0000950170-22-016500 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
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	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address Address Line1	47215 Lakeview Blvd.
Entity Address City Or Town	Fremont
Entity Address, State and Province	CA
Entity Incorporation State Country Code	DE
Entity Address Postal Zip Code	94538
City Area Code	877
Local Phone Number	922-9835
Security12b Title	Common Stock, par value $0.001 per share
Trading Symbol	CTKB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		134,627,040

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 349,894	$ 364,618
Trade accounts receivable, net	36,811	29,760
Inventories	45,345	32,171
Prepaid expenses and other current assets	11,220	5,184
Total current assets	443,270	431,733
Deferred income tax assets, noncurrent	11,689	9,173
Property and equipment, net	7,340	5,851
Operating lease right-of-use assets	13,635	0
Goodwill	10,144	10,144
Intangible assets, net	3,859	4,739
Other noncurrent assets	2,880	1,665
Total assets	492,817	463,305
Current liabilities:
Trade accounts payable	6,749	3,034
Legal settlement liability, current	2,139	1,463
Accrued expenses	17,841	15,251
Other current liabilities	5,630	6,352
Deferred revenue, current	9,991	7,081
Total current liabilities	42,350	33,181
Legal settlement liability, noncurrent	14,649	13,745
Deferred revenue, noncurrent	11,020	9,790
Operating lease liability, noncurrent	12,316	0
Other noncurrent liabilities	1,353	1,204
Total liabilities	81,688	57,920
Commitments and contingencies (Note 17)
Stockholders' equity:
Common stock, $0.001 par value; 1,000,000,000 authorized shares as of June 30, 2022 and December 31, 2021, respectively; 134,601,671 and 133,749,663 issued and outstanding shares as of June 30, 2022 and December 31, 2021, respectively.	135	126
Additional paid-in capital	432,889	423,625
Accumulated deficit	(22,225)	(19,606)
Accumulated other comprehensive income	228	897
Noncontrolling interest in consolidated subsidiary	102	343
Total stockholders' equity	411,129	405,385
Total liabilities, redeemable convertible preferred stock and stockholders' equity	492,817	463,305
Redeemable Convertible Preferred Stock
Current liabilities:
Redeemable convertible preferred stock, $0.001 par value; 10,000,000 shares authorized, zero issued and outstanding as of June 30, 2022 and December 31, 2021; aggregate liquidation preference of zero as of June 30, 2022 and December 31, 2021.	$ 0	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	134,601,671	133,749,663
Common Stock Shares Outstanding	134,601,671	133,749,663
Redeemable Convertible Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred Stock Liquidation Preference Value	$ 0	$ 0

Consolidated Statements of Operations and Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue, net:
Total revenue, net	$ 40,159	$ 30,408	$ 75,223	$ 54,680
Cost of sales:
Total cost of sales	15,598	10,663	30,485	20,449
Gross profit	24,561	19,745	44,738	34,231
Operating expenses:
Research and development	8,436	6,194	16,461	11,288
Sales and marketing	8,431	5,576	15,391	9,853
General and administrative	8,585	4,164	16,134	8,147
Total operating expenses	25,452	15,934	47,986	29,288
(Loss) income from operations	(891)	3,811	(3,248)	(4,943)
Other income (expense):
Interest expense	(647)	(433)	(1,237)	(808)
Interest income	391	9	409	19
Other (expense), net	(254)	(120)	(628)	(735)
Total other expense, net	(510)	(544)	(1,456)	(1,524)
Profits before provision for income taxes	(1,401)	3,267	(4,704)	3,419
(Benefit from) provision for income taxes	(699)	597	(1,844)	647
Net (loss) income	(702)	2,670	(2,860)	2,772
Less: net loss allocated to noncontrolling interests	104	0	241	0
Less: net income allocated to participating securities	0	(2,670)	0	(2,772)
Net (loss) income attributable to common stockholders, basic and diluted	$ (598)	$ 0	$ (2,619)	$ 0
Net (loss) income attributable to common stockholders per share, basic	$ (0.00)	$ 0	$ (0.02)	$ 0
Net (loss) income attributable to common stockholders per share diluted	$ (0.00)	$ 0	$ (0.02)	$ 0
Weighted-average shares used in calculating net (loss) income per share, basic	134,403,059	31,878,762	134,154,171	31,719,005
Weighted-average shares used in calculating net (loss) income per share, diluted	134,403,059	36,173,036	134,154,171	35,908,554
Comprehensive (loss) income :
Net (loss) income	$ (702)	$ 2,670	$ (2,860)	$ 2,772
Foreign currency translation adjustment, net of tax	(683)	269	(669)	471
Net comprehensive (loss) income	(1,385)	2,939	(3,529)	3,243
Product
Revenue, net:
Total revenue, net	37,093	28,676	68,574	51,376
Cost of sales:
Total cost of sales	11,780	7,932	23,547	15,240
Service
Revenue, net:
Total revenue, net	3,066	1,732	6,649	3,304
Cost of sales:
Total cost of sales	$ 3,818	$ 2,731	$ 6,938	$ 5,209

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated deficit	AOCI Attributable to Parent	Noncontrolling interest in consolidated
Balances at Dec. 31, 2020	$ (16,028)		$ 23	$ 6,491	$ (22,607)	$ 65
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2020		87,268,694
Preferred Stock, Beginning Balance at Dec. 31, 2020		$ 194,319
Beginning Balance (in shares) at Dec. 31, 2020			31,241,916
Exercise of stock options	196		$ 1	195
Exercise of stock options (in shares)			533,540
Stock-based compensation	456			456
Foreign currency translation adjustment, net of tax	202					202
Net (loss) income	102				102
Noncontrolling interest	315						$ 315
Balances at Mar. 31, 2021	(14,757)		$ 24	7,142	(22,505)	267	315
Preferred Stock, Ending Balance (in shares) at Mar. 31, 2021		87,268,694
Preferred Stock, Ending Balance at Mar. 31, 2021		$ 194,319
Ending Balance (in shares) at Mar. 31, 2021			31,775,456
Balances at Dec. 31, 2020	(16,028)		$ 23	6,491	(22,607)	65
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2020		87,268,694
Preferred Stock, Beginning Balance at Dec. 31, 2020		$ 194,319
Beginning Balance (in shares) at Dec. 31, 2020			31,241,916
Net (loss) income	2,772
Balances at Jun. 30, 2021	(10,985)		$ 24	7,975	(19,835)	536	315
Preferred Stock, Ending Balance (in shares) at Jun. 30, 2021		87,268,694
Preferred Stock, Ending Balance at Jun. 30, 2021		$ 194,319
Ending Balance (in shares) at Jun. 30, 2021			32,096,586
Balances at Mar. 31, 2021	(14,757)		$ 24	7,142	(22,505)	267	315
Preferred Stock Beginning Balance (in shares) at Mar. 31, 2021		87,268,694
Preferred Stock, Beginning Balance at Mar. 31, 2021		$ 194,319
Beginning Balance (in shares) at Mar. 31, 2021			31,775,456
Exercise of stock options	166			166
Exercise of stock options (in shares)			321,130
Stock-based compensation	667			667
Foreign currency translation adjustment, net of tax	269					269
Net (loss) income	2,670				2,670
Balances at Jun. 30, 2021	(10,985)		$ 24	7,975	(19,835)	536	315
Preferred Stock, Ending Balance (in shares) at Jun. 30, 2021		87,268,694
Preferred Stock, Ending Balance at Jun. 30, 2021		$ 194,319
Ending Balance (in shares) at Jun. 30, 2021			32,096,586
Balances at Dec. 31, 2021	405,385		$ 126	423,625	(19,606)	897	343
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2021		0
Beginning Balance (in shares) at Dec. 31, 2021			133,749,663
Exercise of stock options	364		$ 8	356
Exercise of stock options (in shares)			493,267
Stock-based compensation	3,837			3,837
Foreign currency translation adjustment, net of tax	14					14
Net (loss) income			$ (2,021)		(2,021)
Noncontrolling interest	(137)						(137)
Balances at Mar. 31, 2022	407,442		$ 134	427,818	(21,627)	911	206
Ending Balance (in shares) at Mar. 31, 2022			134,242,930
Balances at Dec. 31, 2021	$ 405,385		$ 126	423,625	(19,606)	897	343
Preferred Stock Beginning Balance (in shares) at Dec. 31, 2021		0
Beginning Balance (in shares) at Dec. 31, 2021			133,749,663
Exercise of stock options (in shares)	689,288
Net (loss) income	$ (2,860)
Balances at Jun. 30, 2022	411,129		$ 135	432,889	(22,225)	228	102
Preferred Stock, Ending Balance (in shares) at Jun. 30, 2022		0
Ending Balance (in shares) at Jun. 30, 2022			134,601,671
Balances at Mar. 31, 2022	407,442		$ 134	427,818	(21,627)	911	206
Beginning Balance (in shares) at Mar. 31, 2022			134,242,930
Stock-based compensation	3,934			3,934
Foreign currency translation adjustment, net of tax	(683)					(683)
Shares issued in connection with employee stock plans (in shares)			365,649
Shares issued in connection with employee stock plans	1,205		$ 1	1,204
Shares of Common Stock withheld related to net share settlement (in shares)			(6,908)
Shares of Common Stock withheld related to net share settlement	(67)			(67)
Net (loss) income	(702)		$ (598)		(598)
Noncontrolling interest	(104)						(104)
Balances at Jun. 30, 2022	$ 411,129		$ 135	$ 432,889	$ (22,225)	$ 228	$ 102
Preferred Stock, Ending Balance (in shares) at Jun. 30, 2022		0
Ending Balance (in shares) at Jun. 30, 2022			134,601,671

