Quanterix at Goldman Sachs Conference: Expanding Horizons in Diagnostics

On Monday, 09 June 2025, Quanterix Corp (NASDAQ:QTRX) presented at the Goldman Sachs 46th Annual Global Healthcare Conference 2025. The company discussed its strategic outlook, focusing on its innovative Simoa platform while addressing challenges such as academic funding concerns and biopharma project delays. Quanterix aims to broaden its market reach and achieve profitability by 2026.

Key Takeaways

• Quanterix is expanding into immunology and oncology, aiming to increase its market from $1 billion to $5 billion.
• The company is preparing for the launch of Simoa one and its associated consumables, targeting broader accessibility.
• Quanterix plans to submit its LUCIN AD complete test for Alzheimer’s to the FDA, leveraging its neurology expertise.
• A cost savings program aims to save $55 million by 2026, focusing on volume-related and G&A adjustments.
• The pending Akoya acquisition is expected to bring $30 million to $40 million in synergies.

Financial Results

• Consumables: Record performance with over 20 new assays launched in the past year, with similar growth expected.
• Instruments: Stable year-over-year performance.
• Accelerator Services: Grew 36% last year, but facing delays in pharma and biotech projects, shifting from Q1/Q2 to Q3/Q4.
• Government End Market: Approximately 20-22% of customers have NIH exposure; CapEx remains challenging.
• Cost Savings Program: Targeting $55 million in savings by 2026, without impacting R&D or innovation.

Operational Updates

• Accelerator Lab: Transitioned from "try before you buy" to a sustainable business model with pharma clinical adoption.
• Consumables: Increased volumes due to scalable manufacturing.
• Simoa one Launch: Expected before year-end, focusing on immunology.
• Simoa one Consumables: Oncology immunology-focused consumables to be compatible with over 20,000 flow cytometers by early 2026.

Future Outlook

• Expansion: Targeting immunology and immuno-oncology to grow the addressable market.
• Akoya Acquisition: Anticipated synergies of $30 million to $40 million, aiming for profitability in 2026 with revenues above $200 million.
• Alzheimer’s Testing: Planning FDA submission for LUCIN AD complete; sees major opportunity in therapy monitoring.
• Simoa for all labs: Expanding from neurology to immunology and oncology.

Q&A Highlights

• Biopharma Project Delays: Projects are delayed, not canceled, due to budget issues.
• Academic Research Funding: Experiencing decision paralysis, but mitigating pressure through services and consumables.
• Alzheimer’s Testing: Confident in multi-marker approach despite existing FDA-approved tests.
• Adoption of BBMs: Therapy adoption expected to drive BBM use in Alzheimer’s management.
• Health System Partnerships: Most partners prefer on-premises capabilities.

In conclusion, Quanterix is poised for significant growth and innovation, with a focus on expanding its market presence and enhancing its product offerings. For a more detailed discussion, please refer to the full transcript below.

Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference 2025:

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Alright. Great. Good afternoon, everyone. I’m Matt Sykes, the life science tools and diagnostic Analyst at Goldman Sachs.

And I have the pleasure of having Masud Toulou, the President and CEO of Quanterix with

Masud Toulou, President and CEO, Quanterix: me today. And, Masud, thanks for joining me. Matt, thanks for having us. Great. Maybe if we

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: could start out just for those who maybe kind of knew the story, maybe just give a brief summary of the Quanterix story and how the Simoa platform plays a particularly important role in ultrasensitive biomarker detection?

Masud Toulou, President and CEO, Quanterix: Yeah. The Quanterix is a company that has a incredible technology called Samoa. And single molecule detection is what Samoa stands for. And what essentially we’re able to do with ultra sensitivity, we’re able to look and identify biomarkers in blood non invasive. And with incredible sensitive detection of these biomarkers, we’re translating that technology application to identifying disease early, and a lot of cases before symptoms.

