0000950170-21-001668 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
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	No
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	46107 Landing Pkwy
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		46,425,422

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 159,846	$ 165,231
Trade accounts receivable, net	24,029	16,990
Restricted cash		888
Inventories	26,655	23,018
Prepaid expenses and other current assets	6,408	2,495
Total current assets	216,938	208,622
Deferred income tax assets, noncurrent	7,378	7,378
Property and equipment, net	3,895	2,140
Goodwill	476	476
Intangible assets, net	333	274
Other noncurrent assets	1,259	1,089
Total assets	230,279	219,979
Current liabilities:
Trade accounts payable	3,324	2,944
Legal settlement liability, current	7,229	6,253
Accrued expenses	11,593	9,048
Other current liabilities	1,351	4,626
Deferred revenue, current	4,668	3,665
Total current liabilities	28,165	26,536
Legal settlement liability, noncurrent	11,724	10,959
Deferred revenue, noncurrent	6,317	3,456
Other noncurrent liabilities	739	737
Total liabilities	46,945	41,688
Commitments and Contingencies
Stockholders’ deficit:
Common stock, $0.001 par value; 153,329,500 authorized shares at June 30, 2021 and December 31, 2020; 32,096,586 and 31,241,916 issued and outstanding shares at June 30, 2021 and December 31, 2020, respectively	24	23
Additional paid-in capital	7,975	6,491
Accumulated deficit	(19,835)	(22,607)
Accumulated other comprehensive income	536	65
Noncontrolling interest in consolidated subsidiary	315
Total stockholders’ deficit	(10,985)	(16,028)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	230,279	219,979
Redeemable Convertible Preferred Stock
Current liabilities:
Redeemable convertible preferred stock, $0.001 par value; 87,268,694 shares authorized, issued and outstanding as of June 30, 2021 and December 31, 2020; aggregate liquidation preference of $199,230 as of June 30, 2021 and December 31, 2020	$ 194,319	$ 194,319

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	153,329,500	153,329,500
Common stock, shares issued	32,096,586	31,241,916
Common Stock Shares Outstanding	32,096,586	31,241,916
Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	87,268,694	87,268,694
Preferred stock, shares issued	87,268,694	87,268,694
Preferred stock, shares outstanding	87,268,694	87,268,694
Preferred Stock Liquidation Preference Value	$ 199,230	$ 199,230

Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue, net:
Total revenue, net	$ 30,408,000	$ 19,136,000	$ 54,680,000	$ 37,124,000
Cost of sales:
Total cost of sales	10,663,000	10,866,000	20,449,000	20,479,000
Gross profit	19,745,000	8,270,000	34,231,000	16,645,000
Operating expenses:
Research and development	6,194,000	2,916,000	11,288,000	5,932,000
Sales and marketing	5,576,000	3,059,000	9,853,000	6,590,000
General and administrative	4,164,000	2,513,000	8,147,000	5,051,000
Total operating expenses	15,934,000	8,488,000	29,288,000	17,573,000
Income (loss) from operations	3,811,000	(218,000)	4,943,000	(928,000)
Other income (expense):
Interest expense	(433,000)	(1,000)	(808,000)	(1,000)
Interest income	9,000	16,000	19,000	102,000
Other income (expense), net	(120,000)	395,000	(735,000)	358,000
Total other income (expense), net	(544,000)	410,000	(1,524,000)	459,000
Income (loss) before income taxes	3,267,000	192,000	3,419,000	(469,000)
Provision for (benefit from) income taxes	597,000	(7,919,000)	647,000	(7,741,000)
Net income	2,670,000	8,111,000	2,772,000	7,272,000
Less: net income allocated to participating securities	$ (2,670,000)	(6,211,000)	$ (2,772,000)	(6,075,000)
Net income attributable to common stockholders, basic and diluted		$ 1,900,000		$ 1,197,000
Net income attributable to common stockholders per share, basic		$ 0.07		$ 0.04
Net income attributable to common stockholders per share diluted		$ 0.06		$ 0.04
Weighted-average shares used in calculating net income per share, basic	31,878,762	28,497,247	31,719,005	28,475,868
Weighted-average common shares outstanding, attributable to common stockholders, diluted	36,173,036	31,133,913	35,908,554	31,070,177
Comprehensive income :
Net income	$ 2,670,000	$ 8,111,000	$ 2,772,000	$ 7,272,000
Foreign currency translation adjustment, net of tax	269,000	(19,000)	471,000	(96,000)
Net comprehensive income	2,939,000	8,092,000	3,243,000	7,176,000
Product
Revenue, net:
Total revenue, net	28,676,000	17,471,000	51,376,000	33,535,000
Cost of sales:
Total cost of sales	7,932,000	8,896,000	15,240,000	16,088,000
Service
Revenue, net:
Total revenue, net	1,732,000	1,665,000	3,304,000	3,589,000
Cost of sales:
Total cost of sales	$ 2,731,000	$ 1,970,000	$ 5,209,000	$ 4,391,000

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)
Temporary Equity, Beginning Balance (in shares) at Dec. 31, 2019		69,516,626
Temporary Equity, 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)
Temporary Equity, Ending Balance (in shares) at Mar. 31, 2020		69,516,626
Temporary Equity, 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)
Temporary Equity, Beginning Balance (in shares) at Dec. 31, 2019		69,516,626
Temporary Equity, Beginning Balance at Dec. 31, 2019		$ 74,653
Beginning Balance (in shares) at Dec. 31, 2019			28,397,955
Net income (loss)	7,272
Balances at Jun. 30, 2020	(34,297)		$ 22	670	(34,746)	(243)
Temporary Equity, Ending Balance (in shares) at Jun. 30, 2020		69,516,626
Temporary Equity, Ending Balance at Jun. 30, 2020		$ 74,653
Ending Balance (in shares) at Jun. 30, 2020			28,498,267
Balances at Mar. 31, 2020	(42,499)		$ 22	560	(42,857)	(224)
Temporary Equity, Beginning Balance (in shares) at Mar. 31, 2020		69,516,626
Temporary Equity, 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)
Temporary Equity, Ending Balance (in shares) at Jun. 30, 2020		69,516,626
Temporary Equity, Ending Balance at Jun. 30, 2020		$ 74,653
Ending Balance (in shares) at Jun. 30, 2020			28,498,267
Balances at Dec. 31, 2020	(16,028)		$ 23	6,491	(22,607)	65	$ 0
Temporary Equity, Beginning Balance (in shares) at Dec. 31, 2020		87,268,694
Temporary Equity, 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
Temporary Equity, Ending Balance (in shares) at Mar. 31, 2021		87,268,694
Temporary Equity, 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
Temporary Equity, Beginning Balance (in shares) at Dec. 31, 2020		87,268,694
Temporary Equity, 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)	854,670
Net income (loss)	$ 2,772
Balances at Jun. 30, 2021	(10,985)		$ 24	7,975	(19,835)	536	315
Temporary Equity, Ending Balance (in shares) at Jun. 30, 2021		87,268,694
Temporary Equity, Ending Balance at Jun. 30, 2021		$ 194,319
Ending Balance (in shares) at Jun. 30, 2021			32,096,586
Balances at Mar. 31, 2021	(14,757)		$ 24	7,142	(22,505)	267	315
Temporary Equity, Beginning Balance (in shares) at Mar. 31, 2021		87,268,694
Temporary Equity, 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
Temporary Equity, Ending Balance (in shares) at Jun. 30, 2021		87,268,694
Temporary Equity, Ending Balance at Jun. 30, 2021		$ 194,319
Ending Balance (in shares) at Jun. 30, 2021			32,096,586

