities was $94.6 million during the six months ended June 30, 2025, which consisted of $135.9 million of proceeds from sales and maturities of marketable securities, $9.0 million of cash paid for the acquisition of Emission, $30.2 million for the purchase of marketable securities, and $2.0 million of purchases of property and equipment.
Financing Activities
Net cash used in financing activities was $1.3 million during the six months ended June 30, 2026, compared $0.3 million during the six months ended June 30, 2025. The cash used in 2026 was primarily related to payments made for the holdback liability from the acquisition of Emission and achievement of certain performance targets on contingent payment arrangements from our acquisitions.
Future Cash Obligations
As of June 30, 2026, there have been no material changes to our contractual obligations and commitments from those described in the section titled "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our 2025 Form 10-K.
In addition to the cash commitments disclosed in our 2025 Form 10-K, we may have other payables and liabilities that may be legally enforceable but are not considered contractual commitments.
Critical Accounting Policies and Estimates
Our critical accounting policies and significant estimates that involve a higher degree of judgment and complexity are described in the section titled "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates" included in our 2025 Form 10-K.
There have been no material changes to our critical accounting policies and estimates as previously disclosed in our 2025 Form 10-K.
Recent Accounting Pronouncements
Refer to Note 2 - Significant Accounting Policies in the Notes to Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a full description of recent accounting pronouncements, including the expected dates of adoption and effects on our Consolidated Financial Statements and related disclosures.
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