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Acquisitions - Schedule Of Preliminary Allocation Of The Purchase Price (Details) - USD ($) $ in Thousands		9 Months Ended
	Jul. 08, 2025	Sep. 30, 2025	Dec. 31, 2024
ASSETS
Goodwill		$ 23,460	$ 0
Akoya Biosciences, Inc.
ASSETS
Cash and cash equivalents	$ 16,108
Accounts receivable, net of allowance for expected credit losses	8,616
Inventory	25,800
Prepaid expenses and other assets	5,483
Property and equipment, net	12,087
Intangible assets	121,800
Goodwill	23,460
Operating lease right-of-use assets	4,585
Finance lease right-of-use assets	1,041
Total assets acquired	218,980
Liabilities:
Accounts payable	8,266
Accrued expenses and other liabilities	34,206
Deferred revenue	18,879
Operating lease liabilities	5,616
Finance lease liabilities	1,040
Total liabilities assumed	68,007
Net assets acquired	$ 150,973
Weighted Average Useful Life (years)	9 years 7 months 6 days
Emission
ASSETS
Cash and cash equivalents		43
Accounts receivable, net of allowance for expected credit losses		49
Inventory		307
Intangible assets		12,900
Goodwill		6,374
Total assets acquired		19,673
Liabilities:
Accounts payable		57
Deferred tax liability		3,007
Total liabilities assumed		3,064
Net assets acquired		$ 16,609
Weighted Average Useful Life (years)		14 years

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Note 10. Accrued Expenses and Other Current Liabilities

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


	September 30, 2025		December 31, 2024
Accrued professional services	$	2,378	$	4,897
Accrued royalties	1,554		1,361
Accrued tax liabilities	1,469		1,018
Contingent compensation — Earnout 1 (1)	8,129		—
Acquired off-market liability (2)	5,618		—
Other accrued expenses	5,664		1,575
Total accrued expenses and other current liabilities	$	24,812	$	8,851

(1)Represents the current portion of contingent compensation from Earnout 1 related to the Emission acquisition. Refer to Note 3 - Acquisitions.

(2)Represents the current portion of an off-market component of an acquired customer contract in the acquisition of Akoya. Refer to Note 3 - Acquisitions.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 38,298	$ 56,709
Marketable securities	96,511	232,413
Accounts receivable, net of allowance for expected credit losses	33,029	32,141
Inventory	54,957	32,775
Prepaid expenses and other current assets	10,483	9,556
Total current assets	233,278	363,594
Restricted cash	3,336	2,610
Property and equipment, net	25,765	17,150
Intangible assets, net	135,148	4,031
Goodwill	23,460	0
Operating lease right-of-use assets	18,184	16,339
Financing lease right-of-use assets	917	0
Other non-current assets	4,052	2,809
Total assets	444,140	406,533
Current liabilities:
Accounts payable	10,633	6,953
Accrued compensation and benefits	12,582	12,620
Accrued expenses and other current liabilities	24,812	8,851
Deferred revenue	20,913	8,827
Operating lease liabilities	7,984	4,756
Financing lease liabilities	428	0
Total current liabilities	77,352	42,007
Deferred revenue, net of current portion	7,341	1,073
Operating lease liabilities, net of current portion	31,212	32,615
Financing lease liabilities, net of current portion	496	0
Non-current portion of contingent liabilities	5,904	0
Other non-current liabilities	7,301	800
Total liabilities	129,606	76,495
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock: $0.001 par value; Authorized: 120,000; Issued and outstanding: 46,683 and 38,544 shares at September 30, 2025 and December 31, 2024	47	39
Additional paid-in capital	869,420	803,160
Accumulated other comprehensive loss	(818)	(3,080)
Accumulated deficit	(554,115)	(470,081)
Total stockholders’ equity	314,534	330,038
Total liabilities and stockholders’ equity	$ 444,140	$ 406,533

Restructuring and Related Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Jul. 31, 2025	May 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring and related cost, expected cost			$ 7,600	$ 7,600
Costs	$ 6,300	$ 7,573

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related party transactions
Cost of revenue	$ 23,027	$ 15,660	$ 50,121	$ 41,325
Accounts payable	10,633		10,633		$ 6,953
Operating expenses	54,531	31,901	145,712	98,782
Accounts receivable, net of allowance for expected credit losses	33,029		33,029		32,141
Biopharmaceutical Customer
Related party transactions
Related party revenue	2,300		2,300
Cost of revenue	2,700		2,700
Emission
Related party transactions
Accounts payable	0		0
Operating expenses	300		300
Harvard University
Related party transactions
Related party revenue	400	1,000	900	1,400
Cost of revenue	0	$ 0	0	$ 0
Accounts payable	0		0		0
Accounts receivable, net of allowance for expected credit losses	300		300		0
Tufts
Related party transactions
Accounts payable	$ 0		$ 0		$ 0

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments for Non-Cancelable Financing Leases (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Operating Leases
2025 (remainder)	$ 2,560
2026	10,259
2027	8,960
2028	8,395
2029	8,570
Thereafter	7,723
Lessee, Operating Lease, Liability, to be Paid, Total	46,467
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	7,270
Operating Lease, Liability	39,197
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025 (remainder)	108
2026	430
2027	382
2028	76
2029	0
Thereafter	0
Total lease payments	996
Less: imputed interest	72
Total lease liabilities	$ 924

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 0
Goodwill impairment	$ (6,400)	(6,374)
Goodwill, ending balance		23,460
Emission
Goodwill [Roll Forward]
Goodwill acquired		6,374
Goodwill, ending balance		6,374
Akoya Biosciences, Inc.
Goodwill [Roll Forward]
Goodwill acquired		$ 23,460

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2025	Dec. 31, 2024
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)	46,683	38,544
Common stock, shares outstanding (in shares)	46,683	38,544

Marketable Securities - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Sale of marketable securities	$ 26.2
Accrued interest receivable	$ 0.8	$ 1.4

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 40,233			$ 35,813			$ 95,042	$ 102,260
Consolidated net loss	(33,517)	$ (30,013)	$ (20,504)	(8,353)	$ (7,387)	$ (11,163)	(84,033)	(26,903)
Grant revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	83			402			165	930
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	40,150			35,411			94,877	101,330
Costs of goods sold and services, including shipping and handling costs	24,332			17,671			54,302	47,553
Certain operating expenses, excluding shipping and handling costs	45,766			29,001			125,817	89,814
Other segment items	3,652			(2,506)			(1,044)	(8,204)
Consolidated net loss	(33,517)			(8,353)			(84,033)	(26,903)
Reportable Segment \| Grant revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 83			$ 402			$ 165	$ 930

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

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

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- 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.

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+ Details

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Total Cash, Cash Equivalents, and 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 September 30,
	2025		2024
Cash and cash equivalents	$	38,298	$	29,339
Restricted cash (1)	3,336		2,609
Cash, cash equivalents, and restricted cash	$	41,634	$	31,948

(1) Restricted cash consists of collateral for letters of credit issued as security for several 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 - Summary of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Amortized cost due within one year	$ 77,752	$ 197,141
Fair value due within one year	77,823	197,306
Amortized cost due in one to two years	18,672	35,168
Fair value due in one to two years	18,688	35,107
Amortized Cost	96,424	232,309
Fair Value	$ 96,511	$ 232,413

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 14,674	$ 7,215
Work in process	9,088	7,980
Finished goods	31,195	17,580
Total inventory	$ 54,957	$ 32,775

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Accrued Expenses and Other Current Liabilities [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	September 30, 2025		December 31, 2024
Accrued professional services	$	2,378	$	4,897
Accrued royalties	1,554		1,361
Accrued tax liabilities	1,469		1,018
Contingent compensation — Earnout 1 (1)	8,129		—
Acquired off-market liability (2)	5,618		—
Other accrued expenses	5,664		1,575
Total accrued expenses and other current liabilities	$	24,812	$	8,851

(1)Represents the current portion of contingent compensation from Earnout 1 related to the Emission acquisition. Refer to Note 3 - Acquisitions.

(2)Represents the current portion of an off-market component of an acquired customer contract in the acquisition of Akoya. Refer to Note 3 - Acquisitions.

Revenue and Related Matters - Costs to Obtain a Contract (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Capitalized Contract Cost [Roll Forward]
Balance as of December 31	$ 292	$ 289
Capitalization of costs to obtain a contract	183	237
Recognition of costs to obtain a contract	(285)	(260)
Balance as of September 30	$ 190	$ 266

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash equivalents
Cash and cash equivalents	$ 38,298	$ 56,709	$ 29,339
Restricted cash	3,336		2,609
Cash, cash equivalents, and restricted cash	$ 41,634	$ 59,319	$ 31,948	$ 177,026

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 4. Goodwill and Intangible Assets

Goodwill and Impairment

Goodwill represents the amount an acquisition’s purchase price exceeds the fair value of the assets acquired, including identifiable intangible assets, and liabilities assumed. Goodwill is not amortized; however it is required to be tested for impairment annually at the reporting unit level. Testing for impairment is also required on an interim basis if events or circumstances indicate it is more likely than not that an impairment loss has been incurred.

A reporting unit is defined as an operating segment or a component of an operating segment to the extent discrete financial information is available that is reviewed by segment management. Prior to the third quarter of 2025, the Company determined it had one reporting unit. After the acquisition of Akoya, the Company determined it had two reporting units, consisting of the legacy Quanterix business and the Akoya business.

Absent an event that indicates a specific impairment may exist, the Company has selected October 1 as the date for performing its annual goodwill impairment test. 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 its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and an impairment loss is recognized in amount equal to this excess.

During the second quarter of 2025, the Company assessed several events and circumstances, including a larger than expected decline in the Company's revenue and bookings primarily due to the rapidly changing macro-economic conditions resulting from reductions in US federal research funding, reductions in research and development spending by larger pharmaceutical customers, and new import tariffs. As a result, during the second quarter of 2025, the Company concluded it was more likely than not that that the fair value of its then single reporting unit was less than its carrying value and performed a quantitative impairment test for its goodwill. The Company estimated the implied fair value of its reporting unit using a market valuation approach, which included inputs such as the Company's quoted stock price.

As a result of the quantitative test, the Company determined its goodwill at June 30, 2025 was fully impaired and recorded an impairment charge of $6.4 million during the three months ended June 30, 2025.

As of September 30, 2025, the Company performed an additional quantitative interim impairment test as result of continued events and circumstances that indicated its goodwill could be impaired. This test was performed on its Akoya reporting unit since all remaining goodwill had previously been assigned to it. The Company estimated the reporting unit's implied fair value based on an income valuation approach using Level 3 inputs, which used estimates including: projected revenues and expenses; obsolescence rates; customer retention rates; a discount rate; and certain published or readily available industry benchmark data. As a result of the quantitative test, the Company determined that its goodwill was not impaired as of September 30, 2025.

Changes in the carrying amount of goodwill are as follows (in thousands):


	Total Goodwill
Balance as of December 31, 2024	$	—
Acquisition of Emission (1)	6,374
Goodwill impairment	(6,374)
Acquisition of Akoya (1)	23,460
Balance as of September 30, 2025	$	23,460

(1) Refer to Note 3 - Acquisitions.

Intangible Assets, Long-Lived Assets, and Impairment

The Company continually assesses the determination of its asset groups, which primarily focuses on changes in the Company's operating structure, the way in which it expects to deploy its assets, or how the Company intends to recover the cost of its assets. As a result of the acquisitions of Akoya and Emission, the Company reassessed its asset groups. Primarily due to management's updated expectations of how it plans to deploy and recover the costs of its assets, the

Company determined the assets acquired in the Akoya and Emission acquisitions would each become their own asset group, along with vacant leased facilities which are each evaluated as separate asset groups for the purposes of assessing recoverability.

Prior to performing each of its interim goodwill impairment tests, the Company tested the recoverability of its long-lived assets, including intangible assets and property and equipment. The Company utilized an undiscounted cash flow analysis to determine if the cash flows expected to be generated by each of its asset groups over the remaining estimated useful lives of each group's primary asset were sufficient to recover the carrying value of each asset group. Significant assumptions that form the basis of the forecasted results utilized to calculate undiscounted cash flows include; estimates about future revenues; expenses; and market conditions related to these assets, as well as the disposal value of the asset group. These estimates are based on a complex series of judgments about future events and rely heavily on estimates and assumptions that have been deemed reasonable by the Company. Changes in the estimates or assumptions used could materially affect the determination of recoverability. Potential events and circumstances that could have an adverse impact on the Company's estimates and assumptions include, but are not limited to, lower than expected bookings growth, increases in costs, and other macroeconomic factors.

As part of the Akoya acquisition, the Company assumed a vacant leased facility. As of September 30, 2025, this facility remained vacant which triggered an impairment assessment. The impairment analysis evaluated the present value of net cash flows under the original lease and the estimated cash flows under an estimated sublease and considered industry and economic factors such as rental rates, interest rates, and recent real estate activities to estimate the net cash flows analysis and impairment amount. This assessment indicated the right-of-use asset for this facility was fully impaired and resulted in the Company recording an impairment charge of $0.9 million during the three and nine months ended September 30, 2025.

