SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
the Securities Exchange Act of 1934 (Amendment No. )
| | | | | Sincerely, | |
| | | | | | |
| | | | | Everett Cunningham President and Chief Executive Officer | |
Billerica, Massachusetts 01821
| | | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | | | | |
| | | | | Daniel S. Char Chief Legal Officer and Corporate Secretary | |
PROXY STATEMENT
FOR THE 2026 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON JUNE 9, 2026
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| | | | | A-1 | | | |
| Proposal | | | Vote Required for Approval | | | Effect of Abstentions, Withhold Votes and Broker Non-Votes | |
| Proposal No. 1 Election of two director nominees to our Board to serve one-year terms expiring at the 2027 Annual Meeting or until their successors are duly elected and qualified | | | Under our Bylaws, directors shall be elected by the vote of a majority of the votes cast other than in a contested election of directors, in which case directors shall be elected by a plurality vote. Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal. | | | Abstentions and broker non-votes, if any, will have no effect on the outcome of this proposal. Broker discretionary voting is not permitted. Votes may not be cumulated. | |
| Proposal No. 2 Approval, on an advisory basis, of the compensation of the Company’s named executive officers | | | Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal. Although the advisory vote is non-binding, the Compensation Committee of our Board and our Board will review the voting results and may take them into consideration when making future decisions regarding executive compensation. | | | Abstentions and broker non- votes (if any) will have no effect on the results of this vote. Broker discretionary voting is not permitted. | |
| Proposal No. 3 Ratification, on an advisory basis, of the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026 | | | Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal. We are not required to obtain the approval of our stockholders to | | | Abstentions will have no effect on the results of this vote. As the proposal to ratify the appointment of an independent registered public accounting firm is considered a routine matter, broker discretionary voting is | |
| Proposal | | | Vote Required for Approval | | | Effect of Abstentions, Withhold Votes and Broker Non-Votes | |
| | | | appoint our independent registered public accounting firm. However, if our stockholders do not ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, the Audit Committee of our Board will reconsider its appointment. | | | permitted, and no broker non votes are expected on this proposal. | |
| Proposal No. 4 Approval of the amendment and restatement of the Company’s 2017 Employee, Director and Consultant Equity Incentive Plan | | | Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal. | | | Abstentions and broker non- votes (if any) will have no effect on the results of this vote. Broker discretionary voting is not permitted. | |
ELECTION OF DIRECTORS
| Name | | | Age | | | Position with Quanterix | |
| Everett Cunningham | | | 59 | | | President, Chief Executive Officer and Director | |
| William P. Donnelly | | | 64 | | | Chair of the Board | |
| Jeffrey T. Elliott(2)(3) | | | 48 | | | Lead Independent Director | |
| Karen A. Flynn(1)(2) | | | 63 | | | Director | |
| Myla Lai-Goldman, M.D.(2) | | | 68 | | | Director | |
| Garret M. Hampton, Ph.D.(1)(3) | | | 60 | | | Director | |
| Ivana Magovčević-Liebisch, Ph.D., J.D.(1)(2) | | | 58 | | | Director | |
| Scott Mendel(3) | | | 59 | | | Director | |
| Alan Sachs, M.D., Ph.D.(1) | | | 65 | | | Director | |
| Knowledge, Skills, and Experience | | | William P. Donnelly | | | Everett Cunningham | | | Jeffrey T. Elliott | | | Karen A. Flynn | | | Mya-Lai- Goldman, M.D | | | Garret M. Hampton, Ph.D. | | | Ivana Magovčević Liebisch, Ph.D., J.D. | | | Scott Mendel | | | Alan Sachs, M.D., Ph.D. | | |||||||||||||||||||||||||||
| M&A / Transactional | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Capital Markets / Finance | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | | | |
| Healthcare Industry | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Other Public Co. Board | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | |
| R&D / Scientific | | | | | | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | |
| Public Co. Executive | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Legal / Regulatory | | | | | | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | | | | | | | • | | | | | | | | | | | | | | |
| Corporate Governance | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
| Name | | | Age | | | Positions | |
| Everett Cunningham | | | 59 | | | President and Chief Executive Officer | |
| Daniel Char | | | 65 | | | Chief Legal Officer and Corporate Secretary | |
| Benjamin Meadows | | | 46 | | | Chief Commercial Officer | |
| Michael Miller | | | 62 | | | Chief Operating Officer | |
| Vandana Sriram | | | 52 | | | Chief Financial Officer and Treasurer | |
ADVISORY VOTE ON APPROVAL OF EXECUTIVE COMPENSATION
Garret M. Hampton, Ph.D.