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 2,772	$ 7,272
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	368	266
Stock-based compensation	1,123	214
Gain on equity method investment	(40)
Provision for excess and obsolete inventory	263	797
Interest expenses for accretion of the legal settlement liabilities	776
Change in operating assets and liabilities:
Trade accounts receivable	(6,054)	4,092
Inventories	(3,874)	(4,486)
Prepaid expenses and other assets	(2,557)	(8,380)
Trade accounts payable	(149)	(50)
Accrued expenses and other liabilities	505	(190)
Legal settlement liabilities	965	971
Deferred revenue	3,923	818
Net cash (used in) provided by operating activities	(1,979)	1,324
Cash flows from investing activities:
Purchase of property and equipment	(1,760)	(870)
Payment for additional investment in Cytek Japan, net of cash acquired	371
Net cash used in investing activities	(1,389)	(870)
Cash flows from financing activities:
Proceeds from Paycheck Protection Program loan		4,082
Repayment of Paycheck Protection Program loan	(2,772)
Payment of deferred offering costs	(1,081)
Proceeds from issuance of common stock upon exercise of stock options	317	13
Net cash (used in) provided by financing activities	(3,536)	4,095
Effect of exchange rate changes on cash, cash equivalents and restricted cash	631	283
Cash, cash equivalents and restricted cash:
Net (decrease) increase in cash, cash equivalents and restricted cash	(6,273)	4,832
Cash, cash equivalents and restricted cash at beginning of period	166,119	30,490
Cash, cash equivalents and restricted cash at end of period	159,846	35,322
Supplemental disclosure of cash flow information:
Cash paid for taxes	2,007	322
Non-cash investing and financing activities:
Fixed asset purchases in accounts payable at period end	338	$ 11
Deferred offering costs in accrued expenses at period end	1,691
Stock option exercise in accounts receivable at period end	$ 45

Description of the Business

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

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 $215.2 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 not 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 Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

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’ deficit in the consolidated balance sheets and consolidated statements of redeemable convertible preferred stock and stockholders’ 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 June 30, 2021, and its results of operations and comprehensive income for the three and six months ended June 30, 2021 and 2020, cash flows for the six months ended June 30, 2021 and 2020, and the consolidated statements of redeemable convertible preferred stock and stockholders’ deficit for the three and six months ended June 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 six-month periods are also unaudited. The results of operations and comprehensive income for the three and six months ended June 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 the response to the pandemic is in its incipient stages and information is rapidly evolving. 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 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 six months ended June 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 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’ 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 $159.8 million and $165.2 million as of June 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 June 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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Cash	$	9,460	$	10,651
Money market funds		150,386		154,580
Restricted cash		-		888
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$	159,846	$	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 six months ended June 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 June 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

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 was $2.8 million in deferred offering costs as of June 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 six months ended June 30, 2021, advertising, marketing and media expenses totaled $449,000 and $646,000, respectively. For the three and six months ended June 30, 2020, the advertising, marketing, and media expenses totaled $177,000 and $489,000, respectively.

Stock-based compensation

The Company maintains an equity incentive compensation plan under which incentive stock options and nonqualified stock options to purchase 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-based awards 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 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

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.

Concentrations of Credit Risk and Other Risks and Uncertainties	6 Months Ended
	Jun. 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 Customers

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

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 June 30,				Six months ended June 30,
	2021		2020		2021		2020

Sales channel mix
Direct sales channel	$	25,703	$	16,007	$	45,565	$	32,037
Distributor channel		4,705		3,129		9,115		5,087
Total revenue, net	$	30,408	$	19,136	$	54,680	$	37,124

Customer mix
Academia and government	$	13,754	$	9,363	$	23,870	$	20,912
Biotechnology, pharmaceutical, distributor and contract research organizations		16,654		9,773		30,810		16,212
Total revenue, net	$	30,408	$	19,136	$	54,680	$	37,124

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 June 30, 2021 (in thousands):


(unaudited)	Less than 1 year		Greater than 1 year		Total
Product revenue		246		-		246
Service revenue		4,422		6,317		10,739
Total revenue	$	4,668	$	6,317	$	10,985

Contract balances

The following table provides information about receivables, deferred revenue from contracts with customers, and customer deposits (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Trade accounts receivable	$	24,029	$	16,990
Contract liabilities:
Deferred revenue	$	10,985	$	7,121
Customer deposits, which are included in 'Other current liabilities'		31		624
Total contract liabilities	$	11,016	$	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		(7,590	)
Revenue deferred		10,861
Balance at June 30, 2021	$	11,016

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Balance Sheet Details

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Balance sheet details

Inventories

The following table shows the components of inventory (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Raw materials	$	15,486	$	12,882
Work in progress		2,022		3,135
Finished goods		9,147		7,001
Total inventories	$	26,655	$	23,018

Prepaid expenses and other current assets

The following table shows the components of prepaid expenses and other current assets (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Prepaid expenses:
Prepaid inventory	$	353	$	29
Prepaid rent		220		162
Prepaid insurance		424		55
Other		830		690
Other current assets:
Deferred offering costs	$	2,772	$	-
Tax refund receivable		1,447		1,114
Other		362		445
Total prepaid expenses and other current assets	$	6,408	$	2,495

Accrued expenses

The following table shows the components of accrued expenses (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Accrued expenses:
Accrued compensation and related benefits	$	5,578	$	5,563
Professional service fees		2,446		359
Purchases		1,507		2,065
Product warranty		1,423		969
Other		639		92
Total accrued expenses	$	11,593	$	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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Other current liabilities:
Customer deposits	$	31	$	624
Paycheck Protection Program loan (Note 15)		-		2,772
Income tax payable		158		468
Sales and use tax payable		795		566
Other		367		196
Total other current liabilities	$	1,351	$	4,626

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract]

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
	June 30,		assets		inputs		inputs
	2021		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	150,386	$	150,386	$	-	$	-
Total	$	150,386	$	150,386	$	-	$	-

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

6 Months Ended

Jun. 30, 2021

Property Plant And Equipment [Abstract]

Property and equipment, net

The following table shows the components of property and equipment, net (in thousands):


	June 30,			December 31,
	2021			2020
	(unaudited)
Laboratory equipment	$	1,957		$	1,396
Leasehold improvements		1,430			1,108
Construction in progress		1,099			-
Office and computer equipment		443			372
Furniture and fixtures		266			198
Total property and equipment		5,195			3,074
Less: accumulated depreciation		(1,300	)		(934	)
Property and equipment, net	$	3,895		$	2,140

Total depreciation expense for the three and six months ended June 30, 2021 was $199,000 and $366,000, respectively. The total depreciation expense for the three and six months ended June 30, 2020 was $153,000 and $218,000, respectively.

