Accelerate Diagnostics, Inc. (AXDX): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that has fundamentally changed its business model-not through growth, but through a Chapter 11 Plan of Liquidation as of late 2025. Honestly, for Accelerate Diagnostics, Inc. (AXDX), the 'business' now is the wind-down itself, centered on an August 2025 asset sale to an Indaba Capital Management affiliate. We're moving past the $11.7 million in 2024 net sales and the installed base of about 350 Pheno systems; the value proposition is now purely about an orderly dissolution that prioritizes the secured creditor over former equity holders. If you want to see how the final structure-from Key Resources like the remaining $16.3 million cash at the end of Q4 2024 to the Cost Structure dominated by legal fees against pre-liquidation debt of approximately $66.58 million-looks when a high-growth diagnostic firm pivots to bankruptcy administration, dig into the canvas below.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that defined Accelerate Diagnostics, Inc. (AXDX) as it moved through its court-supervised sale in 2025. Honestly, in a Chapter 11 scenario, the 'Key Partnerships' block shifts from commercial alliances to the critical parties enabling the asset transfer and wind-down.

The entire structure pivoted around the stalking horse bid and the court process. Here's a quick look at the main entities involved in the August 2025 consummation of the Sale Transaction.

The company secured necessary liquidity to manage the case itself through a debtor-in-possession (DIP) facility, which was also part of the final deal structure.

• Secured DIP Financing commitment: Up to $12.5 million multi-draw facility.
• Pre-petition Total Debt: $90.2 million of debt reported at filing.
• Assets as of December 31, 2024: $28.6 million.

Before the Chapter 11 filing, the company was focused on securing its installed base for the anticipated commercial launch of the WAVE system. This customer commitment was a key element of the pre-liquidation strategy.

Here's what the status looked like regarding those strategic customer relationships as of early 2025:

• Contract extensions were executed with strategic customers covering greater than 75% of U.S. Pheno customers through the anticipated WAVE commercial launch (as of January 2025).
• This followed earlier success where approximately 75% of the U.S. customer base was signed to longer-term contracts ahead of the WAVE commercial launch (as of August 2024).
• The WAVE System and Gram-Negative Positive Blood Culture Menu were submitted to the FDA for 510(k) clearance on March 21, 2025.

The consummation of the Sale Transaction with the Indaba affiliate occurred on August 8, 2025, followed by the Court's Confirmation Order for the Plan of Liquidation on August 13, 2025.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Key Activities

The Key Activities for Accelerate Diagnostics, Inc. (AXDX) as of late 2025 are entirely focused on the execution of its Chapter 11 wind-down process following the asset sale.

Executing the confirmed Chapter 11 Plan of Liquidation

• The Second Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation was confirmed by the Bankruptcy Court on August 13, 2025.
• The expected effective date for the plan was on or about August 18, 2025.
• Under the plan, all 25,477,516 shares of common stock outstanding, along with warrants, will be canceled.
• Holders of equity interests will not receive or retain any property or value.

Administrative wind-down of corporate operations and legal entities

The initiation of the wind-down process began with the voluntary Chapter 11 petitions filed on May 8, 2025, in the United States Bankruptcy Court for the District of Delaware. The company secured up to $12.5 million in debtor-in-possession (DIP) financing to maintain operations through the proceedings. The asset purchase agreement included excluded cash sufficient to wind-down the Company following the sale closing. The company reported a negative free cash flow of -$24.7 million prior to the sale, underscoring the need for this wind-down structure.

Managing post-closing obligations related to the asset sale

The key activity involved finalizing the asset sale to an affiliate of Indaba Capital Management, L.P., which was completed on August 8, 2025. The initial stalking horse bid valued the transaction, in part, by a credit bid of $36.9 million of existing secured notes and DIP financing. The amended agreement on August 8, 2025, modified the earlier agreement from July 14, 2025, to acquire specific assets and liabilities rather than substantially all assets.

