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Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2017
Stock-based compensation
Intrinsic value of stock options exercised	$ 1.9	$ 1.9	$ 3.4
Stock Options
Stock-based compensation
Options expiration period (in years)	10 years
Stock Options \| Tranche One
Stock-based compensation
Vesting period (in years)	4 years
Vesting percentage 1 (as a percent)	25.00%
Stock Options \| Tranche Two
Stock-based compensation
Vesting period (in years)	3 years
Vesting percentage 1 (as a percent)	75.00%
Restricted Stock Units (RSUs)
Stock-based compensation
Granted (in dollars per share)	$ 21.51	$ 15.90	$ 18.32
Aggregate fair value of restricted stock awards	$ 10.3	$ 10.4	$ 9.8
Restricted stock units and stock options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 40.1
Period of recognition of unrecognized compensation cost	2 years 8 months 12 days
2017 Plan
Stock-based compensation
Shares authorized under the plan (in shares)					1,000,000
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)	4.00%
Shares outstanding (in shares)	4,600,000
Shares available for grant under the plan (in shares)	3,800,000
2017 Plan \| Stock Options
Stock-based compensation
Shares authorized under the plan (in shares)					2,500,000
2017 ESPP
Stock-based compensation
Shares authorized under the plan (in shares)				600,000
Annual increase in the shares available for grant under the plan (as a percent of shares of common stock outstanding)				1.00%
Shares available for grant under the plan (in shares)	2,000,000
Employee stock purchase plan (in shares)	78,000	121,000	57,000

Stock-Based Compensation - Black-Scholes valuation model Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair value assumptions:
Expected dividend yield	0.00%
Minimum
Fair value assumptions:
Expected term (in years)			5 years
Maximum
Fair value assumptions:
Expected term (in years)			5 years 9 months 18 days
Stock options
Fair value assumptions:
Risk-free interest rate, Minimum	3.40%	3.50%	1.40%
Risk-free interest rate, Maximum	4.60%	4.70%	4.10%
Expected dividend yield	0.00%	0.00%	0.00%
Expected volatility, Minimum	81.40%	71.10%	55.00%
Expected volatility, Maximum	83.10%	83.10%	70.80%
Weighted-average grant date fair value per share (in dollars per share)	$ 14.43	$ 10.63	$ 9.88
Stock options \| Minimum
Fair value assumptions:
Expected term (in years)	5 years 3 months 18 days	5 years
Stock options \| Maximum
Fair value assumptions:
Expected term (in years)	5 years 4 months 24 days	5 years 2 months 12 days
Employee Stock Purchase Plan
Fair value assumptions:
Risk-free interest rate, Minimum	4.30%	5.20%	0.70%
Risk-free interest rate, Maximum	4.90%	5.50%	3.90%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	6 months	6 months	6 months
Expected volatility, Minimum	54.90%	72.80%	51.90%
Expected volatility, Maximum	66.00%	82.50%	117.30%
Weighted-average grant date fair value per share (in dollars per share)	$ 3.84	$ 3.19	$ 3.53

Revenue and Related Matters - Narrative (Details) - USD ($) $ in Thousands, shares in Millions					3 Months Ended			12 Months Ended
	Sep. 21, 2022	May 27, 2022	May 26, 2022	Mar. 24, 2022	Sep. 30, 2024	Jun. 30, 2023	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares value		$ 800	$ 1,000
Total revenues								$ 137,421	$ 122,368	$ 105,522
Contract assets								0	0
Deferred revenue								7,900	7,700
Amount of transaction price allocated to performance obligations								9,900
Impairment loss								0	0	0
Research and development								31,082	26,064	26,809
Deferred revenue								794	(635)	(2,599)
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations								9,900
Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Total revenues								1,985	1,229	570
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations								$ 8,800
Performance obligation satisfaction period								12 months
National Institutes of Health
Transaction Price Allocated to Remaining Performance Obligations
Contract value	$ 1,700
Grants received								$ 1,100
Research and development								800	600	0
National Institutes of Health \| Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Total revenues								800	700	0
ADDF
Transaction Price Allocated to Remaining Performance Obligations
Total revenues								1,100	500	600
Contract value				$ 2,300					2,300
Research and development								1,100	500	600
ADDF \| Grant revenue
Transaction Price Allocated to Remaining Performance Obligations
Deferred revenue								0
Eli Lilly \| Statement of works agreement
Transaction Price Allocated to Remaining Performance Obligations
Collaborative arrangement payment received per quarter					$ 1,500		$ 1,500
Eli Lilly \| Collaboration agreement
Transaction Price Allocated to Remaining Performance Obligations
Total revenues								4,500	6,000	10,900
UltraDx
Transaction Price Allocated to Remaining Performance Obligations
Total revenues								$ 1,100	$ 1,800	$ 1,900
Variable interest entities \| UltraDx Limited Company
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares received (in shares)						1.0
Variable interest entities \| UltraDx
Transaction Price Allocated to Remaining Performance Obligations
Ordinary shares received (in shares)						1.0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Total revenues	$ 137,421	$ 122,368	$ 105,522
Costs of goods sold and services:
Total costs of goods sold and services	54,317	48,144	60,159
Gross profit	83,104	74,224	45,363
Operating expenses:
Research and development	31,082	26,064	26,809
Selling, general and administrative	101,618	89,111	91,851
Other lease costs	3,020	3,712	1,411
Impairment and restructuring	0	1,328	29,556
Total operating expenses	135,720	120,215	149,627
Loss from operations	(52,616)	(45,991)	(104,264)
Interest income	14,655	15,839	5,131
Other income (expense), net	(136)	2,517	(277)
Loss before income taxes	(38,097)	(27,635)	(99,410)
Income tax expense	(434)	(719)	(164)
Net loss	$ (38,531)	$ (28,354)	$ (99,574)
Net loss per common share, basic (in dollars per share)	$ (1.00)	$ (0.75)	$ (2.69)
Net loss per share, diluted (in dollars per share)	$ (1.00)	$ (0.75)	$ (2.69)
Weighted-average common shares outstanding, basic (in shares)	38,367	37,594	36,991
Weighted-average common shares outstanding, diluted (in shares)	38,367	37,594	36,991
Product revenue
Revenues:
Total revenues	$ 79,740	$ 79,670	$ 69,808
Costs of goods sold and services:
Total costs of goods sold and services	33,304	29,103	42,841
Service and Other Revenue
Revenues:
Total revenues	51,244	40,089	34,495
Costs of goods sold and services:
Total costs of goods sold and services	21,013	19,041	17,318
Collaboration and license revenue
Revenues:
Total revenues	4,452	1,380	649
Grant revenue
Revenues:
Total revenues	$ 1,985	$ 1,229	$ 570

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. Commitments and Contingencies Purchase Commitments The Company’s non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. The Company’s total purchase commitments under these agreements as of December 31, 2024 was $1.4 million, most of which the Company expects to incur in the year ending December 31, 2025. License Agreements Harvard University In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations. Under this license, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues. The Company incurred no royalty expense under the Harvard License Agreement for the years ended December 31, 2024 and 2023. Refer to Note 16 - Related Party Transactions for a discussion of a related party relationship with Harvard. Tufts University In June 2007, the Company and Tufts University (“Tufts”) entered into a license agreement (the “Tufts License Agreement”) for certain intellectual property owned by Tufts. The Tufts License Agreement, which was subsequently amended, is exclusive and sub-licensable, and will continue in effect on a country by country basis as long as there is a valid claim of a licensed patent in a country. The Company is contractually obligated to pay license and maintenance fees that are creditable against royalties, in addition to low single-digit royalties on direct sales and services, and a royalty on sublicense income. The Company incurred royalty expenses related to the Tufts License Agreement of $2.1 million, $1.7 million, and $1.4 million, during the years ended December 31, 2024, 2023, and 2022, respectively, which was recorded in cost of product revenue on the Consolidated Statements of Operations. Refer to Note 16 - Related Party Transactions for a discussion of a related party relationship with Tufts. Legal Contingencies The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or results of operations. The Company accrues for contingent liabilities when losses are probable and estimable. If an estimate of a probable loss is a range and no amount within the range is more likely than any other amount in the range, the Company accrues the minimum amount of the range.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission regarding annual financial reporting on Form 10-K.

The Company’s fiscal year is the twelve-month period from January 1 through December 31, and all references to “2024,” “2023,” and “2022,” refer to the fiscal year unless otherwise noted. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation.

Use of Estimates

The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during each fiscal year. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, and valuation and impairment of long-lived assets. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

The Company enters into relationships with, or has investments in, other entities that may be variable interest entities (“VIEs”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company assesses the terms of non-marketable equity investments to determine if any meet the definition of a “VIE” and require consolidation into its Consolidated Financial Statements. The Company’s analysis determines whether it has a controlling financial interest and also identifies the primary beneficiary of a VIE as the enterprise that has both the power to direct activities of a VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. Refer to Note 20 - Variable Interest Entities for further discussion.

Foreign Currency

The functional currency of the Company’s subsidiaries is their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets.

Foreign currency transaction gains (losses) are included in other income (expense), net on the Consolidated Statements of Operations. Foreign exchange losses were $0.6 million, $0.2 million and $1.0 million during the years ended December 31, 2024, 2023. and 2022, respectively.

Revenue from Contracts with Customers

The Company generates the majority of its revenues from contracts with customers and accounts for them pursuant to ASC Topic 606 – Revenue from Contracts with Customers (“ASC 606”). Refer to the section titled “Grant Revenue” below for discussion the Company’s accounting policy for revenue generated from grant awards.

For contracts with customers, the Company recognizes revenue when a customer obtains control of promised products or services, for an amount that reflects the consideration expected to be received in exchange for those products or services. The Company follows the five step revenue model prescribed by ASC 606 to determine revenue recognition: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Revenues are presented net of any sales, value added, or similar taxes collected from customers and remitted to the government.

The Company accounts for a contract when it has approval and commitment from both parties, the fees, payment terms and rights of the parties regarding the products or services to be transferred are identified, the contract has commercial substance, and it is probable that substantially all of the consideration for the products and services expected to be transferred is collectible. The Company applies judgment in determining the customer’s ability and intention to pay for services expected to be transferred, which is based on factors including the customer’s payment history, management’s ability to mitigate exposure to credit risk (for example, requiring payment in advance of the transfer of products or services, or the ability to stop transferring promised products or services in the event a customer fails to pay consideration when due), and experience selling to similarly situated customers.

The Company’s contracts may include either a single promise (referred to as a performance obligation) to transfer a product or service, or a combination of multiple promises to transfer products or services. The Company evaluates the existence of multiple promises within its contracts by using judgment to determine if (1) the customer can benefit from each contractual promise on its own or together with readily available resources and (2) the transfer of each contractual promise is separately identifiable from other promises in a contract. When both criteria are met, each promise is accounted for as a separate performance obligation. Additionally, the Company has elected the practical expedient under ASC 606 to account for shipping and handling as an activity to fulfill a promise to transfer a product, and therefore does not evaluate whether shipping and handling activities are promised services to its customers.

Contracts that include rights to additional products or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, the material right is considered a performance obligation. The identification of material rights requires judgment to determine the value of the option to purchase additional products and services in relation to options that may be provided to, and prices paid by, customers in the normal course of business. Material rights are recognized when exercised by a customer or upon expiration of the right.

The Company determines the transaction price of its contracts based on the amount of consideration it expects to be entitled to, which is generally equal to the contract amount. In some cases, contracts contain variable consideration which primarily relates to (1) sales and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (2) contracts with minimum purchase commitments. For sales and usage-based royalties, ASC 606 provides an exception to estimating variable consideration. Under this exception, the Company recognizes revenues from sales or usage-based royalty revenue at the later of when the sales or usage occurs or the satisfaction (or partial satisfaction) of the performance obligation to which the royalty has been allocated. All other variable amounts are constrained to the minimum guaranteed contract amount so that a reversal of cumulative revenue does not occur in future periods. Once there is no longer uncertainty over a variable amount, any incremental fees the Company is entitled to are allocated to the related performance obligation(s).

For contracts that contain multiple performance obligations, the Company allocates the transaction price among the performance obligations on a relative basis according to their standalone selling prices (“SSP”). Determining the SSP for performance obligations requires judgment and is based on factors including prices charged to customers in observable transactions, internal pricing objectives and list prices, pricing of similar products, expected costs to manufacture the Company's products, and estimated margins. The Company has more than one range of standalone selling prices for certain products and services based on the geographic location of customers and sales channel.

Product Revenue

The Company’s product revenues are composed of instruments, assay kits, replacement parts, and other consumables such as reagents and antibodies. Products are sold directly to customers and are also sold through distributors in EMEA and Asia Pacific regions. Direct instrument sales include installation and an initial year service-type warranty. The Company has determined that the instrument and installation are a combined performance obligation as the customer cannot benefit from the instrument without the installation. The service-type warranty is considered a separate performance obligation since a customer could benefit from it independently with readily available resources and is capable of being sold on its own (with such warranty recorded in services and other revenue on the Consolidated Statements of Operations). Sales of instruments to distributors include a license to import and resell the instruments. The Company has determined these distributor licenses are part of a combined performance obligation with the instrument as the distributor only benefits from the combination of the instrument and ability to resell it.

Instrument sales may also be bundled with assays and other consumables, training, and/or an extended service warranty, each of which is considered a separate performance obligation.

Product revenues for direct instrument sales to customers are recognized upon completion of the instrument’s installation. For instrument sales to distributors, revenue is recognized based on the agreed upon shipping terms (either upon shipment or delivery) as that is when title passes to the customer.

Service Revenue

Service revenues are composed of contract research services, initial year of service-type warranties, extended services warranty contracts, repair services, and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts.

Revenues from contract research services are recognized at the point in time when the Company completes and delivers its research results on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. For contract research services recognized over time, the Company uses the output method based on the number of completed results. Revenues from warranties and service contracts are recognized ratably over the contract service period.

Collaboration and License Revenue

Collaboration and license revenues are composed of revenue associated with licensing the Company’s technology, intellectual property, and know-how associated with the Company's instruments to third parties and for related services. License arrangements consist of sales or usage-based fees and/or future royalties. Revenues are recognized at the point in time the license is delivered as the underlying license is considered functional intellectual property since the customer has the right to use it when it is received. Royalty revenues that are sales or usage-based are recognized at the later of when the sales or usage occurs and the satisfaction (or partial satisfaction) of the performance obligation to which the royalty has been allocated.

Contract Assets and Liabilities

Accounts Receivable and Allowance for Credit Losses

The Company is exposed to credit losses primarily through accounts receivable from sales of its products and services. Accounts receivable includes amounts billed and currently due from customers. Since the only condition for payment of the Company’s invoices is the passage of time, the Company records a receivable on the date the invoice is issued. Also included in accounts receivable are unbilled amounts resulting from revenue exceeding the amount billed to the customer, where the right to payment is unconditional. If the right to payment for services performed was conditional on something other than the passage of time, the unbilled amount would be recorded as a separate contract asset.

The Company’s expected loss allowance methodology is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ accounts receivable. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectible after collection efforts have been exhausted.

Generally, the Company’s contracts are non-cancellable. For contracts that are cancellable by the customer, the Company does not record a receivable when it issues an invoice. The Company records accounts receivable on these contracts only up to the amount of revenue recognized but not yet collected.

The Company’s payment terms vary by the type and location of the customer and the products or services offered. Payment from customers is generally required 30 to 45 days from date of shipment or satisfaction of the performance obligation. The Company does not provide financing arrangements to its customers.

Deferred Revenue

The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets and consists of billings in excess of revenue recognized.

Costs to Obtain Contracts

The Company capitalizes commissions paid to its sales representatives and related fringe benefit costs that are incremental to obtaining customer contracts. Capitalized commissions are recorded in prepaid expenses and other current assets and other non-current assets on the Consolidated Balance Sheets. These commissions are amortized over the life of the contract and are recorded in cost of goods sold and selling, general and administrative expense on the Consolidated Statements of Operations. The Company has elected the practical expedient allowing commissions with an amortization period of one year or less to be expensed as incurred.