Ivana Magovčević-Liebisch, J.D., Ph.D.
Alan Sachs, M.D. Ph.D.
| Name | | | Title | |
| Masoud Toloue, Ph.D.(1) | | | Former President and Chief Executive Officer | |
| Vandana Sriram | | | Chief Financial Officer and Treasurer | |
| William P. Donnelly(2) | | | Former Executive Chair | |
| | What We Do | | | What We Don’t Do | |
| | Reward performance according to pre-established performance goals Provide a meaningful portion of the compensation of our Chief Executive Officer and executive officers through performance-based or at-risk compensation Establish stock ownership guidelines for our executive officers The Compensation Committee retains an independent compensation consultant We hold an annual advisory vote on executive compensation Cap payouts under our compensation plans to discourage inappropriate risk taking by our executive officers Provide for double-trigger change of control severance provisions | | | Permit hedging or pledging of our stock Include automatic compensation increases or equity grants in our employment agreements Provide single trigger change of control benefits Provide for excessive cash severance Provide our executive officers with golden parachute tax gross-ups Maintain executive pension plans or other retirement programs that are not generally available to all employees Allow discounted stock options Allow liberal share recycling under our equity incentive plans | |
| Element | | | Award Vehicle | | | Guaranteed vs. At-Risk | | | Performance vs. Time-Based | |
| Base Salary | | | Cash | | | Guaranteed | | | Not applicable | |
| Annual Cash Incentive Bonus | | | Cash | | | At-Risk | | | Performance-Based | |
| Long-Term Incentive Equity | | | Restricted Stock Units (“RSUs”) and Stock Options | | | At-Risk | | | Time-Based | |
| | Adaptive Biotechnologies Corporation | | | OmniAb, Inc. | |
| | Castle Biosciences, Inc. | | | Pacific Biosciences of California, Inc. | |
| | Cryoport, Inc. | | | Quantum-Si Incorporated | |
| | Cytek Biosciences, Inc | | | Standard BioTools Inc. | |
| | Maravai LifeSciences Holdings, Inc. | | | 10X Genomics | |
| | Mesa Laboratories, Inc. | | | Twist Bioscience Corporation | |
| | Nautilus Biotechnology, Inc. | | | Veracyte, Inc. | |
| Executive | | | 2024 Base Salary | | | 2025 Base Salary | | | % Change | | |||||||||
| Masoud Toloue, Ph.D. | | | | $ | 650,000 | | | | | $ | 670,950 | | | | | | 3.2% | | |
| Vandana Sriram | | | | $ | 446,160 | | | | | $ | 462,515 | | | | | | 3.7% | | |
| Willam P. Donnelly(1) | | | | | — | | | | | $ | 19,320 | | | | | | | | |
| | Masoud Toloue, Ph.D. | | | | | 100% | | |
| | Vandana Sriram | | | | | 70% | | |
| | | | Weight | | | Threshold (0.5x) | | | Target (1.0x) | | | Maximum (1.5x) | | |||
| 2025 Revenue ($) | | | | | 35% | | | | $140 million | | | $148 million | | | $156 million | |
| Non-GAAP Gross Margin(1) | | | | | 15% | | | | 54% | | | 56% | | | 58% | |
| Cash Usage | | | | | 10% | | | | $(43.0) million | | | $(35.0) million | | | $(27.0) million | |
| Strategic Objectives | | | | | 40% | | | | 0 | | | 40% | | | 48% | |
| Total | | | | | 100% | | | | | | | | | | | |
| | | | Weight | | | Threshold (0.5x) | | | Target (1.0x) | | | Maximum (1.5x) | | | Actual | | | Performance Factor | | | Weighted Payout | | |||||||||
| 2025 Revenue ($) | | | | | 35% | | | | $130 million | | | $135 million | | | $145 million | | | $138.9 million | | | | | 1.19x | | | | | | 42% | | |