As of September 30, 2025, the Company concluded that none of its other intangible or other long-lived assets were impaired.

Should economic conditions deteriorate further or remain depressed for a prolonged period of time, estimates of future cash flows for each of the Company’s asset groups may be insufficient to support their carrying value, requiring an impairment. Impairment charges, if any, may be material to the results of operations and financial position.

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


		As of September 30, 2025
	Estimated Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Cumulative Translation Adjustment		Net Carrying Value		Weighted Average Life Remaining (in years)
Definite-lived intangible assets:
Developed technology	7.0 - 14.0	$	114,150	$	(4,644)	$	—	$	109,506	9.8
Know-how	8.5	13,000		(8,100)		(1,506)		3,394		2.3
Customer relationships	8.5 - 10.0	4,260		(1,308)		(4)		2,948		8.7
Non-compete agreements	5.5	340		(340)		—		—		—
Trade names	3.0	50		(50)		—		—		—
Total		$	131,800	$	(14,442)	$	(1,510)	$	115,848
Indefinite-lived intangible assets:
In-process research and development		$	19,300	$	—	$	—	$	19,300
Total intangible assets		$	151,100	$	(14,442)	$	(1,510)	$	135,148


		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	7.0	1,650		(1,645)		—		5		0.1
Customer relationships	8.5 - 10.0	1,360		(1,166)		(18)		176		3.1
Non-compete agreements	5.5	340		(285)		(55)		—		—
Trade names	3.0	50		(50)		—		—		—
Total intangible assets		$	16,400	$	(10,203)	$	(2,166)	$	4,031

The Company recorded amortization expense of $3.0 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $4.2 million and $2.9 million for the nine months ended September 30, 2025 and 2024, respectively.

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


	As of September 30, 2025
2025	$	3,282
2026	13,107
2027	13,084
2028	11,540
2029	11,538
Thereafter	63,297
Total amortization expense	$	115,848

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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

All of the Company's marketable securities are classified as available-for-sale. 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 September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	5,406	$	—	$	(3)	$	5,403
U.S. Treasuries	37,054		75		—		37,129
U.S. Government agency bonds	28,301		10		(11)		28,300
Corporate bonds	25,663		23		(7)		25,679
Total marketable securities	$	96,424	$	108	$	(21)	$	96,511


	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

Summary of Fair Value and Gross Unrealized Losses

The following tables show the fair value and gross unrealized losses of the Company’s marketable securities 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				Greater Than 12 Months
As of September 30, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	5,403	$	(3)	$	—	$	—
U.S. Government agency bonds	9,495		(5)		5,564		(6)
Corporate bonds	7,998		(7)		—		—
Total	$	22,896	$	(15)	$	5,564	$	(6)


	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)

Summary of Contractual Maturities of Marketable Securities

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


	As of September 30, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	77,752	$	77,823	$	197,141	$	197,306
Due in one to two years	18,672		18,688		35,168		35,107
Total	$	96,424	$	96,511	$	232,309	$	232,413

- 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

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-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

Net Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 13. Net Loss Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss	$	(33,517)	$	(8,353)	$	(84,033)	$	(26,903)
Denominator:
Weighted average common shares outstanding, basic and diluted	46,060		38,449		41,243		38,305

Net loss per share, basic and diluted	$	(0.73)	$	(0.22)	$	(2.04)	$	(0.70)

As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Stock options	5,830	453	5,426	781
RSUs	1,890	306	1,790	748
Estimated ESPP purchases	10	12	8	9
Total dilutive shares	7,730	771	7,224	1,538

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Note 11. Stockholders' Equity

The following tables summarize the changes in equity during the three months ended September 30, 2025 and 2024, respectively (amounts in thousands):


	Common Stock
	Shares	Amount		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2024	38,544	$	39	$	803,160	$	(3,080)	$	(470,081)	$	330,038
Issuance of common stock under stock plans, net of tax and payments	228	—		138		—		—		138
Stock-based compensation expense	—	—		5,462		—		—		5,462
Unrealized losses on marketable securities, net of tax	—	—		—		(8)		—		(8)
Foreign currency translation, net of tax	—	—		—		1,267		—		1,267
Net loss	—	—		—		—		(20,504)		(20,504)
Balance at March 31, 2025	38,772	$	39	$	808,760	$	(1,821)	$	(490,585)	$	316,393
Issuance of common stock under stock plans, net of tax and payments	101	—		(188)		—		—		(188)
Stock-based compensation expense	—	—		5,373		—		—		5,373
Unrealized losses on marketable securities, net of tax	—	—		—		(68)		—		(68)
Foreign currency translation, net of tax	—	—		—		961		—		961
Net loss	—	—		—		—		(30,013)		(30,013)
Balance at June 30, 2025	38,873	$	39	$	813,945	$	(928)	$	(520,598)	$	292,458
Issuance of common stock under stock plans, net of tax and payments	323	—		114		—		—		114
Common stock issued as consideration in business combinations, net of tax	7,487	8		49,892		—				49,900
Stock-based compensation expense	—	—		5,469		—		—		5,469
Unrealized gains on marketable securities, net of tax	—	—		—		55		—		55
Foreign currency translation, net of tax	—	—		—		55		—		55
Net loss	—	—		—		—		(33,517)		(33,517)
Balance at September 30, 2025	46,683	$	47	$	869,420	$	(818)	$	(554,115)	$	314,534


	Common Stock
	Shares	Amount		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2023	38,014	$	38	$	783,142	$	(1,672)	$	(431,550)	$	349,958
Issuance of common stock under stock plans, net of tax and payments	274	—		599		—		—		599
Stock-based compensation expense	—	—		5,265		—		—		5,265
Unrealized losses on marketable securities, net of tax	—	—		—		(607)		—		(607)
Foreign currency translation, net of tax	—	—		—		(674)		—		(674)
Net loss	—	—		—		—		(11,163)		(11,163)
Balance at March 31, 2024	38,288	$	38	$	789,006	$	(2,953)	$	(442,713)	$	343,378
Issuance of common stock under stock plans, net of tax and payments	110	—		(328)		—		—		(328)
Stock-based compensation expense	—	—		5,228		—		—		5,228
Unrealized losses on marketable securities, net of tax	—	—		—		(175)		—		(175)
Foreign currency translation, net of tax	—	—		—		62		—		62
Net loss	—	—		—		—		(7,387)		(7,387)
Balance at June 30, 2024	38,398	$	38	$	793,906	$	(3,066)	$	(450,100)	$	340,778
Issuance of common stock under stock plans, net of tax and payments	77	1		144		—		—		145
Stock-based compensation expense	—	—		4,657		—		—		4,657
Unrealized gains on marketable securities, net of tax	—	—		—		1,054		—		1,054
Foreign currency translation, net of tax	—	—		—		601		—		601
Net loss	—	—		—		—		(8,353)		(8,353)
Balance at September 30, 2024	38,475	$	39	$	798,707	$	(1,411)	$	(458,453)	$	338,882

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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+ Details

Revenue and Related Matters - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Total	$ 40,233	$ 35,813	$ 95,042	$ 102,260
Product revenue
Disaggregation of Revenue
Total	26,151	19,694	63,723	59,251
Product revenue \| North America
Disaggregation of Revenue
Total	13,934	11,175	34,156	33,958
Product revenue \| EMEA
Disaggregation of Revenue
Total	8,111	6,241	18,639	17,462
Product revenue \| Asia Pacific
Disaggregation of Revenue
Total	4,106	2,278	10,928	7,831
Instruments
Disaggregation of Revenue
Total	7,197	2,386	11,778	7,398
Instruments \| North America
Disaggregation of Revenue
Total	3,366	1,226	4,780	3,214
Instruments \| EMEA
Disaggregation of Revenue
Total	2,131	1,070	2,999	2,896
Instruments \| Asia Pacific
Disaggregation of Revenue
Total	1,700	90	3,999	1,288
Consumable and other products
Disaggregation of Revenue
Total	18,954	17,308	51,945	51,853
Consumable and other products \| North America
Disaggregation of Revenue
Total	10,568	9,949	29,376	30,744
Consumable and other products \| EMEA
Disaggregation of Revenue
Total	5,980	5,171	15,640	14,566
Consumable and other products \| Asia Pacific
Disaggregation of Revenue
Total	2,406	2,188	6,929	6,543
Service and other revenue
Disaggregation of Revenue
Total	13,953	13,845	29,806	39,323
Service and other revenue \| North America
Disaggregation of Revenue
Total	10,415	11,841	22,971	29,373
Service and other revenue \| EMEA
Disaggregation of Revenue
Total	2,966	1,519	5,579	8,746
Service and other revenue \| Asia Pacific
Disaggregation of Revenue
Total	572	485	1,256	1,204
Research services
Disaggregation of Revenue
Total	8,043	10,543	17,666	29,362
Research services \| North America
Disaggregation of Revenue
Total	6,996	9,841	15,862	23,378
Research services \| EMEA
Disaggregation of Revenue
Total	926	426	1,359	5,411
Research services \| Asia Pacific
Disaggregation of Revenue
Total	121	276	445	573
Service-type warranties
Disaggregation of Revenue
Total	2,983	2,595	8,151	7,990
Service-type warranties \| North America
Disaggregation of Revenue
Total	1,606	1,540	4,596	4,787
Service-type warranties \| EMEA
Disaggregation of Revenue
Total	1,039	857	2,836	2,611
Service-type warranties \| Asia Pacific
Disaggregation of Revenue
Total	338	198	719	592
Other services
Disaggregation of Revenue
Total	2,927	707	3,989	1,971
Other services \| North America
Disaggregation of Revenue
Total	1,813	460	2,513	1,208
Other services \| EMEA
Disaggregation of Revenue
Total	1,001	236	1,384	724
Other services \| Asia Pacific
Disaggregation of Revenue
Total	113	11	92	39
Collaboration and license revenue
Disaggregation of Revenue
Total	46	1,872	1,348	2,756
Collaboration and license revenue \| North America
Disaggregation of Revenue
Total	46	1,872	1,348	2,756
Collaboration and license revenue \| EMEA
Disaggregation of Revenue
Total	0	0	0	0
Collaboration and license revenue \| Asia Pacific
Disaggregation of Revenue
Total	$ 0	$ 0	$ 0	$ 0

Goodwill and Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($) reportingUnit	Jun. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2025 reportingUnit	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Goodwill [Line Items]
Number of reporting units \| reportingUnit	2			1
Goodwill impairment		$ 6,400			$ 6,374
Impairment					7,269	$ 0
Amortization expense	$ 3,000		$ 1,000		4,200	$ 2,900
Akoya Biosciences, Inc.
Goodwill [Line Items]
Impairment	$ 900				$ 900

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

+ References + Details

- 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/exampleRef
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+ Details

Stock-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of options
Outstanding at the beginning of the period (in shares)	3,563
Granted (in shares)	2,529
Exercised (in shares)	(4)
Forfeited/expired (in shares)	(544)
Outstanding at the end of the period (in shares)	5,544	3,563
Exercisable at the end of the period (in shares)	2,142
Vested and expected to vest at the end of the period (in shares)	5,544
Weighted-average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 19.94
Granted (in dollars per share)	8.35
Exercised (in dollars per share)	3.12
Forfeited/expired (in dollars per share)	13.73
Outstanding at the end of the period (in dollars per share)	15.27	$ 19.94
Exercisable at the end of the period (in dollars per share)	20.89
Vested and expected to vest at the end of the period (in dollars per share)	$ 15.27
Weighted-average remaining contractual life (in years)
Outstanding	8 years	7 years 8 months 12 days
Exercisable	6 years 4 months 24 days
Vested and expected to vest	8 years
Aggregate intrinsic value
Outstanding	$ 9	$ 678
Exercisable	3
Vested and expected to vest	$ 9

Net Loss Per Share - Common Share Equivalents Excluded from Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net loss per share
Total dilutive shares	7,730	771	7,224	1,538
Stock options
Net loss per share
Total dilutive shares	5,830	453	5,426	781
RSUs
Net loss per share
Total dilutive shares	1,890	306	1,790	748
Estimated ESPP purchases
Net loss per share
Total dilutive shares	10	12	8	9

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock option activity for the nine months ended September 30, 2025 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, 2024	3,563	$	19.94	7.7	$	678
Granted	2,529	8.35
Exercised	(4)	3.12
Forfeited/expired	(544)	13.73
Outstanding at September 30, 2025	5,544	$	15.27	8.0	$	9
Exercisable at September 30, 2025	2,142	$	20.89	6.4	$	3
Vested and expected to vest at September 30, 2025	5,544	$	15.27	8.0	$	9

Summary of Restricted Stock Units Activity

Restricted stock unit (“RSU”) activity for the nine months ended September 30, 2025 is presented below (in thousands, except per share amounts):


	Number of shares	Weighted-average grant date fair value per share
Unvested at December 31, 2024	1,115	$	18.55
Assumed through acquisition of Akoya (1)	253	6.54
Granted	1,503	7.90
Vested	(496)	9.02
Forfeited	(525)	14.18
Unvested at September 30, 2025	1,850	$	12.05

(1)Refer to Note 3 - Acquisitions.

