0001628280-24-035264 | 10-Q | XBRL Viewer

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Concentrations of Credit Risk and Other Risks and Uncertainties	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Concentrations of credit risk and other risks and uncertainties	Concentrations of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains accounts in federally insured financial institutions in excess of federally insured limits. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held and of the money market funds in which these investments are made. The Company holds marketable securities with high credit ratings.

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt On November 7, 2022, Cytek Wuxi entered a fixed asset loan agreement with Bank of Communications, China (the “Wuxi Loan”). The Wuxi Loan is denominated in Chinese renminbi and collateralized by Cytek Wuxi's cash deposit to the bank. The deposit is in a separate account with Cytek Wuxi's name, but the use of such account is restricted. The Company presented the deposit as restricted cash on the audited consolidated balance sheets as of December 31, 2022. In April 2023, the restricted cash account was released. The purchased building in Wuxi serves as collateral for the Wuxi Loan. The total loan amount was $2.9 million and the loan term is five years. As of June 30, 2024, the total loan amount is $1.9 million. The current portion of the loan, $0.6 million, is included in other current liabilities. The fixed interest rate on the loan was 4.5%. On January 16, 2024, the Company signed a maximum credit agreement with Bank of Communications, China. for 40 million Chinese renminbi (approximately US $5.7 million). This credit is collateralized by the Wuxi building purchased in November 2023. 20 million Chinese renminbi (approximately US $2.8 million) under the credit agreement serves as collateral for the Wuxi Loan. The remaining 20 million Chinese renminbi (approximately US $2.8 million) can be borrowed, as needed, as a short-term loan for normal business operation requirements. The line of credit is available from December 25, 2023 to December 25, 2024. On February 28, 2024, based on the above mentioned line of credit, Cytek Wuxi entered into a one year loan agreement with Bank of Communications, China. The loan is denominated in Chinese renminbi and collateralized by the building purchased by Cytek Wuxi in November, 2023. The total loan amount was 10 million Chinese renminbi (approximately US $1.4 million) and the interest rate is fixed at 3.45%. The loan effective term is February 28, 2024 to February 28, 2025. The interest expenses will be paid on a monthly basis. The loan will be used for operating expenses. The current portion of the line of credit loan of 10 million Chinese renminbi (approximately US $1.4 million) is included in other current liabilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Details - Summary of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Customer deposits	$ 1,069	$ 1,438
Income tax payable	358	1,297
Sales and use tax payable	1,127	1,763
Operating lease liability, current	2,407	2,444
Current portion of loan and line of credit	1,926	565
Other	341	396
Total other current liabilities	$ 7,228	$ 7,903
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table displays the benefit from income taxes for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three months ended June 30,				Change
	2024		2023		Amount		%

Provision for (benefit from) income taxes	$	3,248	$	(2,207)	$	5,455	(247)	%


	Six months ended June 30,				Change
	2024		2023		Amount		%

Provision for (benefit from) income taxes	$	424	$	(4,440)	$	4,864	(110)	%

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 177,888	$ 167,299
Restricted cash	30	331
Marketable securities	99,323	95,111
Trade accounts receivable, net	44,643	55,928
Inventories	50,070	60,877
Prepaid expenses and other current assets	12,130	12,514
Total current assets	384,084	392,060
Deferred income tax assets, noncurrent	29,676	30,487
Property and equipment, net	18,114	18,405
Operating lease right-of-use assets	9,328	10,853
Goodwill	16,183	16,183
Intangible assets, net	21,420	23,084
Other noncurrent assets	4,920	3,385
Total assets	483,725	494,457
Current liabilities:
Trade accounts payable	3,191	3,032
Legal settlement liability, current	2,503	2,561
Accrued expenses	15,489	20,035
Other current liabilities	7,228	7,903
Deferred revenue, current	23,968	22,695
Total current liabilities	52,379	56,226
Legal settlement liability, noncurrent	16,912	16,477
Deferred revenue, noncurrent	14,064	15,132
Operating lease liability, noncurrent	8,113	9,479
Long term debt	1,330	1,648
Other noncurrent liabilities	1,804	2,431
Total liabilities	94,602	101,393
Commitments and contingencies (Note 18)
Stockholders’ equity:
Common stock, $0.001 par value; 1,000,000,000 authorized shares as of June 30, 2024 and December 31, 2023, respectively; 131,505,201 and 130,714,906 issued and outstanding shares as of June 30, 2024 and December 31, 2023, respectively.	132	131
Additional paid-in capital	434,967	423,386
Accumulated deficit	(45,781)	(29,178)
Accumulated other comprehensive loss	(195)	(1,275)
Total stockholders’ equity	389,123	393,064
Total liabilities and stockholders’ equity	$ 483,725	$ 494,457

Common Stock - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 06, 2024 USD ($)	May 17, 2023 USD ($)	Aug. 26, 2022 USD ($)
Class Of Stock [Line Items]
Common stock, shares authorized (in shares) \| shares	1,000,000,000	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par or stated value per share (in dollar per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Number of vote per share \| vote	1		1
Common stock, value, issued	$ 132	$ 131	$ 132	$ 131
Stock repurchase program, authorized amount					$ 50,000	$ 50,000
Stock repurchased during period, shares (in shares) \| shares	444,319	5,332,769	7,058,099	6,613,780
Payments for repurchase of common stock	$ 2,700	$ 34,600	$ 46,700	$ 44,000
Shares acquired, average cost per share (in dollars per share) \| $ / shares	$ 5.99	$ 6.49	$ 6.61	$ 6.66
Stock repurchase program, commission costs		$ 100		$ 100
Share repurchase program, remaining authorized, amount	$ 47,300		$ 47,300
Sales and excise tax payable	300	$ 300	300	$ 300
At Market Offering
Class Of Stock [Line Items]
Deferred offering costs	700		700
2022 Sales Agreement
Class Of Stock [Line Items]
Deferred offering costs	$ 700		$ 700
2022 Sales Agreement \| Maximum
Class Of Stock [Line Items]
Aggregate compensation payable percentage							0.03
2022 Sales Agreement \| At Market Offering
Class Of Stock [Line Items]
Common stock, value, issued							$ 150,000
2022 Sales Agreement \| At Market Offering \| Maximum
Class Of Stock [Line Items]
Aggregate compensation payable percentage							0.03

Lease - Schedule of Future Undiscounted Cash Flows and Reconciliation to the Lease Liabilities Recognized (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (excluding the three months ended June 30, 2024)	$ 1,362
2025	2,550
2026	2,504
2027	2,315
2028	2,047
Thereafter	348
Total lease payments	11,126
Less imputed interest	(606)
Total present value of lease liabilities	$ 10,520	$ 11,923

Investments - Summary the Company's Investments in Available Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 99,386	$ 95,124
Gross Unrealized Gains	0	19
Gross Unrealized Loss	(63)	(32)
Estimated Fair Value	99,323	95,111
U.S. Treasury
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	85,481	47,347
Gross Unrealized Gains	0	19
Gross Unrealized Loss	(42)	0
Estimated Fair Value	85,439	47,366
Federal agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		35,840
Gross Unrealized Gains		0
Gross Unrealized Loss		(22)
Estimated Fair Value		35,818
Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	13,905	11,937
Gross Unrealized Gains	0	0
Gross Unrealized Loss	(21)	(10)
Estimated Fair Value	$ 13,884	$ 11,927

Stock-Based Compensation Plan

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based compensation plan

Stock Plans

As of June 30, 2024, the Company had three stock-based compensation plans (the “Plans”) which are described below.

2015 Equity Incentive Plan

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

2021 Equity Incentive Plan

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

Board of Directors elects to authorize a lesser number of shares prior to the applicable January 1. As of June 30, 2024, the total number of shares of common stock available for issuance under the 2021 Plan was 21,790,770 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, 2024, 210,496 shares were issued pursuant to purchases under the ESPP. As of June 30, 2024, the total number of shares of common stock available for issuance under the ESPP was 5,298,874 shares.

