Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CYTEK BIOSCIENCES, INC. | |
Entity Central Index Key | 0001831915 | |
Entity File Number | 001-40632 | |
Entity Tax Identification Number | 47-2547526 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address Address Line1 | 47215 Lakeview Blvd | |
Entity Address City Or Town | Fremont | |
Entity Address, State and Province | CA | |
Entity Incorporation State Country Code | DE | |
Entity Address Postal Zip Code | 94538 | |
Local Phone Number | 922-9835 | |
City Area Code | 877 | |
Security12b Title | Common Stock, $0.001 par value per share | |
Trading Symbol | CTKB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 133,725,908 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 376,771 | $ 165,231 |
Trade accounts receivable, net | 29,450 | 16,990 |
Restricted cash | 888 | |
Inventories | 27,511 | 23,018 |
Prepaid expenses and other current assets | 6,094 | 2,495 |
Total current assets | 439,826 | 208,622 |
Deferred income tax assets, noncurrent | 7,378 | 7,378 |
Property and equipment, net | 4,982 | 2,140 |
Goodwill | 476 | 476 |
Intangible assets, net | 361 | 274 |
Other noncurrent assets | 1,297 | 1,089 |
Total assets | 454,320 | 219,979 |
Current liabilities: | ||
Trade accounts payable | 3,927 | 2,944 |
Legal settlement liability, current | 7,405 | 6,253 |
Accrued expenses | 10,753 | 9,048 |
Other current liabilities | 2,044 | 4,626 |
Deferred revenue, current | 5,885 | 3,665 |
Total current liabilities | 30,014 | 26,536 |
Legal settlement liability, noncurrent | 12,633 | 10,959 |
Deferred revenue, noncurrent | 7,741 | 3,456 |
Other noncurrent liabilities | 737 | 737 |
Total liabilities | 51,125 | 41,688 |
Commitments and Contingencies | ||
Stockholders' equity (deficit): | ||
Common stock, $0.001 par value; 1,000,000,000 and 153,329,500 authorized shares as of September 30, 2021 and December 31, 2020, respectively; 133,725,741 and 31,241,916 issued and outstanding shares as of September 30, 2021 and December 31, 2020, respectively. | 125 | 23 |
Additional paid-in capital | 420,600 | 6,491 |
Accumulated deficit | (18,415) | (22,607) |
Accumulated other comprehensive income | 570 | 65 |
Noncontrolling interest in consolidated subsidiary | 315 | |
Total stockholders' equity (deficit) | 403,195 | (16,028) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | 454,320 | 219,979 |
Redeemable Convertible Preferred Stock | ||
Current liabilities: | ||
Redeemable convertible preferred stock, $0.001 par value; 10,000,000 and 87,268,694 shares authorized, zero and 87,268,694 issued and outstanding as of September 30, 2021 and December 31, 2020; aggregate liquidation preference of zero and $199,230 as of September 30, 2021 and December 31, 2020, respectively. | $ 0 | $ 194,319 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 153,329,500 |
Common stock, shares issued | 133,725,741 | 31,241,916 |
Common Stock Shares Outstanding | 133,725,741 | 31,241,916 |
Redeemable Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 87,268,694 |
Preferred stock, shares issued | 0 | 87,268,694 |
Preferred stock, shares outstanding | 0 | 87,268,694 |
Preferred Stock Liquidation Preference Value | $ 0 | $ 199,230 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, net: | ||||
Total revenue, net | $ 34,376,000 | $ 25,096,000 | $ 89,056,000 | $ 62,220,000 |
Cost of sales: | ||||
Total cost of sales | 13,099,000 | 9,480,000 | 33,548,000 | 29,959,000 |
Gross profit | 21,277,000 | 15,616,000 | 55,508,000 | 32,261,000 |
Operating expenses: | ||||
Research and development | 6,078,000 | 3,376,000 | 17,366,000 | 9,308,000 |
Sales and marketing | 6,553,000 | 3,838,000 | 16,406,000 | 10,428,000 |
General and administrative | 5,749,000 | 1,691,000 | 13,896,000 | 6,742,000 |
Total operating expenses | 18,380,000 | 8,905,000 | 47,668,000 | 26,478,000 |
Income from operations | 2,897,000 | 6,711,000 | 7,840,000 | 5,783,000 |
Other income (expense): | ||||
Interest expense | (441,000) | (2,000) | (1,249,000) | (3,000) |
Interest income | 12,000 | 3,000 | 31,000 | 105,000 |
Other income (expense), net | (393,000) | 185,000 | (1,128,000) | 543,000 |
Total other income (expense), net | (822,000) | 186,000 | (2,346,000) | 645,000 |
Income before income taxes | 2,075,000 | 6,897,000 | 5,494,000 | 6,428,000 |
Provision for (benefit from) income taxes | 655,000 | 357,000 | 1,302,000 | (7,384,000) |
Net income | 1,420,000 | 6,540,000 | 4,192,000 | 13,812,000 |
Less: net income allocated to participating securities | (1,074,000) | (5,094,000) | $ (4,192,000) | (11,171,000) |
Net income attributable to common stockholders, basic and diluted | $ 346,000 | $ 1,446,000 | $ 2,641,000 | |
Net income attributable to common stockholders per share, basic | $ 0.05 | $ 0.09 | ||
Net income attributable to common stockholders per share diluted | $ 0.05 | $ 0.09 | ||
Weighted-average shares used in calculating net income per share, basic | 108,322,433 | 28,700,005 | 57,534,080 | 28,551,126 |
Weighted-average common shares outstanding, attributable to common stockholders, diluted | 113,637,377 | 31,058,757 | 62,095,275 | 30,763,586 |
Comprehensive income : | ||||
Net income | $ 1,420,000 | $ 6,540,000 | $ 4,192,000 | $ 13,812,000 |
Foreign currency translation adjustment, net of tax | 34,000 | 145,000 | 505,000 | 49,000 |
Net comprehensive income | 1,454,000 | 6,685,000 | 4,697,000 | 13,861,000 |
Product | ||||
Revenue, net: | ||||
Total revenue, net | 32,191,000 | 23,153,000 | 83,567,000 | 56,688,000 |
Cost of sales: | ||||
Total cost of sales | 10,024,000 | 7,556,000 | 25,264,000 | 23,644,000 |
Service | ||||
Revenue, net: | ||||
Total revenue, net | 2,185,000 | 1,943,000 | 5,489,000 | 5,532,000 |
Cost of sales: | ||||
Total cost of sales | $ 3,075,000 | $ 1,924,000 | $ 8,284,000 | $ 6,315,000 |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Noncontrolling Interest |
Balances at Dec. 31, 2019 | $ (41,701) | $ 21 | $ 443 | $ (42,018) | $ (147) | ||
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2019 | 69,516,626 | ||||||
Preferred Stock, Beginning Balance at Dec. 31, 2019 | $ 74,653 | ||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 28,397,955 | ||||||
Exercise of stock options | 13 | $ 1 | 12 | ||||
Exercise of stock options (in shares) | 97,801 | ||||||
Stock-based compensation | 105 | 105 | |||||
Foreign currency translation adjustment, net of tax | (77) | (77) | |||||
Net income (loss) | (839) | (839) | |||||
Balances at Mar. 31, 2020 | (42,499) | $ 22 | 560 | (42,857) | (224) | ||
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2020 | 69,516,626 | ||||||
Preferred Stock, Ending Balance at Mar. 31, 2020 | $ 74,653 | ||||||
Ending Balance (in shares) at Mar. 31, 2020 | 28,495,756 | ||||||
Balances at Dec. 31, 2019 | (41,701) | $ 21 | 443 | (42,018) | (147) | ||
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2019 | 69,516,626 | ||||||
Preferred Stock, Beginning Balance at Dec. 31, 2019 | $ 74,653 | ||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 28,397,955 | ||||||
Net income (loss) | 13,812 | ||||||
Balances at Sep. 30, 2020 | (27,391) | $ 22 | 891 | (28,206) | (98) | ||
Preferred Stock, Ending Balance (in shares) at Sep. 30, 2020 | 69,516,626 | ||||||
Preferred Stock, Ending Balance at Sep. 30, 2020 | $ 74,653 | ||||||
Ending Balance (in shares) at Sep. 30, 2020 | 28,849,953 | ||||||
Balances at Mar. 31, 2020 | (42,499) | $ 22 | 560 | (42,857) | (224) | ||
Preferred Stock Beginning Balance (in shares) at Mar. 31, 2020 | 69,516,626 | ||||||
Preferred Stock, Beginning Balance at Mar. 31, 2020 | $ 74,653 | ||||||
Beginning Balance (in shares) at Mar. 31, 2020 | 28,495,756 | ||||||
Exercise of stock options | 1 | 1 | |||||
Exercise of stock options (in shares) | 2,511 | ||||||
Stock-based compensation | 109 | 109 | |||||
Foreign currency translation adjustment, net of tax | (19) | (19) | |||||
Net income (loss) | 8,111 | 8,111 | |||||
Balances at Jun. 30, 2020 | (34,297) | $ 22 | 670 | (34,746) | (243) | ||
Preferred Stock, Ending Balance (in shares) at Jun. 30, 2020 | 69,516,626 | ||||||
Preferred Stock, Ending Balance at Jun. 30, 2020 | $ 74,653 | ||||||
Ending Balance (in shares) at Jun. 30, 2020 | 28,498,267 | ||||||
Exercise of stock options | 95 | 95 | |||||
Exercise of stock options (in shares) | 351,686 | ||||||
Stock-based compensation | 126 | 126 | |||||
Foreign currency translation adjustment, net of tax | 145 | 145 | |||||
Net income (loss) | 6,540 | 6,540 | |||||
Balances at Sep. 30, 2020 | (27,391) | $ 22 | 891 | (28,206) | (98) | ||
Preferred Stock, Ending Balance (in shares) at Sep. 30, 2020 | 69,516,626 | ||||||
Preferred Stock, Ending Balance at Sep. 30, 2020 | $ 74,653 | ||||||
Ending Balance (in shares) at Sep. 30, 2020 | 28,849,953 | ||||||
Balances at Dec. 31, 2020 | (16,028) | $ 23 | 6,491 | (22,607) | 65 | $ 0 | |
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2020 | 87,268,694 | ||||||
Preferred Stock, Beginning Balance at Dec. 31, 2020 | $ 194,319 | ||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 31,241,916 | ||||||
Exercise of stock options | 196 | $ 1 | 195 | ||||
Exercise of stock options (in shares) | 533,540 | ||||||
Stock-based compensation | 456 | 456 | |||||
Foreign currency translation adjustment, net of tax | 202 | 202 | |||||
Net income (loss) | 102 | 102 | |||||
Noncontrolling interest | 315 | 315 | |||||
Balances at Mar. 31, 2021 | (14,757) | $ 24 | 7,142 | (22,505) | 267 | 315 | |
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2021 | 87,268,694 | ||||||
Preferred Stock, Ending Balance at Mar. 31, 2021 | $ 194,319 | ||||||
Ending Balance (in shares) at Mar. 31, 2021 | 31,775,456 | ||||||
Balances at Dec. 31, 2020 | $ (16,028) | $ 23 | 6,491 | (22,607) | 65 | 0 | |
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2020 | 87,268,694 | ||||||
Preferred Stock, Beginning Balance at Dec. 31, 2020 | $ 194,319 | ||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 31,241,916 | ||||||
Exercise of stock options (in shares) | 1,265,730 | ||||||
Net income (loss) | $ 4,192 | ||||||
Balances at Sep. 30, 2021 | 403,195 | $ 125 | 420,600 | (18,415) | 570 | 315 | |
Preferred Stock, Ending Balance (in shares) at Sep. 30, 2021 | 0 | ||||||
Preferred Stock, Ending Balance at Sep. 30, 2021 | $ 0 | ||||||
Ending Balance (in shares) at Sep. 30, 2021 | 133,725,741 | ||||||
Balances at Mar. 31, 2021 | (14,757) | $ 24 | 7,142 | (22,505) | 267 | 315 | |
Preferred Stock Beginning Balance (in shares) at Mar. 31, 2021 | 87,268,694 | ||||||
Preferred Stock, Beginning Balance at Mar. 31, 2021 | $ 194,319 | ||||||
Beginning Balance (in shares) at Mar. 31, 2021 | 31,775,456 | ||||||
Exercise of stock options | 166 | 166 | |||||
Exercise of stock options (in shares) | 321,130 | ||||||
Stock-based compensation | 667 | 667 | |||||
Foreign currency translation adjustment, net of tax | 269 | 269 | |||||
Net income (loss) | 2,670 | 2,670 | |||||
Balances at Jun. 30, 2021 | (10,985) | $ 24 | 7,975 | (19,835) | 536 | 315 | |
Preferred Stock, Ending Balance (in shares) at Jun. 30, 2021 | 87,268,694 | ||||||
Preferred Stock, Ending Balance at Jun. 30, 2021 | $ 194,319 | ||||||
Ending Balance (in shares) at Jun. 30, 2021 | 32,096,586 | ||||||
Exercise of stock options | 264 | 264 | |||||
Exercise of stock options (in shares) | 411,060 | ||||||
Stock-based compensation | 2,455 | 2,455 | |||||
Foreign currency translation adjustment, net of tax | 34 | 34 | |||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs, value | 215,689 | $ 14 | 215,675 | ||||
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs share | 13,949,401 | ||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, value | 194,318 | $ (194,319) | $ 87 | 194,231 | |||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering share | (87,268,694) | 87,268,694 | |||||
Net income (loss) | 1,420 | 1,420 | |||||
Balances at Sep. 30, 2021 | $ 403,195 | $ 125 | $ 420,600 | $ (18,415) | $ 570 | $ 315 | |