Summary of Share-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of product revenue	$	182	$	276	$	755	$	883
Cost of service and other revenue	213		283		763		866
Research and development	594		530		1,738		1,598
Selling, general and administrative	4,480		3,568		13,047		11,803
Total stock-based compensation expense	$	5,469	$	4,657	$	16,303	$	15,150

Acquisitions - Narrative (Details)			3 Months Ended	9 Months Ended
Acquisitions - Narrative (Details)	Jul. 08, 2025 USD ($)	Jan. 08, 2025 USD ($) arrangement	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Aug. 07, 2025 USD ($)
Call Option
Business Combination [Line Items]
Stock available for repurchase		$ 10,000,000.0
Option contract period		5 years
Redemption requirement, revenue threshold		$ 5,000,000.0
Akoya Biosciences, Inc.
Business Combination [Line Items]
Contract with customer, unfavorable terms					$ 13,400,000
Contract with customer, non-cash revenue recognized			$ 1,200,000	$ 1,200,000
Business combination, additional revenues			17,200,000	17,200,000
Business combination, net loss			8,400,000	8,400,000
Business combination, acquisition-related cost, expense			5,200,000	12,400,000
Cash paid for debt extinguishment	$ 82,131,000
Emission
Business Combination [Line Items]
Business combination, acquisition-related cost, expense			$ 0	$ 0
Number of contingent consideration arrangements \| arrangement		2
Cash paid for debt extinguishment		$ 6,612,000
Emission \| Earnout 1
Business Combination [Line Items]
Additional consideration		$ 10,000,000.0
Performance period		11 months
Emission \| Earnout 2
Business Combination [Line Items]
Additional consideration		$ 50,000,000.0
Performance period		5 years

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Stockholders Equity

The following tables summarize the changes in equity during the three months ended September 30, 2025 and 2024, respectively (amounts in thousands):


	Common Stock
	Shares	Amount		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2024	38,544	$	39	$	803,160	$	(3,080)	$	(470,081)	$	330,038
Issuance of common stock under stock plans, net of tax and payments	228	—		138		—		—		138
Stock-based compensation expense	—	—		5,462		—		—		5,462
Unrealized losses on marketable securities, net of tax	—	—		—		(8)		—		(8)
Foreign currency translation, net of tax	—	—		—		1,267		—		1,267
Net loss	—	—		—		—		(20,504)		(20,504)
Balance at March 31, 2025	38,772	$	39	$	808,760	$	(1,821)	$	(490,585)	$	316,393
Issuance of common stock under stock plans, net of tax and payments	101	—		(188)		—		—		(188)
Stock-based compensation expense	—	—		5,373		—		—		5,373
Unrealized losses on marketable securities, net of tax	—	—		—		(68)		—		(68)
Foreign currency translation, net of tax	—	—		—		961		—		961
Net loss	—	—		—		—		(30,013)		(30,013)
Balance at June 30, 2025	38,873	$	39	$	813,945	$	(928)	$	(520,598)	$	292,458
Issuance of common stock under stock plans, net of tax and payments	323	—		114		—		—		114
Common stock issued as consideration in business combinations, net of tax	7,487	8		49,892		—				49,900
Stock-based compensation expense	—	—		5,469		—		—		5,469
Unrealized gains on marketable securities, net of tax	—	—		—		55		—		55
Foreign currency translation, net of tax	—	—		—		55		—		55
Net loss	—	—		—		—		(33,517)		(33,517)
Balance at September 30, 2025	46,683	$	47	$	869,420	$	(818)	$	(554,115)	$	314,534


	Common Stock
	Shares	Amount		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2023	38,014	$	38	$	783,142	$	(1,672)	$	(431,550)	$	349,958
Issuance of common stock under stock plans, net of tax and payments	274	—		599		—		—		599
Stock-based compensation expense	—	—		5,265		—		—		5,265
Unrealized losses on marketable securities, net of tax	—	—		—		(607)		—		(607)
Foreign currency translation, net of tax	—	—		—		(674)		—		(674)
Net loss	—	—		—		—		(11,163)		(11,163)
Balance at March 31, 2024	38,288	$	38	$	789,006	$	(2,953)	$	(442,713)	$	343,378
Issuance of common stock under stock plans, net of tax and payments	110	—		(328)		—		—		(328)
Stock-based compensation expense	—	—		5,228		—		—		5,228
Unrealized losses on marketable securities, net of tax	—	—		—		(175)		—		(175)
Foreign currency translation, net of tax	—	—		—		62		—		62
Net loss	—	—		—		—		(7,387)		(7,387)
Balance at June 30, 2024	38,398	$	38	$	793,906	$	(3,066)	$	(450,100)	$	340,778
Issuance of common stock under stock plans, net of tax and payments	77	1		144		—		—		145
Stock-based compensation expense	—	—		4,657		—		—		4,657
Unrealized gains on marketable securities, net of tax	—	—		—		1,054		—		1,054
Foreign currency translation, net of tax	—	—		—		601		—		601
Net loss	—	—		—		—		(8,353)		(8,353)
Balance at September 30, 2024	38,475	$	39	$	798,707	$	(1,411)	$	(458,453)	$	338,882

Revenue and Related Matters (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands):


	Three Months Ended September 30, 2025								Three Months Ended September 30, 2024
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	3,366	$	2,131	$	1,700	$	7,197	$	1,226	$	1,070	$	90	$	2,386
Consumable and other products	10,568		5,980		2,406		18,954		9,949		5,171		2,188		17,308
Total	$	13,934	$	8,111	$	4,106	$	26,151	$	11,175	$	6,241	$	2,278	$	19,694
Service revenue:
Research services	$	6,996	$	926	$	121	$	8,043	$	9,841	$	426	$	276	$	10,543
Service-type warranties	1,606		1,039		338		2,983		1,540		857		198		2,595
Other services	1,813		1,001		113		2,927		460		236		11		707
Total	$	10,415	$	2,966	$	572	$	13,953	$	11,841	$	1,519	$	485	$	13,845
Collaboration and license revenue:	$	46	$	—	$	—	$	46	$	1,872	$	—	$	—	$	1,872
Total	$	46	$	—	$	—	$	46	$	1,872	$	—	$	—	$	1,872


	Nine Months Ended September 30, 2025								Nine Months Ended September 30, 2024
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	4,780	$	2,999	$	3,999	$	11,778	$	3,214	$	2,896	$	1,288	$	7,398
Consumable and other products	29,376		15,640		6,929		51,945		30,744		14,566		6,543		51,853
Total	$	34,156	$	18,639	$	10,928	$	63,723	$	33,958	$	17,462	$	7,831	$	59,251
Service revenue:
Research services	$	15,862	$	1,359	$	445	$	17,666	$	23,378	$	5,411	$	573	$	29,362
Service-type warranties	4,596		2,836		719		8,151		4,787		2,611		592		7,990
Other services	2,513		1,384		92		3,989		1,208		724		39		1,971
Total	$	22,971	$	5,579	$	1,256	$	29,806	$	29,373	$	8,746	$	1,204	$	39,323
Collaboration and license revenue:	$	1,348	$	—	$	—	$	1,348	$	2,756	$	—	$	—	$	2,756
Total	$	1,348	$	—	$	—	$	1,348	$	2,756	$	—	$	—	$	2,756

Schedule of Costs to Obtain a Contract

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


	2025		2024
Balance as of December 31	$	292	$	289
Capitalization of costs to obtain a contract	183		237
Recognition of costs to obtain a contract	(285)		(260)
Balance as of September 30	$	190	$	266

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 131,800	$ 16,400
Accumulated Amortization	(14,442)	(10,203)
Cumulative Translation Adjustment	(1,510)	(2,166)
Net Carrying Value	115,848	4,031
Gross Carrying Value	151,100
Total intangible assets	135,148	$ 4,031
In Process Research and Development
Finite-Lived Intangible Assets [Line Items]
In-process research and development	19,300
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)		7 years
Gross Carrying Value	114,150	$ 1,650
Accumulated Amortization	(4,644)	(1,645)
Cumulative Translation Adjustment	0	0
Net Carrying Value	$ 109,506	$ 5
Weighted Average Life Remaining (in years)	9 years 9 months 18 days	1 month 6 days
Know-how
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	8 years 6 months	8 years 6 months
Gross Carrying Value	$ 13,000	$ 13,000
Accumulated Amortization	(8,100)	(7,057)
Cumulative Translation Adjustment	(1,506)	(2,093)
Net Carrying Value	$ 3,394	$ 3,850
Weighted Average Life Remaining (in years)	2 years 3 months 18 days	3 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4,260	$ 1,360
Accumulated Amortization	(1,308)	(1,166)
Cumulative Translation Adjustment	(4)	(18)
Net Carrying Value	$ 2,948	$ 176
Weighted Average Life Remaining (in years)	8 years 8 months 12 days	3 years 1 month 6 days
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	5 years 6 months	5 years 6 months
Gross Carrying Value	$ 340	$ 340
Accumulated Amortization	(340)	(285)
Cumulative Translation Adjustment	0	(55)
Net Carrying Value	$ 0	$ 0
Trade names
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	3 years	3 years
Gross Carrying Value	$ 50	$ 50
Accumulated Amortization	(50)	(50)
Net Carrying Value	$ 0	$ 0
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	7 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	8 years 6 months	8 years 6 months
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	14 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years	10 years

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (84,033)	$ (26,903)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	9,618	4,740
Credit losses on accounts receivable	284	744
Accretion of marketable securities	(1,851)	(5,317)
Impairment	7,269	0
Operating lease right-of-use asset amortization	2,058	1,371
Stock-based compensation expense	16,303	15,150
Change in fair value of contingent liabilities	(3,952)	0
Deferred taxes	(5,678)	0
Other operating activity	(76)	(389)
Changes in assets and liabilities:
Accounts receivable	7,901	(6,402)
Inventory	4,204	(6,845)
Prepaid expenses and other current assets	2,198	(168)
Other non-current assets	110	(479)
Accounts payable	(3,537)	588
Accrued compensation and benefits, accrued expenses, and other current liabilities	(5,847)	(3,166)
Deferred revenue	(526)	(826)
Operating lease liabilities	(4,003)	(2,971)
Other non-current liabilities	(1,234)	11
Net cash used in operating activities	(60,792)	(30,862)
Cash flows from investing activities:
Purchases of marketable securities	(45,658)	(270,972)
Proceeds from sales and maturities of marketable securities	183,389	159,279
Purchases of property and equipment	(2,710)	(2,956)
Acquisitions, net of cash acquired	(93,229)	0
Net cash provided by (used in) investing activities	41,792	(114,649)
Cash flows from financing activities:
Principal payments on financing leases	(106)	0
Proceeds from common stock issued under stock plans	930	2,999
Payments for employee taxes withheld on stock-based compensation awards	(1,010)	(2,584)
Net cash provided by (used in) financing activities	(186)	415
Net increase (decrease) in cash, cash equivalents, and restricted cash	(19,186)	(145,096)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,501	18
Cash, cash equivalents, and restricted cash at beginning of period	59,319	177,026
Cash, cash equivalents, and restricted cash at end of period	41,634	31,948
Supplemental disclosure of cash flow information:
Equity consideration transferred in connection with the acquisition of Akoya	49,900	0
Cash paid for taxes	1,295	703
Right-of-use assets obtained in exchange for lease liabilities	6,175	0
Purchases of property and equipment in accounts payable and accrued expenses	$ 229	$ 782

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	6.90%	(1.80%)	6.10%	(1.70%)
Release of portion of valuation allowance			$ 5.5

Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

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 SEC regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included. The Consolidated Balance Sheet and related information as of December 31, 2024 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2024, but does not include all disclosures required by U.S. GAAP on an annual reporting basis.

These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 17, 2025. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below.

In the opinion of management, the Consolidated Financial Statements and Notes to Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented. The results of operations for the three and nine months ended September 30, 2025 may not be indicative of the results for the full year ending December 31, 2025, or any other period.

The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2025,” “2024,” and the like refer to that fiscal year unless otherwise noted.

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 end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal

period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, valuation and impairment of goodwill, intangible and other long-lived assets, valuation of acquired assets and liabilities from acquisitions, valuation of contingent liabilities, recoverability of deferred tax assets, and stock-based compensation expense. 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 and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

In accordance with 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 variable interest entity (“VIE”) and require consolidation into its Consolidated Financial Statements. Refer to Note 17 - Variable Interest Entities for further discussion.

Business Combinations

The Company accounts for business combinations in accordance with the acquisition method of accounting under ASC 805 - Business Combinations (“ASC 805”). The acquisition method of accounting requires the Company to record the acquired assets and liabilities, including identifiable intangible assets, at their estimated fair values as of the acquisition date, with any excess of the consideration transferred recorded to goodwill.

For customer contracts acquired in an acquisition, the Company reassesses them under ASC 606 - Revenue from Contracts with Customers (“ASC 606”) as if it had originated the contract, including assessing the differences from the Company’s revenue policies and estimates. As part of this reassessment, under ASC 805, the Company has elected the practical expedient to reflect the aggregate effect of all modifications that occurred before the acquisition date. Differences from the reassessments, if any, are recorded as contract assets or deferred revenue.