Stock option valuation assumptions

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

Stock Options

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


	Number of options outstanding	Weighted-average exercise price		Weighted-average remaining contractual term (in years)	Aggregate intrinsic value
Balance as of December 31, 2023	7,219,702	$	8.74	6.90	$	23,574
Options granted	1,916,670	6.86
Options exercised	(483,157)	1.51
Options forfeited	(95,210)	13.25
Options expired	(133,785)	16.18
Balance as of June 30, 2024	8,424,220	$	8.56	7.28	$	10,232
Options exercisable as of June 30, 2024	4,949,291	$	7.95	6.19	$	10,034

The weighted-average grant date fair value of options granted during the three months ended June 30, 2024 and 2023 were $4.07 and $5.28 per share, respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2024 and 2023 were $4.61 and $6.72 per share, respectively.

There was $22.1 million of unrecognized stock-based compensation expense related to unvested stock options as of June 30, 2024. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 2.59 years as of June 30, 2024.

The Company currently uses authorized and unissued shares to satisfy option exercises.

The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s common stock as of June 30, 2024.

RSU Awards

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


	Shares	Weighted-average grant date fair value per share		Weighted-average remaining contractual term (in years)	Aggregate intrinsic value (in thousands)
Unvested balance at December 31, 2023	2,608,257	$	10.88	1.51	$	23,787
Granted	3,358,467	6.97
Vested	(582,543)	10.18
Forfeited	(232,552)	10.24
Unvested balance at June 30, 2024	5,151,629	$	8.44	1.68	$	28,746

There was $41.2 million of unrecognized stock-based compensation expense related to unvested RSU awards as of June 30, 2024. The unrecognized stock-based compensation expense is estimated to be recognized over a period of 3.21 years as of June 30, 2024.

Stock-based compensation expense

The following table shows the allocation of stock-based compensation expense related to the Company’s stock-based awards (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cost of sales	$	1,200	$	868	$	2,145	$	1,560
Research and development	1,677		1,805		2,999		3,239
Sales and marketing	1,280		1,171		2,287		2,107
General and administrative	2,995		2,078		5,361		3,715
Total stock-based compensation	$	7,152	$	5,922	$	12,792	$	10,621

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,
	2024		2023		2024		2023
Expected term (in years)	5.91		5.5		6.0		5.96
Expected volatility	74	%	70	%	73	%	71	%
Risk-free interest rate	4	%	4	%	4	%	4	%
Dividend yield	-		-		-		-

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Expected term (in years)	0.5		0.5		0.5		0.5
Expected volatility	63	%	70	%	58	%	76	%
Risk-free interest rate	5	%	4	%	5	%	4	%
Dividend yield	-		-		-		-

Employee Benefit Plan - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Employer contribution	$ 569,732	$ 432,000	$ 974,025	$ 770,000

Acquisition - Summary of Identifiable Intangible Assets Acquired and Their Estimated Useful Lives for Amortization (Details) - FCI $ in Thousands	Feb. 28, 2023 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 21,750
Customer relationship
Business Acquisition [Line Items]
Fair Value	$ 8,600
Useful life (years)	9 years
Amnis ImageStream developed technology
Business Acquisition [Line Items]
Fair Value	$ 10,000
Useful life (years)	6 years
Guava easyCyte and Muse developed technology
Business Acquisition [Line Items]
Fair Value	$ 140
Useful life (years)	2 years
Amnis FlowSight and CellStream developed technology
Business Acquisition [Line Items]
Fair Value	$ 20
Useful life (years)	1 year
Amnis tradename
Business Acquisition [Line Items]
Fair Value	$ 2,900
Useful life (years)	15 years
Guava tradename
Business Acquisition [Line Items]
Fair Value	$ 90
Useful life (years)	3 years

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

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,
	2024		2023		2024		2023
Sales channel mix
Direct sales channel	$	34,549	$	37,854	$	68,869	$	63,307
Distributor channel	12,068		11,839		22,608		23,474
Total revenue, net	$	46,617	$	49,693	$	91,477	$	86,781

Customer mix
Academia and government	$	20,239	$	20,405	$	52,834	$	35,602
Biotechnology, pharmaceutical, distributor and contract research organizations	26,378		29,288		38,643		51,179
Total revenue, net	$	46,617	$	49,693	$	91,477	$	86,781

Revenue by geographical markets is presented in Note 22.

Remaining performance obligations

The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of June 30, 2024 (in thousands):


	Less than 1 year		Greater than 1 year		Total
Product revenue	$	1,079	$	—	$	1,079
Service revenue	22,889		14,064		36,953
Total revenue	$	23,968	$	14,064	$	38,032

Contract balances

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


	June 30, 2024		December 31, 2023
Trade accounts receivable	$	44,643	$	55,928
Contract liabilities:
Deferred revenue	$	38,032	$	37,827
Customer deposits, which are included in 'Other current liabilities'	1,069		1,438
Total contract liabilities	$	39,101	$	39,265

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


Contract liabilities
Balance at December 31, 2022	$	27,665
Revenue recognized	(36,298)
Revenue deferred	47,898
Balance at December 31, 2023	$	39,265
Revenue recognized	(22,779)
Revenue deferred	22,615
Balance at June 30, 2024	$	39,101

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income taxes

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

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

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

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

The Company's effective income tax rate from continuing operations was (2.6)% and 28.4% for the six months ended June 30, 2024 and 2023, respectively. The Company’s effective income tax rate for the six months ended June 30, 2024 is lower than the US federal statutory tax rate due to the impact of non-deductible stock-based compensation, and the Company's mix of earnings between various taxing jurisdictions, partially offset by a deduction for foreign-sourced revenue, stock compensation, and federal and state research credits. The effective income rate for the six months ended June 30, 2023 was higher than the US federal statutory tax rate primarily due to state income taxes, non-deductible stock-based compensation, the Company's mix of earnings between various taxing jurisdictions, partially offset by a deduction for foreign-sourced revenue, and federal and state research credits.

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

Components of our results of operations:

Income Taxes:

The Company's benefit from income taxes consists primarily of provision for federal taxes and local taxes in the United States as well as foreign taxes. As the Company plans to expand the scale and scope of its international business activities, any changes in the United States and foreign taxation of such activities may increase the Company's overall provision for income taxes in the future.

Results of operations:

The following table displays the benefit from income taxes for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Three months ended June 30,				Change
	2024		2023		Amount		%

Provision for (benefit from) income taxes	$	3,248	$	(2,207)	$	5,455	(247)	%


	Six months ended June 30,				Change
	2024		2023		Amount		%

Provision for (benefit from) income taxes	$	424	$	(4,440)	$	4,864	(110)	%

Provision for income taxes was $3.2 million for the three months ended June 30, 2024, as compared to a benefit from income taxes of $2.2 million for the three months ended June 30, 2023. The net change of $5.5 million for the three months ended June 30, 2024 was primarily due to the reversal of the tax benefit during the three months ended June 30, 2024 due to a lower effective tax rate for the three months ended June 30, 2024, and an adjustment to tax expense to account for the settlement price of restricted stock units settled in the quarter being lower than the grant price.