Commissions associated with instrument sales are generally earned when installation is complete and title to the instrument has transferred. Commissions associated with consumables sales are earned when title to the product transfers. Commissions associated with warranty and extended service contracts are earned upon booking.

Warranties

For instruments sold directly to customers, the Company provides an initial year of service-type warranty and also sells extended warranty contracts for additional periods beyond the initial year. The service-type warranty guarantees that the Company's instruments are free from material defects in workmanship and materials, excluding normal wear and tear, and includes maintenance services. Under ASC 606, the Company concluded that the initial year service-type warranty is considered a separate performance obligation since a customer could benefit from it independently with readily available resources and is capable of being sold on its own. The Company defers revenue associated with these service-types warranties and recognizes them ratably over the service period.

For products sold to distributors, the Company provides an initial year of assurance-type warranty which guarantees that the products conform to the Company's published specifications. Assurance-type warranties do not create a separate performance obligation under ASC 606. Under ASC Topic 460 – Guarantees, the Company establishes an accrual for estimated assurance-type warranty expense and records the expense in cost of product revenue on the Consolidated Statements of Operations. Amounts recognized during the years ended December 31, 2024, 2023, and 2022 were not material.

Grant Revenue

Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development, and no products or services are transferred to the grantor. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for profit business entities from government entities, the Company accounts for grants by analogy to International Accounting Standards Topic 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”) and ASC Topic 958, Not for-Profit Entities (“ASC 958”). The decision to account for a grant under IAS 20 or ASC 958 is based on whether the grantor is a government entity.

The Company records grants related to assets as a deduction in calculating the carrying value of the asset, and records grants related to income separately on the Consolidated Statements of Operations on a gross basis as grant revenue. The related expenses are recorded on a gross basis within operating expenses. These methods are elections an entity can make under both IAS 20 and ASC 958.

The Company recognizes grant revenue as the Company performs services under the arrangement when the funding is committed and as each grant’s activities are performed. The timing of revenue recognition and receipt of funding varies by grant and can be independent from performance of the related activities, such as an upfront payment of the award value, or subsequent to the Company’s requests for reimbursement for already performed activities (subject to the approval of the granting organization).

Cost of Goods Sold and Services

Cost of Product Revenue

Cost of product revenue consists of manufacturing and assembly costs for instruments, related reagents, other consumables, contract manufacturer costs, personnel costs, overhead, and other direct costs related to product sales. Raw material part costs include inbound shipping and handling costs associated with purchased goods, contract manufacturer costs, personnel costs, overhead and other direct costs related to product sales. Additionally included in cost of product revenue are royalty fees due to third parties from revenue generated by collaboration or license deals.

Cost of Service and Other Revenue

Cost of services and other revenue consists of direct costs associated with operating the Company’s Accelerator Laboratory on behalf of its customers, including raw materials, personnel costs, royalties, allocated overhead costs that include facility and other related costs, and other direct costs. Additional costs include costs related to warranties, and other costs of servicing equipment at customer sites.

Research and Development Expenses

Research and development expense consists primarily of personnel costs, research supplies, third-party development costs for new products, materials for prototypes, quality assurance, and allocated overhead costs that include facility and other related costs. The Company accounts for nonrefundable advance payments for products and services that will be used in future research and development activities as expense when the service has been performed or when the products have been received.

For arrangements in which the Company receives funding from third parties for research and development activities (excluding government sponsored arrangements), the Company assesses whether the arrangement is within the scope of ASC 730 – Research and Development. When the Company is entitled to receive reimbursements, does not have an obligation to repay, does not transfer products or services, and is the primary beneficiary of the activities, the Company records the reimbursable amounts as a reduction to research and development expense. Amounts reimbursed in excess of the cost incurred by the Company are recorded within other income (expense), net on the Consolidated Statements of Operations.

Reimbursable amounts recorded as a reduction to research and development expenses were $0.3 million during the year ended December 31, 2024 and were not material during the year ended December 31, 2023. The amount reimbursed in excess of costs incurred by the Company related to activities funded by third parties was $0.4 million in both the years ended December 31, 2024 and 2023. No reimbursable amounts were received during the year ended December 31, 2022.

Selling, General and Administrative Expenses

Selling, general and administrative expense consists primarily of personnel costs for our sales and marketing, finance, legal, human resources, and general management teams, shipping and handling for product sales, other general and administrative costs, as well as professional services costs, such as marketing, advertising, legal and accounting services, and allocated overhead costs that include facility and other related costs. The classification of shipping and handling costs for product sales as selling, general and administrative expenses varies from company to company with some companies recording these as selling, general and administrative expenses and others recording such expenses within costs of goods sold for products. To the extent the classification of the Company's shipping and handling costs differs from the reporting approach used by other companies, the Company’s gross margins may not be comparable with those reported by such other companies.

Net Loss Per Share

Basic net loss per common share attributable to common stockholders is calculated by dividing the loss attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted net loss per common share attributable to common stockholders is calculated under the treasury stock method by dividing the loss attributable to common stockholders by the diluted weighted-average number of common shares outstanding. Diluted weighted-average shares outstanding reflect the dilutive effect, if any, of potential common shares issued, such as unvested common stock, unvested restricted stock units (“RSUs”), common stock options, and shares estimated to be purchased under the Company’s employee stock purchase plan (“ESPP”). During periods when the Company is in a net loss position, these potential common shares are excluded from the diluted net loss per common share attributable to common stockholders because their effect would be anti-dilutive. Accordingly, basic and diluted net loss per common share attributable to common stockholders were the same for all periods presented.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash deposits and short-term, highly liquid marketable securities that are readily convertible into cash, with original maturities of three months or less.

Restricted Cash

The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands):


	As of December 31,
	2024		2023
Cash and cash equivalents	$	56,709	$	174,422
Restricted cash	2,610		2,604
Cash, cash equivalents, and restricted cash	$	59,319	$	177,026

Restricted cash consists of collateral for a letter of credit issued as security for two of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.

Marketable Securities

The Company’s current portfolio of marketable securities is entirely debt securities and may at any time include commercial paper, U.S. Treasuries, corporate notes and bonds, U.S. Government agency bonds, certificates of deposit, and similar types of debt securities. Marketable debt securities with original maturities of three months or less at the time of purchase are recorded in cash equivalents on the Consolidated Balance Sheets as they are considered highly liquid and readily convertible into cash. All other marketable securities, including those with maturities beyond one year, are recorded as current assets on the Consolidated Balance Sheets based on their highly liquid nature and because such securities are available for use in current operations.

The Company classifies its marketable securities as either held to maturity, available-for-sale, or trading at the time of purchase and re-evaluates such classification at each balance sheet date. All of the Company’s marketable securities are currently classified as available-for-sale as it may use them in current operations. Available-for-sale securities are recorded at fair value (refer to Note 6 - Fair Value of Financial Instruments).

Unrealized gains and losses (other than impairment or credit related losses) are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets. Realized gains and losses are determined using the specific identification method and are recorded in other income (expense), net on the Consolidated Statements of Operations.

At least quarterly, the Company monitors its marketable securities for impairment. In the event a security’s fair value is less than its amortized cost basis, the Company evaluates whether an impairment exists and if the impairment is a result of credit loss or other factors. For a security in an unrealized loss position, if the Company intends to sell the security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, an impairment loss equal to the difference between the security’s fair value and amortized cost basis is recorded in other income (expense), net on the Consolidated Statement of Operations. Additionally, the Company determines if a credit loss exists by considering information about the collectability of the security, current market conditions, and the issuer’s financial condition. If a decline in fair value is a result of a credit loss, an allowance for credit losses is recorded in other income (expense), net on the Consolidated Statement of Operations, limited to the portion attributed to the credit loss.

The Company has also elected the practical expedient to separately present accrued interest receivable from its marketable securities balance. Such accrued interest is recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets and is not included in the assessment and measurement of impairment of its marketable securities.

Inventory

Inventory consists of instruments, assays, and the materials required to manufacture instruments and assays.

Inventory is stated at the lower of cost or net realizable value on a first-in, first-out (“FIFO”) basis and includes the cost of materials, labor, and manufacturing overhead. The Company analyzes its inventory levels on each reporting date for slow-moving, excess, and obsolete inventory, and inventory expected to expire prior to being used. These analyses require judgment and are based on factors including, but not limited to, recent historical activity, anticipated or forecasted demand for the Company’s products (developed through its planning and sales and marketing inputs, scientific data supporting the estimated life of materials that expire and market conditions). If the Company identifies adverse conditions exist, such as unfavorable changes in estimated customer demand, the lives of materials that expire, or actual market conditions that may differ from its projections, the carrying value of the inventory is reduced to its estimated net realizable value by providing estimated reserves for excess or obsolete inventory.

Property and Equipment

Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation. These assets are depreciated over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are charged to expense as incurred, whereas significant expenditures that extend the useful lives of existing assets are capitalized as additions to property and equipment.

Depreciation is calculated based upon the following estimated useful lives:


			Estimated Useful Life
Laboratory and manufacturing equipment			5 years
Furniture and fixtures			7 years
Computers and software			3 years
Leasehold improvements			Shorter of asset's life or remaining lease term

Software Development and Cloud Computing Costs

The Company develops and modifies software related to the operation of some of its instruments and internal use software supporting the Company’s operations. Certain costs incurred during the application development stage including external direct costs of services used in the development or internal personnel costs for employees directly associated with the development are capitalized. These capitalized software development costs are recorded in property and equipment on the Consolidated Balance Sheets. The Company begins depreciating these costs over the life of the related asset upon completion of a working model or when it is ready for its intended use. Costs incurred during the preliminary project stage and post-configuration stages are expensed as incurred.

Cloud Computing Costs

Leases

The Company enters into operating leases for office, laboratory, and manufacturing spaces, as well as office equipment, and determines whether an arrangement is a lease at inception of the arrangement. The Company accounts for a lease when it has the right to control the leased asset for a period of time, while obtaining substantially all of the assets’ economic benefits. Leases are recorded on the Consolidated Balance Sheets as operating lease right-of-use (“ROU”) assets and current or non-current operating lease liabilities. All of the Company’s leases are classified as operating leases.

Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the future minimum lease payments over the lease term and any initial direct costs incurred. Initial direct costs are incremental costs of a lease that would not have been incurred had the lease not been executed. The discount rate used to determine the present value of the lease payments is the Company’s incremental borrowing rate on a collateralized basis for a similar term and amount, as generally an implicit rate in the lease is not readily determinable. To estimate its incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have an agency-based credit rating.

The Company’s lease agreements can contain lease and non-lease components. The Company accounts for the lease and fixed payments for non-lease components as a single lease component under ASC 842 – Leases, which increases the amount of the ROU assets and lease liabilities. Most of the Company’s lease agreements also contain variable payments, primarily maintenance, utility, and other-related costs, which are expensed as incurred and not included in the measurement of the ROU assets and lease liabilities.

Some of the Company’s leases contain options to extend or terminate the lease. When determining the lease term, these options are included in the measurement and recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise the option(s). The Company considers various economic factors when making this determination, including, but not limited to, the significance of leasehold improvements incurred in the leased space, the difficulty in replacing the asset, underlying contractual obligations, and specific characteristics unique to a particular lease. Subsequent to entering into a lease arrangement, the Company reassesses the certainty of exercising options to extend or terminate a lease. When it becomes reasonably certain that the Company will exercise an option that was not included in the lease term, the Company accounts for the change in circumstances as a lease modification, which results in the remeasurement of the ROU asset and lease liability as of the modification date.

Leases with a term of 12 months or less upon commencement are not recorded on the Consolidated Balance Sheets and are recorded to expense on a straight-line basis over the lease term.

Impairment of Goodwill

The Company assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Such events or circumstances could include the occurrence of operating losses, a significant decline in earnings, or significant changes in or restructuring of the business. The impairment test is first performed at the reporting unit level using a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying value. If the reporting unit does not pass the qualitative assessment, the reporting unit’s carrying value is compared to its fair value, using estimates including forecasts of discounted future cash flows and peer market multiples. An impairment charge is recorded equal to the excess of the reporting unit’s carrying value over its fair value.

The Company recorded an impairment charge on its entire goodwill balance during the year ended December 31, 2022 (refer to Note 18 - Restructuring) and had no goodwill recorded at December 31, 2024 or 2023.

Impairment of Long-Lived Assets

The Company’s long-lived assets consist of operating lease ROU assets, property and equipment, and intangible assets. The Company reviews the carrying amount of its long-lived assets for impairment whenever events or circumstances indicate that the estimated useful lives may warrant revision, or that the carrying amount of the assets may not be fully recoverable. To assess whether a long-lived asset or group of assets has been impaired, the estimated undiscounted and discounted future cash flows for the estimated remaining useful life or estimated lease term, of the asset (or the primary asset in the asset group) are compared to their carrying values. Significant judgment is required to estimate future cash flows, including, but not limited to, the expected use of the asset (group), historical customer retention rates, technology roadmaps, customer awareness, trademark and trade name history, contractual provisions that could limit or extend an asset's useful life, market data, discount rates, potential sublease opportunities including rent and rent escalation rates, time to sublease, and free rent periods. To the extent that the future cash flows are less than the carrying value, the asset(s) are impaired and written down to estimated fair value.

Fair Value of Financial Instruments

The carrying amount reflected on the Consolidated Balance Sheets for cash, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued compensation and benefits, and accrued expenses and other current liabilities approximate their fair values due to their short-term nature.

Additionally, the Company has certain financial assets that are required to be measured at fair value on a recurring basis including cash equivalents and marketable securities. Pursuant to the accounting standards for fair value measurements, the fair values of these financial assets are classified as Level 1, 2, or 3 within the fair value hierarchy as follows:

•Level 1: Observable inputs based on unadjusted quoted prices in active markets for identical assets.

•Level 2: Inputs, other than Level 1 inputs, that are observable either directly or indirectly, such as quoted prices for similar assets, quoted prices in markets that are not active, other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.

•Level 3: Unobservable inputs for which there is little or no market data and such inputs are significant to the fair value of the assets. These inputs reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Consolidated Financial Statements or tax returns. Deferred tax assets and liabilities are determined based on differences between the carrying amount and the tax basis of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions using a more likely than not threshold for recognizing uncertain tax positions, in accordance with ASC 740 – Income Taxes. The evaluation of uncertain tax positions is based on factors that include, but are not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity, and changes in facts or circumstances related to a tax position. The Company evaluates uncertain tax positions on an ongoing basis and adjusts any liability recorded to reflect subsequent changes in the relevant facts surrounding the uncertain positions. Amounts recorded for uncertain tax positions, including interest and penalties, are recorded in income tax (expense) benefit on the Consolidated Statement of Operations.

Credit, Product, and Supplier Concentrations and Off-Balance-Sheet Risk

Credit, Product, and Supplier Concentrations, and Off-Balance-Sheet Risk

Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash, cash equivalents, marketable securities, and accounts receivable. The Company limits its risk exposure by having its cash, cash equivalents, and marketable securities held at large commercial banks and investing in highly rated marketable securities. Maximum exposure to losses related to cash, cash equivalents, marketable securities, and accounts receivable are limited to their carrying amounts.

As of December 31, 2024, no customer accounted for greater than 10% of the Company's gross accounts receivable. As of December 31, 2023, one customer with $3.6 million of receivables accounted for greater than 10% of the Company's gross accounts receivable. Customers outside the United States represented 40% and 38% of the Company’s gross accounts receivable balance as of December 31, 2024 and 2023, respectively.

For the year ended December 31, 2024, no customers accounted for greater than 10% of the Company’s total revenue. For the year ended December 31, 2023, one customer of approximately $14.0 million revenue accounted for greater than 10% of the Company’s total revenue. For the year ended December 31, 2022, one customer of approximately $13.7 million revenue accounted for greater than 10% of the Company’s total revenue.

The Company is also subject to supply chain risks related to outsourced manufacturing of some of its instruments. Although there are a limited number of manufacturers for its instruments, the Company believes that other suppliers could provide similar manufacturing on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect operating results. In addition to outsourced manufacturing of some of its instruments, the Company also purchases antibodies through a number of different suppliers. Although a disruption in service from any one of its antibody suppliers is possible, the Company believes that it would be able to find an adequate supply from alternative suppliers.

