Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-40632 | |
Entity Registrant Name | CYTEK BIOSCIENCES, INC. | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 47-2547526 | |
Entity Address Address Line1 | 47215 Lakeview Blvd. | |
Entity Address City Or Town | Fremont | |
Entity Address, State and Province | CA | |
Entity Address Postal Zip Code | 94538 | |
City Area Code | 877 | |
Local Phone Number | 922-9835 | |
Security12b Title | Common Stock, par value $0.001 per share | |
Trading Symbol | CTKB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 131,272,929 | |
Entity Central Index Key | 0001831915 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 168,788 | $ 167,299 |
Restricted cash | 353 | 331 |
Marketable securities | 101,298 | 95,111 |
Trade accounts receivable, net | 50,306 | 55,928 |
Inventories | 54,742 | 60,877 |
Prepaid expenses and other current assets | 13,160 | 12,514 |
Total current assets | 388,647 | 392,060 |
Deferred income tax assets, noncurrent | 32,708 | 30,487 |
Property and equipment, net | 18,247 | 18,405 |
Operating lease right-of-use assets | 9,949 | 10,853 |
Goodwill | 16,183 | 16,183 |
Intangible assets, net | 22,252 | 23,084 |
Other noncurrent assets | 4,081 | 3,385 |
Total assets | 492,067 | 494,457 |
Current liabilities: | ||
Trade accounts payable | 3,725 | 3,032 |
Legal settlement liability, current | 2,550 | 2,561 |
Accrued expenses | 18,054 | 20,035 |
Other current liabilities | 8,228 | 7,903 |
Deferred revenue, current | 23,009 | 22,695 |
Total current liabilities | 55,566 | 56,226 |
Legal settlement liability, noncurrent | 16,722 | 16,477 |
Deferred revenue, noncurrent | 15,164 | 15,132 |
Operating lease liability, noncurrent | 8,697 | 9,479 |
Long term debt | 1,477 | 1,648 |
Other noncurrent liabilities | 1,827 | 2,431 |
Total liabilities | 99,453 | 101,393 |
Commitments and contingencies (Note 18) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 1,000,000,000 authorized shares as of March 31, 2024 and December 31, 2023, respectively; 131,254,181 and 130,714,906 issued and outstanding shares as of March 31, 2024 and December 31, 2023, respectively. | 131 | 131 |
Additional paid-in capital | 429,384 | 423,386 |
Accumulated deficit | (35,347) | (29,178) |
Accumulated other comprehensive loss | (1,554) | (1,275) |
Total stockholders’ equity | 392,614 | 393,064 |
Total liabilities and stockholders’ equity | $ 492,067 | $ 494,457 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share (in dollar per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 131,254,181 | 130,714,906 |
Common stock, shares, outstanding (in shares) | 131,254,181 | 130,714,906 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue, net: | ||
Total revenue, net | $ 44,860 | $ 37,088 |
Cost of sales: | ||
Total cost of sales | 21,847 | 16,050 |
Gross profit | 23,013 | 21,038 |
Operating expenses: | ||
Research and development | 9,796 | 9,974 |
Sales and marketing | 12,543 | 11,145 |
General and administrative | 11,408 | 12,081 |
Total operating expenses | 33,747 | 33,200 |
Loss from operations | (10,734) | (12,162) |
Other income (expense): | ||
Interest expense | (441) | (673) |
Interest income | 1,359 | 2,143 |
Other income, net | 823 | 1,652 |
Total other income, net | 1,741 | 3,122 |
Loss before income taxes | (8,993) | (9,040) |
Benefit from income taxes | (2,824) | (2,233) |
Net loss | (6,169) | (6,807) |
Net loss, basic | (6,169) | (6,807) |
Net loss, diluted | $ (6,169) | $ (6,807) |
Net loss per share, basic (in dollars per share) | $ (0.05) | $ (0.05) |
Net loss per share, diluted (in dollars per share) | $ (0.05) | $ (0.05) |
Weighted-average shares used in calculating net loss per share, basic (in shares) | 130,920,971 | 135,489,194 |
Weighted-average shares used in calculating net loss per share, diluted (in shares) | 130,920,971 | 135,489,194 |
Comprehensive loss: | ||
Net loss | $ (6,169) | $ (6,807) |
Foreign currency translation adjustment, net of tax | (244) | (42) |
Unrealized (loss) gain on marketable securities | (35) | 152 |
Net comprehensive loss | (6,448) | (6,697) |
Product | ||
Revenue, net: | ||
Total revenue, net | 34,122 | 31,172 |
Cost of sales: | ||
Total cost of sales | 16,746 | 12,677 |
Service | ||
Revenue, net: | ||
Total revenue, net | 10,738 | 5,916 |
Cost of sales: | ||
Total cost of sales | $ 5,101 | $ 3,373 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Noncontrolling interest in consolidated subsidiary |
Beginning balance (in shares) at Dec. 31, 2022 | 135,365,381 | |||||
Beginning balance at Dec. 31, 2022 | $ 425,546 | $ 135 | $ 442,887 | $ (17,030) | $ (697) | $ 251 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued in connection with employee stock plans (in shares) | 283,856 | |||||
Shares issued in connection with employee stock plans | 204 | $ 1 | 203 | |||
Shares of Common Stock withheld related to net share settlement (in shares) | (5,182) | |||||
Shares of Common Stock withheld related to net share settlement | (57) | (57) | ||||
Stock-based compensation | 4,699 | 4,699 | ||||
Unrealized gain (loss) on marketable securities | 152 | 152 | ||||
Foreign currency translation adjustment, net of tax | (42) | (42) | ||||
Net loss | (6,807) | (6,807) | ||||
Noncontrolling interest | (235) | 16 | (251) | |||
Ending balance (in shares) at Mar. 31, 2023 | 135,644,055 | |||||
Ending balance at Mar. 31, 2023 | 423,460 | $ 136 | 447,748 | (23,837) | (587) | $ 0 |
Beginning balance (in shares) at Dec. 31, 2023 | 130,714,906 | |||||
Beginning balance at Dec. 31, 2023 | 393,064 | $ 131 | 423,386 | (29,178) | (1,275) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued in connection with employee stock plans (in shares) | 559,325 | |||||
Shares issued in connection with employee stock plans | 506 | 506 | ||||
Shares of Common Stock withheld related to net share settlement (in shares) | (20,050) | |||||
Shares of Common Stock withheld related to net share settlement | (148) | (148) | ||||
Stock-based compensation | 5,640 | 5,640 | ||||
Unrealized gain (loss) on marketable securities | (35) | (35) | ||||
Foreign currency translation adjustment, net of tax | (244) | (244) | ||||
Net loss | (6,169) | (6,169) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 131,254,181 | |||||
Ending balance at Mar. 31, 2024 | $ 392,614 | $ 131 | $ 429,384 | $ (35,347) | $ (1,554) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (6,169) | $ (6,807) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,699 | 1,001 |
Amortization of operating lease-right-of use assets | 761 | 800 |
Stock-based compensation | 5,640 | 4,699 |
Loss on disposal of property and equipment | 47 | 0 |
Provision for credit losses | 121 | 0 |
Provision for excess and obsolete inventory | 912 | 508 |
Gain on investments, accretion, and amortization, net | (1,202) | (1,580) |
Interest expenses for accretion of the legal settlement liabilities | 301 | 544 |
Change in operating assets and liabilities: | ||
Trade accounts receivable | 4,235 | 6,055 |
Inventories | 4,773 | (3,188) |
Prepaid expenses and other assets | (2,925) | (136) |
Trade accounts payable | 615 | 305 |
Accrued expenses and other liabilities | (4,599) | 1,763 |
Legal settlement liabilities | (67) | (351) |
Operating lease liabilities | (727) | (706) |
Deferred revenue | 542 | (49) |
Net cash provided by operating activities | 3,957 | 2,858 |
Cash flows from investing activities: | ||
Purchases of marketable securities | (77,132) | (123,239) |
Proceeds from maturities of marketable securities | 72,000 | 0 |
Purchase of property and equipment | (567) | (505) |
Acquisition of business | 0 | (44,895) |
Purchase of intangible assets | (55) | 0 |
Payment for additional investment in Cytek Japan | 0 | (235) |
Net cash used in investing activities | (5,754) | (168,874) |
Cash flows from financing activities: | ||
Repayment of loan | (139) | (146) |
Payments for taxes related to net share settlement of equity awards | (148) | (57) |
Proceeds from issuance of common stock under employee stock plans | 506 | 203 |
Proceeds from line of credit | 1,394 | 0 |
Net cash provided by financing activities | 1,613 | 0 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,695 | (1,090) |
Cash, cash equivalents and restricted cash: | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,511 | (167,106) |
Cash, cash equivalents and restricted cash at beginning of period | 167,630 | 299,500 |
Cash, cash equivalents and restricted cash at end of period | 169,141 | 132,394 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 0 | 93 |
Non-cash investing and financing activities: | ||
Fixed asset purchases in accounts payable or accrued purchase at period end | 288 | 139 |
Intangible asset in accounts payable or accrued expenses at period end | $ 46 | $ 4 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business | Description of business Cytek Biosciences, Inc. (“Cytek” or the “Company”) is a leading cell analysis solutions company advancing the next generation of cell analysis tools with its novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells (“Full Spectrum Profiling ™ ” or “FSP ™ ” technology). The Company has focused on becoming the premier cell analysis company through continued innovation that facilitates scientific advances in biomedical research and clinical applications. The Company has successfully developed and manufactured its full spectrum flow cytometry platform (“instrument(s)” or “product(s)”). The Company's core FSP instruments, the Cytek Aurora ™ and Northern Lights ™ systems, deliver high-resolution, high-content and high-sensitivity cell analysis. The Company also launched its Cytek Aurora cell sorter (“Aurora CS”), which leverages FSP technology to further broaden potential applications across cell analysis. The Company’s FSP platform includes instruments, accessories, reagents, software, and services to provide a comprehensive and integrated suite of solutions for its customers. On February 28, 2023, the Company completed the acquisition of certain assets (the “FCI Acquisition”) relating to the flow cytometry and imaging business of Luminex Corporation (“Luminex”), including relating to the business of manufacturing, marketing, selling, servicing and maintaining Amnis ® - and Guava ® -branded instruments, and flow cytometry reagent products and services (the “FCI Business”). The acquired FCI Business includes conventional flow and image-based flow cytometry instrumentation and related products and services (the “FCI Products”). The Company was incorporated in the state of Delaware in December 2014 and is headquartered in Fremont, California with offices, manufacturing facilities and distribution channels across the globe. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation and summary of significant accounting policies | Basis of presentation and summary of significant accounting policies The Company has prepared the accompanying unaudited interim consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). Principles of consolidation The unaudited interim consolidated financial statements include the accounts of Cytek Biosciences, Inc., its wholly-owned subsidiaries, Cytek Limited (HK), Cytek Biosciences B.V. (Europe), Cytek (Shanghai) Biosciences Co., Ltd., Cytek Biosciences (Wuxi) Co., Ltd., Cytek Japan Kabushiki Kaisha (“Cytek Japan”), Cytek Biosciences Ltd (UK), Cytek Biosciences GmbH (Germany), Cytoville Biosciences Shanghai Co., Ltd. and Cytek (Shanghai) Software Development Technology Co., Ltd. Cytoville Biosciences Shanghai Co., Ltd. and Cytek (Shanghai) Software Development Technology Co., Ltd. were closed in the fourth quarter of 2023. All intercompany accounts and transactions have been eliminated in consolidation. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited interim consolidated financial statements and accompanying notes as of the date of the unaudited interim consolidated financial statements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. Operating segments Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company operates and manages its business as one reportable and operating segment. Foreign currency translation and transactions The Company has determined that the functional and reporting currency for its operations across the globe is the functional currency of the Company’s international subsidiaries. Accordingly, all foreign balance sheet accounts have been translated into U.S. dollars using the rate of exchange at the respective balance sheet date. Components of the unaudited interim consolidated statements of operations and comprehensive loss have been translated at the average exchange rate for the year or the reporting period. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains or losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the unaudited interim consolidated statements of operations and comprehensive loss. Cash, cash equivalents, and restricted cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents consist of money held in demand depository accounts and money market funds. The carrying amount of cash and cash equivalents, and restricted cash was $169.1 million and $167.6 million as of March 31, 2024 and December 31, 2023, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1. The C ompany limits its credit risk associated with cash and cash equivalents by maintaining its bank accounts at major and reputable financial institutions. The Company’s cash and cash equivalents balance exceeded the federally insured limit of $250,000 as of March 31, 2024. The Company classifies restricted cash as current on the accompanying unaudited interim consolidated balance sheets based upon the term of the remaining restrictions. The following is a summary of cash, cash equivalents and restricted cash on the consolidated balance sheets (in thousands): March 31, December 31, Cash $ 27,132 $ 22,407 U.S. Treasury 2,486 — Money market funds 139,170 144,892 Restricted cash 353 331 Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows $ 169,141 $ 167,630 Short-term restricted cash As of December 31, 2023, a customer made an advance payment of $0.3 million to Cytek Biosciences B.V., provided that the Customer receives a bank guarantee for the same amount as security for refund of said amount in the event that Cytek Biosciences B.V. fails to fulfill its delivery commitment. After the delivery, the restricted cash will be released into the Company's normal cash account. As of March 31, 2024, the restricted cash had not been released. As of March 31, 2024, advance payments to Cytek Biosciences B.V. totaled $0.4 million. The restricted cash will be released into the Company's normal cash account upon Cytek Biosciences B.V.'s fulfillment of its delivery commitment. Investments Available-for-sale investments. The Company's investments may consist of U.S. treasury and U.S. government agency securities, corporate notes and bonds, commercial paper, and money market funds. The Company has designated all investments as available-for-sale and, therefore, such investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. The Company generally holds securities until maturity; however, they may be sold under certain circumstances including, but not limited to, when necessary for the funding of acquisitions and other strategic investments. Realized gains and losses on the sale of investments are recorded in interest and other income, net in the consolidated statements of operations. Investments with remaining maturities at date of purchase greater than 90 days and remaining maturities as of the reporting period less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Equity Investment. The Company's investment consists of non-marketable equity investments in a privately held company. The Company’s non-marketable equity investments do not have readily determinable fair values. Therefore, the Company elects to apply the measurement alternative and record these investments at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer. Investment is included within other noncurrent assets on our consolidated balance sheets and adjustments to their carrying amounts are recorded in other income (expense), net in the consolidated statements of operations. There were no material events or circumstances impacting the carrying amount of our strategic investments during the three months ended March 31, 2024. Trade accounts receivable, net The Company’s accounts receivable consists principally of amounts due related to product sales of instrument systems and accessories, as well as installation and repair services. These receivables are generally due within 30 to 45 days of the period in which the corresponding sales occur and do not bear interest are classified as trade accounts receivable, net on the consolidated balance sheets. Trade accounts receivable are reported at their estimated net realizable value. Allowance for credit losses The Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13, Financial Instruments - Credit Losses”), on December 31, 2022, which was retroactively applied as of the first day of fiscal year 2022, as further described within the section below titled Recently Adopted Accounting Pronouncements. This accounting