Additionally, the Company assesses acquired customer contracts for off-market terms and records an additional asset or liability for favorable or unfavorable terms. Off-market assets or liabilities are recorded at their estimated fair values as of the acquisition date based on the economic returns that could be realized in a market transaction.

On January 8, 2025, the Company acquired all of the issued and outstanding shares of capital stock of Emission, Inc., a privately held company based in Georgetown, Texas. On July 8, 2025, the Company acquired Akoya Biosciences, Inc. ("Akoya") through a merger transaction in which Akoya survived as a wholly owned subsidiary of the Company. Refer to Note 3 - Acquisitions for further discussion.

Foreign Currency

The functional currency of the Company’s subsidiaries are 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 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 and were not material for the three and nine months ended September 30, 2025 and 2024.

Restricted Cash


	As of September 30,
	2025		2024
Cash and cash equivalents	$	38,298	$	29,339
Restricted cash (1)	3,336		2,609
Cash, cash equivalents, and restricted cash	$	41,634	$	31,948

Impairment of Goodwill and Indefinite-Lived Intangible Assets

The Company assesses goodwill for impairment at the reporting unit level at least annually or whenever events or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. An impairment assessment requires evaluating a potential impairment using either a qualitative assessment, to determine if it is more likely than not that the fair value of any reporting unit is less than its carrying amount, or a quantitative analysis, to determine and compare the fair value of each reporting unit to its carrying value, or a combination of both. Judgment is required in determining the use of a qualitative or quantitative assessment, as well as in determining a reporting unit’s estimated fair value, as it requires us to make estimates of market conditions and operational performance, including items such as projected financial results, discount rates, control premium, or valuation multiples for key financial metrics.

During the second quarter of 2025, the Company recorded an impairment charge on its goodwill balance related to the acquisition of Emission. Refer to Note 4 - Goodwill and Intangible Assets for further discussion.

The Company accounts for in-process research and development ("IPR&D") purchased as part of a business combination as an indefinite-lived intangible asset until the underlying project is completed. Upon completion, the IPR&D asset is accounted for as a definite lived intangible asset. At least annually or whenever events or circumstances change, the Company assesses whether the IPR&D has been abandoned, in which case it would be written off, or if its estimated fair value is below its carrying value, in which case it could be impaired.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or circumstances indicate the carrying amount of the asset(s) may not be fully recoverable or that the estimated useful lives may warrant revision. To assess the recoverability of a long-lived asset or asset group, the Company compares the estimated undiscounted future cash flows for the estimated remaining useful life, or estimated lease term, of the asset (or the primary asset in the asset group) to its carrying value. If the undiscounted cash flows are less than the carrying value, the Company estimates the asset's fair value using the future discounted cash flows associated with the use of the asset. To the extent that the discounted cash flows are less than the carrying value, the asset(s) are impaired and written down to their estimated fair value.

Significant judgment is required to estimate future cash flows, including, but not limited to, estimates about future revenues, expenses, asset disposal value, expected uses 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, and potential sublease opportunities including rent and rent escalation rates, time to sublease, and free rent periods.

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”) or average cost 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.

Restructuring Costs

The Company records restructuring charges when a restructuring plan is approved and the amounts to be incurred are estimable. Restructuring costs are comprised of employee separation costs, primarily severance and related benefit payments, and any associated costs related to implementing a restructuring plan to reorganize operations.

Refer to Note 19 - Restructuring Costs for further discussion on the restructuring plan implemented during the nine months ended September 30, 2025.

Recent Accounting Standards to be Adopted

In December 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new standard enhances annual income tax disclosure requirements by requiring specified categories and greater disaggregation within the tax rate reconciliation table, disclosure of income taxes paid by jurisdiction, and additional disclosures of uncertain tax positions and the related financial statement impacts. The new standard will be effective for the Company for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company expects that adoption of the standard will increase its income tax related disclosures but will not have a material impact on its Consolidated Financial Statements.

In November 2024, the FASB issued ASU 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 can be applied prospectively or retrospectively. The new standard will be effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient to assume that current conditions as of the balance sheet date will persist through a reasonable and supportable forecast period for eligible assets when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. The update also allows an entity to make an accounting policy election to consider subsequent collections of balances received after the balance sheet date through a date selected by the entity. The amendments in this update are required to be applied prospectively. The new standard will be effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update enhances disclosure of an entity's internal use software by removing prescriptive and sequential software development stages. The amendments in this update can be applied prospectively or retrospectively. The new standard will be effective for the Company for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Consideration Transferred, Equity Interest

The following table presents the fair value of the consideration transferred for the Merger as of the Akoya Closing Date (in thousands, except for exchange ratio and stock price):


Total Akoya common stock and equity instruments outstanding as of July 7, 2025 to be converted	51,136
Exchange Ratio	0.147
Total shares of Quanterix common stock to be issued	7,517
Quanterix stock price per share as of the Akoya Closing Date	$	6.54
Fair value of Akoya common stock and equity instruments converted to Quanterix common stock	$	49,161
Cash consideration paid (1)	$	18,942
Cash paid for debt extinguishment (2)	$	82,131
Fair value of replacement equity awards attributable to pre-combination service (3)	$	739
Total fair value of consideration transferred	$	150,973

(1) Represents cash consideration paid to Akoya stockholders, including fractional shares, of $0.37 per share of Akoya common stock.

(2) Represents the repayment of Akoya’s long-term debt upon closing of the acquisition, including $7.0 million of early termination, legal, and prepayment fees.

(3) Represents the fair value of certain equity-based awards held by Akoya employees prior to the acquisition date that have been replaced with Quanterix equity-based awards. The portion of these awards that relates to services performed prior to the acquisition date are included within the purchase price.

Schedule the Preliminary Allocation of the Purchase Price

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the acquired assets and liabilities as of the acquisition date (in thousands):


Assets:
Cash and cash equivalents	$	16,108
Accounts receivable, net of allowance for expected credit losses	8,616
Inventory	25,800
Prepaid expenses and other assets	5,483
Property and equipment, net	12,087
Intangible assets	121,800
Goodwill (1)	23,460
Operating lease right-of-use assets	4,585
Finance lease right-of-use assets	1,041
Total assets acquired	$	218,980

Liabilities:
Accounts payable	$	8,266
Accrued expenses and other liabilities	34,206
Deferred revenue	18,879
Operating lease liabilities	5,616
Finance lease liabilities	1,040
Total liabilities assumed	$	68,007

Net assets acquired	$	150,973

(1) Goodwill represents the estimated fair value of the expected synergies from combining Akoya with Quanterix, as well as the value of the acquired workforce. The goodwill is not deductible for income tax purposes and has been fully assigned to the Akoya reporting unit.

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the acquired assets and liabilities as of the acquisition date (in thousands):


Assets:
Cash and cash equivalents	$	43
Accounts receivable, net of allowance for expected credit losses	49
Inventory	307
Intangible asset (1)	12,900
Goodwill (2)	6,374
Total assets acquired	$	19,673

Liabilities:
Accounts payable	$	57
Deferred tax liability (3)	3,007
Total liabilities assumed	$	3,064

Net assets acquired	$	16,609

(1)The acquired intangible asset is finite-lived, represents developed technology, and has an estimated useful life of 14 years. The determination of the fair value of the finite-lived intangible asset required management judgment and the consideration of a number of factors. In determining the fair value, management primarily relied on a multi-period excess earnings valuation methodology. This methodology required the use of estimates, including projected revenues related to the particular asset; its obsolescence rate; royalty, margin, and discount rates; and certain published or readily available industry benchmark data. In establishing the estimated useful life of the acquired intangible asset, the Company relied primarily on the duration of the cash flows utilized in the valuation model.

(2)Goodwill represents the estimated fair value of the expected synergies from combining Emission with Quanterix as well as the value of the acquired workforce. The goodwill is not deductible for income tax purposes. As of June 30, 2025, the Company has booked a full impairment of the goodwill (refer to Note 4 - Goodwill and Intangible Assets).

(3)Recorded in other non-current liabilities on the Consolidated Balance Sheets.

Schedule Of Business Combination, Intangible Asset, Acquired

The fair value and weighted average amortization period of the intangible assets acquired as of the acquisition date is as follows (in thousands):


	Fair Value		Weighted Average Useful Life (years)
Definite-lived intangible assets:
Developed technology	$	99,600	9.6
Customer relationships	2,900		9.2
Total	$	102,500	9.6
Indefinite-lived intangible assets:
In process research and development	$	19,300
Total intangible assets	$	121,800

Schedule Of Business Combination, Pro Forma Information

The unaudited pro forma financial information presented below was derived from historical financial records of Quanterix and Akoya and presents the operating results for the periods presented as if the acquisition occurred on January 1, 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	41,071	$	54,519	$	131,494	$	161,814
Net loss	$	(34,110)	$	(24,368)	$	(148,309)	$	(90,811)

Schedule of Fair Value of the Aggregate Consideration Paid or Payable

The following table summarizes the fair value of the aggregate consideration paid or payable for Emission as of the Emission Closing Date (in thousands):


Cash paid (1)	$	8,997
Holdback (2)	1,000
Contingent consideration (3)	6,612
Total fair value of consideration transferred	$	16,609

(1)Cash paid represents the contractual amount paid on the Emission Closing Date and is reflected as an investing activity in the Consolidated Statements of Cash Flows. Cash acquired was not material.

(2)The holdback is expected to be paid during the first quarter of 2026 and is subject to applicable adjustments.

(3)The acquisition includes contingent consideration discussed below in the section titled “Contingent Payments”.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Recurring Fair Value Measurements

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


As of September 30, 2025	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	$	9,725	$	9,725	$	—	$	—
Commercial paper	14,126		14,126		—		—
Total cash equivalents	23,851		23,851		—		—
Marketable securities:
Commercial paper	5,403		—		5,403		—
U.S. Treasuries	37,129		—		37,129		—
U.S. Government agency bonds	28,300		—		28,300		—
Corporate bonds	25,679		—		25,679		—
Total marketable securities	96,511		—		96,511		—
Total financial assets	$	120,362	$	23,851	$	96,511	$	—

Financial liabilities:
Contingent liabilities (2)	$	6,279	$	—	$	—	$	6,279
Total financial liabilities	$	6,279	$	—	$	—	$	6,279


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	$	—

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

(2)The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration liability from the acquisition of Emission and the contingent liability assumed in the acquisition of Akoya.

Fair Value Measured on Recurring Basis

The following table presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis, which consist of contingent liabilities:


	Level 3 Liabilities
	Emission (1)		PKI License (2)		Total
Balance as of December 31, 2024	$	—	$	—	$	—
Acquisition	6,612		3,619		10,231
Change in fair value of contingent liabilities	(3,427)		(525)		(3,952)
Balance as of September 30, 2025	$	3,185	$	3,094	$	6,279

(1)Emission Earnout 2 requires additional consideration to be paid to the selling shareholders based on the amount and timing of certain performance targets. Earnout 2 is measured and paid over a five year period ending December 2029..

(2)As part of Akoya's 2018 acquisition of the Quantitative Pathology Solutions division of Perkin Elmer, Inc. ("PKI"), subsequently known as Revvity, Inc., Akoya entered into a license agreement with PKI (the "PKI License"). The PKI License requires Akoya to pay royalties to the sellers based on net sales of products and services that are covered by the licensed patent rights. The Company recognizes this assumed contingent liability at fair value in accordance with ASC 805. The PKI License is measured and paid over the remaining eight year period ending March 2033.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

Purchase Commitments

STRATEC

During the second quarter of 2025, the Company and STRATEC Consumables GmbH (“STRATEC”) entered into the third amendment to the supply agreement between the Company and STRATEC (the “Amended STRATEC Supply Agreement”), effective as of January 1, 2025, related to the manufacturing of certain Simoa instruments. As part of the Amended STRATEC Supply Agreement, the Company agreed to purchase a minimum number of instruments in 2025 and 2026 at agreed upon pricing. The Company may also be required to pay an additional annual maintenance fee based on the number of instruments purchased during 2025 and 2026. The agreement may be terminated upon 12 months notice after the later of meeting the minimum purchases or December 31, 2026.

The total purchase commitment for instruments under the Amended STRATEC Supply Agreement is approximately $10.8 million, of which $2.5 million was purchased during the three and nine months ended September 30, 2025, and $5.4 million is due within one year from September 30, 2025.

Other Purchase Commitments

The Company’s other 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. As of September 30, 2025, the Company’s total purchase commitments under these agreements were $1.3 million.

License Agreements

Eli Lilly and Company

In February 2022, the Company and Eli Lilly and Company (“Lilly”) entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use by the Company in research use only products, services, and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease. Pursuant to 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.

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 and 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 three and nine months ended September 30, 2025 and 2024.

Refer to Note 16 - Related Party Transactions for a discussion of a related party relationship with Harvard.