And turning that practice of biomarker detection for not only diagnostics, but also clinical trials, pharma activity, enabling therapies in the market, and ultimately providing solutions for the healthcare market. So companies in the tool space were a lot more translational and more patient oriented versus their discovery.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. And maybe starting off again high level, just overview of your recent Q1 results. Can we talk through some of the puts and takes in the quarter? Consumables got off to a great start, but it was a bit overshadowed by academic funding concerns, which is not a Quinterix only issue, unfortunately. But really that kind of impacted the outlook for the Accelerator Lab.

Maybe just talk through some of the puts and takes of the quarter.

Masud Toulou, President and CEO, Quanterix: Yes, absolutely. So we were very pleased with our record consumables year. You know, we had 18,000,000 plus consumables side. And really, that’s a testament to the strong work that the team has been doing in developing really our product development engine. So we’ve been able to expand our menu portfolio.

You know, we did over 20 new assays last year. We have, you know, approximate similar cadence that we’re gonna do this year. And as we start to add those assays and and bring them to the market, we’re seeing good uptick. So that was a positive sign, and we expect to continue to see good progress there. And then I would say instruments were fairly stable year over year.

And then what you’re referring to, Matt, was on our accelerator services business. The business grew. Our accelerator business grew 36 year on year last year. And what we’re seeing here this year is some push out in pharma projects, pharma and biotech projects that, you know, we’re hopefully planning for q one for q two, but got pushed to q three, q four. We’re seeing some level in the biopharma end market of push out, not cancellation, which is a which is a positive sign.

And so, you know, we as things settle and as the biomarker or the biopharma end market stabilizes, we expect to continue to go back to our pace of more and more clinical trials, preclinical work through the services program.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: As you’re speaking to the biopharma customers who are pushing things out later in the year, these aren’t project cancellations. These are just delayed decision making given issues in the sector. I mean, you’re confident that those projects will still be there, pushed out. Exactly.

Masud Toulou, President and CEO, Quanterix: So as we talk to our customers, it’s, hey, we have three projects. We’re going to move forward with one. The other two, we’re going to hold until more certainty in the environment or their own localized budget. But, you know, so far, thankfully, no cancellations or wait and see approach.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Okay. And then shifting to academic research. One, can you kind of quantify what kind of exposure you have to that end market? And two, last quarter you highlighted to not see any material shift in demand, but kind of revise your outlook off expectations for potentially a cut to NIH spend, which many companies have done. Have you seen a material pullback in spend as it relates to that end market?

Are things better than the headlines would suggest? Just kind

Masud Toulou, President and CEO, Quanterix: of what is going on in

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: that market from your perspective?

Masud Toulou, President and CEO, Quanterix: Yeah. We looked at the sort of government end market, and we have about, you know, 20%, 22% of our customers have MH exposure. And and so when we look there, our focus has been we’re able to enable these customers with reagents on on our existing installed base, which is which is helpful. But CapEx is obviously difficult in an environment like this. So we’re always looking for ways to meet our customers where they are through services or through consumables or connecting them to places that have HDX platform.

So it is a, I would say, best characterized as some paralysis and customer decisions, are the grants gonna be canceled or not. But we’ve been coming up with unique ways to sort of mitigate some of that pressure, both in the short term, but also in the in the long term as some of these headwinds may exist for for a few years.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. And let’s turn to the Accelerator Lab. It that’s a segment of your business that I think was had a lot of foresight in developing one because it acted as a really great safety valve when you were redesigning the assays and the platform essentially. But it also gives customers a choice to have you run those tests. Maybe talk a little bit about the genesis of the Accelerator Lab to what it’s brought to Quanterix in terms of not only relative stability and revenues, but also, you know, in the future, where do you see the Accelerator Lab playing a role at Quantaris?

Masud Toulou, President and CEO, Quanterix: Yeah. So I’ll start at the genesis. So Accelerator was originally conceived of as a service program when the the company began. It was essentially tried before you buy. And as a new technology or new platform, you can run your projects through our cellular lab, see the incredible exquisite ultra sensitivity, and then make a purchasing decision.

And then through the years, that’s evolved. You know, we have over, you know, 25 instruments accelerator laboratory, each of them last year did around a million dollars of pull through and consumables, showcase the high throughput nature of the of the platform and systems. And through the years, it became a lot more sticky of a business. You know, if you have 10,000 samples and you wanna, you know, go through those 10,000 samples quickly, dropping them on 25 instruments will be a a fast way to get results. And so what we’ve seen is pretty significant pharma clinical and market adoption.

