Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Entity Registrant Name | ALPHA TEKNOVA, INC. | |
Entity Central Index Key | 0001850902 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TKNO | |
Security12b Title | Common Stock, par value $0.00001 per share | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-40538 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3368109 | |
Entity Address, Address Line One | 2451 Bert Dr. | |
Entity Address, City or Town | Hollister | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95023 | |
City Area Code | 831 | |
Local Phone Number | 637-1100 | |
Entity Common Stock, Shares Outstanding | 28,222,832 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 9,121 | $ 11,147 |
Cost of sales | 6,698 | 5,798 |
Gross profit | 2,423 | 5,349 |
Operating expenses: | ||
Research and development | 1,395 | 2,013 |
Sales and marketing | 2,343 | 1,597 |
General and administrative | 7,345 | 7,295 |
Amortization of intangible assets | 286 | 287 |
Total operating expenses | 11,369 | 11,192 |
Loss from operations | (8,946) | (5,843) |
Other income (expenses), net | ||
Interest income (expense), net | 93 | (13) |
Other income, net | 18 | 0 |
Total other income (expenses), net | 111 | (13) |
Loss before income taxes | (8,835) | (5,856) |
Benefit from income taxes | (18) | (359) |
Net loss | $ (8,817) | $ (5,497) |
Earnings Per Share Basic | $ (0.31) | $ (0.20) |
Earnings Per Share Diluted | $ (0.31) | $ (0.20) |
Weighted Average Number of Shares Outstanding, Basic | 28,181,457 | 28,030,971 |
Weighted Average Number of Shares Outstanding, Diluted | 28,181,457 | 28,030,971 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 30,215 | $ 42,236 |
Accounts receivable, net of allowance for doubtful accounts of $57 thousand and $23 thousand | 4,777 | 4,261 |
Inventories, net | 12,151 | 12,247 |
Income taxes receivable | 22 | 22 |
Prepaid expenses and other current assets | 2,466 | 2,374 |
Total current assets | 49,631 | 61,140 |
Property, plant and equipment, net | 53,733 | 51,577 |
Operating right-of-use lease assets | 18,237 | 19,736 |
Intangible assets, net | 17,270 | 17,556 |
Other non-current assets | 2,150 | 2,252 |
Total assets | 141,021 | 152,261 |
Current liabilities: | ||
Accounts payable | 1,885 | 2,449 |
Accrued liabilities | 4,758 | 6,203 |
Current portion of operating lease liabilities | 2,011 | 2,223 |
Total current liabilities | 8,654 | 10,875 |
Deferred tax liabilities | 1,204 | 1,223 |
Other accrued liabilities | 169 | 191 |
Long term debt, net | 22,036 | 21,976 |
Long-term operating lease liabilities | 16,871 | 18,111 |
Total liabilities | 48,934 | 52,376 |
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively, zero shares issued and outstanding at September 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.00001 par value, 490,000,000 shares authorized at September 30, 2022 and December 31, 2021, 28,130,484 and 28,012,017 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 0 | 0 |
Additional paid-in capital | 155,910 | 154,891 |
Accumulated deficit | (63,823) | (55,006) |
Total stockholders’ equity | 92,087 | 99,885 |
Total liabilities and stockholders' equity | $ 141,021 | $ 152,261 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 24 | $ 22 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 28,190,192 | 28,179,423 |
Common stock, shares outstanding | 28,190,192 | 28,179,423 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance at Dec. 31, 2021 | $ 143,203 | $ 150,741 | $ (7,538) | |
Beginning Balance (in shares) at Dec. 31, 2021 | 28,012,017 | |||
Stock-based compensation | 787 | 787 | ||
Issuance of common stock upon exercise of stock options | 55 | 55 | ||
Issuance of common stock upon exercise of stock options, shares | 30,462 | |||
Net loss | (5,497) | (5,497) | ||
Ending Balance at Mar. 31, 2022 | 138,548 | 151,583 | (13,035) | |
Ending Balance (in shares) at Mar. 31, 2022 | 28,042,479 | |||
Beginning Balance at Dec. 31, 2022 | $ 99,885 | 154,891 | (55,006) | |
Beginning Balance (in shares) at Dec. 31, 2022 | 28,179,423 | 28,179,423 | ||
Stock-based compensation | $ 1,010 | 1,010 | ||
Issuance of common stock upon exercise of stock options | 9 | 9 | ||
Issuance of common stock upon exercise of stock options, shares | 10,769 | |||
Net loss | (8,817) | (8,817) | ||
Ending Balance at Mar. 31, 2023 | $ 92,087 | $ 155,910 | $ 63,823 | |
Ending Balance (in shares) at Mar. 31, 2023 | 28,190,192 | 28,190,192 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net loss | $ (8,817) | $ (5,497) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt expense | 2 | 7 |
Inventory reserve | (144) | (4) |
Depreciation and amortization | 1,130 | 751 |
Stock-based compensation | 1,010 | 787 |
Deferred taxes | (19) | (360) |
Amortization of debt financing costs | 90 | 46 |
Non-cash lease expense | 47 | 106 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (518) | (1,319) |
Inventories | 240 | (1,028) |
Prepaid expenses and other current assets | 271 | (547) |
Other non-current assets | 102 | (216) |
Accounts payable | (386) | 237 |
Accrued liabilities | (670) | 762 |
Other | (22) | (20) |
Cash used in operating activities | (7,684) | (5,201) |
Investing activities: | ||
Purchase of property, plant and equipment | (4,312) | (5,917) |
Cash used in investing activities | (4,312) | (5,917) |
Financing activities: | ||
Payment of offering costs | (34) | 0 |
Proceeds from exercise of stock options | 9 | 55 |
Cash provided by financing activities | (25) | 55 |
Change in cash and cash equivalents | (12,021) | (11,063) |
Cash and cash equivalents at beginning of period | 42,236 | 87,518 |
Cash and cash equivalents at end of period | 30,215 | 76,455 |
Supplemental cash flow disclosures: | ||
Income taxes paid | 0 | 0 |
Interest paid | 110 | 0 |
Capitalized property, plant and equipment included in accounts payable and accrued liabilities | 925 | 3,884 |
Deferred offering costs included in accounts payable and accrued liabilities | 329 | 0 |
Debt issuance costs included in accounts payable and accrued liabilities | 30 | 0 |
Recognition of operating right-of-use lease asset | (648) | 20,237 |
Recognition of operating lease liabilities | $ (602) | $ 20,507 |
Nature of the Business
Nature of the Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of th e Business Alpha Teknova, Inc. (referred to herein as the Company or Teknova), produces critical reagents for the research, discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics. Product offerings include pre-poured media plates for cell growth and cloning; liquid cell culture media and supplements for cellular expansion; and molecular biology reagents for sample manipulation, resuspension, and purification. Teknova supports customers spanning the life sciences market, including pharmaceutical and biotechnology companies, contract development and manufacturing organizations, in vitro diagnostic franchises, and academic and government research institutions, with catalog and custom, made-to-order products. Teknova manufactures its products at its Hollister, California headquarters and stocks inventory of raw materials, components, and finished goods at that location. The Company ships products directly from its warehouse in Hollister, California. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Accounting, Presentation and Use of Estimates The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. The Company’s critical and significant accounting estimates are influenced by the Company’s assessment of the economic environment. Actual results may differ from those estimates. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2022 (the 2022 Annual Report on Form 10-K). Refer to “ Notes to Financial Statements—Note 2. Summary of Significant Accounting Policies,” within the 2022 Annual Report on Form 10-K for a full list of the Company’s significant accounting policies. The information in those notes has not changed except as a result of normal adjustments in the interim periods. Teknova has determined that it operates in one reporting unit, one operating segment, and one reportable segment, as the chief operating decision maker of the Company reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Going Concern These financial statements and accompanying notes have been prepared in accordance with the provisions of Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements—Going Concern , on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has incurred operating losses in the pa st and expects to incur operating losses in the near to medium-term. We have incurred net losses of $ 8.8 million and $ 5.5 million in the three months ended March 31, 2023 and 2022, respectively, and have an accumulated deficit of $ 63.8 million as of March 31, 2023. As of March 31, 2023, the Company had $ 41.0 million in working capital, which included $ 30.2 million in cash and cash equivalents. In addition to our existing cash and cash equivalents balance, another source of liquidity is our credit facility as described below in Note 10. Long-term Debt, Net, as well as our at-the-market facility, described further in this note below. Teknova believes that our existing cash and cash equivalents as of March 31, 2023, together with the credit facility and at-the-market facility, will enable the Company to fund its operating expenses and capital expenditure requirements for at least the next 12 months. Teknova's principal liquidity requirements are to fund our operations and capital expenditures. The Company may, however, require or elect to secure additional financing as Teknova continues to execute its business strategy. If the Company is required or elects to raise additional funds, Teknova may do so through equity or debt financing, which may or may not be available on favorable terms and could require the Company to agree to covenants that limit our operating flexibility. Reduction in Workforce On February 1, 2023, the Company carried out a reduction in workforce of approximately 40 positions, aimed at reducing operating expenses. The Company incurred $ 0.7 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The costs associated with the reduction in workforce were recorded in the quarter ended March 31, 2023, in general and administrative expenses. At-the-Market Facility On March 30, 2023, the Company entered into a sales agreement (the ATM Facility) with Cowen and Company, LLC (Cowen), under which the Company may offer and sell, from time to time, shares of its common stock having aggregate gross proceeds of up to $ 50.0 million. The issuance and sale of these shares pursuant to the ATM Facility are deemed “ at the market ” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the Securities Act), and are registered under the Securities Act. The Company will pay a commission of up to 3.0 % of gross sales proceeds of any common stock sold under the ATM Facility. The aggregate market value of shares eligible for sale under the ATM Facility will be subject to the limitations of General Instruction I.B.6 of Form S-3, to the extent required under such instruction. The prospectus supplement filed with the SEC on March 30, 2023 is only offering shares having an aggregate offering price of $ 14.5 million. The Company will be required to file another prospectus supplement in the event the Company decides to offer more than $ 14.5 million of shares in accordance with the terms of the ATM Facility, to the extent then permitted under General Instruction I.B.6 of Form S-3. Recently Adopted Accounting Pronouncements Effective January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), which introduced a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses and applied to the Company’s accounts receivable. The adoption of this standard did not have a significant impact on the Company’s condensed financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3. Revenue Recognition Teknova recognizes revenue from the sale of manufactured products and services when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. The majority of the Company’s sales agreements contain performance obligations satisfied at a point in time when control is transferred to the customer. Teknova’s revenue, disaggregated by product category, was as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Lab Essentials $ 7,257 $ 6,975 Clinical Solutions 1,609 3,812 Other 255 360 Total revenue $ 9,121 $ 11,147 Teknova’s revenue, disaggregated by geographic region, was as follows (in thousands): For the Three Months Ended March 31, 2023 2022 United States $ 8,726 $ 10,820 International 395 327 Total revenue $ 9,121 $ 11,147 |
Concentrations of Risk
Concentrations of Risk | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value, Concentration of Risk, Financial Assets, Balance Sheet Groupings [Abstract] | |
Concentrations of Risk | Note 4. Concentrations of Risk Customers Customers who accounted for 10% or more of the Company’s revenues and outstanding balance of accounts receivable are presented as follows: For the Three Months Ended March 31, As of As of 2023 2022 March 31, 2023 December 31, 2022 Distributor customer A * * 14 % 15 % Distributor customer B 19 % 13 % 25 % 17 % Direct customer A * 15 % * * Direct customer B * 12 % * * * Represents less than 10%. The Company’s customers that are distributors, as opposed to direct customers, represent highly diversified customer bases. Suppliers Suppliers who accounted for 10% or more of the Company’s inventory purchases and outstanding balance of accounts payable are presented as follows: For the Three Months Ended March 31, As of As of 2023 2022 March 31, 2023 December 31, 2022 Distributor supplier A 36 % 30 % * 11 % Distributor supplier B * 10 % * * Direct supplier A 10 % 18 % * * Direct supplier B * 11 % * * * Represents less than 10%. The Company’ s suppliers that are distributors, as opposed to direct suppliers, represent highly diversified supplier bases. |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Note 8. Intangible Assets, Net The following is a summary of intangible assets with definite and indefinite lives (in thousands): Balance at March 31, 2023 Balance at December 31, 2022 Gross Accumulated Net Gross Accumulated Net Definite Lived: Customer relationships $ 9,180 $ 4,829 $ 4,351 $ 9,180 $ 4,543 $ 4,637 Indefinite Lived: Tradename 12,919 — 12,919 12,919 — 12,919 Total intangible assets $ 22,099 $ 4,829 $ 17,270 $ 22,099 $ 4,543 $ 17,556 For each of the three months ended March 31, 2023 and 2022, amortization expense was approximately $ 0.3 million. As of March 31, 2022, the remaining weighted-average useful life of definite lived intangible assets was 3.8 years. The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands): Amount Remainder of 2023 $ 862 2024 1,148 2025 1,148 2026 1,148 2027 45 Estimated future amortization expense