Perkin Elmer

Under the PKI License acquired as part of the acquisition of Akoya, PKI granted Akoya an exclusive, nontransferable, sublicensable license under certain patent rights to make, use, import, and commercialize certain products and services. Akoya is required to pay single digit royalties through March 2033 on net sales of products and services that are covered by patent rights under the PKI License. Refer to Note 8 - Fair Value of Financial Instruments for further discussion.

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 required 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 $0.3 million and $1.1 million during the three and nine months ended September 30, 2025, respectively, and $0.6 million and $1.6 million during the three and nine months ended September 30, 2024, respectively, which were 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.

Leases

Refer to Note 4 - Goodwill and Intangible Assets for discussion on the impairment of an acquired vacant facility under an operating lease.

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


Maturity of lease liabilities as of September 30, 2025	Operating Leases		Financing Leases
2025 (remainder)	$	2,560	$	108
2026	10,259		430
2027	8,960		382
2028	8,395		76
2029	8,570		—
Thereafter	7,723		—
Total lease payments	46,467		996
Less: imputed interest	7,270		72
Total lease liabilities	$	39,197	$	924

During the three and nine months ended September 30, 2025, the Company did not enter into any material leases.

Marketable Securities - Summary of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Amortized Cost	$ 96,424	$ 232,309
Unrealized Gains	108	256
Unrealized Losses	(21)	(152)
Fair Value	96,511	232,413
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	5,406	1,494
Unrealized Gains	0	0
Unrealized Losses	(3)	0
Fair Value	5,403	1,494
U.S. Treasuries
Marketable Securities [Line Items]
Amortized Cost	37,054	61,891
Unrealized Gains	75	19
Unrealized Losses	0	(53)
Fair Value	37,129	61,857
U.S. Government agency bonds
Marketable Securities [Line Items]
Amortized Cost	28,301	93,987
Unrealized Gains	10	89
Unrealized Losses	(11)	(98)
Fair Value	28,300	93,978
Corporate bonds
Marketable Securities [Line Items]
Amortized Cost	25,663	74,937
Unrealized Gains	23	148
Unrealized Losses	(7)	(1)
Fair Value	$ 25,679	$ 75,084

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Jan. 08, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, additional consideration payable	$ 6,279
Carrying value of shares received	800
Carrying value of the company's level 3 financial assets	120,362		$ 276,839
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, additional consideration payable	6,279
Carrying value of the company's level 3 financial assets	0		0
Significant unobservable inputs (Level 3) \| Nonrecurring
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
Minimum \| Emission \| Earnout 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, additional consideration payable		$ 0
Maximum \| Emission \| Earnout 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, additional consideration payable		$ 50,000

Inventory

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventory

Note 9. Inventory

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


	September 30, 2025		December 31, 2024
Raw materials	$	14,674	$	7,215
Work in process	9,088		7,980
Finished goods	31,195		17,580
Total inventory	$	54,957	$	32,775

Restructuring Costs

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring Costs

Note 19. Restructuring Costs

Restructuring Costs

In May and July 2025, the Company announced actions to reduce operating costs, preserve cash, and, specific to the July action, realize anticipated synergies and other benefits of the Akoya acquisition. These actions included reductions in force and elimination of duplicate corporate positions and are expected to be substantially completed in 2025. Under these actions, the Company expects to incur expenses of $7.6 million, substantially all of which will be cash expenditures incurred in 2025 for severance and related benefits.

During the three and nine months ended September 30, 2025, the Company incurred expenses of $6.3 million and $7.6 million, respectively. These expenses are recorded within impairment and restructuring on the Consolidated Statements of Operations.

The following table shows the accrual activity and payments relating to cash-based restructuring costs for the nine months ended September 30, 2025:


	Severance and related benefit costs
Balance as of December 31, 2024	$	(269)
Costs	(7,573)
Payments	7,075
Balance as of September 30, 2025	$	(767)

The accrual for severance and related benefit costs is included in accrued compensation on the Consolidated Balance Sheets.

Restructuring Costs (Tables)

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table shows the accrual activity and payments relating to cash-based restructuring costs for the nine months ended September 30, 2025:


	Severance and related benefit costs
Balance as of December 31, 2024	$	(269)
Costs	(7,573)
Payments	7,075
Balance as of September 30, 2025	$	(767)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued professional services	$ 2,378	$ 4,897
Accrued royalties	1,554	1,361
Accrued tax liabilities	1,469	1,018
Contingent compensation — Earnout 1	8,129	0
Acquired off-market liability	5,618	0
Other accrued expenses	5,664	1,575
Total accrued expenses and other current liabilities	$ 24,812	$ 8,851

Acquisitions - Schedule Of Business Combination, Intangible Asset, Acquired (Details) - Akoya Biosciences, Inc. $ in Thousands	Jul. 08, 2025 USD ($)
Business Combination [Line Items]
Definite-lived intangible assets:	$ 102,500
Weighted Average Useful Life (years)	9 years 7 months 6 days
Indefinite-lived intangible assets:	$ 121,800
In Process Research and Development
Business Combination [Line Items]
Indefinite-lived intangible assets:	19,300
Developed technology
Business Combination [Line Items]
Definite-lived intangible assets:	$ 99,600
Weighted Average Useful Life (years)	9 years 7 months 6 days
Customer relationships
Business Combination [Line Items]
Definite-lived intangible assets:	$ 2,900
Weighted Average Useful Life (years)	9 years 2 months 12 days

- 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
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+ Details

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill are as follows (in thousands):


	Total Goodwill
Balance as of December 31, 2024	$	—
Acquisition of Emission (1)	6,374
Goodwill impairment	(6,374)
Acquisition of Akoya (1)	23,460
Balance as of September 30, 2025	$	23,460

(1) Refer to Note 3 - Acquisitions.

Schedule of Intangible Assets and Goodwill

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


		As of September 30, 2025
	Estimated Useful Life (in years)	Gross Carrying Value		Accumulated Amortization		Cumulative Translation Adjustment		Net Carrying Value		Weighted Average Life Remaining (in years)
Definite-lived intangible assets:
Developed technology	7.0 - 14.0	$	114,150	$	(4,644)	$	—	$	109,506	9.8
Know-how	8.5	13,000		(8,100)		(1,506)		3,394		2.3
Customer relationships	8.5 - 10.0	4,260		(1,308)		(4)		2,948		8.7
Non-compete agreements	5.5	340		(340)		—		—		—
Trade names	3.0	50		(50)		—		—		—
Total		$	131,800	$	(14,442)	$	(1,510)	$	115,848
Indefinite-lived intangible assets:
In-process research and development		$	19,300	$	—	$	—	$	19,300
Total intangible assets		$	151,100	$	(14,442)	$	(1,510)	$	135,148


		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	7.0	1,650		(1,645)		—		5		0.1
Customer relationships	8.5 - 10.0	1,360		(1,166)		(18)		176		3.1
Non-compete agreements	5.5	340		(285)		(55)		—		—
Trade names	3.0	50		(50)		—		—		—
Total intangible assets		$	16,400	$	(10,203)	$	(2,166)	$	4,031

Schedule of Future Estimated Amortization Expense of Acquired Intangible Assets

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


	As of September 30, 2025
2025	$	3,282
2026	13,107
2027	13,084
2028	11,540
2029	11,538
Thereafter	63,297
Total amortization expense	$	115,848

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Note 16. Related Party Transactions Akoya, which the Company acquired in July 2025, is party to a diagnostic development agreement with a biopharmaceutical customer of Akoya's. A member of the Company's Board of Directors also serves on the Board of Directors of the biopharmaceutical customer. Revenue recorded from sales of products and services to this customer was $2.3 million for both the three and nine months ended September 30, 2025. Cost of product revenue for goods and services delivered to this customer was $2.7 million for both the three and nine months ended September 30, 2025. At September 30, 2025, the Company did not have any open payables to or open receivables from the customer. In the first quarter of 2025, the Company entered into agreements with two entities owned by selling shareholders of Emission (refer to Note 3 - Acquisitions) to continue development work on certain future products for Quanterix. At September 30, 2025, the Company did not have any open payable balances with these entities. Operating expense incurred by the Company were not material for the three months ended September 30, 2025, and $0.3 million during the nine months ended September 30, 2025. In the third quarter of 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 required 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. The same member of the Company’s Board of Directors is also affiliated with Mass General Brigham. Revenue recorded from sales of products and services to Harvard and Mass General Brigham was $0.4 million and $0.9 million for both the three and nine months ended September 30, 2025, respectively, and $1.0 million and $1.4 million for the three and nine months ended September 30, 2024, respectively. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three and nine months ended September 30, 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, open payables to Harvard and Mass General Brigham were not material. Open receivables balances were $0.3 million at September 30, 2025 and were not material at December 31, 2024. In the second quarter of 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 and continues to receive compensation from Tufts on a formulaic basis based on royalties and license payments the Company makes to Tufts. At September 30, 2025 and December 31, 2024, open payable balances to Tufts 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
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+ Details

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization Expense of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 3,282
2026	13,107
2027	13,084
2028	11,540
2029	11,538
Thereafter	63,297
Net Carrying Value	$ 115,848	$ 4,031

Revenue and Related Matters

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue and Related Matters

Note 5. Revenue and Related Matters

Revenue from Contracts with Customers

The Company’s customers primarily consist of entities engaged in life sciences research that pursue the development of novel therapies and diagnostics for a variety of neurologic, oncologic, cardiovascular, and infectious diseases, and through the identification and measurement of protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.

Disaggregated Revenue

The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands):


	Three Months Ended September 30, 2025								Three Months Ended September 30, 2024
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	3,366	$	2,131	$	1,700	$	7,197	$	1,226	$	1,070	$	90	$	2,386
Consumable and other products	10,568		5,980		2,406		18,954		9,949		5,171		2,188		17,308
Total	$	13,934	$	8,111	$	4,106	$	26,151	$	11,175	$	6,241	$	2,278	$	19,694
Service revenue:
Research services	$	6,996	$	926	$	121	$	8,043	$	9,841	$	426	$	276	$	10,543
Service-type warranties	1,606		1,039		338		2,983		1,540		857		198		2,595
Other services	1,813		1,001		113		2,927		460		236		11		707
Total	$	10,415	$	2,966	$	572	$	13,953	$	11,841	$	1,519	$	485	$	13,845
Collaboration and license revenue:	$	46	$	—	$	—	$	46	$	1,872	$	—	$	—	$	1,872
Total	$	46	$	—	$	—	$	46	$	1,872	$	—	$	—	$	1,872


	Nine Months Ended September 30, 2025								Nine Months Ended September 30, 2024
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
Product revenue:
Instruments	$	4,780	$	2,999	$	3,999	$	11,778	$	3,214	$	2,896	$	1,288	$	7,398
Consumable and other products	29,376		15,640		6,929		51,945		30,744		14,566		6,543		51,853
Total	$	34,156	$	18,639	$	10,928	$	63,723	$	33,958	$	17,462	$	7,831	$	59,251
Service revenue:
Research services	$	15,862	$	1,359	$	445	$	17,666	$	23,378	$	5,411	$	573	$	29,362
Service-type warranties	4,596		2,836		719		8,151		4,787		2,611		592		7,990
Other services	2,513		1,384		92		3,989		1,208		724		39		1,971
Total	$	22,971	$	5,579	$	1,256	$	29,806	$	29,373	$	8,746	$	1,204	$	39,323
Collaboration and license revenue:	$	1,348	$	—	$	—	$	1,348	$	2,756	$	—	$	—	$	2,756
Total	$	1,348	$	—	$	—	$	1,348	$	2,756	$	—	$	—	$	2,756

For the three and nine months ended September 30, 2025, no customer accounted for more than 10% of the Company’s total revenues. For the three months ended September 30, 2024, one customer accounted for more than 10% of the Company’s total revenues. For the nine months ended September 30, 2024, no customer accounted for more than 10% of the Company’s total revenues. As of September 30, 2025 and December 31, 2024, no customer accounted for more than 10% of the Company’s gross accounts receivable.

Contract Assets

There were no contract assets as of September 30, 2025 or December 31, 2024.

Deferred Revenue

During the nine months ended September 30, 2025 and 2024, the Company recognized $8.3 million and $6.5 million of revenue, respectively, related to its deferred revenue balance at January 1 of each such period.

Remaining Performance Obligations

As of September 30, 2025, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $28.3 million. Of this amount, $20.9 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The remaining $7.3 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):


	2025		2024
Balance as of December 31	$	292	$	289
Capitalization of costs to obtain a contract	183		237
Recognition of costs to obtain a contract	(285)		(260)
Balance as of September 30	$	190	$	266

The Company evaluates potential impairment of these amounts at each balance sheet date and no impairments were recorded during the three and nine months ended September 30, 2025 and 2024.

Grant Revenue

All of the Company's grant revenue is generated within North America.

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 September 30, 2025, the Company had received $1.5 million of the total award value.

During each of the three and nine months ended September 30, 2025, NIH grant revenue recognized and research and development expenses incurred were not material. During the three and nine months ended September 30, 2024, NIH grant revenue recognized and research and development expenses incurred were $0.3 million and $0.6 million, respectively.

