qtrx-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________

FORM 10-Q

_________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-38319

_________________________________________________________________

QUANTERIX CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________________________________


Delaware			20-8957988
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)

900 Middlesex Turnpike
Billerica, MA			01821
(Address of principal executive offices)			(Zip Code)

(617) 301-9400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class:

Trading Symbol(s):

Name of each exchange on which registered:

Common Stock, $0.001 par value per share

QTRX

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

As of May 6, 2025, the registrant had 38,829,386 shares of common stock outstanding.

Table of Contents

QUANTERIX CORPORATION

INDEX TO FORM 10-Q


			Page

Note Regarding Forward-Looking Statements			3

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)			4
Consolidated Balance Sheets			4
Consolidated Statements of Operations			5
Consolidated Statements of Comprehensive Loss			6
Consolidated Statements of Stockholders’ Equity			20
Consolidated Statements of Cash Flows			7
Notes to Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Item 3. Quantitative and Qualitative Disclosures About Market Risk			38
Item 4. Controls and Procedures			39

PART II — OTHER INFORMATION
Item 1. Legal Proceedings			41
Item 1A. Risk Factors			41
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities			47
Item 3. Defaults Upon Senior Securities			44
Item 4. Mine Safety Disclosures			47
Item 5. Other Information			47
Item 6. Exhibits			48

Signatures			50

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Unless the context otherwise requires, the terms “Quanterix,” the “Company,” “we,” “it,” “us,” and “our” in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its consolidated subsidiaries.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words, or other comparable terminology. These forward-looking statements include, but are not limited to, statements related to our financial performance, and are subject to a number of risks, uncertainties, and assumptions, including those further described in the section titled “Part II, Item 1A. Risk Factors” of this Quarterly Report on Form 10-Q and in the section titled “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S Securities and Exchange Commission (the “SEC”) on March 17, 2025, or in other filings that we make with the SEC. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Readers should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to new information, actual results, or to changes in our expectations, except as required by law.

Readers should read this Quarterly Report on Form 10-Q, and any documents referenced herein that we have filed with the SEC as exhibits to this Quarterly Report on Form 10-Q, with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.

Service Marks, Trademarks, and Trade Names

“Quanterix,” “Simoa,” “Simoa HD-X,” “Simoa HD-1,” “Simoa ONE,” “SR-X,” “SP-X,” “HD-X,” “LucentAD,” “Lucent Diagnostics,” and our logo are our trademarks. All other service marks, trademarks, and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. We do not intend our use or display of other companies’ service marks, trademarks, or trade names to imply a relationship with, or endorsement or sponsorship of us, by these other companies.

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

QUANTERIX CORPORATION

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except per share data)


	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	76,508	$	56,709
Marketable securities	190,369		232,413
Accounts receivable, net of allowance for expected credit losses	28,258		32,141
Inventory	31,028		32,775
Prepaid expenses and other current assets	8,839		9,556
Total current assets	335,002		363,594
Restricted cash	2,639		2,610
Property and equipment, net	16,457		17,150
Intangible assets, net	16,520		4,031
Goodwill	6,574		—
Operating lease right-of-use assets	15,971		16,339
Other non-current assets	3,349		2,809
Total assets	$	396,512	$	406,533
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	6,731	$	6,953
Accrued compensation and benefits	6,308		12,620
Accrued expenses and other current liabilities	13,314		8,851
Deferred revenue	9,102		8,827
Operating lease liabilities	4,940		4,756
Total current liabilities	40,395		42,007
Deferred revenue, net of current portion	1,098		1,073
Operating lease liabilities, net of current portion	31,467		32,615
Non-current portion of contingent consideration	6,337		—
Other non-current liabilities	822		800
Total liabilities	80,119		76,495
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,801 and 38,544 shares at March 31, 2025 and December 31, 2024, respectively	39		39
Additional paid-in capital	808,760		803,160
Accumulated other comprehensive loss	(1,821)		(3,080)
Accumulated deficit	(490,585)		(470,081)
Total stockholders’ equity	316,393		330,038
Total liabilities and stockholders’ equity	$	396,512	$	406,533

The accompanying notes are an integral part of these Consolidated Financial Statements.

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QUANTERIX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)


	Three Months Ended March 31,
	2025		2024
Revenues:
Product revenue	$	20,739	$	19,670
Service and other revenue	8,763		11,967
Collaboration and license revenue	771		155
Grant revenue	60		274
Total revenues	30,333		32,066
Costs of goods sold and services:
Cost of product revenue	9,764		8,237
Cost of service and other revenue	4,154		5,281
Total costs of goods sold and services	13,918		13,518
Gross profit	16,415		18,548
Operating expenses:
Research and development	10,036		6,742
Selling, general and administrative	32,457		26,039
Other lease costs	288		924
Total operating expenses	42,781		33,705
Loss from operations	(26,366)		(15,157)
Other income (expense):
Interest income	3,267		3,948
Change in fair value of contingent consideration	(379)		—
Other income	61		226
Loss before income taxes	(23,417)		(10,983)
Income tax benefit (expense)	2,913		(180)
Net loss	$	(20,504)	$	(11,163)

Net loss per common share, basic and diluted	$	(0.53)	$	(0.29)

Weighted-average common shares outstanding, basic and diluted	38,718		38,126

The accompanying notes are an integral part of these Consolidated Financial Statements.

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QUANTERIX CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(amounts in thousands)


	Three Months Ended March 31,
	2025		2024
Net loss	$	(20,504)	$	(11,163)
Other comprehensive income (loss), net of tax:
Unrealized loss on marketable securities	(8)		(607)
Foreign currency translation	1,267		(674)
Total other comprehensive income (loss)	1,259		(1,281)
Comprehensive loss	$	(19,245)	$	(12,444)

The accompanying notes are an integral part of these Consolidated Financial Statements.

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QUANTERIX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	$	(20,504)	$	(11,163)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,188		1,523
Credit losses on accounts receivable	53		73
Accretion of marketable securities	(979)		(1,657)
Operating lease right-of-use asset amortization	561		478
Stock-based compensation expense	5,462		5,265
Change in fair value of contingent consideration	379		—
Other operating activity	(412)		55
Changes in assets and liabilities:
Accounts receivable	4,329		(4,130)
Inventory	2,085		(2,531)
Prepaid expenses and other current assets	421

SEC Form 10-Q filed by Quanterix Corporation