of definite-lived intangible assets $ 4,351 |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 5. Inventories, Net Inventories consist of the following (in thousands): As of As of Finished goods, net $ 8,094 $ 8,368 Work in process 155 186 Raw materials, net 3,902 3,693 Total inventories, net $ 12,151 $ 12,247 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 6. Property, Plant, and Equipment, Net Property, plant, and equipment consist of the following (in thousands): As of As of Machinery and equipment $ 19,848 $ 19,433 Office furniture and equipment 742 628 Vehicles 262 229 Leasehold improvements 12,150 12,093 33,002 32,383 Less—Accumulated depreciation ( 5,358 ) ( 4,520 ) 27,644 27,863 Construction in progress 26,089 23,714 Total property, plant, and equipment, net $ 53,733 $ 51,577 For the three months ended March 31, 2023 and 2022, depreciation expense was approximately $ 0.8 million and $ 0.5 million, respectively. Teknova capitalizes interest on funds borrowed to finance its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life. For the three months ended March 31, 2023 and 2022, capitalized interest costs were $ 0.6 million and $ 0.3 million, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7. Leases The Company leases office space, warehouse and manufacturing space, and equipment. The Company ’ s lease agreements have remaining lease terms of one year to 15 years , and some of these leases have renewal and termination options exercisable at the Company’s election. Terms and conditions to extend or terminate such leases are recognized as part of the right-of-use assets and lease liabilities where reasonably certain to be exercised. All of the Company ’ s leases are operating leases. Operating lease expense was $ 0.8 million for each of the three months ended March 31, 2023 and 2022. Cash paid for amounts included in the measurement of the lease liabilities was $ 0.8 million and $ 0.7 for the three months ended March 31, 2023 and 2022, respectively. The weighted-average discount rate is 4.9 % and the weighted-average remaining lease term is 9.3 years as of March 31, 2023. Maturities of operating lease liabilities at March 31, 2023 were as follows (in thousands): Amount Remainder of 2023 $ 2,167 2024 2,776 2025 2,342 2026 2,413 2027 2,416 Thereafter 11,917 Total lease payments 24,031 Less: imputed interest ( 5,149 ) Present value of lease liabilities $ 18,882 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Note 9. Accrued Liabilities Accrued liabilities were comprised of the following (in thousands): As of As of Payroll-related $ 2,429 $ 2,796 Property, plant, and equipment 832 1,966 Deferred revenue 51 198 Other 1,446 1,243 Total current accrued liabilities $ 4,758 $ 6,203 |
Long-Term Debt, Net
Long-Term Debt, Net | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10. Long-Term Debt, Net On 7May 10, 2022, the Company entered into the Amended and Restated Credit and Security Agreement (Term Loan) as borrower, with MidCap Financial Trust (MidCap), as agent and lender, and the additional lenders from time to time party thereto (the Term Loan Credit Agreement) and the Amended and Restated Credit and Security Agreement (Revolving Loan) as borrower, with MidCap as agent and lender, and the additional lenders from time to time party thereto (the Revolving Loan Credit Agreement, together with the Term Loan Credit Agreement, the Credit Agreement). The Credit Agreement provided for a $ 57.135 million credit facility (the Credit Facility) consisting of a $ 52.135 million senior secured term loan (the Term Loan) and a $ 5.0 million working capital facility (the Revolver). The Term Loan consisted of the $ 12.0 million balance made available in 2021 under the previous credit facility and an additional $ 40.135 million, staged such that $ 5.135 million was funded upon closing of the Credit Agreement, an additional $ 5.0 million was funded on October 31, 2022, $ 10.0 million was to be available in the first half of 2023, $ 10.0 million was to be available in the second half of 2023 and $ 10.0 million was to be available in the first half of 2024, with the borrowing in the second half of 2023 and in the first half of 2024 being contingent upon achieving trailing twelve months of Clinical Solutions revenue of $ 15.0 million and $ 19.0 million, respectively, and liquidity requirements (as defined in the Credit Agreement) of $ 10.0 million and $ 15.0 million, respectively. The maximum loan amount under the Revolver was $ 5.0 million, and the Company was permitted to request the lenders to increase such amount up to $ 15.0 million. Borrowings on the Revolver were limited in accordance with a borrowing base calculation. The interest on the Term Loan was based on the annual rate of one-month London Inter-Bank Offered Rate (LIBOR) plus 6.45 %, subject to a LIBOR floor of 1.00 %. If any advance under the Term Loan was prepaid at any time, the prepayment fee was based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment was made after the closing date of the Term Loan. Interest on the outstanding balance of the Revolver was payable monthly in arrears at an annual rate of one-month LIBOR plus 3.75 %, subject to a LIBOR floor of 1.00 %. The maturity date of the Credit Facility is May 1, 2027 . On the date of termination of the Term Loan or the date on which the obligations under the Term Loan become due and payable in full, the Company would pay an exit fee in an amount equal to 5.00 % of the total aggregate principal amount of term loans made pursuant to the Term Loan as of such date. The Credit Agreement contained a financial covenant based upon a trailing twelve months of net revenue, including a requirement of $ 42.5 million in the twelve months ending December 31, 2022. On November 8, 2022, the Company entered into Amendment No. 1 to the Credit Agreement (Amendment No. 1) which (i) replaced the LIBOR-based interest rate with a rate equal to the forward-looking one-month term Secured Overnight Financing Rate adjusted upward by 0.10 % (or Term SOFR, as defined in Amendment No. 1) plus an applicable margin ( 6.45 % for the Term Loan and 3.75 % for the Revolver), with a Term SOFR floor of 1.00 %, and with such interest rate calculation change taking effect on December 1, 2022, (ii) increased the applicable prepayment fee percentage amounts by one percentage point, (iii) gave the lenders discretion regarding the $ 10.0 million in borrowing that was previously guaranteed to be available under the Term Loan in the first half of 2023, and (iv) reduced the requirements for trailing twelve months of net revenue for all future periods. Concurrent with Amendment No. 1, the exit fee due on the date of termination of the Term Loan, or the date on which the obligations under the Term Loan become due and payable in full, increased from 5.00 % to 7.00 % of the total aggregate principal amount of term loans made pursuant to the Term Loan as of such date. On March 28, 2023, the Company entered into Amendment No. 2 to the Credit Agreement (Amendment No. 2 or as amended the Amended Credit Agreement ) which (i) increased the applicable margin from 6.45 % to 7.00 % for the Term Loan and from 3.75 % to 4.00 % for the Revolver, and increased the Term SOFR floor from 1.00 % to 4.50 % on both the Term Loan and Revolver, (ii) gave the lenders discretion regarding the $ 10.0 million in borrowings in the second half of 2023 and the $ 10.0 