- 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

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+ Details

Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31	$ 1,042	$ 454
Provision acquired through acquisition	1,015	0
Provision for expected credit losses	461	744
Write-offs and recoveries collected	(901)	(437)
Balance as of September 30	$ 1,617	$ 761

Net Loss Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss	$ (33,517)	$ (30,013)	$ (20,504)	$ (8,353)	$ (7,387)	$ (11,163)	$ (84,033)	$ (26,903)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	46,060			38,449			41,243	38,305
Weighted-average common shares outstanding, diluted (in shares)	46,060			38,449			41,243	38,305
Net loss per share, basic (in dollars per shares)	$ (0.73)			$ (0.22)			$ (2.04)	$ (0.70)
Net loss per share, diluted (in dollars per share)	$ (0.73)			$ (0.22)			$ (2.04)	$ (0.70)

- Definition

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

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- 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.

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+ Details

- Definition

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

+ References

+ Details

Fair Value of Financial Instruments - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	$ 23,851	$ 44,426
Total marketable securities	96,511	232,413
Total financial assets	120,362	276,839
Contingent liabilities	6,279
Total financial liabilities	6,279
Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	9,725	44,426
Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	14,126
Total marketable securities	5,403	1,494
U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	37,129	61,857
U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	28,300	93,978
Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	25,679	75,084
Quoted prices in active markets (Level 1)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	23,851	44,426
Total marketable securities	0	0
Total financial assets	23,851	44,426
Contingent liabilities	0
Total financial liabilities	0
Quoted prices in active markets (Level 1) \| Money market funds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	9,725	44,426
Quoted prices in active markets (Level 1) \| Commercial paper
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	14,126
Total marketable securities	0	0
Quoted prices in active markets (Level 1) \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Quoted prices in active markets (Level 1) \| U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Quoted prices in active markets (Level 1) \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Significant other observable inputs (Level 2)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	96,511	232,413
Total financial assets	96,511	232,413
Contingent liabilities	0
Total financial liabilities	0
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	0
Total marketable securities	5,403	1,494
Significant other observable inputs (Level 2) \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	37,129	61,857
Significant other observable inputs (Level 2) \| U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	28,300	93,978
Significant other observable inputs (Level 2) \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	25,679	75,084
Significant unobservable inputs (Level 3)
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total cash equivalents	0	0
Total marketable securities	0	0
Total financial assets	0	0
Contingent liabilities	6,279
Total financial liabilities	6,279
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
Total marketable securities	0	0
Significant unobservable inputs (Level 3) \| U.S. Treasuries
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Significant unobservable inputs (Level 3) \| U.S. Government agency bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	0	0
Significant unobservable inputs (Level 3) \| Corporate bonds
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Total marketable securities	$ 0	$ 0

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 18. 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.

As a result of completing the acquisition of Akoya in the third quarter of 2025, the Company reassessed its operating segments and concluded that the Company continues to operate as one reportable segment. This operating segment is focused on the development and commercialization of comprehensive protein biomarker solutions that identify signatures in blood and tissue to provide insights to providers, patients, and research organizations.

The Company utilizes consolidated net loss as the measure of segment profitability (loss) as required by ASU 2023-07 - Segment Reporting (Topic 280). The CODM uses this measure, along with the significant revenue and expense lines included in the table 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 decisions on strategic initiatives, all of which is assessed at the consolidated level.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Revenue from contracts with customers	$	40,150	$	35,411	$	94,877	$	101,330
Grant revenue	83		402		165		930
Total revenues	40,233		35,813		95,042		102,260

Less:
Costs of goods sold and services, including shipping and handling costs	24,332		17,671		54,302		47,553
Certain operating expenses, excluding shipping and handling costs (1)	45,766		29,001		125,817		89,814
Other segment items (2)	3,652		(2,506)		(1,044)		(8,204)
Consolidated net loss	$	(33,517)	$	(8,353)	$	(84,033)	$	(26,903)

(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 costs – impairment charges for goodwill and other long-lived assets, and costs associated with approved restructuring plans, including employee separation costs and any associated costs related to implementing a restructuring plan, and vacant leased facilities;

b.Change in fair value of contingent liabilities – changes in the fair value of contingent payments as a result of updated valuation inputs;

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

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

e.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

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

The CODM reviews consolidated usage of cash, cash equivalents, marketable securities, accounts receivable, and inventory, as reported on the Consolidated Balance Sheets, 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.

+ References

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+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Revenue from contracts with customers	$	40,150	$	35,411	$	94,877	$	101,330
Grant revenue	83		402		165		930
Total revenues	40,233		35,813		95,042		102,260

Less:
Costs of goods sold and services, including shipping and handling costs	24,332		17,671		54,302		47,553
Certain operating expenses, excluding shipping and handling costs (1)	45,766		29,001		125,817		89,814
Other segment items (2)	3,652		(2,506)		(1,044)		(8,204)
Consolidated net loss	$	(33,517)	$	(8,353)	$	(84,033)	$	(26,903)

(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.Change in fair value of contingent liabilities – changes in the fair value of contingent payments as a result of updated valuation inputs;

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

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

e.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

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

Marketable Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Note 7. Marketable Securities


	As of September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	5,406	$	—	$	(3)	$	5,403
U.S. Treasuries	37,054		75		—		37,129
U.S. Government agency bonds	28,301		10		(11)		28,300
Corporate bonds	25,663		23		(7)		25,679
Total marketable securities	$	96,424	$	108	$	(21)	$	96,511


	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


	Less Than 12 Months				Greater Than 12 Months
As of September 30, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	5,403	$	(3)	$	—	$	—
U.S. Government agency bonds	9,495		(5)		5,564		(6)
Corporate bonds	7,998		(7)		—		—
Total	$	22,896	$	(15)	$	5,564	$	(6)


	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)

There were no individual securities that were in a significant unrealized loss position as of September 30, 2025. For marketable securities in an unrealized loss position, the Company does not intend to sell them, 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.

During the nine months ended September 30, 2025, the Company sold $26.2 million of marketable securities. Realized gains related to the sale were not material.

At September 30, 2025 and December 31, 2024, the Company had $0.8 million and $1.4 million, respectively, of accrued interest receivable on its marketable securities, which is recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets.

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


	As of September 30, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	77,752	$	77,823	$	197,141	$	197,306
Due in one to two years	18,672		18,688		35,168		35,107
Total	$	96,424	$	96,511	$	232,309	$	232,413

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

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

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


Maturity of lease liabilities as of September 30, 2025	Operating Leases		Financing Leases
2025 (remainder)	$	2,560	$	108
2026	10,259		430
2027	8,960		382
2028	8,395		76
2029	8,570		—
Thereafter	7,723		—
Total lease payments	46,467		996
Less: imputed interest	7,270		72
Total lease liabilities	$	39,197	$	924

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

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


Maturity of lease liabilities as of September 30, 2025	Operating Leases		Financing Leases
2025 (remainder)	$	2,560	$	108
2026	10,259		430
2027	8,960		382
2028	8,395		76
2029	8,570		—
Thereafter	7,723		—
Total lease payments	46,467		996
Less: imputed interest	7,270		72
Total lease liabilities	$	39,197	$	924

Acquisitions - Schedule of Fair Value of the Aggregate Consideration Paid or Payable (Details) - Emission $ in Thousands	Jan. 08, 2025 USD ($)
Business Combination [Line Items]
Cash consideration paid	$ 8,997
Holdback	1,000
Cash paid for debt extinguishment	6,612
Total fair value of consideration transferred	$ 16,609

- 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

Stock-Based Compensation - Narrative (Details) - shares	9 Months Ended
Stock-Based Compensation - Narrative (Details) - shares	Sep. 30, 2025	Jul. 31, 2025
RSUs
Stock-based compensation
Granted (in shares)	1,503,000
Restricted Stock Units And Stock Options
Stock-based compensation
Period of recognition of unrecognized compensation cost	2 years 6 months
Inducement Plan
Stock-based compensation
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)		520,450
2021 Akoya Equity Incentive Plan \| RSUs
Stock-based compensation
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)		253,181
Akoya Inducement Plan \| RSUs
Stock-based compensation
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)		267,269
Granted (in shares)	267,269
Akoya Inducement Plan \| Restricted Stock Units And Stock Options
Stock-based compensation
Period of recognition of unrecognized compensation cost	1 year

- 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

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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: 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 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
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-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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-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Commitments [Line Items]
Notice period for termination				12 months
Purchase commitment		$ 10.8		$ 10.8
Purchase obligation, payments or settlements		2.5		2.5
Purchase obligation, to be paid, year one		5.4		5.4
Purchase commitments expects to incur in next year		1.3		1.3
License agreements
Other Commitments [Line Items]
Royalty expense		0.0	$ 0.0	0.0	$ 0.0
Harvard University \| License agreements
Other Commitments [Line Items]
Upfront fee	$ 0.6
Tufts \| License agreements
Other Commitments [Line Items]
Royalty expense		$ 0.3	$ 0.6	$ 1.1	$ 1.6

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss	$	(33,517)	$	(8,353)	$	(84,033)	$	(26,903)
Denominator:
Weighted average common shares outstanding, basic and diluted	46,060		38,449		41,243		38,305

Net loss per share, basic and diluted	$	(0.73)	$	(0.22)	$	(2.04)	$	(0.70)

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Stock options	5,830	453	5,426	781
RSUs	1,890	306	1,790	748
Estimated ESPP purchases	10	12	8	9
Total dilutive shares	7,730	771	7,224	1,538

Acquisitions - Schedule of Fair Value of the Aggregate Consideration Paid or Payable (Details)	Jul. 08, 2025 USD ($) $ / shares shares	Jul. 07, 2025 shares
Akoya Biosciences, Inc.
Business Combination [Line Items]
Exchange Ratio	0.147
Total shares of Quanterix common stock to be issued (in shares) \| shares	7,517,000
Quanterix stock price per share as of the closing date (in USD per share) \| $ / shares	$ 6.54
Fair value of Akoya common stock and equity instruments converted to Quanterix common stock	$ 49,161,000
Cash consideration paid	18,942,000
Cash paid for debt extinguishment	82,131,000
Fair value of replacement equity awards attributable to pre-combination service	739,000
Total fair value of consideration transferred	$ 150,973,000
Fractional shares (in USD per share) \| $ / shares	$ 0.37
Business combination, consideration transferred, settlement of early termination, legal, and prepayment fees	$ 7,000,000.0
Akoya Biosciences, Inc.
Business Combination [Line Items]
Total Akoya common stock and equity instruments outstanding as of July 7, 2025 to be converted (in shares) \| shares		51,136,000

Revenue and Related Matters -Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 21, 2022 USD ($)	Sep. 30, 2025 USD ($) customer	Sep. 30, 2024 USD ($) customer	Sep. 30, 2025 USD ($) customer	Sep. 30, 2024 USD ($) customer	Dec. 31, 2024 customer
Transaction Price Allocated to Remaining Performance Obligations
Deferred revenue				$ 8,300	$ 6,500
Amount of transaction price allocated to performance obligations		$ 28,300		28,300
Impairment loss		0	$ 0	0	0
Total revenues		40,233	35,813	95,042	102,260
Research and development		8,009	8,104	27,126	23,015
National Institutes of Health
Transaction Price Allocated to Remaining Performance Obligations
Contract value	$ 1,700
Grants received		1,500		1,500
Total revenues		0	300	0	600
Research and development		0	$ 300	0	$ 600
Undelivered licenses of intellectual property
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations		7,300		7,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Transaction Price Allocated to Remaining Performance Obligations
Amount of transaction price allocated to performance obligations		$ 20,900		$ 20,900
Performance obligation satisfaction period		12 months		12 months
Customer \| Revenue Benchmark \| Customer Concentration Risk
Transaction Price Allocated to Remaining Performance Obligations
Number of customers with high percent of total revenue \| customer		0	1	0	0
Concentration risk, percentage		10.00%	10.00%	10.00%	10.00%
Customer \| Accounts Receivable \| Customer Concentration Risk
Transaction Price Allocated to Remaining Performance Obligations
Concentration risk, percentage				10.00%		10.00%
Number of customers with high percent of gross accounts receivable \| customer		0		0		0

Fair Value of Financial Instruments - Fair Value Measured on Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2024	$ 0
Acquisitions	10,231
Change in fair value of contingent liabilities	(3,952)
Balance as of September 30, 2025	6,279
Emission
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2024	0
Acquisitions	6,612
Change in fair value of contingent liabilities	(3,427)
Balance as of September 30, 2025	$ 3,185
Consideration payment period	5 years
PKI License
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2024	$ 0
Acquisitions	3,619
Change in fair value of contingent liabilities	(525)
Balance as of September 30, 2025	$ 3,094
Consideration payment period	8 years

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Revenues	$ 41,071	$ 54,519	$ 131,494	$ 161,814
Net loss	$ (34,110)	$ (24,368)	$ (148,309)	$ (90,811)