Regulatory compliance and filing with the SEC (e.g., Form 8-K)

Regulatory compliance centers on the cessation of public trading and required disclosures. The company's common stock was suspended from trading on the Nasdaq Capital Market on May 15, 2025, and expected to trade on the OTC market under the symbol AXDXQ starting the same day. The company stated in its Form 8-K filing that it is unable to provide pro forma financial information reflecting the sale transaction without unreasonable effort or expense. Prior to the filing, the company received a Delisting Notice from Nasdaq on May 8, 2025.

Settling creditor claims and distributing remaining assets

The distribution of assets is strictly governed by the confirmed liquidation plan, prioritizing secured and administrative claims over equity holders. The following table details the claims structure as per the Second Amended Plan:

The company previously reported a total debt burden of $66.58 million and negative EBITDA of -$31.89 million before the sale process. Finance: draft final distribution schedule for remaining cash by next Tuesday.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Key Resources

You're looking at the core assets Accelerate Diagnostics, Inc. had to work with, especially as they navigated the Chapter 11 restructuring process initiated in May 2025. These aren't just static items; they represent the foundation for the asset sale and subsequent wind-down plan confirmed in August 2025.

The most immediate, tangible resource was the liquidity position at the close of the last full fiscal period before the major corporate action. You'll want to track this closely, as it dictates the runway for administration.

• Remaining cash and cash equivalents (approximately $16.3 million at end of Q4 2024).
• Retained intellectual property and contracts not included in the asset sale to Indaba Starling, LLC, which finalized on August 8, 2025.
• Professional legal and financial expertise for bankruptcy administration, including advisors like Clifford Chance US LLP for the asset purchase agreement process.
• Historical installed base of approximately 350 Pheno systems in the U.S. (pre-sale/as of year-end 2024).

The restructuring itself brought several other critical, albeit temporary, resources into play, mainly centered around financing and specialized advisory services to manage the sale and liquidation.

Here's a quick look at the financial context surrounding the administration of these resources as of the August 2025 confirmation date:

The installed base of 350 Pheno systems was a key component of the value proposition, with management anticipating conversion of the majority of these customers to the new WAVE system upon launch, subject to regulatory approvals. Furthermore, the company had secured contract extensions with greater than 75% of U.S. Pheno customers through the anticipated WAVE commercial launch, which was a resource for potential future revenue streams, though the liquidation plan ultimately canceled equity interests.

The intellectual property, specifically related to the Accelerate WAVE™ system and the Gram-Negative assay, remained a vital asset being managed through the sale process, even as the company filed for Chapter 11 protection in May 2025. The FDA submission for the WAVE system was achieved in March 2025, representing the culmination of significant R&D investment, which totaled $16.7 million for the full year 2024.

Finance: draft 13-week cash view by Friday.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Value Propositions

Value Propositions

Orderly and legally compliant dissolution for creditors and stakeholders

• Filing for Chapter 11 protection on May 8, 2025.
• Confirmation of the Second Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation on August 13, 2025.
• Common stock and warrants canceled; holders will not receive or retain any property or value.
• As of December 31, 2024, total liabilities were $\text{84.6 million}$ against total assets of $\text{28.6 million}$.

Maximizing recovery for the secured creditor, Indaba Capital Management, L.P.

The secured creditor's recovery is structured around the asset sale proceeds.

Transferring core diagnostic technology (Pheno, Arc, WAVE development) to a new entity via asset sale

• Asset sale finalized on August 8, 2025, to an affiliate of Indaba Capital Management, L.P.
• The sale involved acquiring certain assets and liabilities, modifying the initial plan to sell substantially all assets.
• The Accelerate Arc system received FDA approval in September 2024.
• The Accelerate Pheno system received FDA de novo classification in 2017.
• The company maintained approximately $\text{350}$ revenue-generating Pheno instruments in the U.S. at year-end 2024.