Stock-Based Compensation

The Company measures and recognizes stock-based compensation expense by calculating the estimated fair value of stock options, RSUs, or purchase rights issued under the Company’s ESPP on the grant date. The Company generally issues new common shares upon exercise of options and vesting of RSUs. Awards granted by the Company are routine in nature including new hire, annual, and promotion grants.

The fair value of stock options and purchase rights under the ESPP is estimated using the Black-Scholes option-pricing model. The Black-Scholes model requires the Company to make assumptions about the expected or contractual term of the option or purchase right, the expected volatility, risk-free interest rates, and expected dividend yield. The Company estimates the expected term of options granted to employees utilizing historical exercise data. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. During 2024 and 2023, the expected volatility was based on the Company’s historical volatility. Prior to 2023, the expected volatility was estimated based on both the Company’s volatility and the average volatility for comparable publicly traded companies over a period equal to the expected term of the related stock-based awards. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, commensurate with the expected term. The expected dividend yield is zero as the Company has never paid dividends and has no current plans to pay any dividends on common stock.

The fair value of RSUs is determined using the closing market price of the Company’s common stock on the grant date.

The Company recognizes stock-based compensation expense on a straight-line basis over an award’s requisite service period, which is the vesting period for stock options and RSUs, and the offering period for purchase rights under the ESPP. The Company recognizes forfeitures as they occur.

Advertising

The Company expenses the cost of advertising as incurred and records them in selling, general and administrative expense on the Consolidated Statements of Operations. Advertising expense was $0.5 million, $0.3 million, and $0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASC Update No. 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures (“ASU 2023-07”). This update requires single reportable segment entities to comply with all disclosure requirements within Topic 280. This update also enhances reportable segment disclosure requirements by requiring public entities to provide disclosures of significant segment expense categories and amounts that are regularly reviewed by the chief operating decision maker, and other segment items, as well as disclosures about, and a reconciliation to, a reportable segment’s profit or loss. The new standard became effective for the Company’s annual financial statements for the period beginning on January 1, 2024 and is applicable for interim financial statements for the periods beginning on January 1, 2025. The Company adopted this standard on a retrospective basis to all periods presented and such adoption did not have a material impact on the Company’s Consolidated Financial Statements or related disclosures.

In June 2022, the FASB issued ASC Update No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies the guidance in Topic 820 related to measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, as well as introduces new disclosure requirements for these types of equity securities. The new standard became effective for the Company on January 1, 2024. The Company adopted this standard on a prospective basis and such adoption did not have a material impact on the Company’s Consolidated Financial Statements or related disclosures.

Recent Accounting Standards To Be Adopted

In December 2024, the FASB issued ASC Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update enhances income tax disclosure requirements by requiring public entities to provide additional information in its tax rate reconciliation and additional disclosures about income taxes paid. The update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance and the amendments in this update should be applied prospectively, but entities have the option to apply it retrospectively. The Company is currently evaluating the impact that the standard will have on its Consolidated Financial Statements.

In November 2024, the FASB issued ASC Update No. 2024-03, Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. This update enhances disclosure of an entity's expenses, primarily through additional disaggregation of income statement expenses. The update also requires entities to disclose qualitative descriptions of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The amendments in this update should be applied prospectively, but entities have the option to apply it retrospectively. The new standard will be effective for the Company’s annual financial statements for the period beginning on January 1, 2027, and interim reporting periods beginning January 1, 2028. The Company is currently evaluating the impact that the adoption of this standard will have on financial disclosures.

Commitment and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and contingencies
Purchase commitments expects to incur in next year		$ 1,400
Harvard University \| License agreements
Commitments and contingencies
Upfront Fee	$ 600
Royalty expense		0	$ 0
Tufts \| License agreements
Commitments and contingencies
Royalty expense		$ 2,100	$ 1,700	$ 1,400

Income taxes - Provision for income tax benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ 0	$ 0
State	(37)	(161)	(87)
Foreign	(683)	(850)	(372)
Total current income tax provision	(720)	(1,011)	(459)
Deferred
Federal	0	0	10
State	0	0	13
Foreign	286	292	272
Total deferred income tax benefit	286	292	295
Total income tax expense	$ (434)	$ (719)	$ (164)

Leases - Undiscounted future lease payments for non-cancelable operating leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee Disclosure [Abstract]
2025	$ 7,296
2026	7,450
2027	7,684
2028	7,923
2029	8,143
Thereafter	7,615
Total lease payments	46,111
Less: imputed interest	(8,740)
Total operating lease liabilities	$ 37,371

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Allowance for Credit Loss [Abstract]

Schedule of the allowance for credit losses

The change in the allowance for credit losses on accounts receivable is summarized as follows (in thousands):


	2024		2023		2022
Balance at December 31 of prior year	$	454	$	118	$	419
Provision for expected credit losses	712		729		752
Write-offs and recoveries collected	(124)		(393)		(1,053)
Balance at December 31	$	1,042	$	454	$	118

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related party transactions
Cost of revenue	$ 54,317	$ 48,144	$ 60,159
Accounts payable	6,953	5,048
Accounts receivable, net of allowance for expected credit losses	32,141	25,414
Harvard University
Related party transactions
Related party revenue	2,200	1,300	700
Cost of revenue	300	300	0
Accounts receivable, net of allowance for expected credit losses	700	0
UltraDx
Related party transactions
Cost of revenue	0	300	$ 700
Accounts payable	$ 0	$ 0

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Gross Carrying Value	$ 16,400	$ 16,400
Accumulated Amortization	(10,203)	(9,280)
Cumulative Translation Adjustment	(2,166)	(1,086)
Net Carrying Value	$ 4,031	$ 6,034
Know-how
Goodwill [Line Items]
Estimated Useful Life (in years)	8 years 6 months	8 years 6 months
Gross Carrying Value	$ 13,000	$ 13,000
Accumulated Amortization	(7,057)	(6,326)
Cumulative Translation Adjustment	(2,093)	(1,050)
Net Carrying Value	$ 3,850	$ 5,624
Weighted Average Life Remaining (in years)	3 years	4 years
Developed technology
Goodwill [Line Items]
Estimated Useful Life (in years)	7 years	7 years
Gross Carrying Value	$ 1,650	$ 1,650
Accumulated Amortization	(1,645)	(1,581)
Net Carrying Value	$ 5	$ 69
Weighted Average Life Remaining (in years)	1 month 6 days	1 year 1 month 6 days
Customer relationships
Goodwill [Line Items]
Gross Carrying Value	$ 1,360	$ 1,360
Accumulated Amortization	(1,166)	(1,067)
Cumulative Translation Adjustment	(18)	(9)
Net Carrying Value	$ 176	$ 284
Weighted Average Life Remaining (in years)	3 years 1 month 6 days	4 years 1 month 6 days
Non-compete agreements
Goodwill [Line Items]
Estimated Useful Life (in years)	5 years 6 months	5 years 6 months
Gross Carrying Value	$ 340	$ 340
Accumulated Amortization	(285)	(256)
Cumulative Translation Adjustment	(55)	(27)
Net Carrying Value	$ 0	$ 57
Weighted Average Life Remaining (in years)		1 year
Trade names
Goodwill [Line Items]
Estimated Useful Life (in years)	3 years	3 years
Gross Carrying Value	$ 50	$ 50
Accumulated Amortization	$ (50)	$ (50)
Minimum \| Customer relationships
Goodwill [Line Items]
Estimated Useful Life (in years)	8 years 6 months	8 years 6 months
Maximum \| Customer relationships
Goodwill [Line Items]
Estimated Useful Life (in years)	10 years	10 years

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Expenses and Other Current Liabilities

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of December 31,
	2024		2023
Accrued professional services	$	4,897	$	1,596
Accrued royalties	1,361		1,689
Accrued tax liabilities	1,018		822
Other accrued expenses	1,575		1,948
Total accrued expenses and other current liabilities	$	8,851	$	6,055

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents consist of the following (in thousands):


	As of December 31,
	2024		2023
Cash	$	12,283	$	12,162
Money market funds	44,426		155,367
Marketable securities	—		6,893
Total cash and cash equivalents	$	56,709	$	174,422

Schedule of Restricted Cash and Cash Equivalents


	As of December 31,
	2024		2023
Cash and cash equivalents	$	56,709	$	174,422
Restricted cash	2,610		2,604
Cash, cash equivalents, and restricted cash	$	59,319	$	177,026

Schedule of Property, Plant and Equipment, Useful Life

Depreciation is calculated based upon the following estimated useful lives:


			Estimated Useful Life
Laboratory and manufacturing equipment			5 years
Furniture and fixtures			7 years
Computers and software			3 years
Leasehold improvements			Shorter of asset's life or remaining lease term

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 9. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of December 31,
	2024		2023
Accrued professional services	$	4,897	$	1,596
Accrued royalties	1,361		1,689
Accrued tax liabilities	1,018		822
Other accrued expenses	1,575		1,948
Total accrued expenses and other current liabilities	$	8,851	$	6,055

Marketable Securities - Summary of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized cost due within one year	$ 197,141	$ 95,188
Fair value due within one year	197,306	95,232
Amortized cost due in one to two years	35,168	58,282
Fair value due in one to two years	35,107	58,563
Amortized cost	232,309	153,470
Fair Value	$ 232,413	$ 153,795

Variable Interest Entities (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Other non-current assets		$ 2,809	$ 1,657
UltraDx
Variable Interest Entity [Line Items]
Ownership interest	5.00%
Variable interest entities
Variable Interest Entity [Line Items]
Other non-current assets		$ 800	$ 800
Variable interest entities \| UltraDx
Variable Interest Entity [Line Items]
Ordinary shares received (in shares)	1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue and Related Matters (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

When disaggregating revenue, the Company considers all of the economic factors that may affect its revenues. The following tables disaggregate the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands):


	Year Ended December 31, 2024
	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	3,924	$	3,857	$	2,699	$	10,480
Consumable and other products	39,794		20,760		8,706		69,260
Total	$	43,718	$	24,617	$	11,405	$	79,740

Service revenue:
Research services	$	31,252	$	5,833	$	913	$	37,998
Service-type warranties	6,319		3,490		798		10,607
Other services	1,618		976		45		2,639
Total	$	39,189	$	10,299	$	1,756	$	51,244

Collaboration and license revenue:	$	3,681	$	—	$	771	$	4,452
Total	$	3,681	$	—	$	771	$	4,452


	Year Ended December 31, 2023
	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	6,374	$	4,384	$	4,947	$	15,705
Consumable and other products	35,122		21,216		7,627		63,965
Total	$	41,496	$	25,600	$	12,574	$	79,670

Service and other revenues:
Research services	$	24,706	$	2,000	$	1,122	$	27,828
Service-type warranties	6,265		3,001		613		9,879
Other services	1,436		951		(5)		2,382
Total	$	32,407	$	5,952	$	1,730	$	40,089

Collaboration and license revenue:	$	1,380	$	—	$	—	$	1,380
Total	$	1,380	$	—	$	—	$	1,380


	Year Ended December 31, 2022
	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	9,254	$	8,362	$	7,388	$	25,004
Consumable and other products	25,894		14,514		4,396		44,804
Total	$	35,148	$	22,876	$	11,784	$	69,808

Service and other revenue:
Research services	$	22,493	$	1,013	$	147	$	23,653
Service-type warranties	5,581		2,779		480		8,840
Other services	1,144		722		136		2,002
Total	$	29,218	$	4,514	$	763	$	34,495

Collaboration and license revenue:	$	274	$	323	$	52	$	649
Total	$	274	$	323	$	52	$	649

Schedule of Costs to Obtain Contract

Changes in costs to obtain a contract were as follows (in thousands):


	2024		2023		2022
Balance at December 31 of prior year	$	288	$	377	$	440
Capitalization of costs to obtain a contract	362		528		1,387
Recognition of costs to obtain a contract	(358)		(617)		(1,450)
Balance at December 31	$	292	$	288	$	377

Leases

12 Months Ended

Dec. 31, 2024

Lessee Disclosure [Abstract]

Leases

Note 14. Leases

As part of the Restructuring Plan in the third quarter of 2022 (refer to Note 18 - Restructuring), the Company decided not to use two leased facilities in its operations and attempted to sublease the vacant space to recover a portion of the total lease costs. The Company’s decision to not use the leased facilities moved the related ROU assets and leasehold improvements into their own asset groups and triggered an impairment assessment over those asset groups. The impairment assessments, along with continued quarterly reassessments, resulted in the Company recording impairment charges to the related ROU assets and leasehold improvements during the years ended December 31, 2023 and 2022 as further described in Note 18 - Restructuring.

During the fourth quarter of 2024, the Company began to utilize one of these two leased facilities, while the other unused facility remained its own asset group. The Company continued to reassess the ROU asset and leasehold improvements from the unused facility and there were no impairments recorded in 2024.

The carrying value of ROU assets and leasehold improvements for facilities not being used as of December 31, 2024 and 2023 were $0.8 million and $10.1 million, respectively.

Substantially all of the Company’s leases are located in North America.

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	4,949	$	5,209	$	5,488
Short-term and variable lease cost	4,359		3,996		3,417
Total lease cost	$	9,308	$	9,205	$	8,905


	Year Ended December 31,
	2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,554		$	8,935
Weighted average remaining lease term - operating leases (years)	5.8			6.8
Weighted average discount rate - operating leases	7.92		%	7.86		%

The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):


Maturity of lease liabilities	As of December 31, 2024
2025	$	7,296
2026	7,450
2027	7,684
2028	7,923
2029	8,143
Thereafter	7,615
Total lease payments	46,111
Less: imputed interest	(8,740)
Total operating lease liabilities	$	37,371

Operating lease balances presented on the Consolidated Balance Sheets were as follows (in thousands):


	As of December 31, 2024
Operating lease ROU assets	$	16,339

Operating lease liabilities	$	4,756
Operating lease liabilities, net of current portion	32,615
Total operating lease liabilities	$	37,371

Revenue and Related Matters

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue and Related Matters

Note 3. Revenue and Related Matters

Revenue from Contracts with Customers

The Company’s customers primarily consist of entities engaged in the life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, infectious disease, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.

Disaggregated Revenue


	Year Ended December 31, 2024
	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	3,924	$	3,857	$	2,699	$	10,480
Consumable and other products	39,794		20,760		8,706		69,260
Total	$	43,718	$	24,617	$	11,405	$	79,740

Service revenue:
Research services	$	31,252	$	5,833	$	913	$	37,998
Service-type warranties	6,319		3,490		798		10,607
Other services	1,618		976		45		2,639
Total	$	39,189	$	10,299	$	1,756	$	51,244

Collaboration and license revenue:	$	3,681	$	—	$	771	$	4,452
Total	$	3,681	$	—	$	771	$	4,452


	Year Ended December 31, 2023
	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	6,374	$	4,384	$	4,947	$	15,705
Consumable and other products	35,122		21,216		7,627		63,965
Total	$	41,496	$	25,600	$	12,574	$	79,670

Service and other revenues:
Research services	$	24,706	$	2,000	$	1,122	$	27,828
Service-type warranties	6,265		3,001		613		9,879
Other services	1,436		951		(5)		2,382
Total	$	32,407	$	5,952	$	1,730	$	40,089

Collaboration and license revenue:	$	1,380	$	—	$	—	$	1,380
Total	$	1,380	$	—	$	—	$	1,380


	Year Ended December 31, 2022
	North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	9,254	$	8,362	$	7,388	$	25,004
Consumable and other products	25,894		14,514		4,396		44,804
Total	$	35,148	$	22,876	$	11,784	$	69,808

Service and other revenue:
Research services	$	22,493	$	1,013	$	147	$	23,653
Service-type warranties	5,581		2,779		480		8,840
Other services	1,144		722		136		2,002
Total	$	29,218	$	4,514	$	763	$	34,495

Collaboration and license revenue:	$	274	$	323	$	52	$	649
Total	$	274	$	323	$	52	$	649

UltraDx Product Sales Agreement

On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement”). Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize, HD-X instruments assembled in China and related assays in the Chinese in vitro diagnostic (“IVD”) market. Refer to Note 16 - Related Party Transactions for a discussion of the related party relationships between Quanterix and these entities.