Preferred Stock, Ending Balance (in shares) at Sep. 30, 2021 | 0 | ||||||
Preferred Stock, Ending Balance at Sep. 30, 2021 | $ 0 | ||||||
Ending Balance (in shares) at Sep. 30, 2021 | 133,725,741 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 4,192 | $ 13,812 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 557 | 445 |
Stock-based compensation | 3,578 | 340 |
Gain on equity method investment | (40) | |
Provision for excess and obsolete inventory | (333) | 1,199 |
Interest expenses for accretion of the legal settlement liabilities | 1,215 | |
Change in operating assets and liabilities: | ||
Trade accounts receivable | (11,647) | (814) |
Inventories | (4,838) | (5,421) |
Prepaid expenses and other assets | (5,002) | (8,980) |
Trade accounts payable | 486 | (1,663) |
Accrued expenses and other liabilities | 2,099 | 1,760 |
Legal settlement liabilities | 1,612 | 1,700 |
Deferred revenue | 6,637 | 1,137 |
Net cash (used in) provided by operating activities | (818) | 3,515 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (3,068) | (1,344) |
Payment for additional investment in Cytek Japan, net of cash acquired | 371 | |
Net cash used in investing activities | (2,697) | (1,344) |
Cash flows from financing activities: | ||
Proceeds from Paycheck Protection Program loan | 4,082 | |
Repayment of Paycheck Protection Program loan | (2,772) | 1,310 |
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | 215,689 | |
Proceeds from issuance of common stock upon exercise of stock options | 625 | 108 |
Net cash provided by financing activities | 213,542 | 2,880 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 625 | (13) |
Cash, cash equivalents and restricted cash: | ||
Net increase in cash, cash equivalents and restricted cash | 210,652 | 5,038 |
Cash, cash equivalents and restricted cash at beginning of period | 166,119 | 30,490 |
Cash, cash equivalents and restricted cash at end of period | 376,771 | 35,528 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 2,238 | 765 |
Non-cash investing and financing activities: | ||
Fixed asset purchases in accounts payable at period end | 309 | |
Intangible asset in accrued expenses at period end | $ 90 |
Description of the Business
Description of the Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business | 1. 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 by leveraging novel technical approaches. 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 believes its core instruments, the Aurora and Northern Lights systems, are the first full spectrum flow cytometers able to deliver high-resolution, high-content and high-sensitivity cell analysis by utilizing the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells (“Full Spectrum Profiling” or “FSP”). The Company’s FSP platform includes instruments, accessories, reagents, software, and services to provide a comprehensive and integrated suite of solutions for its customers. 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. Initial Public Offering In July 2021, the Company priced its initial public offering (“IPO”) of 13,949,401 shares of common stock, which included the full exercise by the underwriters of their option to purchase an additional 2,184,695 shares from the Company, at an initial public offering price of $ 17.00 per share for gross proceeds of $ 237.1 million, which resulted in net proceeds to the Company of approximately $ 215.7 million, after deducting underwriting discounts and commissions of approximately $ 17.3 million and offering-related transaction costs of approximately $ 5.3 million. In addition, certain selling stockholders offered and sold an additional 2,799,929 shares or common stock in the IPO. The Company did no t receive any proceeds from the sale of such shares by the selling stockholders. In addition, in connection with the completion of the IPO on July 27, 2021, all outstanding shares of convertible preferred stock (see Note 10) were automatically converted into 87,268,694 shares of the Company’s common stock and were reclassified as permanent equity. Further, immediately following the closing of the IPO, the Company amended and restated its certificate of incorporation such that the total number of shares of common stock authorized to be issued was 1,000,000,000 and the total number of shares of preferred stock authorized to be issued was 10,000,000 . Following the IPO, there are no shares of convertible preferred stock outstanding. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and summary of significant accounting policies | 2. 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 (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. 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., Cytoville Biosciences Shanghai Co., Ltd. and Cytek (Shanghai) Software Development Technology Co., Ltd. and its majority-owned subsidiary, Cytek Japan Kabushiki Kaisha (“Cytek Japan”). The noncontrolling interest is presented in stockholders’ equity (deficit) in the consolidated balance sheets and consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit). All intercompany accounts and transactions have been eliminated in consolidation. On July 16, 2021, the Company effected a 1.3333-for-1 stock split of its common stock and redeemable convertible preferred stock (the “Stock Split”). All share and per share information has been retroactively adjusted to reflect the Stock Split for all periods presented. Variable interest entities and voting interest entities The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity (“VIE”) and therefore subject to the consolidation requirements under the VIE model. Only if the entity does not meet the definition of a VIE, the Company will apply the voting interest model (“VOE”) or other applicable GAAP. VOEs are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates VOEs in which it has greater than 50 % of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates a VIE where it has been determined that the Company is the primary beneficiary of the entity’s operations. The Company does not currently hold an interest in a VIE. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with U.S. 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. Unaudited interim consolidated financial statements The unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2021, and its results of operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020, cash flows for the nine months ended September 30, 2021 and 2020, and the consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020. The financial data and the other financial information contained in these notes to the unaudited interim consolidated financial statements related to the three and nine-month periods are also unaudited. The results of operations and comprehensive income for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated July 22, 2021, filed with the SEC on July 23, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended. COVID-19 pandemic The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The future impact of the COVID-19 pandemic remains uncertain as its global impact continues to rapidly evolve. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has impacted, and may continue to impact, the Company’s manufacturing facilities (in Fremont, California and Wuxi, China) and its third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay Company’s operations, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. For the three and nine months ended September 30, 2021 and 2020, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstances that would require the Company to revise its estimates reflected in these unaudited interim consolidated financial statements. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition, liquidity and research and development costs will depend on future developments that are highly uncertain, including variant strains of the virus, the degree of their vaccine resistance and as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. If the financial markets and/or the overall economy are adversely impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected. 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 interim consolidated statements of operations and comprehensive income 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 (deficit). 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 interim consolidated statements of operations and comprehensive income. 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 depositary accounts and money market funds. The carrying amount of cash and cash equivalents was $ 376.8 million and $ 165.2 million as of September 30, 2021 and December 31, 2020, 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 Company 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 September 30, 2021 and December 31, 2020. The Company classifies restricted cash as current and noncurrent on the accompanying 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): September 30, December 31, (unaudited) Cash $ 15,743 $ 10,651 Money market funds 361,028 154,580 Restricted cash - 888 Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows $ 376,771 $ 166,119 Trade accounts receivable, net Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s customers’ respective financial conditions, the amounts of receivables in dispute and the current receivables aging and current payment patterns. To the extent identified, account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. To date, the Company’s customers have primarily been large pharmaceutical companies, biopharmaceutical companies, leading academic research centers and clinical research organizations and therefore, the Company has not had any material write-offs or allowance for doubtful accounts for the presented periods. The following is a summary of the accounts receivables allowance for doubtful accounts for the nine months ended September 30, 2021 and year ended December 31, 2020 (in thousands): Allowance for doubtful accounts Balance at December 31, 2019 $ - Addition during the period 175 Utilization of allowance for doubtful accounts - Balance at December 31, 2020 $ 175 Addition during the period - Utilization of allowance for doubtful accounts ( 172 ) Balance at September 30, 2021 $ 3 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. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Inventory write-downs are charged to cost of sales and establish a new cost basis for the inventory. Inventories include raw materials, work-in-process and finished goods. 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 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 income. Expenditures for general maintenance and repairs are expensed as incurred. Goodwill and intangible assets, net In July 2015, the Company entered into a purchase agreement with Cytek Development Technology (“Cytek Tech”) involving the acquisition of substantially all assets of Cytek Tech for the aggregate purchase amount of $ 900,000 in cash and the assumption of Cytek Tech liabilities. The Company recorded goodwill of $ 476,000 and intangible assets of $ 476,000 at the transaction date. 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 IP license 5 years 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 interim consolidated balance sheets for cash and cash equivalents, restricted cash, 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 instrument 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 90 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. 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 and three years . 