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (2,860)	$ 2,772
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,659	368
Amortization of operating lease-right-of use assets	1,365	0
Stock-based compensation	7,771	1,123
Gain on equity method investment	0	(40)
Provision for excess and obsolete inventory	287	263
Interest expenses for accretion of the legal settlement liabilities	1,047	776
Change in operating assets and liabilities:
Trade accounts receivable	(7,964)	(6,054)
Inventories	(14,355)	(3,874)
Prepaid expenses and other assets	(8,664)	(2,557)
Trade accounts payable	3,677	(149)
Accrued expenses and other liabilities	2,784	505
Legal settlement liabilities	533	965
Deferred revenue	4,598	3,923
Lease liabilities	(798)	0
Net cash (used in) provided by operating activities	(10,920)	(1,979)
Cash flows from investing activities:
Purchase of property and equipment	(2,108)	(1,760)
Payment of investment	(1,587)	0
Payment for additional investment in Cytek Japan, net of cash acquired	0	371
Net cash used in investing activities	(3,695)	(1,389)
Cash flows from financing activities:
Repayment of Paycheck Protection Program loan	0	(2,772)
Payment of deferred offering cost	0	(1,081)
Proceeds from Employee Stock Purchase Plan	765	0
Payments for taxes related to net share settlement of equity awards	(67)
Proceeds from issuance of common stock under employee stock plans	810	317
Net cash provided by financing activities	1,508	(3,536)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,617)	631
Cash, cash equivalents and restricted cash:
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,724)	(6,273)
Cash, cash equivalents and restricted cash at beginning of period	364,618	166,119
Cash, cash equivalents and restricted cash at end of period	349,894	159,846
Supplemental disclosure of cash flow information:
Cash paid for taxes	7,657	2,007
Non-cash investing and financing activities:
Fixed asset purchases in accounts payable at period end	251	338
Intangible asset in accrued expenses at period end	40	0
Stock option exercise in accounts receivable at period end	0	45
Deferred financing costs in accounts payable at period end	$ 0	$ 1,691

Description of the Business

6 Months Ended

Jun. 30, 2022

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 $215.7 million, after deducting underwriting discounts and commissions of approximately $17.3 million and offering-related transaction costs of approximately $5.3 million. In addition, certain selling stockholders offered and sold an additional 2,799,929 shares or common stock in the IPO. The Company did 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 11) 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, 2022

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’ equity in the consolidated balance sheets and consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit). All intercompany accounts and transactions have been eliminated in consolidation.

On July 16, 2021, the Company effected a 1.3333-for-1 stock split of its common stock and redeemable convertible preferred stock (the “Stock Split”). All share and per share information has been retroactively adjusted to reflect the Stock Split for all periods presented.

Variable interest entities and voting interest entities

The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity (“VIE”) and therefore subject to the consolidation requirements under the VIE model. Only if the entity does not meet the definition of a VIE, the Company will apply the voting interest model (“VOE”) or other applicable GAAP. VOEs are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The

Company consolidates VOEs in which it has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates a VIE where it has been determined that the Company is the primary beneficiary of the entity’s operations. The Company does not currently hold an interest in a VIE.

Use of estimates

The preparation of the unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited interim consolidated financial statements and accompanying notes as of the date of the unaudited interim consolidated financial statements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates.

COVID-19

The global COVID-19 pandemic continues to evolve and the Company intends to continue to monitor it closely. In response to the COVID-19 pandemic and various resulting government directives, the Company took proactive measures to protect the health and safety of its employees, contractors, customers and visiting vendors and suppliers, including implementing social distancing and other protective measures, restricting business travel and limiting access to its facilities to vendors, suppliers and partners who are critical to its business operations. The Company communicates regularly with its suppliers so that its supply chain remains intact, and the Company has not experienced any material supply issues. The Company also developed, and continues to develop, remote learning capabilities to help its customers and partners operate and reduce the number of required customer/partner on-site visits for its field application scientists and field support engineers to comply with travel restrictions and country-specific quarantine requirements. While the COVID-19 pandemic has not had a material adverse effect on the Company's business, results of operations or the operation of financial reporting systems, internal control over financial reporting and disclosure controls and procedures, given the considerable uncertainty around the duration and extent of the pandemic, including the resurgence of infections or new strains of the virus, the related financial and operational impact cannot be reasonably estimated. The Company continues to monitor the implications of the COVID-19 pandemic on its business, as well as its customers’ and suppliers’ business. Potential impacts of the COVID-19 pandemic, some of which the Company has already experienced, include those described throughout the “Risk Factors” section, including “A pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide could adversely affect our business. The COVID-19 pandemic has had and could continue to have an adverse impact on our business, operations, and the markets and communities in which we, our partners, and customers operate."

Operating segments

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company operates and manages its business as one reportable and operating segment.

Foreign currency translation and transactions

The Company has determined that the functional and reporting currency for its operations across the globe is the functional currency of the Company’s international subsidiaries. Accordingly, all foreign balance sheet accounts have been translated into U.S. dollars using the rate of exchange at the respective balance sheet date. Components of the unaudited interim consolidated statements of operations and comprehensive income have been translated at the average exchange rate for the year or the reporting period. Translation gains and losses are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains or losses arising from currency exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in the unaudited interim consolidated statements of operations and comprehensive income.

Cash and cash equivalents

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 $349.9 million and $364.6 million as of June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021.

The following is a summary of cash and cash equivalents on the consolidated balance sheets (in thousands):


	June 30, 2022		December 31, 2021
Cash	$	10,673	$	18,939
Money market funds		327,272		345,679
Commercial paper		11,949		-
Total cash and cash equivalents as presented on the consolidated statements of cash flows	$	349,894	$	364,618

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, 2022 and the year ended December 31, 2021 (in thousands):


Allowance for doubtful accounts
Balance at December 31, 2020	$	175
Addition during the period		-
Utilization of allowance for doubtful accounts		(172	)
Balance at December 31, 2021	$	3
Addition during the period		—
Utilization of allowance for doubtful accounts		(3	)
Balance at June 30, 2022	$	-

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. The addition of goodwill in 2021 is discussed in Note 8, Acquisition.

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisition of entities are estimated by management based on the fair value of assets received. Intangible assets are amortized on a straight-line basis over the estimated useful lives. The Company’s estimated useful lives of its intangible assets are as follows:


		Estimated Useful Lives
Patent		20 years
Trademarks		10 years
Tradename		4 years
Customer relationship		7 years
Reagent licenses		7 years
IP license		5 years

Accounting for Impairment of Long-Lived Assets

Long-lived assets with finite lives include property and equipment and acquired intangible assets. The Company evaluates long-lived assets, including acquired intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group.

Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill impairment is recognized when the quantitative assessment results in the carrying value of the reporting unit exceeding its fair value, in which case an impairment charge is recorded to goodwill to the extent the carrying value exceeds the fair value, limited to the amount of goodwill. The Company did not recognize any impairment of goodwill for all periods presented.

Fair value of financial instruments

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

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

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer.

The carrying amounts reflected in the unaudited interim consolidated balance sheets for cash and cash equivalents, trade accounts receivable, net, trade accounts payable and accrued expenses approximate their fair values.

Investments

The Company's investment consists of non-marketable equity investments in a privately held company. The Company’s non marketable equity investments do not have readily determinable fair values. Therefore, the Company elects to apply the measurement alternative and record these investments at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer. Investment are included within other noncurrent assets on our consolidated balance sheets and adjustments to their carrying amounts are recorded in other income (expense), net in the consolidated statements of operations. There were no material events or circumstances impacting the carrying amount of our strategic investments during the three months ended June 30, 2022.

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 consolidated balance sheet. Accordingly, there were no deferred offering costs as of June 30, 2022 and December 31, 2021.

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, 2022, advertising, marketing and media expenses totaled $0.8 million and $1.1 million, respectively. For the three and six months ended June 30, 2021, advertising, marketing and media expenses totaled $0.4 million and $0.6 million, 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, and restricted stock units for common stock, are granted to employees and non-employee consultants. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service period. The fair value of stock options granted to employees is estimated using the Black-Scholes option pricing model. The Company records forfeitures as they occur. The weighted-average assumptions used in estimating the fair value of stock options granted during each of the periods presented are:

Expected Volatility—Expected volatility is estimated by studying the volatility of selected industry peers deemed to be comparable to the Company's business corresponding to the expected term of the awards.

Expected Term—Expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method.

Dividend Yield— The expected dividend yield is zero as the Company has never declared or paid cash dividends and has no current plans to do so in the foreseeable future.

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issued in effect at the time of grant for periods corresponding with the expected term of the option.

Income taxes

The Company accounts for income taxes under an asset and liability approach. Deferred income taxes comprise the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and the amounts recognized for income tax reporting purposes, net operating loss carryforwards, and other tax credit carryforwards measured by applying currently enacted tax laws. A valuation allowance is provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized.

The Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company uses a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company’s policy for interest and penalties related to uncertain tax positions is to recognize interest and penalties, if any, in interest expense and other expense, respectively, in the accompanying consolidated statement of operations. Accrued interest and penalties, if any, are included in accrued expenses in the consolidated balance sheet.

The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and foreign jurisdictions. The U.S. state and foreign jurisdictions have statutes of limitations that generally range from three to five years. The Company’s federal, state and foreign income tax returns are subject to examination unless the statutes of limitations close. The Company is not currently under examination for federal, state, and foreign income tax purposes.

The Company intends to reinvest its undistributed earnings of its foreign operations. Following enactment of the 2017 Tax Cuts and Jobs Act, the repatriation of cash to the United States is generally no longer taxable for federal income tax purposes. However, the repatriation of cash held outside the United States could be subject to applicable foreign withholding taxes and state income taxes. The Company may remit foreign earnings to the United States to the extent it is tax efficient to do so. It does not expect the tax impact from remitting these earnings to be material. The Company adopted this guidance on January 1, 2021 on a prospective basis, and the adoption did not have a material impact to the Company’s unaudited interim consolidated financial statements.

Net (loss) income attributable to common stockholders per share

Basic net (loss) income attributable to common stockholders per share and diluted net (loss) income attributable to common stockholders per share are computed using the weighted-average number of shares of common stock outstanding for the period. Net (loss) income per share attributable to common stockholders is calculated using the two-class method, which is an earnings allocation formula that determines net (loss) 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 (loss) income per share in the periods in which net (loss) income is recorded.

Diluted net (loss) 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 (loss) 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 (loss) income attributable to common stockholders per share if their effect is antidilutive.

Business Combinations

The Company uses the acquisition method of accounting under ASC 805, Business Combinations. Each acquired company’s operating results are included in the Company's consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed

as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed.

Amounts allocated to assets and liabilities are based upon fair values. Such valuations require management to make significant estimates and assumptions, especially with respect to the identifiable intangible assets. Management makes estimates of fair value based upon assumptions believed to be reasonable and that of a market participant. These estimates are based on historical experience and information obtained from the management of the acquired companies and the estimates are inherently uncertain. The separately identifiable intangible assets generally include customer relationships, trade names, and reagent licenses.

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 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.