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill and intangible assets, net

There were no changes in goodwill for the six months ended June 30, 2021 and the fiscal year ended December 31, 2020.

The following table shows the components of intangible assets, net (in thousands):


	June 30,			December 31,
	2021			2020
	(unaudited)
Patents and trademarks	$	349		$	288
IP license		476			476
Total intangible assets		825			764
Less: accumulated amortization		(492	)		(490	)
Intangible assets, net	$	333		$	274

Total amortization expense for the three and six months ended June 30, 2021 was less than $1,000 and $2,000, respectively. Total amortization expense for the three and six months ended June 30, 2020 was $8,000 and $48,000 respectively.

Legal Settlement Liability

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

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 June 30, 2021, it was probable that the specified sales milestone would be achieved within 6 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 $746,000 and $1.4 million product cost of sales related to royalty expense for the three and six months ended June 30, 2021, respectively, and $506,000 and $971,000 product cost of sales for the three and six months ended June 30, 2020, respectively. The Company recorded $433,000 and $808,000 of interest expense for the three and six months ended June 30, 2021, respectively, and $1,000 of interest expense for the three and six months ended June 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 of $18.9 million and $17.2 million as of June 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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Current:
Legal settlement liability	$	7,229	$	6,253
Noncurrent:
Legal settlement liability		11,724		10,959
Total legal settlement liability	$	18,953	$	17,212

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 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 Preferred Stock at June 30, 2021 consists of the following (in thousands, except share and per share data):


			Shares				Aggregate
	Shares		issued and		Original		liquidation		Carrying
Series	authorized		outstanding		issue price		preference		value
Series A		30,213,574		30,213,574	$	0.38	$	11,330	$	7,161
Series B		15,999,596		15,999,596		0.75		12,000		11,944
Series C		23,303,456		23,303,456		2.40		55,900		55,548
Series D		17,752,068		17,752,068		6.76		120,000		119,666
Total redeemable convertible preferred stock		87,268,694		87,268,694			$	199,230	$	194,319

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.

The rights, preferences and privileges of the holders of Preferred Stock as of June 30, 2021:

Dividends

Holders of Series D shares, in preference to the holders of Series C shares, Series B shares, Series A shares and common stock, shall be entitled to receive, when, as and if declared by the Board of Directors of the Corporation (the “Board”) cash or stock dividends at the rate of 8% of the Series D Original Issue Price (as defined below) per annum on each outstanding Series D shares. Holders of Series C shares, in preference to the holders of Series B shares, Series A shares and common stock, shall be entitled to receive, when, as and if declared by the Board, cash or stock dividends at the rate of 8% of the Series C Original Issue Price (as defined below) per annum on each outstanding Series C shares. Holders of Series B shares, in preference to the holders of Series A shares and common stock, shall be entitled to receive, when, as and if declared by the Board, cash or stock dividends at the rate of 8% of the Series B Original Issue Price (as defined below) per annum on each outstanding Series B shares. Holders of Series A shares, in preference to the holders of common stock, shall be entitled to receive, when, as and if declared by the Board, cash or stock dividends at the rate of 8% of the Series A Original Issue Price (as defined below) per annum on each outstanding Series A shares. The dividends are non-cumulative. Through June 30, 2021, no cash dividends have been declared by the Company.

Conversion

Each share of Preferred Stock is convertible, at the option of the holder, at any time, into shares of common stock. The number of shares is determined by dividing the original issuance price by the conversion price, which is also equal to the original issuance price.

The conversion price of the Preferred Stock is subject to adjustment to prevent dilution in the event that the Company issues additional shares of common stock at a price per share less than the applicable conversion price.

Each share of Preferred Stock will automatically convert into shares of common stock at the then effective conversion price for each such share immediately upon the earlier of (i) the Company’s sale of its common stock in an underwritten public offering pursuant to a registration statement under the Securities Act 1933, as amended, resulting in aggregate gross proceeds to the Company of at least $50.0 million, or (ii) the date specified by the written consent of the holders of a majority of the then outstanding shares of Preferred Stock, consenting or voting together as a single class on an as-converted basis.

Liquidation

Upon liquidation, dissolution, or winding up of the Company, or upon a change of control or a sale of substantially all of the Company’s assets, the holders of the outstanding Series D shares shall be entitled to receive, prior and in preference to any distribution to the holders of the Series C shares, Series B shares, Series A shares and common stock, an amount per share equal to the greater of (i) one times the original issue price plus any dividends accrued but unpaid thereon, or (ii) an amount that would have been paid had such shares been converted into common stock immediately prior to such liquidation.

After distribution to the Series D holders, holders of the Series C shares shall be entitled to receive, prior and in preference to any distribution to the holders of Series B shares, Series A shares and common stock, an amount per share equal to the greater of (i) the original issue price plus any dividends accrued but unpaid thereon, whether declared, together with any other dividends declared but unpaid, or (ii) an amount that would have been paid had such share been converted into common stock immediately prior to such liquidation.

After distribution to the Series C holders, holders of the Series B shares shall be entitled to receive, prior and in preference to any distribution to the holders of shares of Series A shares and common stock, an amount per share equal to the greater of (i) the original issue price plus any dividends declared but unpaid, or (ii) an amount that would have been paid had such share been converted into common stock immediately prior to such liquidation.

After distribution to the Series B holders, holders of the Series A shares shall be entitled to receive, prior and in preference to any distribution to the holders of common stock, an amount per share equal to the greater of (i) the original issue price plus any dividends declared but unpaid thereon, or (ii) an amount that would have been payable had such share been converted into common stock immediately prior to such liquidation.

The remaining assets will be distributed to holders of the Company’s common stock.

Voting rights

Each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of common stock into which such holder’s shares of Preferred Stock are convertible as of the record date.