standard requires companies to measure expected credit losses on financial instruments based on the total estimated amount to be collected over the lifetime of the instrument. Prior to the adoption of this accounting standard, the Company recorded incurred loss reserves against receivable balances based on current and historical information. Expected credit losses for uncollectible receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions considered include pre-defined aging criteria, as well as specified events that indicate the balance due is not collectible. Reasonable and supportable forecasts used in determining the probability of future collection consider publicly available macroeconomic data and whether future credit losses are expected to differ from historical losses. The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses in accordance with this accounting standard. The changes in the allowance for credit losses for the three months ended March 31, 2024 were as follows (in thousands): Allowance for credit losses Balance at December 31, 2023 $ 372 Utilization of allowance for credit losses (198) Provision for credit losses 319 Balance at March 31, 2024 $ 493 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The Company regularly monitors inventory quantities on hand and records write-downs for excess and obsolete inventories based on an estimate of demand for products, potential obsolescence of technology, product life cycles, and whether pricing trends or forecasts indicate that the carrying value of inventory exceeds its estimated selling price. These factors are impacted by market and economic conditions, technology changes, and new product introductions and require estimates that may include elements that are uncertain. The Company's estimates of forecasted demand are based upon analysis and assumptions including, but not limited to, expected product lifecycles, product development plans and historical usage by product. If inventory is written down, a new cost basis is established that cannot be increased in future periods. Property and equipment, net Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method based on the estimated useful lives of the depreciable property or, for leasehold improvements, the remaining term of the lease, whichever is shorter. Assets not yet placed in use are not depreciated. The Company’s estimated useful lives of its property and equipment are as follows: Estimated Useful Lives Building 20 years Furniture and fixtures 7 years Laboratory equipment 5 years Office and computer equipment 3 years Leasehold improvements Shorter of expected lease term or estimated useful life Upon sale or retirement of the assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the consolidated statement of operations and comprehensive loss. Expenditures for general maintenance and repairs are expensed as incurred. Goodwill and intangible assets, net Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are estimated by management based on the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives. The Company’s estimated useful lives of its intangible assets are as follows: Estimated Useful Lives Patent 20 years Trademarks 10 years Tradename 3 - 15 years FCI developed technology 1 - 6 years Customer relationship 7 - 9 years Reagent licenses 7 years IP license 5 years Accounting for Impairment of Long-Lived Assets Long-lived assets with finite lives include property and equipment and acquired intangible assets. The Company evaluates long-lived assets, including acquired intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill impairment is recognized when the quantitative assessment results in the carrying value of the reporting unit exceeding its fair value, in which case an impairment charge is recorded to goodwill to the extent the carrying value exceeds the fair value, limited to the amount of goodwill. The Company did not recognize any impairment of goodwill for all periods presented. Fair value of financial instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The carrying amounts reflected in the unaudited interim consolidated balance sheets for cash and cash equivalents, trade accounts receivable, net, trade accounts payable and accrued expenses approximate their fair values. Revenue recognition The Company’s product revenue consists of sales of its instrument systems and accessories. The Company recognizes product revenue at the point in time when control of the product is transferred to the customer. The Company’s service revenue primarily consists of post-warranty service contracts, installations and repairs, which are recognized over time. Post-warranty service contracts are recognized ratably over the term of the contract and installations and repair services are recognized as they are delivered to the customer. Revenue is recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for its arrangements with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Invoicing for products occurs upon delivery and payment terms are 30 to 45 days. Service contracts are invoiced upfront and payment terms are generally 30 days. For those arrangements that have terms greater than one year, any payments received upfront are for reasons other than financing. Revenue is recognized only to the extent that it is probable that a significant reversal of the cumulative amount recognized will not occur in future periods. Variable consideration is not material. Certain of the Company’s sales contracts involve the delivery or performance of multiple products and services within contractually binding arrangements. The Company has determined these performance obligations qualify as distinct performance obligations, as the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, and the Company’s promise to transfer the good or service is separately identifiable from other promises in the contract. For these arrangements that contain multiple performance obligations, the Company allocates transaction price based on the relative standalone selling price (“SSP”) method by comparing the SSP of each distinct performance obligation to the total value of the contract. The Company uses a range of amounts to estimate SSP for products and services sold together in a contract to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Sales, value-add and other taxes, collected from customers concurrent with revenue generating activities and remitted to governmental authorities are not included in revenue. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included in cost of sales. The Company recognizes revenue in certain circumstances before product delivery occurs (commonly referred to as bill-and-hold transactions). When the Company enters into bill-and-hold arrangements, the Company determines if the customer obtains control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product was identified separately as belonging to the customer; (c) whether the product was ready for physical transfer to the customer; and (d) whether the Company was unable to utilize the product or direct it to another customer. For bill-and-hold arrangements, the associated product inventory is identified separately by the Company as belonging to the customer and is ready for physical transfer. During the three months ended March 31, 2024 and 2023, the Company recorded $0 million and $6.8 million of revenue under bill-and-hold arrangements, respectively. Product revenue The Company’s standard arrangement for sales to end users is a purchase order or an executed contract. Revenue is recognized upon transfer of control of the product to the customer, which occurs at a point in time depending on the shipping terms. The Company’s arrangements with its distributors include a purchase order. The purchase order is governed by terms and conditions set forth in the applicable distribution agreement. Revenue is recognized upon transfer of control of the products to the distributor, which occurs at a point in time depending on the shipping terms. Service revenue The Company’s service revenue primarily consists of post-warranty service contracts, installations and repairs, which are recognized over time. Post-warranty service contracts are recognized ratably over the term of the contract and installations and repair services are recognized as they are delivered to the customer. Service contracts are typically between one Contract liabilities Contract liabilities consist of fees invoiced or paid by the Company’s customers for which the associated services have not been performed and revenue has not been recognized based on the Company’s revenue recognition criteria described above. Such amounts are reported as deferred revenue for service and customer deposits for instruments on the consolidated balance sheets. Deferred revenue that is expected to be recognized during the following 12 months is recorded as a current liability and the remaining portion is recorded as noncurrent. Assurance-type product warranties The Company provides a one-year assurance-type warranty that is included with the sale of its instruments. At the time revenue is recognized for the products, the Company establishes an accrual for estimated warranty expense based on historical data and trends of product reliability and costs of repairing and replacing defective products. The Company exercises judgment in estimating the expected product warranty costs, using data such as the historical repair costs. While management believes that historical experience provides a reliable basis for estimating such warranty cost, unforeseen quality issues or component failure rates could result in future costs in excess of such estimates, or alternatively, improved quality and reliability in the Company’s products could result in actual expenses that are below those currently estimated. Deferred offering costs Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s planned initial public offering (“IPO”), are capitalized, and are offset against proceeds from an offering upon the effectiveness of the offering. In the event an anticipated offering is terminated, deferred offering costs will be expensed. On August 26, 2022, the Company filed with the SEC an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) (the “Registration Statement”). In connection with the filing of the Registration Statement, the Company also entered into a sales agreement (the “2022 Sales Agreement”) with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150 million of the Company’s common stock through an “at-the-market” offering program as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the terms of the 2022 Sales Agreement, the aggregate compensation payable to Piper is up to 3% of the gross proceeds from the sale of common stock sold by Piper pursuant to the 2022 Sales Agreement. Each party agreed in the 2022 Sale Agreement to provide indemnification and contribution against certain liabilities, including liabilities under the Securities Act, subject to the terms of the 2022 Sales Agreement. As of March 31, 2024, the Company has not made any sales of common stock pursuant to the 2022 Sales Agreement. Accordingly, $0.7 million in transaction expenses recorded as prepaid offering costs have not yet been expensed in transaction expenses recorded. Research and development costs Research and development costs are expensed as incurred. Research and development expenses to date consist primarily of salaries, benefits, stock-based compensation, independent contractor costs, laboratory supplies, equipment maintenance, materials expenses, and software license fees. Payments made prior to the receipt of goods or services to be used in research and development activities are recorded as prepaid expenses until the related goods or services are received. Advertising costs The cost of advertising, marketing and media is expensed as incurred. For each of the three months ended March 31, 2024 and 2023, advertising, marketing and media expenses were $0.9 million. Stock-based compensation The Company maintains an equity incentive compensation plan under which incentive stock options and nonqualified stock options to purchase common stock, and restricted stock units for common stock, are granted to employees and non-employee consultants. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service period. The fair value of stock options granted to employees is estimated using the Black-Scholes option pricing model. The Company records forfeitures as they occur. The weighted-average assumptions used in estimating the fair value of stock options granted during each of the periods presented are: Expected Volatility—Expected volatility is estimated by studying the volatility of selected industry peers deemed to be comparable to the Company's business corresponding to the expected term of the awards. Expected Term—Expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method. Dividend Yield— The expected dividend yield is zero as the Company has never declared or paid cash dividends and has no current plans to do so in the foreseeable future. Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issued in effect at the time of grant for periods corresponding with the expected term of the option. Income taxes The Company accounts for income taxes under an asset and liability approach. Deferred income taxes comprise the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax reporting purposes, net operating loss carryforwards, and other tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized. The Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company uses a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company’s policy for interest and penalties related to uncertain tax positions is to recognize interest and penalties, if any, in interest expense and other expense, respectively, in the accompanying consolidated statement of operations. Accrued interest and penalties, if any, are included in accrued expenses in the consolidated balance sheet. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and foreign jurisdictions. The U.S. state and foreign jurisdictions have statutes of limitations that generally range from three to five years. The Company’s federal, state and foreign income tax returns are subject to examination unless the statutes of limitations close. The Company is not currently under examination for federal, state, and foreign income tax purposes. The Company intends to reinvest its undistributed earnings of its foreign operations. Following enactment of the 2017 Tax Cuts and Jobs Act, the repatriation of cash to the United States is generally no longer taxable for federal income tax purposes. However, the repatriation of cash held outside the United States could be subject to applicable foreign withholding taxes and state income taxes. The Company may remit foreign earnings to the United States to the extent it is tax efficient to do so. It does not expect the tax impact from remitting these earnings to be material. The Company adopted this guidance on January 1, 2021 on a prospective basis, and the adoption did not have a material impact to the Company’s unaudited interim consolidated financial statements. Net loss per share Basic net loss per share and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding for the period. Net loss per share is calculated using the two-class method, which is an earnings allocation formula that determines net loss per share for the holders of shares of the Company’s common stock and participating securities. The Company’s redeemable convertible preferred stock contains participation rights in any dividend paid by the Company and is deemed to be a participating security. The participating securities include a contractual obligation to participate in the income of the Company and are included in the calculation of net loss per share in the periods in which net loss is recorded. Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method. The Company allocates earnings first to preferred stockholders based on non-cumulative dividend rights if and when declared and then to common and preferred stockholders based on ownership interests. The weighted-average number of shares of common stock included in the computation of diluted net loss per share gives effect to all potentially dilutive common stock equivalents, including outstanding options and redeemable convertible preferred stock. Common stock equivalents are excluded from the computation of diluted net loss per share if their effect is antidilutive. Business Combinations The Company uses the acquisition method of accounting under ASC 805, Business Combinations . Each acquired company’s operating results are included in the Company's consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed. Amounts allocated to assets and liabilities are based upon their estimated fair values. Such valuations require management to make significant estimates and assumptions, especially with respect to the identifiable intangible assets. Management makes estimates of fair value based upon assumptions believed to be reasonable and that of a market participant. These estimates are based on historical experience and information obtained from the management of the acquired companies and the estimates are inherently uncertain. The separately identifiable intangible assets generally include developed technology, customer relationships, trade names, and reagent licenses. Recently adopted accounting pronouncements There were no new accounting pronouncements adopted during the three months ended March 31, 2024 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. Recently issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes pa |