In February 2016, the FASB issued ASU 2016-02, Leases (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, for substantially all leases. 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. As the Company qualifies as an emerging growth company, the new lease standard was adopted by the Company on its effective date of January 1, 2022. The Company used the optional transition method to the modified retrospective approach in which results for reporting periods beginning on January 1, 2022 are presented under Topic 842, while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases.

A number of practical expedients and policy elections are available under the new guidance to reduce the burden of adoption and ongoing compliance with Topic 842. The Company elected the "package of practical expedients" permitted under the transition guidance, which did not require reassessment of whether contracts entered into prior to January 1, 2022 are or contain leases, and allowed carryforward of the historical lease classification for existing leases. The Company has not elected to adopt the “hindsight” practical expedient, and therefore will measure the right-of-use (ROU) asset and lease liability using the remaining portion of the lease term at adoption on January 1, 2022.

The Company made an accounting policy election under Topic 842 not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2022 for existing leases upon the adoption of Topic 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives.

Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. Residual value guarantees and payments for terminating a lease are included in the lease payments only when it is probable they will be incurred.

The Company’s leases may include a non-lease component representing additional services transferred to the Company, such as common area maintenance for real estate. The Company made an accounting policy election to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. The non-lease components are generally variable in nature and recorded in variable lease expense in the period incurred.

The Company uses its incremental borrowing rate to determine the present value of lease payments, as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgement is applied in assessing factors such as Company-specific credit risk, lease term, nature and quality of the underlying collateral, currency, and economic environment in determining the incremental borrowing rate to apply to each lease.

Adoption of Topic 842 resulted in the recording of ROU assets and lease liabilities related to the Company’s operating leases of approximately $14.6 million and $15.2 million, respectively, on January 1, 2022. The adoption of the new lease standard did not materially impact the Company's consolidated net income or consolidated cash flows and did not result in a cumulative-effect adjustment to the opening balance of retained earnings. Refer to Note 16 for additional disclosures.

Recent accounting pronouncements not yet adopted

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. As the Company will lose its emerging growth company (“EGC”) status as of December 31, 2022, and the Company will be required to apply the provision of ASU 2016-13 beginning with the annual reporting period ended December 31, 2022. Company is currently evaluating the impact of adoption this guidance on the consolidated financial statements and related disclosures.

Concentrations of Credit Risk and Other Risks and Uncertainties	6 Months Ended
	Jun. 30, 2022
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, 2022

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,
	2022		2021		2022		2021
Sales channel mix
Direct sales channel	$	33,602	$	25,703	$	64,521	$	45,565
Distributor channel		6,557		4,705		10,702		9,115
Total revenue, net	$	40,159	$	30,408	$	75,223	$	54,680

Customer mix
Academia and government	$	15,406	$	13,754	$	29,813	$	23,870
Biotechnology, pharmaceutical, distributor and contract research organizations		24,753		16,654		45,410		30,810
Total revenue, net	$	40,159	$	30,408	$	75,223	$	54,680

Revenue by geographical markets is presented in Note 21, 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, 2022 (in thousands):


	Less than 1 year		Greater than 1 year		Total
Product revenue		72		—		72
Service revenue		9,919		11,020		20,939
Total revenue	$	9,991	$	11,020	$	21,011

Contract balances

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


	June 30, 2022		December 31, 2021
Trade accounts receivable	$	36,811	$	29,760
Contract liabilities:
Deferred revenue	$	21,011	$	16,871
Customer deposits, which are included in 'Other current liabilities'		736		1,018
Total contract liabilities	$	21,747	$	17,889

The following provides a roll-forward of the contract liabilities (in thousands):


Contract liabilities
Balance at December 31, 2020	$	7,745
Revenue recognized		(15,008	)
Revenue deferred		25,152
Balance at December 31, 2021	$	17,889
Revenue recognized		(12,060	)
Revenue deferred		15,918
Balance at June 30, 2022	$	21,747

- 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Balance Sheet Details

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance sheet details

Inventories

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


	June 30,		December 31,
	2022		2021
Raw materials	$	25,828	$	17,260
Work in progress		2,475		2,297
Finished goods		17,042		12,614
Total inventories	$	45,345	$	32,171

Prepaid expenses and other current assets

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


	June 30, 2022		December 31, 2021
Prepaid expenses:
Prepaid inventory	$	2,262	$	397
Prepaid rent		215		201
Prepaid insurance		125		1,873
Prepaid income tax		4,406		-
Other		2,345		2,132
Other current assets:
Tax refund receivable		372		(127	)
Other		1,495		708
Total prepaid expenses and other current assets	$	11,220	$	5,184

Accrued expenses

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


	June 30, 2022		December 31, 2021
Accrued expenses:
Accrued compensation and related benefits	$	7,787	$	9,117
Professional service fees		679		1,119
Purchases		6,515		2,483
Product warranty		1,794		1,760
Other		1,066		772
Total accrued expenses	$	17,841	$	15,251

For the product warranty analysis refer to Note 19.

Other current liabilities

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


	June 30, 2022		December 31, 2021
Other current liabilities:
Customer deposits	$	736	$	1,018
Income tax payable		-		2,476
Sales and use tax payable		1,291		1,403
Operating lease liability, current		2,529		—
Other		1,074		1,455
Total other current liabilities	$	5,630	$	6,352

Fair Value of Financial Instruments

3 Months Ended

Jun. 30, 2022

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
	2021		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	345,679	$	345,679	$	—	$	—
Total	$	345,679	$	345,679	$	—	$	—


			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	June 30,		assets		inputs		inputs
	2022		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	327,272	$	327,272	$	—	$	—
Commercial paper	$	11,949	$	—	$	11,949	$	—
Total	$	339,221	$	327,272	$	11,949	$	—

The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.

The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the unaudited consolidated balance sheet as of June 30, 2022.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

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


	June 30, 2022			December 31, 2021
Laboratory equipment	$	3,673		$	2,410
Leasehold improvements		3,180			3,021
Construction in progress		225			344
Office and computer equipment		798			673
Furniture and fixtures		1,731			1,263
Total property and equipment		9,607			7,711
Less: accumulated depreciation		(2,267	)		(1,860	)
Property and equipment, net	$	7,340		$	5,851

Total depreciation expense for the three and six months ended June 30, 2022 was $398,000 and $738,000, respectively. Total depreciation expense for the three and six months ended June 30, 2021 was $199,000 and $366,000, respectively.

Acquisition

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Acquisition

On November 2, 2021, the Company completed the acquisition of the reagents business of Tonbo Biotechnologies Corporation ("Tonbo") for an aggregate cash consideration of $17 million. The acquired assets include a portfolio of life science research reagents related to cell preparation, flow cytometry, molecular immunology/polymerase chain reaction and cell culture covering application areas across immunology, apoptosis and immunoprofiling.

The acquisition was accounted for as a business combination in accordance with ASC 805. The tangible and intangible assets acquired were recorded at fair value on the acquisition date. The purchase price allocation is based upon preliminary valuations and estimates and assumptions which are subject to change within the purchase price allocation period, generally one year from the acquisition date. The following table represents the allocation of the purchase price to the assets acquired by the Company as part of the acquisition included in the Company’s consolidated balance sheets, and is reconciled to the purchase price.


	Tonbo
	(in thousands)
Current assets	$	2,549
Fixed Assets		83
Reagent licenses		1,800
Tradename		700
Customer relationships		2,200
Total identifiable net assets acquired		7,332
Goodwill		9,668
Total	$	17,000

The $9.7 million of goodwill arising from the Tonbo acquisition is primarily attributed to significant time-to-market advantages, as the Company gained immediate access to Tonbo’s products, existing relationships and business infrastructure and Tonbo’s knowledgeable and experienced workforce. The goodwill is expected to be deductible for tax purposes.

Intangible assets eligible for recognition separate from goodwill were those that satisfied either the contractual or legal criterion or the separability criterion in the accounting guidance. The identifiable intangible assets acquired and their estimated useful lives for amortization are as follows:


	Tonbo
	Fair Value		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	2,200	7
Reagent licenses		1,800	7
Tradename		700	4
Total	$	4,700

The customer relationships intangible asset represents the fair value of the underlying relationships with Tonbo’s customers. The tradename intangible asset represents the fair value of brand and name recognition associated with the marketing of Tonbo's reagents. The reagent license intangible asset represents the fair value of access to certain antibodies to manufacture reagents.

The fair value of the customer relationships intangible asset was determined based on the excess earnings method; the fair values of the tradename intangible assets were determined based on the relief-from-royalty method; and the fair value of the reagent license intangible asset was determined based on the cost approach method. The key assumptions used in estimating the fair values of intangible assets included forecasted financial information; customer retention rates; royalty rate of 2.0% for the tradename intangible assets; discount rate of 13.0% for all intangible assets; and certain other assumptions.

All acquired intangibles are being amortized over their estimated useful lives using the straight-line method of amortization.

The fair value assigned to the assets acquired are based on reasonable assumptions and estimates that market participants would use. Actual results may differ from these estimates and assumptions.

The results of operations for the acquisition are included in the consolidated financial statements of the Company from the date of the acquisition and net revenues and operating loss are not material. The Company has not included pro forma financial information related to the acquisition as the overall impact to the financial statements was not material. Transaction costs incurred by the Company related to the acquisition totaled approximately $230,000 for the year ended December 31, 2021, which were expensed and recorded as a component of general and administrative expenses in the consolidated statement of operations.

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill and intangible assets, net

The addition of goodwill for the year ended December 31, 2021 is discussed in Note 8. There were no changes in goodwill for the six months ended June 30, 2022.

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


	June 30, 2022			December 31, 2021
Patents and trademarks	$	428		$	387
Tradename		700			700
IP license		476			476
Customer relationships		2,200			2,200
Reagent license		1,800			1,800
Total intangible assets		5,604			5,563
Less: accumulated amortization		(1,745	)		(824	)
Intangible assets, net	$	3,859		$	4,739

Total amortization expense for the three and six months ended June 30, 2022 was approximately $468,000 and $921,000, respectively. Total amortization expense for the three and six months ended June 30, 2021 was less than $1,000 and $2,000, respectively.

Legal Settlement Liability

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Legal settlement liability

10.

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. In the fourth quarter of 2021, the Company achieved the milestone and made the payment.