At any time when at least 1,666,625 Series D shares (subject to appropriate adjustment in the event of any stock dividend, stock split, combination, or other similar recapitalization with respect to the Series D) are outstanding, the holders of record of Series D shares, voting exclusively and as a separate class, shall be entitled to elect

one director of the Company (the “Series D Director”). The holders of record of Series A shares and Series B shares, voting together as a single class (on an as-converted to common stock basis in accordance with the terms of the October COI), are entitled to elect two directors of the Company. The holders of record of Series C shares, voting exclusively as a separate class, are entitled to elect two directors of the Company. The holders of record of the shares of common stock, voting exclusively and as a separate class, are entitled to elect four directors of the Company. The holders of record of the shares of common stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class (on an as-converted to common stock basis in accordance with the terms of the October COI), are entitled to elect the balance of the total number of directors of the Company.

Redemption

The Preferred Stock is redeemable by the Company at a price equal to the applicable original issue price per share, plus any dividends declared but unpaid, commencing on or after the seventh anniversary of the original issue date.

Common Stock

6 Months Ended

Jun. 30, 2021

Common Stock Number Of Shares Par Value And Other Disclosures [Abstract]

Common stock

11.

Common stock

As of June 30, 2021, the Company has authorized 153,329,500 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.

In March 2015, the Board approved the 2015 Equity Incentive Plan (“2015 Plan”). The maximum number of shares of common stock reserved for issuance under the 2015 Plan is 15,157,681. As of June 30, 2021 the total number of shares of common stock available for issuance under the 2015 Plan was 5,768,810 shares. Upon the effectiveness of the Company’s 2021 Equity Incentive Plan in connection with the IPO, no additional equity awards will be granted pursuant to the 2015 Plan.

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.

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

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [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		1,457,927			5.06
Options exercised		(854,670	)		0.43
Options forfeited		(247,052	)		1.03
Options expired		(4,024	)		0.92
Balance as of June 30, 2021		6,526,959		$	1.67		7.82	$	79,242
Options unvested as of June 30, 2021		3,609,774		$	2.69		9.06	$	40,142
Options exercisable as of June 30, 2021		2,917,185		$	0.41		6.30	$	39,099

The weighted-average grant date fair value of options granted during the three months ended June 30, 2021 and 2020 was $4.27 and $0.64 per share, respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2021 and 2020 was $3.74 and $0.61 per share, respectively.

The total fair value of options vested during each of the three months ended June 30, 2021 and 2020 was $111,000 and $52,000, respectively. The total fair value of options vested during each of the six months ended June 30, 2021 and 2020 was $304,000 and $108,000, respectively.

There was $9.7 million and $1.0 million of unrecognized stock-based compensation expense related to unvested stock options as of June 30, 2021 and 2020, respectively. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.89 years and 2.60 years as of June 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 June 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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
Cost of sales	$	120	$	40	$	232	$	69
Research and development		185		19		304		39
Sales and marketing		173		36		303		67
General and administrative		189		14		284		39
Total stock-based compensation	$	667	$	109	$	1,123	$	214

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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Expected term (in years)		6.02			5.97			5.99			5.99
Expected volatility		90.22	%		83.37	%		90.54	%		77.12	%
Risk-free interest rate		1.06	%		0.43	%		1.09	%		1.04	%
Dividend yield	—			—			—			—

Employee Benefit Plan

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [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 $197,000 and $367,000 for the three and six months ended June 30, 2021, respectively, and $142,000 and $274,000 for the three and six months ended June 30, 2020, respectively.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income taxes The Company's effective tax rate from continuing operations was 18.3% and 18.9% for the three and six months ended June 30, 2021, respectively, and (4,124.5)% and 1,650.5% for the three and six months ended June 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 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 June 30, 2021 (in thousands):


	Operating leases
	(unaudited)
Remainder of 2021	$	1,076
2022		2,146
2023		2,455
2024		2,207
2025		2,144
Thereafter		6,554
Total future minimum lease payments	$	16,582

Rent expense totaled $424,000 and $839,000 for the three and six months ended June 30, 2021, respectively, and $275,000 and $577,000 for the three and six months ended June 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

6 Months Ended

Jun. 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 six months ended June 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	6 Months Ended
Related Party Transactions	Jun. 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 six months ended June 30, 2020, the Company paid the third-party manufacturing company $105,000 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 June 30, 2021, there are no open balances to the third-party manufacturing company.

Product Warranty

6 Months Ended

Jun. 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):


	June 30,			December 31,
	2021			2020
	(unaudited)
Balance, beginning of the period	$	969		$	734
Accrual for current year warranties		1,869			1,506
Warranty cost incurred		(1,415	)		(1,271	)
Balance, end of period	$	1,423		$	969

Net Income Attributable to Common Stockholders

6 Months Ended

Jun. 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 six months ended June 30, 2021 and 2020 (in thousands except share and per share data):


	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Numerator
Net income	$	2,670		$	8,111		$	2,772		$	7,272
Less: net income allocated to participating securities		(2,670	)		(6,211	)		(2,772	)		(6,075	)

Net income attributable to common stockholders, basic and diluted	$	-		$	1,900		$	-		$	1,197

Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic		31,878,762			28,497,247			31,719,005			28,475,868
Effect of stock options		4,294,274			2,636,666			4,189,549			2,594,309
Weighted-average common shares outstanding, attributable to common stockholders, diluted		36,173,036			31,133,913			35,908,554			31,070,177

Net income per share attributable to common stockholders, basic	$	-		$	0.066672		$	-		$	0.042044
Net income per share attributable to common stockholders, diluted	$	-		$	0.061025		$	-		$	0.038534

Geographic Areas

6 Months Ended

Jun. 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 six months ended June 30, 2021 and 2020 was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
(unaudited)	2021		2020		2021		2020
United States	$	17,251	$	13,348	$	30,599	$	26,661
EMEA		9,656		2,713		17,303		5,944
APAC		3,390		3,075		6,646		4,162
Other		111		0		132		357
Total revenue, net	$	30,408	$	19,136	$	54,680	$	37,124

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 six months ended June 30, 2021 and 2020, the Company had no major customers.

As of June 30, 2021 and December 31, 2020, the Company’s long-lived assets by geographic area were as follows (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
United States	$	1,977	$	568
APAC		1,918		1,572
Total	$	3,895	$	2,140

As of June 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

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

21.

Subsequent events

Stock split

On July 16, 2021, the Company effected a 1.3333-for-1 Stock Split of its common stock and Preferred Stock. All share and per share information has been retroactively adjusted to reflect the Stock Split for all periods presented.

Initial public offering

Subsequent to June 30, 2021, the Company completed its initial public offering (“IPO”) with the sale 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 $215.2 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 not receive any proceeds from the sale of such shares by the selling stockholders.

In addition, in connection with the completion of the Company’s IPO on July 27, 2021, all outstanding shares of 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. Following the IPO, there are no shares of Preferred Stock outstanding.

Amended and restated certificate of incorporation

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.