million in borrowings in the first half of 2024 by removing the trailing twelve month Clinical Solutions revenue requirement that was previously required under the Term Loan, (iii) removed the increase in the minimum cash covenant from $10.0 million to $15.0 million on the $10.0 million in borrowings in the first half of 2024, and added the $10.0 million minimum cash covenant requirement throughout the remaining term of the Amended Credit Agreement , and (iv) reduced the requirements for trailing twelve months of net revenue for all future periods—for example, for the twelve months ending December 31, 2023, the minimum net revenue requirement was reduced from $ 45.0 million to $ 42.0 million. Concurrent with Amendment No. 2, the exit fee due on the date of termination of the Amended Term Loan, or the date on which the obligations under the Term Loan become due and payable in full, increased from 7.00 % percent to 8.50 % of the total aggregate principal amount of term loans made pursuant to the Term Loan (including amendments thereto) as of such date. Other than the modifications described in this paragr aph and in Item 9B in the 2022 Annual Report on Form 10-K , the Amended Credit Agreement continues unmodified in all other material respects. Long-term debt, net consists of the following (in thousands): As of As of Long-term debt $ 22,135 $ 22,135 Cumulative accretion of exit fee 234 161 Unamortized debt discount and debt issuance costs ( 333 ) ( 320 ) Long-term debt, net $ 22,036 $ 21,976 At March 31, 2023, the scheduled maturities of the Company ’ s debt obligations were as follows (in thousands): Amount Remainder of 2023 $ — 2024 — 2025 6,456 2026 11,068 2027 4,611 Total $ 22,135 As of March 31, 2023, the fair value of the Company ’ s long-term debt approximated its carrying value. The fair value of the Company ’ s long-term debt was based on observable market inputs (Level 2). |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 11. Stock-Based Compensation Equity Incentive Plans The Company maintains a stock incentive plan, which permits the granting of incentive stock options or nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other stock-based awards. The equity-based awards for employees will vest over a four-year period, pursuant to two different vesting schedules. For initial equity-based awards granted to employees, the first vest is generally a one-year cliff vest, followed by monthly vesting for the final three years. Thereafter, annual equity-based awards granted to employees typically vest monthly over the four-year vest term. The initial equity-based awards granted to the Company’s non-employee, independent directors upon appointment to the board of directors will vest over a three-year period, with the first vest being a one-year cliff, followed by monthly vesting over the remaining two years. Thereafter, annual equity-based awards granted to the Company’s non-employee, independent directors will cliff vest after one year from the date of grant. Stock Options The following table summarizes the stock option activity for the three months ended March 31, 2023 (in thousands, except share and per share data): Number of Weighted Weighted Average Aggregate Outstanding at January 1, 2023 3,846,532 $ 7.02 8.31 $ 9,083 Granted 542,052 $ 5.41 Exercised ( 10,769 ) $ 0.84 Forfeited ( 118,161 ) $ 12.69 Expired ( 780 ) $ 15.09 Outstanding at March 31, 2023 4,258,874 $ 6.68 8.10 $ 3,783 Exercisable at March 31, 2023 1,584,270 $ 5.30 7.46 $ 2,187 Vested and expected to vest at March 31, 2023 3,974,192 $ 7.12 8.26 $ 3,070 The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three months ended March 31, 2023, were as follows: For the Three Months Ended March 31, 2023 2022 Estimated dividend yield - % - % Weighted-average expected stock price volatility 35.04 % 33.10 % Weighted-average risk-free interest rate 4.11 % 2.01 % Expected average term of options (in years) 6.25 6.25 Weighted-average fair value of common stock $ 5.41 $ 15.07 Weighted-average fair value per option $ 2.29 $ 5.48 Restricted Stock The following table summarizes the restricted stock unit activity for the three months ended March 31, 2023 (in thousands, except share and per share data): Number of Weighted Weighted Average Aggregate Outstanding at January 1, 2023 28,071 $ 7.43 0.42 $ 158 Granted 118,150 $ 5.41 Vested — $ — Forfeited — $ — Outstanding at March 31, 2023 146,221 $ 5.80 1.98 $ 433 Vested and expected to vest at March 31, 2023 142,221 $ 5.80 1.98 $ 433 Employee Stock Purchase Plan The Company also maintains an employee stock purchase plan (ESPP) that authorizes the issuance of shares of common stock pursuant to purchase rights granted to eligible employees. Unless otherwise determined by the Company’s board of directors, shares of the Company’s common stock will be purchased for the accounts of employees participating in the Company’s ESPP at a price per share equal to the lesser of (i) 85 % of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85 % of the fair market value of a share of the Company’s common stock on the date of purchase. Offering periods are generally six months long; beginning on May 15, 2023, offering periods begin on June 1 and December 1 of each year. The Company did no t issue any shares of common stock under the ESPP during either of the three months ended March 31, 2023 or 2022. Stock-Based Compensation Expense Stock-based compensation expense included in the accompanying condensed financial statements was as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Cost of sales $ 36 $ 19 Research and development 37 65 Sales and marketing 152 99 General and administrative 785 604 Total stock-based compensation expense $ 1,010 $ 787 Stock-based compensation expense related to stock options was $ 0.9 million and $ 0.8 million for the three months ended March 31, 2023 and 2022, respectively. Unrecognized compensation expense related to stock options was $ 9.8 million at March 31, 2023, which is expected to be recognized as expense over the weighted-average period of 3.17 years. Stock-based compensation expense related to restricted stock units was $ 0.1 million and zero for the three months ended March 31, 2023 and 2022, respectively. Unrecognized compensation expense related to restricted stock units was $ 0.7 million at March 31, 2023, which is expected to be recognized as expense over the weighted-average period of 3 .19 years. Stock-based compensation expense related to the ESPP was not significant for either of the three months ended March 31, 2023 or 2022 . Total compensation cost related to the ESPP not yet recognized also was not significant in those periods. As of March 31, 2023, an insignificant amount has been withheld on behalf of employees for future purchases under the ESPP. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes For the three months ended March 31, 2023, the Company's income tax benefit was not significant, compared to the three months ended March 31, 2022, when the Company recorded a $ 0.4 million income tax benefit. The effective tax rates for the three months ended March 31, 2023 and 2022 were 0.2 % and 6.1 %, respectively. The effective tax rates differ from the federal statutory rate primarily due to losses not expected to be benefitted. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 13. Net Loss Per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, restricted stock units, and employee stock purchase rights are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive for all periods presented. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): For the Three Months Ended March 31, 2023 2022 Net loss $ ( 8,817 ) $ ( 5,497 ) Weighted average shares used in computing net loss per share—basic and diluted 28,181,457 28,030,971 Net loss per share—basic and diluted $ ( 0.31 ) $ ( 0.20 ) Th e following is a summary of the common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive: For the Three Months Ended March 31, 2023 2022 Employee share-based awards to purchase common stock 3,833,546 2,844,368 |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Note 14. Related Parties The Company has identified Meeches LLC (Meeches) as a related party through common control. Meeches is controlled by Ted Davis and Irene Davis, founders and current directors, and greater than five percent stockholders of the Company. The Company leases certain real property in Mansfield, Massachusetts, from Meeches and did not have any outstanding balances owed to Meeches as of March 31, 2023 or December 31, 2022. For the three months ended March 31, 2023 and 2022, the Company paid Meeches lease payments of $ 0.1 million and $ 0.1 million, respectively. On April 11, 2023, the Company and Meeches entered into an agreement to terminate the Mansfield lease with effect no later than on June 30, 2023. The Company does not believe that the termination of the lease is or will be material to the Company. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Presentation and Use of Estimates | Basis of Accounting, Presentation and Use of Estimates The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. The Company’s critical and significant accounting estimates are influenced by the Company’s assessment of the economic environment. Actual results may differ from those estimates. Certain prior period amounts have been reclassified to conform to the current year’s presentation. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2022 (the 2022 Annual Report on Form 10-K). Refer to “ Notes to Financial Statements—Note 2. Summary of Significant Accounting Policies,” within the 2022 Annual Report on Form 10-K for a full list of the Company’s significant accounting policies. The information in those notes has not changed except as a result of normal adjustments in the interim periods. Teknova has determined that it operates in one reporting unit, one operating segment, and one reportable segment, as the chief operating decision maker of the Company reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. |
Going Concern | Going Concern These financial statements and accompanying notes have been prepared in accordance with the provisions of Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements—Going Concern , on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has incurred operating losses in the pa st and expects to incur operating losses in the near to medium-term. We have incurred net losses of $ 8.8 million and $ 5.5 million in the three months ended March 31, 2023 and 2022, respectively, and have an accumulated deficit of $ 63.8 million as of March 31, 2023. As of March 31, 2023, the Company had $ 41.0 million in working capital, which included $ 30.2 million in cash and cash equivalents. In addition to our existing cash and cash equivalents balance, another source of liquidity is our credit facility as described below in Note 10. Long-term Debt, Net, as well as our at-the-market facility, described further in this note below. Teknova believes that our existing cash and cash equivalents as of March 31, 2023, together with the credit facility and at-the-market facility, will enable the Company to fund its operating expenses and capital expenditure requirements for at least the next 12 months. Teknova's principal liquidity requirements are to fund our operations and capital expenditures. The Company may, however, require or elect to secure additional financing as Teknova continues to execute its business strategy. If the Company is required or elects to raise additional funds, Teknova may do so through equity or debt financing, which may or may not be available on favorable terms and could require the Company to agree to covenants that limit our operating flexibility. |
Reduction in Workforce | Reduction in Workforce On February 1, 2023, the Company carried out a reduction in workforce of approximately 40 positions, aimed at reducing operating expenses. The Company incurred $ 0.7 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The costs associated with the reduction in workforce were recorded in the quarter ended March 31, 2023, in general and administrative expenses. |
At-the-Market Facility | At-the-Market Facility On March 30, 2023, the Company entered into a sales agreement (the ATM Facility) with Cowen and Company, LLC (Cowen), under which the Company may offer and sell, from time to time, shares of its common stock having aggregate gross proceeds of up to $ 50.0 million. The issuance and sale of these shares pursuant to the ATM Facility are deemed “ at the market ” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the Securities Act), and are registered under the Securities Act. The Company will pay a commission of up to 3.0 % of gross sales proceeds of any common stock sold under the ATM Facility. The aggregate market value of shares eligible for sale under the ATM Facility will be subject to the limitations of General Instruction I.B.6 of Form S-3, to the extent required under such instruction. The prospectus supplement filed with the SEC on March 30, 2023 is only offering shares having an aggregate offering price of $ 14.5 million. The Company will be required to file another prospectus supplement in the event the Company decides to offer more than $ 14.5 million of shares in accordance with the terms of the ATM Facility, to the extent then permitted under General Instruction I.B.6 of Form S-3. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), which introduced a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses and applied to the Company’s accounts receivable. The adoption of this standard did not have a significant impact on the Company’s condensed financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Teknova’s revenue, disaggregated by product category, was as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Lab Essentials $ 7,257 $ 6,975 Clinical Solutions 1,609 3,812 Other 255 360 Total revenue $ 9,121 $ 11,147 Teknova’s revenue, disaggregated by geographic region, was as follows (in thousands): For the Three Months Ended March 31, 2023 2022 United States $ 8,726 $ 10,820 International 395 327 Total revenue $ 9,121 $ 11,147 |
Concentrations of Risk (Tables)
Concentrations of Risk (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value, Concentration of Risk, Financial Assets, Balance Sheet Groupings [Abstract] | |
Summary Of Company Revenues And Outstanding Balance Of Accounts Receivable | Customers who accounted for 10% or more of the Company’s revenues and outstanding balance of accounts receivable are presented as follows: For the Three Months Ended March 31, As of As of 2023 2022 March 31, 2023 December 31, 2022 Distributor customer A * * 14 % 15 % Distributor customer B 19 % 13 % 25 % 17 % Direct customer A * 15 % * * Direct customer B * 12 % * * * Represents less than 10%. |
