Quanterix Corporation

11/09/2026 | Press release | Distributed by Public on 11/09/2026 07:39

Quarterly Report for Quarter Ending September 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 2,600 instruments and scientific validation with citations in more than 7,100 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 the combination of our SIMOA and spatial technologies will enable scientists to 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, 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 $35.0 million and $104.3 million for the three and nine months ended September 30, 2026, respectively, and $40.2 million and $95.0 million for the three and nine months ended September 30, 2025, respectively. Since our inception, we have incurred annual net losses, including net losses of $21.6 million and $88.1
million for the three and nine months ended September 30, 2026, respectively, and $33.5 million and $84.0 million for the three and nine months ended September 30, 2025, respectively.
We expect operating losses to continue into 2027 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, in May 2026 and August 2026 we announced 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 hired a new Chief Commercial Officer who has extensive life sciences and diagnostics business experience. Under this new leadership, we reorganized our commercial organization to product-based selling, added experienced sales leadership within our Accelerator business, and are continuing to improve lead conversion efforts. These investments are intended to strengthen sales execution and competitive positioning and deepen our pharmaceutical partnerships. We also increased our strategic focus on Alzheimer's diagnostics by hiring an experienced Senior Vice President, General Manager Diagnostics to oversee our diagnostics business.
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.
We believe these initiatives began to positively impact our revenues in the third quarter of 2026 and we expect this trend to increase into 2027. We further believe these changes, supported by sustained investment in our SIMOA blood-based and spatial biology tissue-based platforms, will enable us to defend and extend our leadership in the early-stage research and translational markets, which remain foundational to the organization.
Instrument and Assay Approvals by National Medical Products Administration in China
In October 2026, our development and commercialization partner in China, Innovita Biological Technology Co., Ltd., received regulatory approval by the National Medical Products Administration in China for our HD-X and SR-X instruments, as well as our testing kits for four biomarkers relevant to neurological disease: p-Tau 217, GFAP, p-Tau 181 and NfL.
These approvals establish a broader SIMOA-powered neurology biomarker portfolio in China and represent an important step toward expanding access to blood-based biomarker testing into clinical practice within the country.
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.
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. On November 1, 2026, the Florida Agency for Health Care Administration published its Medicaid laboratory fee schedule with pricing for LucentAD Complete, which can provide coverage of our test for traditional Medicaid members and state employees in Florida.
Additionally, during 2026, multiple clinical utility and implementation studies evaluating LucentAD Complete across the Alzheimer's disease diagnostic pathway were completed, 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.
We believe these reimbursement and clinical milestones support broader adoption of LucentAD Complete and facilitate additional clinical adoption and 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 of 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 recorded a goodwill impairment charge of $26.9 million.
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 ("IPR&D") 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 $4.2 million from selling, general and administrative to cost of product revenue during the three and nine months ended September 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 September 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 September 30, Increase (Decrease)
2026 % of Revenue 2025 % of Revenue Amount %
Revenues:
Product revenue $ 25,193 72 % $ 26,151 65 % $ (958) (4) %
Service and other revenue 9,359 27 % 14,036 35 % (4,677) (33) %
Collaboration and license revenue 422 1 % 46 - % 376 817 %
Total revenues 34,974 100 % 40,233 100 % (5,259) (13) %
Costs of goods sold and services:
Cost of product revenue 15,447 44 % 16,684 41 % (1,237) (7) %
Cost of service and other revenue 6,027 17 % 7,648 19 % (1,621) (21) %
Total costs of goods sold and services 21,474 61 % 24,332 60 % (2,858) (12) %
Gross profit 13,500 39 % 15,901 40 % (2,401) (15) %
Operating expenses:
Research and development 7,372 21 % 8,009 20 % (637) (8) %
Selling, general and administrative 28,453 81 % 38,043 95 % (9,590) (25) %
Impairment and restructuring costs 171 - % 7,174 18 % (7,003) (98) %
Total operating expenses 35,996 102 % 53,226 133 % (17,230) (32) %
Loss from operations (22,496) (63) % (37,325) (93) % 14,829 (40) %
Other income (expense), net:
Interest income 663 2 % 1,448 4 % (785) (54) %
Change in fair value of contingent liabilities 595 2 % 58 - % 537 926 %
Other income (expense), net (65) - % (178) - % 113 (63) %
Loss before income taxes (21,303) (59) % (35,997) (89) % 14,694 (41) %
Income tax benefit (expense) (288) (1) % 2,480 6 % (2,768) (112) %
Net loss $ (21,591) (60) % $ (33,517) (83) % $ 11,926 (36) %
Revenues
Total revenues decreased $5.3 million, or 13%, to $35.0 million for the three months ended September 30, 2026, compared to $40.2 million for the three months ended September 30, 2025.