2021 Equity Plan

In July 2021, the Company’s board of directors and stockholders adopted and approved the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective upon the execution of the underwriting agreement for the IPO. The Company’s 2015 Plan was terminated in connection with the IPO and no further grants will be made under the 2015 Plan from the date that the 2021 Plan became effective. The Company reserved 18,000,000 shares of common stock for future issuance under the 2021 Plan, from which options for 2,857,663 shares of common stock were granted upon the pricing of the IPO.

2021 Employee Stock Purchase Plan

In July 2021, the board of directors and stockholders also adopted and approved the 2021 Employee Stock Purchase Plan (the “ESPP”) which became effective upon the execution of the underwriting agreement for the IPO. The Company reserved 2,000,000 shares of common stock for future issuance under the ESPP.

Supply agreement

On August 25, 2021, the Company and Cytek Biosciences (Wuxi) Co., Ltd. entered into a supply agreement ("Supply Agreement") to purchase laser products manufactured and sold by a third party. The Supply Agreement has an initial term of three years and will automatically renew for a subsequent one-year period unless terminated by either party. There is no minimum purchase obligation pursuant to the Supply Agreement.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Principles of consolidation

Variable interest entities and voting interest entities

Use of estimates

Unaudited interim consolidated financial statements

Covid 19 pandemic

COVID-19 pandemic

Operating segments

Foreign currency translation and transactions

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 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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Cash	$	9,460	$	10,651
Money market funds		150,386		154,580
Restricted cash		-		888
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$	159,846	$	166,119

Trade accounts receivable, net


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 June 30, 2021	$	3

Inventories

Property and equipment, net


		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

Goodwill and intangible assets, net


		Estimated Useful Lives
Patent		20 years
Trademarks		10 years
IP license		5 years

Fair value of financial instruments

Level 1—Quoted prices in active markets for identical assets or liabilities.

Revenue recognition

Product revenue

Service revenue

Contract liabilities

Assurance-type product warranties

Deferred offering costs

Research and development costs

Advertising costs

Stock-based compensation

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

Net income attributable to common stockholders per share

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

Recent accounting pronouncements not yet adopted

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Cash	$	9,460	$	10,651
Money market funds		150,386		154,580
Restricted cash		-		888
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$	159,846	$	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 six months ended June 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 June 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 Customers (Tables)

6 Months Ended

Jun. 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 June 30,				Six months ended June 30,
	2021		2020		2021		2020

Sales channel mix
Direct sales channel	$	25,703	$	16,007	$	45,565	$	32,037
Distributor channel		4,705		3,129		9,115		5,087
Total revenue, net	$	30,408	$	19,136	$	54,680	$	37,124

Customer mix
Academia and government	$	13,754	$	9,363	$	23,870	$	20,912
Biotechnology, pharmaceutical, distributor and contract research organizations		16,654		9,773		30,810		16,212
Total revenue, net	$	30,408	$	19,136	$	54,680	$	37,124

Schedule of Estimated Revenues Expected to Be Recognized In The Future Related To Performance Obligations


(unaudited)	Less than 1 year		Greater than 1 year		Total
Product revenue		246		-		246
Service revenue		4,422		6,317		10,739
Total revenue	$	4,668	$	6,317	$	10,985

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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Trade accounts receivable	$	24,029	$	16,990
Contract liabilities:
Deferred revenue	$	10,985	$	7,121
Customer deposits, which are included in 'Other current liabilities'		31		624
Total contract liabilities	$	11,016	$	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		(7,590	)
Revenue deferred		10,861
Balance at June 30, 2021	$	11,016

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Inventory

The following table shows the components of inventory (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Raw materials	$	15,486	$	12,882
Work in progress		2,022		3,135
Finished goods		9,147		7,001
Total inventories	$	26,655	$	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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Prepaid expenses:
Prepaid inventory	$	353	$	29
Prepaid rent		220		162
Prepaid insurance		424		55
Other		830		690
Other current assets:
Deferred offering costs	$	2,772	$	-
Tax refund receivable		1,447		1,114
Other		362		445
Total prepaid expenses and other current assets	$	6,408	$	2,495

Summary of Components of Accrued Expenses

The following table shows the components of accrued expenses (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Accrued expenses:
Accrued compensation and related benefits	$	5,578	$	5,563
Professional service fees		2,446		359
Purchases		1,507		2,065
Product warranty		1,423		969
Other		639		92
Total accrued expenses	$	11,593	$	9,048

Summary of Components of Other Current Liabilities

The following table shows the components of other current liabilities (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
Other current liabilities:
Customer deposits	$	31	$	624
Paycheck Protection Program loan (Note 15)		-		2,772
Income tax payable		158		468
Sales and use tax payable		795		566
Other		367		196
Total other current liabilities	$	1,351	$	4,626

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 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
	June 30,		assets		inputs		inputs
	2021		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	150,386	$	150,386	$	-	$	-
Total	$	150,386	$	150,386	$	-	$	-

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 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):


	June 30,			December 31,
	2021			2020
	(unaudited)
Laboratory equipment	$	1,957		$	1,396
Leasehold improvements		1,430			1,108
Construction in progress		1,099			-
Office and computer equipment		443			372
Furniture and fixtures		266			198
Total property and equipment		5,195			3,074
Less: accumulated depreciation		(1,300	)		(934	)
Property and equipment, net	$	3,895		$	2,140

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 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):


	June 30,			December 31,
	2021			2020
	(unaudited)
Patents and trademarks	$	349		$	288
IP license		476			476
Total intangible assets		825			764
Less: accumulated amortization		(492	)		(490	)
Intangible assets, net	$	333		$	274

Legal Settlement Liability (Tables)

6 Months Ended

Jun. 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):


	June 30,		December 31,
	2021		2020
	(unaudited)
Current:
Legal settlement liability	$	7,229	$	6,253
Noncurrent:
Legal settlement liability		11,724		10,959
Total legal settlement liability	$	18,953	$	17,212

Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2021

Redeemable Convertible Preferred Stock

Schedule of Preferred Stock

The Preferred Stock at June 30, 2021 consists of the following (in thousands, except share and per share data):


			Shares				Aggregate
	Shares		issued and		Original		liquidation		Carrying
Series	authorized		outstanding		issue price		preference		value
Series A		30,213,574		30,213,574	$	0.38	$	11,330	$	7,161
Series B		15,999,596		15,999,596		0.75		12,000		11,944
Series C		23,303,456		23,303,456		2.40		55,900		55,548
Series D		17,752,068		17,752,068		6.76		120,000		119,666
Total redeemable convertible preferred stock		87,268,694		87,268,694			$	199,230	$	194,319

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Stock-Based Compensation Plan (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [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		1,457,927			5.06
Options exercised		(854,670	)		0.43
Options forfeited		(247,052	)		1.03
Options expired		(4,024	)		0.92
Balance as of June 30, 2021		6,526,959		$	1.67		7.82	$	79,242
Options unvested as of June 30, 2021		3,609,774		$	2.69		9.06	$	40,142
Options exercisable as of June 30, 2021		2,917,185		$	0.41		6.30	$	39,099