Concentrations of Credit Risk a
Concentrations of Credit Risk and Other Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit risk and other risks and uncertainties | Concentrations of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains accounts in federally insured financial institutions in excess of federally insured limits. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held and of the money market funds in which these investments are made. The Company holds marketable securities with high credit ratings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | Revenue from contracts with customers Disaggregation of revenue The following table depicts the disaggregation of revenue by sales channel mix and customer mix as defined by the nature of workflows (in thousands): Three months ended March 31, 2024 2023 Sales channel mix Direct sales channel $ 34,320 $ 25,453 Distributor channel 10,540 11,635 Total revenue, net $ 44,860 $ 37,088 Customer mix Academia and government $ 18,404 $ 15,197 Biotechnology, pharmaceutical, distributor and contract research organizations 26,456 21,891 Total revenue, net $ 44,860 $ 37,088 Revenue by geographical markets is presented in Note 22. Remaining performance obligations The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of March 31, 2024 (in thousands): Less than 1 year Greater than 1 year Total Product revenue $ 1,305 $ — $ 1,305 Service revenue 21,704 15,164 36,868 Total revenue $ 23,009 $ 15,164 $ 38,173 Contract balances The following table provides information about receivables, deferred revenue from contracts with customers, and customer deposits (in thousands): March 31, December 31, Trade accounts receivable $ 50,306 $ 55,928 Contract liabilities: Deferred revenue $ 38,173 $ 37,827 Customer deposits, which are included in 'Other current liabilities' 1,669 1,438 Total contract liabilities $ 39,842 $ 39,265 The following provides a roll-forward of the contract liabilities (in thousands): Contract liabilities Balance at December 31, 2022 $ 27,665 Revenue recognized (36,298) Revenue deferred 47,898 Balance at December 31, 2023 $ 39,265 Revenue recognized (10,738) Revenue deferred 11,315 Balance at March 31, 2024 $ 39,842 |
Balance Sheet Details
Balance Sheet Details | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance sheet details | Balance sheet details Inventories The following table shows the components of inventory (in thousands): March 31, December 31, Raw materials $ 33,520 $ 35,718 Work in progress 6,269 10,454 Finished goods 14,953 14,705 Total inventories $ 54,742 $ 60,877 Prepaid expenses and other current assets The following table shows the components of prepaid expenses and other current assets (in thousands): March 31, December 31, Prepaid expenses: Prepaid inventory $ 186 $ 292 Prepaid rent 234 255 Prepaid insurance 586 990 Prepaid income tax 5,813 5,813 Other 3,786 2,742 Other current assets: Tax refund receivable 66 192 Other 2,489 2,230 Total prepaid expenses and other current assets $ 13,160 $ 12,514 Accrued expenses The following table shows the components of accrued expenses (in thousands): March 31, December 31, Accrued expenses: Accrued compensation and related benefits $ 11,785 $ 13,748 Professional service fees 1,097 665 Purchases 1,997 1,871 Product warranty 2,379 2,805 Other 796 946 Total accrued expenses $ 18,054 $ 20,035 For the product warranty analysis refer to Note 20. Other current liabilities The following table shows the components of other current liabilities (in thousands): March 31, December 31, Other current liabilities: Customer deposits $ 1,669 $ 1,438 Income tax payable 720 1,297 Sales and use tax payable 1,202 1,763 Operating lease liability, current 2,279 2,444 Current portion of loan and line of credit 1,939 565 Other 419 396 Total other current liabilities $ 8,228 $ 7,903 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands): Description: March 31, Quoted prices Significant Significant Cash equivalents: Money market funds $ 139,170 $ 139,170 $ — $ — U.S Treasury 2,486 2,486 — — Short-term investments: U.S. Treasury 93,541 93,541 — — Commercial paper 7,757 — 7,757 — Total $ 242,954 $ 235,197 $ 7,757 $ — Description: December 31, Quoted prices Significant Significant Cash equivalents: Money market funds $ 144,892 $ 144,892 $ — $ — Short-term investments: U.S. Treasury 47,366 47,366 — — Federal agency securities 35,818 — 35,818 — Commercial paper 11,927 — 11,927 — Total $ 240,003 $ 192,258 $ 47,745 $ — The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented. The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of March 31, 2024. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investments | Investments The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of March 31, 2024 (in thousands): March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Estimated Fair Value U.S. Treasury $ 93,579 $ 2 $ (40) $ 93,541 Commercial paper 7,766 — (9) 7,757 Total available-for-sale investments $ 101,345 $ 2 $ (49) $ 101,298 The following table summarizes the contractual maturities of the Company's available-for-sale securities at March 31, 2024 (in thousands): March 31, 2024 Amortized Cost Fair Value Mature in less than one year $ 101,345 $ 101,298 Total $ 101,345 $ 101,298 The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of December 31, 2023 (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Estimated Fair Value U.S. Treasury $ 47,347 $ 19 $ — $ 47,366 Federal agency securities 35,840 — (22) 35,818 Commercial paper 11,937 — (10) 11,927 Total available-for-sale investments $ 95,124 $ 19 $ (32) $ 95,111 The following table summarizes the contractual maturities of the Company's available-for-sale securities at December 31, 2023 (in thousands): December 31, 2023 Amortized Cost Fair Value Mature in less than one year $ 95,124 $ 95,111 Total $ 95,124 $ 95,111 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net The following table shows the components of property and equipment, net (in thousands): March 31, December 31, Laboratory equipment $ 9,780 $ 9,472 Leasehold improvements 3,131 3,623 Building and land 7,847 7,653 Construction in progress 269 256 Office and computer equipment 1,218 1,235 Furniture and fixtures 2,165 2,086 Total property and equipment 24,410 24,325 Less: accumulated depreciation (6,163) (5,920) Property and equipment, net $ 18,247 $ 18,405 Total depreciation expense for the three months ended March 31, 2024 and 2023 was $0.8 million and $0.5 million, respectively. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition On February 28, 2023, the Company completed the FCI Acquisition for an aggregate cash consideration of $44.9 million. The FCI Acquisition expanded the Company's product portfolio to include high-resolution cell images with the speed, sensitivity and phenotyping abilities of flow cytometry and added cost-effective, entry-level and personal instrument options to broaden the market and research areas the Company services. The acquisition was accounted for as a business combination in accordance with ASC 805. The purchase price has been allocated to tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values, with the exception of contract liabilities assumed which are recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. The Company finalized its accounting for the FCI Acquisition during the fourth quarter of 2023. During the year ended December 31, 2023, the Company recorded the following changes as a result of measurement period adjustments to the fair value of the initial assets as follows: • Property and equipment increased by $1.4 million • Deferred tax assets increased by $0.6 million • Customer relationships increased by $0.1 million • Developed technologies increased by a total $0.7 million • Trade names increased by $0.2 million The measurement period adjustments noted above decreased goodwill by $3.0 million. The fol lowing table summarizes the estimated fair value of assets acquired and liabilities assumed at the date of the FCI Acquisition: (in thousands) Fair value of assets acquired and liabilities assumed: Inventories $ 18,695 Property and equipment 3,040 Prepaid expenses 70 Deferred tax assets 570 Intangible assets Customer Relationships 8,600 Amnis ImageStream developed technology 10,000 Guava easyCyte and Muse developed technology 140 Amnis FlowSight and CellStream developed technology 20 Amnis tradename 2,900 Guava tradename 90 Goodwill 6,038 Deferred revenue (4,952) Other current liabilities (316) Fair value of net assets acquired $ 44,895 The $6.0 million of goodwill arising from the FCI Acquisition is primarily attributed to significant time-to-market advantages, as the Company gained immediate access to the FCI Products, existing relationships and business infrastructure and knowledgeable and experienced workforce. The goodwill is deductible for tax purposes. The Company has integrated the FCI Business into its existing business structure, which is comprised of a single reportable segment and a single reporting unit. Intangible assets identified for recognition separate from goodwill were those that satisfied either the contractual or legal criterion or the separability criterion in the accounting guidance. The identifiable intangible assets acquired and their estimated useful lives for amortization are as follows: Fair Value Useful life (years) (In thousands, except for years) Customer relationships $ 8,600 9 Amnis ImageStream Developed Technology 10,000 6 Guava easyCyte and Muse Developed Technology 140 2 Amnis FlowSight and CellStream Developed Technology 20 1 Amnis Tradename 2,900 15 Guava Tradename 90 3 Total $ 21,750 The customer relationships intangible asset represents the fair value of the underlying relationships with existing customers of the FCI Business. The trade name intangible asset represents the fair value of brand and name recognition associated with the marketing of the FCI Products. The FCI developed technology intangible asset represents the fair value of access to certain imaging and microcapillary technologies. The fair value of the intangible assets acquired were estimated using variations of the income approach. The fair value of the customer relationships intangible asset was determined based on the multi-period excess earnings method and the relief-from-royalty method was utilized to estimate the fair values of the trade name and FCI developed technology intangible assets. The key assumptions used in estimating the fair values of intangible assets included forecasted financial information; customer retention rates; factors for technological obsolescence; royalty rates and discount rates. The cash flow projections were discounted using rates ranging from 29.0% to 39.0% The cash flows were based on estimates used to price the transaction, including market participant considerations, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital. All acquired intangibles are being amortized over their estimated useful lives using the straight-line method of amortization. The fair value assigned to the assets acquired are based on reasonable assumptions and estimates that market participants would use. Actual results may differ from these estimates and assumptions. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets, net | Goodwill and intangible assets, net The following table shows the components of intangible assets, net (in thousands): March 31, December 31, Patents and trademarks $ 794 $ 638 Tradename 3,767 3,823 IP license 10,636 10,636 Customer relationships 10,800 10,800 Reagent license 1,800 1,800 Total intangible assets 27,797 27,697 Less: accumulated amortization (5,545) (4,613) Intangible assets, net $ 22,252 $ 23,084 |
Legal Settlement Liability
Legal Settlement Liability | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal settlement liability | Legal settlement liability On February 13, 2018, Becton, Dickinson, and Company (“BD”) filed a lawsuit against the Company alleging trade secret misappropriation and copyright infringement. On October 6, 2020, the Company entered into a Settlement, License and Equity Issuance Agreement with BD pursuant to which the Company and BD agreed to a mutual release of all claims against each other as of the date thereof (the “BD Agreement”). Additionally, BD granted Cytek a non-exclusive, irrevocable, perpetual, worldwide and non-transferrable license to certain BD patents and covenanted that it would not enforce or permit or encourage the enforcement of BD patents against Cytek or its affiliates in connection with the development, manufacture, use, importation, offer for sale or sale of its then-current instruments. In exchange, the Company agreed that Cytek and its affiliates would not dispute or challenge in a legal proceeding the validity, enforceability or scope of the applicable BD patent claims and agreed to make certain payments to BD, including (i) a one-time upfront payment of $2 million, (ii) a low single digit royalty payment for ten years, based on net sales of certain of its products, (iii) $6 million milestone payment upon the occurrence of a certain sales threshold, and (iv) a specified payment upon the closing of a change of control transaction, if any. The Company also issued 2,087,545 shares of the Company’s common stock to BD during the year ended December 31, 2020 in connection with the BD settlement. The Company achieved the sales milestone and made the milestone payment in the quarter ended December 31, 2021. The Company separated the settlement agreement into two elements, the litigation settlement and future licensing rights. The Company could not readily determine the fair value of the litigation settlement of prior infringement claims between the Company and BD. Therefore, the Company applied the residual method and allocated the difference between the total present value consideration payable under the BD Agreement and the estimated fair value of the future licensing rights to the litigation settlement element. The Company determined the estimated fair value of the future licensing rights based on the relief from royalty method. The significant assumptions used were the market royalty rate estimated as a royalty rate that a market participant would pay to license the BD intellectual property, forecasted sales subject to the market royalty rate and the discount rate. The patents in question were determined to have an average useful life of 18 months. Accordingly, beginning with the second quarter of 2022, the remaining contractual payments were classified as operating expenses as they were considered deferred litigation settlement. The Company recorded $0.3 million and $0.5 million of interest expense for the three months ended March 31, 2024 and 2023, respectively, to accrete the present value discount of the payment streams over the payment period of ten years from the settlement date using the effective interest rate method. The Company made a one-time upfront payment and issued 2,087,545 shares of the Company’s common stock to BD during the year ended December 31, 2020. The Company recorded legal settlement liability on the consolidated balance sheets of $19.3 million and $19.0 million as of March 31, 2024 and December 31, 2023, respectively, and will record licensing expense in future periods. The following table shows the components of the legal settlement liability (in thousands): March 31, December 31, Current: Legal settlement liability $ 2,550 $ 2,561 Noncurrent: Legal settlement liability 16,722 16,477 Total legal settlement liability $ 19,272 $ 19,038 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt On November 7, 2022, Cytek (Wuxi) Biosciences Co., Ltd, the Company’s China subsidiary (“Cytek Wuxi”), entered a fixed asset loan agreement with Bank of Communications, China (the “Wuxi Loan”). The Wuxi Loan is denominated in Chinese renminbi and collateralized by Cytek Wuxi's cash deposit to the bank. The deposit is in a separate account with Cytek Wuxi's name, but the use of such account is restricted. The Company presented the deposit as restricted cash on the audited consolidated balance sheets as of December 31, 2022. In April 2023, the restricted cash account was released. The purchased building in Wuxi serves as collateral for the Wuxi Loan. The total loan amount was $2.9 million and the loan term is five years. As of March 31, 2024, the total loan amount is $2.0 million. The current portion of the loan, $0.6 million, is included in other current liabilities. The fixed interest rate on the loan was 4.5%. On January 16, 2024, the Company signed a maximum credit agreement with Bank of Communications, China. for 40 million Chinese renminbi (approximately US $5.7 million). This credit is collateralized by the Wuxi building purchased in November 2023. 