And you have to think about use cases, you have a big preclinical trial or you have a longitudinal trial or a phase two, and you come to Quanterix and you want to run the study, you want to use the biomarker as a secondary, in some cases primary endpoint, And we’re able to provide results very effectively. And that’s become, you know, fairly sticky customers have repeat purchases, and that’s been a positive part of the business. In a CapEx constrained environment, as you know, began to show itself last year and and maybe the year before, it became super attractive. There were budgets to outsource r and d, but less capital equipment. So last year, it became around 30 percent of the business, growing 36 year on year, 36%.

And we wanna continue offering those services to the biopharma end markets. Now what Accelerator has also become is an incredibly prophetic product manager. So if we are always interested in the latest and greatest biomarkers, and when you’re working with one company have an agreement to develop an assay for a new biomarker, we’re able to take that through our agreement and make that assay available to a wider installed base. So you can imagine you have a new biomarker, you’re working with a company, you’re offering it as a service, and then it becomes a product offering that other biopharma can have access to or researchers. And that’s essentially been one of the reasons why Quanterix has been ahead of the market when it comes to new biomarker development in neurology.

The tau’s neuroimplement light, all the phosphorylated variations of tau have all really come through that department. And we’ve been working very closely with these pharma companies to develop that and bring it to market. So while it is a important revenue generating source, it’s margin accretive, it’s a healthy aspect of the business, important in environments like this. It’s also a great product development tool for the for the engine that we have.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: And just as a reminder, so you retain the right to all products. There’s is there any level of exclusivity in some of your pharma partnerships that might not allow you to do that? Or do you do you retain, you know, some level of your own ability to license and produce those assays?

Masud Toulou, President and CEO, Quanterix: In some cases, if the pharma customer is bringing the antibody themselves because they’ve developed it, they can request for some level of exclusivity. And that and that has played out a couple of examples where we worked very closely over a few years to develop a solution with a pharma company. And then, you know, after a couple of years, make it accessible to the broader markets for an agreement. But generally, if it’s a commercially available antibody or commercially available solution or Quanterix itself has worked to develop antibody, we make the solution available almost immediately to the broader market.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. Maybe shifting towards consumables, you reported a pretty impressive quarter of consumable revenues in Q1. Can you just talk to the drivers of strength in your outlook for the rest of the year for the consumables business? And also like maybe give us an idea of volume versus price and how that factors into the revenue growth for that segment?

Masud Toulou, President and CEO, Quanterix: Yes. So we’ve the one advantage we’ve had is and we’re offering a very unique solution in the market. There are not a lot of solutions or any solutions that get to our ultra sensitivity in a noninvasive sample with a high throughput platform. And so by being able to offer that, we’ve had pretty good ability plasticity and pricing. We’re able to command reasonable pricing.

So as, you know, markers become more important or interesting, we have some flexibility there. But based on volumes overall, you know, our volumes have increased over the last several years, all related to ability to scale the manufacturing platform. I think three, four years ago, these were very hard to manufacture reagents and solutions, we’ve put them into an operating line. We’re able to do it very effectively and get things to market. And after we did that, we started working on our product development engine.

We now there’s an interesting marker in a matter of months, not years. We’re able to bring a super interesting marker, develop it, build it at scale, and have a lot of controls, longitudinal validity to the assays and bring it to market. So that’s now creating over 20 assays a year. We’re expanding beyond neurology and immunology. Our intention is to also go into immunology and that’s process of allowing us to do it.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. Maybe, you know, I do want to talk a little bit about the expected similar one launch and one kind of describe to the audience what that is. Maybe talk to the expanding role you expect SYMOS to play in sort of immunology and oncology. Given your pretty stronghold on the neurology biomarker market, you know, expanding in those two areas, which I think you had started out in oncology actually a long, long time ago. So it’s not like it’s a new one, but it’s just a shift of focus.