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 June 30,				Six months ended June 30,
	2021		2020		2021		2020
Cost of sales	$	120	$	40	$	232	$	69
Research and development		185		19		304		39
Sales and marketing		173		36		303		67
General and administrative		189		14		284		39
Total stock-based compensation	$	667	$	109	$	1,123	$	214

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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Expected term (in years)		6.02			5.97			5.99			5.99
Expected volatility		90.22	%		83.37	%		90.54	%		77.12	%
Risk-free interest rate		1.06	%		0.43	%		1.09	%		1.04	%
Dividend yield	—			—			—			—

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 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 June 30, 2021 (in thousands):


	Operating leases
	(unaudited)
Remainder of 2021	$	1,076
2022		2,146
2023		2,455
2024		2,207
2025		2,144
Thereafter		6,554
Total future minimum lease payments	$	16,582

Product Warranty (Tables)

6 Months Ended

Jun. 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):


	June 30,			December 31,
	2021			2020
	(unaudited)
Balance, beginning of the period	$	969		$	734
Accrual for current year warranties		1,869			1,506
Warranty cost incurred		(1,415	)		(1,271	)
Balance, end of period	$	1,423		$	969

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Computation of the Basic and Diluted Net Loss Per Share Attributable to Common Stockholders


	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Numerator
Net income	$	2,670		$	8,111		$	2,772		$	7,272
Less: net income allocated to participating securities		(2,670	)		(6,211	)		(2,772	)		(6,075	)

Net income attributable to common stockholders, basic and diluted	$	-		$	1,900		$	-		$	1,197

Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic		31,878,762			28,497,247			31,719,005			28,475,868
Effect of stock options		4,294,274			2,636,666			4,189,549			2,594,309
Weighted-average common shares outstanding, attributable to common stockholders, diluted		36,173,036			31,133,913			35,908,554			31,070,177

Net income per share attributable to common stockholders, basic	$	-		$	0.066672		$	-		$	0.042044
Net income per share attributable to common stockholders, diluted	$	-		$	0.061025		$	-		$	0.038534

Geographic Areas (Tables)

6 Months Ended

Jun. 30, 2021

Segments Geographical Areas [Abstract]

Schedule of revenue from external customers by geographical areas


	Three months ended June 30,				Six months ended June 30,
(unaudited)	2021		2020		2021		2020
United States	$	17,251	$	13,348	$	30,599	$	26,661
EMEA		9,656		2,713		17,303		5,944
APAC		3,390		3,075		6,646		4,162
Other		111		0		132		357
Total revenue, net	$	30,408	$	19,136	$	54,680	$	37,124

As of June 30, 2021 and December 31, 2020, the Company’s long-lived assets by geographic area were as follows (in thousands):


	June 30,		December 31,
	2021		2020
	(unaudited)
United States	$	1,977	$	568
APAC		1,918		1,572
Total	$	3,895	$	2,140

Description of Business - Additional Information (Details) - USD ($)		1 Months Ended	6 Months Ended
	Jul. 27, 2021	Jul. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Entity Incorporation State Country Code			DE
Common stock, shares authorized			153,329,500	153,329,500
Subsequent Event
Gross Proceeds from IPO		$ 237,100,000
Offering related transaction costs	$ 5,300,000
Common stock, shares authorized	1,000,000,000
IPO \| Subsequent Event
Sale of common stock		13,949,401
Offering price per share		$ 17.00
Number of additional shares purchased		2,184,695
Net Proceeds		$ 237,100,000
Gross Proceeds from IPO		215,200,000
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 \| Subsequent Event \| Selling Stockholders
Shares offered		2,799,929
Gross Proceeds from IPO		$ 0
IPO \| Subsequent Event \| Convertible Preferred Stock
Convertible preferred stock outstanding	0

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)			1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 27, 2021	Jul. 16, 2021	Jul. 31, 2021	Jul. 31, 2015	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounting Policies [Line Items]
Variable interest entity ownership percentage							50.00%
Cash and cash equivalents					$ 159,846,000		$ 159,846,000		$ 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
Deferred offering costs					2,772,000		$ 2,772,000		$ 0
Advertising, marketing and media expenses					$ 449,000	$ 177,000	$ 646,000	$ 489,000
Subsequent Event
Accounting Policies [Line Items]
Stock split		1.3333-for-1
Initial public offering costs	$ 5,300,000
IPO \| Subsequent Event
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
Maximum
Accounting Policies [Line Items]
Delivery and payment terms					90 days		90 days
Cytek Tech
Accounting Policies [Line Items]
Aggregate purchase amount				$ 900,000
Goodwill				476,000
Intangible assets				$ 476,000

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash	$ 9,460	$ 10,651
Money market funds	150,386	154,580
Restricted cash		888
Total cash, cash equivalents, and restricted cash as presented on the consolidated statements of cash flows	$ 159,846	$ 166,119	$ 35,322	$ 30,490

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivables Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Balance	$ 175	$ 0
Addition during the period		175
Utilization of allowance for doubtful accounts	(172)
Balance	$ 3	$ 175

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Useful Life of Property Plant and Equipment (Detail)	6 Months Ended
	Jun. 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

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets (Detail)	6 Months Ended
	Jun. 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 Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Sales channel mix
Total revenue, net	$ 30,408	$ 19,136	$ 54,680	$ 37,124
Academia And Government
Sales channel mix
Total revenue, net	13,754	9,363	23,870	20,912
Biotechnology Pharmaceutical Distributor And C R O
Sales channel mix
Total revenue, net	16,654	9,773	30,810	16,212
Sales Channel Through Intermediary [Member]
Sales channel mix
Total revenue, net	25,703	16,007	45,565	32,037
Sales Channel Through Intermediary [Member]
Sales channel mix
Total revenue, net	$ 4,705	$ 3,129	$ 9,115	$ 5,087

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
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+ Details

Revenue from Contracts with Customers - Schedule of Estimated Revenues expected to Be Recognized In The Future Related To Performance Obligations (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Disaggregation Of Revenue [Line Items]
Total revenue	$ 10,985
Less Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	4,668
Greater Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	6,317
Product
Disaggregation Of Revenue [Line Items]
Total revenue	246
Product \| Less Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	246
Service
Disaggregation Of Revenue [Line Items]
Total revenue	10,739
Service \| Less Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	4,422
Service \| Greater Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 6,317

Revenue from Contracts with Customers - Schedule of Information About Receivables, Customer Deposits and Deferred Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Abstract]
Trade accounts receivable, net	$ 24,029	$ 16,990
Contract liabilities:
Deferred revenue	10,985	7,121
Customer deposits, which are included in 'Other current liabilities'	31	624
Total contract liabilities	$ 11,016	$ 7,745	$ 5,253