20 million Chinese renminbi (approximately US $2.8 million) under the credit agreement serves as collateral for the Wuxi Loan. The remaining 20 million Chinese renminbi (approximately US $2.8 million) can be borrowed, as needed, as a short-term loan for normal business operation requirements. The line of credit is available from December 25, 2023 to December 25, 2024. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Common stock | Common stock As of March 31, 2024, the Company has authorized 1,000,000,000 shares of common stock at $0.001 par value. Holders of common stock are entitled to one vote per share, and to receive dividends, only and if declared by the Board of Directors and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders, subordinate to the rights, preferences and privileges of any outstanding Preferred Stock with respect to dividends and in connection with a liquidation, winding up and dissolution of the Company. The holders have no preemptive or other subscription rights. On August 26, 2022, the Company filed with the SEC an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) (the “Registration Statement”). In connection with the filing of the Registration Statement, the Company also entered into the “2022 Sales Agreement”-with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150 million of the Company’s common stock through an “at-the-market” offering program as defined in Rule 415 promulgated under the Securities Act. Pursuant to the terms of the 2022 Sales Agreement, the aggregate compensation payable to Piper is up to 3% of the gross proceeds from the sale of common stock sold by Piper pursuant to the 2022 Sales Agreement. Each party agreed in the 2022 Sale Agreement to provide indemnification and contribution against certain liabilities, including liabilities under the Securities Act, subject to the terms of the 2022 Sales Agreement. As of March 31, 2024, the Company has not made any sales of common stock pursuant to the 2022 Sales Agreement. Accordingly, $0.7 million in transaction expenses recorded as prepaid offering costs have not yet been expensed in transaction expenses recorded. On May 17, 2023, the Board approved a program for the repurchase by the Company of up to an aggregate of $50 million of its outstanding common stock. During the three months ended December 31, 2023, the Company repurchased 5,332,769 shares of its outstanding common stock for a total cost of approximately $34.6 million at an average price per share of $6.49. During the twelve months ended December 31, 2023, the Company repurchased 6,613,780 shares of its outstanding common stock for a total cost of approximately $44.0 million at an average price per share of $6.66. The commissions costs related with the repurchases were $0.1 million for both the three months and twelve months ended December 31, 2023. The repurchase program was used to return capital to shareholders and to minimize the dilutive impact of stock options and other stock-based awards. The repurchased shares of common stock were retired. The repurchase program expired on December 31, 2023. On August 16, 2022, the Inflation Reduction Act of 2022, or IRA, was signed into law. Among other things, the IRA imposes a 15% corporate alternative minimum tax for tax years beginning after December 31, 2022, levies a 1% excise tax on net stock repurchases after December 31, 2022, and provides tax incentives to promote clean energy. Beginning in 2023, net stock repurchases are subject to the excise tax. As of December 31, 2023, we have accrued $0.3 million in excise taxes related with our share repurchases. As of March 31, 2024, these excise taxes are still outstanding. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation plan | Stock-based compensation plan Stock Plans As of March 31, 2024, the Company had three stock-based compensation plans (the “Plans”) which are described below. 2015 Equity Incentive Plan In March 2015, the Board approved the 2015 Equity Incentive Plan (“2015 Plan”), which provided for the granting of stock options to employees, directors and consultants of the Company. As of the effective date of the 2021 Plan described below, the 2015 Plan was terminated and no further equity awards may be granted pursuant to the 2015 Plan. Outstanding stock options granted under the 2015 Plan will continue to be governed by the provisions of the 2015 Plan until expiration or exercise, whichever is earlier. 2021 Equity Incentive Plan In July 2021, the Board approved the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, performance awards, and other awards to employees, directors and consultants of the Company. The 2021 Plan became effective on July 22, 2021 in connection with the IPO. Upon the 2021 Plan’s effective date, there were 18,000,000 shares of the Company’s common stock reserved for issuance thereunder. On January 1 of each year commencing after the effective date of the IPO and continuing through and including January 1, 2031, the number of shares of the Company’s common stock reserved for issuance under the 2021 Plan will increase automatically by an amount equal to 4% of the number of shares of the Company’s common stock outstanding on the preceding December 31, unless the Company’s Board of Directors elects to authorize a lesser number of shares prior to the applicable January 1. As of March 31, 2024, the total number of shares of common stock available for issuance under the 2021 Plan was 22,290,708 shares. 2021 Employee Stock Purchase Plan In July 2021, the Board approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on July 22, 2021 in connection with the IPO. Upon the ESPP’s effective date, there were 2,000,000 shares of the Company’s common stock reserved for issuance thereunder. On January 1 of each year commencing after the effective date of the IPO and continuing through and including January 1, 2031, the number of shares of the Company’s common stock reserved for issuance under the ESPP will increase automatically by an amount equal to the lesser of (1) 1% of the number of shares of the Company’s common stock outstanding on the preceding December 31, (2) 5,000,000 shares and (3) a number of shares determined by the Board. As of March 31, 2024, the total number of shares of common stock available for issuance under the ESPP was 5,509,370 shares. Stock option valuation assumptions The Company estimates the fair value of each stock option grant on the date of grant using the Black-Scholes option pricing model. The model assumptions include expected volatility, expected term, dividend yield, and the risk-free interest rate. The expected volatility was based on the volatility of a group of similar entities. The Company derived expected term by using the “simplified” method (the expected term is determined as the average of the time-to-vesting and contractual life of the option), as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The Company based the risk-free rate on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the option. The Company has never paid any dividends and does not anticipate paying dividends in the foreseeable future, and therefore used an expected dividend yield of zero in the valuation model. Stock Options The following table shows stock option activity during the periods indicated (in thousands except share and per share data): Number of options outstanding Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value Balance as of December 31, 2023 7,219,702 $ 8.74 6.90 $ 23,574 Options granted 1,528,307 7.07 Options exercised (272,670) 1.86 Options forfeited (67,184) 15.26 Options expired (29,791) 17.00 Balance as of March 31, 2024 8,378,364 $ 8.58 7.31 $ 14,335 Options exercisable as of March 31, 2024 4,689,573 $ 7.61 6.10 $ 13,635 The weighted-average grant date fair value of options granted during the three months ended March 31, 2024 and 2023 were $4.74 and $6.92 per share, respectively. There was $24.0 million of unrecognized stock-based compensation expense related to unvested stock options as of March 31, 2024. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.59 years as of March 31, 2024. The Company currently uses authorized and unissued shares to satisfy option exercises. The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s common stock as of March 31, 2024. RSU Awards The following table shows RSU awards activity during the periods indicated: Shares Weighted-average grant date fair value per share Weighted-average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Unvested balance at December 31, 2023 2,608,257 $ 10.88 1.51 $ 23,787 Granted 3,030,998 7.07 Vested (286,655) 10.92 Forfeited (159,938) 11.14 Unvested balance at March 31, 2024 5,192,662 $ 8.65 1.82 $ 34,843 There was $43.4 million of unrecognized stock-based compensation expense related to unvested RSU awards as of March 31, 2024. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 3.45 years as of March 31, 2024. Stock-based compensation expense The following table shows the allocation of stock-based compensation expense related to the Company’s stock-based awards (in thousands): Three months ended March 31, 2024 2023 Cost of sales $ 945 $ 692 Research and development 1,322 1,434 Sales and marketing 1,007 936 General and administrative 2,366 1,637 Total stock-based compensation $ 5,640 $ 4,699 The following table shows the weighted-average valuation assumptions used in determining the fair value of employee stock options: Three months ended March 31, 2024 2023 Expected term (in years) 6.0 6.0 Expected volatility 73 % 71 % Risk-free interest rate 4 % 4 % Dividend yield - - The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the current offering period using the Black-Scholes option-pricing model: Three months ended March 31, 2024 2023 Expected term (in years) 0.5 0.5 Expected volatility 52 % 83 % Risk-free interest rate 5 % 5 % Dividend yield - - |
Employee Benefit Plan
Employee Benefit Plan | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee benefit plan | Employee benefit plan 401(k) retirement savings plan |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The Company accounts for income taxes under an asset and liability approach. Deferred income taxes comprise the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax reporting purposes, net operating loss carryforwards, and other tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized. The Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company uses a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company’s policy for interest and penalties related to uncertain tax positions is to recognize interest and penalties, if any, in interest expense and other expense, respectively, in the accompanying consolidated statement of operations. Accrued interest and penalties, if any, are included in accrued expenses in the consolidated balance sheet. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and foreign jurisdictions. The U.S. state and foreign jurisdictions have statutes of limitations that generally range from three to five years. The Company’s federal, state and foreign income tax returns are subject to examination unless the statutes of limitations close. The Company is not currently under examination for federal, state, and foreign income tax purposes. The Company intends to reinvest its undistributed earnings of its foreign operations. Following enactment of the 2017 Tax Cuts and Jobs Act, the repatriation of cash to the United States is generally no longer taxable for federal income tax purposes. However, the repatriation of cash held outside the United States could be subject to applicable foreign withholding taxes and state income taxes. The Company may remit foreign earnings to the United States to the extent it is tax efficient to do so. It does not expect the tax impact from remitting these earnings to be material. The Company adopted this guidance on January 1, 2021 on a prospective basis, and the adoption did not have a material impact to the Company’s unaudited interim consolidated financial statements. The Company's effective income tax rate from continuing operations was 31.4% and 24.7% for the three months ended March 31, 2024 and 2023, respectively. The Company’s effective income tax rate for the three months ended March 31, 2024 is higher than the US federal statutory tax rate due to the impact of state income taxes, non-deductible stock-based compensation, the Company's mix of earnings between various taxing jurisdictions, partially offset by a deduction for foreign-sourced revenue, stock compensation, and federal and state research credits. The effective income rate for the three months ended March 31, 2023 was higher than the US federal statutory tax rate primarily due to state income taxes, non-deductible stock-based compensation, the Company's mix of earnings between various taxing jurisdictions, partially offset by a deduction for foreign-sourced revenue, and federal and state research credits. Realization of the Company's deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance, the Company considers its historical, as well as future projected, taxable income along with other objectively verifiable evidence. Objectively verifiable evidence includes the Company's realization of tax attributes, assessment of tax credits, and utilization of net operating loss carryforwards during the year. Components of our results of operations: Income Taxes: The Company's benefit from income taxes consists primarily of provision for federal taxes and local taxes in the United States as well as foreign taxes. As the Company plans to expand the scale and scope of its international business activities, any changes in the United States and foreign taxation of such activities may increase the Company's overall provision for income taxes in the future. Results of operations: The fol lowing table displays the benefit from income taxes for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, Change 2024 2023 Amount % Benefit from income taxes $ (2,824) $ (2,233) $ (591) 26 % Benefit from income taxes was $2.8 million for the three months ended March 31, 2024, as compared to a benefit from income taxes of $2.2 million for the three months ended March 31, 2023. The net increase of $0.6 million for the three months ended March 31, 2024 is primarily due to a higher effective tax rate as a result of lower expected research and development tax credits in the current year. |
Lease
Lease | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease | Lease The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under Topic 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. The Company leases office facilities and equipment from unrelated parties under operating lease agreements that have initial terms ranging from 1 to 7.25 years. Some leases include one or more options to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term up to 5 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants. The Company is a sub-lessor in an agreement with a term of 3 years. Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands): Three months ended March 31, 2024 2023 Operating lease cost $ 761 $ 898 Short-term lease cost 290 24 Total lease cost $ 1,051 $ 922 For the three months ended March 31, 2024, sublease income was $57,000 recorded as other income. Supplemental cash flow information related to leases is as follows (in thousands): Three months ended March 31, 2024 2023 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 806 $ 776 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ — Supplemental balance sheet information related to leases is as follows (in thousands): March 31, December 31, Operating lease right-of-use assets $ 9,949 $ 10,853 Included in other current liabilities: Operating lease liabilities, current $ 2,279 $ 2,444 Operating lease liabilities, noncurrent 8,697 9,479 Total operating lease liabilities $ 10,976 $ 11,923 Weighted-average remaining lease term - operating leases: 4.51 4.68 Weighted-average discount rate - operating leases: 2.7% 2.7% Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of March 31, 2024 is as follows (in thousands): 2024 (excluding the three months ended March 31, 2024) $ 1,838 2025 2,550 2026 2,504 2027 2,315 2028 2,047 Thereafter 348 Total lease payments $ 11,602 Less imputed interest (626) Total present value of lease liabilities $ 10,976 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Legal proceedings The Company evaluates the status of each legal matter, if any, and assesses potential financial exposure. If the potential loss from any legal proceedings or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimated. The outcome of any proceeding is not determinable in advance. As a result, the assessment of a potential liability and the amount of accruals recorded are based on the information available at the time. |
Investment in Cytek Japan