Product revenue decreased $1.0 million, or 4%, to $25.2 million for the three months ended September 30, 2026, compared to $26.2 million for the three months ended September 30, 2025.
Instrument revenues were $4.4 million, a decrease of $2.8 million or 39% from $7.2 million, primarily due to weaker instrument demand from customers in both our academic and pharmaceutical end markets. We expect softness in instrument sales to continue into 2027 as a result of what we believe is a constrained capital funding environment.
Consumables and other product revenues were $20.8 million, an increase of $1.8 million or 10% from $19.0 million, primarily due to demand from pharmaceutical customers. We believe research grant funding has not returned to previous levels, which may affect the pace of recovery in our consumables revenues.
Service and other revenue decreased $4.7 million, or 33%, to $9.4 million, for the three months ended September 30, 2026, compared to $14.0 million for the three months ended September 30, 2025. This decrease was primarily due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development. We continue to see strong opportunities in the market and believe the strategic changes we made to our commercial organization will drive an increase in Accelerator Laboratory revenue into 2027.
Cost of Goods Sold and Services
Total cost of goods sold and services decreased $2.9 million, or 12%, to $21.5 million for the three months ended September 30, 2026, compared to $24.3 million for the three months ended September 30, 2025.
Cost of product revenue decreased $1.2 million, or 7%, to $15.4 million for the three months ended September 30, 2026, compared to $16.7 million for the three months ended September 30, 2025. This decrease was primarily due to reductions in headcount and related compensation and benefit costs from the 2025 restructurings and an overall decrease in product revenue.
Cost of service and other revenue decreased $1.6 million, or 21%, to $6.0 million for the three months ended September 30, 2026, compared to $7.6 million for the three months ended September 30, 2025. This decrease was primarily due to lower headcount and related compensation and benefit costs from the 2025 restructurings and an overall decline in service revenue.
Research and Development
Research and development expense decreased $0.6 million, or 8%, to $7.4 million for the three months ended September 30, 2026, compared to $8.0 million for the three months ended September 30, 2025. The decrease was primarily due to lower headcount and related compensation and benefit costs from the 2025 restructurings and was partially offset by an increase in outside services related to planned HD-X instrument upgrades.
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 $9.6 million, or 25%, to $28.5 million for the three months ended September 30, 2026, compared to $38.0 million for the three months ended September 30, 2025. The decrease was primarily due to non-recurring due diligence and other acquisition costs related to the acquisition of Akoya in 2025 and a reduction in facilities expenses.
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
Impairment and restructuring costs decreased $7.0 million, or 98%, to $0.2 million for the three months ended September 30, 2026. During the three months ended September 30, 2025, we recorded impairment and restructuring costs of $7.2 million relating to severance and related benefit expenses from the 2025 restructuring and impairment of a leased facility acquired in the Akoya acquisition that we are not using. No such costs were recorded in the three months ended September 30, 2026.