The Company separated the settlement agreement into two elements, the litigation settlement and future licensing rights. The Company could not readily determine the fair value of the litigation settlement of prior infringement claims between the Company and BD. Therefore, the Company applied the residual method and allocated the difference between the total present value consideration payable under the BD Agreement and the estimated fair value of the future licensing rights to the litigation settlement element. The Company determined the estimated fair value of the future licensing rights based on the relief from royalty method. The significant assumptions used were the market royalty rate estimated as a royalty rate that a market participant would pay to license the BD intellectual property, forecasted sales subject to the market royalty rate and the discount rate.

The patents in question were determined to have an average useful life of 18 months. Accordingly, beginning the second quarter of 2022, the remaining contractual payments will be classified as operating expenses as they are considered to be represented of deferred litigation settlement. The Company did not record any product cost of sales related to royalty expenses for the three months ended June 30, 2022. The Company recorded $0.8 million product cost of sales related to royalty expense for the six months ended June 30, 2022. The Company recorded $0.7 million and $1.4 million product cost of sales related to royalty expense for the three and six months ended June 30, 2021, respectively. The Company recorded $0.5 million and $1.0 million of interest expense for the three and six months ended June 30, 2022, respectively, and $0.4 million and $0.8 million of interest expense for the three and six months ended June 30, 2021, respectively, to accrete the present value discount of the payment streams over the payment period of ten years from the settlement date using the effective interest rate method. The Company made a one-time upfront payment and issued 2,087,545 shares of the Company’s common stock to BD during the year ended December 31, 2020. The Company recorded legal settlement liability on the consolidated balance sheets of $16.8 million and $15.2 million as of June 30, 2022 and December 31, 2021, respectively, and will record licensing expense in future periods.

The following table shows the components of the legal settlement liability (in thousands):


	June 30, 2022		December 31, 2021
Current:
Legal settlement liability	$	2,139	$	1,463
Noncurrent:
Legal settlement liability		14,649		13,745
Total legal settlement liability	$	16,788	$	15,208

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Redeemable convertible preferred stock

11.

Redeemable convertible preferred stock

In March 2015, the Company entered into a Series A Preferred Stock Purchase Agreement (“Series A Agreement”) with certain investors pursuant to which it sold and issued 9,799,755 shares of Series A redeemable convertible preferred stock (“Series A shares”) at a purchase price of $0.38 per share in the initial closing. In July 2015, the Company sold and issued an additional 8,166,462 Series A shares at a purchase price of $0.38 per share pursuant to a subsequent closing under the Series A Agreement. In October 2015, the Company sold and issued an additional 14,699,632 Series A shares at a purchase price of $0.38 per share pursuant to a milestone closing under the Series A Agreement. A total of 32,665,849 Series A shares were issued for $12.2 million, net of issuance costs of $89,000.

In December 2016, the Company entered into a Series B Preferred Stock Purchase Agreement (“Series B Agreement”) with certain investors pursuant to which it sold and issued 9,888,639 shares of Series B convertible redeemable preferred stock (“Series B shares”) at a purchase price of $0.75 per share in the initial closing. In January 2018, the Company sold and issued an additional 6,110,957 Series B shares at a purchase price of $0.75 per share pursuant to a milestone closing under the Series B Agreement.

In September 2018, the Company entered into a Series C Preferred Stock Purchase Agreement (“Series C Agreement”) with certain investors pursuant to which it sold and issued 18,717,804 shares of Series C convertible redeemable preferred stock (“Series C shares” and together with Series A shares, Series B shares and Series C shares, the “2018 Preferred Stock”) at a purchase price of $2.40 per share in the initial closing. In November and December 2018, the Company sold and issued an additional 2,501,265 and 2,084,387 Series C shares, respectively, at a purchase price of $2.40 per share pursuant to subsequent closings under the Series C Agreement.

In October 2018, the Company repurchased 2,452,270 Series A shares at a price per share of $2.04 (“Series A Repurchase”), for an aggregate purchase price of $5.0 million. In connection with the Series A Repurchase, the Company filed a Certificate of Retirement with the Secretary of State in the State of Delaware to (i) cancel and retire the repurchased shares as required by the Company’s Amended and Restated Certificate of Incorporation, (ii) reduce the number of 2018 Preferred Stock authorized under the Company’s Amended and Restated Certificate of Incorporation to 70,212,570 from 72,664,850 and (iii) reduce the number of Series A shares authorized under the Company’s Amended and Restated Certificate of Incorporation 30,213,574 from 32,665,849.

In October 2020, under the amended and restated certificate of incorporation dated October 22, 2020 (“October COI”), the Company issued 17,752,068 shares of Series D redeemable convertible preferred stock (“Series D shares” and together with Series A shares, Series B shares, Series C shares, the “Preferred Stock”) at a purchase price of $6.76 per share for net proceeds of $119.7 million and authorized the reduction of the Series C to 23,303,456.

In July 2021, all of the then-outstanding shares of Preferred Stock automatically converted into 87,268,694 shares of common stock immediately upon the closing of Company’s IPO.

The Company classified its Preferred Stock as temporary equity in the accompanying unaudited interim consolidated balance sheets due to terms that allow for redemption of the shares upon certain change in control events that are outside of the Company’s control, including sale or transfer of control of the Company, as holders of the Preferred Stock could cause redemption of the shares in these situations.

Common Stock

6 Months Ended

Jun. 30, 2022

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

Common stock

12.

Common stock

As of June 30, 2022, the Company has authorized 1,000,000,000 shares of common stock at $0.001 par value. Holders of common stock are entitled to one vote per share, and to receive dividends, only and if declared by the Board of Directors and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders, subordinate to the rights, preferences and privileges of any outstanding Preferred Stock with respect to dividends and in connection with a liquidation, winding up and dissolution of the Company. The holders have no preemptive or other subscription rights.

On July 16, 2021, the Board and the Company’s stockholders approved an amendment and restatement of the Company’s certificate of incorporation to effect the Stock Split, which became effective upon filing with the Secretary of State of the State of Delaware on July 16, 2021.

On July 16, 2021, the Board and the Company’s stockholders approved an amendment and restatement of the Company’s certificate of incorporation, which became effective immediately following the closing of the IPO on July 27, 2021 and filing with the Secretary of State of the State of Delaware.

Stock-Based Compensation Plan

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-based compensation plan

13.

Stock-based compensation plan

Stock Plans

As of June 30, 2022, the Company had three stock-based compensation plans (the “Plans”) which are described below.

2015 Equity Incentive Plan

In March 2015, the Board approved the 2015 Equity Incentive Plan (“2015 Plan”), which provided for the granting of stock options to employees, directors and consultants of the Company. As of the effective date of the 2021 Plan described below, the 2015 Plan was terminated and no further equity awards may be granted pursuant to the 2015 Plan. Outstanding stock options granted under the 2015 Plan will continue to be governed by the provisions of the 2015 Plan until expiration or exercise, whichever is earlier.

2021 Equity Incentive Plan

In July 2021, the Board approved the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock unit ("RSU") awards, performance awards, and other awards to employees, directors and consultants of the Company. The 2021 Plan became effective on July 22, 2021 in connection with the IPO. Upon the 2021 Plan’s effective date, there were 18,000,000 shares of the Company’s common stock reserved for issuance thereunder. On January 1 of each year commencing after the effective date of the IPO and continuing through and including January 1, 2031, the number of shares of the Company’s common stock reserved for issuance under the 2021 Plan will increase automatically by an amount equal to 4% of the number of shares of the Company’s common stock outstanding on the preceding December 31, unless the Company’s Board of Directors elects to authorize a lesser number of shares prior to the applicable January 1. As of June 30, 2022, the total number of shares of common stock available for issuance under the 2021 Plan was 18,813,465 shares.

2021 Employee Stock Purchase Plan

In July 2021, the Board approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on July 22, 2021 in connection with the IPO. Upon the ESPP’s effective date, there were 2,000,000 shares of the Company’s common stock reserved for issuance thereunder. On January 1 of each year commencing after the effective date of the IPO and continuing through and including January 1, 2031, the number of shares of the Company’s common stock reserved for issuance under the ESPP will increase automatically by an amount equal to the lesser of (1) 1% of the number of shares of the Company’s common stock outstanding on the preceding December 31, (2) 5,000,000 shares and (3) a number of shares determined by the Board. During the six months ended June 30, 2022, 92,638 shares were issued pursuant to purchases under the ESPP.

Stock option valuation assumptions

The Company estimates the fair value of each stock option grant on the date of grant using the Black-Scholes option pricing model. The model assumptions include expected volatility, expected term, dividend yield, and the risk-free interest rate. The expected volatility was based on the volatility of a group of similar entities. The Company derived expected term by using the “simplified” method (the expected term is determined as the average of the time-to-vesting and contractual life of the option), as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The Company based the risk-free rate on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the option. The Company has never paid any dividends and does not anticipate paying dividends in the foreseeable future, and therefore used an expected dividend yield of zero in the valuation model.

Stock Options

The following table shows stock option activity during the periods indicated (in thousands except share and per share data):


	Number of options outstanding			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Balance as of December 31, 2021		8,805,850		$	6.56		8.03	$	147,623
Options granted		690,751			12.32
Options exercised		(689,288	)		1.18
Options forfeited		(536,796	)		9.89
Options expired		(59,345	)		0.96
Balance as of June 30, 2022		8,211,172		$	7.31		7.86	$	45,345,842
Options exercisable as of June 30, 2022		3,317,673		$	1.26		6.40	$	31,614,268

The weighted-average grant date fair value of options granted during the three months ended June 30, 2022 and 2021 was $6.51 and $4.27 per share, respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2022 and 2021 was $8.74 and $3.74 per share, respectively.

There was $33.9 million and $9.7 million of unrecognized stock-based compensation expense related to unvested stock options as of June 30, 2022 and 2021, respectively. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.66 years and 2.89 years as of June 30, 2022 and 2021, 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, 2022.

RSU Awards

The following table shows RSU awards activity during the periods indicated:


	Shares			Weighted-average grant date fair value per share
Unvested balance at December 31, 2021		104,876		$	21.10
Granted		1,250,251		$	12.83
Vested		(76,990	)	$	13.64
Forfeited		(35,800	)	$	14.98
Unvested balance at June 30, 2022		1,242,337		$	13.42

There was $15.7 million of unrecognized stock-based compensation expense related to unvested RSU awards as of June 30, 2022. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 3.67 years as of June 30, 2022.