Provision for income taxes was $0.4 million for the six months ended June 30, 2024, as compared to a benefit from income taxes of $4.4 million for the six months ended June 30, 2023. The net increase of $4.9 million for the six months ended June 30, 2024 is primarily due to a lower effective tax rate

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Acquisition - Summary of Allocation of Purchase Price to the Assets Acquired As a Part of the Acquisition (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Feb. 28, 2023
Business Acquisition [Line Items]
Goodwill	$ 16,183	$ 16,183
FCI
Business Acquisition [Line Items]
Inventories			$ 18,695
Property and equipment			3,040
Prepaid expenses			70
Deferred tax assets			570
Goodwill			6,038
Deferred revenue			(4,952)
Other current liabilities			(316)
Fair value of net assets acquired			44,895
FCI \| Customer relationship
Business Acquisition [Line Items]
Intangible assets			8,600
FCI \| Amnis ImageStream developed technology
Business Acquisition [Line Items]
Intangible assets			10,000
FCI \| Guava easyCyte and Muse developed technology
Business Acquisition [Line Items]
Intangible assets			140
FCI \| Amnis FlowSight and CellStream developed technology
Business Acquisition [Line Items]
Intangible assets			20
FCI \| Amnis tradename
Business Acquisition [Line Items]
Intangible assets			2,900
FCI \| Guava tradename
Business Acquisition [Line Items]
Intangible assets			$ 90

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	Description of business Cytek Biosciences, Inc. (“Cytek” or the “Company”) is a leading cell analysis solutions company advancing the next generation of research and clinical tools with its novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells (“Full Spectrum Profiling™” or “FSP™” technology). The Company's goal is to become the premier cell analysis company through continued innovation that facilitates scientific advances in biomedical research and clinical applications. The Company has successfully developed and manufactured its full spectrum flow cytometry platform (“instrument(s)” or “product(s)”). The Company's core FSP instruments, the Cytek Aurora™ and Northern Lights™ systems, deliver high-resolution, high-content and high-sensitivity cell analysis. The Company also launched its Cytek Aurora cell sorter (“Aurora CS”), which leverages FSP technology to further broaden potential applications across cell analysis. The Company’s FSP platform includes instruments, accessories, reagents, software, and services to provide a comprehensive and integrated suite of solutions for its customers. On February 28, 2023, the Company completed the acquisition of certain assets (the “FCI Acquisition”) relating to the flow cytometry and imaging business of Luminex Corporation (“Luminex”), including relating to the business of manufacturing, marketing, selling, servicing and maintaining Amnis® and Guava® branded instruments, and flow cytometry reagent products and services (the “FCI Business”). The acquired FCI Business includes conventional flow and image-based flow cytometry instrumentation and related products and services (the “FCI Products”). The Company was incorporated in the state of Delaware in December 2014 and is headquartered in Fremont, California with offices, manufacturing facilities and distribution channels across the globe.

Revenue from Contracts with Customers - Schedule of Rollforward of Current Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Contract Liabilities [Roll Forward]
Balance		$ 27,665
Balance	$ 39,265
Revenue recognized	(22,779)	(36,298)
Revenue deferred	22,615	47,898
Balance	$ 39,101	$ 39,265

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

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):


Description:	June 30, 2024		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	144,091	$	144,091	$	—	$	—
Short-term investments:
U.S. Treasury	85,439		85,439		—		—
Commercial paper	13,884		—		13,884		—
Total	$	243,414	$	229,530	$	13,884	$	—


Description:	December 31, 2023		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	144,892	$	144,892	$	—	$	—
Short-term investments:
U.S. Treasury	47,366		47,366		—		—
Federal agency securities	35,818		—		35,818		—
Commercial paper	11,927		—		11,927		—
Total	$	240,003	$	192,258	$	47,745	$	—

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

The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of June 30, 2024.

Stock-Based Compensation Plan - Schedule of RSU Awards Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Weighted-average grant date fair value per share
Stock options outstanding, weighted average remaining contractual term	7 years 3 months 10 days	6 years 10 months 24 days
Stock options exercisable, weighted average remaining contractual term	6 years 2 months 8 days
Stock options outstanding, aggregate intrinsic value, beginning balance	$ 23,574
Stock options outstanding, aggregate intrinsic value, ending balance	$ 10,232	$ 23,574
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested balance, beginning balance (in shares)	2,608,257
Granted (in shares)	3,358,467
Vested (in shares)	(582,543)
Forfeited (in shares)	(232,552)
Unvested balance, ending balance (in shares)	5,151,629	2,608,257
Weighted-average grant date fair value per share
Weighted average grant date fair value per share, beginning balance (in dollars per share)	$ 10.88
Weighted average grant date fair value per share, granted (in dollars per share)	6.97
Weighted average grant date fair value per share, vested (in dollars per share)	10.18
Weighted average grant date fair value per share, forfeited (in dollars per share)	10.24
Weighted average grant date fair value per share, ending balance (in dollars per share)	$ 8.44	$ 10.88
Stock options outstanding, weighted average remaining contractual term		1 year 6 months 3 days
Stock options exercisable, weighted average remaining contractual term	1 year 8 months 4 days
Stock options outstanding, aggregate intrinsic value, beginning balance	$ 23,787
Stock options outstanding, aggregate intrinsic value, ending balance	$ 28,746	$ 23,787

Fair Value of Financial Instruments - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Marketable equity investments	$ 1.6

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Useful Life of Property Plant and Equipment (Details)	Jun. 30, 2024
Building
Accounting Policies [Line Items]
Estimated Useful Lives	20 years
Furniture and fixtures
Accounting Policies [Line Items]
Estimated Useful Lives	7 years
Laboratory equipment
Accounting Policies [Line Items]
Estimated Useful Lives	5 years
Office and computer equipment
Accounting Policies [Line Items]
Estimated Useful Lives	3 years

Investments - Summary of the Contractual Maturities for Available Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 99,386	$ 95,124
Fair Value	99,323	95,111
Mature in less than one year
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	99,386	95,124
Fair Value	$ 99,323	$ 95,111

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment, net

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


	June 30, 2024		December 31, 2023
Laboratory equipment	$	10,459	$	9,472
Leasehold improvements	3,243		3,623
Building and land	7,797		7,653
Construction in progress	272		256
Office and computer equipment	1,258		1,235
Furniture and fixtures	2,091		2,086
Total property and equipment	25,120		24,325
Less: accumulated depreciation	(7,006)		(5,920)
Property and equipment, net	$	18,114	$	18,405

Total depreciation expense for the three and six months ended June 30, 2024 was $0.9 million and $1.6 million, respectively. Total depreciation expense for the three and six months ended June 30, 2023 was $0.6 million and $1.1 million, respectively.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-40632
Entity Registrant Name	CYTEK BIOSCIENCES, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	47-2547526
Entity Address Address Line1	47215 Lakeview Blvd.
Entity Address City Or Town	Fremont
Entity Address, State and Province	CA
Entity Address Postal Zip Code	94538
City Area Code	877
Local Phone Number	922-9835
Security12b Title	Common Stock, par value $0.001 per share
Trading Symbol	CTKB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,505,592
Entity Central Index Key	0001831915
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 CNY (¥)	Jan. 16, 2024 USD ($)	Jan. 16, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 26, 2022 USD ($)
Accounting Policies [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 177,918,000	$ 131,544,000	$ 177,918,000	$ 131,544,000				$ 167,630,000	$ 299,500,000
Cash, FDIC insured amount	250,000		250,000
Restricted cash	30,000		$ 30,000					331,000
Restricted cash equivalents		300,000		300,000
Upfront and payment terms			30 days
Total revenue, net	$ 46,617,000	49,693,000	$ 91,477,000	86,781,000
Product warranty obligation, term	1 year		1 year		1 year
Common stock, value, issued	$ 132,000		$ 132,000					$ 131,000
Advertising, marketing and media expenses	1,300,000	1,300,000	2,200,000	$ 2,100,000
Building \| Revolving Credit Facility \| Line of Credit
Accounting Policies [Line Items]
Debt instrument, collateral amount	2,800,000		2,800,000		¥ 20.0	$ 2,800,000	¥ 20.0
At Market Offering
Accounting Policies [Line Items]
Deferred offering costs	700,000		700,000
2022 Sales Agreement
Accounting Policies [Line Items]
Deferred offering costs	700,000		$ 700,000
2022 Sales Agreement \| At Market Offering
Accounting Policies [Line Items]
Common stock, value, issued										$ 150,000,000
Bill-and-hold arrangements
Accounting Policies [Line Items]
Total revenue, net	$ 0.0	$ 1,000,000
Minimum
Accounting Policies [Line Items]
Trade accounts receivable			30 days
Delivery and payment terms	30 days		30 days		30 days
Service contracts terms			1 year
Supplier finance program, payment timing, period	30 days		30 days		30 days
Maximum
Accounting Policies [Line Items]
Trade accounts receivable			45 days
Delivery and payment terms	45 days		45 days		45 days
Service contracts terms			3 years
Supplier finance program, payment timing, period	90 days		90 days		90 days
Maximum \| 2022 Sales Agreement
Accounting Policies [Line Items]
Aggregate compensation payable percentage										0.03
Maximum \| 2022 Sales Agreement \| At Market Offering
Accounting Policies [Line Items]
Aggregate compensation payable percentage										0.03