But maybe talk about some one and then talk about the expansion into other disease types.

Masud Toulou, President and CEO, Quanterix: Yeah. Yeah. You know, you bring back a super interesting market. When the company started, one of the most interesting markers was PSA. Yeah.

And so you have a regular PSA test, but there was a strong interest in use and have ultrasensitivity for PSA. So then very quickly, working with our partners, there became a strong demand in neurology. And the field of Alzheimer’s research, traumatic brain injury was growing, and really couldn’t accept these markers effectively unless you did a spinal tap or did a brain image. And so non invasively measuring these markers early or measuring patients over a period of time became super important and Monterix quickly focused on neurology. And so we’re we’re now at a stage that where we, you know, are number one player in the market for biomarkers in neuro.

And we wanna expand the power of the ultra sensitivity to all labs, not just specialty neuro labs. And a big way for us to do that is by doing more and more on the technology side. Now, organically, we have a plan and inorganically, we can talk a little bit about that later. But organically, for the mic. Organically, we plan on really approaching this through menu.

So last year, we launched additional immuno menu. This year, we’re planning to increase the immuno menu on the product And when we talk to our immunology and sometimes oncology customers, they say, we really love your platform one to four plex, but can you give us a platform that can do twice the plexity? And in those conversations, we came to realize that as we increase the plexity, if we can offer the sensitivity across that plex, we’re going be able to meet that sensitivity requirement and that plexity requirement that immunology wants. There’s a lot more immunology markers than there are neurology markers. So we kicked off a program a couple of years ago, we’re calling it SYM-one now, to launch a platform and reagents for that platform that improves sensitivity, increases complexity, and provides a robust signal a customer can expect in the Samoa system, all with a fast turnaround time and workflow.

And so we plan on monitoring that before the end of the year. And really, the menu there is going to be immunology menu that those customers have been asking for.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. Maybe, you know, just staying on sort of consumables and some one, you recently announced in early twenty twenty six your oncology immunology focused one and one kits will be compatible with greater than 20 ks flow cytometers worldwide. And that’s a very large installed base and something that’s relatively untapped. We’re roughly a year away from that platform launch. How are thinking about the ramp of small one consumables in 2026 to the extent that you can comment on that?

Masud Toulou, President and CEO, Quanterix: Yes. So thinking about sort of the market that we’re in right now, we Quinturix likes to be very reactive and pivot to market conditions. So last year, I think in January, people were noticing, hey, there’s a lot of CapEx pressure. We quickly invested significantly in our accelerator program, and I mentioned we grew that pretty significantly. Became last year, was close to a $40,000,000 franchise that grew tremendously.

This year, with academic pressure in the market, our view has been how do we get our platform and make it ubiquitous? How do we make Simoa for all labs, not just neuro specialty labs? And thinking through this, we started focusing on our Simoa one and Simoa one efforts. And what we’ve really done here is we’ve taken the technology from a solid state femtoliter wells to kinetic beads that are flowing through a channel. And so we’ve moved a lot of the IP and technology from the instrument or solid surface onto these kinetic beads.

And by doing that, we’re able to get the same digital signal by pulsing these beads as they flow through a channel, and convert the reader now to a more ubiquitous system, which is a flow cytometer, so by moving things onto the reagents, onto the beads. So that transformation had us thinking that, hey, this will give us ability to use a low cost system and get into a lot more hands. Now with sort of this year and the NIH pressures, we took that one step further. We said, well, if CapEx pressure becomes difficult in academia, can we give access to a broader population of researchers and give them some sensitivity by using any flow cytometer. So if you think about a sequencing instrument or a PCR instrument, those are ubiquitous platforms.

Flow cytometer is over 20,000. This increases our installed base by over 20x. And if you don’t have a CapEx budget, you can still get some sensitivity by buying our reagents. So our view is this year, we’ll have the platform and the reagents launching. And that’s, call it, a walled garden.

You want very clear longitudinal results. You want the full solution. You’ll be able to get that. And then in 2026, we’ll be able to give access to a much wider range of folks by buying by our consumables.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: And it’s agnostic as to the flow cytometers that are used?