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,
	2022		2021		2022		2021
Cost of sales	$	749	$	120	$	1,455	$	232
Research and development		1,087		185		2,352		304
Sales and marketing		856		173		1,634		303
General and administrative		1,242		189		2,330		284
Total stock-based compensation	$	3,934	$	667	$	7,771	$	1,123

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,
	2022			2021			2022			2021
Expected term (in years)		5.80			6.02			5.99			5.99
Expected volatility		75	%		90	%		75	%		91	%
Risk-free interest rate		3	%		1.06	%		2	%		1.09	%
Dividend yield	—			—			—			—

The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the current offering period using the Black-Scholes option-pricing model:


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Expected term (in years)		0.5			—			0.5			—
Expected volatility		74	%		—	%		74	%		—	%
Risk-free interest rate		1	%		—	%		1	%		—	%
Dividend yield		—			—			—			—

Employee Benefit Plan

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee benefit plan

14.

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 $268,000 and $517,000 for the three and six months ended June 30, 2022, respectively, and $197,000 and $367,000 for the three and six months ended June 30, 2021, respectively.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

15.

Income taxes

The Company's effective tax rate from continuing operations was 39.2% and 18.9% for the six months ended June 30, 2022 and 2021, respectively. The Company’s effective tax rate for the six months ended June 30, 2022 is higher than the U.S. federal statutory tax rate due to nondeductible stock-based compensation, the Company’s mix of earnings between various taxing jurisdictions, partially offset by a deduction for foreign-sourced revenue, stock compensation, and federal and state research credits. The effective income tax rate for the six months ended June 30, 2021 was lower than the U.S federal statutory tax rate primarily due to higher projected annual profits which resulted in a lower projected tax rate.

Realization of the Company's deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance, the Company considers its historical, as well as future projected, taxable income along with other objectively verifiable evidence. Objectively verifiable evidence includes the Company's realization of tax attributes, assessment of tax credits, and utilization of net operating loss carryforwards during the year.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Lease

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease

16.

Lease

The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under Topic 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.

The Company leases office facilities and equipment from unrelated parties under operating lease agreements that have initial terms ranging from 1 to 7.25 years. Some leases include one or more options to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term up to 5 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms

when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants. The Company is a sub-lessor in an agreement with a term of 3 years.

Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands):


	Six months ended
	June 30, 2022
Operating lease cost	$	1,551
Short-term lease cost		24
Total lease cost	$	1,575

For the three and six months ended June 30, 2022, sublease income was $66,000 and $133,000, respectively, recorded as other income.

Supplemental cash flow information related to leases is as follows (in thousands):


	Six months ended
	June 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	954

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	15,142

Supplemental balance sheet information related to leases is as follows (in thousands):


	June 30, 2022
Operating lease right-of-use assets	$	13,635
Included in other current liabilities:
Operating lease liabilities, current	$	2,529
Operating lease liabilities, noncurrent		12,316
Total operating lease liabilities	$	14,845


Weighted-average remaining lease term - operating leases:		5.88

Weighted-average discount rate - operating leases:		3.1%

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of June 30, 2022 is as follows (in thousands):


2022 (excluding the six months ended June 30)	$	1,377
2023		2,993
2024		2,620
2025		2,220
2026		2,188
Thereafter		4,547
Total lease payments	$	15,945
Less imputed interest		(1,100	)
Total present value of lease liabilities	$	14,845

The table above excludes lease liabilities for leases that have been executed but not yet commenced. As of June 30, 2022, the Company had such lease commitments relating to operating lease payment obligations of approximately $1.9 million for a building

lease with a term of 62 months. The Company will recognize a right-of-use asset and an associated lease liability at the time such asset becomes available for use. Such lease is currently expected to commence in the third quarter of 2022.

As of December 31, 2021, a summary of the Company's future minimum lease payments, as determined under Topic 840, for all non-cancelable operating leases, excluding minimum sublease rentals of $0.6 million due in the future under a non-cancelable sublease, was as follows (in thousands):


	Operating leases
2022	$	2,251
2023		2,803
2024		2,417
2025		2,215
2026		2,220
Thereafter		4,571
Total future minimum lease payments	$	16,477

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

17.

Commitments and contingencies

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, 2022

Investment Company [Abstract]

Investment in Cytek Japan

18.

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 three months ended June 30, 2022.

In March 2021, the Company purchased an additional $688,000 of common stock of Cytek Japan and TOMY purchased an additional $229,000 of common stock of Cytek Japan. The Company’s interest in Cytek Japan increased from 50% to 73% giving the Company controlling interest. The Company consolidated Cytek Japan as of March 31, 2021 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 as of March 31, 2021. The net loss attributable to noncontrolling interest was $104,000 and $241,000 for the three and six months ended June 30, 2022, respectively. The net income attributable to noncontrolling interest was de minimis for the three and six months ended June 30, 2021.

Product Warranty

6 Months Ended

Jun. 30, 2022

Product Warranties Disclosures [Abstract]

Product warranty

19.

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, 2022			December 31, 2021
Balance, beginning of the period	$	1,760		$	969
Accrual for current year warranties		1,013			3,304
Warranty cost incurred		(979	)		(2,513	)
Balance, end of period	$	1,794		$	1,760

Net (loss) Income Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Income Attributable to Common Stockholders

20.

Net (loss) income attributable to common stockholders per share

The following table sets forth the computation of the Company’s basic and diluted net (loss) income attributable to common stockholders per share for the three and six months ended June 30, 2022 and 2021 (in thousands except share and per share data):


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Numerator
Net (loss) income	$	(702	)	$	2,670		$	(2,860	)	$	2,772
Less: noncontrolling interests		104			-			241		$	-
Less: net income allocated to participating securities		-			(2,670	)		-			(2,772	)

Net (loss) income attributable to common stockholders, basic and diluted	$	(598	)	$	-		$	(2,619	)	$	-

Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic		134,403,059			31,878,762			134,154,171			31,719,005
Effect of employee stock plans		-			4,294,274			-			4,189,549
Weighted-average common shares outstanding, attributable to common stockholders, diluted		134,403,059			36,173,036			134,154,171			35,908,554

Net (loss) income per share attributable to common stockholders, basic		(0.00	)		-		$	(0.02	)	$	-
Net (loss) income per share attributable to common stockholders, diluted		(0.00	)		-		$	(0.02	)	$	-

Share-based compensation awards of approximately 4.4 million and 3.9 million shares for the three and six months ended June 30, 2022, respectively, and 1.2 million and 0.7 million shares for the three and six months ended June 30, 2021, respectively, were outstanding but were not included in the computation of diluted net (loss) income per share attributable to common stockholders because the effect of including such shares would have been anti-dilutive in the periods presented.

Geographic Areas

6 Months Ended

Jun. 30, 2022

Segments, Geographical Areas [Abstract]

Geographic areas

21.

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, 2022 and 2021 was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
United States	$	24,761	$	17,251	$	45,085	$	30,599
EMEA		8,838		9,656		17,522		17,303
APAC		6,142		3,390		11,153		6,646
Other		418		111		1,463		132
Total revenue, net	$	40,159	$	30,408	$	75,223	$	54,680

EMEA includes Europe, the Middle East and Africa; APAC includes Asia and the Pacific countries; Other includes Canada and Latin America.

For the three and six months ended June 30, 2022 and 2021, the Company had no major customers.

As of June 30, 2022 and December 31, 2021, the Company’s long-lived assets by geographic area were as follows (in thousands):


	June 30		December 31,
	2022		2021

United States	$	5,534	$	3,801
APAC		1,806		2,050
Total	$	7,340	$	5,851

As of June 30, 2022 and December 31, 2021, substantially all of the Company’s long-lived assets were located in the United States and in Wuxi, China.

Related party transactions

6 Months Ended

Jun. 30, 2022

Related party transactions

22. Related party transactions

On May 7, 2022, the Company’s wholly-owned Hong Kong subsidiary (“Cytek HK”) completed an investment of $1.6 million in Tianjin Deep Analysis Intelligent Technology Development Co., Ltd, a company incorporated under the laws of the People’s Republic of China (“DeepCyto”) in consideration for the issuance of Series A preferred shares of DeepCyto, representing an ownership interest of approximately 3.3%. An entity affiliated with Northern Light Venture Capital (“NLVC”) has a significant ownership interest in DeepCyto and has a representative serving on the DeepCyto board of directors. The founding managing partner of NLVC served as a member of the Company’s board of directors until June 1, 2022.

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

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Principles of consolidation

Variable interest entities and voting interest entities

Use of estimates

Covid 19 pandemic

COVID-19

Operating segments

Foreign currency translation and transactions

Cash and cash equivalents

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 following is a summary of cash and cash equivalents on the consolidated balance sheets (in thousands):


	June 30, 2022		December 31, 2021
Cash	$	10,673	$	18,939
Money market funds		327,272		345,679
Commercial paper		11,949		-
Total cash and cash equivalents as presented on the consolidated statements of cash flows	$	349,894	$	364,618

Trade accounts receivable, net


Allowance for doubtful accounts
Balance at December 31, 2020	$	175
Addition during the period		-
Utilization of allowance for doubtful accounts		(172	)
Balance at December 31, 2021	$	3
Addition during the period		—
Utilization of allowance for doubtful accounts		(3	)
Balance at June 30, 2022	$	-

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
Tradename		4 years
Customer relationship		7 years
Reagent licenses		7 years
IP license		5 years

Accounting for Impairment of Long-Lived Assets

Fair value of financial instruments

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

Strategic Investments

Investments

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 Term—Expected term represents the period that the Company's stock-based awards are expected to be outstanding and is determined using the simplified method.

Dividend Yield— The expected dividend yield is zero as the Company has never declared or paid cash dividends and has no current plans to do so in the foreseeable future.

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issued in effect at the time of grant for periods corresponding with the expected term of the option.

Income taxes

Net income attributable to common stockholders per share

Net (loss) income attributable to common stockholders per share

Common stock equivalents are excluded from the computation of diluted net (loss) income attributable to common stockholders per share if their effect is antidilutive.