Summary Of Company Inventory Purchases And Outstanding Balance Of Accounts Payable | Suppliers who accounted for 10% or more of the Company’s inventory purchases and outstanding balance of accounts payable are presented as follows: For the Three Months Ended March 31, As of As of 2023 2022 March 31, 2023 December 31, 2022 Distributor supplier A 36 % 30 % * 11 % Distributor supplier B * 10 % * * Direct supplier A 10 % 18 % * * Direct supplier B * 11 % * * * Represents less than 10%. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets with Definite and Indefinite Lives | The following is a summary of intangible assets with definite and indefinite lives (in thousands): Balance at March 31, 2023 Balance at December 31, 2022 Gross Accumulated Net Gross Accumulated Net Definite Lived: Customer relationships $ 9,180 $ 4,829 $ 4,351 $ 9,180 $ 4,543 $ 4,637 Indefinite Lived: Tradename 12,919 — 12,919 12,919 — 12,919 Total intangible assets $ 22,099 $ 4,829 $ 17,270 $ 22,099 $ 4,543 $ 17,556 |
Schedule of Future Amortization Expense | As of March 31, 2022, the remaining weighted-average useful life of definite lived intangible assets was 3.8 years. The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands): Amount Remainder of 2023 $ 862 2024 1,148 2025 1,148 2026 1,148 2027 45 Estimated future amortization expense of definite-lived intangible assets $ 4,351 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net | Inventories consist of the following (in thousands): As of As of Finished goods, net $ 8,094 $ 8,368 Work in process 155 186 Raw materials, net 3,902 3,693 Total inventories, net $ 12,151 $ 12,247 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Components of Property, Plant and Equipment, Net | Property, plant, and equipment consist of the following (in thousands): As of As of Machinery and equipment $ 19,848 $ 19,433 Office furniture and equipment 742 628 Vehicles 262 229 Leasehold improvements 12,150 12,093 33,002 32,383 Less—Accumulated depreciation ( 5,358 ) ( 4,520 ) 27,644 27,863 Construction in progress 26,089 23,714 Total property, plant, and equipment, net $ 53,733 $ 51,577 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule Of Maturities Of Operating Lease Liabilities | Maturities of operating lease liabilities at March 31, 2023 were as follows (in thousands): Amount Remainder of 2023 $ 2,167 2024 2,776 2025 2,342 2026 2,413 2027 2,416 Thereafter 11,917 Total lease payments 24,031 Less: imputed interest ( 5,149 ) Present value of lease liabilities $ 18,882 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities were comprised of the following (in thousands): As of As of Payroll-related $ 2,429 $ 2,796 Property, plant, and equipment 832 1,966 Deferred revenue 51 198 Other 1,446 1,243 Total current accrued liabilities $ 4,758 $ 6,203 |
Long-Term Debt, Net (Tables)
Long-Term Debt, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Components of Carrying Value of Long-Term Debt | Long-term debt, net consists of the following (in thousands): As of As of Long-term debt $ 22,135 $ 22,135 Cumulative accretion of exit fee 234 161 Unamortized debt discount and debt issuance costs ( 333 ) ( 320 ) Long-term debt, net $ 22,036 $ 21,976 |
Schedule of Maturities of Term Loan | At March 31, 2023, the scheduled maturities of the Company ’ s debt obligations were as follows (in thousands): Amount Remainder of 2023 $ — 2024 — 2025 6,456 2026 11,068 2027 4,611 Total $ 22,135 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Options Activity | The following table summarizes the stock option activity for the three months ended March 31, 2023 (in thousands, except share and per share data): Number of Weighted Weighted Average Aggregate Outstanding at January 1, 2023 3,846,532 $ 7.02 8.31 $ 9,083 Granted 542,052 $ 5.41 Exercised ( 10,769 ) $ 0.84 Forfeited ( 118,161 ) $ 12.69 Expired ( 780 ) $ 15.09 Outstanding at March 31, 2023 4,258,874 $ 6.68 8.10 $ 3,783 Exercisable at March 31, 2023 1,584,270 $ 5.30 7.46 $ 2,187 Vested and expected to vest at March 31, 2023 3,974,192 $ 7.12 8.26 $ 3,070 |
Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model | The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three months ended March 31, 2023, were as follows: For the Three Months Ended March 31, 2023 2022 Estimated dividend yield - % - % Weighted-average expected stock price volatility 35.04 % 33.10 % Weighted-average risk-free interest rate 4.11 % 2.01 % Expected average term of options (in years) 6.25 6.25 Weighted-average fair value of common stock $ 5.41 $ 15.07 Weighted-average fair value per option $ 2.29 $ 5.48 |
Schedule of restricted stock unit activity | The following table summarizes the restricted stock unit activity for the three months ended March 31, 2023 (in thousands, except share and per share data): Number of Weighted Weighted Average Aggregate Outstanding at January 1, 2023 28,071 $ 7.43 0.42 $ 158 Granted 118,150 $ 5.41 Vested — $ — Forfeited — $ — Outstanding at March 31, 2023 146,221 $ 5.80 1.98 $ 433 Vested and expected to vest at March 31, 2023 142,221 $ 5.80 1.98 $ 433 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense included in the accompanying condensed financial statements was as follows (in thousands): For the Three Months Ended March 31, 2023 2022 Cost of sales $ 36 $ 19 Research and development 37 65 Sales and marketing 152 99 General and administrative 785 604 Total stock-based compensation expense $ 1,010 $ 787 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic And Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): For the Three Months Ended March 31, 2023 2022 Net loss $ ( 8,817 ) $ ( 5,497 ) Weighted average shares used in computing net loss per share—basic and diluted 28,181,457 28,030,971 Net loss per share—basic and diluted $ ( 0.31 ) $ ( 0.20 ) |
Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share | Th e following is a summary of the common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive: For the Three Months Ended March 31, 2023 2022 Employee share-based awards to purchase common stock 3,833,546 2,844,368 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 30, 2023 USD ($) | Feb. 01, 2023 USD ($) Positions | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounting Policies [Abstract] | ||||||
Net loss | $ (8,817) | $ (5,497) | ||||
Accumulated deficit | (63,823) | $ (55,006) | ||||
Working captial | 41,000 | |||||
Cash and cash equivalents | $ 30,215 | $ 76,455 | $ 42,236 | $ 87,518 | ||
Reduction In Work force Of Positions | Positions | 40 | |||||
Severance And Other Related Termination Benefits | $ 700 | |||||
At-the-Market Facility [Member] | ||||||
Accounting Policies [Abstract] | ||||||
Maximum Value Of Stock To Be Issued Under ATM Facility | $ 50,000 | |||||
Percentage Of Commission To Be Paid On Gross Sales Proceeds Of ATM Facility | 3% | |||||
ATM Facility Available Value Of Stock To Be Issued Under Prospectus Supplement | $ 14,500 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Revenue | $ 9,121 | $ 11,147 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 8,726 | 10,820 |
International [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 395 | 327 |
Lab Essentials [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 7,257 | 6,975 |
Clinical Solutions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | 1,609 | 3,812 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue | $ 255 | $ 360 |