| Non-GAAP Gross Margin(1) | | | | | 15% | | | | 45% | | | 47% | | | 49% | | | 47.3% | | | | | 1.08x | | | | | | 16% | | |
| Cash Balance | | | | | 10% | | | | $115 million | | | $120 million | | | $125 million | | | $121.6 million | | | | | 1.05x | | | | | | 11% | | |
| Strategic Objectives | | | | | 40% | | | | 0 | | | 40% | | | 48% | | | 37% | | | | | 0.92x | | | | | | 37% | | |
| Total | | | | | 100% | | | | | | | | | | | | | | | | | | | | | | | | 105% | | |
| Executive | | | Target Award (% of Base Salary) | | | Corporate Performance Factor | | | Individual Performance Factor | | | Payment ($) | | ||||||||||||
| Masoud Toloue, Ph.D. | | | | | 100% | | | | | | 0.95x | | | | | | 1.0x | | | | | $ | 641,250 | | |
| Vandana Sriram | | | | | 70% | | | | | | 0.95x | | | | | | 1.0x | | | | | $ | 309,225 | | |
| Executive | | | 2025 Approximate Award Value ($) | | | Number of Stock Options | | | Number of RSUs | | |||||||||
| Masoud Toloue, Ph.D. | | | | $ | 3,899,998 | | | | | | 138,790 | | | | | | 454,641 | | |
| Vandana Sriram | | | | $ | 1,425,002 | | | | | | 50,712 | | | | | | 166,119 | | |
| William P. Donnelly(1) | | | | $ | 488,110 | | | | | | 85,912 | | | | | | 7,435 | | |
| Name and Principal Position | | | Year | | | Salary ($)(1) | | | Bonus ($) | | | Stock Awards ($)(2) | | | Option Awards ($)(3) | | | Non-Equity Incentive Plan Compensation ($)(4) | | | All Other Compensation ($)(5) | | | Total ($) | | ||||||||||||||||||||||||
| Masoud Toloue, Ph.D. Former President and Chief Executive Officer | | | | | 2025 | | | | | | 670,950 | | | | | | | | | | | | 1,170,000 | | | | | | 2,729,998 | | | | | | 674,172 | | | | | | 5,625 | | | | | | 5,250,745 | | |
| | | | 2024 | | | | | | 642,848 | | | | | | — | | | | | | 1,559,989 | | | | | | 3,639,998 | | | | | | 585,000 | | | | | | 5,192 | | | | | | 6,433,027 | | | ||
| | | | 2023 | | | | | | 615,385 | | | | | | — | | | | | | 1,647,658 | | | | | | 2,352,331 | | | | | | 810,000 | | | | | | 9,900 | | | | | | 5,435,274 | | | ||
| Vandana Sriram(6) Chief Financial Officer and Treasurer | | | | | 2025 | | | | | | 462,252 | | | | | | | | | | | | 427,502 | | | | | | 997,500 | | | | | | 309,225 | | | | | | 15,750 | | | | | | 2,212,229 | | |
| | | | 2024 | | | | | | 446,222 | | | | | | — | | | | | | 569,993 | | | | | | 1,329,999 | | | | | | 255,784 | | | | | | 15,525 | | | | | | 2,617,523 | | | ||
| | | | 2023 | | | | | | 144,083 | | | | | | — | | | | | | 307,016 | | | | | | 492,989 | | | | | | 151,511 | | | | | | 3,554 | | | | | | 1,099,153 | | | ||
| William P. Donnelly(7) Former Executive Chair | | | | | 2025 | | | | | | 19,321 | | | | | | — | | | | | | 80,001 | | | | | | 408,110 | | | | | | | | | | | | 89,410 | | | | | | 596,842 | | |
| Names (a) | | | Grant Date (b) | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(2) (i) | | | All Other Option Awards: Number of Securities Underlying Options (#)(3) (j) | | | Exercise or Base Price of Option Awards ($/sh) (k) | | | Grant Date Fair Value of Stock and Option Awards ($)(4) (l) | | ||||||||||||||||||||||||||||||
| | Threshold ($) (c) | | | Target ($) (d) | | | Maximum ($) (e) | | |||||||||||||||||||||||||||||||||||||||||
| Masoud Toloue, Ph.D. Former President and CEO | | | | | — | | | | | | — | | | | | | 675,000 | | | | | | 1,113,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | 2/4/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | 138,790 | | | | | | — | | | | | | — | | | | | | 1,170,000 | | | ||