Business Combinations

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, 2022

Accounting Policies [Abstract]

Summary of Cash and Cash Equivalents

The following is a summary of cash and cash equivalents on the consolidated balance sheets (in thousands):


	June 30, 2022		December 31, 2021
Cash	$	10,673	$	18,939
Money market funds		327,272		345,679
Commercial paper		11,949		-
Total cash and cash equivalents as presented on the consolidated statements of cash flows	$	349,894	$	364,618

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, 2022 and the year ended December 31, 2021 (in thousands):


Allowance for doubtful accounts
Balance at December 31, 2020	$	175
Addition during the period		-
Utilization of allowance for doubtful accounts		(172	)
Balance at December 31, 2021	$	3
Addition during the period		—
Utilization of allowance for doubtful accounts		(3	)
Balance at June 30, 2022	$	-

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
Tradename		4 years
Customer relationship		7 years
Reagent licenses		7 years
IP license		5 years

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Sales channel mix
Direct sales channel	$	33,602	$	25,703	$	64,521	$	45,565
Distributor channel		6,557		4,705		10,702		9,115
Total revenue, net	$	40,159	$	30,408	$	75,223	$	54,680

Customer mix
Academia and government	$	15,406	$	13,754	$	29,813	$	23,870
Biotechnology, pharmaceutical, distributor and contract research organizations		24,753		16,654		45,410		30,810
Total revenue, net	$	40,159	$	30,408	$	75,223	$	54,680

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


	Less than 1 year		Greater than 1 year		Total
Product revenue		72		—		72
Service revenue		9,919		11,020		20,939
Total revenue	$	9,991	$	11,020	$	21,011

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, 2022		December 31, 2021
Trade accounts receivable	$	36,811	$	29,760
Contract liabilities:
Deferred revenue	$	21,011	$	16,871
Customer deposits, which are included in 'Other current liabilities'		736		1,018
Total contract liabilities	$	21,747	$	17,889

The following provides a roll-forward of the contract liabilities (in thousands):


Contract liabilities
Balance at December 31, 2020	$	7,745
Revenue recognized		(15,008	)
Revenue deferred		25,152
Balance at December 31, 2021	$	17,889
Revenue recognized		(12,060	)
Revenue deferred		15,918
Balance at June 30, 2022	$	21,747

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Inventory

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


	June 30,		December 31,
	2022		2021
Raw materials	$	25,828	$	17,260
Work in progress		2,475		2,297
Finished goods		17,042		12,614
Total inventories	$	45,345	$	32,171

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, 2022		December 31, 2021
Prepaid expenses:
Prepaid inventory	$	2,262	$	397
Prepaid rent		215		201
Prepaid insurance		125		1,873
Prepaid income tax		4,406		-
Other		2,345		2,132
Other current assets:
Tax refund receivable		372		(127	)
Other		1,495		708
Total prepaid expenses and other current assets	$	11,220	$	5,184

Summary of Components of Accrued Expenses

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


	June 30, 2022		December 31, 2021
Accrued expenses:
Accrued compensation and related benefits	$	7,787	$	9,117
Professional service fees		679		1,119
Purchases		6,515		2,483
Product warranty		1,794		1,760
Other		1,066		772
Total accrued expenses	$	17,841	$	15,251

Summary of Components of Other Current Liabilities

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


	June 30, 2022		December 31, 2021
Other current liabilities:
Customer deposits	$	736	$	1,018
Income tax payable		-		2,476
Sales and use tax payable		1,291		1,403
Operating lease liability, current		2,529		—
Other		1,074		1,455
Total other current liabilities	$	5,630	$	6,352

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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
	2021		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	345,679	$	345,679	$	—	$	—
Total	$	345,679	$	345,679	$	—	$	—


			Quoted prices
			in active		Significant
			markets for		other		Significant
			identical		observable		unobservable
	June 30,		assets		inputs		inputs
	2022		(level 1)		(level 2)		(level 3)
Assets:
Money market funds	$	327,272	$	327,272	$	—	$	—
Commercial paper	$	11,949	$	—	$	11,949	$	—
Total	$	339,221	$	327,272	$	11,949	$	—

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022			December 31, 2021
Laboratory equipment	$	3,673		$	2,410
Leasehold improvements		3,180			3,021
Construction in progress		225			344
Office and computer equipment		798			673
Furniture and fixtures		1,731			1,263
Total property and equipment		9,607			7,711
Less: accumulated depreciation		(2,267	)		(1,860	)
Property and equipment, net	$	7,340		$	5,851

Acquisition (Tables)

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Schedule of identifiable assets acquired and is reconciled to the purchase price

The following table represents the allocation of the purchase price to the assets acquired by the Company as part of the acquisition included in the Company’s consolidated balance sheets, and is reconciled to the purchase price.


	Tonbo
	(in thousands)
Current assets	$	2,549
Fixed Assets		83
Reagent licenses		1,800
Tradename		700
Customer relationships		2,200
Total identifiable net assets acquired		7,332
Goodwill		9,668
Total	$	17,000

Schedule of identifiable intangible assets acquired and their estimated useful lives for amortization

The identifiable intangible assets acquired and their estimated useful lives for amortization are as follows:


	Tonbo
	Fair Value		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	2,200	7
Reagent licenses		1,800	7
Tradename		700	4
Total	$	4,700

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022			December 31, 2021
Patents and trademarks	$	428		$	387
Tradename		700			700
IP license		476			476
Customer relationships		2,200			2,200
Reagent license		1,800			1,800
Total intangible assets		5,604			5,563
Less: accumulated amortization		(1,745	)		(824	)
Intangible assets, net	$	3,859		$	4,739

Legal Settlement Liability (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022		December 31, 2021
Current:
Legal settlement liability	$	2,139	$	1,463
Noncurrent:
Legal settlement liability		14,649		13,745
Total legal settlement liability	$	16,788	$	15,208

Stock-Based Compensation Plan (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of stock option activity

The following table shows stock option activity during the periods indicated (in thousands except share and per share data):


	Number of options outstanding			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Balance as of December 31, 2021		8,805,850		$	6.56		8.03	$	147,623
Options granted		690,751			12.32
Options exercised		(689,288	)		1.18
Options forfeited		(536,796	)		9.89
Options expired		(59,345	)		0.96
Balance as of June 30, 2022		8,211,172		$	7.31		7.86	$	45,345,842
Options exercisable as of June 30, 2022		3,317,673		$	1.26		6.40	$	31,614,268

Schedule of RSU awards activity

The following table shows RSU awards activity during the periods indicated:


	Shares			Weighted-average grant date fair value per share
Unvested balance at December 31, 2021		104,876		$	21.10
Granted		1,250,251		$	12.83
Vested		(76,990	)	$	13.64
Forfeited		(35,800	)	$	14.98
Unvested balance at June 30, 2022		1,242,337		$	13.42

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,
	2022		2021		2022		2021
Cost of sales	$	749	$	120	$	1,455	$	232
Research and development		1,087		185		2,352		304
Sales and marketing		856		173		1,634		303
General and administrative		1,242		189		2,330		284
Total stock-based compensation	$	3,934	$	667	$	7,771	$	1,123

Summary of weighted average valuation assumptions used to calculate the fair value of options granted

The following table shows the weighted-average valuation assumptions used in determining the fair value of employee stock options:


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Expected term (in years)		5.80			6.02			5.99			5.99
Expected volatility		75	%		90	%		75	%		91	%
Risk-free interest rate		3	%		1.06	%		2	%		1.09	%
Dividend yield	—			—			—			—

Summary of weighted average valuation assumptions used to calculate the fair value of the ESPP for the initial offering

The following table summarizes the weighted-average assumptions used in estimating the fair value of the ESPP for the current offering period using the Black-Scholes option-pricing model:


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
Expected term (in years)		0.5			—			0.5			—
Expected volatility		74	%		—	%		74	%		—	%
Risk-free interest rate		1	%		—	%		1	%		—	%
Dividend yield		—			—			—			—

Lease (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of lease expense

Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands):


	Six months ended
	June 30, 2022
Operating lease cost	$	1,551
Short-term lease cost		24
Total lease cost	$	1,575

Schedule of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases is as follows (in thousands):


	Six months ended
	June 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	954

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	15,142

Schedule of Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases is as follows (in thousands):


	June 30, 2022
Operating lease right-of-use assets	$	13,635
Included in other current liabilities:
Operating lease liabilities, current	$	2,529
Operating lease liabilities, noncurrent		12,316
Total operating lease liabilities	$	14,845


Weighted-average remaining lease term - operating leases:		5.88

Weighted-average discount rate - operating leases:		3.1%

Summary of Future Undiscounted Cash Flows And Reconciliation To The Lease Liabilities Recognized


2022 (excluding the six months ended June 30)	$	1,377
2023		2,993
2024		2,620
2025		2,220
2026		2,188
Thereafter		4,547
Total lease payments	$	15,945
Less imputed interest		(1,100	)
Total present value of lease liabilities	$	14,845

Summary of Future Minimum Lease Payment Under Leases


	Operating leases
2022	$	2,251
2023		2,803
2024		2,417
2025		2,215
2026		2,220
Thereafter		4,571
Total future minimum lease payments	$	16,477

Product Warranty (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022			December 31, 2021
Balance, beginning of the period	$	1,760		$	969
Accrual for current year warranties		1,013			3,304
Warranty cost incurred		(979	)		(2,513	)
Balance, end of period	$	1,794		$	1,760

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022			2021			2022			2021
Numerator
Net (loss) income	$	(702	)	$	2,670		$	(2,860	)	$	2,772
Less: noncontrolling interests		104			-			241		$	-
Less: net income allocated to participating securities		-			(2,670	)		-			(2,772	)

Net (loss) income attributable to common stockholders, basic and diluted	$	(598	)	$	-		$	(2,619	)	$	-

Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic		134,403,059			31,878,762			134,154,171			31,719,005
Effect of employee stock plans		-			4,294,274			-			4,189,549
Weighted-average common shares outstanding, attributable to common stockholders, diluted		134,403,059			36,173,036			134,154,171			35,908,554

Net (loss) income per share attributable to common stockholders, basic		(0.00	)		-		$	(0.02	)	$	-
Net (loss) income per share attributable to common stockholders, diluted		(0.00	)		-		$	(0.02	)	$	-

Geographic Areas (Tables)

6 Months Ended

Jun. 30, 2022

Segments, Geographical Areas [Abstract]

Schedule of revenue from external customers by geographical areas


	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
United States	$	24,761	$	17,251	$	45,085	$	30,599
EMEA		8,838		9,656		17,522		17,303
APAC		6,142		3,390		11,153		6,646
Other		418		111		1,463		132
Total revenue, net	$	40,159	$	30,408	$	75,223	$	54,680

As of June 30, 2022 and December 31, 2021, the Company’s long-lived assets by geographic area were as follows (in thousands):