Masud Toulou, President and CEO, Quanterix: Correct. It’s going to be some small puts and takes. And obviously, with our platform and our system, we’ll have the most number of solutions and most number of knobs. But customer will be able to use it on any flow cytometer that’s in the market.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. Last quarter, you initiated cost savings program. I think you reached $55,000,000 in savings by the end of twenty twenty six. Maybe talk through some of the areas of focus and how you’re able to strike the balance between kind of remaining prudent in your spend given the continued challenges in the macro environment versus sustaining what you believe will be sufficient investment in the business in order to maintain sort of a leading presence in neurology? You build this great business in neurology.

I think investors want to see you continue that. At the same time, the reality of the macro environment suggests that you should be cutting costs. So how do you strike that balance?

Masud Toulou, President and CEO, Quanterix: Yes. We’ve looked at some of the cost savings have been volume related. And so our platform has scaled over time, and we expected some of these cost savings to happen naturally. And then as we take a look at sort of the scale we’re going to need in 2026, we adjust it accordingly with some of those changes. I would say that on your question of grow menu, expanding into adjacencies and Alzheimer’s diagnostics, we’ve not touched any of those areas.

So we’re a life science tools company that believes in heavy R and D and innovation and the next thing. So none of our savings really touched those key areas. We kept that intact. And the savings that we are pulling out are more G and A and volume related.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. Okay. I just asked one question on the pending Akoya acquisition. Obviously, there’s been a lot of noise around the strategic fit. But maybe could you walk us through the rationale of the acquisition and how you expect the synergies to play out if it does indeed close?

Masud Toulou, President and CEO, Quanterix: Yes. So the I mean, there’s three key areas. The going back to my comment on Simole and all labs and going to additional indications, we’re increasing our addressable market, Matt, from $1,000,000,000 today in the REO neurology space to about $5,000,000,000 when you add in immunology and immuno oncology. And then we’re talking about earlier we talked about 30,000,000 to $40,000,000 in synergies. We’re not talking about some of the cost cuts that we’ve made, 55,000,000 in synergies, and we have line of sight to those synergies.

This is more revenue, single footprint, one operating line, single commercial team, and we expect to realize some of that. And then finally, scale and profitability. As we bring the organizations together, we’re going to be a scaled company with revenues that are above $200,000,000 and that’s going to get us to profitability in 2026. So these are all of the technical and financial reasons why we’re bringing the two companies together. But then the strategic vision has always been that a few years from now, we believe that the entire of all, we believe the liquid biopsy market is going to be as large as the full diagnostics market today.

And we, in setting that up, believe that it’s very important to look upstream. Proteins are going be a key part of liquid biopsies. When you think about liquid biopsies today, you think about DNA. And when you add protein, you get location, you get a lot more information and they become a lot more sophisticated of a test. And so over the last two, three years, we’ve been working with researchers, pharma in identifying where these protein biomarkers originate from.

And if you have a disease like cancer, these typically originate in tissue. And what we’re finding by looking at matched tissue blood samples is that these markers leak at very ultra low levels from tissue into blood. And the need to monitor progression of a disease or to identify the disease in blood is very compelling for any number of reasons, easy to access the sample, etcetera. So as we start to look upstream, we’re identifying new markers and it’s becoming a biomarker generator for us as we work with these customers that have an ECOYA instrument and have the Simoa instrument either in the same lab or across the hall from each other. And it’s compelling.

And so as we see more and more of that work coming together, we believe that that’s going to drive growth for the company. It’s going to expand our market more and more into oncology. And we should see some of that strategic synergy growing, not just from a near term commercial basis, but also from opening up new fields and new areas for our customers. So overall, we think that tissue and blood are play a very integrated role. And as we look at proteomics as a whole, this is going to be an important growth driver for both companies.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. Maybe shifting it over to Alzheimer’s. Last month, the FDA approved Fujirebio’s blood test or blood based tests for PTEST two seventeen AB42. But obviously, you’re still on track with your submission to the FDA. Does this impact at all the timing of your submission?