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, are capitalized, and will be offset against proceeds from the IPO upon the effectiveness of the offering. In the event an anticipated offering is terminated, deferred offering costs will be expensed. On July 27, 2021, the Company completed the IPO; accordingly, the Company recognized the initial public offering costs of approximately $ 5.3 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. Accordingly, there wer e no deferred offering costs as of September 30, 2021 . As of December 31, 2020 there were no capitalized deferred offering costs. 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 the three and nine months ended September 30, 2021, advertising, marketing and media expenses totaled $ 513,000 and $ 1.2 million , respectively. For the three and nine months ended September 30, 2020, the advertising, marketing, and media expenses totaled $ 215,000 and $ 705,000 , r espectively. 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 our business corresponding to the expected term of the awards. Expected Term—Expected term represents the period that our stock-based awards are expected to be outstanding and is determined using the simplified method. Dividend Yield— The expected dividend yield is zero as we have never declared or paid cash dividends and have 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 income attributable to common stockholders per share Basic net income attributable to common stockholders per share and diluted net income attributable to common stockholders per share are computed using the weighted-average number of shares of common stock outstanding for the period. Net income per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines net income 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 income per share in the periods in which net income is recorded. Diluted net income attributable to common stockholders 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 income attributable to common stockholders 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 income attributable to common stockholders per share if their effect is antidilutive. Recently adopted accounting pronouncements The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. The Company has, however, elected to early- adopt as permitted certain new or revised accounting standards as of dates that may or may not coincide with the effective dates of public companies. These standards include the following: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”). Topic 606 and its related amendments supersede Revenue Recognition (Topic 605), issued in June 2010, and provides principles for recognizing revenue for goods and services in a manner consistent with the transfer of control of those goods and services to the customer. The Company adopted the requirements of Topic 606 using the modified retrospective method on January 1, 2018 with such adoption not having a material impact to the Company’s unaudited interim consolidated financial statements. Under the modified retrospective method, this guidance is applied to those contracts that were not completed as of January 1, 2019, with no restatement of contracts that were commenced and completed within fiscal years prior to January 1, 2019, and the prior period comparable financial information continues to be presented under the guid |
Concentrations of Credit Risk a
Concentrations of Credit Risk and Other Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit risk and other risks and uncertainties | 3. 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 and cash equivalents. 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. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 4. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Sales channel mix Direct sales channel $ 30,841 $ 21,200 $ 76,406 $ 53,237 Distributor channel 3,535 3,896 12,650 8,983 Total revenue, net $ 34,376 $ 25,096 $ 89,056 $ 62,220 Customer mix Academia and government $ 18,593 $ 10,589 $ 42,463 $ 31,501 Biotechnology, pharmaceutical, distributor and contract research organizations 15,783 14,507 46,593 30,719 Total revenue, net $ 34,376 $ 25,096 $ 89,056 $ 62,220 Revenue by geographical markets is presented in Note 20 Geographic areas. 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 September 30, 2021 (in thousands): (unaudited) Less than 1 year Greater than 1 year Total Product revenue 341 - 341 Service revenue 5,544 7,741 13,285 Total revenue $ 5,885 $ 7,741 $ 13,626 Contract balances The following table provides information about receivables, deferred revenue from contracts with customers, and customer deposits (in thousands): September 30, December 31, (unaudited) Trade accounts receivable $ 29,450 $ 16,990 Contract liabilities: Deferred revenue $ 13,626 $ 7,121 Customer deposits, which are included in 'Other current liabilities' 562 624 Total contract liabilities $ 14,188 $ 7,745 The following provides a rollforward of the contract liabilities (in thousands): Contract liabilities Balance at December 31, 2019 $ 5,253 Revenue recognized ( 10,678 ) Revenue deferred 13,170 Balance at December 31, 2020 $ 7,745 Revenue recognized ( 11,585 ) Revenue deferred 18,028 Balance at September 30, 2021 $ 14,188 |
Balance Sheet Details
Balance Sheet Details | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance sheet details | 5. Balance sheet details Inventories The following table shows the components of inventory (in thousands): September 30, December 31, (unaudited) Raw materials $ 15,366 $ 12,882 Work in progress 1,990 3,135 Finished goods 10,155 7,001 Total inventories $ 27,511 $ 23,018 Prepaid expenses and other current assets The following table shows the components of prepaid expenses and other current assets (in thousands): September 30, December 31, (unaudited) Prepaid expenses: Prepaid inventory $ 286 $ 29 Prepaid rent 228 162 Prepaid insurance 2,975 55 Other 1,137 690 Other current assets: Tax refund receivable 1,373 1,114 Other 95 445 Total prepaid expenses and other current assets $ 6,094 $ 2,495 Accrued expenses The following table shows the components of accrued expenses (in thousands): September 30, December 31, (unaudited) Accrued expenses: Accrued compensation and related benefits $ 6,617 $ 5,563 Professional service fees 1,199 359 Purchases 1,174 2,065 Product warranty 1,646 969 Other 117 92 Total accrued expenses $ 10,753 $ 9,048 For the product warranty analysis refer to Note 18. Other current liabilities The following table shows the components of other current liabilities (in thousands): September 30, December 31, (unaudited) Other current liabilities: Customer deposits $ 562 $ 624 Paycheck Protection Program loan (Note 15) - 2,772 Income tax payable 493 468 Sales and use tax payable 649 566 Other 340 196 Total other current liabilities $ 2,044 $ 4,626 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair value of financial instruments | 6. 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): Quoted prices in active Significant markets for other Significant identical observable unobservable December 31, assets inputs inputs 2020 (level 1) (level 2) (level 3) Assets: Money market funds $ 154,580 $ 154,580 $ - $ - Total $ 154,580 $ 154,580 $ - $ - Quoted prices in active Significant markets for other Significant identical observable unobservable September 30, assets inputs inputs 2021 (level 1) (level 2) (level 3) Assets: Money market funds $ 361,028 $ 361,028 $ - $ - Total $ 361,028 $ 361,028 $ - $ - 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. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 7. Property and equipment, net The following table shows the components of property and equipment, net (in thousands): September 30, December 31, (unaudited) Laboratory equipment $ 2,146 $ 1,396 Leasehold improvements 1,476 1,108 Construction in progress 2,060 - Office and computer equipment 517 372 Furniture and fixtures 273 198 Total property and equipment 6,472 3,074 Less: accumulated depreciation ( 1,490 ) ( 934 ) Property and equipment, net $ 4,982 $ 2,140 Total depreciation expense for the three and nine months ended September 30, 2021 was $ 192,000 and $ 553,000 , respectively. The total depreciation expense for the three and nine months ended September 30, 2020 was $ 163,000 and $ 381,000 , respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | 8. Goodwill and intangible assets, net There were no changes in goodwill for the nine months ended September 30, 2021 and the fiscal year ended December 31, 2020. The following table shows the components of intangible assets, net (in thousands): September 30, December 31, (unaudited) Patents and trademarks $ 379 $ 288 IP license 476 476 Total intangible assets 855 764 Less: accumulated amortization ( 494 ) ( 490 ) Intangible assets, net $ 361 $ 274 Total amortization expense for the three and nine months ended September 30, 2021 was approximately $ 2,000 and $ 4,000 , respectively. Total amortization expense for the three and nine months ended September 30, 2020 was $ 16,000 and $ 64,000 respectively. |
Legal Settlement Liability
Legal Settlement Liability | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal settlement liability | 9. 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 $ 2.0 million, (ii) a low single digit royalty payment for ten years , based on net sales of certain of its products, (iii) $ 6.0 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. As of September 30, 2021, it was probable that the specified sales milestone would be achieved within 3 months. 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 Company recorded $ 940,000 and $ 2.4 million product cost of sales related to royalty expense for the three and nine months ended September 30, 2021, respectively, and $ 729,000 and $ 1.7 million product cost of sales for the three and nine months ended September 30, 2020, respectively. The Company recorded $ 441,000 and $ 1.2 million of interest expense for the three and nine months ended September 30, 2021, respectively, and $ 2,000 and $ 3,000 of interest expense for the three and nine months ended September 30, 2020 , 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 o f $ 20.0 million and $ 17.2 million as of September 30, 2021 and December 31, 2020, respectively, and will record licensing expense in future periods. The following table shows the components of the legal settlement liability (in thousands): September 30, December 31, (unaudited) Current: Legal settlement liability $ 7,405 $ 6,253 Noncurrent: Legal settlement liability 12,633 10,959 Total legal settlement liability $ 20,038 $ 17,212 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Redeemable convertible preferred stock | 10. Redeemable convertible preferred stock In March 2015, the Company entered into a Series A Preferred Stock Purchase Agreement (“Series A Agreement”) with certain investors pursuant to which it sold and issued 9,799,755 shares of Series A redeemable convertible preferred stock (“Series A shares”) at a purchase price of $ 0.38 per share in the initial closing. In July 2015, the Company sold and issued an additional 8,166,462 Series A shares at a purchase price of $ 0.38 per share pursuant to a subsequent closing under the Series A Agreement. In October 2015, the Company sold and issued an additional 14,699,632 Series A shares at a purchase price of $ 0.38 per share pursuant to a milestone closing under the Series A Agreement. A total of 32,665,849 Series A shares were issued for $ 12.2 million, net of issuance costs of $ 89,000 . In December 2016, the Company entered into a Series B Preferred Stock Purchase Agreement (“Series B Agreement”) with certain investors pursuant to which it sold and issued 9,888,639 shares of Series B convertible redeemable preferred stock (“Series B shares”) at a purchase price of $ 0.75 per share in the initial closing. In January 2018, the Company sold and issued an additional 6,110,957 Series B shares at a purchase price of $ 0.75 per share pursuant to a milestone closing under the Series B Agreement. In