	June 30		December 31,
	2022		2021

United States	$	5,534	$	3,801
APAC		1,806		2,050
Total	$	7,340	$	5,851

Description of Business - Additional Information (Details) - USD ($)		1 Months Ended	6 Months Ended
	Jul. 27, 2021	Jul. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Entity Incorporation State Country Code			DE
Offering related transaction costs	$ 5,300,000
Common stock, shares authorized			1,000,000,000	1,000,000,000
IPO
Sale of common stock		13,949,401
Offering price per share		$ 17.00
Number of additional shares purchased		2,184,695
Net Proceeds		$ 215,700,000
Gross Proceeds from IPO		237,100,000
Underwriting discounts and commissions		17,300,000
Offering related transaction costs		$ 5,300,000
Common stock converted	87,268,694
Common stock, shares authorized	1,000,000,000
Preferred Stock, Shares Authorized	10,000,000
IPO \| Selling Stockholders
Shares offered		2,799,929
Gross Proceeds from IPO		$ 0
IPO \| Convertible Preferred Stock
Convertible preferred stock outstanding	0

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 27, 2021	Jul. 16, 2021	Jul. 31, 2021	Jul. 31, 2015	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Accounting Policies [Line Items]
Variable interest entity ownership percentage							50.00%
Cash and cash equivalents					$ 349,894,000		$ 349,894,000			$ 364,618,000
Cash, FDIC insured amount					250,000		250,000			250,000
Goodwill					10,144,000		$ 10,144,000			10,144,000
Upfront and payment terms.							30 days
Initial public offering costs	$ 5,300,000
Deferred offering costs					0		$ 0			0
Advertising, marketing and media expenses					800,000	$ 400,000	1,100,000	$ 600,000
ROU assets					13,635,000		13,635,000		$ 14,600,000	$ 0
Operating lease liability					$ 14,845,000		$ 14,845,000		$ 15,200,000
IPO
Accounting Policies [Line Items]
Stock split		1.3333-for-1
Initial public offering costs			$ 5,300,000
Minimum
Accounting Policies [Line Items]
Delivery and payment terms					30 days		30 days
Service contracts terms							1 year
Maximum
Accounting Policies [Line Items]
Delivery and payment terms					90 days		90 days
Service contracts terms							3 years
Cytek Tech
Accounting Policies [Line Items]
Aggregate purchase amount				$ 900,000
Goodwill				476,000
Intangible assets				$ 476,000

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 10,673	$ 18,939
Money market funds	327,272	345,679
Commercial paper	11,949	0
Total cash, cash equivalents, and restricted cash as presented on the consolidated statements of cash flows	$ 349,894	$ 364,618	$ 159,846	$ 166,119

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivables Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Beginning Balance	$ 3	$ 175
Addition during the period	0	0
Utilization of allowance for doubtful accounts	(3)	(172)
Ending Balance	$ 0	$ 3

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Useful Life of Property Plant and Equipment (Details)	6 Months Ended
	Jun. 30, 2022
Furniture and Fixtures
Accounting Policies [Line Items]
Estimated useful lives	7 years
Laboratory Equipment
Accounting Policies [Line Items]
Estimated useful lives	5 years
Office and Computer Equipment
Accounting Policies [Line Items]
Estimated useful lives	3 years
Leasehold Improvements
Accounting Policies [Line Items]
Estimated useful lives	Shorter of expected lease term or estimated useful life

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets (Details)	6 Months Ended
	Jun. 30, 2022
Patent
Accounting Policies [Line Items]
Estimated useful lives	20 years
Trademarks
Accounting Policies [Line Items]
Estimated useful lives	10 years
Tradename
Accounting Policies [Line Items]
Estimated useful lives	4 years
Customer relationship
Accounting Policies [Line Items]
Estimated useful lives	7 years
IP license
Accounting Policies [Line Items]
Estimated useful lives	5 years
Reagent License
Accounting Policies [Line Items]
Estimated useful lives	7 years

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Sales channel mix
Total revenue, net	$ 40,159	$ 30,408	$ 75,223	$ 54,680
Sales Channel, Directly to Consumer [Member]
Sales channel mix
Total revenue, net	33,602	25,703	64,521	45,565
Sales Channel, Through Intermediary [Member]
Sales channel mix
Total revenue, net	6,557	4,705	10,702	9,115
Customer mix [Member]
Sales channel mix
Total revenue, net	40,159	30,408	75,223	54,680
Customer mix [Member] \| Academia And Government
Sales channel mix
Total revenue, net	15,406	13,754	29,813	23,870
Customer mix [Member] \| Biotechnology Pharmaceutical Distributor And C R O
Sales channel mix
Total revenue, net	24,753	16,654	45,410	30,810
Sales channel mix [Member]
Sales channel mix
Total revenue, net	$ 40,159	$ 30,408	$ 75,223	$ 54,680

- 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
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ 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, 2022 USD ($)
Disaggregation Of Revenue [Line Items]
Total revenue	$ 21,011
Less Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	9,991
Greater Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	11,020
Product
Disaggregation Of Revenue [Line Items]
Total revenue	72
Product \| Less Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	72
Product \| Greater Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	0
Service
Disaggregation Of Revenue [Line Items]
Total revenue	20,939
Service \| Less Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	9,919
Service \| Greater Than One Year [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 11,020

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Abstract]
Trade accounts receivable, net	$ 36,811	$ 29,760
Contract liabilities:
Deferred revenue	21,011	16,871
Customer deposits, which are included in 'Other current liabilities'	736	1,018
Total contract liabilities	$ 21,747	$ 17,889	$ 7,745

Revenue from Contracts with Customers - Schedule of Rollforward of The Current Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contract liabilities:
Balance	$ 17,889	$ 7,745
Revenue recognized	(12,060)	(15,008)
Revenue deferred	15,918	25,152
Balance	$ 21,747	$ 17,889

Balance Sheet Details - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 25,828	$ 17,260
Work in progress	2,475	2,297
Finished goods	17,042	12,614
Total inventories	$ 45,345	$ 32,171

Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid expenses:
Prepaid inventory	$ 2,262	$ 397
Prepaid rent	215	201
Prepaid insurance	125	1,873
Prepaid income tax	4,406
Other	2,345	2,132
Other current assets:
Tax refund receivable	372	(127)
Other	1,495	708
Total prepaid expenses and other current assets	$ 11,220	$ 5,184

Balance Sheet Details - Summary of Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued expenses:
Accrued compensation and related benefits	$ 7,787	$ 9,117
Professional service fees	679	1,119
Purchases	6,515	2,483
Product warranty	1,794	1,760
Other	1,066	772
Total accrued expenses	$ 17,841	$ 15,251

Balance Sheet Details - Summary of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Customer deposits	$ 736	$ 1,018
Income tax payable	0	2,476
Sales and use tax payable	1,291	1,403
Operating lease liabilities, current	2,529
Other	1,074	1,455
Total other current liabilities	$ 5,630	$ 6,352

Fair Value Measurement and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Money market funds	$ 339,221	$ 345,679
Level 1
Assets:
Money market funds	327,272	345,679
Level 2
Assets:
Money market funds	11,949
Money Market Funds
Assets:
Money market funds	327,272	345,679
Money Market Funds \| Level 1
Assets:
Money market funds	327,272	$ 345,679
Commercial paper
Assets:
Money market funds	11,949
Commercial paper \| Level 1
Assets:
Money market funds	0
Commercial paper \| Level 2
Assets:
Money market funds	$ 11,949

Fair Value of Financial Instruments (Additional Information) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable equity investments	$ 1.6

Property, Plant, and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 9,607	$ 7,711
Less: accumulated depreciation	(2,267)	(1,860)
Property and equipment, net	7,340	5,851
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,673	2,410
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	3,180	3,021
Construction In Progress
Property Plant And Equipment [Line Items]
Total property and equipment	225	344
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	798	673
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,731	$ 1,263

Property, Plant, and Equipment - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 398,000	$ 199,000	$ 738,000	$ 366,000

Acquisition - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Nov. 02, 2021
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs		$ 230,000
Royalty rates	2.00%
Discount rate	13.00%
Tonbo Biotechnologies Corporation
Business Acquisition [Line Items]
Aggregate cash consideration			$ 17,000,000
Goodwill, Acquired During Period	$ 9,700,000

Acquisition - Summary of Allocation of Purchase Price to the Assets Acquired As a Part of the Acquisition (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 10,144	$ 10,144
Tonbo Biotechnologies [Member]
Business Acquisition [Line Items]
Current Assets	2,549
Fixed Assets	83
Reagent licenses	1,800
Tradename	700
Customer relationships	2,200
Total identifiable net assets acquired	7,332
Goodwill	9,668
Total	$ 17,000

Acquisition - Summary of Identifiable Intangible Assets Acquired And Their Estimated Useful lives For Amortization (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Customer Relationships [Member]
Business Acquisition [Line Items]
Useful life (years)	7 years
Reagent licenses [Member]
Business Acquisition [Line Items]
Useful life (years)	7 years
Tonbo Biotechnologies [Member]
Business Acquisition [Line Items]
Fair Value	$ 4,700
Tonbo Biotechnologies [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Fair Value	$ 700
Useful life (years)	4 years
Tonbo Biotechnologies [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Fair Value	$ 2,200
Useful life (years)	7 years
Tonbo Biotechnologies [Member] \| Reagent licenses [Member]
Business Acquisition [Line Items]
Fair Value	$ 1,800
Useful life (years)	7 years

Goodwill and Intangible Assets, Net - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	$ 5,604	$ 5,563
Less: accumulated amortization	(1,745)	(824)
Intangible assets, net	3,859	4,739
Patents and Trademarks
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	428	387
IP License
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	476	476
Tradename
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	700	700
Customer relationship
Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible assets, net	2,200	2,200
Reagent License
Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets	$ 1,800	$ 1,800

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 468,000	$ 1,000	$ 921,000	$ 2,000

Legal Settlement Liability - Schedule of Legal Settlement Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal settlement liability Current	$ 2,139	$ 1,463
Legal settlement liability Non Current	14,649	13,745
Total legal settlement liability	$ 16,788	$ 15,208