Concentrations of Risk - Summar
Concentrations of Risk - Summary of revenues and outstanding balance of accounts receivable (Details) - Customer Concentration Risk [Member] | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Receivable [Member] | Distributor customer A [Member] | |||
Product Information [Line Items] | |||
Concentration Risk Percentage | 14% | 15% | |
Accounts Receivable [Member] | Distributor customer B [Member] | |||
Product Information [Line Items] | |||
Concentration Risk Percentage | 25% | 17% | |
Revenue Benchmark [Member] | Distributor customer B [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 19% | 13% | |
Revenue Benchmark [Member] | Direct customer A [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 15% | ||
Revenue Benchmark [Member] | Direct customer B [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 12% |
Concentrations of Risk - Summ_2
Concentrations of Risk - Summary of inventory purchases and outstanding balance of accounts payable (Details) - Customer Concentration Risk [Member] | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Distributor supplier A [Member] | Accounts Payable [Member] | |||
Product Information [Line Items] | |||
Concentration Risk Percentage | 11% | ||
Distributor supplier A [Member] | Inventory Purchases [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 36% | 30% | |
Distributor supplier B [Member] | Inventory Purchases [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10% | ||
Direct supplier A [Member] | Inventory Purchases [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10% | 18% | |
Direct supplier B [Member] | Inventory Purchases [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 11% |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods, net | $ 8,094 | $ 8,368 |
Work in process | 155 | 186 |
Raw materials, net | 3,902 | 3,693 |
Total inventories, net | $ 12,151 | $ 12,247 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 33,002 | $ 32,383 |
Less—Accumulated depreciation | (5,358) | (4,520) |
Property, plant and equipment, after depreciation | 27,644 | 27,863 |
Construction in progress | 26,089 | 23,714 |
Total property, plant and equipment, net | 53,733 | 51,577 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,848 | 19,433 |
Office Furniture and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 742 | 628 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 262 | 229 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,150 | $ 12,093 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 0.8 | $ 0.5 |
Capitalized interest costs | $ 0.6 | $ 0.3 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease expense | $ 0.8 | $ 0.8 |
Lease liabilities cash paid | $ 0.8 | $ 0.7 |
Weighted-average discount rate | 4.90% | |
Weighted-average remaining lease term | 9 years 3 months 18 days | |
Maximum [Member] | ||
Remaining lease terms | 15 years | |
Minimum [Member] | ||
Remaining lease terms | 1 year |
Leases - Schedule of maturities
Leases - Schedule of maturities of operating lease liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Lessee Disclosure [Abstract] | |
Remainder of 2023 | $ 2,167 |
2024 | 2,776 |
2025 | 2,342 |
2026 | 2,413 |
2027 | 2,416 |
Thereafter | 11,917 |
Total lease payments | 24,031 |
Less: imputed interest | (5,149) |
Present value of lease liabilities | $ 18,882 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 286 | $ 287 |
Acquired finite-lived intangible assets, weighted average useful life | 3 years 9 months 18 days |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets with Definite and Indefinite Lives (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible Assets [Line Items] | ||
Intangible Assets, Gross | $ 22,099 | $ 22,099 |
Intangible Assets, Accumulated Amortization | 4,829 | 4,543 |
Intangible Assets, Net, Total | 17,270 | 17,556 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Intangible Assets, Gross | 12,919 | 12,919 |
Intangible Assets, Accumulated Amortization | 0 | 0 |
Intangible Assets, Net, Total | 12,919 | 12,919 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Intangible Assets, Gross | 9,180 | 9,180 |
Intangible Assets, Accumulated Amortization | 4,829 | 4,543 |
Intangible Assets, Net, Total | $ 4,351 | $ 4,637 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2023 | $ 862 |
2024 | 1,148 |
2025 | 1,148 |
2026 | 1,148 |
2027 | 45 |
Estimated future amortization expense of definite-lived intangible assets | $ 4,351 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Payroll-related | $ 2,429 | $ 2,796 |
Property, plant and equipment | 832 | 1,966 |
Deferred revenue | 51 | 198 |
Other | 1,446 | 1,243 |
Total current accrued liabilities | $ 4,758 | $ 6,203 |
Long-Term Debt, Net - Additiona
Long-Term Debt, Net - Additional information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2023 | Nov. 08, 2022 | May 10, 2022 | Nov. 30, 2022 | Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 31, 2022 | Mar. 26, 2021 | |
Debt Instrument [Line Items] | |||||||||||||
Maximum amount borrowed | $ 5,000,000 | ||||||||||||
Line of credit working capital | $ 5,000,000 | ||||||||||||
Maximum amount borrowed at the end of month | 5,135,000 | ||||||||||||
Unused Borrowing Capacity Amount | $ 40,135,000 | $ 5,000,000 | |||||||||||
Cash Received Under the Term Loan | $ 12,000,000 | ||||||||||||
Line of Credit Facility, Description | If any advance under the Term Loan was prepaid at any time, the prepayment fee was based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment was made after the closing date of the Term Loan. | ||||||||||||
Net revenue requirement for the financial covenant | $ 42,500,000 | ||||||||||||
Term Loan Exit Fee Rate | 5% | ||||||||||||
Long-term Debt, Gross | 22,135,000 | $ 22,135,000 | |||||||||||
Long term debt, net | $ 22,036,000 | $ 21,976,000 | |||||||||||
Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term Loan Exit Fee Rate | 7% | ||||||||||||
Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term Loan Exit Fee Rate | 5% | ||||||||||||
Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unused Borrowing Capacity Amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | |||||||||
Contingent Revenue | 19,000,000 | 15,000,000 | |||||||||||
Liquidity, line of credit | $ 15,000,000 | $ 10,000,000 | |||||||||||
Amended Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Description | removed the increase in the minimum cash covenant from $10.0 million to $15.0 million on the $10.0 million in borrowings in the first half of 2024, and added the $10.0 million minimum cash covenant requirement throughout the remaining term of the Amended Credit Agreement | ||||||||||||
Increase Borrowing Capacity | $ 15,000,000 | ||||||||||||
Net revenue requirement for the financial covenant | $ 45,000,000 | ||||||||||||
Line of credit | $ 10,000,000 | ||||||||||||
Maturity date | May 01, 2027 | ||||||||||||
Term loan exit fee | $ 7,000 | ||||||||||||
Amended Credit Agreement [Member] | Forecast [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum amount borrowed | $ 10,000,000 | $ 10,000,000 | |||||||||||
Net revenue requirement for the financial covenant | 42,000,000 | ||||||||||||
Term loan exit fee | $ 8,500 | ||||||||||||
Amended Credit Agreement [Member] | LIBOR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 3.75% | ||||||||||||
Amended Credit Agreement [Member] | LIBOR Floor [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 1% | ||||||||||||
