Akoya Biosciences makes instruments, reagents, and software for spatial biology — specifically, spatial phenotyping, which maps the location, type, and behavior of individual cells and proteins across intact tissue samples at single-cell resolution. Unlike competing methods such as NGS or flow cytometry, Akoya's platforms preserve tissue structure and spatial context. Customers include biopharma companies, academic institutions, and CROs, primarily using Akoya's platforms for oncology research, particularly to study the tumor microenvironment. Akoya sells two primary platforms: the PhenoCycler, designed for high-plex discovery research detecting 100+ protein biomarkers simultaneously, and the PhenoImager HT, a high-throughput automated platform designed for translational and clinical research and the only Akoya platform on a path toward FDA approval. Akoya follows a razor-and-blade model: instruments drive initial placements, while proprietary reagents and consumables generate recurring, high-margin revenue. Akoya also runs an in-house CLIA-certified contract research lab providing fee-for-service spatial phenotyping for biopharma clinical trials. Akoya's key long-term growth driver is clinical diagnostics — all products are currently research-use only, but Akoya is pursuing FDA companion diagnostic approval, with its leading partnership being Acrivon Therapeutics, whose ACR-368 therapy has received FDA Fast Track designation and whose companion diagnostic has received Breakthrough Device Designation. In January 2025, Akoya entered a merger agreement with Quanterix, a protein biomarker detection company, expected to close in Q2 2025.