Akoya Biosciences introduces new assay for breast cancer ADC development

MARLBOROUGH, Mass. - Akoya Biosciences, Inc. (NASDAQ: AKYA), known as The Spatial Biology Company®, has announced the launch of a new assay aimed at enhancing the development of antibody-drug conjugates (ADCs) for breast cancer treatment. This assay is designed to enable more precise patient selection by quantifying ADC target expression with subcellular localization. The company, which generated revenue of $81.67 million in the last twelve months with a healthy gross margin of 58.62%, has seen its stock surge 17% over the past week, according to InvestingPro data.

The multiplex immunofluorescence (mIF) panel, which includes markers such as HER2, TROP2, Ki-67, ER/PR, and a proprietary membrane-localization cocktail, allows for the simultaneous assessment of normalized protein expression and membrane/cytoplasmic expression ratios. It also facilitates comparative analysis with standard-of-care IHC biomarkers. While the company maintains strong liquid assets exceeding short-term obligations with a current ratio of 2.61, InvestingPro analysis reveals over 10 additional key insights about the company’s financial health and market position.

Akoya’s Advanced Biopharma Services (ABS) will offer this ADC panel, providing comprehensive support ranging from assay customization to tissue staining and high-resolution imaging, to image analysis and reporting. ABS operates within a CLIA-certified laboratory and boasts an integrated imaging and analysis workflow, as well as a clinical trial site and a global CRO network for study support.

According to Pascal Bamford, Chief Clinical Officer at Akoya, the panel is optimized for identifying specific patient groups in clinical trial cohorts and for delivering consistent, quantitative scoring of each ADC marker.

In addition to the ADC assay, Akoya will present real-world data from its PhenoCode™ Discovery IO60 panel at the American Association for Cancer Research (AACR) 2025 Annual Meeting, scheduled for April 25-30 in Chicago, Illinois. The IO60 panel, which was first introduced at SITC 2024, is touted as the fastest ultrahigh-plex spatial proteomics solution for immuno-oncology research.

Brian McKelligon, CEO of Akoya, expressed pride in the real-world impact of the IO60 panel, noting that it validates the platform’s potential in advancing translational research.

Akoya will feature both the ADC-focused breast cancer panel and the IO60 panel at Booth #3045 during the AACR 2025 meeting. The company will also host a live Atlas Demo with Enable Medicine and discussions on spatial biology’s role in oncology breakthroughs.

This press release includes forward-looking statements regarding the potential of Akoya’s products and spatial biology in translational research. However, these statements are subject to risks and uncertainties that may cause actual results to differ materially. For comprehensive analysis of AKYA’s financial health, market position, and growth potential, investors can access the detailed Pro Research Report, available exclusively on InvestingPro, which covers all essential metrics and expert insights for informed decision-making.

The information for this article is based on a press release statement from Akoya Biosciences.

In other recent news, Quanterix Corporation’s proposed merger with Akoya Biosciences has faced opposition from key shareholders, including Tikvah Management LLC and Kent Lake PR LLC. Tikvah, holding a 1.5% stake in Quanterix, announced its intent to vote against the merger, citing concerns over undervaluation and potential cash reserve issues post-merger. Similarly, Kent Lake, with a 5.9% stake, argues the merger undervalues Quanterix and could weaken its financial position. Despite these objections, Akoya Biosciences has moved a step closer to merging with Quanterix as the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired, a significant regulatory milestone.

Canaccord Genuity maintained its Hold rating on Akoya, with a price target of $3.50, noting that Akoya’s recent fourth-quarter results met expectations but highlighted ongoing challenges. Meanwhile, Piper Sandler downgraded Akoya’s stock rating to Neutral, adjusting its price target to $2.40, reflecting the proposed acquisition value. Piper Sandler’s analysis suggests the merger could create a comprehensive solution in proteomics, though immediate benefits may be hard to realize. Akoya’s financial performance showed improvement, with a decrease in cash burn and near cash flow breakeven in the fourth quarter of 2024. Investors remain cautious about the merger’s potential synergies and await the upcoming shareholder vote.

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