Providing final financial transparency through required court and SEC filings

• The company's common stock was suspended from trading on The Nasdaq Capital Market on May 15, 2025.
• The stock is currently quoted on the OTC Pink marketplace under the symbol AXDXQ.
• As of the Confirmation Order date, $\text{25,477,516}$ shares of common stock were outstanding.
• The Q2 2025 financial report filing was delayed as of August 18, 2025, due to bankruptcy proceedings.

Minimizing administrative costs during the wind-down phase

The Plan of Liquidation indicates no funds will be available for distribution to unsecured creditors after administrative expenses are paid.

• The Chapter 11 process was designed to exit bankruptcy within $\text{90}$ days.
• The case number for the proceedings in the U.S. Bankruptcy Court for the District of Delaware is $\text{25-10837}$.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Customer Relationships

The customer relationship structure for Accelerate Diagnostics, Inc. (AXDX) as of late 2025 is defined by the consummation of the asset sale and the confirmed Chapter 11 Plan of Liquidation.

Formal termination or transfer of customer contracts to the asset buyer, Indaba Starling, LLC, was executed under the Amended and Restated Asset Purchase Agreement finalized on August 8, 2025. The agreement specified the transfer of certain assets, which included customer and supplier lists and all associated data, such as contact information, transaction histories, and demographic data.

The operational relationship with clinical labs, which previously involved approximately 350 clinically live Pheno® revenue-generating instruments as of January 2025, has ceased for the remaining AXDX entity.

The following table summarizes the financial context surrounding the transition away from active customer engagement:

The remaining Accelerate Diagnostics, Inc. (AXDXQ) entity is engaged in primarily transactional and legal communication with remaining stakeholders, as active sales efforts and long-term customer support for the original entity are no longer applicable following the asset sale and the confirmation of the Chapter 11 Plan of Liquidation on August 13, 2025.

Communication is now managed through investor relations and legal notices pertaining to the wind-down process in the United States Bankruptcy Court for the District of Delaware, Case No. 25-10837.

The focus has shifted entirely from clinical labs to the bankruptcy court and creditors, evidenced by key administrative deadlines:

• Professional Fee Claims Bar Date: October 06, 2025
• Government Bar Date: November 04, 2025
• Common Stock Outstanding (as of confirmation): 25,477,516 shares
• Common Stock Trading Suspension on Nasdaq: May 15, 2025

Holders of equity interests, including the 25,477,516 shares of common stock outstanding as of the confirmation order date, will not receive or retain any property or value under the liquidation plan.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Channels

You're looking at the channels for Accelerate Diagnostics, Inc. (AXDX) as of late 2025; honestly, the primary channels are now procedural and legal, not commercial distribution. The entire structure shifted following the Chapter 11 filing.

The main conduit for all official corporate existence and final disposition runs through the U.S. Bankruptcy Court for the District of Delaware. The initial voluntary petitions were filed on May 8, 2025, under Case No. 25-10837, before the Honorable Judge Karen B. Owens. This court is the ultimate gatekeeper for every material action taken by the Debtors, Accelerate Diagnostics, Inc. and Accelerate Diagnostics Texas, LLC.

The confirmation of the Chapter 11 Plan of Liquidation, which dictates the end of the common stock, was a critical channel event. The U.S. Bankruptcy Court for the District of Delaware entered the Order Confirming the Second Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation on August 13, 2025. This process set firm deadlines that acted as final communication gates for various stakeholders.

Here are the key procedural dates established through the court process:

• Petition Date: May 8, 2025
• Meeting of Creditors: June 13, 2025
• Asset Sale Consummation Date: August 8, 2025
• Plan Effective Date: On or about August 18, 2025
• Professional Fee Claims Bar Date: October 06, 2025
• Government Bar Date: November 04, 2025

Public disclosure of these liquidation events is mandated via SEC filings, primarily Form 8-K. The company reported its significant financial distress leading up to this, including a debt burden of $66.58 million and negative EBITDA of -$31.89 million. The completion of the asset sale, a material definitive agreement, was disclosed in a Form 8-K filing around August 18, 2025. This filing confirmed that the company had approximately 25,477,516 shares of common stock outstanding as of the confirmation order date.