Under the UltraDx Agreement, the consideration due to the Company included cash proceeds and contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $1.0 million. The issuance of the shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement. Given the uncertainty of the completion of the preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception.

In the second quarter of 2023, UltraDx completed the qualified preferred share financing and issued to the Company 1.0 million ordinary shares. Refer to Note 6 - Fair Value of Financial Instruments for the Company’s disclosures related to determining the fair value of the shares received and Note 20 - Variable Interest Entities for the Company's evaluation under the VIE guidance of investments in other entities.

During the years ended December 31, 2024, 2023, and 2022, the Company recognized $1.1 million, $1.8 million, and $1.9 million, respectively, of revenue from UltraDx. The amount recognized during the year ended December 31, 2023 includes the one-time revenue from the receipt of the UltraDx shares.

Eli Lilly and Company Service Revenue Agreements

On February 25, 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (“Lilly”) establishing a framework for future projects focused on the development of Simoa immunoassays (the “Lilly Collaboration Agreement”). The Company also entered into an initial statement of work (the “SOW”) under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease. Under the SOW, the Company received $1.5 million per calendar quarter, which began in the first quarter of 2022. The initial SOW automatically renewed on a quarterly basis.

During the second quarter of 2024, Lilly launched its CertuitAD test. As a result, on May 14, 2024, Lilly provided notice to terminate the SOW in accordance with the terms of the Lilly Collaboration Agreement, effective August 22, 2024. Under the terms of the SOW, the Company received a final quarterly payment of $1.5 million in the third quarter of 2024. The Lilly Collaboration Agreement remains in effect and the Company continues to provide products and services to Lilly under other contractual arrangements.

Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted the Company a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use in research use only products and services and future IVD applications within the field of Alzheimer’s disease. In consideration of the Lilly License, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay royalties on net sales of licensed products. In the third quarter of 2024, the Company announced that it will offer research use only instrumentation and consumables to develop p-Tau 217 blood tests and services using the p-Tau 217 antibody technology licensed from Lilly.

During the years ended December 31, 2024, 2023, and 2022, the Company recognized $4.5 million, $6.0 million, and $10.9 million, respectively, of revenue from the Lilly Collaboration Agreement.

Contract Assets

There were no contract assets as of December 31, 2024 or December 31, 2023.

Deferred Revenue

During the years ended December 31, 2024 and 2023, the Company recognized $7.9 million and $7.7 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Remaining Performance Obligations

As of December 31, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $9.9 million. Of the performance obligations not yet satisfied or partially satisfied, $8.8 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The $9.9 million primarily consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services.

Costs to Obtain a Contract

Changes in costs to obtain a contract were as follows (in thousands):


	2024		2023		2022
Balance at December 31 of prior year	$	288	$	377	$	440
Capitalization of costs to obtain a contract	362		528		1,387
Recognition of costs to obtain a contract	(358)		(617)		(1,450)
Balance at December 31	$	292	$	288	$	377

The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the years ended December 31, 2024, 2023, and 2022, respectively.

Grant Revenue

All of the Company's grant revenue is generated within North America. Grant revenue for the years ended December 31, 2024, 2023, and 2022 was $2.0 million, $1.2 million, and $0.6 million, respectively.

NIH Grant

On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant. As of December 31, 2024, the Company had received $1.1 million of the award value.

During the years ended December 31, 2024 and 2023, grant revenue recognized was $0.8 million and $0.7 million, respectively, and research and development expenses incurred were $0.8 million and $0.6 million, respectively. During the year ended December 31, 2022, grant revenue recognized and research and development expenses incurred were not material.

ADDF Grant

On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $2.3 million. The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an IVD test for early detection of Alzheimer's disease. The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through June 2024. Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of December 31, 2023, the Company had received the total funding value of $2.3 million.

During the years ended December 31, 2024, 2023, and 2022, grant revenue recognized was $1.1 million, $0.5 million, and $0.6 million, respectively, and research and development expenses incurred were $1.1 million, $0.5 million, and $0.6 million, respectively. As of December 31, 2024, the Company had no remaining deferred revenue related to the ADDF Grant.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value

The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):


	As of December 31, 2024
	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	1,494	$	—	$	—	$	1,494
U.S. Treasuries	61,891		19		(53)		61,857
U.S. Government agency bonds	93,987		89		(98)		93,978
Corporate bonds	74,937		148		(1)		75,084
Total marketable securities	$	232,309	$	256	$	(152)	$	232,413

Marketable securities are reported in the following Consolidated Balance Sheets captions:
Marketable securities							$	232,413
Total marketable securities							$	232,413

	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	53,482	$	23	$	(12)	$	53,493
U.S. Treasuries	4,896		1		—		4,897
U.S. Government agency bonds	28,366		39		(7)		28,398
Corporate bonds	66,726		289		(8)		67,007
Total marketable securities	$	153,470	$	352	$	(27)	$	153,795

Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	6,893
Marketable securities							146,902
Total marketable securities							$	153,795

Summary of Fair Value and Gross Unrealized Losses

The following table shows the fair value and gross unrealized losses of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):


	Less Than 12 Months
As of December 31, 2024	Fair Value		Unrealized Losses
U.S. Treasuries	$	35,085	$	(53)
U.S. Government agency bonds	32,148		(98)
Corporate bonds	7,415		(1)
Total	$	74,648	$	(152)


	Less Than 12 Months
As of December 31, 2023	Fair Value		Unrealized Losses
Commercial paper	$	32,137	$	(12)
U.S. Government agency bonds	15,861		(7)
Corporate bonds	8,367		(8)
Total	$	56,365	$	(27)

Summary of Contractual Maturities of Marketable Securities

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


	As of December 31, 2024				As of December 31, 2023
	Amortized cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	197,141	$	197,306	$	95,188	$	95,232
Due in one to two years	35,168		35,107		58,282		58,563
Total	$	232,309	$	232,413	$	153,470	$	153,795

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

Use of Estimates

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

Foreign Currency

Revenue from Contracts with Customers

Product Revenue

Instrument sales may also be bundled with assays and other consumables, training, and/or an extended service warranty, each of which is considered a separate performance obligation.

Service Revenue

Collaboration and License Revenue

Contract Assets and Liabilities

Accounts Receivable and Allowance for Credit Losses

Deferred Revenue

The Company refers to contract liabilities as deferred revenue on the Consolidated Balance Sheets and consists of billings in excess of revenue recognized.

Costs to Obtain Contracts

Warranties

Grant Revenue

Cost of Goods Sold and Services

Cost of Product Revenue

Cost of Service and Other Revenue

Research and Development Expenses

Selling, General and Administrative Expenses

Net Loss Per Share

Cash and Cash Equivalents

Cash and cash equivalents consist of cash deposits and short-term, highly liquid marketable securities that are readily convertible into cash, with original maturities of three months or less. Cash and cash equivalents consist of the following (in thousands):


	As of December 31,
	2024		2023
Cash	$	12,283	$	12,162
Money market funds	44,426		155,367
Marketable securities	—		6,893
Total cash and cash equivalents	$	56,709	$	174,422

Restricted Cash


	As of December 31,
	2024		2023
Cash and cash equivalents	$	56,709	$	174,422
Restricted cash	2,610		2,604
Cash, cash equivalents, and restricted cash	$	59,319	$	177,026

Marketable Securities

Inventory

Inventory consists of instruments, assays, and the materials required to manufacture instruments and assays.

Property and Equipment

Depreciation is calculated based upon the following estimated useful lives:


			Estimated Useful Life
Laboratory and manufacturing equipment			5 years
Furniture and fixtures			7 years
Computers and software			3 years
Leasehold improvements			Shorter of asset's life or remaining lease term

Cloud Computing Costs

For cloud computing arrangements that include a software license or software-as-a-service contracts, certain implementation costs incurred are capitalized and recorded in prepaid expenses and other current assets, and other non-current assets on the Consolidated Balance Sheets. These costs are amortized over the noncancellable term of the cloud computing service contract, plus any optional renewal periods that are reasonably certain to be exercised, once the service is ready for its intended use. As of December 31, 2024, the Company capitalized $1.2 million of cloud computing implementation costs. Amounts capitalized as of December 31, 2023 and expensed during the years ended December 31, 2024, 2023 and 2022 were not material.

Leases

Leases with a term of 12 months or less upon commencement are not recorded on the Consolidated Balance Sheets and are recorded to expense on a straight-line basis over the lease term.

Impairment of Goodwill

Impairment of Long-Lived Assets

Fair Value of Financial Instruments

•Level 1: Observable inputs based on unadjusted quoted prices in active markets for identical assets.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Income Taxes

Credit, Product, and Supplier Concentrations, and Off-Balance-Sheet Risk

Stock-Based Compensation

The fair value of RSUs is determined using the closing market price of the Company’s common stock on the grant date.

Advertising

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

Recent Accounting Standards To Be Adopted

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss	$	(38,531)	$	(28,354)	$	(99,574)
Denominator:
Weighted average common shares outstanding, basic and diluted	38,367		37,594		36,991

Net loss per share, basic and diluted	$	(1.00)	$	(0.75)	$	(2.69)

Schedule of Common Share Equivalents Excluded from Diluted Net Loss Per Share

As the Company was in a net loss position for all periods, the following common share equivalents were excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive (in thousands):


	Year Ended December 31,
	2024	2023	2022
Stock options	3,561	2,783	2,432
Common stock and RSUs	1,341	1,513	908
Estimated ESPP purchases	8	23	52
Total dilutive shares	4,910	4,319	3,392

Stock-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based compensation
Total stock-based compensation	$ 19,987	$ 16,823	$ 15,383
Cost of product revenue
Stock-based compensation
Total stock-based compensation	1,132	839	596
Cost of service and other revenue
Stock-based compensation
Total stock-based compensation	1,142	1,124	819
Research and development
Stock-based compensation
Total stock-based compensation	2,117	1,713	1,629
Selling, general and administrative
Stock-based compensation
Total stock-based compensation	$ 15,596	$ 13,147	$ 12,339

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Revenue and Related Matters - Costs to obtain a contract (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Roll Forward]
Balance at beginning of period	$ 288	$ 377	$ 440
Capitalization of costs to obtain a contract	362	528	1,387
Recognition of costs to obtain a contract	(358)	(617)	(1,450)
Balance at end of period	$ 292	$ 288	$ 377

Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 5. Marketable Securities

The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):


	As of December 31, 2024
	Amortized cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	1,494	$	—	$	—	$	1,494
U.S. Treasuries	61,891		19		(53)		61,857
U.S. Government agency bonds	93,987		89		(98)		93,978
Corporate bonds	74,937		148		(1)		75,084
Total marketable securities	$	232,309	$	256	$	(152)	$	232,413

Marketable securities are reported in the following Consolidated Balance Sheets captions:
Marketable securities							$	232,413
Total marketable securities							$	232,413

	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	53,482	$	23	$	(12)	$	53,493
U.S. Treasuries	4,896		1		—		4,897
U.S. Government agency bonds	28,366		39		(7)		28,398
Corporate bonds	66,726		289		(8)		67,007
Total marketable securities	$	153,470	$	352	$	(27)	$	153,795

Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	6,893
Marketable securities							146,902
Total marketable securities							$	153,795


	Less Than 12 Months
As of December 31, 2024	Fair Value		Unrealized Losses
U.S. Treasuries	$	35,085	$	(53)
U.S. Government agency bonds	32,148		(98)
Corporate bonds	7,415		(1)
Total	$	74,648	$	(152)


	Less Than 12 Months
As of December 31, 2023	Fair Value		Unrealized Losses
Commercial paper	$	32,137	$	(12)
U.S. Government agency bonds	15,861		(7)
Corporate bonds	8,367		(8)
Total	$	56,365	$	(27)

The Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position as of December 31, 2024 or 2023. For marketable securities in an unrealized loss position, the Company does not intend to sell them before recovery of their amortized cost bases, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance.

The Company did not sell any marketable securities or record any realized gains or losses for the years ended December 31, 2024 and 2023. At December 31, 2024 and 2023, the Company had $1.6 million and $1.0 million of accrued interest receivable on its marketable securities, respectively.

The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):


	As of December 31, 2024				As of December 31, 2023
	Amortized cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	197,141	$	197,306	$	95,188	$	95,232
Due in one to two years	35,168		35,107		58,282		58,563
Total	$	232,309	$	232,413	$	153,470	$	153,795

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Acquired intangible assets consisted of the following (in thousands, except useful life and weighted average life amounts):


		As of December 31, 2024
	Estimated Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Cumulative Translation Adjustment		Net Carrying Value		Weighted Average Life Remaining (in years)
Know-how	8.5	$	13,000	$	(7,057)	$	(2,093)	$	3,850	3.0
Developed technology	7	1,650		(1,645)		—		5		0.1
Customer relationships	8.5 - 10	1,360		(1,166)		(18)		176		3.1
Non-compete agreements	5.5	340		(285)		(55)		—		—
Trade names	3	50		(50)		—		—		—
Total		$	16,400	$	(10,203)	$	(2,166)	$	4,031


		As of December 31, 2023
	Estimated Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Cumulative Translation Adjustment		Net Carrying Value		Weighted Average Life Remaining (in years)
Know-how	8.5	$	13,000	$	(6,326)	$	(1,050)	$	5,624	4.0
Developed technology	7	1,650		(1,581)		—		69		1.1
Customer relationships	8.5 - 10	1,360		(1,067)		(9)		284		4.1
Non-compete agreements	5.5	340		(256)		(27)		57		1.0
Trade names	3	50		(50)		—		—		—
Total		$	16,400	$	(9,280)	$	(1,086)	$	6,034

Schedule of Future Estimated Amortization Expense of Acquired Intangible Assets

Future estimated amortization expense is as follows (amounts in thousands):


	As of December 31, 2024
2025	$	1,369
2026	1,341
2027	1,319
2028	2
2029	—
Thereafter	—
Total amortization expense	$	4,031

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 137,421	$ 122,368	$ 105,522
Consolidated net loss	(38,531)	(28,354)	(99,574)
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	135,436	121,139	104,952
Costs of goods sold and services, including shipping and handling costs	62,430	56,290	68,082
Certain operating expenses, excluding shipping and handling costs	124,587	107,029	110,737
Other segment items	(11,065)	(12,597)	26,277
Consolidated net loss	38,531	28,354	99,574
Grant revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	1,985	1,229	570
Grant revenue \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 1,985	$ 1,229	$ 570

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income taxes - Valuation Allowance Deferred Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Balance, beginning of year	$ 110,082	$ 103,372
Change in valuation allowance	8,581	6,710
Balance, end of year	$ 118,663	$ 110,082

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property, Plant, and Equipment - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2024 facility	Sep. 30, 2022 facility	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($) facility
Property and equipment
Depreciation expense			$ 4.8	$ 4.7	$ 3.5
Disposals related to equipment no longer in use				$ 0.8
Number of leased facilities \| facility	2	2	2	2	2
Capitalized software development costs			$ 4.3	$ 1.1
Computers and software
Property and equipment
Depreciation expense			$ 0.8	$ 0.0	$ 0.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 56,709	$ 174,422
Marketable securities	232,413	146,902
Accounts receivable, net of allowance for expected credit losses	32,141	25,414
Inventory	32,775	26,123
Prepaid expenses and other current assets	9,556	9,234
Total current assets	363,594	382,095
Restricted cash	2,610	2,604
Property and equipment, net	17,150	17,926
Intangible assets, net	4,031	6,034
Operating lease right-of-use assets	16,339	18,251
Other non-current assets	2,809	1,657
Total assets	406,533	428,567
Current liabilities:
Accounts payable	6,953	5,048
Accrued compensation and benefits	12,620	14,170
Accrued expenses and other current liabilities	8,851	6,055
Deferred revenue	8,827	9,468
Operating lease liabilities	4,756	4,241
Total current liabilities	42,007	38,982
Deferred revenue, net of current portion	1,073	1,227
Operating lease liabilities, net of current portion	32,615	37,223
Other non-current liabilities	800	1,177
Total liabilities	76,495	78,609
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.001 par value per share: Authorized: 120,000 shares; issued and outstanding: 38,573 and 38,014 shares at December 31, 2024 and 2023, respectively	39	38
Additional paid-in capital	803,160	783,142
Accumulated other comprehensive loss	(3,080)	(1,672)
Accumulated deficit	(470,081)	(431,550)
Total stockholders’ equity	330,038	349,958
Total liabilities and stockholders’ equity	$ 406,533	$ 428,567