| | | | 2/4/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 454,641 | | | | | | 8.43 | | | | | | 2,729,998 | | | ||
| Vandana Sriram CFO and Treasurer | | | | | — | | | | | | — | | | | | | 325,500 | | | | | | 537,075 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | 2/4/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,712 | | | | | | — | | | | | | — | | | | | | 427,502 | | | ||
| | | | 2/4/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 166,119 | | | | | | 8.43 | | | | | | 997,500 | | | ||
| William P. Donnelly(5) Former Executive Chair | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 1/2/25 | | | | | | | | | | | | | | | | | | | | | | | | 7,435 | | | | | | | | | | | | — | | | | | | 80,001 | | | ||
| | | | 1/2/25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,821 | | | | | | 10.76 | | | | | | 120,001 | | | ||
| | | | 11/20/25 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70,091 | | | | | | 5.91 | | | | | | 288,109 | | | ||
| | | | Option Awards(1) | | | Stock Awards(1) | | ||||||||||||||||||||||||||||||||||||||||||
| Names | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Number of Shares or Units or Other Rights That Have Not Vested ($) | | ||||||||||||||||||||||||
| Masoud Toloue, Ph.D Former President and Chief Executive Officer | | | | | 79,969(3) | | | | | | 5,343(3) | | | | | | 24.40 | | | | | | 4/25/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,309(3) | | | | | | 14,685 | | | | | | — | | | | | | — | | | ||
| | | | 183,742(4) | | | | | | 75,674(4) | | | | | | 14.82 | | | | | | 2/2/2033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 32,432(4) | | | | | | 206,268 | | | | | | — | | | | | | — | | | ||
| | | | 104,155(5) | | | | | | 123,107(5) | | | | | | 23.10 | | | | | | 2/2/2034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,589(5) | | | | | | 232,706 | | | | | | — | | | | | | — | | | ||
| | | | — | | | | | | 454,641(6) | | | | | | 8.43 | | | | | | 2/4/2035 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | ||
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 138,790(6) | | | | | | 882,704 | | | | | | | | | | | | | | | ||
| Vandana Sriram Chief Financial Officer and Treasurer | | | | | 17,171(7) | | | | | | 12,284(7) | | | | | | 24.32 | | | | | | 8/21/2033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,260(7) | | | | | | 33,454 | | | | | | — | | | | | | — | | | ||
| | | | 38,049(8) | | | | | | 44,989(8) | | | | | | 23.10 | | | | | | 2/2/2034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,367(8) | | | | | | 85,014 | | | | | | — | | | | | | — | | | ||
| | | | — | | | | | | 166,119(9) | | | | | | 8.43 | | | | | | 2/4/2035 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,712(9) | | | | | | 322,528 | | | | | | | | | | | | | | | ||
| William P. Donnelly Former Executive Chair | | | | | 9,949(10) | | | | | | 2,407(10) | | | | | | 23.90 | | | | | | 8/16/2033 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,802(10) | | | | | | 17,821 | | | | | | | | | | | | | | | ||
| | | | 6,412(11) | | | | | | — | | | | | | 27.15 | | | | | | 1/2/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 15,821(12) | | | | | | — | | | | | | 10.76 | | | | | | 1/2/2035 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | 2,921(13) | | | | | | 67,170(11) | | | | | | 5.91 | | | | | | 11/20/2035 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | Option Awards | | | Stock Awards(1) | | ||||||||||||||||||
| Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise ($)(2) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($)(2) | | ||||||||||||
| Masoud Toloue, Ph.D. | | | | | — | | | | | | — | | | | | | 67,877 | | | | | | 463,362 | | |
| Vandana Sriram | | | | | — | | | | | | — | | | | | | 14,464 | | | | | | 105,311 | | |
| William P. Donnelly(3) | | | | | — | | | | | | — | | | | | | 10,153 | | | | | | 59,708 | | |
| Name | | | Base Salary ($) | | | Lump Sum Bonus Payments ($) | | | Continuation of Group Health Plan Benefits ($) | | | Value of Equity Awards ($) | | | Total ($) | | |||||||||||||||
| Masoud Toloue, Ph.D. | | | | | 675,000 | | | | | | 675,000 | | | | | | 31,109 | | | | | | — | | | | | | 1,381,109 | | |
| Vandana Sriram | | | | | 232,500 | | | | | | 325,500 | | | | | | — | | | | | | — | | | | | | 558,000 | | |
| Name | | | Base Salary ($) | | | Lump Sum Bonus Payments ($) | | | Continuation of Group Health Plan Benefits ($) | | | Value of Equity Awards ($)(1) | | | Total ($) | | |||||||||||||||
| Masoud Toloue, Ph.D. | | | | | 1,350,000 | | | | | | 675,000 | | | | | | 32,922 | | | | | | 1,336,363 | | | | | | 3,394,285 | | |
| Vandana Sriram | | | | | 465,000 | | | | | | 325,500 | | | | | | — | | | | | | 440,996 | | | | | | 1,231,496 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | | | | | | | |||||||||
| Year | | | Summary Compensation Table Total for E. Kevin Hrusovsky(1) ($) | | | Summary Compensation Table Total for Masoud Toloue, Ph.D.(2) ($) | | | Compensation Actually Paid to E. Kevin Hrusovsky(1)(3) ($) | | | Actually Paid to Masoud Toloue, Ph.D.(2)(3) ($) | | | Average Summary Compensation Table Total for Non-PEO NEOs(4) ($) | | | Average Compensation Actually Paid to Non-PEO NEOs(4)(5) ($) | | | Total Share- holder Return ($) | | | Peer Group Total Share- holder Return(6) ($) | | | Net Income (Loss) ($ in millions) | | | Revenues ($ in millions) | | ||||||||||||||||||||||||||||||
| 2025 | | | | | n/a | | | | | | 5,250,745 | | | | | | n/a | | | | | | 1,312,200 | | | | | | 1,403,916 | | | | | | 2,807,833 | | | | | | 13.68 | | | | | | 124.75 | | | | | ($ | 107.2) | | | | | | 138.9 | | |
| 2024 | | | | | n/a | | | | | | 6,433,027 | | | | | | n/a | | | | | | 1,346,679 | | | | | | 2,617,523 | | | | | | 1,200,871 | | | | | | 22.86 | | | | | | 93.49 | | | | | | (38.5) | | | | | | 137.4 | | |
| 2023 | | | | | n/a | | | | | | 5,435,274 | | | | | | n/a | | | | | | 10,859,697 | | | | | | 1,611,175 | | | | | | 3,072,778 | | | | | | 58.80 | | | | | | 94.03 | | | | | | (28.4)* | | | | | | 122.4 | | |
| 2022 | | | | | 1,921,523 | | | | | | 2,957,026 | | | | | | (3,807,926) | | | | | | 1,699,747 | | | | | | 1,210,719 | | | | | | (470,362) | | | | | | 29.78 | | | | | | 89.90 | | | | | | (99.6)* | | | | | | 105.5 | | |
| 2021 | | | | | 4,208,194 | | | | | | n/a | | | | | | 7,594,456 | | | | | | n/a | | | | | | 1,495,417 | | | | | | 217,434 | | | | | | 91.18 | | | | | | 100.02 | | | | | | (55.5)* | | | | | | 110.6 | | |