September 2018, the Company entered into a Series C Preferred Stock Purchase Agreement (“Series C Agreement”) with certain investors pursuant to which it sold and issued 18,717,804 shares of Series C convertible redeemable preferred stock (“Series C shares” and together with Series A shares, Series B shares and Series C shares, the “2018 Preferred Stock”) at a purchase price of $ 2.40 per share in the initial closing. In November and December 2018, the Company sold and issued an additional 2,501,265 and 2,084,387 Series C shares, respectively, at a purchase price of $ 2.40 per share pursuant to subsequent closings under the Series C Agreement. In October 2018, the Company repurchased 2,452,270 Series A shares at a price per share of $ 2.04 (“Series A Repurchase”), for an aggregate purchase price of $ 5.0 million. In connection with the Series A Repurchase, the Company filed a Certificate of Retirement with the Secretary of State in the State of Delaware to (i) cancel and retire the repurchased shares as required by the Company’s Amended and Restated Certificate of Incorporation, (ii) reduce the number of 2018 Preferred Stock authorized under the Company’s Amended and Restated Certificate of Incorporation to 70,212,570 from 72,664,850 and (iii) reduce the number of Series A shares authorized under the Company’s Amended and Restated Certificate of Incorporation 30,213,574 from 32,665,849 . In October 2020, under the amended and restated certificate of incorporation dated October 22, 2020 (“October COI”), the Company issued 17,752,068 shares of Series D redeemable convertible preferred stock (“Series D shares” and together with Series A shares, Series B shares, Series C shares, the “Preferred Stock”) at a purchase price of $ 6.76 per share for net proceeds of $ 119.7 million and authorized the reduction of the Series C to 23,303,456 . In July 2021, all of the then-outstanding shares of Preferred Stock automatically converted into 87,268,694 shares of common stock immediately upon the closing of Company’s IPO. The Company has classified its Preferred Stock as temporary equity in the accompanying interim consolidated balance sheets due to terms that allow for redemption of the shares upon certain change in control events that are outside of the Company’s control, including sale or transfer of control of the Company, as holders of the Preferred Stock could cause redemption of the shares in these situations. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Common stock | 11. Common stock As of September 30, 2021 , 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 July 16, 2021, the Board and the Company’s stockholders approved an amendment and restatement of the Company’s certificate of incorporation to effect the Stock Split, which became effective upon filing with the Secretary of State of the State of Delaware on July 16, 2021. On July 16, 2021, the Board and the Company’s stockholders approved an amendment and restatement of the Company’s certificate of incorporation, which became effective immediately following the closing of the IPO on July 27, 2021 and filing with the Secretary of State of the State of Delaware. Stock Plans As of September 30, 2021, 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 Compan y. As of September 30, 2021 the total number of shares of common stock available for issuance under the 2015 Plan was 5,792,529 shares. As of the effective date of the 2021 Plan described below, the 2015 Plan was terminated and no further stock awards will 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 the earlier of the stock option’s expiration or exercise. 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 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 Company’s initial public offering. 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 September 30, 2021, the total number of shares of common stock available for issuance under the 2021 Plan was 15,167,837 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 Company’s initial public offering. The Company reserved 2,000,000 shares of common stock for future issuance under the ESPP. 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 September 30, 2021, none of the shares have been purchased under the ESPP plan. Fair value of common stock The fair value of the shares of common stock underlying the stock options has historically been determined by the Board. Because there has been no public market for the Company’s common stock, the Board has determined fair value of the common stock at the time of the option grant by considering a number of objective and subjective factors including valuation of comparable companies, sales of redeemable convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, amongst others. In determining the fair value of the common stock, the methodologies used to estimate the enterprise value were performed using methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Accounting Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. The fair value of the underlying common stock will be determined by the Board, after consideration of a third-party valuation report, until the Company’s common stock is listed on an established stock exchange or national market system. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation plan | 12. Stock-based compensation plan 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 (in years) Aggregate intrinsic value Balance as of December 31, 2020 6,174,778 $ 0.67 7.79 $ 11,405 Options granted 4,315,589 12.97 Options exercised ( 1,265,730 ) 0.50 Options forfeited ( 294,726 ) 2.58 Options expired ( 5,375 ) 1.32 Balance as of September 30, 2021 8,924,536 $ 6.58 8.31 $ 14,597 Options unvested as of September 30, 2021 6,001,978 $ 9.55 9.31 $ 82,765 Options exercisable as of September 30, 2021 2,922,558 $ 0.47 6.25 $ 66,832 The weighted-average grant date fair value of options granted during the three months ended September 30, 2021 and 2020 w as $ 12.56 and $ 0.65 p er share, respectively. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2021 and 2020 wa s $ 10.43 and $ 0.62 per share, respectively. The total fair value of options vested during each of the three months ended September 30, 2021 and 2020 wa s $ 323,000 and $ 191,000 , resp ectively. The total fair value of options vested during each of the nine months ended September 30, 2021 and 2020 wa s $ 628,000 and $ 297,000 , r espectively. There w as $ 42.7 million and $ 1.3 million of unrecognized stock-based compensation expense related to unvested stock options as of September 30, 2021 and 2020, respectively. The unrecognized stock-based compensation expense is estimated to be recognized over a period o f 3.23 years and 2.64 years a s of September 30, 2021 and 2020, respectively. 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 September 30, 2021. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Cost of sales $ 559 $ 38 $ 791 $ 107 Research and development 698 28 1,002 67 Sales and marketing 478 38 781 105 General and administrative 720 22 1,004 61 Total stock-based compensation $ 2,455 $ 126 $ 3,578 $ 340 The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term (weighted-average period of time that the options granted are expected to be outstanding), volatility of the Company’s common stock and an assumed-risk free interest rate. The following table shows the weighted-average valuation assumptions used in determining the fair value of employee stock options: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Expected term (in years) 6.08 6.02 6.05 6.00 Expected volatility 89.83 % 85.20 % 90.07 % 80.54 % Risk-free interest rate 0.88 % 0.36 % 0.95 % 0.75 % Dividend yield — — — — |
Employee Benefit Plan
Employee Benefit Plan | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefit plan | 13. Employee benefit plan 401(k) retirement savings plan The Company currently maintains a 401(k) retirement savings plan the covers substantially all of its employees (“401(k) Plan”). The 401(k) Plan permits voluntary contributions by employees, a portion of which are matched by the Company. The Company’s contributions to the 401(k) Plan were approximately $ 205,000 and $ 572,000 for the three and nine months ended September 30, 2021, respectively, and $ 159,000 and $ 432,000 f or the three and nine months ended September 30, 2020 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income taxes The Company's effective tax rate from continuing operations was 31.6 % and 23.7 % for the three and nine months ended September 30, 2021, respectively, and 5.2 % and ( 114.9 )% for the three and nine months ended September 30, 2020 , respectively. The Company's mix of earnings between various taxing jurisdictions caused the quarterly and year-to-date effective tax rate to be different from the U.S. federal statutory tax rate. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 15. Commitments and contingencies Lease agreements The Company leases office facilities under various non-cancelable leases that expire at various dates. Under certain leases, the Company is responsible for expenses related to operations, maintenance, repairs, and management fees that are accounted for as operating leases. The following table shows the future minimum lease payments for the operating leases as of September 30, 2021 (in thousands): Operating leases (unaudited) Remainder of 2021 $ 1,760 2022 2,104 2023 2,453 2024 2,208 2025 2,145 Thereafter 6,734 Total future minimum lease payments $ 17,404 Rent expense totaled $ 442,000 and $ 1.3 million for the three and nine months ended September 30, 2021, respectively, an d $ 335,000 and $ 909,000 f or the three and nine months ended September 30, 2020, respectively. Paycheck Protection Program Loan On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted to, amongst other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. The CARES Act includes a Paycheck Protection Program (“PPP”) administered through the Small Business Association (“SBA”). Under the PPP, beginning April 3, 2020, small businesses and other entities and individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. On May 7, 2020, the Company received gross proceeds in the amount of approximately $ 4.1 million under the PPP. The PPP, established as part of the CARES Act, provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying business. On May 4, 2021, the Company fully repaid the PPP loan. 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. The Company is not currently involved in legal actions, nor is management aware of any potential claims or legal actions, for which the ultimate disposition could have a material effect on the Company’s financial position, results of operations or liquidity. |
Investment in Cytek Japan
Investment in Cytek Japan | 9 Months Ended |
Sep. 30, 2021 | |
Investment Company [Abstract] | |
Investment in Cytek Japan | 16. 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 income for the nine months ended September 30, 2021. 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 under the VOE model as Cytek Japan does not meet the definition of a VIE and as TOMY does not have substantive voting, participating or liquidation rights. 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. The net income attributable to noncontrolling interest was de minimis. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related party transactions | 17. Related party transactions In February 2017, the Company entered into an agreement with a third-party manufacturing company whereby an executive officer of the Company was also a member of the third-party manufacturer’s board of directors. The executive officer of the Company resigned from the third-party manufacturer’s board of directors in February 2020. During the nine months ended September 30, 2020, the Company paid the third-party manufacturing company $ 229,000 for the purchase of inventory. As of December 31, 2020, the Company’s open balance was $ 41,000 and is reflected in trade accounts payable and accrued expenses. As of September 30, 2021 , there are no open balances to the third-party manufacturing company. |
