Takeaways from Early Access Discussion on Illumina's StrataMap Spatial Solution

Research evidence excerpt

Takeaways from Early Access Discussion on Illumina's StrataMap Spatial Solution

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enablement in 3Q/4Q 2027). Our KOL commented on strong prep capabilities with Xenium, with

the bottleneck being instrument throughput (100 runs or so per year) on which the Atera launch

is expected to improve. To that end, Atera is viewed as being a major disruptor to the market,

given that Xenium is the main workhorse today, although in Dr. Vlachos's lab, Xenium was already

cannibalized by Singular Genomics' G4X, given cost and workflow advantages for some projects.

Thus, Dr. Vlachos views the space as currently being in a "cliffhanger season" as labs await clear

real-world performance advantages with Atera and competitive pricing before making decisions.

Spatial utility is growing in clinical settings. Spatial profiling continues to gain traction as a

core modality in translational and clinical trials with a big portion of our KOL's core lab revenue

now coming from biotech and pharma, particularly in immuno-oncology (cell therapy, checkpoint

inhibitors, vaccines) and clinical trials (phase 1 primary/secondary outcome, phase 2 correlative Tycho Peterson * | Equity Analyst

+1 (212) 738-5583 | tpeterson2@jefferies.com

work in larger cohorts and long-term response studies). In pharma and large-scale efforts (e.g.,

Billion Cell Atlas), spatial is viewed as essential for target discovery and mechanism-of-action work Matthew Stanton * | Equity Analyst

+1 (615) 963-8397 | mstanton@jefferies.com

when one knows what they are looking for, while single-cell remains complementary in blood-based

settings. Notably, users emphasize that higher data density per sample (vs. multiplexed IHC) is Lauren Timmins, Ph.D. * | Equity Associate

+1 (929) 237-2038 (mobile) | ltimmins@jefferies.com