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Consolidated net loss	$ (38,531)	$ (28,354)	$ (99,574)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 11. Net Loss Per Share

The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss	$	(38,531)	$	(28,354)	$	(99,574)
Denominator:
Weighted average common shares outstanding, basic and diluted	38,367		37,594		36,991

Net loss per share, basic and diluted	$	(1.00)	$	(0.75)	$	(2.69)


	Year Ended December 31,
	2024	2023	2022
Stock options	3,561	2,783	2,432
Common stock and RSUs	1,341	1,513	908
Estimated ESPP purchases	8	23	52
Total dilutive shares	4,910	4,319	3,392

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10. Stock-Based Compensation

Stock-Based Compensation Plans

In December 2017, the Company adopted the 2017 Employee, Director and Consultant Equity Incentive Plan (the “2017 Plan”), under which it may grant incentive stock options, non-qualified stock options, RSUs, and other stock-based awards. As of December 31, 2017, the 2017 Plan allowed for the issuance of (1) up to 1.0 million shares of common stock and (2) up to 2.5 million shares of common stock represented by awards granted under the 2007 Stock Option and Grant Plan (which was terminated upon completion of the Company’s initial public offering) that were forfeited, expired, or cancelled without delivery of shares or which result in the forfeiture of shares of common stock back to the Company on or after the date the 2017 Plan became effective. The 2017 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2017 Plan on the first day of each fiscal year during the period beginning in 2019 and ending in 2027. The annual increase is equal to the lowest of (1) 4% of the number of shares of common stock outstanding as of such date and (2) an amount determined by the Company’s Board of Directors or Compensation Committee. As of December 31, 2024, 4.6 million shares were outstanding and there were 3.8 million shares available for grant under the 2017 Plan.

In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). As of December 31, 2019, the 2017 ESPP allowed for the issuance of up to 0.6 million shares of common stock. The 2017 ESPP contains an “evergreen” provision, which allows for an increase in the number of shares under the plan on the first day of each fiscal year beginning with 2018 and ending in 2027. The increase is equal to the lowest of: (1) 1% of the number of shares of common stock outstanding on the last day of the immediately preceding fiscal year and (2) an amount determined by the Company’s Board of Directors or Compensation Committee. As of December 31, 2024, 2.0 million shares were available for grant under the 2017 ESPP.

The 2017 ESPP provides for six-month offering periods commencing and ending on March 1 through August 31, and September 1 through February 28. During the years ended December 31, 2024, 2023, and 2022, employees purchased 78 thousand, 121 thousand, and 57 thousand shares, respectively, of the Company’s common stock pursuant to the 2017 ESPP.

Stock Options

Under the 2017 Plan, stock options may not be granted with exercise prices of less than fair market value on the date of the grant. Options generally vest ratably over a four-year period with 25% vesting on the first anniversary and the remaining 75% vesting ratably on a monthly basis over the remaining three years. These options expire ten years after the grant date.

Stock option activity for the year ended December 31, 2024 is presented below (in thousands, except per share and contractual life amounts):


	Number of options	Weighted-average exercise price per share		Weighted-average remaining contractual life (in years)	Aggregate intrinsic value
Outstanding at December 31, 2023	2,774	$	19.62	7.9	$	26,941
Granted	1,584	20.46
Exercised	(159)	11.71
Forfeited/expired	(636)	21.89
Outstanding at December 31, 2024	3,563	$	19.94	7.7	$	678
Exercisable at December 31, 2024	1,511	$	21.18	6.3	$	549
Vested and expected to vest at December 31, 2024	3,563	$	19.94	7.7	$	678

The total intrinsic value of stock options exercised was $1.9 million in 2024, $1.9 million in 2023, and $3.4 million in 2022.

Restricted Stock Units

RSUs represent the right to receive shares of common stock upon meeting specified vesting requirements. Shares are delivered to the grantee upon vesting, less shares for the payment of withholding taxes. RSU activity for the year ended December 31, 2024 is presented below (in thousands, except per share amounts):


	Number of shares	Weighted-average grant date fair value per share
Unvested as of December 31, 2023	1,328	$	17.87
Granted	611	21.51
Vested	(522)	19.79
Forfeited	(302)	19.42
Unvested as of December 31, 2024	1,115	$	18.55
Expected to convert at December 31, 2024	1,115	$	18.55

The weighted average grant-date fair value per share of awards granted was $21.51 in 2024, $15.90 in 2023, and $18.32 in 2022.The total fair value of shares that vested was $10.3 million in 2024, $10.4 million in 2023, and $9.8 million in 2022.

Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of product revenue	$	1,132	$	839	$	596
Cost of service and other revenue	1,142		1,124		819
Research and development	2,117		1,713		1,629
Selling, general and administrative	15,596		13,147		12,339
Total stock-based compensation	$	19,987	$	16,823	$	15,383

As of December 31, 2024, there was $40.1 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.7 years.

The fair value of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:


	Year Ended December 31,
	2024		2023		2022
Stock Options:
Risk-free interest rate	3.4% - 4.6%		3.5% - 4.7%		1.4% - 4.1%
Expected dividend yield	None		None		None
Expected term (in years)	5.3 - 5.4		5.0 - 5.2		5.0 - 5.8
Expected volatility	81.4% - 83.1%		71.1% - 83.1%		55.0% - 70.8%

Weighted-average grant date fair value per share	$	14.43	$	10.63	$	9.88

Employee Stock Purchase Plan:
Risk-free interest rate	4.3% - 4.9%		5.2% - 5.5%		0.7% - 3.9%
Expected dividend yield	None		None		None
Expected term (in years)	0.5		0.5		0.5
Expected volatility	54.9% - 66.0%		72.8% - 82.5%		51.9% - 117.3%

Weighted-average grant date fair value per share	$	3.84	$	3.19	$	3.53

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Lessee Disclosure [Abstract]

Schedule of Components of Lease Costs

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	4,949	$	5,209	$	5,488
Short-term and variable lease cost	4,359		3,996		3,417
Total lease cost	$	9,308	$	9,205	$	8,905

Schedule of Supplemental Cash Flow Information


	Year Ended December 31,
	2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	8,554		$	8,935
Weighted average remaining lease term - operating leases (years)	5.8			6.8
Weighted average discount rate - operating leases	7.92		%	7.86		%

Schedule of Undiscounted Future Lease Payments for Non-Cancelable Operating Leases

The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):


Maturity of lease liabilities	As of December 31, 2024
2025	$	7,296
2026	7,450
2027	7,684
2028	7,923
2029	8,143
Thereafter	7,615
Total lease payments	46,111
Less: imputed interest	(8,740)
Total operating lease liabilities	$	37,371

Schedule of Balance Sheet Information

Operating lease balances presented on the Consolidated Balance Sheets were as follows (in thousands):


	As of December 31, 2024
Operating lease ROU assets	$	16,339

Operating lease liabilities	$	4,756
Operating lease liabilities, net of current portion	32,615
Total operating lease liabilities	$	37,371

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2024
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 20. Variable Interest Entities As discussed in Note 3 - Revenue and Related Matters, during the second quarter of 2023 the Company received one million ordinary shares of UltraDx under the UltraDx Agreement. Primarily due to having less than a 5% ownership interest in UltraDx, the Company concluded that it does not have the power to direct activities impacting UltraDx’s economic performance and therefore the Company is not the primary beneficiary of the VIE. Since the Company does not have a controlling financial interest in the VIE, it did not consolidate the VIE into its Consolidated Financial Statements during the years ended December 31, 2024 and 2023. As of both December 31, 2024 and 2023, the carrying value of the Company’s investment in the VIE was $0.8 million, which was recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 6 - Fair Value of Financial Instruments for the Company’s related valuation disclosures. Maximum exposure to losses related to the VIE is limited to its carrying value and the Company does not have any future funding commitments to the VIE.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Expenses and Other Current Liabilities
Accrued professional services	$ 4,897	$ 1,596
Accrued royalties	1,361	1,689
Accrued tax liabilities	1,018	822
Other accrued expenses	1,575	1,948
Total accrued expenses and other current liabilities	$ 8,851	$ 6,055

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

The following table presents the components of loss before income taxes (in thousands):


	Year Ended December 31,
	2024		2023		2022
United States	$	(39,968)	$	(30,355)	$	(92,360)
Foreign	1,871		2,720		(7,050)
Total loss before income taxes	$	(38,097)	$	(27,635)	$	(99,410)

The following table summarizes income tax (expense) benefit (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
United States
Federal	$	—	$	—	$	—
State	(37)		(161)		(87)
Foreign	(683)		(850)		(372)
Total current income tax provision	(720)		(1,011)		(459)
Deferred
United States
Federal	—		—		10
State	—		—		13
Foreign	286		292		272
Total deferred income tax benefit	286		292		295
Total income tax expense	$	(434)	$	(719)	$	(164)

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Non-deductible executive compensation	(3.2)	%	(2.6)	%	—	%
State taxes, net of federal benefit	2.7	%	(0.3	%)	2.8	%
Tax credits	4.0	%	4.9	%	1.3	%
Stock-based compensation	(2.4)	%	(1.6)	%	(2.4	%)
Permanent items	(0.3)	%	(0.6)	%	(0.3)	%
Change in valuation allowance	(22.5)	%	(24.3)	%	(20.8)	%
Impairment of goodwill	—	%	—	%	(1.6	%)
Other	(0.4	%)	0.9	%	(0.2)	%
Effective income tax rate	(1.1)	%	(2.6)	%	(0.2	%)

The effective income tax rate differs from the U.S. federal statutory rate of 21.0% primarily as a result of the valuation allowance maintained against the Company’s net deferred tax assets.

Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	80,541	$	77,731
Tax credits	10,178		8,645
Deferred revenue	2,412		2,568
Amortization	645		727
Stock-based compensation	3,808		3,186
Inventory	1,069		1,391
Capitalized R&D Costs	13,753		9,353
Lease liability	9,093		9,948
Other deferred tax assets	497		198
Accrual and reserves	1,876		2,159
Total deferred tax assets	123,872		115,906
Less: valuation allowances	(118,663)		(110,082)
Net deferred tax assets	$	5,209	$	5,824
Deferred tax liabilities:
Right-of-Use Assets	$	(3,970)	$	(4,372)
Depreciation	(1,137)		(1,307)
Amortization acquired intangibles	(831)		(1,253)
Other deferred tax liabilities	(71)		(69)
Net deferred tax (liability) asset	$	(800)	$	(1,177)

The Company records deferred tax liabilities in other non-current liabilities on the Consolidated Balance Sheets.

The Company’s change in its valuation allowance account related to deferred tax assets was as follows (in thousands):


	2024		2023
Balance at December 31 of prior year	$	110,082	$	103,372
Change in valuation allowance	8,581		6,710
Balance at December 31	$	118,663	$	110,082

The valuation allowance increased during the year ended December 31, 2024 primarily as a result of the U.S. operating losses incurred.

In determining the need for a valuation allowance, the Company considers the cumulative book income and loss positions of each of its entities as well as its worldwide cumulative loss position. The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to carry back net operating losses (“NOLs”), the existence of reversing taxable temporary differences, the availability of tax planning strategies, and forecasted future taxable income. At December 31, 2024, the Company maintained a full valuation allowance against its worldwide net deferred tax assets, as it concluded that it was more likely than not that the deferred assets will not be utilized.

As of December 31, 2024, the Company had U.S. federal net operating losses (“NOLs”) of approximately $320.0 million. U.S. federal NOLs generated through December 31, 2017 of approximately $108.5 million expire at various dates through 2037, and U.S. federal NOLs generated after December 31, 2017 of approximately $211.5 million do not expire. As of December 31, 2024, the Company had U.S. federal tax credit carryforwards of approximately $7.7 million that expire at various dates through 2044.

As of December 31, 2024, the Company had $224.7 million of state NOLs, approximately $210.8 million of which expire at various dates through 2044, and approximately $13.9 million of which do not expire. As of December 31, 2024, the Company had U.S. state tax credit carryforwards of approximately $3.1 million that expire at various dates through 2039.

Under Sections 382 and 383 of the U.S. Internal Revenue Code, if a corporation undergoes an ownership change, the corporation’s ability to use its pre-ownership change NOLs and other pre-ownership change tax attributes, such as research tax credits, to offset its post-change income and taxes may be limited. In general, an ownership change occurs if there is a cumulative change in an entity’s ownership by 5% stockholders that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under U.S. state tax laws. Under the Tax Cuts and Jobs Act of 2017 (“TCJA”), the use of federal NOLs arising in taxable years beginning after December 31, 2017 is limited to 80% of current year taxable income and NOLs arising in taxable years ending after December 31, 2017 may not be carried back (though any such NOLs may be carried forward indefinitely).

The Company may have experienced an ownership change in the past and may experience ownership changes in the future as a result of future transactions in its share capital, some of which may be outside of the control of the Company. As a result, if the Company earns net taxable income, its ability to use its pre-ownership change NOLs, or other pre-ownership change tax attributes, to offset U.S. federal and state taxable income and taxes may be subject to significant limitations.

For the years ended December 31, 2024, 2023, and 2022, the Company had no tax reserves accrued for uncertain tax positions.

The Company is subject to taxation in the United States as well as the Netherlands, Sweden, and China. At December 31, 2024, the Company is generally no longer subject to examination by taxing authorities in the United States for years prior to 2021. However, NOLs and tax credits in the United States may be subject to adjustments by taxing authorities in future years in which they are utilized. The Company’s foreign subsidiaries remain open to examination by taxing authorities from 2018 onward.

As of December 31, 2024, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $3.4 million and the amount of tax due on remittance would not be material. The Company intends to indefinitely reinvest these earnings and expects future U.S. cash generation to be sufficient to meet future U.S. cash needs.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Summary of Inventory

Inventory, net of inventory reserves, consisted of the following (in thousands):


	As of December 31,
	2024		2023
Raw materials	$	7,215	$	5,114
Work in process	7,980		5,439
Finished goods	17,580		15,570
Total inventory	$	32,775	$	26,123

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 6. Fair Value of Financial Instruments

Recurring Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands):


As of December 31, 2024	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	44,426	$	44,426	$	—	$	—


Total cash equivalents	$	44,426	$	44,426	$	—	$	—
Marketable securities:
Commercial paper	$	1,494	$	—	$	1,494	$	—
U.S. Treasuries	61,857		—		61,857		—
U.S. Government agency bonds	93,978		—		93,978		—
Corporate bonds	75,084		—		75,084		—
Total marketable securities	232,413		—		232,413		—
Total financial assets	$	276,839	$	44,426	$	232,413	$	—


As of December 31, 2023	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	155,367	$	155,367	$	—	$	—
Commercial paper	1,996		—		1,996		—
U.S. Treasuries	4,897		—		4,897		—
Total cash equivalents	$	162,260	$	155,367	$	6,893	$	—
Marketable securities:
Commercial paper	$	51,498	$	—	$	51,498	$	—
U.S. Government agency bonds	28,398		—		28,398		—
Corporate bonds	67,006		—		67,006		—
Total marketable securities	146,902		—		146,902		—
Total financial assets	$	309,162	$	155,367	$	153,795	$	—

(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.

Cash equivalents and marketable securities classified as Level 2 financial assets are initially valued at their purchase price and subsequently valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches, and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events.