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, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Total revenue	$ 38,032
Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	23,968
Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	14,064
Product
Disaggregation of Revenue [Line Items]
Total revenue	1,079
Product \| Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	1,079
Product \| Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	0
Service
Disaggregation of Revenue [Line Items]
Total revenue	36,953
Service \| Less than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	22,889
Service \| Greater than 1 year
Disaggregation of Revenue [Line Items]
Total revenue	$ 14,064

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.9	$ 1.0	$ 1.9	$ 1.5

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Noncontrolling interest in consolidated subsidiary
Beginning balance (in shares) at Dec. 31, 2022		135,365,381
Beginning balance at Dec. 31, 2022	$ 425,546	$ 135	$ 442,887	$ (17,030)	$ (697)	$ 251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with employee stock plans (in shares)		283,856
Shares issued in connection with employee stock plans	204	$ 1	203
Shares of Common Stock withheld related to net share settlement (in shares)		(5,182)
Shares of Common Stock withheld related to net share settlement	(57)		(57)
Stock-based compensation	4,699		4,699
Unrealized gain (loss) on marketable securities	152				152
Foreign currency translation adjustment, net of tax	(42)				(42)
Net loss	(6,807)			(6,807)
Noncontrolling interest	(235)		16			(251)
Ending balance (in shares) at Mar. 31, 2023		135,644,055
Ending balance at Mar. 31, 2023	423,460	$ 136	447,748	(23,837)	(587)	0
Beginning balance (in shares) at Dec. 31, 2022		135,365,381
Beginning balance at Dec. 31, 2022	425,546	$ 135	442,887	(17,030)	(697)	251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(11,195)
Ending balance (in shares) at Jun. 30, 2023		136,344,908
Ending balance at Jun. 30, 2023	424,179	$ 136	454,027	(28,225)	(1,759)	0
Beginning balance (in shares) at Dec. 31, 2022		135,365,381
Beginning balance at Dec. 31, 2022	$ 425,546	$ 135	442,887	(17,030)	(697)	251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares (in shares)	(6,613,780)
Ending balance (in shares) at Dec. 31, 2023		130,714,906
Ending balance at Dec. 31, 2023	$ 393,064	$ 131	423,386	(29,178)	(1,275)
Beginning balance (in shares) at Mar. 31, 2023		135,644,055
Beginning balance at Mar. 31, 2023	423,460	$ 136	447,748	(23,837)	(587)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with employee stock plans (in shares)		697,670
Shares issued in connection with employee stock plans	483		483
Proceeds from Employee Stock Purchase Plan (in shares)		145,569
Proceeds from Employee Stock Purchase Plan	966		966
Shares of Common Stock withheld related to net share settlement (in shares)		(16,604)
Shares of Common Stock withheld related to net share settlement	(111)		(111)
Repurchase of shares (in shares)		(125,782)
Repurchase of shares	(981)		(981)
Stock-based compensation	5,922		5,922
Unrealized gain (loss) on marketable securities	(192)				(192)
Foreign currency translation adjustment, net of tax	(980)				(980)
Net loss	(4,388)			(4,388)
Ending balance (in shares) at Jun. 30, 2023		136,344,908
Ending balance at Jun. 30, 2023	424,179	$ 136	454,027	(28,225)	(1,759)	$ 0
Beginning balance (in shares) at Dec. 31, 2023		130,714,906
Beginning balance at Dec. 31, 2023	393,064	$ 131	423,386	(29,178)	(1,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with employee stock plans (in shares)		559,325
Shares issued in connection with employee stock plans	506		506
Shares of Common Stock withheld related to net share settlement (in shares)		(20,050)
Shares of Common Stock withheld related to net share settlement	(148)		(148)
Stock-based compensation	5,640		5,640
Unrealized gain (loss) on marketable securities	(35)				(35)
Foreign currency translation adjustment, net of tax	(244)				(244)
Net loss	(6,169)			(6,169)
Ending balance (in shares) at Mar. 31, 2024		131,254,181
Ending balance at Mar. 31, 2024	392,614	$ 131	429,384	(35,347)	(1,554)
Beginning balance (in shares) at Dec. 31, 2023		130,714,906
Beginning balance at Dec. 31, 2023	$ 393,064	$ 131	423,386	(29,178)	(1,275)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares (in shares)	(7,058,099)
Net loss	$ (16,603)
Ending balance (in shares) at Jun. 30, 2024		131,505,201
Ending balance at Jun. 30, 2024	389,123	$ 132	434,967	(45,781)	(195)
Beginning balance (in shares) at Mar. 31, 2024		131,254,181
Beginning balance at Mar. 31, 2024	392,614	$ 131	429,384	(35,347)	(1,554)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued in connection with employee stock plans (in shares)		506,375
Shares issued in connection with employee stock plans	225	$ 1	224
Proceeds from Employee Stock Purchase Plan (in shares)		210,496
Proceeds from Employee Stock Purchase Plan	1,007		1,007
Shares of Common Stock withheld related to net share settlement (in shares)		(21,532)
Shares of Common Stock withheld related to net share settlement	$ (130)		(130)
Repurchase of shares (in shares)	(444,319)	(444,319)
Repurchase of shares	$ (2,670)		(2,670)
Stock-based compensation	7,152		7,152
Unrealized gain (loss) on marketable securities	(16)				(16)
Foreign currency translation adjustment, net of tax	1,375				1,375
Net loss	(10,434)			(10,434)
Ending balance (in shares) at Jun. 30, 2024		131,505,201
Ending balance at Jun. 30, 2024	$ 389,123	$ 132	$ 434,967	$ (45,781)	$ (195)

Acquisition - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Aggregate cash consideration	$ 44.9
Minimum
Restructuring Cost and Reserve [Line Items]
Discount rate	29.00%
Maximum
Restructuring Cost and Reserve [Line Items]
Discount rate	39.00%
FCI
Restructuring Cost and Reserve [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, property, plant, and equipment		$ 1.4
Business combination, provisional information, initial accounting incomplete, adjustment, deferred tax assets		0.6
Business combination, provisional information, initial accounting incomplete, adjustment, goodwill		(3.0)
Goodwill, acquired during period	$ 6.0
FCI \| Customer relationship
Restructuring Cost and Reserve [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles		0.1
FCI \| Developed Technology Intangible Assets
Restructuring Cost and Reserve [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles		0.7
FCI \| Tradename
Restructuring Cost and Reserve [Line Items]
Business combination, provisional information, initial accounting incomplete, adjustment, intangibles		$ 0.2

Product Warranty

6 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

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, 2024		December 31, 2023
Balance, beginning of the period	$	2,805	$	2,126
Accrual for current year warranties	396		3,540
Warranty cost incurred	(963)		(2,861)
Balance, end of period	$	2,238	$	2,805