Product Warranty
Product Warranty | 9 Months Ended |
Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Product warranty | 18. Product warranty The following table shows the activity in the product warranty accrual included in accrued expenses on the consolidated balance sheets (in thousands): September 30, December 31, (unaudited) Balance, beginning of the period $ 969 $ 734 Accrual for current year warranties 2,841 1,506 Warranty cost incurred ( 2,164 ) ( 1,271 ) Balance, end of period $ 1,646 $ 969 |
Net Income Attributable to Comm
Net Income Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Common Stockholders | 19. Net income attributable to common stockholders per share The following table sets forth the computation of the Company’s basic and diluted net income attributable to common stockholders per share for the three and nine months ended September 30, 2021 and 2020 (in thousands except share and per share data): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Net Income $ 1,420 $ 6,540 $ 4,192 $ 13,812 Less: net income allocated to participating securities ( 1,074 ) ( 5,094 ) ( 4,192 ) ( 11,171 ) Net income attributable to common stockholders, basic and diluted $ 346 $ 1,446 $ - $ 2,641 Denominator Weighted-average common shares outstanding, attributable to common stockholders, basic 108,322,433 28,700,005 57,534,080 28,551,126 Effect of stock options 5,314,945 2,358,752 4,561,195 2,212,461 Weighted-average common shares outstanding, attributable to common stockholders, diluted 113,637,377 31,058,757 62,095,275 30,763,586 Net income per share attributable to common stockholders, basic $ 0.003198 $ 0.050354 $ - $ 0.092443 Net income per share attributable to common stockholders, diluted $ 0.003048 $ 0.046530 $ - $ 0.085794 |
Geographic Areas
Geographic Areas | 9 Months Ended |
Sep. 30, 2021 | |
Segments, Geographical Areas [Abstract] | |
Geographic areas | 20. 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 and nine months ended September 30, 2021 and 2020 was as follows (in thousands): Three months ended September 30, Nine months ended September 30, (unaudited) 2021 2020 2021 2020 United States $ 23,980 $ 15,466 $ 54,579 $ 42,126 EMEA 6,179 7,152 23,482 13,097 APAC 2,801 2,482 9,447 6,644 Other 1,416 ( 4 ) 1,548 353 Total revenue, net $ 34,376 $ 25,096 $ 89,056 $ 62,220 EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and South America. For the three and nine months ended September 30, 2021 and 2020, the Company had no major customers. As of September 30, 2021 and December 31, 2020, the Company’s long-lived assets by geographic area were as follows (in thousands): September 30, December 31, 2021 2020 (unaudited) United States $ 3,087 $ 568 APAC 1,895 1,572 Total $ 4,982 $ 2,140 As of September 30, 2021 and December 31, 2020, substantially all of the Company’s long-lived assets were located in the United States and in Wuxi, China. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent events Acquisition On November 2, 2021, the Company completed the acquisition of the cell analysis business of Tonbo Biotechnologies Corporation for an aggregate consideration of $ 17 million. The acquired assets include a portfolio of life science research reagents related to cell preparation, flow cytometry, molecular immunology/polymerase chain reaction and cell culture covering application areas across immunology, apoptosis and immunoprofiling. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of consolidation | 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., Cytoville Biosciences Shanghai Co., Ltd. and Cytek (Shanghai) Software Development Technology Co., Ltd. and its majority-owned subsidiary, Cytek Japan Kabushiki Kaisha (“Cytek Japan”). The noncontrolling interest is presented in stockholders’ equity (deficit) in the consolidated balance sheets and consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit). All intercompany accounts and transactions have been eliminated in consolidation. On July 16, 2021, the Company effected a 1.3333-for-1 stock split of its common stock and redeemable convertible preferred stock (the “Stock Split”). All share and per share information has been retroactively adjusted to reflect the Stock Split for all periods presented. |
Variable interest entities and voting interest entities | Variable interest entities and voting interest entities The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity (“VIE”) and therefore subject to the consolidation requirements under the VIE model. Only if the entity does not meet the definition of a VIE, the Company will apply the voting interest model (“VOE”) or other applicable GAAP. VOEs are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates VOEs in which it has greater than 50 % of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates a VIE where it has been determined that the Company is the primary beneficiary of the entity’s operations. The Company does not currently hold an interest in a VIE. |
Use of estimates | Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with U.S. 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. |
Unaudited interim consolidated financial statements | Unaudited interim consolidated financial statements The unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2021, and its results of operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020, cash flows for the nine months ended September 30, 2021 and 2020, and the consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020. The financial data and the other financial information contained in these notes to the unaudited interim consolidated financial statements related to the three and nine-month periods are also unaudited. The results of operations and comprehensive income for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated July 22, 2021, filed with the SEC on July 23, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended. |
Covid 19 pandemic | COVID-19 pandemic The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The future impact of the COVID-19 pandemic remains uncertain as its global impact continues to rapidly evolve. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has impacted, and may continue to impact, the Company’s manufacturing facilities (in Fremont, California and Wuxi, China) and its third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay Company’s operations, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. For the three and nine months ended September 30, 2021 and 2020, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstances that would require the Company to revise its estimates reflected in these unaudited interim consolidated financial statements. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition, liquidity and research and development costs will depend on future developments that are highly uncertain, including variant strains of the virus, the degree of their vaccine resistance and as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. If the financial markets and/or the overall economy are adversely impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected. |
Operating segments | 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 | 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 interim consolidated statements of operations and comprehensive income 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 (deficit). 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 interim consolidated statements of operations and comprehensive income. |
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 depositary accounts and money market funds. The carrying amount of cash and cash equivalents was $ 376.8 million and $ 165.2 million as of September 30, 2021 and December 31, 2020, 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 Company 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 September 30, 2021 and December 31, 2020. The Company classifies restricted cash as current and noncurrent on the accompanying 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): September 30, December 31, (unaudited) Cash $ 15,743 $ 10,651 Money market funds 361,028 154,580 Restricted cash - 888 Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows $ 376,771 $ 166,119 |
Trade accounts receivable, net | Trade accounts receivable, net Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company’s customers’ respective financial conditions, the amounts of receivables in dispute and the current receivables aging and current payment patterns. To the extent identified, account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. To date, the Company’s customers have primarily been large pharmaceutical companies, biopharmaceutical companies, leading academic research centers and clinical research organizations and therefore, the Company has not had any material write-offs or allowance for doubtful accounts for the presented periods. The following is a summary of the accounts receivables allowance for doubtful accounts for the nine months ended September 30, 2021 and year ended December 31, 2020 (in thousands): Allowance for doubtful accounts Balance at December 31, 2019 $ - Addition during the period 175 Utilization of allowance for doubtful accounts - Balance at December 31, 2020 $ 175 Addition during the period - Utilization of allowance for doubtful accounts ( 172 ) Balance at September 30, 2021 $ 3 |
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. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Inventory write-downs are charged to cost of sales and establish a new cost basis for the inventory. Inventories include raw materials, work-in-process and finished goods. |
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 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 income. Expenditures for general maintenance and repairs are expensed as incurred. |
Goodwill and intangible assets, net | Goodwill and intangible assets, net In July 2015, the Company entered into a purchase agreement with Cytek Development Technology (“Cytek Tech”) involving the acquisition of substantially all assets of Cytek Tech for the aggregate purchase amount of $ 900,000 in cash and the assumption of Cytek Tech liabilities. The Company recorded goodwill of $ 476,000 and intangible assets of $ 476,000 at the transaction date. 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 IP license 5 years |
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. The carrying amounts reflected in the interim consolidated balance sheets for cash and cash equivalents, restricted cash, trade accounts receivable, net, trade accounts payable and accrued expenses approximate their fair values. |
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 instrument 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 90 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. 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 and three years . |
Contract liabilities | 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 | 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 Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s planned initial public offering, are capitalized, and will be offset against proceeds from the IPO upon the effectiveness of the offering. In the event an anticipated offering is terminated, deferred offering costs will be expensed. On July 27, 2021, the Company completed the IPO; accordingly, the Company recognized the initial public offering costs of approximately $ 5.3 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. Accordingly, there wer e no deferred offering costs as of September 30, 2021 . As of December 31, 2020 there were no capitalized deferred offering costs. |