Nonrecurring Fair Value Measurements

In the second quarter of 2023, the Company received 1.0 million ordinary shares in UltraDx under the UltraDx Agreement (refer to Note 3 - Revenue and Related Matters). As UltraDx is a privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset.

Pursuant to ASC 321 – Investments – Equity Securities, the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its equity investment in UltraDx at cost, less any impairment, and adjusted for any observable price changes in orderly transactions. The ordinary shares received were valued at $0.8 million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing that closed in the second quarter of 2023. Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement.

The Company’s non-marketable equity investment in UltraDx contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse. No adjustment to the fair value was required as a result of adopting ASU 2022-03 on January 1, 2024.

During the year ended December 31, 2024, the Company did not record adjustments to the fair value of its non-marketable equity investment. To date, the cumulative fair value adjustments have not been material. As of both December 31, 2024 and December 31, 2023, the carrying value of the Company’s Level 3 financial asset was $0.8 million and is included in other non-current assets on the Consolidated Balance Sheets. Refer to Note 20 - Variable Interest Entities for the Company's evaluation under the VIE guidance of investments in other entities.

Other Fair Value Disclosures

During the years ended December 31, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Organization and Nature of Business	12 Months Ended
Organization and Nature of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Note 1. Organization and Nature of Business Quanterix Corporation (“Quanterix” or the “Company”) is a life sciences company that has developed next-generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra- low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its Clinical Laboratory Improvement Amendments of 1988 (“CLIA”) certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to Simoa technology and its Lucent Diagnostics clinical testing services and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing. Liquidity The Company has recognized annual losses from operations since inception and has an accumulated deficit of $470.1 million as of December 31, 2024. The Company incurred net losses of $38.5 million, $28.4 million, and $99.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, the Company had cash and cash equivalents of $56.7 million and marketable securities of $232.4 million. The Company expects that its current cash, cash equivalents, and marketable securities will be sufficient to fund its operations for a period of at least one year from the date the Consolidated Financial Statements are issued.

Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash	$ 12,283	$ 12,162
Money market funds	44,426	155,367
Marketable securities	0	6,893
Total cash and cash equivalents	$ 56,709	$ 174,422

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (38,531)	$ (28,354)	$ (99,574)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	6,463	6,275	5,409
Credit losses (gains) on accounts receivable	588	336	(301)
Accretion of marketable securities	(6,833)	(1,964)	0
Operating lease right-of-use asset amortization	1,893	2,015	715
Stock-based compensation expense	19,987	16,823	15,383
Impairment	0	1,361	25,801
Other operating activity	55	(150)	(340)
Changes in assets and liabilities:
Accounts receivable	(7,704)	(6,695)	5,156
Inventory	(6,679)	(8,944)	7,243
Prepaid expenses and other current assets	(443)	(2,371)	(738)
Other non-current assets	(1,215)	(717)	(822)
Accounts payable	723	1,189	(5,287)
Accrued compensation and benefits, accrued expenses, and other current liabilities	1,398	4,410	(3,599)
Deferred revenue	(794)	635	2,599
Operating lease liabilities	(4,075)	(2,645)	(266)
Other non-current liabilities	3	(53)	10
Net cash used in operating activities	(35,164)	(18,849)	(48,611)
Cash flows from investing activities:
Purchases of marketable debt securities	(295,606)	(175,613)	0
Proceeds from maturities of marketable securities	216,709	31,000	0
Purchases of property and equipment	(3,368)	(3,841)	(11,614)
Proceeds from RADx grant on assets purchased	0	0	520
Net cash used in investing activities	(82,265)	(148,454)	(11,094)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans	3,066	2,889	2,311
Payments for employee taxes withheld on stock-based compensation awards	(2,610)	(198)	0
Net cash provided by financing activities	456	2,691	2,311
Net decrease in cash, cash equivalents, and restricted cash	(116,973)	(164,612)	(57,394)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(734)	301	(538)
Cash, cash equivalents, and restricted cash at beginning of period	177,026	341,337	399,269
Cash, cash equivalents, and restricted cash at end of period	59,319	177,026	341,337
Supplemental disclosure of cash flow information:
Cash paid for taxes	875	808	684
Purchases of property and equipment in accounts payable and accruals	1,230	419	152
Operating lease right-of-use assets obtained in exchange for lease liabilities	0	0	22,494
Non-cash consideration received under product sales agreement (Note 3, 6)	$ 0	$ 775	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 16. Related Party Transactions In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 15 − Commitments and Contingencies). Harvard is obligated to pay a portion of the payments received from the Company under the Harvard License Agreement to a member of the Company’s Board of Directors. A member of the Company’s Board of Directors is also affiliated with Harvard and Mass General Brigham. Revenue recorded from sales of products and services to Harvard and its affiliates and to Mass General Brigham and its affiliates totaled $2.2 million, $1.3 million, and $0.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. Cost of product revenue and operating expenses with Harvard and its affiliates and Mass General Brigham and its affiliates was $0.3 million and $0.3 million for the year ended December 31, 2024 and December 31, 2023, respectively, and was not material for the year ended 2022. At December 31, 2024 and 2023, open payables to and receivable balances from Harvard and Mass General Brigham were $0.7 million and not material, respectively. In June 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 15 - Commitments and Contingencies). A member of the Company’s Board of Directors was previously affiliated with Tufts. This Board member continues to receive compensation from Tufts on a formulaic basis based on royalties and license payments the Company makes to Tufts. At December 31, 2024 and 2023, open payable balances to Tufts were not material. As discussed in Note 3 - Revenue and Related Matters, on May 26, 2022, the Company and UltraDx, a company formed by ARCH, entered into the UltraDx Agreement to supply certain instruments and to grant certain licenses. At contract inception, the Company determined that UltraDx was a related party because a member of the Company’s Board of Directors was affiliated with ARCH and UltraDx. As of June 7, 2023, this individual was no longer a member of the Company’s Board of Directors. Cost of product revenue with UltraDx was not material, $0.3 million, and $0.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, there were no open payable balances to UltraDx and open receivable balances from UltraDx were not material.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for the year ended December 31, 2024 is presented below (in thousands, except per share and contractual life amounts):


	Number of options	Weighted-average exercise price per share		Weighted-average remaining contractual life (in years)	Aggregate intrinsic value
Outstanding at December 31, 2023	2,774	$	19.62	7.9	$	26,941
Granted	1,584	20.46
Exercised	(159)	11.71
Forfeited/expired	(636)	21.89
Outstanding at December 31, 2024	3,563	$	19.94	7.7	$	678
Exercisable at December 31, 2024	1,511	$	21.18	6.3	$	549
Vested and expected to vest at December 31, 2024	3,563	$	19.94	7.7	$	678

Summary of Restricted Stock Units Activity

RSU activity for the year ended December 31, 2024 is presented below (in thousands, except per share amounts):


	Number of shares	Weighted-average grant date fair value per share
Unvested as of December 31, 2023	1,328	$	17.87
Granted	611	21.51
Vested	(522)	19.79
Forfeited	(302)	19.42
Unvested as of December 31, 2024	1,115	$	18.55
Expected to convert at December 31, 2024	1,115	$	18.55

Summary of Share-based Compensation Expense for all Stock Awards

Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of product revenue	$	1,132	$	839	$	596
Cost of service and other revenue	1,142		1,124		819
Research and development	2,117		1,713		1,629
Selling, general and administrative	15,596		13,147		12,339
Total stock-based compensation	$	19,987	$	16,823	$	15,383

Summary of Fair Value of Stock Options Granted to Employees and Non-Employees is Estimated on Grant Date using Black-Scholes Option-Pricing Model

The fair value of the Company’s stock options granted and purchase rights to the ESPP were estimated using the Black-Scholes valuation model with the following assumptions:


	Year Ended December 31,
	2024		2023		2022
Stock Options:
Risk-free interest rate	3.4% - 4.6%		3.5% - 4.7%		1.4% - 4.1%
Expected dividend yield	None		None		None
Expected term (in years)	5.3 - 5.4		5.0 - 5.2		5.0 - 5.8
Expected volatility	81.4% - 83.1%		71.1% - 83.1%		55.0% - 70.8%

Weighted-average grant date fair value per share	$	14.43	$	10.63	$	9.88

Employee Stock Purchase Plan:
Risk-free interest rate	4.3% - 4.9%		5.2% - 5.5%		0.7% - 3.9%
Expected dividend yield	None		None		None
Expected term (in years)	0.5		0.5		0.5
Expected volatility	54.9% - 66.0%		72.8% - 82.5%		51.9% - 117.3%

Weighted-average grant date fair value per share	$	3.84	$	3.19	$	3.53

Net Loss Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (38,531)	$ (28,354)	$ (99,574)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	38,367	37,594	36,991
Weighted-average common shares outstanding, diluted (in shares)	38,367	37,594	36,991
Net loss per share, basic (in dollars per share)	$ (1.00)	$ (0.75)	$ (2.69)
Net loss per share, diluted (in dollars per share)	$ (1.00)	$ (0.75)	$ (2.69)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Mar. 11, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38319
Entity Registrant Name	QUANTERIX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8957988
Entity Address, Address Line One	900 Middlesex Turnpike
Entity Address, City or Town	Billerica
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01821
City Area Code	617
Local Phone Number	301-9400
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	QTRX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 477
Entity Common Stock, Shares Outstanding		38,776,208
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement for its 2025 Annual Stockholders’ Meeting, which the registrant intends to file with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year ended December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001503274
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of shares
Unvested at the beginning of the period (in shares)	1,328
Granted (in shares)	611
Vested (in shares)	(522)
Forfeited (in shares)	(302)
Unvested at the end of the period (in shares)	1,115	1,328
Expected to convert (in shares)	1,115
Weighted-average grant date fair value per share
Unvested at the beginning of the period (in dollars per share)	$ 17.87
Granted (in dollars per share)	21.51	$ 15.90	$ 18.32
Vested (in dollars per share)	19.79
Forfeited (in dollars per share)	19.42
Unvested at the end of the period (in dollars per share)	18.55	$ 17.87
Expected to convert (in dollars per share)	$ 18.55

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

Note 4. Allowance for Credit Losses

The change in the allowance for credit losses on accounts receivable is summarized as follows (in thousands):


	2024		2023		2022
Balance at December 31 of prior year	$	454	$	118	$	419
Provision for expected credit losses	712		729		752
Write-offs and recoveries collected	(124)		(393)		(1,053)
Balance at December 31	$	1,042	$	454	$	118

Income taxes - Narrative (Details) - USD ($)	12 Months Ended
Income taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2017
Income Taxes
Federal statutory income tax rate	21.00%	21.00%	21.00%
Capitalized R&D Costs	$ 13,753,000	$ 9,353,000
Tax reserve accrued	0	$ 0	$ 0
Undistributed earnings of foreign subsidiaries	3,400,000
Domestic Tax Jurisdiction
Income Taxes
Net operating loss (NOL) carryforwards	320,000,000.0
Operating loss carryforwards, not subject to expiry				$ 211,500,000
Domestic Tax Jurisdiction \| Through Tax Year 2037
Income Taxes
Operating loss carryforwards, subject to expiry				$ 108,500,000
Domestic Tax Jurisdiction \| Through Tax Year 2042
Income Taxes
Tax credit carryforwards	7,700,000
Domestic Tax Jurisdiction \| Through Tax Year 2043
Income Taxes
Operating loss carryforwards, subject to expiry	7,700,000
State and Local Jurisdiction
Income Taxes
Net operating loss (NOL) carryforwards	224,700,000
Operating loss carryforwards, not subject to expiry	13,900,000
State and Local Jurisdiction \| Through Tax Year 2038
Income Taxes
Operating loss carryforwards, subject to expiry	3,100,000
State and Local Jurisdiction \| Through Tax Year 2042
Income Taxes
Operating loss carryforwards, subject to expiry	$ 210,800,000

Significant accounting policies - Property and Equipment (Details)	Dec. 31, 2024
Laboratory and manufacturing equipment
Property and equipment
Estimated Useful Life	5 years
Furniture and fixtures
Property and equipment
Estimated Useful Life	7 years
Computers and software
Property and equipment
Estimated Useful Life	3 years

Marketable Securities - Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 232,309	$ 153,470
Unrealized Gains	256	352
Unrealized Losses	(152)	(27)
Fair Value	232,413	153,795
Marketable securities	232,413	146,902
Commercial paper
Marketable Securities [Line Items]
Amortized cost	1,494	53,482
Unrealized Gains	0	23
Unrealized Losses	0	(12)
Fair Value	1,494	53,493
U.S. Treasuries
Marketable Securities [Line Items]
Amortized cost	61,891	4,896
Unrealized Gains	19	1
Unrealized Losses	(53)	0
Fair Value	61,857	4,897
Marketable securities	232,413
U.S. Government agency bonds
Marketable Securities [Line Items]
Amortized cost	93,987	28,366
Unrealized Gains	89	39
Unrealized Losses	(98)	(7)
Fair Value	93,978	28,398
Corporate bonds
Marketable Securities [Line Items]
Amortized cost	74,937	66,726
Unrealized Gains	148	289
Unrealized Losses	(1)	(8)
Fair Value	$ 75,084	67,007
Cash and cash equivalents
Marketable Securities [Line Items]
Fair Value		$ 6,893

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Boston, Massachusetts

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.6	$ 1.6	$ 1.8

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 17. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is the chief executive officer, who reviews the Company's operations and manages its business as a single operating segment as of December 31, 2024.

The Company’s proprietary digital “Simoa” detection technology is used across all parts of the business to derive revenues through the sale of instruments, consumables, Accelerator Laboratory and LDT services, and warranties. The Company’s accounting policies apply in the same manner across the business.

The Company utilizes consolidated net loss as the measure of segment profitability (loss) as required by ASU 2023-07. The CODM uses this measure, along with the significant revenue and expense lines included below, when analyzing the Company’s operations and performance and determining how to allocate resources. These measures are consistently used by the CODM in comparing budgeted results versus actuals, in determining when or where to invest resources into specific areas of the business, and for decision on strategic initiatives.

The following table presents the reconciliation of significant segment information reviewed by the CODM to consolidated net loss:


	Year Ended December 31,
	2024		2023		2022
Revenues:
Revenue from contracts with customers (Note 3)	$	135,436	$	121,139	$	104,952
Grant revenue	1,985		1,229		570
Total revenues	$	137,421	$	122,368	$	105,522
Less:
Costs of goods sold and services, including shipping and handling costs	$	62,430	$	56,290	$	68,082
Certain operating expenses, excluding shipping and handling costs (1)	124,587		107,029		110,737
Other segment items (2)	(11,065)		(12,597)		26,277
Consolidated net loss	$	38,531	$	28,354	$	99,574

(1)Expenses consist of research and development and selling, general and administrative expenses from the Consolidated Statements of Operations and exclude shipping and handling costs.

(2)Other segment items represent discrete events, non-recurring transactions, or insignificant items that are not used by the CODM to evaluate the Company’s performance or allocate resources, and include:

a.Impairment and restructuring – charges recorded as a result of the Restructuring Plan (refer to Note 18 - Restructuring), including impairment of the Company's goodwill and a portion of the Company's long-lived assets;

b.Other lease costs – amortization of operating lease right-of-use assets and other facility operating expenses from leased facilities the Company is not using;

c.Interest income - interest earned on cash, cash equivalents, and marketable securities, and the accretion of discounts on marketable securities;

d.Other income (expense), net – gains and losses on foreign currency, and other non-recurring items that are not a part of the Company’s core business operations; and

e.Income tax benefit (expense) – income taxes related to federal, state, and foreign jurisdictions in which the Company conducts business.

The CODM reviews cash usage as part of evaluating the Company’s performance but does not review or evaluate any other assets.

There have been no changes to the methods used to determine segment profit or loss, or the significant segment captions, across any of the periods presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 8. Property and Equipment

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2024		2023
Laboratory and manufacturing equipment	$	14,648	$	13,141
Furniture and fixtures	1,999		1,905
Computers and software	6,036		3,927
Leasehold improvements	13,291		13,074
Total cost	35,974		32,047
Less: accumulated depreciation	(18,824)		(14,121)
Property and equipment, net	$	17,150	$	17,926

The Company incurred depreciation expense of $4.8 million, $4.7 million, and $3.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. Substantially all of the Company’s property and equipment is located in North America.