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Note 14. Income Taxes The Company’s effective tax rates were 6.9% and 6.1% for the three and nine months ended September 30, 2025, respectively, and (1.8)% and (1.7)% for the three and nine months ended September 30, 2024, respectively. The effective tax rate in 2025 is higher than 2024 due to a non-recurring benefit of $5.5 million related to the release of a portion of the Company's valuation allowance due to taxable temporary differences recorded as part of the Akoya and Emission acquisitions, which are a source of income to realize certain pre-existing federal and state deferred tax assets. The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions. The Company maintains a valuation allowance on the majority of its deferred tax assets and has concluded that it is more likely than not that the deferred assets will not be utilized. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These changes are reflected in the Company's results for the three and nine months ended September 30, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (33,517)	$ (8,353)	$ (84,033)	$ (26,903)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on marketable securities	55	1,054	(21)	272
Foreign currency translation gain (loss)	55	601	2,283	(11)
Total other comprehensive loss	110	1,655	2,262	261
Comprehensive loss	$ (33,407)	$ (6,698)	$ (81,771)	$ (26,642)

- 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

Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

Allowance for Credit Loss [Abstract]

Schedule of the Allowance for Credit Losses

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


	2025		2024
Balance as of December 31	$	1,042	$	454
Provision acquired through acquisition	1,015		—
Provision for expected credit losses	461		744
Write-offs and recoveries collected	(901)		(437)
Balance as of September 30	$	1,617	$	761

Organization and Nature of Business	9 Months Ended
Organization and Nature of Business	Sep. 30, 2025
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. With the acquisition of Akoya Biosciences, Inc. (“Akoya”) in July 2025, the Company expanded its portfolio to spatial biology solutions focused on transforming discovery, clinical research, and diagnostics through spatial phenotyping. Spatial phenotyping refers to a rapidly evolving 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 their understanding of disease progression and patient response to therapy. Akoya’s PhenoCycler and PhenoImager platforms, reagents, software, and services offer end-to-end solutions to perform tissue analysis and spatial phenotyping across the full continuum from discovery through translational and clinical research and diagnostics. 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.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

In July 2025, the Company adopted the Quanterix Corporation Restricted Stock Unit Inducement Awards Plan (the "Inducement Plan"). The Inducement Plan allows for issuance of up to 520,450 shares of Quanterix Common Stock, consisting of: (i) up to 253,181 shares of Quanterix Common Stock that may be become available for issuance again under the 2021 Akoya Equity Incentive Plan pursuant to the terms of such plan and (ii) 267,269 shares of Quanterix Common Stock issuable upon vesting of restricted stock units granted to Akoya employees as an inducement to employment with Quanterix following the Merger. In accordance with Nasdaq listing rules, equity awards issued under the Inducement Plan are restricted to individuals who are not already employees or directors of the Company. All of the 267,269 shares were granted as of September 30, 2025 and vest over a one year period.

Stock Options

Stock option activity for the nine months ended September 30, 2025 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, 2024	3,563	$	19.94	7.7	$	678
Granted	2,529	8.35
Exercised	(4)	3.12
Forfeited/expired	(544)	13.73
Outstanding at September 30, 2025	5,544	$	15.27	8.0	$	9
Exercisable at September 30, 2025	2,142	$	20.89	6.4	$	3
Vested and expected to vest at September 30, 2025	5,544	$	15.27	8.0	$	9

Restricted Stock Units

Restricted stock unit (“RSU”) activity for the nine months ended September 30, 2025 is presented below (in thousands, except per share amounts):


	Number of shares	Weighted-average grant date fair value per share
Unvested at December 31, 2024	1,115	$	18.55
Assumed through acquisition of Akoya (1)	253	6.54
Granted	1,503	7.90
Vested	(496)	9.02
Forfeited	(525)	14.18
Unvested at September 30, 2025	1,850	$	12.05

(1)Refer to Note 3 - Acquisitions.

Employee Stock Purchase Plan (“ESPP”)

During the nine months ended September 30, 2025, employees purchased 172 thousand shares of the Company’s common stock pursuant to the 2017 Employee Stock Purchase Plan.

Stock-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of product revenue	$	182	$	276	$	755	$	883
Cost of service and other revenue	213		283		763		866
Research and development	594		530		1,738		1,598
Selling, general and administrative	4,480		3,568		13,047		11,803
Total stock-based compensation expense	$	5,469	$	4,657	$	16,303	$	15,150

As of September 30, 2025, total unrecognized stock-based compensation expense related to unvested RSUs and stock options was $42.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.5 years.

Stock-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-based compensation
Total stock-based compensation expense	$ 5,469	$ 4,657	$ 16,303	$ 15,150
Cost of product revenue
Stock-based compensation
Total stock-based compensation expense	182	276	755	883
Cost of service and other revenue
Stock-based compensation
Total stock-based compensation expense	213	283	763	866
Research and development
Stock-based compensation
Total stock-based compensation expense	594	530	1,738	1,598
Selling, general and administrative
Stock-based compensation
Total stock-based compensation expense	4,480	$ 3,568	13,047	$ 11,803
Restricted Stock Units And Stock Options
Stock-based compensation
Total unrecognized compensation cost related to unvested stock awards	$ 42,600		$ 42,600
Period of recognition of unrecognized compensation cost			2 years 6 months

- 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

Segment Reporting (Details)	3 Months Ended
Segment Reporting (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Stock-Based Compensation - Employee Stock Purchase Plan (“ESPP”) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2025 shares
2017 ESPP
Stock-based compensation
Employee stock purchases (in shares)	172

- 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

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Less than 12 Months, Fair Value	$ 22,896	$ 74,648
Less than 12 Months, Unrealized Losses	(15)	(152)
Greater Than 12 Months, Fair value	5,564
Greater Than 12 Months, Unrealized Losses	(6)
Commercial paper
Marketable Securities [Line Items]
Less than 12 Months, Fair Value	5,403
Less than 12 Months, Unrealized Losses	(3)
Greater Than 12 Months, Fair value	0
Greater Than 12 Months, Unrealized Losses	0
U.S. Treasuries
Marketable Securities [Line Items]
Less than 12 Months, Fair Value		35,085
Less than 12 Months, Unrealized Losses		(53)
U.S. Government agency bonds
Marketable Securities [Line Items]
Less than 12 Months, Fair Value	9,495	32,148
Less than 12 Months, Unrealized Losses	(5)	(98)
Greater Than 12 Months, Fair value	5,564
Greater Than 12 Months, Unrealized Losses	(6)
Corporate bonds
Marketable Securities [Line Items]
Less than 12 Months, Fair Value	7,998	7,415
Less than 12 Months, Unrealized Losses	(7)	$ (1)
Greater Than 12 Months, Fair value	0
Greater Than 12 Months, Unrealized Losses	$ 0

Restructuring Costs - Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2024		$ (269)
Costs	$ (6,300)	(7,573)
Payments		7,075
Balance as of September 30, 2025	$ (767)	$ (767)

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Acquisitions

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisition

Note 3. Acquisitions

Akoya Biosciences, Inc.

On July 8, 2025 (the "Akoya Closing Date"), the Company completed the transactions contemplated by the Amended and Restated Agreement and Plan of Merger dated as of April 28, 2025, by and among the Company, Wellfleet Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and Akoya Biosciences, Inc., a Delaware corporation. On the Akoya Closing Date, Wellfleet Merger Sub, Inc. merged with and into Akoya (the "Merger"), with Akoya surviving the Merger as a wholly owned subsidiary of the Company.

Akoya is a life sciences technology company based in Marlborough, Massachusetts delivering spatial biology solutions focused on transforming discovery, clinical research and diagnostics. The acquisition of Akoya 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 laboratory service offerings.

Total Consideration Transferred

The following table presents the fair value of the consideration transferred for the Merger as of the Akoya Closing Date (in thousands, except for exchange ratio and stock price):


Total Akoya common stock and equity instruments outstanding as of July 7, 2025 to be converted	51,136
Exchange Ratio	0.147
Total shares of Quanterix common stock to be issued	7,517
Quanterix stock price per share as of the Akoya Closing Date	$	6.54
Fair value of Akoya common stock and equity instruments converted to Quanterix common stock	$	49,161
Cash consideration paid (1)	$	18,942
Cash paid for debt extinguishment (2)	$	82,131
Fair value of replacement equity awards attributable to pre-combination service (3)	$	739
Total fair value of consideration transferred	$	150,973

(1) Represents cash consideration paid to Akoya stockholders, including fractional shares, of $0.37 per share of Akoya common stock.

(2) Represents the repayment of Akoya’s long-term debt upon closing of the acquisition, including $7.0 million of early termination, legal, and prepayment fees.

Upon completion of the Merger, the Company assumed Akoya's stock incentive plans. All Akoya restricted stock units that were outstanding immediately prior to the completion of the Merger were automatically adjusted by an exchange ratio and converted into an equity award of the same type covering shares of the Company's common stock on the same terms and conditions, including continuing vesting requirements.

Preliminary Allocation of Purchase Price

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the acquired assets and liabilities as of the acquisition date (in thousands):


Assets:
Cash and cash equivalents	$	16,108
Accounts receivable, net of allowance for expected credit losses	8,616
Inventory	25,800
Prepaid expenses and other assets	5,483
Property and equipment, net	12,087
Intangible assets	121,800
Goodwill (1)	23,460
Operating lease right-of-use assets	4,585
Finance lease right-of-use assets	1,041
Total assets acquired	$	218,980

Liabilities:
Accounts payable	$	8,266
Accrued expenses and other liabilities	34,206
Deferred revenue	18,879
Operating lease liabilities	5,616
Finance lease liabilities	1,040
Total liabilities assumed	$	68,007

Net assets acquired	$	150,973

The Company determines the fair value of assets acquired and liabilities assumed by using available market information and various valuation methods that require judgment related to estimations. The use of different estimates could produce different results.

The purchase price allocation set forth above is preliminary as the Company continues to obtain information to complete the purchase price allocation. The Company will record adjustments, if any, during the measurement period subsequent to the acquisition date and bases such adjustments only on facts and circumstances that existed as of the acquisition date.

Intangible Assets

The fair value and weighted average amortization period of the intangible assets acquired as of the acquisition date is as follows (in thousands):


	Fair Value		Weighted Average Useful Life (years)
Definite-lived intangible assets:
Developed technology	$	99,600	9.6
Customer relationships	2,900		9.2
Total	$	102,500	9.6
Indefinite-lived intangible assets:
In process research and development	$	19,300
Total intangible assets	$	121,800

In determining the fair values, management primarily relied on income based approaches using Level 3 inputs. A multi-period excess earnings valuation methodology was used for the developed technology and in-process research and development intangible assets, and a distributor method was used for the customer relationship intangible. These income approaches required the use of estimates including: projected revenues and expenses related to the particular asset; obsolescence rates; customer retention rates; a discount rate; and certain published or readily available industry benchmark data. In establishing the estimated useful life of each definite-lived intangible asset, the Company relied primarily on the duration of the cash flows utilized in the valuation model.

Off-Market Customer Contract

The Company assessed the unfavorable terms of an acquired contract between Akoya and a customer and recorded a $13.4 million off-market liability as of the acquisition date. The Company determined the preliminary fair value of the off-market component, which represents the amount by which the terms of the contract with the customer deviate from the terms that a market participant could have achieved, based on an income approach using Level 3 inputs. This income approach required the use of estimates including: projected revenue; expected profit margin; and a discount rate. The off-market liability will be recognized into revenue as the Company satisfies the associated performance obligation.

During the three and nine months ended September 30, 2025, the Company recognized $1.2 million of non-cash revenue from the amortization of the off-market liability.

Financial Results

The operating results of Akoya have been included in the Company's financial statements since the acquisition date. For the three and nine months ended September 30, 2025, the acquisition added $17.2 million of revenue to the Company's total revenues and a loss of $8.4 million to the Company's net loss.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	41,071	$	54,519	$	131,494	$	161,814
Net loss	$	(34,110)	$	(24,368)	$	(148,309)	$	(90,811)

The unaudited pro forma financial information has been prepared in accordance with U.S. GAAP and includes adjustments primarily to reflect (1) additional amortization expense for the acquired intangible assets, (2) additional amortization of the fair value increases of acquired inventory and property and equipment, (3) elimination of interest expense from the repayment of Akoya’s long-term debt, and (4) recognition of additional non-cash revenue from the

amortization of an off-market liability. Accordingly, the unaudited pro forma financial information are presented for informational purposes only and are not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place on January 1, 2024, nor are they indicative of future results.

Acquisition Costs

Acquisition costs related to the Akoya transaction were $5.2 million and $12.4 million for the three and nine months ended September 30, 2025 and are recorded in selling, general and administrative in the Consolidated Statements of Operations.

Emission, Inc.

On January 8, 2025 (the "Emission Closing Date"), the Company acquired all of the issued and outstanding shares of capital stock of Emission, Inc. ("Emission"), a life sciences manufacturing company based in Georgetown, Texas. Emission produces large-scale, highly-uniform dye-encapsulating magnetic beads designed for low and mid-plex assays and a mid-plex platform that reads these 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 platforms and expansion into a new multi-plex market segment targeting third-party original equipment manufacturer customers.

Total Consideration Transferred

The following table summarizes the fair value of the aggregate consideration paid or payable for Emission as of the Emission Closing Date (in thousands):


Cash paid (1)	$	8,997
Holdback (2)	1,000
Contingent consideration (3)	6,612
Total fair value of consideration transferred	$	16,609

(2)The holdback is expected to be paid during the first quarter of 2026 and is subject to applicable adjustments.

