SAN FRANCISCO – Element Biosciences CEO and Cofounder Molly He on Monday announced several new partnerships for the sequencing technology firm, which will see it expand into clinical testing, proteomics, and single-cell analysis.
Element is partnering with Revvity on next-generation sequencing-based newborn screening, including seeking in vitro diagnostic regulatory approvals in "major clinical markets." The company's Aviti Dx sequencing instrument "is going to continue to enable additional clinical applications in the future," she added.
The company has also struck a comarketing deal with Alamar Biosciences. The Fremont, California-based firm is commercializing a proximity ligation-based immuno-sandwich assay called NULISA. The firms will offer a validated, bundled, and discounted solution "to lower barrier of entry" for NGS-based proteomics.
Finally, Element announced that it has become a commercial partner of the Human Cell Atlas consortium. According to a company spokesperson, contributing members of HCA will receive discounts on consumables and instruments.
He also reported preliminary financial results for 2024. Revenues were approximately $60 million, more than double the amount the firm recorded in 2023. Element also more than doubled its installed instrument base. Consumables growth has outpaced the growth rate of instruments, He added. "2024 was a challenging year," she said. "We crushed it."
Of Element's customers, 55 percent were outside the US; 20 percent were in clinical research, up from 15 percent a year ago; 18 percent were new to NGS, up from 15 percent a year ago; and multiunit customers, including returning customers, accounted for more than 35 percent of customers, up from 20 percent a year ago. These are several "key leading indicators" for the firm, He said.
He also touted progress on Aviti24, an upgrade available for its instruments that allow it to perform single-cell multiomic analysis, in addition to DNA sequencing. The platform was launched in December, and the firm has already installed 15 units, with 60 percent of them going to new customers. Moreover, it is attracting more "top pharma" customers than with the base Aviti, He said. "This shows us Aviti24 is unlocking new markets," she said.
In 2025, Element plans to deliver more assays for Aviti24, including customizable high-plex protein panels and library prep-free whole transcriptome analysis "directly from biological sample with cell paint and proteins," He said.
Moreover, the instrument will not be limited to cell line samples but "wherever your imagination takes you," He said, though she did not elaborate.
For 2025, Element expects to grow revenues to $100 million and launch 10 new products.