Investment in Cytek Japan | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Investment in Cytek Japan | Investment in Cytek Japan In May 2019, the Company jointly formed Cytek Japan with TOMY Digital Biology (“TOMY”). Cytek Japan was created for the purpose of expanding the Company’s presence in Japan. The Company and TOMY each purchased $46,000 of common stock of Cytek Japan. The Company previously accounted for its 50% interest in Cytek Japan as an equity method investment. The Company recorded $40,000 for its proportionate share of Cytek Japan’s earnings prior to its additional investment, which is included in other income (expense), net in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022. In March 2021, the Company purchased an additional $688,000 of common stock of Cytek Japan and TOMY purchased an additional $229,000 of common stock of Cytek Japan. The Company’s interest in Cytek Japan increased from 50% to 73% giving the Company controlling interest. The Company consolidated Cytek Japan as of March 31, 2021. The Company recognized net assets of $1.1 million, consisting primarily of $1.0 million cash. The Company recorded noncontrolling interest of $315,000 on the unaudited interim consolidated financial statements as of March 31, 2021. In January 2023, the Company purchased an additional $235,000 of common stock of Cytek Japan. Cytek Japan became a wholly-owned subsidiary of the Company. |
Product Warranty
Product Warranty | 3 Months Ended |
Mar. 31, 2024 | |
Product Warranties Disclosures [Abstract] | |
Product warranty | Product warranty The following table shows the activity in the product warranty accrual included in accrued expenses on the consolidated balance sheets (in thousands): March 31, December 31, Balance, beginning of the period $ 2,805 $ 2,126 Accrual for current year warranties 155 3,540 Warranty cost incurred (581) (2,861) Balance, end of period $ 2,379 $ 2,805 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three months ended March 31, 2024 and 2023 (in thousands except share and per share data): Three months ended March 31, 2024 2023 Numerator Net loss $ (6,169) $ (6,807) Denominator Weighted-average common shares outstanding, basic 130,920,971 135,489,194 Effect of employee stock plans — — Weighted-average common shares outstanding, diluted 130,920,971 135,489,194 Net loss per share, basic $ (0.05) $ (0.05) Net loss per share, diluted $ (0.05) $ (0.05) Because we are in the net loss position, 2.4 million and 3.4 million shares for the three months ended March 31, 2024 and 2023, respectively, were dilutive, but were not included in the computation of diluted net loss per share because their inclusion would have been anti-dilutive. Therefore, basic net loss per share is the same as diluted net loss per share. Also approximately 6.3 million and 4.6 million equivalent shares for the three months ended March 31, 2024 and 2023, respectively, have been excluded from the calculation of diluted net loss per share because their impacts are anti-dilutive. |
Geographic Areas
Geographic Areas | 3 Months Ended |
Mar. 31, 2024 | |
Segments, Geographical Areas [Abstract] | |
Geographic areas | Geographic areas The Company sells its products worldwide and attributes revenue to the geography where the product is delivered. The geographical distribution of revenue for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three months ended March 31, 2024 2023 United States $ 21,358 $ 19,839 EMEA 15,126 10,031 APAC 6,351 6,222 Other 2,025 996 Total revenue, net $ 44,860 $ 37,088 EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and Latin America. For the three months ended March 31, 2024 and 2023, the Company had no major customers. As of March 31, 2024 and December 31, 2023, the Company’s long-lived assets by geographic area were as follows (in thousands): March 31, 2024 December 31, 2023 United States $ 8,588 $ 8,814 EMEA 415 325 APAC 9,244 9,266 Total $ 18,247 $ 18,405 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation |
Use of estimates | Use of estimates |
Operating segments | Operating segments |
Foreign currency translation and transactions | Foreign currency translation and transactions |
Cash, cash equivalents, and restricted cash | Cash, cash equivalents, and restricted cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents consist of money held in demand depository accounts and money market funds. The carrying amount of cash and cash equivalents, and restricted cash was $169.1 million and $167.6 million as of March 31, 2024 and December 31, 2023, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1. The C ompany limits its credit risk associated with cash and cash equivalents by maintaining its bank accounts at major and reputable financial institutions. The Company’s cash and cash equivalents balance exceeded the federally insured limit of $250,000 as of March 31, 2024. |
Investments | Investments Available-for-sale investments. The Company's investments may consist of U.S. treasury and U.S. government agency securities, corporate notes and bonds, commercial paper, and money market funds. The Company has designated all investments as available-for-sale and, therefore, such investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. The Company generally holds securities until maturity; however, they may be sold under certain circumstances including, but not limited to, when necessary for the funding of acquisitions and other strategic investments. Realized gains and losses on the sale of investments are recorded in interest and other income, net in the consolidated statements of operations. Investments with remaining maturities at date of purchase greater than 90 days and remaining maturities as of the reporting period less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. Equity Investment. The Company's investment consists of non-marketable equity investments in a privately held company. The Company’s non-marketable equity investments do not have readily determinable fair values. Therefore, the Company elects to apply the measurement alternative and record these investments at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer. Investment is included within other noncurrent assets on our consolidated balance sheets and adjustments to their carrying amounts are recorded in other income (expense), net in the consolidated statements of operations. There were no material events or circumstances impacting the carrying amount of our strategic investments during the three months ended March 31, 2024. |
Trade accounts receivable, net | Trade accounts receivable, net The Company’s accounts receivable consists principally of amounts due related to product sales of instrument systems and accessories, as well as installation and repair services. These receivables are generally due within 30 to 45 days of the period in which the corresponding sales occur and do not bear interest are classified as trade accounts receivable, net on the consolidated balance sheets. Trade accounts receivable are reported at their estimated net realizable value. |
Allowance for credit losses | Allowance for credit losses The Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13, Financial Instruments - Credit Losses”), on December 31, 2022, which was retroactively applied as of the first day of fiscal year 2022, as further described within the section below titled Recently Adopted Accounting Pronouncements. This accounting standard requires companies to measure expected credit losses on financial instruments based on the total estimated amount to be collected over the lifetime of the instrument. Prior to the adoption of this accounting standard, the Company recorded incurred loss reserves against receivable balances based on current and historical information. Expected credit losses for uncollectible receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions considered include pre-defined aging criteria, as well as specified events that indicate the balance due is not collectible. Reasonable and supportable forecasts used in determining the probability of future collection consider publicly available macroeconomic data and whether future credit losses are expected to differ from historical losses. The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses in accordance with this accounting standard. The changes in the allowance for credit losses for the three months ended March 31, 2024 were as follows (in thousands): Allowance for credit losses Balance at December 31, 2023 $ 372 Utilization of allowance for credit losses (198) Provision for credit losses 319 Balance at March 31, 2024 $ 493 |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The Company regularly monitors inventory quantities on hand and records write-downs for excess and obsolete inventories based on an estimate of demand for products, potential obsolescence of technology, product life cycles, and whether pricing trends or forecasts indicate that the carrying value of inventory exceeds its estimated selling price. These factors are impacted by market and economic conditions, technology changes, and new product introductions and require estimates that may include elements that are uncertain. The Company's estimates of forecasted demand are based upon analysis and assumptions including, but not limited to, expected product lifecycles, product development plans and historical usage by product. If inventory is written down, a new cost basis is established that cannot be increased in future periods. |
Property and equipment, net | Property and equipment, net Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method based on the estimated useful lives of the depreciable property or, for leasehold improvements, the remaining term of the lease, whichever is shorter. Assets not yet placed in use are not depreciated. The Company’s estimated useful lives of its property and equipment are as follows: Estimated Useful Lives Building 20 years Furniture and fixtures 7 years Laboratory equipment 5 years Office and computer equipment 3 years Leasehold improvements Shorter of expected lease term or estimated useful life |
Goodwill and intangible assets, net | Goodwill and intangible assets, net Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are estimated by management based on the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives. The Company’s estimated useful lives of its intangible assets are as follows: Estimated Useful Lives Patent 20 years Trademarks 10 years Tradename 3 - 15 years FCI developed technology 1 - 6 years Customer relationship 7 - 9 years Reagent licenses 7 years IP license 5 years |
Accounting for Impairment of Long-Lived Assets | Accounting for Impairment of Long-Lived Assets Long-lived assets with finite lives include property and equipment and acquired intangible assets. The Company evaluates long-lived assets, including acquired intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill impairment is recognized when the quantitative assessment results in the carrying value of the reporting unit exceeding its fair value, in which case an impairment charge is recorded to goodwill to the extent the carrying value exceeds the fair value, limited to the amount of goodwill. The Company did not recognize any impairment of goodwill for all periods presented. |
Fair value of financial instruments | Fair value of financial instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. |
Revenue recognition | Revenue recognition The Company’s product revenue consists of sales of its instrument systems and accessories. The Company recognizes product revenue at the point in time when control of the product is transferred to the customer. The Company’s service revenue primarily consists of post-warranty service contracts, installations and repairs, which are recognized over time. Post-warranty service contracts are recognized ratably over the term of the contract and installations and repair services are recognized as they are delivered to the customer. Revenue is recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for its arrangements with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Invoicing for products occurs upon delivery and payment terms are 30 to 45 days. Service contracts are invoiced upfront and payment terms are generally 30 days. For those arrangements that have terms greater than one year, any payments received upfront are for reasons other than financing. Revenue is recognized only to the extent that it is probable that a significant reversal of the cumulative amount recognized will not occur in future periods. Variable consideration is not material. Certain of the Company’s sales contracts involve the delivery or performance of multiple products and services within contractually binding arrangements. The Company has determined these performance obligations qualify as distinct performance obligations, as the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, and the Company’s promise to transfer the good or service is separately identifiable from other promises in the contract. For these arrangements that contain multiple performance obligations, the Company allocates transaction price based on the relative standalone selling price (“SSP”) method by comparing the SSP of each distinct performance obligation to the total value of the contract. The Company uses a range of amounts to estimate SSP for products and services sold together in a contract to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Sales, value-add and other taxes, collected from customers concurrent with revenue generating activities and remitted to governmental authorities are not included in revenue. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included in cost of sales. The Company recognizes revenue in certain circumstances before product delivery occurs (commonly referred to as bill-and-hold transactions). When the Company enters into bill-and-hold arrangements, the Company determines if the customer obtains control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product was identified separately as belonging to the customer; (c) whether the product was ready for physical transfer to the customer; and (d) whether the Company was unable to utilize the product or direct it to another customer. For bill-and-hold arrangements, the associated product inventory is identified separately by the Company as belonging to the customer and is ready for physical transfer. During the three months ended March 31, 2024 and 2023, the Company recorded $0 million and $6.8 million of revenue under bill-and-hold arrangements, respectively. Product revenue The Company’s standard arrangement for sales to end users is a purchase order or an executed contract. Revenue is recognized upon transfer of control of the product to the customer, which occurs at a point in time depending on the shipping terms. The Company’s arrangements with its distributors include a purchase order. The purchase order is governed by terms and conditions set forth in the applicable distribution agreement. Revenue is recognized upon transfer of control of the products to the distributor, which occurs at a point in time depending on the shipping terms. Service revenue one |
Contract liabilities | Contract liabilities |
Assurance-type product warranties | Assurance-type product warranties |
Deferred offering costs | Deferred offering costs Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s planned initial public offering (“IPO”), are capitalized, and are offset against proceeds from an offering upon the effectiveness of the offering. In the event an anticipated offering is terminated, deferred offering costs will be expensed. On August 26, 2022, the Company filed with the SEC an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) (the “Registration Statement”). In connection with the filing of the Registration Statement, the Company also entered into a sales agreement (the “2022 Sales Agreement”) with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150 million of the Company’s common stock through an “at-the-market” offering program as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the terms of the 2022 Sales Agreement, the aggregate compensation payable to Piper is up to 3% of the gross proceeds from the sale of common stock sold by Piper pursuant to the 2022 Sales Agreement. Each party agreed in the 2022 Sale Agreement to provide indemnification and contribution against certain liabilities, including liabilities under the Securities Act, subject to the terms of the 2022 Sales Agreement. As of March 31, 2024, the Company has not made any sales of common stock pursuant to the 2022 Sales Agreement. Accordingly, $0.7 million in transaction expenses recorded as prepaid offering costs have not yet been expensed in transaction expenses recorded. |
Research and development costs | Research and development costs |
Advertising costs | Advertising costs |