| Year | | | PEO Name | | | Summary Compensation Table Total ($) | | | Less Grant Date Fair Value of Equity Awards Granted during Applicable Year ($) | | | Plus Year-end Fair Value of Equity Awards Granted during Applicable Year ($) | | | Plus Change in Fair Value as of Year- end of any Prior Year Awards that Remain Unvested as of Year-End ($) | | | Plus Change in Fair Value as of the Vesting Date of any Prior Year Awards that Vest during Applicable Year ($) | | | Less Prior Year- end Fair Value of Awards Granted in Prior Year that Failed to Meet Vesting Conditions during Applicable Year ($) | | | Total Equity Value Reflected in Compensation Actually Paid Calculation ($) | | |||||||||||||||||||||
| 2025 | | | Masoud Toloue, Ph.D. | | | | | 5,250,745 | | | | | | 3,899,998 | | | | | | 2,902,256 | | | | | | (2,050,826) | | | | | | 1,734,724 | | | | | | — | | | | | | (3,938,545) | | |
| 2024 | | | Masoud Toloue, Ph.D. | | | | | 6,433,027 | | | | | | 5,199,987 | | | | | | 2,420,861 | | | | | | (1,990,327) | | | | | | (316,895) | | | | | | — | | | | | | (5,086,348) | | |
| 2023 | | | Masoud Toloue, Ph.D. | | | | | 5,435,274 | | | | | | 3,999,989 | | | | | | 7,923,070 | | | | | | 1,250,477 | | | | | | 250,865 | | | | | | — | | | | | | 5,424,423 | | |
| 2022 | | | Masoud Toloue, Ph.D. | | | | | 2,957,026 | | | | | | 1,999,996 | | | | | | 1,234,526 | | | | | | (323,502) | | | | | | (168,307) | | | | | | — | | | | | | (1,257,279) | | |
| 2022 | | | E. Kevin Hrusovsky | | | | | 1,921,523 | | | | | | 1,400,007 | | | | | | 864,173 | | | | | | — | | | | | | (372,494) | | | | | | 4,821,121 | | | | | | (5,729,449) | | |
| 2021 | | | E. Kevin Hrusovsky | | | | | 4,208,194 | | | | | | 3,008,520 | | | | | | 1,726,302 | | | | | | 50,554 | | | | | | 4,617,926 | | | | | | — | | | | | | 3,386,262 | | |
| | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | |
| | Masoud Toloue, Ph.D. | | | Michael Doyle | | | Michael Doyle | | | Vandana Sriram | | | Vandana Sriram | |
| | Michael Doyle | | | John Fry | | | Vandana Sriram | | | | | | William P. Donnelly | |
| | Amol Chaubal | | | Mark Roskey, Ph.D. | | | | | | | | | | |
| | John Fry | | | | | | | | | | | | | |
| | William Geist | | | | | | | | | | | | | |
| | Dawn Mattoon | | | | | | | | | | | | | |
| | Shawn Stetson | | | | | | | | | | | | | |
| Year | | | NEO Names | | | Summary Compensation Table Total (Average) ($) | | | Less Grant Date Fair Value of Equity Awards Granted during Applicable Year (Average) ($) | | | Plus Year- end Fair Value of Equity Awards Granted during Applicable Year (Average) ($) | | | Plus Change in Fair Value as of Year- end of any Prior Year Awards that Remain Unvested as of Year-End (Average) ($) | | | Plus Change in Fair Value as of the Vesting Date of any Prior Year Awards that Vest during Applicable Year (Average) ($) | | | Less Prior Year-end Fair Value of Awards Granted in Prior Year that Failed to Meet Vesting Conditions during Applicable Year (Average) ($) | | | Total Equity Value Reflected in Average Compensation Actually Paid Calculation ($) | | |||||||||||||||||||||
| 2025 | | | See footnote (4) | | | | | 1,403,916 | | | | | | 1,913,112 | | | | | | 1,358,816 | | | | | | (492,233) | | | | | | 649,323 | | | | | | — | | | | | | (1,073,606) | | |
| 2024 | | | See footnote (4) | | | | | 2,617,523 | | | | | | 1,899,992 | | | | | | 884,543 | | | | | | (226,263) | | | | | | (174,940) | | | | | | — | | | | | | (1,416,652) | | |
| 2023 | | | See footnote (4) | | | | | 1,611,175 | | | | | | 1,150,002 | | | | | | 1,935,392 | | | | | | 589,183 | | | | | | 87,031 | | | | | | — | | | | | | 1,461,603 | | |