During the year ended December 31, 2023, the Company had $0.8 million of disposals related to equipment no longer being used by the Company. There were no material disposals during the years ended December 31, 2024, and 2022.

For the year ended December 31, 2024, the Company did not record any impairments related to property and equipment. For the years ended December 31, 2023 and 2022, except for the impairments related to leasehold improvements associated with two leased facilities that were not being used at the time (refer to Note 14 - Leases), impairments related to property and equipment were not material.

As of December 31, 2024 and 2023, total gross capitalized software development costs were $4.3 million and $1.1 million, respectively. Depreciation of capitalized software costs was $0.8 million for the year ended December 31, 2024 and was not material for the years ended December 31, 2023 and 2022.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized shares (in shares)	120,000	120,000
Common stock, shares issued (in shares)	38,544	38,014
Common stock, shares outstanding (in shares)	38,544	38,014

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The following table presents the components of loss before income taxes (in thousands):


	Year Ended December 31,
	2024		2023		2022
United States	$	(39,968)	$	(30,355)	$	(92,360)
Foreign	1,871		2,720		(7,050)
Total loss before income taxes	$	(38,097)	$	(27,635)	$	(99,410)

Schedule of Provision for (Benefit from) Income Taxes

The following table summarizes income tax (expense) benefit (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
United States
Federal	$	—	$	—	$	—
State	(37)		(161)		(87)
Foreign	(683)		(850)		(372)
Total current income tax provision	(720)		(1,011)		(459)
Deferred
United States
Federal	—		—		10
State	—		—		13
Foreign	286		292		272
Total deferred income tax benefit	286		292		295
Total income tax expense	$	(434)	$	(719)	$	(164)

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Non-deductible executive compensation	(3.2)	%	(2.6)	%	—	%
State taxes, net of federal benefit	2.7	%	(0.3	%)	2.8	%
Tax credits	4.0	%	4.9	%	1.3	%
Stock-based compensation	(2.4)	%	(1.6)	%	(2.4	%)
Permanent items	(0.3)	%	(0.6)	%	(0.3)	%
Change in valuation allowance	(22.5)	%	(24.3)	%	(20.8)	%
Impairment of goodwill	—	%	—	%	(1.6	%)
Other	(0.4	%)	0.9	%	(0.2)	%
Effective income tax rate	(1.1)	%	(2.6)	%	(0.2	%)

Schedule of Deferred Tax Assets and Liabilities


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	80,541	$	77,731
Tax credits	10,178		8,645
Deferred revenue	2,412		2,568
Amortization	645		727
Stock-based compensation	3,808		3,186
Inventory	1,069		1,391
Capitalized R&D Costs	13,753		9,353
Lease liability	9,093		9,948
Other deferred tax assets	497		198
Accrual and reserves	1,876		2,159
Total deferred tax assets	123,872		115,906
Less: valuation allowances	(118,663)		(110,082)
Net deferred tax assets	$	5,209	$	5,824
Deferred tax liabilities:
Right-of-Use Assets	$	(3,970)	$	(4,372)
Depreciation	(1,137)		(1,307)
Amortization acquired intangibles	(831)		(1,253)
Other deferred tax liabilities	(71)		(69)
Net deferred tax (liability) asset	$	(800)	$	(1,177)

Summary of Valuation Allowance

The Company’s change in its valuation allowance account related to deferred tax assets was as follows (in thousands):


	2024		2023
Balance at December 31 of prior year	$	110,082	$	103,372
Change in valuation allowance	8,581		6,710
Balance at December 31	$	118,663	$	110,082

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 8,554	$ 8,935
Weighted average remaining lease term - operating leases (years)	5 years 9 months 18 days	6 years 9 months 18 days
Weighted average discount rate - operating leases	7.92%	7.86%

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands):


As of December 31, 2024	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	44,426	$	44,426	$	—	$	—


Total cash equivalents	$	44,426	$	44,426	$	—	$	—
Marketable securities:
Commercial paper	$	1,494	$	—	$	1,494	$	—
U.S. Treasuries	61,857		—		61,857		—
U.S. Government agency bonds	93,978		—		93,978		—
Corporate bonds	75,084		—		75,084		—
Total marketable securities	232,413		—		232,413		—
Total financial assets	$	276,839	$	44,426	$	232,413	$	—


As of December 31, 2023	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	155,367	$	155,367	$	—	$	—
Commercial paper	1,996		—		1,996		—
U.S. Treasuries	4,897		—		4,897		—
Total cash equivalents	$	162,260	$	155,367	$	6,893	$	—
Marketable securities:
Commercial paper	$	51,498	$	—	$	51,498	$	—
U.S. Government agency bonds	28,398		—		28,398		—
Corporate bonds	67,006		—		67,006		—
Total marketable securities	146,902		—		146,902		—
Total financial assets	$	309,162	$	155,367	$	153,795	$	—

(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.

Property and Equipment - Schedule of Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and equipment
Total cost	$ 35,974	$ 32,047
Less: accumulated depreciation	(18,824)	(14,121)
Property and equipment, net	17,150	17,926
Laboratory and manufacturing equipment
Property and equipment
Total cost	14,648	13,141
Furniture and fixtures
Property and equipment
Total cost	1,999	1,905
Computers and software
Property and equipment
Total cost	6,036	3,927
Leasehold improvements
Property and equipment
Total cost	$ 13,291	$ 13,074

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan, cost	$ 2.4	$ 0.8	$ 1.2

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Operating lease cost	$ 4,949	$ 5,209	$ 5,488
Short-term and variable lease cost	4,359	3,996	3,417
Total lease cost	$ 9,308	$ 9,205	$ 8,905

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Note 18. Restructuring Following a strategic review and assessment of the Company’s operations and cost structure, on August 8, 2022, the Company announced a plan of restructuring and strategic re-alignment plan (the “Restructuring Plan”). As part of the Restructuring Plan, the Company began an assay redevelopment program with the ultimate objective of improving its ability to manufacture and deliver high-quality assays at scale. The Restructuring Plan aligned the Company’s investments to best serve the needs of its customers, focused the Company’s innovation efforts on key platforms, and provided a foundation for the Company’s entry into translational pharma and clinical markets. In accordance with the Restructuring Plan, the Company implemented a workforce reduction, which was substantially completed by the end of the third quarter of 2022. The Restructuring Plan included the elimination of 119 positions and other cost-saving measures. During the year ended December 31, 2022, the Company incurred approximately $3.8 million of expenses related to the Restructuring Plan, which represents the total amount expected to be incurred and the amount incurred to date. These costs were recorded in impairment and restructuring on the Consolidated Statements of Operations and were substantially for cash payments of severance and employee benefits, $3.5 million of which was paid by December 31, 2022. As a result of the Restructuring Plan, the Company performed an impairment assessment of its goodwill, long-lived assets, including ROU assets and related leasehold improvements, and intangibles. The assessments resulted in the Company recording an impairment charge of $25.6 million during the year ended December 31, 2022, which was recorded in impairment and restructuring on the Consolidated Statements of Operations. The impairment charge included (1) $8.2 million of goodwill, (2) $16.3 million associated with the ROU assets and related leasehold improvements at two leased facilities not being used (refer to Note 14 - Leases), and (3) $1.1 million for software costs related to projects that were rationalized as part of the Restructuring Plan or the related exit and disposal costs. During the year ended December 31, 2023, the Company recorded an additional impairment of $1.3 million associated with the ROU asset and related leasehold improvements at the leased facilities not being used. The Company did not have any additional restructuring activities during the years ended December 31, 2024 and 2023.

Income taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 80,541	$ 77,731
Tax credits	10,178	8,645
Deferred revenue	2,412	2,568
Amortization	645	727
Stock-based compensation	3,808	3,186
Inventory	1,069	1,391
Capitalized R&D Costs	13,753	9,353
Lease liability	9,093	9,948
Other deferred tax assets	497	198
Accrual and reserves	1,876	2,159
Total deferred tax assets	123,872	115,906
Less: valuation allowances	(118,663)	(110,082)	$ (103,372)
Net deferred tax assets	5,209	5,824
Deferred tax liabilities:
Right-of-Use Assets	(3,970)	(4,372)
Depreciation	(1,137)	(1,307)
Amortization acquired intangibles	(831)	(1,253)
Other deferred tax liabilities	71	69
Net deferred tax (liability) asset	$ (800)	$ (1,177)

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Note 7. Inventory

Inventory, net of inventory reserves, consisted of the following (in thousands):


	As of December 31,
	2024		2023
Raw materials	$	7,215	$	5,114
Work in process	7,980		5,439
Finished goods	17,580		15,570
Total inventory	$	32,775	$	26,123

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (38,531)	$ (28,354)	$ (99,574)
Other comprehensive loss, net of tax:
Unrealized gains (losses) on marketable securities, net of tax	(219)	325	0
Foreign currency translation	(1,189)	541	(2,979)
Total other comprehensive income (loss)	(1,408)	866	(2,979)
Comprehensive loss	$ (39,939)	$ (27,488)	$ (102,553)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation - Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of options
Outstanding at the beginning of the period (in shares)	2,774
Granted (in shares)	1,584
Exercised (in shares)	(159)
Forfeited/expired (in shares)	(636)
Outstanding at the end of the period (in shares)	3,563	2,774
Exercisable at the end of the period (in shares)	1,511
Vested and expected to vest at the end of the period (in shares)	3,563
Weighted-average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 19.62
Granted (in dollars per share)	20.46
Exercised (in dollars per share)	11.71
Forfeited/expired (in dollars per share)	21.89
Outstanding at the end of the period (in dollars per share)	19.94	$ 19.62
Exercisable at the end of the period (in dollars per share)	21.18
Vested and expected to vest at the end of the period (in dollars per share)	$ 19.94
Weighted-average remaining contractual life (in years)
Outstanding	7 years 8 months 12 days	7 years 10 months 24 days
Exercisable	6 years 3 months 18 days
Vested and expected to vest	7 years 8 months 12 days
Aggregate intrinsic value
Outstanding	$ 678	$ 26,941
Exercisable	549
Vested and expected to vest	$ 678

Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 13. Intangible Assets

Acquired intangible assets consisted of the following (in thousands, except useful life and weighted average life amounts):


		As of December 31, 2024
	Estimated Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Cumulative Translation Adjustment		Net Carrying Value		Weighted Average Life Remaining (in years)
Know-how	8.5	$	13,000	$	(7,057)	$	(2,093)	$	3,850	3.0
Developed technology	7	1,650		(1,645)		—		5		0.1
Customer relationships	8.5 - 10	1,360		(1,166)		(18)		176		3.1
Non-compete agreements	5.5	340		(285)		(55)		—		—
Trade names	3	50		(50)		—		—		—
Total		$	16,400	$	(10,203)	$	(2,166)	$	4,031


		As of December 31, 2023
	Estimated Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Cumulative Translation Adjustment		Net Carrying Value		Weighted Average Life Remaining (in years)
Know-how	8.5	$	13,000	$	(6,326)	$	(1,050)	$	5,624	4.0
Developed technology	7	1,650		(1,581)		—		69		1.1
Customer relationships	8.5 - 10	1,360		(1,067)		(9)		284		4.1
Non-compete agreements	5.5	340		(256)		(27)		57		1.0
Trade names	3	50		(50)		—		—		—
Total		$	16,400	$	(9,280)	$	(1,086)	$	6,034

The Company recorded amortization expense of $1.6 million for both years ended December 31, 2024 and 2023 and $1.8 million for the year ended December 31, 2022. Amortization of know-how is recorded in cost of goods sold; amortization of developed technology is recorded in research and development expenses; and amortization of customer relationships, non-compete agreements and trade names are recorded in selling, general and administrative expenses on the Consolidated Statements of Operations.

Future estimated amortization expense is as follows (amounts in thousands):


	As of December 31, 2024
2025	$	1,369
2026	1,341
2027	1,319
2028	2
2029	—
Thereafter	—
Total amortization expense	$	4,031

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 19. Employee Benefit Plans The Company sponsors a 401(k) savings plan for employees and may make discretionary contributions. During the years ended December 31, 2024, 2023, and 2022, the Company made contributions of $2.4 million, $0.8 million, and $1.2 million, respectively. The increase during the year ended December 31, 2024 was due to a change in the Company's employer contribution rate.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 7,215	$ 5,114
Work in process	7,980	5,439
Finished goods	17,580	15,570
Total inventory	$ 32,775	$ 26,123

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 56,709	$ 174,422
Restricted cash	2,610	2,604
Cash, cash equivalents, and restricted cash	$ 59,319	$ 177,026	$ 341,337	$ 399,269

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands, shares in Millions			3 Months Ended
	May 27, 2022	May 26, 2022	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares value	$ 800	$ 1,000
Carrying value of the company's level 3 financial assets				$ 276,839	$ 309,162
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the company's level 3 financial assets				0	0
Nonrecurring \| Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of the company's level 3 financial assets				$ 800	$ 800
Variable interest entities \| UltraDx Limited Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares received (in shares)			1.0

Fair Value of Financial Instruments - Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	$ 44,426	$ 162,260
Marketable securities	232,413	146,902
Total financial assets	276,839	309,162
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	44,426	155,367
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		1,996
Marketable securities	1,494	51,498
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		4,897
Marketable securities	61,857
U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	93,978	28,398
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	75,084	67,006
Quoted prices in active markets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	44,426	155,367
Marketable securities	0	0
Total financial assets	44,426	155,367
Quoted prices in active markets (Level 1) \| Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	44,426	155,367
Quoted prices in active markets (Level 1) \| Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		0
Marketable securities	0	0
Quoted prices in active markets (Level 1) \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		0
Marketable securities	0
Quoted prices in active markets (Level 1) \| U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	0	0
Quoted prices in active markets (Level 1) \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	0	0
Significant other observable inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	6,893
Marketable securities	232,413	146,902
Total financial assets	232,413	153,795
Significant other observable inputs (Level 2) \| Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Significant other observable inputs (Level 2) \| Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		1,996
Marketable securities	1,494	51,498
Significant other observable inputs (Level 2) \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		4,897
Marketable securities	61,857
Significant other observable inputs (Level 2) \| U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	93,978	28,398
Significant other observable inputs (Level 2) \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	75,084	67,006
Significant unobservable inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Marketable securities	0	0
Total financial assets	0	0
Significant unobservable inputs (Level 3) \| Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Significant unobservable inputs (Level 3) \| Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		0
Marketable securities	0	0
Significant unobservable inputs (Level 3) \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents		0
Marketable securities	0
Significant unobservable inputs (Level 3) \| U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	0	0
Significant unobservable inputs (Level 3) \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Marketable securities	$ 0	$ 0

Organization and Nature of Business (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 470,081	$ 431,550
Net loss	(38,531)	(28,354)	$ (99,574)
Cash and cash equivalents	56,709	174,422
Marketable securities	$ 232,413	$ 146,902

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Income taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the federal statutory income tax rate to the effective tax rate
Federal statutory income tax rate	21.00%	21.00%	21.00%
Non-deductible executive compensation	(3.20%)	(2.60%)	0.00%
State taxes, net of federal benefit	2.70%	(0.30%)	2.80%
Tax credits	4.00%	4.90%	1.30%
Stock-based compensation	(2.40%)	(1.60%)	(2.40%)
Permanent items	(0.30%)	(0.60%)	(0.30%)
Change in valuation allowance	(22.50%)	(24.30%)	(20.80%)
Impairment of goodwill	0.00%	0.00%	(1.60%)
Other	(0.40%)	0.90%	(0.20%)
Effective income tax rate	(1.10%)	(2.60%)	(0.20%)
Stock-based compensation	$ 3,808	$ 3,186

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2024		2023
Laboratory and manufacturing equipment	$	14,648	$	13,141
Furniture and fixtures	1,999		1,905
Computers and software	6,036		3,927
Leasehold improvements	13,291		13,074
Total cost	35,974		32,047
Less: accumulated depreciation	(18,824)		(14,121)
Property and equipment, net	$	17,150	$	17,926