(3)The acquisition includes contingent consideration discussed below in the section titled “Contingent Payments”.

Contingent Payments

The Emission transaction included two arrangements that could result in additional cash payments to the seller. An additional $10.0 million is payable upon completion of certain technical milestones (“Earnout 1”) and up to $50.0 million could be payable based on the amount and timing of certain performance targets over a five year period ending December 31, 2029 (“Earnout 2”).

Under ASC 805, the Company determined Earnout 1 is compensation expense and is therefore recognized separately from the business combination. In accordance with ASC 710 - Compensation, Earnout 1 is recognized over the expected period certain technical requirements are transferred and certain milestones are completed, which the Company currently estimates to be eleven months from the closing date of the acquisition. This expense is recorded in research and development and selling, general and administrative expenses on the Consolidated Statements of Operations.

The preliminary fair value of Earnout 2 on the acquisition date was $6.6 million, which represents purchase price and is included in the accounting for the business combination. Monte-Carlo simulations were used to determine the fair value, including the following significant unobservable inputs: projected revenue, a risk adjusted discount rate, and revenue volatility. Refer to Note 8 - Fair Value of Financial Instruments for discussion on the fair value considerations for Earnout 2.

Preliminary Allocation of Purchase Price

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the acquired assets and liabilities as of the acquisition date (in thousands):


Assets:
Cash and cash equivalents	$	43
Accounts receivable, net of allowance for expected credit losses	49
Inventory	307
Intangible asset (1)	12,900
Goodwill (2)	6,374
Total assets acquired	$	19,673

Liabilities:
Accounts payable	$	57
Deferred tax liability (3)	3,007
Total liabilities assumed	$	3,064

Net assets acquired	$	16,609

(3)Recorded in other non-current liabilities on the Consolidated Balance Sheets.

The operating results of Emission have been included in the Company's financial statements since the acquisition date and are not material to the Company's consolidated financial results.

Call Option Agreement

In connection with the closing of the acquisition of Emission, the Company entered into a call option agreement (the “Option Agreement”), in which the Emission selling shareholders have the right to repurchase all of the outstanding capital stock of Emission for $10.0 million after five years if Emission’s revenues do not exceed $5.0 million in any one year during such five-year period. If the Emission selling shareholders exercise the right to repurchase Emission, 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 Company determined that the call option is embedded in the purchased shares of Emission and does not require separate accounting unless exercised.

Acquisition Costs

Acquisition costs related to the Emission transaction were not material for the three and nine months ended September 30, 2025 and are recorded in selling, general and administrative in the Consolidated Statements of Operations.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Stockholders' Equity - Schedule of Stockholders Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 292,458	$ 316,393	$ 330,038	$ 340,778	$ 343,378	$ 349,958	$ 330,038	$ 349,958
Issuance of common stock under stock plans, net of tax and payments	114	(188)	138	145	(328)	599
Common stock issued as consideration in business combinations, net of tax	49,900
Stock-based compensation expense	5,469	5,373	5,462	4,657	5,228	5,265
Unrealized gain (loss) on marketable securities	55	(68)	(8)	1,054	(175)	(607)	(21)	272
Foreign currency translation gain (loss)	55	961	1,267	601	62	(674)	2,283	(11)
Net loss	(33,517)	(30,013)	(20,504)	(8,353)	(7,387)	(11,163)	(84,033)	(26,903)
Ending balance	$ 314,534	$ 292,458	$ 316,393	$ 338,882	$ 340,778	$ 343,378	$ 314,534	$ 338,882
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	38,873	38,772	38,544	38,398	38,288	38,014	38,544	38,014
Beginning balance	$ 39	$ 39	$ 39	$ 38	$ 38	$ 38	$ 39	$ 38
Issuance of common stock under stock plans, net of tax and payments (in shares)	323	101	228	77	110	274
Issuance of common stock under stock plans, net of tax and payments				$ 1
Common stock issued as consideration in business combinations, net of tax (in shares)	7,487
Common stock issued as consideration in business combinations, net of tax	$ 8
Ending balance (in shares)	46,683	38,873	38,772	38,475	38,398	38,288	46,683	38,475
Ending balance	$ 47	$ 39	$ 39	$ 39	$ 38	$ 38	$ 47	$ 39
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	813,945	808,760	803,160	793,906	789,006	783,142	803,160	783,142
Issuance of common stock under stock plans, net of tax and payments	114	(188)	138	144	(328)	599
Common stock issued as consideration in business combinations, net of tax	49,892
Stock-based compensation expense	5,469	5,373	5,462	4,657	5,228	5,265
Ending balance	869,420	813,945	808,760	798,707	793,906	789,006	869,420	798,707
Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(928)	(1,821)	(3,080)	(3,066)	(2,953)	(1,672)	(3,080)	(1,672)
Unrealized gain (loss) on marketable securities	55	(68)	(8)	1,054	(175)	(607)
Foreign currency translation gain (loss)	55	961	1,267	601	62	(674)
Ending balance	(818)	(928)	(1,821)	(1,411)	(3,066)	(2,953)	(818)	(1,411)
Accumulated deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(520,598)	(490,585)	(470,081)	(450,100)	(442,713)	(431,550)	(470,081)	(431,550)
Net loss	(33,517)	(30,013)	(20,504)	(8,353)	(7,387)	(11,163)
Ending balance	$ (554,115)	$ (520,598)	$ (490,585)	$ (458,453)	$ (450,100)	$ (442,713)	$ (554,115)	$ (458,453)

Inventory (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Summary of Inventory

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


	September 30, 2025		December 31, 2024
Raw materials	$	14,674	$	7,215
Work in process	9,088		7,980
Finished goods	31,195		17,580
Total inventory	$	54,957	$	32,775

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Total revenues	$ 40,233	$ 35,813	$ 95,042	$ 102,260
Costs of goods sold and services:
Total costs of goods sold and services	23,027	15,660	50,121	41,325
Gross profit	17,206	20,153	44,921	60,935
Operating expenses:
Research and development	8,009	8,104	27,126	23,015
Selling, general and administrative	39,062	22,908	102,872	73,027
Other lease costs	286	889	870	2,740
Impairment and restructuring costs	7,174	0	14,844	0
Total operating expenses	54,531	31,901	145,712	98,782
Loss from operations	(37,325)	(11,748)	(100,791)	(37,847)
Other income (expense):
Interest income	1,448	3,535	7,408	11,165
Change in fair value of contingent liabilities	58	0	3,952	0
Other income (expense), net	(178)	5	(68)	221
Loss before income taxes	(35,997)	(8,208)	(89,499)	(26,461)
Income tax benefit (expense)	2,480	(145)	5,466	(442)
Net loss	$ (33,517)	$ (8,353)	$ (84,033)	$ (26,903)
Net loss per common share, basic (in dollars per share)	$ (0.73)	$ (0.22)	$ (2.04)	$ (0.70)
Net loss per common share, diluted (in dollars per share)	$ (0.73)	$ (0.22)	$ (2.04)	$ (0.70)
Weighted-average common shares outstanding, basic (in shares)	46,060	38,449	41,243	38,305
Weighted-average common shares outstanding, diluted (in shares)	46,060	38,449	41,243	38,305
Product revenue
Revenues:
Total revenues	$ 26,151	$ 19,694	$ 63,723	$ 59,251
Costs of goods sold and services:
Total costs of goods sold and services	15,379	10,554	34,438	25,461
Service and other revenue
Revenues:
Total revenues	13,953	13,845	29,806	39,323
Costs of goods sold and services:
Total costs of goods sold and services	7,648	5,106	15,683	15,864
Collaboration and license revenue
Revenues:
Total revenues	46	1,872	1,348	2,756
Grant revenue
Revenues:
Total revenues	$ 83	$ 402	$ 165	$ 930

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2025
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 17. Variable Interest Entities The Company enters into relationships with, or has investments in, other entities that may be VIEs. The Company assesses the criteria in ASC 810 to determine if any such entities meet the definition of a VIE and require consolidation into its financial statements. Based on the Company’s assessments, it does not have any controlling financial interests in any VIE, and therefore did not consolidate any VIE into its Consolidated Financial Statements during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025 and December 31, 2024, the carrying value of the Company’s investment in a VIE was $0.8 million. Refer to Note 8 - 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.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 04, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,710,797
Entity Central Index Key	0001503274
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Allowance for Credit Losses

9 Months Ended

Sep. 30, 2025

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

Note 6. Allowance for Credit Losses

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


	2025		2024
Balance as of December 31	$	1,042	$	454
Provision acquired through acquisition	1,015		—
Provision for expected credit losses	461		744
Write-offs and recoveries collected	(901)		(437)
Balance as of September 30	$	1,617	$	761

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs shares in Thousands	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of shares
Unvested at the beginning of the period (in shares) \| shares	1,115
Assumed through acquisition of Akoya (in shares) \| shares	253
Granted (in shares) \| shares	1,503
Vested (in shares) \| shares	(496)
Forfeited (in shares) \| shares	(525)
Unvested at the end of the period (in shares) \| shares	1,850
Weighted-average grant date fair value per share
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 18.55
Assumed through acquisition (in dollars per shares) \| $ / shares	6.54
Granted (in dollars per share) \| $ / shares	7.90
Vested (in dollars per share) \| $ / shares	9.02
Forfeited (in dollars per share) \| $ / shares	14.18
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 12.05

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2025,” “2024,” and the like refer to that fiscal year unless otherwise noted.

Use of Estimates

Principles of Consolidation

Business Combinations

Foreign Currency

Restricted Cash


	As of September 30,
	2025		2024
Cash and cash equivalents	$	38,298	$	29,339
Restricted cash (1)	3,336		2,609
Cash, cash equivalents, and restricted cash	$	41,634	$	31,948

Impairment of Goodwill and Indefinite-Lived Intangible Assets

Impairment of Long-Lived Assets

Inventory

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

Restructuring Costs

Recent Accounting Standards To Be Adopted

Recent Accounting Standards to be Adopted

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Other non-current assets	$ 4,052	$ 2,809
Variable interest entities
Variable Interest Entity [Line Items]
Other non-current assets	$ 800	$ 800

- 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

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 8. Fair Value of Financial Instruments

Recurring Fair Value Measurements

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


As of September 30, 2025	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	$	9,725	$	9,725	$	—	$	—
Commercial paper	14,126		14,126		—		—
Total cash equivalents	23,851		23,851		—		—
Marketable securities:
Commercial paper	5,403		—		5,403		—
U.S. Treasuries	37,129		—		37,129		—
U.S. Government agency bonds	28,300		—		28,300		—
Corporate bonds	25,679		—		25,679		—
Total marketable securities	96,511		—		96,511		—
Total financial assets	$	120,362	$	23,851	$	96,511	$	—

Financial liabilities:
Contingent liabilities (2)	$	6,279	$	—	$	—	$	6,279
Total financial liabilities	$	6,279	$	—	$	—	$	6,279


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	$	—

(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.

Level 3 Financial Instruments

The following table presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis, which consist of contingent liabilities:


	Level 3 Liabilities
	Emission (1)		PKI License (2)		Total
Balance as of December 31, 2024	$	—	$	—	$	—
Acquisition	6,612		3,619		10,231
Change in fair value of contingent liabilities	(3,427)		(525)		(3,952)
Balance as of September 30, 2025	$	3,185	$	3,094	$	6,279

Monte-Carlo simulations and discounted cash flow analyses were used to determine the fair values, including the following significant unobservable inputs: projected revenue, a risk adjusted discount rate, and revenue volatility. Changes in fair value subsequent to the acquisition date were due to updated valuation inputs and the passage of time and increases or decreases in the inputs would have resulted in a higher or lower fair value measurements.

The range of outcomes payable for Earnout 2 is zero to $50.0 million. It is not possible to estimate a range of outcomes payable for the PKI License as there is no cap on the amount that could be earned.

The fair value of the contingent liabilities are recorded in accrued expenses and other current liabilities and non-current portion of contingent liabilities on the Consolidated Balance Sheets. Changes in fair value are recorded in change in fair value of contingent liabilities on the Consolidated Statements of Operations.

Nonrecurring Fair Value Measurements

The Company has a non-marketable equity investment in a privately held entity. Since there is minimal market activity or other financial information available to determine the fair value of the shares held by Quanterix, 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 at cost, less any impairment, adjusted for any observable price changes in orderly transactions. The shares received were valued at $0.8 million upon receipt, primarily using the third-party purchase price of similar interests. 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 contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse.

During the three and nine months ended September 30, 2025, the Company did not record any fair value adjustments to its non-marketable equity investment. To date, the cumulative fair value adjustments have not been material. As of September 30, 2025 and December 31, 2024, the carrying value of the non-marketable equity investment was $0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 17 - Variable Interest Entities for the Company's evaluation of investments in other entities under the VIE guidance.

Other Fair Value Disclosures

During the three months ended September 30, 2025 and 2024, 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 or liabilities.

- 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.

+ References

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-Topic 820
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-Topic 940
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+ Details