Research and development costs | 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 | Advertising costs The cost of advertising, marketing and media is expensed as incurred. For the three and nine months ended September 30, 2021, advertising, marketing and media expenses totaled $ 513,000 and $ 1.2 million , respectively. For the three and nine months ended September 30, 2020, the advertising, marketing, and media expenses totaled $ 215,000 and $ 705,000 , r espectively. |
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 our business corresponding to the expected term of the awards. Expected Term—Expected term represents the period that our stock-based awards are expected to be outstanding and is determined using the simplified method. Dividend Yield— The expected dividend yield is zero as we have never declared or paid cash dividends and have 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 | 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 income attributable to common stockholders per share | Net income attributable to common stockholders per share Basic net income attributable to common stockholders per share and diluted net income attributable to common stockholders per share are computed using the weighted-average number of shares of common stock outstanding for the period. Net income per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines net income 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 income per share in the periods in which net income is recorded. Diluted net income attributable to common stockholders 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 income attributable to common stockholders 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 income attributable to common stockholders per share if their effect is antidilutive. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. The Company has, however, elected to early- adopt as permitted certain new or revised accounting standards as of dates that may or may not coincide with the effective dates of public companies. These standards include the following: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”). Topic 606 and its related amendments supersede Revenue Recognition (Topic 605), issued in June 2010, and provides principles for recognizing revenue for goods and services in a manner consistent with the transfer of control of those goods and services to the customer. The Company adopted the requirements of Topic 606 using the modified retrospective method on January 1, 2018 with such adoption not having a material impact to the Company’s unaudited interim consolidated financial statements. Under the modified retrospective method, this guidance is applied to those contracts that were not completed as of January 1, 2019, with no restatement of contracts that were commenced and completed within fiscal years prior to January 1, 2019, and the prior period comparable financial information continues to be presented under the guidance of ASC 605, Revenue Recognition (“ASC 605”). In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("Topic 820"), which amends the disclosure requirements for fair value measurements by removing, modifying, and adding certain disclosures. This new standard was effective for the Company January 1, 2020. This will require application of the new accounting guidance at the beginning of the earliest comparative period presented in the year of adoption. The Company adopted the requirements of Topic 820 on January 1, 2020 with such adoption not having a material impact to the Company’s unaudited interim consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("Topic 740"). The objective of the guidance is to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. The guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company early adopted this guidance on January 1, 2021, and the adoption did not have a material impact to the Company’s unaudited interim consolidated financial statements. |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , as subsequently amended (“Topic 842”), to improve financial reporting and disclosures about leasing transactions. This ASU requires companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, where the lease terms exceed 12 months. The recognition, measurement and presentation of expense and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or operating lease; both types of leases will be recognized on the balance sheet. This ASU also requires disclosures to help financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. On June 3, 2020, the FASB issued ASU 2020-05, which amended the effective dates of Topic 842 to give immediate relief from business disruptions caused by the COVID-19 pandemic and provides a one-year deferral of the effective date for nonpublic companies. Therefore, for public companies, the effective date is still December 15, 2018, while the effective date for private companies will now be fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact of this standard on its unaudited interim consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. This new standard is effective for the Company in the fiscal year beginning January 1, 2023 and must be adopted using a modified retrospective approach, with certain exceptions. The Company is currently evaluating the impact of this standard on its unaudited interim consolidated financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following is a summary of cash, cash equivalents and restricted cash on the consolidated balance sheets (in thousands): September 30, December 31, (unaudited) Cash $ 15,743 $ 10,651 Money market funds 361,028 154,580 Restricted cash - 888 Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows $ 376,771 $ 166,119 |
Summary of Accounts Receivable, Allowance for Doubtful Debt | The following is a summary of the accounts receivables allowance for doubtful accounts for the nine months ended September 30, 2021 and year ended December 31, 2020 (in thousands): Allowance for doubtful accounts Balance at December 31, 2019 $ - Addition during the period 175 Utilization of allowance for doubtful accounts - Balance at December 31, 2020 $ 175 Addition during the period - Utilization of allowance for doubtful accounts ( 172 ) Balance at September 30, 2021 $ 3 |
Summary 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 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 IP license 5 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Sales channel mix Direct sales channel $ 30,841 $ 21,200 $ 76,406 $ 53,237 Distributor channel 3,535 3,896 12,650 8,983 Total revenue, net $ 34,376 $ 25,096 $ 89,056 $ 62,220 Customer mix Academia and government $ 18,593 $ 10,589 $ 42,463 $ 31,501 Biotechnology, pharmaceutical, distributor and contract research organizations 15,783 14,507 46,593 30,719 Total revenue, net $ 34,376 $ 25,096 $ 89,056 $ 62,220 |
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 September 30, 2021 (in thousands): (unaudited) Less than 1 year Greater than 1 year Total Product revenue 341 - 341 Service revenue 5,544 7,741 13,285 Total revenue $ 5,885 $ 7,741 $ 13,626 |
Schedule 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): September 30, December 31, (unaudited) Trade accounts receivable $ 29,450 $ 16,990 Contract liabilities: Deferred revenue $ 13,626 $ 7,121 Customer deposits, which are included in 'Other current liabilities' 562 624 Total contract liabilities $ 14,188 $ 7,745 The following provides a rollforward of the contract liabilities (in thousands): Contract liabilities Balance at December 31, 2019 $ 5,253 Revenue recognized ( 10,678 ) Revenue deferred 13,170 Balance at December 31, 2020 $ 7,745 Revenue recognized ( 11,585 ) Revenue deferred 18,028 Balance at September 30, 2021 $ 14,188 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Components of Inventory | The following table shows the components of inventory (in thousands): September 30, December 31, (unaudited) Raw materials $ 15,366 $ 12,882 Work in progress 1,990 3,135 Finished goods 10,155 7,001 Total inventories $ 27,511 $ 23,018 |
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): September 30, December 31, (unaudited) Prepaid expenses: Prepaid inventory $ 286 $ 29 Prepaid rent 228 162 Prepaid insurance 2,975 55 Other 1,137 690 Other current assets: Tax refund receivable 1,373 1,114 Other 95 445 Total prepaid expenses and other current assets $ 6,094 $ 2,495 |
Summary of Components of Accrued Expenses | The following table shows the components of accrued expenses (in thousands): September 30, December 31, (unaudited) Accrued expenses: Accrued compensation and related benefits $ 6,617 $ 5,563 Professional service fees 1,199 359 Purchases 1,174 2,065 Product warranty 1,646 969 Other 117 92 Total accrued expenses $ 10,753 $ 9,048 |
Summary of Components of Other Current Liabilities | The following table shows the components of other current liabilities (in thousands): September 30, December 31, (unaudited) Other current liabilities: Customer deposits $ 562 $ 624 Paycheck Protection Program loan (Note 15) - 2,772 Income tax payable 493 468 Sales and use tax payable 649 566 Other 340 196 Total other current liabilities $ 2,044 $ 4,626 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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): Quoted prices in active Significant markets for other Significant identical observable unobservable December 31, assets inputs inputs 2020 (level 1) (level 2) (level 3) Assets: Money market funds $ 154,580 $ 154,580 $ - $ - Total $ 154,580 $ 154,580 $ - $ - Quoted prices in active Significant markets for other Significant identical observable unobservable September 30, assets inputs inputs 2021 (level 1) (level 2) (level 3) Assets: Money market funds $ 361,028 $ 361,028 $ - $ - Total $ 361,028 $ 361,028 $ - $ - |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Useful Life of Property Plant and Equipment | The following table shows the components of property and equipment, net (in thousands): September 30, December 31, (unaudited) Laboratory equipment $ 2,146 $ 1,396 Leasehold improvements 1,476 1,108 Construction in progress 2,060 - Office and computer equipment 517 372 Furniture and fixtures 273 198 Total property and equipment 6,472 3,074 Less: accumulated depreciation ( 1,490 ) ( 934 ) Property and equipment, net $ 4,982 $ 2,140 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table shows the components of intangible assets, net (in thousands): September 30, December 31, (unaudited) Patents and trademarks $ 379 $ 288 IP license 476 476 Total intangible assets 855 764 Less: accumulated amortization ( 494 ) ( 490 ) Intangible assets, net $ 361 $ 274 |
Legal Settlement Liability (Tab
Legal Settlement Liability (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Legal Settlement Liability | The following table shows the components of the legal settlement liability (in thousands): September 30, December 31, (unaudited) Current: Legal settlement liability $ 7,405 $ 6,253 Noncurrent: Legal settlement liability 12,633 10,959 Total legal settlement liability $ 20,038 $ 17,212 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary 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 (in years) Aggregate intrinsic value Balance as of December 31, 2020 6,174,778 $ 0.67 7.79 $ 11,405 Options granted 4,315,589 12.97 Options exercised ( 1,265,730 ) 0.50 Options forfeited ( 294,726 ) 2.58 Options expired ( 5,375 ) 1.32 Balance as of September 30, 2021 8,924,536 $ 6.58 8.31 $ 14,597 Options unvested as of September 30, 2021 6,001,978 $ 9.55 9.31 $ 82,765 Options exercisable as of September 30, 2021 2,922,558 $ 0.47 6.25 $ 66,832 |