Common Stock	6 Months Ended
Common Stock	Jun. 30, 2024
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock	Common stock As of June 30, 2024, the Company has authorized 1,000,000,000 shares of common stock at $0.001 par value. Holders of common stock are entitled to one vote per share, and to receive dividends, only and if declared by the Board of Directors and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders, subordinate to the rights, preferences and privileges of any outstanding preferred stock with respect to dividends and in connection with a liquidation, winding up and dissolution of the Company. The holders have no preemptive or other subscription rights. On August 26, 2022, the Company filed with the SEC an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) (the “Registration Statement”). In connection with the filing of the Registration Statement, the Company also entered into the “2022 Sales Agreement”-with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150 million of the Company’s common stock through an “at-the-market” offering program as defined in Rule 415 promulgated under the Securities Act. Pursuant to the terms of the 2022 Sales Agreement, the aggregate compensation payable to Piper is up to 3% of the gross proceeds from the sale of common stock sold by Piper pursuant to the 2022 Sales Agreement. Each party agreed in the 2022 Sale Agreement to provide indemnification and contribution against certain liabilities, including liabilities under the Securities Act, subject to the terms of the 2022 Sales Agreement. As of June 30, 2024, the Company has not made any sales of common stock pursuant to the 2022 Sales Agreement. Accordingly, $0.7 million in transaction expenses recorded as prepaid offering costs have not yet been expensed in transaction expenses recorded. On May 17, 2023, the Board approved a program for the repurchase by the Company of up to an aggregate of $50 million of its outstanding common stock. During the three months ended December 31, 2023, the Company repurchased 5,332,769 shares of its outstanding common stock for a total cost of approximately $34.6 million at an average price per share of $6.49. During the twelve months ended December 31, 2023, the Company repurchased 6,613,780 shares of its outstanding common stock for a total cost of approximately $44.0 million at an average price per share of $6.66. The commissions costs related with the repurchases were $0.1 million for both the three months and twelve months ended December 31, 2023. The repurchase program was used to return capital to shareholders and to minimize the dilutive impact of stock options and other stock-based awards. The repurchased shares of common stock were retired. The repurchase program expired on December 31, 2023. On June 6, 2024, the Board of Directors approved a program for the repurchase by the Company of up to an aggregate of $50 million of its outstanding common stock. The program will end on December 31, 2024. During the three months ended June 30, 2024, the Company repurchased 444,319 shares of its outstanding common stock for a total cost of approximately $2.7 million at an average price per share of $5.99. As of June 30, 2024, the Company has a remaining authorized amount of $47.3 million in the repurchase program. To date, pursuant to the Company repurchase programs, the Company has purchased the aggregate of 7,058,099 shares of its outstanding common stock for a total cost of approximately $46.7 million at an average price per share of $6.61. The repurchase programs were used to return capital to shareholders and to minimize the dilutive impact of stock options and other stock-based awards. The repurchased shares of common stock were retired. On August 16, 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law. Among other things, the IRA imposes a 15% corporate alternative minimum tax for tax years beginning after December 31, 2022, levies a 1% excise tax on net stock repurchases after December 31, 2022, and provides tax incentives to promote clean energy. Beginning in 2023, net stock repurchases are subject to the excise tax. As of December 31, 2023 and June 30, 2024, the Company accrued $0.3 million and $0.3 million in excise taxes related with its share repurchases. As of June 30, 2024, these excise taxes are still outstanding.

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

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Principles of consolidation

The unaudited interim consolidated financial statements include the accounts of Cytek Biosciences, Inc., its wholly-owned subsidiaries, Cytek Limited (HK), Cytek Biosciences B.V. (Europe), Cytek (Shanghai) Biosciences Co., Ltd., Cytek Biosciences (Wuxi) Co., Ltd.("Cytek Wuxi"), Cytek Japan Kabushiki Kaisha (“Cytek Japan”), Cytek Biosciences Ltd (UK), Cytek Biosciences GmbH (Germany), Cytoville Biosciences Shanghai Co., Ltd. and Cytek (Shanghai) Software Development Technology Co., Ltd. Cytoville Biosciences Shanghai Co., Ltd. and Cytek (Shanghai) Software Development Technology Co., Ltd. were closed in the fourth quarter of 2023. All intercompany accounts and transactions have been eliminated in consolidation.

Use of estimates

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

Operating segments

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

Foreign currency translation and transactions

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

Cash, cash equivalents, and restricted cash

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value.

The Company’s cash and cash equivalents consist of money held in demand depository accounts and money market funds. The carrying amount of cash and cash equivalents, and restricted cash was $177.9 million and $167.6 million as of June 30, 2024 and December 31, 2023, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1. The 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, 2024.

The Company classifies restricted cash as current on the accompanying unaudited interim consolidated balance sheets based upon the term of the remaining restrictions.

Investments

Available-for-sale investments. The Company's investments may consist of U.S. treasury and U.S. government agency securities, corporate notes and bonds, commercial paper, and money market funds. The Company has designated all investments as available-for-sale and, therefore, such investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. The Company generally holds securities until maturity; however, they may be sold under certain circumstances including, but not limited to, when necessary for the funding of acquisitions and other strategic investments. Realized gains and losses on the sale of investments are recorded in interest and other income, net in the consolidated statements of operations. Investments with remaining maturities at date of purchase greater than 90 days and remaining maturities as of the reporting period less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments.

Equity Investment. The Company's investment consists of non-marketable equity investments in a privately held company. The Company’s non-marketable equity investments do not have readily determinable fair values. Therefore, the Company elects to apply the measurement alternative and record these investments at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer. Investment is

included within other noncurrent assets on our consolidated balance sheets and adjustments to their carrying amounts are recorded in other income (expense), net in the consolidated statements of operations. There were no material events or circumstances impacting the carrying amount of our strategic investments during the three months ended June 30, 2024.

Trade accounts receivable, net

The Company’s accounts receivable consists principally of amounts due related to product sales of instrument systems and accessories, as well as installation and repair services. These receivables are generally due within 30 to 45 days of the period in which the corresponding sales occur and do not bear interest are classified as trade accounts receivable, net on the consolidated balance sheets. Trade accounts receivable are reported at their estimated net realizable value.

Allowance for credit losses

The Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13, Financial Instruments - Credit Losses”), on December 31, 2022, which was retroactively applied as of the first day of fiscal year 2022, as further described within the section below titled "Recently Adopted Accounting Pronouncements". This accounting standard requires companies to measure expected credit losses on financial instruments based on the total estimated amount to be collected over the lifetime of the instrument. Prior to the adoption of this accounting standard, the Company recorded incurred loss reserves against receivable balances based on current and historical information.

Expected credit losses for uncollectible receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions considered include pre-defined aging criteria, as well as specified events that indicate the balance due is not collectible. Reasonable and supportable forecasts used in determining the probability of future collection consider publicly available macroeconomic data and whether future credit losses are expected to differ from historical losses.

The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses in accordance with this accounting standard.

The changes in the allowance for credit losses for the six months ended June 30, 2024 were as follows (in thousands):


Allowance for credit losses
Balance at December 31, 2023	$	372
Utilization of allowance for credit losses	(198)
Provision for credit losses	125
Balance at June 30, 2024	$	299

Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The Company regularly monitors inventory quantities on hand and records write-downs for excess and obsolete inventories based on an estimate of demand for products, potential obsolescence of technology, product life cycles, and whether pricing trends or forecasts indicate that the carrying value of inventory exceeds its estimated selling price. These factors are impacted by market and economic conditions, technology changes, and new product introductions and require estimates that may include elements that are uncertain. The Company's estimates of forecasted demand are based upon analysis and assumptions including, but not limited to, expected product lifecycles, product development plans and historical usage by product. If inventory is written down, a new cost basis is established that cannot be increased in future periods.

Property and equipment, net

Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method based on the estimated useful lives of the depreciable property or, for leasehold

improvements, the remaining term of the lease, whichever is shorter. Assets not yet placed in use are not depreciated. The Company’s estimated useful lives of its property and equipment are as follows:


			Estimated Useful Lives
Building			20 years
Furniture and fixtures			7 years
Laboratory equipment			5 years
Office and computer equipment			3 years
Leasehold improvements			Shorter of expected lease term or estimated useful life

Upon sale or retirement of the assets, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the consolidated statement of operations and comprehensive loss. Expenditures for general maintenance and repairs are expensed as incurred.

Goodwill and intangible assets, net

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


			Estimated Useful Lives
Patent			20 years
Trademarks			10 years
Tradename			3 - 15 years
FCI developed technology			1 - 6 years
Customer relationship			7 - 9 years
Reagent licenses			7 years
IP license			5 years

Accounting for Impairment of Long-Lived Assets

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

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

Fair value of financial instruments

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

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

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

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

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

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

Revenue recognition

The Company’s product revenue consists of sales of its instrument systems and accessories. The Company recognizes product revenue at the point in time when control of the product is transferred to the customer.

The Company’s service revenue primarily consists of post-warranty service contracts, installations and repairs, which are recognized over time. Post-warranty service contracts are recognized ratably over the term of the contract and installations and repair services are recognized as they are delivered to the customer.

Revenue is recognized when control of promised goods or services is transferred to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for its arrangements with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

Invoicing for products occurs upon delivery and payment terms are 30 to 45 days. Service contracts are invoiced upfront and payment terms are generally 30 days. For those arrangements that have terms greater than one year, any payments received upfront are for reasons other than financing. Revenue is recognized only to the extent that it is probable that a significant reversal of the cumulative amount recognized will not occur in future periods. Variable consideration is not material.