The channel for public equity trading collapsed following Nasdaq action. The stock was suspended from The Nasdaq Capital Market on May 15, 2025. Nasdaq filed Form 25 to remove the common stock from listing on July 21, 2025. Post-suspension, the common stock traded on the OTC Pink marketplace under the ticker AXDXQ. The trading status as of late 2025 reflects the finality of the liquidation plan.

The trading data for AXDXQ shows the terminal state of this channel:

The most direct, non-public channel involved the secured noteholder/buyer, an affiliate of Indaba Capital Management, L.P.. This relationship was formalized through a 'stalking horse' asset purchase agreement executed on May 30, 2025. The initial bid terms involved a credit bid of $36.9 million against Indaba's existing secured notes and the new DIP financing facility. Furthermore, the company secured a commitment for up to $12.5 million in a multi-draw DIP financing facility to fund operations through the Chapter 11 process. The final asset sale, which was amended on August 8, 2025, was the culmination of this direct negotiation channel.

Communication regarding the wind-down and abandonment of certain assets is now channeled through the Liquidation Trustee, who filed a motion with the court, setting an objection deadline of November 21, 2025.

Finance: draft 13-week cash view by Friday.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Customer Segments

You're looking at the final structure of Accelerate Diagnostics, Inc. (AXDX) stakeholders following the Chapter 11 asset sale consummated in August 2025. The business model, in this final phase, is entirely focused on the orderly wind-down and satisfaction of claims based on the confirmed Plan of Liquidation.

The customer segments here aren't traditional buyers of diagnostics equipment; they are the parties with a financial stake in the remaining assets following the May 8, 2025, Chapter 11 filing. The structure of the asset sale dictates the recovery for each group.

Here's the quick math on the financial distress leading to this point: the company reported a significant debt burden of approximately $66.58 million and negative EBITDA of -$31.89 million leading up to the sale. Also, the free cash flow was negative at -$24.7 million.

The primary focus shifts entirely to the secured creditor group, as the asset purchase price was largely structured around their recovery.

The hierarchy of payment in Chapter 11 dictates who gets paid first, and in this case, the secured creditor's bid effectively absorbed the value of the assets sold. You can see how the structure prioritizes the debt holders over equity holders.

• Secured Creditors (Indaba Capital Management, L.P.) are the focus because the purchase price included a credit bid of $36.9 million against their existing secured notes and the new DIP financing facility.
• The asset buyer is an affiliate of Indaba Capital Management, L.P., which entered into an Amended and Restated Asset Purchase Agreement on August 8, 2025.
• The company secured up to $12.5 million in multi-draw Debtor-in-Possession (DIP) financing to operate during the proceedings.
• Unsecured Creditors' recovery is tied to the 'certain assumed liabilities' portion of the asset sale, which is less clear than the secured claim's credit bid amount.
• Former common equity holders, holding approximately 25,477,516 shares, receive no recovery under the confirmed Chapter 11 Plan of Liquidation effective on or about August 18, 2025.

To be fair, the common stock, previously trading on Nasdaq, was suspended on May 15, 2025, and began trading on the OTC Pink marketplace under the symbol AXDXQ, reflecting its diminished status before the final cancellation.

Finance: draft the final claim reconciliation statement based on the August 13, 2025, Confirmation Order by next Tuesday.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Cost Structure

The Cost Structure for Accelerate Diagnostics, Inc. (AXDX) as of late 2025 is dominated by the wind-down activities following the Chapter 11 filing and asset sale.

Significant professional fees for legal and financial advisors are embedded within the costs of the Chapter 11 proceeding, which was supported by a commitment of up to $12.5 million in debtor-in-possession (DIP) financing to maintain ordinary course operations during the process. Administrative costs related to the wind-down process and remaining corporate overhead were funded by 'excluded cash sufficient to wind-down the Company following sale closing,' as stipulated in the asset purchase agreement.