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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Cost of sales $ 559 $ 38 $ 791 $ 107 Research and development 698 28 1,002 67 Sales and marketing 478 38 781 105 General and administrative 720 22 1,004 61 Total stock-based compensation $ 2,455 $ 126 $ 3,578 $ 340 |
Summary of weighted average grant-date fair values and weighted average assumptions used to calculate 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Expected term (in years) 6.08 6.02 6.05 6.00 Expected volatility 89.83 % 85.20 % 90.07 % 80.54 % Risk-free interest rate 0.88 % 0.36 % 0.95 % 0.75 % Dividend yield — — — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payment Under Leases | The following table shows the future minimum lease payments for the operating leases as of September 30, 2021 (in thousands): Operating leases (unaudited) Remainder of 2021 $ 1,760 2022 2,104 2023 2,453 2024 2,208 2025 2,145 Thereafter 6,734 Total future minimum lease payments $ 17,404 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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): September 30, December 31, (unaudited) Balance, beginning of the period $ 969 $ 734 Accrual for current year warranties 2,841 1,506 Warranty cost incurred ( 2,164 ) ( 1,271 ) Balance, end of period $ 1,646 $ 969 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
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 income attributable to common stockholders per share for the three and nine months ended September 30, 2021 and 2020 (in thousands except share and per share data): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Net Income $ 1,420 $ 6,540 $ 4,192 $ 13,812 Less: net income allocated to participating securities ( 1,074 ) ( 5,094 ) ( 4,192 ) ( 11,171 ) Net income attributable to common stockholders, basic and diluted $ 346 $ 1,446 $ - $ 2,641 Denominator Weighted-average common shares outstanding, attributable to common stockholders, basic 108,322,433 28,700,005 57,534,080 28,551,126 Effect of stock options 5,314,945 2,358,752 4,561,195 2,212,461 Weighted-average common shares outstanding, attributable to common stockholders, diluted 113,637,377 31,058,757 62,095,275 30,763,586 Net income per share attributable to common stockholders, basic $ 0.003198 $ 0.050354 $ - $ 0.092443 Net income per share attributable to common stockholders, diluted $ 0.003048 $ 0.046530 $ - $ 0.085794 |
Geographic Areas (Tables)
Geographic Areas (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segments, Geographical Areas [Abstract] | |
Schedule of revenue from external customers by geographical 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 and nine months ended September 30, 2021 and 2020 was as follows (in thousands): Three months ended September 30, Nine months ended September 30, (unaudited) 2021 2020 2021 2020 United States $ 23,980 $ 15,466 $ 54,579 $ 42,126 EMEA 6,179 7,152 23,482 13,097 APAC 2,801 2,482 9,447 6,644 Other 1,416 ( 4 ) 1,548 353 Total revenue, net $ 34,376 $ 25,096 $ 89,056 $ 62,220 As of September 30, 2021 and December 31, 2020, the Company’s long-lived assets by geographic area were as follows (in thousands): September 30, December 31, 2021 2020 (unaudited) United States $ 3,087 $ 568 APAC 1,895 1,572 Total $ 4,982 $ 2,140 |
Description of Business - Addit
Description of Business - Additional Information (Details) - USD ($) | Jul. 27, 2021 | Jul. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Entity Incorporation State Country Code | DE | |||
Gross Proceeds from IPO | $ 215,689,000 | |||
Offering related transaction costs | $ 5,300,000 | |||
Common stock, shares authorized | 1,000,000,000 | 153,329,500 | ||
IPO | ||||
Sale of common stock | 13,949,401 | |||
Offering price per share | $ 17 | |||
Number of additional shares purchased | 2,184,695 | |||
Net Proceeds | $ 215,700,000 | |||
Gross Proceeds from IPO | 237,100,000 | |||
Underwriting discounts and commissions | 17,300,000 | |||
Offering related transaction costs | $ 5,300,000 | |||
Common stock converted | 87,268,694 | |||
Common stock, shares authorized | 1,000,000,000 | |||
Preferred Stock, Shares Authorized | 10,000,000 | |||
IPO | Selling Stockholders | ||||
Shares offered | 2,799,929 | |||
Gross Proceeds from IPO | $ 0 | |||
IPO | Convertible Preferred Stock | ||||
Convertible preferred stock outstanding | 0 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Jul. 27, 2021 | Jul. 16, 2021 | Jul. 31, 2021 | Jul. 31, 2015 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Accounting Policies [Line Items] | |||||||||
Variable interest entity ownership percentage | 50.00% | ||||||||
Cash and cash equivalents | $ 376,771,000 | $ 376,771,000 | $ 165,231,000 | ||||||
Cash, FDIC insured amount | 250,000 | 250,000 | 250,000 | ||||||
Goodwill | 476,000 | $ 476,000 | 476,000 | ||||||
Upfront and payment terms. | 30 days | ||||||||
Initial public offering costs | $ 5,300,000 | ||||||||
Deferred offering costs | 0 | $ 0 | $ 0 | ||||||
Advertising, marketing and media expenses | $ 513,000 | $ 215,000 | $ 1,200,000 | $ 705,000 | |||||
IPO | |||||||||
Accounting Policies [Line Items] | |||||||||
Stock split | 1.3333-for-1 | ||||||||
Initial public offering costs | $ 5,300,000 | ||||||||
Minimum | |||||||||
Accounting Policies [Line Items] | |||||||||
Delivery and payment terms | 30 days | 30 days | |||||||
Service contracts terms | 1 year | ||||||||
Maximum | |||||||||
Accounting Policies [Line Items] | |||||||||
Delivery and payment terms | 90 days | 90 days | |||||||
Service contracts terms | 3 years | ||||||||
Cytek Tech | |||||||||
Accounting Policies [Line Items] | |||||||||
Aggregate purchase amount | $ 900,000 | ||||||||
Goodwill | 476,000 | ||||||||
Intangible assets | $ 476,000 |
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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash | $ 15,743 | $ 10,651 | ||
Money market funds | 361,028 | 154,580 | ||
Restricted cash | 888 | |||
Total cash, cash equivalents, and restricted cash as presented on the consolidated statements of cash flows | $ 376,771 | $ 166,119 | $ 35,528 | $ 30,490 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivables Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Beginning Balance | $ 175 | |
Addition during the period | 175 | |
Utilization of allowance for doubtful accounts | (172) | |
Ending Balance | $ 3 | $ 175 |
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) | 9 Months Ended |
Sep. 30, 2021 | |
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 |
Leasehold Improvements | |
Accounting Policies [Line Items] | |
Estimated useful lives | Shorter of expected lease term or estimated useful life |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Patent | |
Accounting Policies [Line Items] | |
Estimated useful lives | 20 years |
Trademarks | |
Accounting Policies [Line Items] | |
Estimated useful lives | 10 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Sales channel mix | ||||
Total revenue, net | $ 34,376 | $ 25,096 | $ 89,056 | $ 62,220 |
Academia And Government | ||||
Sales channel mix | ||||
Total revenue, net | 18,593 | 10,589 | 42,463 | 31,501 |
Biotechnology Pharmaceutical Distributor And C R O | ||||
Sales channel mix | ||||
Total revenue, net | 15,783 | 14,507 | 46,593 | 30,719 |
Sales Channel Through Intermediary [Member] | ||||
Sales channel mix | ||||
Total revenue, net | 30,841 | 21,200 | 76,406 | 53,237 |
Sales Channel Through Intermediary [Member] | ||||
Sales channel mix | ||||
Total revenue, net | $ 3,535 | $ 3,896 | $ 12,650 | $ 8,983 |
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 | Sep. 30, 2021USD ($) |
Disaggregation Of Revenue [Line Items] | |
Total revenue | $ 13,626 |
Less Than One Year [Member] | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | 5,885 |
Greater Than One Year [Member] | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | 7,741 |
Product | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | 341 |
Product | Less Than One Year [Member] | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | 341 |
Service | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | 13,285 |
Service | Less Than One Year [Member] | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | 5,544 |
Service | Greater Than One Year [Member] | |
Disaggregation Of Revenue [Line Items] | |
Total revenue | $ 7,741 |
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 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Abstract] | |||
Trade accounts receivable, net | $ 29,450 | $ 16,990 | |
Contract liabilities: | |||
Deferred revenue | 13,626 | 7,121 | |
Customer deposits, which are included in 'Other current liabilities' | 562 | 624 | |
Total contract liabilities | $ 14,188 | $ 7,745 | $ 5,253 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Schedule of Rollforward of The Current Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Contract liabilities: | ||
Balance | $ 7,745 | $ 5,253 |
Revenue recognized | (11,585) | (10,678) |
Revenue deferred | 18,028 | 13,170 |
Balance | $ 14,188 | $ 7,745 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 15,366 | $ 12,882 |
Work in progress | 1,990 | 3,135 |
Finished goods | 10,155 | 7,001 |
Total inventories | $ 27,511 | $ 23,018 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid expenses: | ||
Prepaid inventory | $ 286 | $ 29 |
Prepaid rent | 228 | 162 |
Prepaid insurance | 2,975 | 55 |
Other | 1,137 | 690 |
Other current assets: | ||
Tax refund receivable | 1,373 | 1,114 |
Other | 95 | 445 |
Total prepaid expenses and other current assets | $ 6,094 | $ 2,495 |
Balance Sheet Details - Summary
Balance Sheet Details - Summary of Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued expenses: | ||
Accrued compensation and related benefits | $ 6,617 | $ 5,563 |
Professional service fees | 1,199 | 359 |
Purchases | 1,174 | 2,065 |
Product warranty | 1,646 | 969 |
Other | 117 | 92 |
Total accrued expenses | $ 10,753 | $ 9,048 |
Balance Sheet Details - Summa_2
Balance Sheet Details - Summary of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Customer deposits | $ 562 | $ 624 |
Paycheck Protection Program loan (Note 15) | 2,772 | |
Income tax payable | 493 | 468 |
Sales and use tax payable | 649 | 566 |
Other | 340 | 196 |
Total other current liabilities | $ 2,044 | $ 4,626 |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Money market funds | $ 361,028 | $ 154,580 |
Level 1 | ||
Assets: | ||
Money market funds | 361,028 | 154,580 |
Money Market Funds | ||
Assets: | ||
Money market funds | 361,028 | 154,580 |
Money Market Funds | Level 1 | ||
Assets: | ||
Money market funds | $ 361,028 | $ 154,580 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 6,472 | $ 3,074 |
Less: accumulated depreciation | (1,490) | (934) |
Property and equipment, net | 4,982 | 2,140 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,146 | 1,396 |
Office And Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 517 | 372 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 273 | 198 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,476 | $ 1,108 |
Construction In Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 2,060 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 192,000 | $ 163,000 | $ 553,000 | $ 381,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Total intangible assets | $ 855 | $ 764 |
Less: accumulated amortization | (494) | (490) |
Intangible assets, net | 361 | 274 |
Patents And Trademarks | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Total intangible assets | 379 | 288 |
I P License | ||
Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Total intangible assets | $ 476 | $ 476 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 2,000 | $ 16,000 | $ 4,000 | $ 64,000 |
Legal Settlement Liability - Sc
Legal Settlement Liability - Schedule of Legal Settlement Liability (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Legal settlement liability Current | $ 7,405 | $ 6,253 |
Legal settlement liability Non Current | 12,633 | 10,959 |