Certain of the Company’s sales contracts involve the delivery or performance of multiple products and services within contractually binding arrangements. The Company has determined these performance obligations qualify as distinct performance obligations, as the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer, and the Company’s promise to transfer the good or service is separately identifiable from other promises in the contract. For these arrangements that contain multiple performance obligations, the Company allocates transaction price based on the relative standalone selling price (“SSP”) method by comparing the SSP of each distinct performance obligation to the total value of the contract. The Company uses a range of amounts to estimate SSP for products and services sold together in a contract to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs.

Sales, value-add and other taxes, collected from customers concurrent with revenue generating activities and remitted to governmental authorities are not included in revenue. Shipping and handling costs associated with outbound freight are accounted for as a fulfillment cost and are included in cost of sales.

The Company recognizes revenue in certain circumstances before product delivery occurs (commonly referred to as bill-and-hold transactions). When the Company enters into bill-and-hold arrangements, the Company determines if the customer obtains control of the product by determining (a) the reason for the bill-and-hold arrangement; (b) whether the product was identified separately as belonging to the customer; (c) whether the product was ready for physical transfer to the customer; and (d) whether the Company was unable to utilize the product or direct it to another customer. For bill-and-hold arrangements, the associated product inventory is identified separately by the Company as belonging to the customer and is ready for physical transfer.

During the three months ended June 30, 2024 and 2023, the Company recorded $0.0 million and $1.0 million of revenue under bill-and-hold arrangements, respectively.

Product revenue

The Company’s standard arrangement for sales to end users is a purchase order or an executed contract. Revenue is recognized upon transfer of control of the product to the customer, which occurs at a point in time depending on the shipping terms.

The Company’s arrangements with its distributors include a purchase order. The purchase order is governed by terms and conditions set forth in the applicable distribution agreement. Revenue is recognized upon transfer of control of the products to the distributor, which occurs at a point in time depending on the shipping terms.

Service revenue

Contract liabilities

Contract liabilities consist of fees invoiced or paid by the Company’s customers for which the associated services have not been performed and revenue has not been recognized based on the Company’s revenue recognition criteria described above. Such amounts are reported as deferred revenue for service and customer deposits for instruments on the consolidated balance sheets. Deferred revenue that is expected to be recognized during the following 12 months is recorded as a current liability and the remaining portion is recorded as noncurrent.

Assurance-type product warranties

The Company provides a one-year assurance-type warranty that is included with the sale of its instruments. At the time revenue is recognized for the products, the Company establishes an accrual for estimated warranty expense based on historical data and trends of product reliability and costs of repairing and replacing defective products. The Company exercises judgment in estimating the expected product warranty costs, using data such as the historical repair costs. While management believes that historical experience provides a reliable basis for estimating such warranty cost, unforeseen quality issues or component failure rates could result in future costs in excess of such estimates, or alternatively, improved quality and reliability in the Company’s products could result in actual expenses that are below those currently estimated.

Deferred offering costs

Deferred offering costs, which consist of direct incremental legal, consulting, banking and accounting fees relating to the Company’s planned initial public offering (“IPO”), are capitalized, and are offset against proceeds from an offering upon the effectiveness of the offering. In the event an anticipated offering is terminated, deferred offering costs will be expensed.

On August 26, 2022, the Company filed with the SEC an automatic shelf registration statement on Form S-3ASR (File No. 333-267118) (the “Registration Statement”). In connection with the filing of the Registration Statement, the Company also entered into a sales agreement (the “2022 Sales Agreement”) with Piper Sandler & Co. (“Piper”) as sales agent to sell from time to time up to $150 million of the Company’s common stock through an “at-the-market” offering program as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

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.

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

Net loss per share

Basic net loss per share and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding for the period. Net loss per share is calculated using the two-class method, which is an

earnings allocation formula that determines net loss per share for the holders of shares of the Company’s common stock and participating securities. The Company’s redeemable convertible preferred stock contains participation rights in any dividend paid by the Company and is deemed to be a participating security. The participating securities include a contractual obligation to participate in the income of the Company and are included in the calculation of net loss per share in the periods in which net loss is recorded.

Diluted net loss per share is computed using the more dilutive of (a) the two-class method or (b) the if-converted method. The Company allocates earnings first to preferred stockholders based on non-cumulative dividend rights if and when declared and then to common and preferred stockholders based on ownership interests. The weighted-average number of shares of common stock included in the computation of diluted net loss per share gives effect to all potentially dilutive common stock equivalents, including outstanding options and redeemable convertible preferred stock.

Common stock equivalents are excluded from the computation of diluted net loss per share if their effect is antidilutive.

Business Combinations

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

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

Supplier Finance Program

On May 17, 2024, Cytek Wuxi entered into a Kuaiyifu Business Cooperation Agreement with the Bank of Communications Co., Ltd. to implement a supplier financing program which enables certain Cytek Wuxi suppliers, at their sole discretion, to sell their Cytek Wuxi receivables (i.e., Cytek Wuxi’s payment obligations to the suppliers) to the Bank of Communications Co., Ltd. on a non-recourse basis in order to be paid earlier than current payment terms provide.

Cytek Wuxi’s payment terms to the Bank of Communications Co., Ltd., including the timing and amount of payments, are based on the original supplier invoices. Cytek Wuxi’s current payment terms with a majority of its suppliers are typically between 30 and 90 days. Cytek Wuxi undertakes unconditional payment obligations with respect to the suppliers’ account receivable transferred to the bank under the supplier finance program.

The program allows for the transfer of supplier receivables up to an aggregate outstanding balance of $20.0 million Chinese renminbi (approximately US $2.8 million) through December 25, 2024. As of June 30, 2024, the program has no outstanding balance, and no supplier has transferred their receivables to the Bank of Communications Co., Ltd.

Any transferred suppliers’ account receivable under the program in the future will be included in the outstanding line of credit with the financial institution.

Recently adopted and issued accounting pronouncements

Recently adopted accounting pronouncements

In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"), which requires a buyer in a supplier finance program to disclose qualitative and quantitative information about its program to allow a user of the financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The amendments in ASU 2022-04 are effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with the exception for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. The guidance should be applied retrospectively, except for the amendment on roll-forward information, which should be applied prospectively. In the second quarter of 2024, the Company implemented a supplier financing arrangement and adopted ASU 2022-04. The adoption did not have a material effect on the Company's consolidated financial statements.

Recently issued accounting pronouncements

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 looks to provide improvements to the segment disclosure by providing users with more decision-useful information about reportable segments in a public entity. The main provisions require a company to disclose, on an annual and interim basis, significant expenses included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements with an effective date for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this pronouncement.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this pronouncement.

Investment in Cytek Japan - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Jan. 31, 2023	Mar. 31, 2021	May 31, 2019	Dec. 31, 2022
Related Party Transaction [Line Items]
Noncontrolling interest in consolidated subsidiary		$ 315
Cytek Japan
Related Party Transaction [Line Items]
Equity method investment percentage			50.00%
Proportionate share of Cytek Japan’s earnings				$ 40
Recognized net assets		1,100
Cytek Japan \| Cash
Related Party Transaction [Line Items]
Recognized net assets		$ 1,000
Cytek Japan \| Minimum
Related Party Transaction [Line Items]
Equity method investment percentage		50.00%
Cytek Japan \| Maximum
Related Party Transaction [Line Items]
Equity method investment percentage		73.00%
Cytek Japan \| Common stock
Related Party Transaction [Line Items]
Common stock purchased value	$ 235	$ 688	$ 46
T O M Y Digital Biology \| Common stock
Related Party Transaction [Line Items]
Common stock purchased value		$ 229

Geographic Areas - Schedule of Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Total	$ 18,114	$ 18,405
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total	8,689	8,814
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total	420	325
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total	$ 9,005	$ 9,266