Revenue from Contracts with Customers - Schedule of Rollforward of The Current Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Contract liabilities:
Balance	$ 7,745	$ 5,253
Revenue recognized	(7,590)	(10,678)
Revenue deferred	10,861	13,170
Balance	$ 11,016	$ 7,745

Balance Sheet Details - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 15,486	$ 12,882
Work in progress	2,022	3,135
Finished goods	9,147	7,001
Total inventories	$ 26,655	$ 23,018

Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Prepaid expenses:
Prepaid inventory	$ 353,000	$ 29,000
Prepaid rent	220,000	162,000
Prepaid insurance	424,000	55,000
Other	830,000	690,000
Other current assets:
Deferred offering costs	2,772,000	0
Tax refund receivable	1,447,000	1,114,000
Other	362,000	445,000
Total prepaid expenses and other current assets	$ 6,408,000	$ 2,495,000

Balance Sheet Details - Summary of Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued expenses:
Accrued compensation and related benefits	$ 5,578	$ 5,563
Professional service fees	2,446	359
Purchases	1,507	2,065
Product warranty	1,423	969
Other	639	92
Total accrued expenses	$ 11,593	$ 9,048

Balance Sheet Details - Summary of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Customer deposits	$ 31	$ 624
Paycheck Protection Program loan (Note 15)		2,772
Income tax payable	158	468
Sales and use tax payable	795	566
Other	367	196
Total other current liabilities	$ 1,351	$ 4,626

Fair Value Measurement and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Money market funds	$ 150,386	$ 154,580
Level 1
Assets:
Money market funds	150,386	154,580
Money Market Funds
Assets:
Money market funds	150,386	154,580
Money Market Funds \| Level 1
Assets:
Money market funds	$ 150,386	$ 154,580

Property, Plant, and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 5,195	$ 3,074
Less: accumulated depreciation	(1,300)	(934)
Property and equipment, net	3,895	2,140
Office And Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	443	372
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,957	1,396
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	266	198
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	1,430	$ 1,108
Construction In Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,099

Property, Plant, and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 199,000	$ 153,000	$ 366,000	$ 218,000

Goodwill and Intangible Assets, Net - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	$ 825	$ 764
Less: accumulated amortization	(492)	(490)
Intangible assets, net	333	274
Patents And Trademarks
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	349	288
I P License
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	$ 476	$ 476

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 1,000	$ 8,000	$ 2,000	$ 48,000

Legal Settlement Liability - Schedule of Legal Settlement Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Legal settlement liability Current	$ 7,229	$ 6,253
Legal settlement liability Non Current	11,724	10,959
Total legal settlement liability	$ 18,953	$ 17,212

Legal settlement liability (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Loss Contingencies [Line Items]
Loss contingency, lawsuit filing date			February 13, 2018
Upfront payment			$ 2,000,000.0
Royalty payment duration			10 years
Mile stone payment			$ 6,000,000.0
Common stock, shares issued	32,096,586		32,096,586		31,241,916
Cost of sales related to royalty expense	$ 746,000	$ 506,000	$ 1,400,000	$ 971,000
Interest expense	433,000	$ 1,000	808,000	$ 1,000
Legal settlement liability, current	7,229,000		7,229,000		$ 6,253,000
Settlement Liabilities [Member]
Loss Contingencies [Line Items]
Legal settlement liability, current	$ 18,900,000		$ 18,900,000		$ 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 Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended											6 Months Ended
	Jul. 31, 2021	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	Jun. 30, 2021	Oct. 30, 2018
Dividend Declared
Cash dividend												$ 0
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					$ 5,000,000.0
Preferred stock share authorized					30,213,574								32,665,849
Cash or stock dividend percentage of issue price												8.00%
Series B Convertible Redeemable Preferred Stock [Member]
Shares offered							6,110,957	9,888,639
Preferred stock purchase price							$ 0.75	$ 0.75
Cash or stock dividend percentage of issue price												8.00%
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
Cash or stock dividend percentage of issue price												8.00%
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
Preferred stock share authorized	1,666,625
Cash or stock dividend percentage of issue price												8.00%
Redeemable Convertible Preferred Stock
Preferred stock converted into common stock	87,268,694
Gross Proceeds from IPO	$ 50,000,000.0
Convertible Preferred Stock
Preferred stock voting rights												Each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of common stock into which such holder’s shares of Preferred Stock are convertible as of the record date.

Redeemable Convertible Preferred Stock - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Series A Redeemable Convertible Preferred Stock [Member]
Preferred stock, shares authorized	30,213,574
Preferred stock, shares issued	30,213,574
Preferred stock, shares outstanding	30,213,574
Preferred stock, par value	$ 0.38
Preferred Stock Liquidation Preference Value	$ 11,330
Carrying value	$ 7,161
Series B Convertible Redeemable Preferred Stock [Member]
Preferred stock, shares authorized	15,999,596
Preferred stock, shares issued	15,999,596
Preferred stock, shares outstanding	15,999,596
Preferred stock, par value	$ 0.75
Preferred Stock Liquidation Preference Value	$ 12,000
Carrying value	$ 11,944
Series C Convertible Redeemable Preferred Stock [Member]
Preferred stock, shares authorized	23,303,456
Preferred stock, shares issued	23,303,456
Preferred stock, shares outstanding	23,303,456
Preferred stock, par value	$ 2.40
Preferred Stock Liquidation Preference Value	$ 55,900
Carrying value	$ 55,548
Series D Redeemable Convertible Preferred Stock [Member]
Preferred stock, shares authorized	17,752,068
Preferred stock, shares issued	17,752,068
Preferred stock, shares outstanding	17,752,068
Preferred stock, par value	$ 6.76
Preferred Stock Liquidation Preference Value	$ 120,000
Carrying value	$ 119,666
Redeemable Convertible Preferred Stock
Preferred stock, shares authorized	87,268,694		87,268,694
Preferred stock, shares issued	87,268,694		87,268,694
Preferred stock, shares outstanding	87,268,694	87,268,694	87,268,694	69,516,626	69,516,626	69,516,626
Preferred stock, par value	$ 0.001		$ 0.001
Preferred Stock Liquidation Preference Value	$ 199,230		$ 199,230
Carrying value	$ 194,319

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2015
Class Of Stock [Line Items]
Common stock, shares authorized	153,329,500	153,329,500
Common stock, par value	$ 0.001	$ 0.001
Common stock reserved for future issuance	5,768,810
Equity Incentive Plan (2015)
Class Of Stock [Line Items]
Common stock reserved for future issuance			15,157,681
Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized	153,329,500
Common stock, par value	$ 0.001