Total legal settlement liability | $ 20,038 | $ 17,212 |
Legal settlement liability - Ad
Legal settlement liability - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||||
Loss contingency, lawsuit filing date | February 13, 2018 | ||||
Upfront payment | $ 2,000,000 | ||||
Royalty payment duration | 10 years | ||||
Mile stone payment | $ 6,000,000 | ||||
Common stock, shares issued | 133,725,741 | 133,725,741 | 31,241,916 | ||
Cost of sales related to royalty expense | $ 940,000 | $ 729,000 | $ 2,400,000 | $ 1,700,000 | |
Interest expense | 441,000 | $ 2,000 | 1,249,000 | $ 3,000 | |
Legal settlement liability, current | 7,405,000 | 7,405,000 | $ 6,253,000 | ||
Settlement Liabilities [Member] | |||||
Loss Contingencies [Line Items] | |||||
Legal settlement liability, current | $ 20,000,000 | $ 20,000,000 | $ 17,200,000 | ||
Common Stock [Member] | |||||
Loss Contingencies [Line Items] | |||||
Common stock, shares issued | 2,087,545 | ||||
BD [Member] | |||||
Loss Contingencies [Line Items] | |||||
Stock issued during period shares new issues | 2,087,545 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||||||||
Oct. 31, 2020 | Dec. 31, 2018 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2021 | Jul. 31, 2021 | Oct. 30, 2018 | |
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | $ 215,689,000 | ||||||||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||||||
Shares offered | 14,699,632 | 8,166,462 | 9,799,755 | 32,665,849 | |||||||||
Preferred stock purchase price | $ 0.38 | $ 0.38 | $ 0.38 | ||||||||||
Proceeds from issuance of redeemable convertible preferred stock | $ 12,200,000 | ||||||||||||
Stock issuance cost | $ 89,000 | ||||||||||||
Repurchase of preferred stock | 2,452,270 | ||||||||||||
Preferred stock repurchase, price per share | $ 2.04 | ||||||||||||
Aggregate purchase price of redeemable convertible preferred stock | $ 5,000,000 | ||||||||||||
Preferred stock share authorized | 30,213,574 | 32,665,849 | |||||||||||
Series B Convertible Redeemable Preferred Stock [Member] | |||||||||||||
Shares offered | 6,110,957 | 9,888,639 | |||||||||||
Preferred stock purchase price | $ 0.75 | $ 0.75 | |||||||||||
Series C Convertible Redeemable Preferred Stock [Member] | |||||||||||||
Shares offered | 2,084,387 | 2,501,265 | 18,717,804 | ||||||||||
Preferred stock purchase price | $ 2.40 | $ 2.40 | $ 2.40 | ||||||||||
Preferred stock share authorized | 23,303,456 | ||||||||||||
2018 Eighteen Preferred Stock [Member] | |||||||||||||
Preferred stock share authorized | 70,212,570 | 72,664,850 | |||||||||||
Series D Redeemable Convertible Preferred Stock [Member] | |||||||||||||
Shares offered | 17,752,068 | ||||||||||||
Preferred stock purchase price | $ 6.76 | ||||||||||||
Proceeds from issuance of redeemable convertible preferred stock | $ 119,700,000 | ||||||||||||
Redeemable Convertible Preferred Stock | |||||||||||||
Preferred stock converted into common stock | 87,268,694 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - $ / shares | Jul. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2015 |
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 1,000,000,000 | 153,329,500 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Equity Incentive Plan (2015) | ||||
Class Of Stock [Line Items] | ||||
Common stock reserved for future issuance | 5,792,529 | |||
Equity Incentive Plan (2021) | ||||
Class Of Stock [Line Items] | ||||
Annual increase to common stock reserved for issuance | 4.00% | |||
Common stock reserved for future issuance | 18,000,000 | 15,167,837 | ||
Employee Stock Purchase Plan 2021 | ||||
Class Of Stock [Line Items] | ||||
Annual increase to common stock reserved for issuance | 1.00% | |||
Common stock reserved for future issuance | 2,000,000 | 2,000,000 | ||
Shares outstanding | 5,000,000 | |||
Common Stock | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 1,000,000,000 | |||
Common stock, par value | $ 0.001 |
Stock-Based Compensation Plan -
Stock-Based Compensation Plan - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Shares | ||
Options outstanding, beginning balance (in shares) | shares | 6,174,778 | |
Options granted (in shares) | shares | 4,315,589 | |
Options exercised (in shares) | shares | (1,265,730) | |
Options forfeited (in shares) | shares | (294,726) | |
Options expired (in shares) | shares | (5,375) | |
Options outstanding, ending balance (in shares) | shares | 8,924,536 | 6,174,778 |
Options unvested (in shares) | shares | 6,001,978 | |
Options exercisable (in shares) | shares | 2,922,558 | |
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares | $ 0.67 | |
Weighted average exercise price, options granted (in dollars per share) | $ / shares | 12.97 | |
Weighted average exercise price, options exercised (in dollars per share) | $ / shares | 0.50 | |
Weighted average exercise price, options forfeited (in dollars per share) | $ / shares | 2.58 | |
Weighted average exercise price, options expired (in dollars per share) | $ / shares | 1.32 | |
Weighted average exercise price, ending balance (in dollars per share) | $ / shares | 6.58 | $ 0.67 |
Weighted average exercise price, options unvested (in dollars per share) | $ / shares | 9.55 | |
Weighted average exercise price, options exercisable (in dollars per share) | $ / shares | $ 0.47 | |
Stock options outstanding, weighted average remaining contractual term | 8 years 3 months 21 days | 7 years 9 months 14 days |
Stock options unvested, weighted average remaining contractual term | 9 years 3 months 21 days | |
Stock options exercisable, weighted average remaining contractual term | 6 years 3 months | |
Stock options outstanding, aggregate intrinsic value, beginning balance | $ | $ 11,405 | |
Stock options outstanding, aggregate intrinsic value, ending balance | $ | 14,597 | $ 11,405 |
Stock options unvested, aggregate intrinsic value | $ | 82,765 | |
Stock options exercisable, aggregate intrinsic value | $ | $ 66,832 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of options granted | $ 12.56 | $ 0.65 | $ 10.43 | $ 0.62 |
Fair value of options vested | $ 323,000 | $ 191,000 | $ 628,000 | $ 297,000 |
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 | $ 42,700,000 | $ 1,300,000 | $ 42,700,000 | $ 1,300,000 |
Unrecognized stock-based compensation expense estimated, recognition period | 3 years 2 months 23 days | 2 years 7 months 20 days |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 2,455 | $ 126 | $ 3,578 | $ 340 |
Cost of Sales | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 559 | 38 | 791 | 107 |
Research and Development Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 698 | 28 | 1,002 | 67 |
Selling and Marketing Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 478 | 38 | 781 | 105 |
General and Administrative Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 720 | $ 22 | $ 1,004 | $ 61 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plan - Schedule of Estimated Fair Value of Stock Options on the Grant Date Using Black-Scholes Option-Pricing Model Based on the Following Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Expected term (in years) | 6 years 29 days | 6 years 7 days | 6 years 18 days | 6 years |
Expected volatility | 89.83% | 85.20% | 90.07% | 80.54% |
Risk-free interest rate | 0.88% | 0.36% | 0.95% | 0.75% |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Employer contribution | $ 205,000 | $ 159,000 | $ 572,000 | $ 432,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 31.60% | 5.20% | 23.70% | (114.90%) |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Commitments Under Lease Contracts (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2021 | $ 1,760 |
2022 | 2,104 |
2023 | 2,453 |
2024 | 2,208 |
2025 | 2,145 |
Thereafter | 6,734 |
Total future minimum lease payments | $ 17,404 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | May 07, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Commitment And Contingencies [Line Items] | |||||
Operating Leases, Rent Expense | $ 442,000 | $ 335,000 | $ 1,300,000 | $ 909,000 | |
Gross proceeds from loan program | $ 4,100,000 | ||||
Average Monthly Payroll Expense | 2.5 |
Investment in Cytek Japan - Add
Investment in Cytek Japan - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | May 31, 2019 | Sep. 30, 2021 | |
Cytek Japan | |||
Investment Holdings [Line Items] | |||
Equity method investment percentage | 50.00% | ||
Proportionate share of Cytek Japan’s earnings | $ 40,000 | ||
Recognized net assets | 1,100,000 | ||
Noncontrolling Interest | 315,000 | ||
Cytek Japan | Cash | |||
Investment Holdings [Line Items] | |||
Recognized net assets | $ 1,000,000 | ||
Cytek Japan | Common Stock | |||
Investment Holdings [Line Items] | |||
Common Stock Purchased Value | $ 688,000 | $ 46,000 | |
Cytek Japan | Minimum | |||
Investment Holdings [Line Items] | |||
Equity method investment percentage | 50.00% | ||
Cytek Japan | Maximum | |||
Investment Holdings [Line Items] | |||
Equity method investment percentage | 73.00% | ||
T O M Y Digital Biology | Common Stock | |||
Investment Holdings [Line Items] | |||
Common Stock Purchased Value | $ 229,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Manufacturing Company - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Payments for Purchase of Inventory | $ 229,000 | ||
Trade accounts payable and accrued expenses | $ 0 | $ 41,000 |
Product Warranty - Schedule of
Product Warranty - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Balance, beginning of the period | $ 969 | $ 734 |
Accrual for current year warranties | 2,841 | 1,506 |
Warranty cost incurred | (2,164) | (1,271) |
Balance, end of period | $ 1,646 | $ 969 |
Net Income Attributable to Co_2
Net Income Attributable to Common Stockholders 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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||||||
Net Income | $ 1,420 | $ 2,670 | $ 102 | $ 6,540 | $ 8,111 | $ (839) | $ 4,192 | $ 13,812 |
Less: net income allocated to participating securities | (1,074) | (5,094) | $ (4,192) | (11,171) | ||||
Net income attributable to common stockholders, basic and diluted | $ 346 | $ 1,446 | $ 2,641 | |||||
Denominator | ||||||||
Weighted-average common shares outstanding, attributable to common stockholders, basic | 108,322,433 | 28,700,005 | 57,534,080 | 28,551,126 | ||||
Effect of stock options | 5,314,945 | 2,358,752 | 4,561,195 | 2,212,461 | ||||
Weighted-average common shares outstanding, attributable to common stockholders, diluted | 113,637,377 | 31,058,757 | 62,095,275 | 30,763,586 | ||||
Net income per share attributable to common stockholders, basic | $ 0.003198 | $ 0.050354 | $ 0.092443 | |||||
Net income per share attributable to common stockholders, diluted | $ 0.003048 | $ 0.046530 | $ 0.085794 |
Geographic Areas - Schedule of
Geographic Areas - Schedule of Revenue from External Customers by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue, net | $ 34,376 | $ 25,096 | $ 89,056 | $ 62,220 |
United States | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue, net | 23,980 | 15,466 | 54,579 | 42,126 |
EMEA | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue, net | 6,179 | 7,152 | 23,482 | 13,097 |
APAC | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue, net | 2,801 | 2,482 | 9,447 | 6,644 |
Other | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue, net | $ 1,416 | $ (4) | $ 1,548 | $ 353 |
Geographic Areas - Schedule o_2
Geographic Areas - Schedule of Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | $ 4,982 | $ 2,140 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | 3,087 | 568 |
APAC | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | $ 1,895 | $ 1,572 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) $ in Millions | Nov. 02, 2021USD ($) |
Subsequent Event | Tonbo Biotechnologies | |
Subsequent Event [Line Items] | |
Aggregate consideration | $ 17 |