Goodwill and Intangible Assets, Net - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 27,898	$ 27,697
Less: accumulated amortization	(6,478)	(4,613)
Intangible assets, net	21,420	23,084
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	888	638
Tradename
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	3,774	3,823
IP license
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	10,636	10,636
Customer relationship
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	10,800	10,800
Reagent license
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 1,800	$ 1,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net loss per share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2024 and 2023 (in thousands except share and per share data):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Numerator
Net loss	$	(10,434)	$	(4,388)	$	(16,603)	$	(11,195)

Denominator
Weighted-average common shares outstanding, basic	131,440,486		135,918,707		131,180,734		135,705,139
Effect of employee stock plans	—		—		—		—
Weighted-average common shares outstanding, diluted	131,440,486		135,918,707		131,180,734		135,705,139

Net loss per share, basic	$	(0.08)	$	(0.03)	$	(0.13)	$	(0.08)
Net loss per share, diluted	$	(0.08)	$	(0.03)	$	(0.13)	$	(0.08)

Because we are in a net loss position, 1.9 million and 2.9 million shares for the three months ended June 30, 2024 and 2023, respectively, were dilutive, but were not included in the computation of diluted net loss per share because their inclusion would have been anti-dilutive. Therefore, basic net loss per share is the same as diluted net loss per share. Also approximately 10.9 million and 2.5 million equivalent shares for the three months ended June 30, 2024 and 2023, respectively, have been excluded from the calculation of diluted net loss per share because their impacts are anti-dilutive.

Because we are in a net loss position, 2.1 million and 3.1 million shares for the six months ended June 30, 2024 and 2023, respectively, were dilutive, but were not included in the computation of diluted net loss per share because their inclusion would have been anti-dilutive. Therefore, basic net loss per share is the same as diluted net loss per share. Also approximately 7.1 million and 6.0 million equivalent shares for the six months ended June 30, 2024 and 2023, respectively, have been excluded from the calculation of diluted net loss per share because their impacts are anti-dilutive.

Product Warranty - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance, beginning of the period	$ 2,805	$ 2,126
Accrual for current year warranties	396	3,540
Warranty cost incurred	(963)	(2,861)
Balance, end of period	$ 2,238	$ 2,805

Acquisition (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Identifiable Assets Acquired and is Reconciled to the Purchase Price

The following table summarizes the estimated fair value of assets acquired and liabilities assumed at the date of the FCI Acquisition:


	(in thousands)
Fair value of assets acquired and liabilities assumed:
Inventories	$	18,695
Property and equipment	3,040
Prepaid expenses	70
Deferred tax assets	570
Intangible assets
Customer Relationships	8,600
Amnis ImageStream developed technology	10,000
Guava easyCyte and Muse developed technology	140
Amnis FlowSight and CellStream developed technology	20
Amnis tradename	2,900
Guava tradename	90
Goodwill	6,038
Deferred revenue	(4,952)
Other current liabilities	(316)
Fair value of net assets acquired	$	44,895

Schedule of Identifiable Intangible Assets Acquired and Their Estimated Useful Lives for Amortization

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


	Fair Value		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	8,600	9
Amnis ImageStream Developed Technology	10,000		6
Guava easyCyte and Muse Developed Technology	140		2
Amnis FlowSight and CellStream Developed Technology	20		1
Amnis Tradename	2,900		15
Guava Tradename	90		3
Total	$	21,750

Net Loss Per Share - Computation of the Basic and Diluted Net Income Attributable to Common Stockholders Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net loss	$ (10,434)	$ (4,388)	$ (16,603)	$ (11,195)
Denominator
Weighted-average common shares outstanding, attributable to common stockholders, basic	131,440,486	135,918,707	131,180,734	135,705,139
Effect of employee stock plans	0	0	0	0
Weighted-average common shares outstanding, attributable to common stockholders, diluted	131,440,486	135,918,707	131,180,734	135,705,139
Net loss per share, basic (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.13)	$ (0.08)
Net loss per share, diluted (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.13)	$ (0.08)

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Legal Settlement Liability (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024		December 31, 2023
Current:
Legal settlement liability	$	2,503	$	2,561
Noncurrent:
Legal settlement liability	16,912		16,477
Total legal settlement liability	$	19,415	$	19,038

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table depicts the disaggregation of revenue by sales channel mix and customer mix as defined by the nature of workflows (in thousands):


	Three months ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Sales channel mix
Direct sales channel	$	34,549	$	37,854	$	68,869	$	63,307
Distributor channel	12,068		11,839		22,608		23,474
Total revenue, net	$	46,617	$	49,693	$	91,477	$	86,781

Customer mix
Academia and government	$	20,239	$	20,405	$	52,834	$	35,602
Biotechnology, pharmaceutical, distributor and contract research organizations	26,378		29,288		38,643		51,179
Total revenue, net	$	46,617	$	49,693	$	91,477	$	86,781

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	$	1,079	$	—	$	1,079
Service revenue	22,889		14,064		36,953
Total revenue	$	23,968	$	14,064	$	38,032

Schedule of Contract with Customer Contract Asset Contract Liability and Receivable

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


	June 30, 2024		December 31, 2023
Trade accounts receivable	$	44,643	$	55,928
Contract liabilities:
Deferred revenue	$	38,032	$	37,827
Customer deposits, which are included in 'Other current liabilities'	1,069		1,438
Total contract liabilities	$	39,101	$	39,265

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


Contract liabilities
Balance at December 31, 2022	$	27,665
Revenue recognized	(36,298)
Revenue deferred	47,898
Balance at December 31, 2023	$	39,265
Revenue recognized	(22,779)
Revenue deferred	22,615
Balance at June 30, 2024	$	39,101

Legal Settlement Liability - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 06, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2020
Loss Contingencies [Line Items]
Upfront payment	$ 2,000
Royalty payment duration	10 years
Mile stone payment	$ 6,000
Common stock, shares issued (in shares)		131,505,201		131,505,201		130,714,906
Litigation settlement interest		$ 100	$ 500	$ 400	$ 800
Settlement liabilities, payment period		10 years		10 years
Legal settlement liability, current		$ 2,503		$ 2,503		$ 2,561
Becton, Dickinson and Company VS. Cytek
Loss Contingencies [Line Items]
Legal settlement liability, current		$ 19,400		$ 19,400		$ 19,000
Patent
Loss Contingencies [Line Items]
Finite-lived intangible asset, average useful life		18 months		18 months
Common stock
Loss Contingencies [Line Items]
Common stock, shares issued (in shares)							2,087,545

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets, net

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


	June 30, 2024		December 31, 2023
Patents and trademarks	$	888	$	638
Tradename	3,774		3,823
IP license	10,636		10,636
Customer relationships	10,800		10,800
Reagent license	1,800		1,800
Total intangible assets	27,898		27,697
Less: accumulated amortization	(6,478)		(4,613)
Intangible assets, net	$	21,420	$	23,084

Total amortization expense for the three and six months ended June 30, 2024 was approximately $0.9 million and $1.9 million, respectively. Total amortization expense for the three and six months ended June 30, 2023 was approximately $1.0 million and $1.5 million, respectively.

Balance Sheet Details - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 29,831	$ 35,718
Work in progress	6,028	10,454
Finished goods	14,211	14,705
Total inventories	$ 50,070	$ 60,877

Lease

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

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,
	2024		2023
Operating lease cost	$	1,433	$	1,596
Short-term lease cost	580		368
Total lease cost	$	2,013	$	1,964

For the three and six months ended June 30, 2024, sublease income was $0 and $57,000 recorded as other income.