Schedule of Restricted Cash and Cash Equivalents


	As of December 31,
	2024		2023
Cash and cash equivalents	$	56,709	$	174,422
Restricted cash	2,610		2,604
Cash, cash equivalents, and restricted cash	$	59,319	$	177,026

Net Loss Per Share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net loss per share
Total dilutive shares	4,910	4,319	3,392
Stock options
Net loss per share
Total dilutive shares	3,561	2,783	2,432
Common stock and RSUs
Net loss per share
Total dilutive shares	1,341	1,513	908
Estimated ESPP purchases
Net loss per share
Total dilutive shares	8	23	52

Marketable Securities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivable	$ 1.6	$ 1.0

Intangible Assets - Schedule of Future Estimated Amortization Expense of Acquired Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,369
2026	1,341
2027	1,319
2028	2
2029	0
Thereafter	0
Total amortization expense	$ 4,031

Leases - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) facility	Sep. 30, 2022 facility	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 facility
Leases
Number of leased facilities	2	2	2	2	2
Number of leased facilities utilized	1
Restructuring Plan Q3 2022
Leases
Carrying value of ROU assets and related leasehold improvements \| $	$ 0.8		$ 0.8	$ 10.1

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 08, 2025	Jan. 09, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)		$ 0.001
Subsequent Event \| Revolving Credit Facility \| Akoya Biosciences, Inc.
Subsequent Event [Line Items]
Aggregate principal amount		$ 30.0
Subsequent Event \| Akoya Biosciences, Inc.
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)		$ 0.00001
Call Option \| Subsequent Event
Subsequent Event [Line Items]
Stock available for repurchase	$ 10.0
Stock available fore repurchase, term	5 years
Redemption requirement, revenue threshold	$ 5.0
Emission Inc. \| Subsequent Event
Subsequent Event [Line Items]
Upfront payment	10.0
Business combination, additional consideration payable	10.0
Earnout payments	$ 50.0
Akoya Biosciences, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Conversion ratio		31.80%

Leases - Balance Sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
Operating lease ROU assets	$ 16,339	$ 18,251
Operating lease liabilities	4,756	4,241
Operating lease liabilities, net of current portion	32,615	$ 37,223
Total operating lease liabilities	$ 37,371

Revenue and Related Matters - Disaggregated revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Service Revenue
Total revenues	$ 137,421	$ 122,368	$ 105,522
Product revenue
Service Revenue
Total revenues	79,740	79,670	69,808
Product revenue \| North America
Service Revenue
Total revenues	43,718	41,496	35,148
Product revenue \| EMEA
Service Revenue
Total revenues	24,617	25,600	22,876
Product revenue \| Asia Pacific
Service Revenue
Total revenues	11,405	12,574	11,784
Instruments
Service Revenue
Total revenues	10,480	15,705	25,004
Instruments \| North America
Service Revenue
Total revenues	3,924	6,374	9,254
Instruments \| EMEA
Service Revenue
Total revenues	3,857	4,384	8,362
Instruments \| Asia Pacific
Service Revenue
Total revenues	2,699	4,947	7,388
Consumable and other products
Service Revenue
Total revenues	69,260	63,965	44,804
Consumable and other products \| North America
Service Revenue
Total revenues	39,794	35,122	25,894
Consumable and other products \| EMEA
Service Revenue
Total revenues	20,760	21,216	14,514
Consumable and other products \| Asia Pacific
Service Revenue
Total revenues	8,706	7,627	4,396
Service and Other Revenue
Service Revenue
Total revenues	51,244	40,089	34,495
Service and Other Revenue \| North America
Service Revenue
Total revenues	39,189	32,407	29,218
Service and Other Revenue \| EMEA
Service Revenue
Total revenues	10,299	5,952	4,514
Service and Other Revenue \| Asia Pacific
Service Revenue
Total revenues	1,756	1,730	763
Research services
Service Revenue
Total revenues	37,998	27,828	23,653
Research services \| North America
Service Revenue
Total revenues	31,252	24,706	22,493
Research services \| EMEA
Service Revenue
Total revenues	5,833	2,000	1,013
Research services \| Asia Pacific
Service Revenue
Total revenues	913	1,122	147
Service-type warranties
Service Revenue
Total revenues	10,607	9,879	8,840
Service-type warranties \| North America
Service Revenue
Total revenues	6,319	6,265	5,581
Service-type warranties \| EMEA
Service Revenue
Total revenues	3,490	3,001	2,779
Service-type warranties \| Asia Pacific
Service Revenue
Total revenues	798	613	480
Other services
Service Revenue
Total revenues	2,639	2,382	2,002
Other services \| North America
Service Revenue
Total revenues	1,618	1,436	1,144
Other services \| EMEA
Service Revenue
Total revenues	976	951	722
Other services \| Asia Pacific
Service Revenue
Total revenues	45	(5)	136
Collaboration and license revenue
Service Revenue
Total revenues	4,452	1,380	649
Collaboration and license revenue \| North America
Service Revenue
Total revenues	3,681	1,380	274
Collaboration and license revenue \| EMEA
Service Revenue
Total revenues	0	0	323
Collaboration and license revenue \| Asia Pacific
Service Revenue
Total revenues	$ 771	$ 0	$ 52

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 454	$ 118	$ 419
Provision for expected credit losses	712	729	752
Write-offs and recoveries collected	(124)	(393)	(1,053)
Ending balance	$ 1,042	$ 454	$ 118

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the reconciliation of significant segment information reviewed by the CODM to consolidated net loss:


	Year Ended December 31,
	2024		2023		2022
Revenues:
Revenue from contracts with customers (Note 3)	$	135,436	$	121,139	$	104,952
Grant revenue	1,985		1,229		570
Total revenues	$	137,421	$	122,368	$	105,522
Less:
Costs of goods sold and services, including shipping and handling costs	$	62,430	$	56,290	$	68,082
Certain operating expenses, excluding shipping and handling costs (1)	124,587		107,029		110,737
Other segment items (2)	(11,065)		(12,597)		26,277
Consolidated net loss	$	38,531	$	28,354	$	99,574

(1)Expenses consist of research and development and selling, general and administrative expenses from the Consolidated Statements of Operations and exclude shipping and handling costs.

b.Other lease costs – amortization of operating lease right-of-use assets and other facility operating expenses from leased facilities the Company is not using;

c.Interest income - interest earned on cash, cash equivalents, and marketable securities, and the accretion of discounts on marketable securities;

d.Other income (expense), net – gains and losses on foreign currency, and other non-recurring items that are not a part of the Company’s core business operations; and

e.Income tax benefit (expense) – income taxes related to federal, state, and foreign jurisdictions in which the Company conducts business.

Income taxes - Components of loss before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (39,968)	$ (30,355)	$ (92,360)
Foreign	1,871	2,720	(7,050)
Loss before income taxes	$ (38,097)	$ (27,635)	$ (99,410)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 21. Subsequent Events Agreement to Acquire Akoya Biosciences, Inc. On January 9, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Akoya Biosciences, Inc., a Delaware corporation (“Akoya”), and Wellfleet Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Quanterix (“Merger Sub”), in which Merger Sub will merge with and into Akoya (the “Merger”), with Akoya surviving such Merger as a wholly owned subsidiary of Quanterix. Akoya is based in Marlborough, Massachusetts and is a life sciences technology company delivering spatial biology solutions focused on transforming discovery, clinical research and diagnostics. Spatial phenotyping refers to technology that enables academic and biopharma scientists to detect and map the distribution of cell types and biomarkers across whole tissue samples at single-cell resolution, enabling advancements in understanding of disease progression and patient response to therapy. The transaction is part of the Company's plans to establish the first fully integrated technology ecosystem to identify and measure biomarkers across tissue and blood, expand its technology offerings into oncology and immunology, and expand its portfolio of lab service offerings. Under the Merger Agreement, each share of common stock, par value $0.00001 per share, of Akoya (the “Akoya Common Stock”) outstanding immediately prior to the merger will be converted into the right to receive 0.318 (the “Exchange Ratio”) of a fully paid and nonassessable share of common stock, par value $0.001 per share, of Quanterix and, if applicable, cash in lieu of fractional shares, subject to any applicable withholding. Each restricted stock unit in respect of shares of Akoya Common Stock and each option to acquire shares of Akoya Common Stock that is outstanding immediately prior to the merger will automatically be converted into a number of restricted stock units and options to acquire shares of Quanterix Common Stock, respectively, based on the Exchange Ratio. The closing of the Merger is subject to a number of conditions, including: (i) approval of the issuance of shares of the Company's common stock in the Merger by its stockholders; (ii) approval of the Merger by Akoya stockholders; (iii) the effectiveness of the registration statement on Form S-4 filed with the SEC in connection with the Merger; (iv) the absence of any order issued or entered, or any law enacted or promulgated having the effect of restraining, enjoining, making illegal or otherwise prohibiting the consummation of the Merger; (v) the Company's submission to Nasdaq of a notification of shares of the Company's common stock to be issued in connection with the Merger; (vi) performance by each party of its respective obligations under the Merger Agreement; and (vii) the absence of a material adverse effect with respect to each of Akoya and Quanterix. The Company and Akoya have also agreed to use their respective reasonable best efforts to cooperate in good faith to enter into one or more agreements pursuant to which Quanterix would provide Akoya with bridge financing. Any such financing would be in the form of subordinated convertible note(s) in an aggregate principal amount not to exceed $30.0 million, subject to Akoya having obtained any required consents and satisfied any other conditions with respect thereto under Akoya’s existing credit facility As of the date of filing of this Annual Report on Form 10-K, the Company is negotiating the potential terms of such financing. Acquisition of Emission Inc. On January 8, 2025, the Company completed the acquisition of Emission Inc. (“Emission”). Emission is based in Georgetown, Texas and manufactures large-scale, highly-uniform dye-encapsulating magnetic beads designed for low and mid-plex assays and a mid-plex platform that reads its proprietary beads. The transaction is part of the Company's plans to secure the use of Emission’s highly controlled beads in the Company's next generation instruments and expansion into a new multi-plex segment targeting third-party original equipment manufacturer customers. Pursuant to the Share Purchase Agreement, the Company acquired all of the issued and outstanding shares of capital stock of Emission for an upfront payment of $10.0 million, with an additional $10.0 million payable upon completion of certain technical milestones. Additionally, the Emission shareholders may receive up to an additional $50.0 million in earnout payments through December 31, 2029, contingent upon the achievement of certain performance milestones. In connection with the closing, the Company and Emission entered into a call option agreement, in which the Emission shareholders have the right to repurchase all of the outstanding capital stock of Emission for $10.0 million after five years from the closing date if Emission’s revenues do not exceed $5.0 million in any one year during such five-year period. If the Emission shareholders exercise the right to repurchase Emission and consummate the repurchase, the Company will retain a perpetual, fully-paid, irrevocable license to all Emission intellectual property required to continue to manufacture and commercialize the Company's products. The initial accounting for the acquisition was not complete at the time of filing of this Annual Report on Form 10-K due to the timing of the acquisition. As a result, the full disclosures required under ASC 805-10-50 – Business Combinations cannot be made at this time. Acquisition costs incurred during the year ended December 31, 2024 related to the Emission acquisition were not material.

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Fair Value	$ 74,648	$ 56,365
Unrealized Losses	(152)	(27)
U.S. Treasuries
Marketable Securities [Line Items]
Fair Value	35,085
Unrealized Losses	(53)
Commercial paper
Marketable Securities [Line Items]
Fair Value		32,137
Unrealized Losses		(12)
U.S. Government agency bonds
Marketable Securities [Line Items]
Fair Value	32,148	15,861
Unrealized Losses	(98)	(7)
Corporate bonds
Marketable Securities [Line Items]
Fair Value	7,415	8,367
Unrealized Losses	$ (1)	$ (8)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2021		36,768
Beginning Balance at Dec. 31, 2021	$ 442,792	$ 37	$ 745,936	$ 441	$ (303,622)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects (in shares)		512
Issuance of common stock under stock plans, including tax effects	2,310	$ 0	2,310
Stock-based compensation expense	15,383		15,383
Unrealized gains (losses) on marketable securities, net of tax	0
Foreign currency translation	(2,979)			(2,979)
Net loss	(99,574)				(99,574)
Ending Balance (in shares) at Dec. 31, 2022		37,280
Ending Balance at Dec. 31, 2022	357,932	$ 37	763,629	(2,538)	(403,196)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects (in shares)		734
Issuance of common stock under stock plans, including tax effects	2,691	$ 1	2,690
Stock-based compensation expense	16,823		16,823
Unrealized gains (losses) on marketable securities, net of tax	325			325
Foreign currency translation	541			541
Net loss	(28,354)				(28,354)
Ending Balance (in shares) at Dec. 31, 2023		38,014
Ending Balance at Dec. 31, 2023	349,958	$ 38	783,142	(1,672)	(431,550)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under stock plans, including tax effects (in shares)		559
Issuance of common stock under stock plans, including tax effects	32	$ 1	31
Stock-based compensation expense	19,987		19,987
Unrealized gains (losses) on marketable securities, net of tax	(219)			(219)
Foreign currency translation	(1,189)			(1,189)
Net loss	(38,531)				(38,531)
Ending Balance (in shares) at Dec. 31, 2024		38,573
Ending Balance at Dec. 31, 2024	$ 330,038	$ 39	$ 803,160	$ (3,080)	$ (470,081)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Restructuring (Details) $ in Thousands	3 Months Ended		12 Months Ended
Restructuring (Details) $ in Thousands	Dec. 31, 2024 facility	Sep. 30, 2022 facility	Dec. 31, 2024 USD ($) facility position	Dec. 31, 2023 USD ($) facility	Dec. 31, 2022 USD ($) facility
Restructuring Cost and Reserve [Line Items]
Number of positions \| position			119
Restructuring related expenses					$ 3,800
Payment of severance					3,500
Impairment and restructuring			$ 0	$ 1,328	$ 29,556
Number of leased facilities \| facility	2	2	2	2	2
Other Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring					$ 25,600
Other Restructuring Charges \| Goodwill
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring					8,200
Other Restructuring Charges \| ROU assets and related leasehold improvements
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring				$ 1,300	16,300
Other Restructuring Charges \| Software and Software Development Costs
Restructuring Cost and Reserve [Line Items]
Impairment and restructuring					$ 1,100

Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) facility	Sep. 30, 2022 facility	Dec. 31, 2024 USD ($) facility customer	Dec. 31, 2023 USD ($) facility customer	Dec. 31, 2022 USD ($) facility customer
Property and equipment
Foreign exchange losses			$ 600	$ 200	$ 1,000
Research and development expense, amount reimbursed as a reduction to costs			300
Reimbursed amount			$ 400	$ 400	$ 0
Number of leased facilities \| facility	2	2	2	2	2
Cloud computing costs, capitalized	$ 1,200		$ 1,200
Total revenues			$ 137,421	$ 122,368	$ 105,522
Expected dividend yield (as a percent)			0.00%
Advertising expense			$ 500	$ 300	$ 300
Customer \| Revenue Benchmark \| Customer Concentration Risk
Property and equipment
Number of customers \| customer			0
Revenue as a percentage of total revenue			10.00%
Customer \| Accounts Receivable \| Customer Concentration Risk
Property and equipment
Number of customers \| customer			0
Revenue as a percentage of total revenue			10.00%
One customer \| Revenue Benchmark \| Customer Concentration Risk
Property and equipment
Number of customers \| customer				1	1
Revenue as a percentage of total revenue				10.00%	10.00%
Total revenues				$ 14,000	$ 13,700
One customer \| Accounts Receivable \| Customer Concentration Risk
Property and equipment
Number of customers \| customer				1
Revenue as a percentage of total revenue				10.00%
Total revenues				$ 3,600
Customers Outside Of United States \| Accounts Receivable \| Customer Concentration Risk
Property and equipment
Revenue as a percentage of total revenue			40.00%	38.00%
Minimum
Property and equipment
Period of payment			30 days
Maximum
Property and equipment
Period of payment			45 days