Stock-based compensation | Stock-based compensation The Company maintains an equity incentive compensation plan under which incentive stock options and nonqualified stock options to purchase common stock, and restricted stock units for common stock, are granted to employees and non-employee consultants. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service period. The fair value of stock options granted to employees is estimated using the Black-Scholes option pricing model. The Company records forfeitures as they occur. The weighted-average assumptions used in estimating the fair value of stock options granted during each of the periods presented are: Expected Volatility—Expected volatility is estimated by studying the volatility of selected industry peers deemed to be comparable to the Company's business corresponding to the expected term of the awards. Expected Term—Expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method. Dividend Yield— The expected dividend yield is zero as the Company has never declared or paid cash dividends and has no current plans to do so in the foreseeable future. |
Income taxes | Income taxes The Company accounts for income taxes under an asset and liability approach. Deferred income taxes comprise the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax reporting purposes, net operating loss carryforwards, and other tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized. The Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company uses a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company’s policy for interest and penalties related to uncertain tax positions is to recognize interest and penalties, if any, in interest expense and other expense, respectively, in the accompanying consolidated statement of operations. Accrued interest and penalties, if any, are included in accrued expenses in the consolidated balance sheet. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and foreign jurisdictions. The U.S. state and foreign jurisdictions have statutes of limitations that generally range from three to five years. The Company’s federal, state and foreign income tax returns are subject to examination unless the statutes of limitations close. The Company is not currently under examination for federal, state, and foreign income tax purposes. |
Net loss per share | Net loss per share Basic net loss per share and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding for the period. Net loss per share is calculated using the two-class method, which is an earnings allocation formula that determines net loss per share for the holders of shares of the Company’s common stock and participating securities. The Company’s redeemable convertible preferred stock contains participation rights in any dividend paid by the Company and is deemed to be a participating security. The participating securities include a contractual obligation to participate in the income of the Company and are included in the calculation of net loss per share in the periods in which net loss is recorded. Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method. The Company allocates earnings first to preferred stockholders based on non-cumulative dividend rights if and when declared and then to common and preferred stockholders based on ownership interests. The weighted-average number of shares of common stock included in the computation of diluted net loss per share gives effect to all potentially dilutive common stock equivalents, including outstanding options and redeemable convertible preferred stock. |
Business Combinations | Business Combinations The Company uses the acquisition method of accounting under ASC 805, Business Combinations . Each acquired company’s operating results are included in the Company's consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed. Amounts allocated to assets and liabilities are based upon their estimated fair values. Such valuations require management to make significant estimates and assumptions, especially with respect to the identifiable intangible assets. Management makes estimates of fair value based upon assumptions believed to be reasonable and that of a market participant. These estimates are based on historical experience and information obtained from the management of the acquired companies and the estimates are inherently uncertain. The separately identifiable intangible assets generally include developed technology, customer relationships, trade names, and reagent licenses. Recently adopted accounting pronouncements There were no new accounting pronouncements adopted during the three months ended March 31, 2024 that materially impacted the Company’s condensed consolidated financial statements and related disclosures. |
Recently adopted accounting pronouncements | Recently issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement. The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on its financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | The following is a summary of cash, cash equivalents and restricted cash on the consolidated balance sheets (in thousands): March 31, December 31, Cash $ 27,132 $ 22,407 U.S. Treasury 2,486 — Money market funds 139,170 144,892 Restricted cash 353 331 Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows $ 169,141 $ 167,630 |
Schedule of Restrictions on Cash and Cash Equivalents | The following is a summary of cash, cash equivalents and restricted cash on the consolidated balance sheets (in thousands): March 31, December 31, Cash $ 27,132 $ 22,407 U.S. Treasury 2,486 — Money market funds 139,170 144,892 Restricted cash 353 331 Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows $ 169,141 $ 167,630 |
Schedule of Accounts Receivable, Allowance for Doubtful Debt | The changes in the allowance for credit losses for the three months ended March 31, 2024 were as follows (in thousands): Allowance for credit losses Balance at December 31, 2023 $ 372 Utilization of allowance for credit losses (198) Provision for credit losses 319 Balance at March 31, 2024 $ 493 |
Schedule of Useful Life of Property Plant and Equipment | The Company’s estimated useful lives of its property and equipment are as follows: Estimated Useful Lives Building 20 years Furniture and fixtures 7 years Laboratory equipment 5 years Office and computer equipment 3 years Leasehold improvements Shorter of expected lease term or estimated useful life |
Schedule of Finite-Lived Intangible Assets | The Company’s estimated useful lives of its intangible assets are as follows: Estimated Useful Lives Patent 20 years Trademarks 10 years Tradename 3 - 15 years FCI developed technology 1 - 6 years Customer relationship 7 - 9 years Reagent licenses 7 years IP license 5 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table depicts the disaggregation of revenue by sales channel mix and customer mix as defined by the nature of workflows (in thousands): Three months ended March 31, 2024 2023 Sales channel mix Direct sales channel $ 34,320 $ 25,453 Distributor channel 10,540 11,635 Total revenue, net $ 44,860 $ 37,088 Customer mix Academia and government $ 18,404 $ 15,197 Biotechnology, pharmaceutical, distributor and contract research organizations 26,456 21,891 Total revenue, net $ 44,860 $ 37,088 |
Schedule of Estimated Revenues Expected to be Recognized in the Future Related to Performance Obligations | The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of March 31, 2024 (in thousands): Less than 1 year Greater than 1 year Total Product revenue $ 1,305 $ — $ 1,305 Service revenue 21,704 15,164 36,868 Total revenue $ 23,009 $ 15,164 $ 38,173 |
Schedule of Contract with Customer Contract Asset Contract Liability and Receivable | The following table provides information about receivables, deferred revenue from contracts with customers, and customer deposits (in thousands): March 31, December 31, Trade accounts receivable $ 50,306 $ 55,928 Contract liabilities: Deferred revenue $ 38,173 $ 37,827 Customer deposits, which are included in 'Other current liabilities' 1,669 1,438 Total contract liabilities $ 39,842 $ 39,265 The following provides a roll-forward of the contract liabilities (in thousands): Contract liabilities Balance at December 31, 2022 $ 27,665 Revenue recognized (36,298) Revenue deferred 47,898 Balance at December 31, 2023 $ 39,265 Revenue recognized (10,738) Revenue deferred 11,315 Balance at March 31, 2024 $ 39,842 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Components of Inventory | The following table shows the components of inventory (in thousands): March 31, December 31, Raw materials $ 33,520 $ 35,718 Work in progress 6,269 10,454 Finished goods 14,953 14,705 Total inventories $ 54,742 $ 60,877 |
Schedule of Components of Prepaid Expenses and Other Current Assets | The following table shows the components of prepaid expenses and other current assets (in thousands): March 31, December 31, Prepaid expenses: Prepaid inventory $ 186 $ 292 Prepaid rent 234 255 Prepaid insurance 586 990 Prepaid income tax 5,813 5,813 Other 3,786 2,742 Other current assets: Tax refund receivable 66 192 Other 2,489 2,230 Total prepaid expenses and other current assets $ 13,160 $ 12,514 |
Schedule of Components of Accrued Expenses | The following table shows the components of accrued expenses (in thousands): March 31, December 31, Accrued expenses: Accrued compensation and related benefits $ 11,785 $ 13,748 Professional service fees 1,097 665 Purchases 1,997 1,871 Product warranty 2,379 2,805 Other 796 946 Total accrued expenses $ 18,054 $ 20,035 |
Schedule of Components of Other Current Liabilities | The following table shows the components of other current liabilities (in thousands): March 31, December 31, Other current liabilities: Customer deposits $ 1,669 $ 1,438 Income tax payable 720 1,297 Sales and use tax payable 1,202 1,763 Operating lease liability, current 2,279 2,444 Current portion of loan and line of credit 1,939 565 Other 419 396 Total other current liabilities $ 8,228 $ 7,903 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule of Financial Instruments Measured on Recurring Basis | The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands): Description: March 31, Quoted prices Significant Significant Cash equivalents: Money market funds $ 139,170 $ 139,170 $ — $ — U.S Treasury 2,486 2,486 — — Short-term investments: U.S. Treasury 93,541 93,541 — — Commercial paper 7,757 — 7,757 — Total $ 242,954 $ 235,197 $ 7,757 $ — Description: December 31, Quoted prices Significant Significant Cash equivalents: Money market funds $ 144,892 $ 144,892 $ — $ — Short-term investments: U.S. Treasury 47,366 47,366 — — Federal agency securities 35,818 — 35,818 — Commercial paper 11,927 — 11,927 — Total $ 240,003 $ 192,258 $ 47,745 $ — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Schedule of Available for Sale Securities | The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of March 31, 2024 (in thousands): March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Estimated Fair Value U.S. Treasury $ 93,579 $ 2 $ (40) $ 93,541 Commercial paper 7,766 — (9) 7,757 Total available-for-sale investments $ 101,345 $ 2 $ (49) $ 101,298 The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of December 31, 2023 (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Estimated Fair Value U.S. Treasury $ 47,347 $ 19 $ — $ 47,366 Federal agency securities 35,840 — (22) 35,818 Commercial paper 11,937 — (10) 11,927 Total available-for-sale investments $ 95,124 $ 19 $ (32) $ 95,111 |
Schedule of the Contractual Maturities for Available Sale Securities | The following table summarizes the contractual maturities of the Company's available-for-sale securities at March 31, 2024 (in thousands): March 31, 2024 Amortized Cost Fair Value Mature in less than one year $ 101,345 $ 101,298 Total $ 101,345 $ 101,298 The following table summarizes the contractual maturities of the Company's available-for-sale securities at December 31, 2023 (in thousands): December 31, 2023 Amortized Cost Fair Value Mature in less than one year $ 95,124 $ 95,111 Total $ 95,124 $ 95,111 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Useful Life of Property Plant and Equipment | The following table shows the components of property and equipment, net (in thousands): March 31, December 31, Laboratory equipment $ 9,780 $ 9,472 Leasehold improvements 3,131 3,623 Building and land 7,847 7,653 Construction in progress 269 256 Office and computer equipment 1,218 1,235 Furniture and fixtures 2,165 2,086 Total property and equipment 24,410 24,325 Less: accumulated depreciation (6,163) (5,920) Property and equipment, net $ 18,247 $ 18,405 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Identifiable Assets Acquired and is Reconciled to the Purchase Price | The fol lowing table summarizes the estimated fair value of assets acquired and liabilities assumed at the date of the FCI Acquisition: (in thousands) Fair value of assets acquired and liabilities assumed: Inventories $ 18,695 Property and equipment 3,040 Prepaid expenses 70 Deferred tax assets 570 Intangible assets Customer Relationships 8,600 Amnis ImageStream developed technology 10,000 Guava easyCyte and Muse developed technology 140 Amnis FlowSight and CellStream developed technology 20 Amnis tradename 2,900 Guava tradename 90 Goodwill 6,038 Deferred revenue (4,952) Other current liabilities (316) Fair value of net assets acquired $ 44,895 |
Schedule of Identifiable Intangible Assets Acquired and Their Estimated Useful Lives for Amortization | The identifiable intangible assets acquired and their estimated useful lives for amortization are as follows: Fair Value Useful life (years) (In thousands, except for years) Customer relationships $ 8,600 9 Amnis ImageStream Developed Technology 10,000 6 Guava easyCyte and Muse Developed Technology 140 2 Amnis FlowSight and CellStream Developed Technology 20 1 Amnis Tradename 2,900 15 Guava Tradename 90 3 Total $ 21,750 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table shows the components of intangible assets, net (in thousands): March 31, December 31, Patents and trademarks $ 794 $ 638 Tradename 3,767 3,823 IP license 10,636 10,636 Customer relationships 10,800 10,800 Reagent license 1,800 1,800 Total intangible assets 27,797 27,697 Less: accumulated amortization (5,545) (4,613) Intangible assets, net $ 22,252 $ 23,084 |
Legal Settlement Liability (Tab
Legal Settlement Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Legal Settlement Liability | The following table shows the components of the legal settlement liability (in thousands): March 31, December 31, Current: Legal settlement liability $ 2,550 $ 2,561 Noncurrent: Legal settlement liability 16,722 16,477 Total legal settlement liability $ 19,272 $ 19,038 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table shows stock option activity during the periods indicated (in thousands except share and per share data): Number of options outstanding Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value Balance as of December 31, 2023 7,219,702 $ 8.74 6.90 $ 23,574 Options granted 1,528,307 7.07 Options exercised (272,670) 1.86 Options forfeited (67,184) 15.26 Options expired (29,791) 17.00 Balance as of March 31, 2024 8,378,364 $ 8.58 7.31 $ 14,335 Options exercisable as of March 31, 2024 4,689,573 $ 7.61 6.10 $ 13,635 |
Schedule of RSU Awards Activity | The following table shows RSU awards activity during the periods indicated: Shares Weighted-average grant date fair value per share Weighted-average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Unvested balance at December 31, 2023 2,608,257 $ 10.88 1.51 $ 23,787 Granted 3,030,998 7.07 Vested (286,655) 10.92 Forfeited (159,938) 11.14 Unvested balance at March 31, 2024 5,192,662 $ 8.65 1.82 $ 34,843 |
Schedule of Stock-Based Compensation Expense | The following table shows the allocation of stock-based compensation expense related to the Company’s stock-based awards (in thousands): Three months ended March 31, 2024 2023 Cost of sales $ 945 $ 692 Research and development 1,322 1,434 Sales and marketing 1,007 936 General and administrative 2,366 1,637 Total stock-based compensation $ 5,640 $ 4,699 |
Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of Options Granted | The following table shows the weighted-average valuation assumptions used in determining the fair value of employee stock options: Three months ended March 31, 2024 2023 Expected term (in years) 6.0 6.0 Expected volatility 73 % 71 % Risk-free interest rate 4 % 4 % Dividend yield - - |
Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of the ESPP for the Initial Offering | The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the current offering period using the Black-Scholes option-pricing model: Three months ended March 31, 2024 2023 Expected term (in years) 0.5 0.5 Expected volatility 52 % 83 % Risk-free interest rate 5 % 5 % Dividend yield - - |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The fol lowing table displays the benefit from income taxes for the three months ended March 31, 2024 and 2023 (in thousands): Three months ended March 31, Change 2024 2023 Amount % Benefit from income taxes $ (2,824) $ (2,233) $ (591) 26 % |
Lease (Tables)