Legal settlement liability - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021
Loss Contingencies [Line Items]
Loss contingency, lawsuit filing date			February 13, 2018
Upfront payment			$ 2,000
Royalty payment duration			10 years
Mile stone payment			$ 6,000
Common stock, shares issued	134,601,671		134,601,671			133,749,663
Cost of sales related to royalty expense		$ 700	$ 800	$ 1,400
Interest expense	$ 647	433	1,237	808
Interest Expenses Related to Litigation Settlement	500	$ 400	1,000	$ 800
Legal settlement liability, current	2,139		2,139			$ 1,463
Settlement Liabilities [Member]
Loss Contingencies [Line Items]
Legal settlement liability, current	$ 16,800		$ 16,800			$ 15,200
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										12 Months Ended
	Oct. 31, 2020	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Sep. 30, 2018	Jan. 31, 2018	Dec. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Mar. 31, 2015	Dec. 31, 2021	Jul. 31, 2021	Oct. 30, 2018
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
Series B Convertible Redeemable Preferred Stock [Member]
Shares offered						6,110,957	9,888,639
Preferred stock purchase price						$ 0.75	$ 0.75
Series C Convertible Redeemable Preferred Stock [Member]
Shares offered		2,084,387	2,501,265		18,717,804
Preferred stock purchase price		$ 2.40	$ 2.40		$ 2.40
Preferred stock share authorized	23,303,456
2018 Eighteen Preferred Stock [Member]
Preferred stock share authorized				70,212,570									72,664,850
Series D Redeemable Convertible Preferred Stock [Member]
Shares offered	17,752,068
Preferred stock purchase price	$ 6.76
Proceeds from issuance of redeemable convertible preferred stock	$ 119,700,000
Redeemable Convertible Preferred Stock
Preferred stock converted into common stock												87,268,694

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.001	$ 0.001
Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000
Common stock, par value	$ 0.001

Stock-Based Compensation Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted		$ 6.51	$ 4.27	$ 8.74	$ 3.74
Total stock-based compensation		$ 3,934	$ 667	$ 7,771	$ 1,123
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		33,900	$ 9,700	$ 33,900	$ 9,700
Unrecognized stock-based compensation expense estimated, recognition period				2 years 7 months 28 days	2 years 10 months 20 days
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options		$ 15,700		$ 15,700
Unrecognized stock-based compensation expense estimated, recognition period				3 years 8 months 1 day
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	18,000,000	18,813,465		18,813,465
Annual increase to common stock reserved for issuance	4.00%
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding	5,000,000
Employee stock purchase plan shares issued				92,638
Employee Stock Purchase Plan 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	2,000,000
Annual increase to common stock reserved for issuance	1.00%

Stock-Based Compensation Plan - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares
Options outstanding, beginning balance (in shares)	8,805,850
Options granted (in shares)	690,751
Options exercised (in shares)	(689,288)
Options forfeited (in shares)	(536,796)
Options expired (in shares)	(59,345)
Options outstanding, ending balance (in shares)	8,211,172	8,805,850
Options exercisable (in shares)	3,317,673
Weighted average exercise price, beginning balance (in dollars per share)	$ 6.56
Weighted average exercise price, options granted (in dollars per share)	12.32
Weighted average exercise price, options exercised (in dollars per share)	1.18
Weighted average exercise price, options forfeited (in dollars per share)	9.89
Weighted average exercise price, options expired (in dollars per share)	0.96
Weighted average exercise price, ending balance (in dollars per share)	7.31	$ 6.56
Weighted average exercise price, options exercisable (in dollars per share)	$ 1.26
Stock options outstanding, weighted average remaining contractual term	7 years 10 months 9 days	8 years 10 days
Stock options exercisable, weighted average remaining contractual term	6 years 4 months 24 days
Stock options outstanding, aggregate intrinsic value, beginning balance	$ 147,623
Stock options outstanding, aggregate intrinsic value, ending balance	45,345,842	$ 147,623
Stock options exercisable, aggregate intrinsic value	$ 31,614,268

Stock-based compensation plan - Schedule of RSU Awards Activty (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested balance Beginning balance \| shares	104,876
Granted \| shares	1,250,251
Vested \| shares	(76,990)
Forfeited \| shares	(35,800)
Unvested balance, Ending balance \| shares	1,242,337
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 21.10
Weighted-average grant date fair value per share, Granted \| $ / shares	12.83
Weighted-average grant date fair value per share, Vested \| $ / shares	13.64
Weighted-average grant date fair value per share, Forfeited \| $ / shares	14.98
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 13.42

Stock-Based Compensation Plan - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 3,934	$ 667	$ 7,771	$ 1,123
Cost of Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	749	120	1,455	232
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,087	185	2,352	304
Selling and Marketing Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	856	173	1,634	303
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,242	$ 189	$ 2,330	$ 284

Stock-Based Compensation Plan - Summary of weighted average valuation assumptions used to calculate the fair value of options granted (Details) - Share-based Payment Arrangement, Option	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months 18 days	6 years 7 days	5 years 11 months 26 days	5 years 11 months 26 days
Expected volatility	75.00%	90.00%	75.00%	91.00%
Risk-free interest rate	3.00%	1.06%	2.00%	1.09%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Stock-Based Compensation Plan - Summary of weighted average valuation assumptions used to calculate the fair value of the ESPP for the initial offering (Details) - ESPP [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months		6 months
Expected volatility	74.00%	0.00%	74.00%	0.00%
Risk-free interest rate	1.00%	0.00%	1.00%	0.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Employee Benefit Plan - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Employer contribution	$ 268,000	$ 197,000	$ 517,000	$ 367,000

Income Taxes - Additional Information (Details)	6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2022	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Effective tax rate from continuing operations	39.20%	18.90%

Lease (Additional Information) (Details)	3 Months Ended	6 Months Ended
Lease (Additional Information) (Details)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Sub-lessor in an agreement		3 years
Minimum Sublease Rentals	$ 600,000	$ 600,000
Sublease income	$ 66,000	$ 133,000
Office Facilities and Equipment [Member]
Lessee, Lease, Description [Line Items]
Leases renewal terms under operating lease agreements	5 years	5 years
Building [Member]
Lessee, Lease, Description [Line Items]
Leases term under operating lease agreements	62 months	62 months
Operating lease payments		$ 1,900,000
Maximum \| Office Facilities and Equipment [Member]
Lessee, Lease, Description [Line Items]
Leases term under operating lease agreements	7 years 3 months	7 years 3 months
Minimum \| Office Facilities and Equipment [Member]
Lessee, Lease, Description [Line Items]
Leases term under operating lease agreements	1 year	1 year

Lease - Schedule of Lease Expense (Details) $ in Thousands	6 Months Ended
Lease - Schedule of Lease Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lease expense
Operating lease cost	$ 1,551
Short-term lease cost	24
Total lease cost	$ 1,575

Lease - Schedule of Supplemental Cash Flow Information Related To Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Cash paid for amounts included in measurement of lease liabilities:
Operating Cash Outflows Payments On Operating Leases	$ 954
Right of Use Assets Obtained in Exchange for New Lease Obligations Abstract
Operating leases	$ 15,142

Lease - Schedule of Supplemental Balance Sheet Information Related To Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Supplemental disclosure of cash flow information:
Operating lease right-of-use assets	$ 13,635	$ 14,600	$ 0
Included in other current liabilities:
Operating lease liabilities, current	2,529
Operating lease liability, noncurrent	12,316		$ 0
Total present value of lease liabilities	$ 14,845	$ 15,200
Weighted-average remaining lease term - operating leases:	5 years 10 months 17 days
Weighted-average discount rate - operating leases:	3.10%

Lease - Summary of Future Undiscounted Cash Flows And Reconciliation To The Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract]
2022 (excluding the six months ended June 30)	$ 1,377
2023	2,993
2024	2,620
2025	2,220
2026	2,188
Thereafter	4,547
Minimum Lease Payments, Sale Leaseback Transactions, Total	15,945
Less imputed interest	(1,100)
Total present value of lease liabilities	$ 14,845

Lease - Schedule of Future Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 2,251
2023	2,803
2024	2,417
2025	2,215
2026	2,220
Thereafter	4,571
Total Future Minimum Lease Payments	$ 16,477

Commitments and Contingencies - Additional Information (Details) $ in Millions	May 07, 2020 USD ($)
Commitment And Contingencies [Line Items]
Gross proceeds from loan program	$ 4.1
Average Monthly Payroll Expense	2.5

Investment in Cytek Japan - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2021	May 31, 2019	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Investment Holdings [Line Items]
Net income attributable to noncontrolling interests			$ 104,000	$ 241,000	$ 0
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

Product Warranty - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Product Warranties Disclosures [Abstract]
Balance, beginning of the period	$ 1,760	$ 969
Accrual for current year warranties	1,013	3,304
Warranty cost incurred	(979)	(2,513)
Balance, end of period	$ 1,794	$ 1,760

Net (loss) Income Attributable to Common Stockholders Per Share - Computation of the Basic and Diluted Net Income Attributable to Common Stockholders Per Share (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Net (loss) income	$ (702,000)	$ 2,670,000	$ 102,000	$ (2,860,000)	$ 2,772,000
Less: noncontrolling interests	104,000			241,000	0
Less: net income allocated to participating securities	0	(2,670,000)		0	(2,772,000)
Net (loss) income attributable to common stockholders, basic and diluted	$ (598,000)	$ 0		$ (2,619,000)	$ 0
Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic	134,403,059	31,878,762		134,154,171	31,719,005
Effect of stock options	0	4,294,274		0	4,189,549
Weighted-average common shares outstanding, attributable to common stockholders, diluted	134,403,059	36,173,036		134,154,171	35,908,554
Net (loss) income per share attributable to common stockholders, basic	$ (0.00)	$ 0		$ (0.02)	$ 0
Net (loss) income per share attributable to common stockholders, diluted	$ (0.00)	$ 0		$ (0.02)	$ 0

Net (loss) income attributable to common stockholders per share - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Share-based compensation awards	$ 4.4	$ 1.2	$ 3.9	$ 0.7

Geographic Areas - Schedule of Revenue from External Customers by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	$ 40,159	$ 30,408	$ 75,223	$ 54,680
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	24,761	17,251	45,085	30,599
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	8,838	9,656	17,522	17,303
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	6,142	3,390	11,153	6,646
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	$ 418	$ 111	$ 1,463	$ 132

- 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).

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+ Details

Geographic Areas - Schedule of Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 7,340	$ 5,851
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	5,534	3,801
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total long-lived assets	$ 1,806	$ 2,050

Related Party Transactions (Additional Information) (Details) $ in Millions	May 07, 2022 USD ($)
Hong Kong subsidiary (Cytek HK)
Related Party Transaction [Line Items]
Other Investments and Securities, at Cost	$ 1.6
DeepCyto [Member] \| Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Ownership interest	3.30%