| 2022 | | | See footnote (4) | | | | | 1,210,719 | | | | | | 761,790 | | | | | | 375,346 | | | | | | (118,480) | | | | | | (132,737) | | | | | | 1,043,421 | | | | | | (1,681,081) | | |
| 2021 | | | See footnote (4) | | | | | 1,495,417 | | | | | | 995,666 | | | | | | 504,941 | | | | | | 3,663 | | | | | | 357,701 | | | | | | 1,148,621 | | | | | | (1,277,982) | | |
Between Quanterix Corporation
and the NASDAQ Biotechnology Index
| | | | Fees Earned or Paid in Cash ($) | | | Stock Awards ($)(10) | | | Option Awards ($)(10) | | | All Other Compensation ($) | | | Total ($) | | |||||||||||||||
| Jeffrey T. Elliott | | | | | 75,368 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 275,370 | | |
| Karen A. Flynn | | | | | 70,000 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 270,001 | | |
| Garret M. Hampton, Ph.D.(1) | | | | | 7,704 | | | | | | 276,157 | | | | | | — | | | | | | — | | | | | | 283,860 | | |
| Sarah E. Hlavinka(2)(5) | | | | | 36,332 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 236,333 | | |
| Myla Lai-Goldman, M.D.(3)(5) | | | | | 12,850 | | | | | | 159,995 | | | | | | 239,998 | | | | | | — | | | | | | 412,842 | | |
| Martin D. Madaus, Ph.D(4) | | | | | 43,986 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 243,988 | | |
| Ivana Magovčević-Liebisch, Ph.D., J.D. | | | | | 61,216 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 261,217 | | |
| Paul M. Meister(5)(6) | | | | | 54,680 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 254,681 | | |
| Scott Mendel(5)(7) | | | | | 25,190 | | | | | | 159,995 | | | | | | 239,998 | | | | | | — | | | | | | 425,183 | | |
| Alan Sachs, M.D., Ph.D.(8) | | | | | 6,563 | | | | | | 276,157 | | | | | | — | | | | | | — | | | | | | 282,719 | | |
| David R. Walt, Ph.D.(9) | | | | | 50,937 | | | | | | 80,001 | | | | | | 120,001 | | | | | | — | | | | | | 250,939 | | |
| Name | | | Aggregate Number of Shares Subject to Stock Options | | |||
| Jeffrey T. Elliott | | | | | 41,729 | | |
| Karen A. Flynn | | | | | 54,198 | | |
| Garret M. Hampton, Ph.D. | | | | | — | | |
| Sarah E. Hlavinka | | | | | — | | |
| Myla Lai-Goldman, M.D. | | | | | 50,758 | | |
| Martin D. Madaus, Ph.D. | | | | | — | | |
| Name | | | Aggregate Number of Shares Subject to Stock Options | | |||
| Ivana Magovčević-Liebisch, Ph.D., J.D. | | | | | 43,510 | | |
| Paul M. Meister(1) | | | | | 54,138 | | |
| Scott Mendel | | | | | 50,758 | | |
| Alan Sachs, M.D., Ph.D. | | | | | — | | |
| David R. Walt, Ph.D..(1) | | | | | 69,959 | | |
| | Stock Ownership Guideline | | | Non-Employee Director | | | 5x annual base cash retainer | |
| | CEO | | | 6x annual base salary | | |||
| | Executive officers other than CEO | | | 3x annual base salary | | |||
| | Attainment Period | | | Five years from the later of • Appointment/election to applicable position; and • October 9, 2019. | | |||
| | Stock Owned for Purposes of Ownership Guidelines | | | • Stock acquired on the open market; • Stock acquired through the exercise of options; • Restricted stock, RSUs and stock options, whether vested or unvested; and • Stock acquired through Company benefit plans. | | |||
| | Holding Requirement | | | 50% of “net of tax” vested shares must be held until the ownership guideline is met. | | |||