I’m assuming not. But also, how do you continue your leadership position in the early detection of AD with a competitor having an FDA approved test? Yes, I think

Masud Toulou, President and CEO, Quanterix: the no time change our application. We still have our clinical trials that are ongoing. We don’t anticipate any change in our existing timeline. But I would say that this is a very early market right now. And in early markets, one incredible thing that we have here in The U.

S. Is this laboratory developed testing environment. And in this environment, clinicians, researchers, people doing tests get to learn and identify what is the right test. What is the right test for the right indication and what does the market need? And in that environment, which is today laboratory developed tests, identify, you learn, you identify the solution and then you have an FDA application.

So we’ve been along that journey working with our customers and laboratories and reference labs and pharma companies to identify what that right test is. And I think this is a dynamic market. If you asked us two years ago or three years ago, it was pTiO-one 181 as a single marker And everyone had told you that that is the marker, that is a test for Alzheimer’s testing and diagnostics. And then quickly, as I said, fast moving market, it became pTau-two 17, another variation, a phosphorylated variation of that tau marker. And then, you know, two, three years ago, you would have said it was just two seventeen.

And now what we’re finding is that when we add four markers to pTau217, we’re able to not only get better sensitivity, but we’re able to reduce intermediate zone of a single marker or two marker test pretty significantly, up a threefold reduction in that intermediate zone. So what that means is we’re able to provide a more definitive answer to a patient that reduces, you know, Reflex PET or CSF invasive type tests and provides a lot of value, not just for the patient, but the physician and even the provider in the current healthcare environment. So fog markers, really important. That’s what we’re applying for in our FDA application. It’s available today as Lucent Complete.

As an LDT, we’re providing the access of that test to our customers. It’s involved in clinical trials, four clinical trials right now. And in two years, if you ask me again, Matt, I might give you a different answer than the five marker test. Today, we understand, our five marker test is really the leading test in the market.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Yeah, mean, one thing that’s always impressed me about Quanterix is that you’ve got this experience in neurology for so long and you’ve probably looked at more biomarkers than many other companies have. And because this is clearly a moving target, given the kind of evolution you just described, having that experience allows you to quickly pivot into those other areas. And I guess one question that I think is still on investors’ minds, not necessarily the value proposition of blood based biomarker testing for Alzheimer’s, because that I can lay it out, it’s very clear from an economic and also ease of use standpoint relative to, say, CSF or even PET. But I guess it’s sort of we’ve talked to some of the companies that are producing the therapies. They’re super excited about BBM.

Everyone seems to be excited about it, yet it’s been slower moving than I think anyone would expect. What do you think finally unlocks the rapid use of BBMs? Is it further FDA approval and validation? Is it some level of guideline recommendations? I mean, what is it that you think because from an economic standpoint, there’s really no argument.

And from a concordance standpoint, it’s already there. So in your mind, like what is sort of the unlock for BVM in Alzheimer’s?

Masud Toulou, President and CEO, Quanterix: Yes. You know, I think all of the examples you give are key reasons why these blood based biomarkers will become sort of the line, and we believe even line for Alzheimer’s disease detection, monitoring, and efficacy measurements. So we think definitely going to be blood based markers. Where I believe we’re going to see adoption is with the therapy adoption. I think when you look at oncology based therapies, you have the clinical pathologist, very experienced in making the diagnosis, giving the therapy, a lot of that infrastructure is there.

Alzheimer’s has been a sadly, a not very well addressed market in the last ten, twenty plus years. And so a lot of that critical infrastructure didn’t exist, whether it’s the education that pay now there are two FDA approved Alzheimer’s therapies in the market. The infusion center is being ready to administer. The therapy still has a high cost. And then market awareness and adoption.

This is not a therapy where a single physician makes the diagnosis and the drug is being administered. You have to think of this as a very complex, sophisticated neuro hospitals. This is a five, six person decision with a family on whether they want to get onto the therapy. And then that decision is the diagnostics. So we believe that as the adoption of the therapy improves and more that want access to slowing down the amyloid destruction, that testing is going to also increase over time.