Lease (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Lease Expense | Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands): Three months ended March 31, 2024 2023 Operating lease cost $ 761 $ 898 Short-term lease cost 290 24 Total lease cost $ 1,051 $ 922 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases is as follows (in thousands): Three months ended March 31, 2024 2023 Cash paid for amounts included in measurement of lease liabilities: Operating cash outflows - payments on operating leases $ 806 $ 776 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ — |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows (in thousands): March 31, December 31, Operating lease right-of-use assets $ 9,949 $ 10,853 Included in other current liabilities: Operating lease liabilities, current $ 2,279 $ 2,444 Operating lease liabilities, noncurrent 8,697 9,479 Total operating lease liabilities $ 10,976 $ 11,923 Weighted-average remaining lease term - operating leases: 4.51 4.68 Weighted-average discount rate - operating leases: 2.7% 2.7% |
Schedule of Future Undiscounted Cash Flows and Reconciliation to the Lease Liabilities Recognized | Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of March 31, 2024 is as follows (in thousands): 2024 (excluding the three months ended March 31, 2024) $ 1,838 2025 2,550 2026 2,504 2027 2,315 2028 2,047 Thereafter 348 Total lease payments $ 11,602 Less imputed interest (626) Total present value of lease liabilities $ 10,976 |
Product Warranty (Tables)
Product Warranty (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following table shows the activity in the product warranty accrual included in accrued expenses on the consolidated balance sheets (in thousands): March 31, December 31, Balance, beginning of the period $ 2,805 $ 2,126 Accrual for current year warranties 155 3,540 Warranty cost incurred (581) (2,861) Balance, end of period $ 2,379 $ 2,805 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of the Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three months ended March 31, 2024 and 2023 (in thousands except share and per share data): Three months ended March 31, 2024 2023 Numerator Net loss $ (6,169) $ (6,807) Denominator Weighted-average common shares outstanding, basic 130,920,971 135,489,194 Effect of employee stock plans — — Weighted-average common shares outstanding, diluted 130,920,971 135,489,194 Net loss per share, basic $ (0.05) $ (0.05) Net loss per share, diluted $ (0.05) $ (0.05) |
Geographic Areas (Tables)
Geographic Areas (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenue from External Customers by Geographical Areas | The geographical distribution of revenue for the three months ended March 31, 2024 and 2023 was as follows (in thousands): Three months ended March 31, 2024 2023 United States $ 21,358 $ 19,839 EMEA 15,126 10,031 APAC 6,351 6,222 Other 2,025 996 Total revenue, net $ 44,860 $ 37,088 EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and Latin America. For the three months ended March 31, 2024 and 2023, the Company had no major customers. As of March 31, 2024 and December 31, 2023, the Company’s long-lived assets by geographic area were as follows (in thousands): March 31, 2024 December 31, 2023 United States $ 8,588 $ 8,814 EMEA 415 325 APAC 9,244 9,266 Total $ 18,247 $ 18,405 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 26, 2022 USD ($) | |
Accounting Policies [Line Items] | |||||
Number of operating segments | segment | 1 | ||||
Number of reportable segments | segment | 1 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents | $ 169,141,000 | $ 132,394,000 | $ 167,630,000 | $ 299,500,000 | |
Cash, FDIC insured amount | 250,000 | ||||
Restricted cash | $ 353,000 | 331,000 | |||
Upfront and payment terms | 30 days | ||||
Total revenue, net | $ 44,860,000 | 37,088,000 | |||
Common stock, value, issued | 131,000 | $ 131,000 | |||
Advertising, marketing and media expenses | 900,000 | ||||
At Market Offering | |||||
Accounting Policies [Line Items] | |||||
Deferred offering costs | 700,000 | ||||
2022 Sales Agreement | |||||
Accounting Policies [Line Items] | |||||
Deferred offering costs | 700,000 | ||||
2022 Sales Agreement | At Market Offering | |||||
Accounting Policies [Line Items] | |||||
Common stock, value, issued | $ 150,000,000 | ||||
Product | |||||
Accounting Policies [Line Items] | |||||
Total revenue, net | 34,122,000 | 31,172,000 | |||
Bill-and-hold arrangements | |||||
Accounting Policies [Line Items] | |||||
Total revenue, net | $ 0 | $ 6,800,000 | |||
Minimum | |||||
Accounting Policies [Line Items] | |||||
Trade accounts receivable | 30 days | ||||
Delivery and payment terms | 30 days | ||||
Service contracts terms | 1 year | ||||
Maximum | |||||
Accounting Policies [Line Items] | |||||
Trade accounts receivable | 45 days | ||||
Delivery and payment terms | 45 days | ||||
Service contracts terms | 3 years | ||||
Maximum | 2022 Sales Agreement | |||||
Accounting Policies [Line Items] | |||||
Aggregate compensation payable percentage | 0.03 | ||||
Maximum | 2022 Sales Agreement | At Market Offering | |||||
Accounting Policies [Line Items] | |||||
Aggregate compensation payable percentage | 0.03 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||||
Cash | $ 27,132 | $ 22,407 | ||
U.S. Treasury | 2,486 | 0 | ||
Money market funds | 139,170 | 144,892 | ||
Restricted cash | 353 | 331 | ||
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows | $ 169,141 | $ 167,630 | $ 132,394 | $ 299,500 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivables Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 372 |
Utilization of allowance for credit losses | (198) |
Provision for credit losses | 319 |
Ending balance | $ 493 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Useful Life of Property Plant and Equipment (Details) | Mar. 31, 2024 |
Building | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 20 years |
Furniture and fixtures | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 7 years |
Laboratory equipment | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 5 years |
Office and computer equipment | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 3 years |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets (Details) | Mar. 31, 2024 |
Patent | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 20 years |
Trademarks | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 10 years |
Tradename | Minimum | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 3 years |
Tradename | Maximum | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 15 years |
FCI developed technology | Minimum | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 1 year |
FCI developed technology | Maximum | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 6 years |
Customer relationship | Minimum | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 7 years |
Customer relationship | Maximum | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 9 years |
Reagent licenses | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 7 years |
IP license | |
Accounting Policies [Line Items] | |
Estimated Useful Lives | 5 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue, net | $ 44,860 | $ 37,088 |
Academia and government | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue, net | 18,404 | 15,197 |
Biotechnology, pharmaceutical, distributor and contract research organizations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue, net | 26,456 | 21,891 |
Direct sales channel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue, net | 34,320 | 25,453 |
Distributor channel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue, net | $ 10,540 | $ 11,635 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Schedule of Estimated Revenues Expected to be Recognized in the Future Related to Performance Obligations (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Disaggregation of Revenue [Line Items] | |
Total revenue | $ 38,173 |
Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 23,009 |
Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 15,164 |
Product | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 1,305 |
Product | Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 1,305 |
Product | Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 0 |
Service | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 36,868 |
Service | Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 21,704 |
Service | Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | $ 15,164 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Schedule of Information About Receivables, Customer Deposits and Deferred Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable, net | $ 50,306 | $ 55,928 |
Contract liabilities: | ||
Deferred revenue | 38,173 | 37,827 |
Customer deposits, which are included in 'Other current liabilities' | 1,669 | 1,438 |
Total contract liabilities | $ 39,842 | $ 39,265 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule of Rollforward of Current Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Contract Liabilities [Roll Forward] | ||
Balance | $ 27,665 | |
Balance | $ 39,265 | |
Revenue recognized | (10,738) | (36,298) |
Revenue deferred | 11,315 | 47,898 |
Balance | $ 39,842 | $ 39,265 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 33,520 | $ 35,718 |
Work in progress | 6,269 | 10,454 |
Finished goods | 14,953 | 14,705 |
Total inventories | $ 54,742 | $ 60,877 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid expenses: | ||
Prepaid inventory | $ 186 | $ 292 |
Prepaid rent | 234 | 255 |
Prepaid insurance | 586 | 990 |
Prepaid income tax | 5,813 | 5,813 |
Other | 3,786 | 2,742 |
Other current assets: | ||
Tax refund receivable | 66 | 192 |
Other | 2,489 | 2,230 |
Total prepaid expenses and other current assets | $ 13,160 | $ 12,514 |
Balance Sheet Details - Summary
Balance Sheet Details - Summary of Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation and related benefits | $ 11,785 | $ 13,748 |
Professional service fees | 1,097 | 665 |
Purchases | 1,997 | 1,871 |
Product warranty | 2,379 | 2,805 |
Other | 796 | 946 |
Total accrued expenses | $ 18,054 | $ 20,035 |
Balance Sheet Details - Summa_2
Balance Sheet Details - Summary of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Customer deposits | $ 1,669 | $ 1,438 |
Income tax payable | 720 | 1,297 |
Sales and use tax payable | 1,202 | 1,763 |
Operating lease liability, current | 2,279 | 2,444 |
Current portion of loan and line of credit | 1,939 | 565 |
Other | 419 | 396 |
Total other current liabilities | $ 8,228 | $ 7,903 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total other current liabilities | Total other current liabilities |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 242,954 | $ 240,003 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 235,197 | 192,258 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 7,757 | 47,745 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Money market funds | Cash equivalents: | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 139,170 | 144,892 |
Money market funds | Cash equivalents: | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 139,170 | 144,892 |
Money market funds | Cash equivalents: | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Money market funds | Cash equivalents: | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
U.S. Treasury | Cash equivalents: | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 2,486 | |
U.S. Treasury | Cash equivalents: | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 2,486 | |
U.S. Treasury | Cash equivalents: | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
U.S. Treasury | Cash equivalents: | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
U.S. Treasury | Short-term investments: | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 93,541 | 47,366 |
U.S. Treasury | Short-term investments: | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 93,541 | 47,366 |
U.S. Treasury | Short-term investments: | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
U.S. Treasury | Short-term investments: | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Federal agency securities | Short-term investments: | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 35,818 | |
Federal agency securities | Short-term investments: | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Federal agency securities | Short-term investments: | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 35,818 | |
Federal agency securities | Short-term investments: | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Commercial paper | Short-term investments: | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 7,757 | 11,927 |
Commercial paper | Short-term investments: | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Commercial paper | Short-term investments: | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 7,757 | 11,927 |
Commercial paper | Short-term investments: | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Marketable equity investments | $ 1.6 |
Investments - Summary the Compa
Investments - Summary the Company's Investments in Available Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 101,345 | $ 95,124 |
Gross Unrealized Gains | 2 | 19 |
Gross Unrealized Loss | (49) | (32) |
Estimated Fair Value | 101,298 | 95,111 |
U.S. Treasury | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 93,579 | 47,347 |
Gross Unrealized Gains | 2 | 19 |
Gross Unrealized Loss | (40) | 0 |
Estimated Fair Value | 93,541 | 47,366 |
Federal agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 35,840 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Loss | (22) | |
Estimated Fair Value | 35,818 | |
Commercial paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 7,766 | 11,937 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Loss | (9) | (10) |
Estimated Fair Value | $ 7,757 | $ 11,927 |
Investments - Summary of the Co
Investments - Summary of the Contractual Maturities for Available Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 101,345 | $ 95,124 |
Fair Value | 101,298 | 95,111 |
Mature in less than one year | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 101,345 | 95,124 |
Fair Value | $ 101,298 | $ 95,111 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 24,410 | $ 24,325 |
Less: accumulated depreciation | (6,163) | (5,920) |
Property and equipment, net | 18,247 | 18,405 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 9,780 | 9,472 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,131 | 3,623 |
Building and land | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 7,847 | 7,653 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 269 | 256 |
Office and computer equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,218 | 1,235 |
Furniture and fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 2,165 | $ 2,086 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 0.8 | $ 0.5 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) $ in Millions | Feb. 28, 2023 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Aggregate cash consideration | $ 44.9 |
Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Discount rate | 29% |
Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Discount rate | 39% |
FCI | |
Restructuring Cost and Reserve [Line Items] | |
Business combination, provisional information, initial accounting incomplete, adjustment, property, plant, and equipment | $ 1.4 |
Business combination, provisional information, initial accounting incomplete, adjustment, deferred tax assets | 0.6 |
Business combination, provisional information, initial accounting incomplete, adjustment, goodwill | (3) |
Goodwill, acquired during period | 6 |
FCI | Customer relationship | |
Restructuring Cost and Reserve [Line Items] | |
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles | 0.1 |
FCI | Developed Technology Intangible Assets | |
Restructuring Cost and Reserve [Line Items] | |
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles | 0.7 |
FCI | Tradename | |
Restructuring Cost and Reserve [Line Items] | |
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles | $ 0.2 |
Acquisition - Summary of Alloca
Acquisition - Summary of Allocation of Purchase Price to the Assets Acquired As a Part of the Acquisition (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Feb. 28, 2023 |
Business Acquisition [Line Items] | |||
Goodwill | $ 16,183 | $ 16,183 | |
FCI | |||
Business Acquisition [Line Items] | |||
Inventories | $ 18,695 | ||
Property and equipment | 3,040 | ||
Prepaid expenses | 70 | ||
Deferred tax assets | 570 | ||
Goodwill | 6,038 | ||
Deferred revenue | (4,952) | ||
Other current liabilities | (316) | ||
Fair value of net assets acquired | 44,895 | ||
FCI | Customer relationship | |||
Business Acquisition [Line Items] | |||
Intangible assets | 8,600 | ||
FCI | Amnis ImageStream developed technology | |||
Business Acquisition [Line Items] | |||
Intangible assets | 10,000 | ||
FCI | Guava easyCyte and Muse developed technology | |||
Business Acquisition [Line Items] | |||
Intangible assets | 140 | ||
FCI | Amnis FlowSight and CellStream developed technology | |||
Business Acquisition [Line Items] | |||
Intangible assets | 20 | ||
FCI | Amnis tradename | |||
Business Acquisition [Line Items] | |||
Intangible assets | 2,900 | ||
FCI | Guava tradename | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 90 |
Acquisition - Summary of Identi