| | Administration | | | The stock ownership guidelines are administered by the Compensation Committee, which evaluates compliance on an annual basis. Non-compliance arising from special circumstances, such as fluctuations in our stock price, changes in a participant’s compensation, and the personal financial situation of a participant, are reviewed by the Compensation Committee. | | |||
| | | | (a) | | | (b) | | | (c) | | |||||||||
| Plan category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | Weighted-average exercise price of outstanding options, warrants and rights | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | | |||||||||
| Equity compensation plans approved by security holders(1) | | | | | 6,456,307(3) | | | | | $ | 11.25(3) | | | | | | 3,820,266(4) | | |
| Equity compensation plans not approved by security holders(2) | | | | | 144,337 | | | | | | — | | | | | | 893,465 | | |
| Total | | | | | 6,600,644(3) | | | | | $ | 11.25(3) | | | | | | 4,713,731(4) | | |
| Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned(1) | | ||||||
| 5% and Greater Stockholders(2) | | | | | | | | | | | | | |
| Entities affiliated with Ameriprise Financial, Inc.(3) | | | | | 4,996,073 | | | | | | 10.6% | | |
| Entities affiliated with Telegraph Hill Partners, L.P.(4) | | | | | 2,504,648 | | | | | | 5.3% | | |
| Named Executive Officers and Directors | | | | | | | | | | | | | |
| Masoud Toloue, Ph.D.(5) | | | | | 901,381 | | | | | | 1.9% | | |
| Vandana Sriram(6) | | | | | 151,218 | | | | | | * | | |
| William P. Donnelly(7) | | | | | 205,550 | | | | | | * | | |
| Jeffrey T. Elliott(8) | | | | | 43,037 | | | | | | * | | |
| Karen A. Flynn(9) | | | | | 88,038 | | | | | | * | | |
| Myla Lai-Goldman, M.D.(10) | | | | | 6,968 | | | | | | * | | |
| Garret M. Hampton, Ph.D. | | | | | — | | | | | | * | | |
| Ivana Magovčević-Liebisch, Ph.D., J.D(11) | | | | | 35,426 | | | | | | * | | |
| Scott Mendel(12) | | | | | 12,347 | | | | | | * | | |
| Alan Sachs, M.D., Ph.D. | | | | | — | | | | | | * | | |
| All directors and current executive officers as a group (13 persons)(13) | | | | | 717,469 | | | | | | 1.5% | | |
RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Garret M. Hampton, Ph.D.
Scott Mendel
| Years Ended December 31, | | | 2023 | | | 2024 | | | 2025 | | |||||||||
| Stock Options Granted | | | | | 1,249,030 | | | | | | 1,522,251 | | | | | | 2,675,631 | | |
| Stock Options Forfeited/Canceled | | | | | (429,173) | | | | | | (628,201) | | | | | | (1,334,064) | | |
| RSUs Granted | | | | | 828,153 | | | | | | 650,999 | | | | | | 1,352,115 | | |
| RSUs Forfeited/Canceled | | | | | (263,208) | | | | | | (301,676) | | | | | | (554,764) | | |
| Shares of Common Stock Outstanding as of Fiscal Year End | | | | | 37,892,684 | | | | | | 38,543,797 | | | | | | 46,743,938 | | |
| Net Annual Burn Rate | | | | | 3.7% | | | | | | 3.2% | | | | | | 4.6% | | |
| Three Year Average Burn Rate | | | | | | | | | | | | | | | | | 3.8% | | |
| | Shares subject to outstanding options(1) | | | | | 3,753,162 | | |
| | Shares subject to outstanding RSUs(2) | | | | | 3,301,739 | | |
| | Shares available for issuance | | | | | 2,420,675 | | |
| | Overhang(3) | | | | | 20.1% | | |
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
| | | | 2025 KPMG | | |||
| Audit fees | | | | $ | 2,027,866 | | |
| Audit-related fees | | | | | — | | |
| Tax fees | | | | $ | 105,000 | | |
| Other fees | | | | $ | 281,975 | | |
| Total | | | | $ | 2,414,841 | | |