Stock-Based Compensation Plan - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Shares
Options outstanding, beginning balance (in shares) \| shares	6,174,778
Options granted (in shares) \| shares	1,457,927
Options exercised (in shares) \| shares	(854,670)
Options forfeited (in shares) \| shares	(247,052)
Options expired (in shares) \| shares	(4,024)
Options outstanding, ending balance (in shares) \| shares	6,526,959	6,174,778
Options unvested (in shares) \| shares	3,609,774
Options exercisable (in shares) \| shares	2,917,185
Weighted average exercise price, beginning balance (in dollars per share) \| $ / shares	$ 0.67
Weighted average exercise price, options granted (in dollars per share) \| $ / shares	5.06
Weighted average exercise price, options exercised (in dollars per share) \| $ / shares	0.43
Weighted average exercise price, options forfeited (in dollars per share) \| $ / shares	1.03
Weighted average exercise price, options expired (in dollars per share) \| $ / shares	0.92
Weighted average exercise price, ending balance (in dollars per share) \| $ / shares	1.67	$ 0.67
Weighted average exercise price, options unvested (in dollars per share) \| $ / shares	2.69
Weighted average exercise price, options exercisable (in dollars per share) \| $ / shares	$ 0.41
Stock options outstanding, weighted average remaining contractual term	7 years 9 months 25 days	7 years 9 months 14 days
Stock options unvested, weighted average remaining contractual term	9 years 21 days
Stock options exercisable, weighted average remaining contractual term	6 years 3 months 18 days
Stock options outstanding, aggregate intrinsic value, beginning balance \| $	$ 11,405
Stock options outstanding, aggregate intrinsic value, ending balance \| $	79,242	$ 11,405
Stock options unvested, aggregate intrinsic value \| $	40,142
Stock options exercisable, aggregate intrinsic value \| $	$ 39,099

Stock-Based Compensation Plan - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted	$ 4.27	$ 0.64	$ 3.74	$ 0.61
Fair value of options vested	$ 111,000	$ 52,000	$ 304,000	$ 108,000
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	$ 9,700,000	$ 1,000,000.0	$ 9,700,000	$ 1,000,000.0
Unrecognized stock-based compensation expense estimated, recognition period			2 years 10 months 20 days	2 years 7 months 6 days

Stock-Based Compensation Plan- Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 667	$ 109	$ 1,123	$ 214
Cost of Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	120	40	232	69
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	185	19	304	39
Selling and Marketing Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	173	36	303	67
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 189	$ 14	$ 284	$ 39

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (in years)	6 years 7 days	5 years 11 months 19 days	5 years 11 months 26 days	5 years 11 months 26 days
Expected volatility	90.22%	83.37%	90.54%	77.12%
Risk-free interest rate	1.06%	0.43%	1.09%	1.04%

Employee Benefit Plan - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Employer contribution	$ 197,000	$ 142,000	$ 367,000	$ 274,000

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	18.30%	(4124.50%)	18.90%	1650.50%

Commitments and Contingencies - Summary of Future Minimum Commitments Under Lease Contracts (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 1,076
2022	2,146
2023	2,455
2024	2,207
2025	2,144
Thereafter	6,554
Total future minimum lease payments	$ 16,582

Commitments and Contingencies - Additional Information (Details)		3 Months Ended		6 Months Ended
	May 07, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Commitment And Contingencies [Line Items]
Operating Leases, Rent Expense		$ 424,000	$ 275,000	$ 839,000	$ 577,000
Gross proceeds from loan program	$ 4,100,000
Average Monthly Payroll Expense	2.5

Investment in Cytek Japan - Additional Information (Details) - USD ($)	1 Months Ended		6 Months Ended
	Mar. 31, 2021	May 31, 2019	Jun. 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			$ 1,000,000.0
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 - Additional Information (Details) - Manufacturing Company - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Payments for Purchase of Inventory	$ 105,000
Trade accounts payable and accrued expenses		$ 0	$ 41,000

Product Warranty - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Product Warranties Disclosures [Abstract]
Balance, beginning of the period	$ 969	$ 734
Accrual for current year warranties	1,869	1,506
Warranty cost incurred	(1,415)	(1,271)
Balance, end of period	$ 1,423	$ 969

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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income	$ 2,670	$ 102	$ 8,111	$ (839)	$ 2,772	$ 7,272
Less: net income allocated to participating securities	$ (2,670)		(6,211)		$ (2,772)	(6,075)
Net income attributable to common stockholders, basic and diluted			$ 1,900			$ 1,197
Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic	31,878,762		28,497,247		31,719,005	28,475,868
Effect of stock options	4,294,274		2,636,666		4,189,549	2,594,309
Weighted-average common shares outstanding, attributable to common stockholders, diluted	36,173,036		31,133,913		35,908,554	31,070,177
Net income per share attributable to common stockholders, basic			$ 0.066672			$ 0.042044
Net income per share attributable to common stockholders, diluted			$ 0.061025			$ 0.038534

Geographic Areas - Schedule of Revenue from External Customers by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	$ 30,408	$ 19,136	$ 54,680	$ 37,124
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	17,251	13,348	30,599	26,661
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	9,656	2,713	17,303	5,944
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	3,390	3,075	6,646	4,162
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	$ 111	$ 0	$ 132	$ 357

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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+ Details

Geographic Areas - Schedule of Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 3,895	$ 2,140
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	1,977	568
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 1,918	$ 1,572

Subsequent Events - Additional Information (Detail) - USD ($)			1 Months Ended
	Jul. 27, 2021	Jul. 16, 2021	Jul. 31, 2021	Aug. 25, 2021	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, shares issued					32,096,586	31,241,916
Common stock, shares authorized					153,329,500	153,329,500
Common stock reserved for future issuance					5,768,810
Subsequent Event
Subsequent Event [Line Items]
Stock split		1.3333-for-1
Gross Proceeds from IPO			$ 237,100,000
Offering related transaction costs	$ 5,300,000
Public obligation				$ 0
Common stock, shares authorized	1,000,000,000
Preferred stock shares issued	10,000,000
Subsequent Event \| 2021 Plan [Member ]
Subsequent Event [Line Items]
Common stock reserved for future issuance			18,000,000
Common stock granted			2,857,663
Subsequent Event \| IPO
Subsequent Event [Line Items]
Stock split		1.3333-for-1
Sale of common stock			13,949,401
Additional shares purchasable by underwriters			2,184,695
Offering price per share			$ 17.00
Gross Proceeds from IPO			$ 215,200,000
Aggregrate net proceeds			215,200,000
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
Subsequent Event \| IPO \| Selling Stockholders
Subsequent Event [Line Items]
Common stock, shares issued			2,799,929
Gross Proceeds from IPO			$ 0
Subsequent Event \| IPO \| Convertible Preferred Stock
Subsequent Event [Line Items]
Convertible preferred stock outstanding	0
Subsequent Event \| Employee Stock [Member]
Subsequent Event [Line Items]
Common stock reserved for future issuance			2,000,000