Interest Income
Interest income decreased $0.8 million, or 54%, to $0.7 million during the three months ended September 30, 2026, compared to $1.4 million for the three months ended September 30, 2025. The decrease was due to 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 $0.6 million for the three months ended September 30, 2026 as compared to income of $0.1 million for the three months ended September 30, 2025. The change was driven by the 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 Nine Months Ended September 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):
Nine Months Ended September 30, Increase (Decrease)
2026 % of Revenue 2025 % of Revenue Amount %
Revenues:
Product revenue $ 74,149 71 % $ 63,723 67 % $ 10,426 16 %
Service and other revenue 28,752 28 % 29,971 32 % (1,219) (4) %
Collaboration and license revenue 1,394 1 % 1,348 1 % 46 3 %
Total revenues 104,295 100 % 95,042 100 % 9,253 10 %
Costs of goods sold and services:
Cost of product revenue 45,208 43 % 38,619 41 % 6,589 17 %
Cost of service and other revenue 17,347 17 % 15,683 17 % 1,664 11 %
Total costs of goods sold and services 62,555 60 % 54,302 57 % 8,253 15 %
Gross profit 41,740 40 % 40,740 43 % 1,000 2 %
Operating expenses:
Research and development 22,516 22 % 27,126 29 % (4,610) (17) %
Selling, general and administrative 85,575 82 % 99,561 105 % (13,986) (14) %
Impairment and restructuring costs 46,940 45 % 14,844 37 % 32,096 216 %
Total operating expenses 155,031 149 % 141,531 171 % 13,500 10 %
Loss from operations (113,291) (109) % (100,791) (128) % (12,500) 12 %
Other income (expense), net:
Interest income 2,316 2 % 7,408 8 % (5,092) (69) %
Change in fair value of contingent liabilities 2,017 2 % 3,952 4 % (1,935) (49) %
Other income (expense), net 21,117 20 % (68) - % 21,185 (31,154) %
Loss before income taxes (87,841) (85) % (89,499) (116) % 3,593 (4) %
Income tax benefit (expense) (227) - % 5,466 6 % (5,693) (104) %
Net loss $ (88,068) (85) % $ (84,033) (110) % $ (2,100) 2 %
Revenues
Total revenues increased $9.3 million, or 10%, to $104.3 million for the nine months ended September 30, 2026, compared to $95.0 million for the nine months ended September 30, 2025.
Product revenue increased $10.4 million, or 16%, to $74.1 million for the nine months ended September 30, 2026, compared to $63.7 million for the nine months ended September 30, 2025.
Instrument revenues were $12.2 million, an increase of $0.4 million or 3% from $11.8 million, primarily due to the acquisition of Akoya in the third quarter of 2025, which added $4.7 million during the first half of 2026. This increase was partially offset by a decrease in product revenues primarily due to weaker instrument demand from customers in both our academic and pharmaceutical end markets.
Consumables and other product revenues were $62.0 million, an increase of $10.0 million or 19% from $51.9 million, primarily due to the acquisition of Akoya the third quarter of 2025, which added $13.3 million during the first half of 2026 and and was partially offset by reduced demand from academic customers.
Service and other revenue decreased $1.2 million, or 4%, to $28.8 million, for the nine months ended September 30, 2026, compared to $30.0 million for the nine months ended September 30, 2025. The decrease was due to lower volumes of sample testing and assay development services in our Accelerator Laboratory driven by reduced pipeline development. These decreases were partially offset by the acquisition of Akoya in the third quarter of 2025, which added $6.7 million of service and other revenue in the first half of 2026.
Cost of Goods Sold and Services
Total cost of goods sold and services increased $8.3 million, or 15%, to $62.6 million for the nine months ended September 30, 2026, compared to $54.3 million for the nine months ended September 30, 2025.
Cost of product revenue increased $6.6 million, or 17%, to $45.2 million for the nine months ended September 30, 2026, compared to $38.6 million for the nine months ended September 30, 2025. This increase was primarily due to the acquisition of Akoya in the third quarter of 2025, which added $10.3 million to cost of product revenue in the first half of 2026 and an increase in amortization expense related to acquired intangible assets. These increases were partially offset by lower headcount and related compensation and benefit costs from the 2025 restructurings and an overall decline in product revenue.
Cost of service and other revenue increased $1.7 million, or 11%, to $17.3 million for the nine months ended September 30, 2026, compared to $15.7 million for the nine months ended September 30, 2025. This increase was primarily due to the acquisition of Akoya in the third quarter of 2025, which added $2.3 million to to cost of service and other revenue in the first half of 2026 and was partially offset by an overall decline in service revenue.