The financial structure carried a high interest expense burden, stemming from total debt reported at approximately $66.58 million pre-liquidation. The company also reported a negative EBITDA of -$31.89 million.

Operating expenses have been drastically curtailed following the asset sale and restructuring efforts. Selling, General, and Administrative (SG&A) costs for the full year 2024 were $21.3 million, reflecting a reduction from the prior year's $31.2 million, primarily due to lower employee-related expenses and reduced legal and professional services fees. Research and Development (R&D) costs for the full year 2024 were $16.7 million, down from $25.4 million in the prior year, reflecting lower employee-related expenses and reduced third-party development costs for the Accelerate WAVE system.

Here's a quick look at the key 2024 financial metrics that define the cost base leading into the liquidation phase:

The wind-down phase costs are further characterized by the need to manage remaining liabilities and operational continuity during the asset sale process. Key components of the cost structure during this period include:

• Secured commitment for up to $12.5 million in DIP financing to cover Chapter 11 operating expenses.
• Costs associated with the court-supervised Section 363 sale process.
• Costs related to the cancellation and discharge of all outstanding common stock and warrants.
• The final allocation of 'excluded cash' designated specifically for company wind-down activities.

To be fair, the sharp reduction in SG&A and R&D from 2024 levels is expected to continue as the company transitions to a minimal corporate overhead structure post-asset sale. Finance: draft 13-week cash view by Friday.

Accelerate Diagnostics, Inc. (AXDX) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Accelerate Diagnostics, Inc. (AXDX) as of late 2025, which is a very different picture than its operating past, given the Chapter 11 restructuring and asset sale. Honestly, the revenue streams are now almost entirely focused on the wind-down process rather than sustainable product sales.

The most significant financial event impacting the 'revenue' side, in the context of the asset sale, is the transaction with the Indaba Capital affiliate. This was finalized on August 8, 2025, under an Amended and Restated Asset Purchase Agreement.

• Proceeds from the August 2025 asset sale to the Indaba Capital affiliate: The initial 'stalking horse' bid from Indaba Capital Management, L.P. involved a credit bid of $36.9 million of existing secured notes and the DIP financing facility, along with assumed liabilities and excluded cash for wind-down.
• Residual revenue from any retained product sales or service contracts (minimal): This stream is expected to be minimal as the company moves toward liquidation. The last full year of operational sales provides a baseline, though this is no longer representative of the current entity.
• Investment income from remaining cash balances: This would be interest or short-term gains on any cash balances held post-sale, primarily for satisfying administrative wind-down costs.
• Contingent partnership payments (pre-liquidation expectation, now uncertain): Any prior expectations for future partnership revenue related to the Accelerate WAVE™ system are now uncertain or likely terminated as part of the asset sale and liquidation plan confirmed on August 13, 2025.

Net sales for the full year 2024 were $11.7 million, a figure no longer representative of the liquidation entity. To give you the most recent snapshot before the finality of the liquidation, the Trailing Twelve Months (TTM) revenue as of December 2025 was reported at $11.69 Million USD.

It is crucial to note the ultimate outcome for equity holders under the confirmed Chapter 11 Plan of Liquidation: all outstanding shares of common stock and warrants will be canceled and discharged, and holders of these equity interests will receive or retain no property or value.

Here's a quick look at the key financial figures surrounding this transition period:

The pre-liquidation operational performance showed significant negative cash flow, which necessitated the sale. For example, the company had negative free cash flow of -$24.7 million leading up to the asset sale.

The structure of the revenue streams post-August 2025 is effectively limited to the proceeds realization from the asset sale and any minimal cash flow generated while the remaining entities are formally wound down. Finance: confirm the final cash balance available for administrative expenses post-Indaba closing by next Tuesday.