A little bit of a chicken and egg. And so there we think having an early test that you provide a test and you get a result for all patients using our digital answer. Everyone who has gone on a similar platform has gotten a numerical result. Whereas with other systems, you get, hey, you might be below the limit of detection. And so when you think about this from an early detection perspective, from a monitoring perspective, and then at what point do you get off the therapy and go below detection?

All of this becomes critical to have an ultra sensitive blood based biomarker test, and so we think the adoption follows.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: If we just kind of walk through sort of the different potential test types for Alzheimer’s, so you have the screening, the initial diagnosis, then you have some level of therapy selection, and you could include safety in there with APOE and other markers you can put in there. And then you’ve got the therapy monitoring, which is really important because as you know, these Alzheimer’s drugs don’t cure, they stabilize levels, and you want to make sure those levels are still at a stable level. Of those three of the detection, which is probably the largest population market, but probably needs to be proven out with an FDA approval for that versus therapy selection versus monitoring. I guess two questions. One, where do you see sort of the biggest opportunity?

And where do you see sort of the nearest opportunity?

Masud Toulou, President and CEO, Quanterix: Yes. Nearest opportunity is definitely screening and diagnosis. But largest opportunity, we believe, will end up being monitoring.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: From a frequency perspective as well, for sure.

Masud Toulou, President and CEO, Quanterix: Exactly. So monitoring at various stages, to your point, Matt, even before you’re diagnosed, we believe well, you don’t just need a genetic test to know that there might be some history or family history. Usually you have patients who have a loved one in the family who’s had the disease, and they’re curious and they’re quite, hey, should I get a genetic test? Should I start to monitor over a period of time? Now, if there are very efficacious therapies in the market or folks that perform better if the disease is caught early, then there’s a big early detection case.

And we believe that this ultimately becomes how cholesterol is monitored. You have a parent or someone who has high cholesterol, you come in, you’re 45, 50, and your physician says, hey, need to measure you for cholesterol and see how it goes. And then at some point, we’re going to give you a statin. We think that’s ultimately where Alzheimer’s disease detection goes. And so there’ll be that upstream monitoring case.

Then there’s the monitoring case of you have the therapy and people respond differently to the therapies. When is the therapy working? Is it the right therapy? Are your plaques coming down? And when do you get off the therapy or when do you have to go back on?

And so we think longer term monitoring becomes an important use case.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. We’re running out of time and I have a lot more questions, so I’m going to try to narrow this down. But maybe if we talk a little bit about health system partnerships. You’ve already signed up a few. You’re actively working to sign up more.

Are you sort of seeing a higher level of outsourcing of these tests, either partners sending samples to the Accelerator Lab? Or have your collaborators begun to start thinking about purchasing instruments in order to run the samples in house? I mean, either way you win. There’s probably some level of margin differential in there. But as you’re signing up these large health systems, is the initial reaction like we’ll use your labs, see how it goes, just like the other customers used to, and then we’re going buy instruments or some of them saying we want to do them in house?

Like how is that going to evolve?

Masud Toulou, President and CEO, Quanterix: Yes, a lot of the partners we listed have ended up wanting to have capabilities on prem to offer the services. And so I would say a majority have bought systems that are buying reagents and really buying our platform because of the sensitivity. I think in areas or regions where access to and the capabilities to perform the platform are not there or volumes are still low, we’ve been getting tests sent out to Accelerator. And so while the tests are waiting for reimbursement, we expect a lot of these to be clinical and volumes to be limited. But as there is reimbursement and wider adoption of the therapy, we think that those volumes will grow not just in test send out, but also adoption of the platform at various hospitals.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Got it. And just last question, just so everyone’s on the same page. When is when are you planning on submitting the LUCIN AD complete to the FDA in terms of line of sight with the end of the clinical trials So we have yes, we expect

Masud Toulou, President and CEO, Quanterix: we have four ongoing clinical trials. We expect those trials to conclude this year. And immediately after conclusion, we’ll be submitting the application.

Matt Sykes, Life Science Tools and Diagnostic Analyst, Goldman Sachs: Great. All right, Masood. Thank you very much. I appreciate your time.

Masud Toulou, President and CEO, Quanterix: Thanks for having me, man.

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