Research and Development
Research and development expense decreased $4.6 million, or 17%, to $22.5 million for the nine months ended September 30, 2026, compared to $27.1 million for the nine months ended September 30, 2025. The decrease was primarily due to a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission and a decrease in headcount and related compensation and benefit costs from the 2025 restructurings. These decreases were partially offset by an increase in outside services related to planned HD-X instrument upgrades and the acquisition of Akoya.
Selling, General and Administrative
Selling, general and administrative expense decreased $14.0 million, or 14%, to $85.6 million for the nine months ended September 30, 2026, compared to $99.6 million for the nine months ended September 30, 2025. The decrease was primarily due to non-recurring due diligence and other acquisition costs related to the acquisitions of Emission and Akoya in 2025, a non-recurring contingent payment arrangement in 2025 associated with the acquisition of Emission, and a decrease in facilities expenses. These decreases were partially offset by increases in headcount and related compensation and benefits costs due to the strategic changes discussed in the section titled "Business Strategy Updates" and professional services and technology integration costs.
Impairment and Restructuring Costs
During the nine months ended September 30, 2026, we recorded impairment and restructuring costs of $46.9 million primarily related to impairments of the remaining goodwill from the acquisition of Akoya and an IPR&D intangible asset. During the nine months ended September 30, 2025, we recorded $14.8 million of impairment and restructuring costs related to impairment of the remaining goodwill from the acquisition of Emission, impairment of a leased facility acquired in the Akoya acquisition that we no longer used, and severance and related benefit expenses from the 2025 restructurings.
Interest Income
Interest income decreased $5.1 million, or 69%, to $2.3 million for the nine months ended September 30, 2026, compared to $7.4 million for the nine months ended September 30, 2025. The decrease in fair value was primarily due to 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 $2.0 million for the nine months ended September 30, 2026, compared to income of $4.0 million for the nine months ended September 30, 2025. The change was driven by updates to the valuation inputs.
Other Income (Expense), Net
Other income (expense), net increased $21.2 million for the nine months ended September 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 Benefit (Expense)
Income tax expense was $0.2 million for the nine months ended September 30, 2026, compared to an income tax benefit of $5.5 million for the nine months ended September 30, 2025. The change was primarily due to the release of a portion of our valuation allowance on deferred tax assets in 2025 due to temporary tax differences related to the acquisitions of Akoya and 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 September 30, 2026, we had $35.9 million of cash and cash equivalents and $41.5 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.
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, 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):
Nine Months Ended September 30,
2026 2025
Net cash used in operating activities $ (39,428) $ (60,792)
Net cash provided by investing activities 46,828 41,792
Net cash used in financing activities (1,245) (186)
Net increase in cash, cash equivalents, and restricted cash $ 6,155 $ (19,186)
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 $39.4 million and $60.8 million for the nine months ended September 30, 2026 and 2025, respectively. The $21.4 million increase in net cash used in operations was primarily due to an increase in net loss and adjustments for non-cash items, including a $39.5 million increase of impairment charges for goodwill and an IPR&D intangible asset, partially offset by the one-time recognition of $14.0 million of non-cash income related to the termination of the Development Agreement, and an increase in depreciation and amortization expense primarily related to the intangible assets acquired in the acquisition of Akoya. The overall change in net cash used in operations was also driven by changes in working capital items, primarily the recognition of $7.9 million of deferred revenue associated with the termination of the Development Agreement and an increase in accounts receivable from both the acquisition of Akoya and stronger demand at the end of the third quarter of 2026.
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 $46.8 million during the nine months ended September 30, 2026, which consisted primarily of $63.8 million of proceeds from sales and maturities of marketable securities and $16.7 million of purchases of marketable securities.
Net cash provided by investing activities was $41.8 million during the nine months ended September 30, 2025, which consisted of $183.4 million of proceeds from sales and maturities of marketable securities, $93.2 million of cash paid for the acquisition of Emission, $45.7 million for the purchase of marketable securities, and $2.7 million of purchases of property and equipment.
Financing Activities
Net cash used in financing activities was $1.2 million during the nine months ended September 30, 2026, compared to $0.2 million during the nine months ended September 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 September 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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