Acquisition - Summary of Identifiable Intangible Assets Acquired and Their Estimated Useful Lives for Amortization (Details) - FCI $ in Thousands | Feb. 28, 2023 USD ($) |
Business Acquisition [Line Items] | |
Fair Value | $ 21,750 |
Customer relationship | |
Business Acquisition [Line Items] | |
Fair Value | $ 8,600 |
Useful life (years) | 9 years |
Amnis ImageStream developed technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 10,000 |
Useful life (years) | 6 years |
Guava easyCyte and Muse developed technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 140 |
Useful life (years) | 2 years |
Amnis FlowSight and CellStream developed technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 20 |
Useful life (years) | 1 year |
Amnis tradename | |
Business Acquisition [Line Items] | |
Fair Value | $ 2,900 |
Useful life (years) | 15 years |
Guava tradename | |
Business Acquisition [Line Items] | |
Fair Value | $ 90 |
Useful life (years) | 3 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 27,797 | $ 27,697 |
Less: accumulated amortization | (5,545) | (4,613) |
Intangible assets, net | 22,252 | 23,084 |
Patents and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 794 | 638 |
Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 3,767 | 3,823 |
IP license | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 10,636 | 10,636 |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 10,800 | 10,800 |
Reagent license | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 1,800 | $ 1,800 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 0.9 | $ 0.5 |
Legal Settlement Liability - Ad
Legal Settlement Liability - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Oct. 06, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||||
Upfront payment | $ 2,000 | ||||
Royalty payment duration | 10 years | ||||
Mile stone payment | $ 6,000 | ||||
Common stock, shares issued (in shares) | 131,254,181 | 130,714,906 | |||
Litigation settlement interest | $ 300 | $ 500 | |||
Settlement liabilities, payment period | 10 years | ||||
Legal settlement liability, current | $ 2,550 | $ 2,561 | |||
Settlement Liability | |||||
Loss Contingencies [Line Items] | |||||
Legal settlement liability, current | $ 19,300 | $ 19,000 | |||
Patent | |||||
Loss Contingencies [Line Items] | |||||
Finite-lived intangible asset, average useful life | 18 months | ||||
Common stock | |||||
Loss Contingencies [Line Items] | |||||
Common stock, shares issued (in shares) | 2,087,545 |
Legal Settlement Liability - Sc
Legal Settlement Liability - Schedule of Legal Settlement Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legal settlement liability | $ 2,550 | $ 2,561 |
Legal settlement liability | 16,722 | 16,477 |
Total legal settlement liability | $ 19,272 | $ 19,038 |
Debt - Additional Information (
Debt - Additional Information (Details) $ in Thousands, ¥ in Millions | 1 Months Ended | |||||
Feb. 28, 2024 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Feb. 28, 2024 CNY (¥) | Jan. 16, 2024 USD ($) | Jan. 16, 2024 CNY (¥) | |
Revolving Credit Facility | Line of Credit | ||||||
Debt Conversion [Line Items] | ||||||
Debt instrument term | 1 year | |||||
Line of credit facility, maximum borrowing capacity | $ 1,400 | ¥ 10 | $ 5,700 | ¥ 40 | ||
Debt instrument, interest rate, stated percentage | 3.45% | 3.45% | ||||
Revolving Credit Facility | Line of Credit | Building | ||||||
Debt Conversion [Line Items] | ||||||
Debt instrument, collateral amount | $ 2,800 | ¥ 20 | ||||
Cytek | ||||||
Debt Conversion [Line Items] | ||||||
Loan amount | $ 2,900 | $ 2,000 | ||||
Debt instrument term | 5 years | |||||
Portion of loan included in current liabilities | $ 1,400 | $ 600 | ||||
Interest rate on loan | 4.50% |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 USD ($) vote $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | May 17, 2023 USD ($) | Aug. 26, 2022 USD ($) | |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||
Common stock, par or stated value per share (in dollar per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Number of vote per share | vote | 1 | ||||
Common stock, value, issued | $ 131 | $ 131 | $ 131 | ||
Weighted average exercise price, options exercised (in dollars per share) | $ / shares | $ 1.86 | $ 6.49 | |||
Sales and excise tax payable | $ 300 | $ 300 | |||
At Market Offering | |||||
Class Of Stock [Line Items] | |||||
Deferred offering costs | $ 700 | ||||
2022 Sales Agreement | |||||
Class Of Stock [Line Items] | |||||
Deferred offering costs | $ 700 | ||||
2022 Sales Agreement | Maximum | |||||
Class Of Stock [Line Items] | |||||
Aggregate compensation payable percentage | 0.03 | ||||
2022 Sales Agreement | At Market Offering | |||||
Class Of Stock [Line Items] | |||||
Common stock, value, issued | $ 150,000 | ||||
2022 Sales Agreement | At Market Offering | Maximum | |||||
Class Of Stock [Line Items] | |||||
Aggregate compensation payable percentage | 0.03 | ||||
Common stock | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | shares | 1,000,000,000 | ||||
Common stock, par or stated value per share (in dollar per share) | $ / shares | $ 0.001 | ||||
Stock repurchase program, authorized amount | $ 50,000 | ||||
Stock repurchased during period, shares (in shares) | shares | 5,332,769 | 6,613,780 | |||
Payments for repurchase of common stock | $ 34,600 | $ 44,000 | |||
Weighted average exercise price, options exercised (in dollars per share) | $ / shares | $ 6.66 | ||||
Stock repurchase program, commission costs | $ 100 | $ 100 |
Stock-Based Compensation Plan -
Stock-Based Compensation Plan - Additional Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jul. 31, 2021 shares | Mar. 31, 2024 USD ($) plan $ / shares shares | Mar. 31, 2023 $ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock-based compensation plan | plan | 3 | ||
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares | $ 4.74 | $ 6.92 | |
ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 5,509,370 | ||
Share-based Payment Arrangement, Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ | $ 24 | ||
Unrecognized stock-based compensation expense estimated, recognition period | 2 years 7 months 2 days | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ | $ 43.4 | ||
Unrecognized stock-based compensation expense estimated, recognition period | 3 years 5 months 12 days | ||
2021 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 18,000,000 | 22,290,708 | |
Annual increase to common stock reserved for issuance | 4% | ||
Employee Stock Purchase Plan 2021 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance (in shares) | 2,000,000 | ||
Annual increase to common stock reserved for issuance | 1% | ||
2021 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares outstanding (in shares) | 5,000,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding, beginning balance (in shares) | 7,219,702 | ||
Options granted (in shares) | 1,528,307 | ||
Options exercised (in shares) | (272,670) | ||
Options forfeited (in shares) | (67,184) | ||
Options expired (in shares) | (29,791) | ||
Options outstanding, ending balance (in shares) | 8,378,364 | 7,219,702 | 7,219,702 |
Options exercisable (in shares) | 4,689,573 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, beginning balance (in dollars per share) | $ 8.74 | ||
Weighted average exercise price, options granted (in dollars per share) | 7.07 | ||
Weighted average exercise price, options exercised (in dollars per share) | 1.86 | $ 6.49 | |
Weighted average exercise price, options forfeited (in dollars per share) | 15.26 | ||
Weighted average exercise price, options expired (in dollars per share) | 17 | ||
Weighted average exercise price, ending balance (in dollars per share) | 8.58 | $ 8.74 | $ 8.74 |
Weighted average exercise price, options exercisable (in dollars per share) | $ 7.61 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |||
Stock options outstanding, weighted average remaining contractual term | 7 years 3 months 21 days | 6 years 10 months 24 days | |
Stock options exercisable, weighted average remaining contractual term | 6 years 1 month 6 days | ||
Stock options outstanding, aggregate intrinsic value, beginning balance | $ 23,574 | ||
Stock options outstanding, aggregate intrinsic value, ending balance | 14,335 | $ 23,574 | $ 23,574 |
Stock options exercisable, aggregate intrinsic value | $ 13,635 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan - Schedule of RSU Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Weighted-average grant date fair value per share | ||
Stock options outstanding, weighted average remaining contractual term | 7 years 3 months 21 days | 6 years 10 months 24 days |
Stock options exercisable, weighted average remaining contractual term | 6 years 1 month 6 days | |
Stock options outstanding, aggregate intrinsic value, beginning balance | $ 23,574 | |
Stock options outstanding, aggregate intrinsic value, ending balance | $ 14,335 | $ 23,574 |
Restricted Stock Units (RSUs) | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested balance, beginning balance (in shares) | 2,608,257 | |
Granted (in shares) | 3,030,998 | |
Vested (in shares) | (286,655) | |
Forfeited (in shares) | (159,938) | |
Unvested balance, ending balance (in shares) | 5,192,662 | 2,608,257 |
Weighted-average grant date fair value per share | ||
Weighted average grant date fair value per share, beginning balance (in dollars per share) | $ 10.88 | |
Weighted average grant date fair value per share, granted (in dollars per share) | 7.07 | |
Weighted average grant date fair value per share, vested (in dollars per share) | 10.92 | |
Weighted average grant date fair value per share, forfeited (in dollars per share) | 11.14 | |
Weighted average grant date fair value per share, ending balance (in dollars per share) | $ 8.65 | $ 10.88 |
Stock options outstanding, weighted average remaining contractual term | 1 year 6 months 3 days | |
Stock options exercisable, weighted average remaining contractual term | 1 year 9 months 25 days | |
Stock options outstanding, aggregate intrinsic value, beginning balance | $ 23,787 | |
Stock options outstanding, aggregate intrinsic value, ending balance | $ 34,843 | $ 23,787 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plan - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 5,640 | $ 4,699 |
Cost of sales | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 945 | 692 |
Research and development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 1,322 | 1,434 |
Sales and marketing | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 1,007 | 936 |
General and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 2,366 | $ 1,637 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plan - Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of Options Granted (Details) - Share-based Payment Arrangement, Option | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 6 years |
Expected volatility | 73% | 71% |
Risk-free interest rate | 4% | 4% |
Dividend yield | 0% | 0% |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plan - Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of the ESPP for the Initial Offering (Details) - ESPP | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 months | 6 months |
Expected volatility | 52% | 83% |
Risk-free interest rate | 5% | 5% |
Dividend yield | 0% | 0% |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Employer contribution | $ 404 | $ 338 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate from continuing operations | 31.40% | 24.70% |
Benefit from income taxes | $ 2,824 | $ 2,233 |
Income tax expense (benefit) increase (decrease) | $ 591 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Benefit from income taxes | $ (2,824) | $ (2,233) |
Income tax expense (benefit) increase (decrease) | $ (591) | |
Effective income tax rate reconciliation, tax credit, percent | 26% |
Lease - Additional Information
Lease - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) option | |
Lessee, Lease, Description [Line Items] | |
Sublease income | $ | $ 57 |
Office Facilities and Equipment | |
Lessee, Lease, Description [Line Items] | |
Leases term under operating lease agreements | 3 years |
Number of option for lease renewal | option | 1 |
Lessee, operating lease, renewal term | 5 years |
Minimum | Office Facilities and Equipment | |
Lessee, Lease, Description [Line Items] | |
Leases term under operating lease agreements | 1 year |
Maximum | Office Facilities and Equipment | |
Lessee, Lease, Description [Line Items] | |
Leases term under operating lease agreements | 7 years 3 months |
Lease - Schedule of Lease Expen
Lease - Schedule of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease expense | ||
Operating lease cost | $ 761 | $ 898 |
Short-term lease cost | 290 | 24 |
Total lease cost | $ 1,051 | $ 922 |
Lease - Schedule of Supplementa
Lease - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in measurement of lease liabilities: | ||
Operating cash outflows - payments on operating leases | $ 806 | $ 776 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | $ 0 | $ 0 |
Lease - Schedule of Supplemen_2
Lease - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Supplemental disclosure of cash flow information: | ||
Operating lease right-of-use assets | $ 9,949 | $ 10,853 |
Included in other current liabilities: | ||
Operating lease liability, current | 2,279 | 2,444 |
Operating lease liability, noncurrent | 8,697 | 9,479 |
Total operating lease liabilities | $ 10,976 | $ 11,923 |
Weighted-average remaining lease term - operating leases: | 4 years 6 months 3 days | 4 years 8 months 4 days |
Weighted-average discount rate - operating leases: | 2.70% | 2.70% |
Lease - Schedule of Future Undi
Lease - Schedule of Future Undiscounted Cash Flows and Reconciliation to the Lease Liabilities Recognized (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 (excluding the three months ended March 31, 2024) | $ 1,838 | |
2025 | 2,550 | |
2026 | 2,504 | |
2027 | 2,315 | |
2028 | 2,047 | |
Thereafter | 348 | |
Total lease payments | 11,602 | |
Less imputed interest | (626) | |
Total present value of lease liabilities | $ 10,976 | $ 11,923 |
Investment in Cytek Japan - Add
Investment in Cytek Japan - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Mar. 31, 2021 | May 31, 2019 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Noncontrolling interest in consolidated subsidiary | $ 315 | |||
Cytek Japan | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment percentage | 50% | |||
Proportionate share of Cytek Japan’s earnings | $ 40 | |||
Recognized net assets | 1,100 | |||
Cytek Japan | Cash | ||||
Related Party Transaction [Line Items] | ||||
Recognized net assets | $ 1,000 | |||
Cytek Japan | Minimum | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment percentage | 50% | |||
Cytek Japan | Maximum | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment percentage | 73% | |||
Cytek Japan | Common stock | ||||
Related Party Transaction [Line Items] | ||||
Common stock purchased value | $ 235 | $ 688 | $ 46 | |
T O M Y Digital Biology | Common stock | ||||
Related Party Transaction [Line Items] | ||||
Common stock purchased value | $ 229 |
Product Warranty - Schedule of
Product Warranty - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance, beginning of the period | $ 2,805 | $ 2,126 |
Accrual for current year warranties | 155 | 3,540 |
Warranty cost incurred | (581) | (2,861) |
Balance, end of period | $ 2,379 | $ 2,805 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of the Basic and Diluted Net Income Attributable to Common Stockholders Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator | ||
Net loss | $ (6,169) | $ (6,807) |
Denominator | ||
Weighted-average common shares outstanding, attributable to common stockholders, basic | 130,920,971 | 135,489,194 |
Effect of employee stock plans | 0 | 0 |
Weighted-average common shares outstanding, attributable to common stockholders, diluted | 130,920,971 | 135,489,194 |
Net loss per share, basic (in dollars per share) | $ (0.05) | $ (0.05) |
Net loss per share, diluted (in dollars per share) | $ (0.05) | $ (0.05) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6.3 | 4.6 |
Dilutive Share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2.4 | 3.4 |
Geographic Areas - Schedule of
Geographic Areas - Schedule of Revenue from External Customers by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total revenue, net | $ 44,860 | $ 37,088 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total revenue, net | 21,358 | 19,839 |
EMEA | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total revenue, net | 15,126 | 10,031 |
APAC | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total revenue, net | 6,351 | 6,222 |
Other | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total revenue, net | $ 2,025 | $ 996 |
Geographic Areas - Schedule o_2
Geographic Areas - Schedule of Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total | $ 18,247 | $ 18,405 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total | 8,588 | 8,814 |
EMEA | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total | 415 | 325 |
APAC | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total | $ 9,244 | $ 9,266 |