Amended Credit Agreement [Member] | SOFR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Adjusted upward rate | 0.10% | ||||||||||||
Term SOFR floor | 1% | ||||||||||||
The Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum amount borrowed | $ 57,135,000 | ||||||||||||
Revolver [Member] | Amended Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term SOFR floor | 4.50% | ||||||||||||
Revolver [Member] | Amended Credit Agreement [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Exit Fees Percentage of Term Loan | 4% | ||||||||||||
Revolver [Member] | Amended Credit Agreement [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Exit Fees Percentage of Term Loan | 3.75% | ||||||||||||
Revolver [Member] | Amended Credit Agreement [Member] | SOFR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Applicable margin | 3.75% | ||||||||||||
Senior Secured Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum amount borrowed | $ 52,135,000 | ||||||||||||
Term Loan [Member] | LIBOR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 6.45% | ||||||||||||
Term Loan [Member] | LIBOR Floor [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, basis spread on variable rate | 1% | ||||||||||||
Term Loan [Member] | Amended Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Term SOFR floor | 1% | ||||||||||||
Term Loan [Member] | Amended Credit Agreement [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Applicable margin | 7% | ||||||||||||
Term Loan [Member] | Amended Credit Agreement [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Applicable margin | 6.45% | ||||||||||||
Term Loan [Member] | Amended Credit Agreement [Member] | SOFR [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Applicable margin | 6.45% |
Long-Term Debt, Net - Summary o
Long-Term Debt, Net - Summary of Components of Carrying Value of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Long term debt | $ 22,135 | $ 22,135 |
Cumulative accretion of exit fee | 234 | 161 |
Unamortized debt discount and debt issuance costs | 333 | 320 |
Long-term debt, net | $ 22,036 | $ 21,976 |
Long-Term Debt, Net - Summary_2
Long-Term Debt, Net - Summary of Scheduled Maturities of Term Loan (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Long-Term Debt, Unclassified [Abstract] | |
Remainder of 2023 | $ 0 |
2024 | 0 |
2025 | 6,456 |
2026 | 11,068 |
2027 | 4,611 |
Total | $ 22,135 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense related to employee stock option | $ 0.9 | $ 0.8 |
Unrecognized stock-based compensation expense | $ 9.8 | |
Weighted-average recognition period | 3 years 2 months 1 day | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense related to employee stock option | $ 0.1 | $ 0 |
Unrecognized stock-based compensation expense | $ 0.7 | |
Weighted-average recognition period | 2 months 8 days | |
2021 Employee Stock Purchase Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Discount from market price, offering date | 85% | |
Discount from market price, purchase date | 85% | |
Common stock, new shares issued | 0 | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Outstanding, Beginning balance | 3,846,532 | |
Number of Options, Granted | 542,052 | |
Number of Options, Exercised | (10,769) | |
Number of Options, Forfeited | (118,161) | |
Number of Options expired | (780) | |
Number of Options Outstanding, Ending Balance | 4,258,874 | 3,846,532 |
Number of Options, Exercisable, Ending balance | 1,584,270 | |
Number of Options, Vested and expected to vest | 3,974,192 | |
Weighted Average Exercise Price per Share, Options outstanding, Beginning balance | $ 7.02 | |
Weighted Average Exercise Price per Share, Granted | 5.41 | |
Weighted Average Exercise Price per Share, Exercised | 0.84 | |
Weighted Average Exercise Price per Share, forfeited | 12.69 | |
Weighted Average Exercise Price Per Share, Expired | 15.09 | |
Weighted Average Exercise Price per Share, Options outstanding, Ending balance | 6.68 | $ 7.02 |
Weighted Average Exercise Price per Share, Exercisable, Ending balance | 5.30 | |
Weighted Average Exercise Price per Share, Vested and expected to vest | $ 7.12 | |
Weighted Average Remaining Contractual Term (in years), Options outstanding at January 1, 2023 | 8 years 1 month 6 days | 8 years 3 months 21 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 7 years 5 months 15 days | |
Weighted Average Remaining Contractual Term (in years), Vested and expected to vest | 8 years 3 months 3 days | |
Aggregate Intrinsic Value, Options outstanding | $ 3,783 | $ 9,083 |
Aggregate Intrinsic Value, Exercisable | 2,187 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 3,070 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model (Details) - Stock Options [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Estimated dividend yield | 0% | 0% |
Weighted-average expected stock price volatility | 35.04% | 33.10% |
Weighted-average risk-free interest rate | 4.11% | 2.01% |
Expected average term of options (in years) | 6 years 3 months | 6 years 3 months |
Weighted-average fair value of common stock | $ 5.41 | $ 15.07 |
Weighted-average fair value per option | $ 2.29 | $ 5.48 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of restricted stock unit activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Outstanding at January 1, 2023, Beginning balance | 28,071 | |
RSU, Granted | 118,150 | |
Outstanding at March 31, 2023, Ending balance | 146,221 | 28,071 |
Vested and expected to vest at March 31, 2023 | 142,221 | |
Weighted Average Grant Fair Value, Beginning Balance | $ 7.43 | |
Weighted Average Grant Fair Value, Granted | 5.41 | |
Weighted Average Grant Fair Value, Ending Balance | 5.80 | $ 7.43 |
Weighted Average Exercise Price, Vested and expected to vest, end of period | $ 5.80 | |
Weighted Average Remaining Contractual Term (in years), Options outstanding | 1 year 11 months 23 days | 5 months 1 day |
Weighted Average Remaining Contractual Term, Vested and expected to vest at March 31, 2023 | 1 year 11 months 23 days | |
Aggregate Intrinsic Value, Outstanding | $ 433 | $ 158 |
Aggregate Intrinsic Value, Vested and expected to vest at March 31, 2023 | $ 433 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,010 | $ 787 |
Cost of Sales [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 36 | 19 |
Research and Development Expense [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 37 | 65 |
Selling and Marketing Expense [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 152 | 99 |
General and Administrative Expense [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 785 | $ 604 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Benefit from income taxes | $ (18) | $ (359) |
Effective Tax Rate | 0.20% | 6.10% |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (8,817) | $ (5,497) |
Weighted Average Number of Shares Outstanding, Basic | 28,181,457 | 28,030,971 |
Weighted Average Number of Shares Outstanding, Diluted | 28,181,457 | 28,030,971 |
Net loss per share - basic | $ (0.31) | $ (0.20) |
Net loss per share - diluted | $ (0.31) | $ (0.20) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee share-based awards to purchase common stock [Member] | ||
Stock options to purchase common stock | 3,833,546 | 2,844,368 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Meeches L L C [Member] | ||
Related Party Transaction [Line Items] | ||
Payment for Rent Expense | $ 0.1 | $ 0.1 |