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


	Six months ended June 30,
	2024		2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	1,511	$	1,595

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

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


	June 30, 2024		December 31, 2023
Operating lease right-of-use assets	$	9,328	$	10,853
Included in other current liabilities:
Operating lease liabilities, current	$	2,407	$	2,444
Operating lease liabilities, noncurrent	8,113		9,479
Total operating lease liabilities	$	10,520	$	11,923

Weighted-average remaining lease term - operating leases:	4.32		4.68

Weighted-average discount rate - operating leases:	2.7%		2.7%

Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of June 30, 2024 is as follows (in thousands):


2024 (excluding the three months ended June 30, 2024)	$	1,362
2025	2,550
2026	2,504
2027	2,315
2028	2,047
Thereafter	348
Total lease payments	$	11,126
Less imputed interest	(606)
Total present value of lease liabilities	$	10,520

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 3,248	$ (2,207)	$ 424	$ (4,440)
Income tax expense (benefit) increase (decrease)	$ 5,455		$ 4,864
Effective income tax rate reconciliation, tax credit, percent	(247.00%)		(110.00%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Numerator
Net loss	$	(10,434)	$	(4,388)	$	(16,603)	$	(11,195)

Denominator
Weighted-average common shares outstanding, basic	131,440,486		135,918,707		131,180,734		135,705,139
Effect of employee stock plans	—		—		—		—
Weighted-average common shares outstanding, diluted	131,440,486		135,918,707		131,180,734		135,705,139

Net loss per share, basic	$	(0.08)	$	(0.03)	$	(0.13)	$	(0.08)
Net loss per share, diluted	$	(0.08)	$	(0.03)	$	(0.13)	$	(0.08)

Debt - Additional Information (Details) $ in Thousands, ¥ in Millions		1 Months Ended
	Feb. 28, 2024 USD ($)	Apr. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CNY (¥)	Feb. 28, 2024 CNY (¥)	Jan. 16, 2024 USD ($)	Jan. 16, 2024 CNY (¥)
Revolving Credit Facility \| Line of Credit
Debt Conversion [Line Items]
Debt instrument term	1 year
Line of credit facility, maximum borrowing capacity	$ 1,400				¥ 10.0	$ 5,700	¥ 40.0
Debt instrument, interest rate, stated percentage	3.45%				3.45%
Revolving Credit Facility \| Line of Credit \| Building
Debt Conversion [Line Items]
Debt instrument, collateral amount			$ 2,800	¥ 20.0		$ 2,800	¥ 20.0
Cytek
Debt Conversion [Line Items]
Loan amount		$ 2,900	1,900
Debt instrument term		5 years
Portion of loan included in current liabilities	$ 1,400		$ 600
Interest rate on loan			4.50%	4.50%

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Legal proceedings The Company evaluates the status of each legal matter, if any, and assesses potential financial exposure. If the potential loss from any legal proceedings or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimated. The outcome of any proceeding is not determinable in advance. As a result, the assessment of a potential liability and the amount of accruals recorded are based on the information available at the time.

Balance Sheet Details - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid expenses:
Prepaid inventory	$ 47	$ 292
Prepaid rent	123	255
Prepaid insurance	128	990
Prepaid income tax	7,264	5,813
Other	2,550	2,742
Other current assets:
Tax refund receivable	109	192
Other	1,909	2,230
Total prepaid expenses and other current assets	$ 12,130	$ 12,514

Lease - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
Lease - Additional Information (Details) $ in Thousands	Jun. 30, 2024 USD ($) option	Jun. 30, 2024 USD ($) option
Lessee, Lease, Description [Line Items]
Sublease income \| $	$ 0	$ 57
Office Facilities and Equipment
Lessee, Lease, Description [Line Items]
Leases term under operating lease agreements	3 years	3 years
Number of option for lease renewal \| option	1	1
Lessee, operating lease, renewal term	5 years	5 years
Minimum \| Office Facilities and Equipment
Lessee, Lease, Description [Line Items]
Leases term under operating lease agreements	1 year	1 year
Maximum \| Office Facilities and Equipment
Lessee, Lease, Description [Line Items]
Leases term under operating lease agreements	7 years 3 months	7 years 3 months

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

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


	June 30, 2024		December 31, 2023
Patents and trademarks	$	888	$	638
Tradename	3,774		3,823
IP license	10,636		10,636
Customer relationships	10,800		10,800
Reagent license	1,800		1,800
Total intangible assets	27,898		27,697
Less: accumulated amortization	(6,478)		(4,613)
Intangible assets, net	$	21,420	$	23,084

Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Investments

The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of June 30, 2024 (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Estimated Fair Value
U.S. Treasury	$	85,481	$	-	$	(42)	$	85,439
Commercial paper	13,905		—		(21)		13,884
Total available-for-sale investments	$	99,386	$	—	$	(63)	$	99,323

The following table summarizes the contractual maturities of the Company's available-for-sale securities at June 30, 2024 (in thousands):


	June 30, 2024
	Amortized Cost		Fair Value
Mature in less than one year	$	99,386	$	99,323
Total	$	99,386	$	99,323

The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Estimated Fair Value
U.S. Treasury	$	47,347	$	19	$	—	$	47,366
Federal agency securities	35,840		—		(22)		35,818
Commercial paper	11,937		—		(10)		11,927
Total available-for-sale investments	$	95,124	$	19	$	(32)	$	95,111

The following table summarizes the contractual maturities of the Company's available-for-sale securities at December 31, 2023 (in thousands):


	December 31, 2023
	Amortized Cost		Fair Value
Mature in less than one year	$	95,124	$	95,111
Total	$	95,124	$	95,111

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Useful Life of Property Plant and Equipment

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


	June 30, 2024		December 31, 2023
Laboratory equipment	$	10,459	$	9,472
Leasehold improvements	3,243		3,623
Building and land	7,797		7,653
Construction in progress	272		256
Office and computer equipment	1,258		1,235
Furniture and fixtures	2,091		2,086
Total property and equipment	25,120		24,325
Less: accumulated depreciation	(7,006)		(5,920)
Property and equipment, net	$	18,114	$	18,405

Net Loss Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10.9	2.5	7.1	6.0
Dilutive Share
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.9	2.9	2.1	3.1

Legal Settlement Liability - Schedule of Legal Settlement Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal settlement liability	$ 2,503	$ 2,561
Legal settlement liability	16,912	16,477
Total legal settlement liability	$ 19,415	$ 19,038

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

Schedule of Available for Sale Securities

The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of June 30, 2024 (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Estimated Fair Value
U.S. Treasury	$	85,481	$	-	$	(42)	$	85,439
Commercial paper	13,905		—		(21)		13,884
Total available-for-sale investments	$	99,386	$	—	$	(63)	$	99,323

The following tables summarize the Company's investments in available-for-sale securities by significant investment category reported as short-term as of December 31, 2023 (in thousands):


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss		Estimated Fair Value
U.S. Treasury	$	47,347	$	19	$	—	$	47,366
Federal agency securities	35,840		—		(22)		35,818
Commercial paper	11,937		—		(10)		11,927
Total available-for-sale investments	$	95,124	$	19	$	(32)	$	95,111

Schedule of the Contractual Maturities for Available Sale Securities

The following table summarizes the contractual maturities of the Company's available-for-sale securities at June 30, 2024 (in thousands):


	June 30, 2024
	Amortized Cost		Fair Value
Mature in less than one year	$	99,386	$	99,323
Total	$	99,386	$	99,323

The following table summarizes the contractual maturities of the Company's available-for-sale securities at December 31, 2023 (in thousands):


	December 31, 2023
	Amortized Cost		Fair Value
Mature in less than one year	$	95,124	$	95,111
Total	$	95,124	$	95,111

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Geographic Areas - Schedule of Revenue from External Customers by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	$ 46,617	$ 49,693	$ 91,477	$ 86,781
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	22,393	31,440	43,751	51,280
EMEA
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	13,773	9,084	28,900	19,115
APAC
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	8,984	7,053	15,335	13,274
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenue, net	$ 1,467	$ 2,116	$ 3,491	$ 3,112

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash	$ 33,797	$ 22,407
Money market funds	144,091	144,892
Restricted cash	30	331
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$ 177,918	$ 167,630	$ 131,544	$ 299,500

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations			(2.60%)	28.40%
Benefit from income taxes	$ (3,248)	$ 2,207	$ (424)	$ 4,440
Income tax expense (benefit) increase (decrease)	$ 5,455		$ 4,864

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par or stated value per share (in dollar per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	131,505,201	130,714,906
Common stock, shares, outstanding (in shares)	131,505,201	130,714,906

Lease - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$ 1,511	$ 1,595
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$ 0	$ 0

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (16,603)	$ (11,195)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,507	2,650
Amortization of operating lease-right-of use assets	1,433	1,596
Stock-based compensation	12,792	10,621
Loss on disposal of property and equipment	52	0
(Benefits from) provision for credit losses	(73)	14
Provision for excess and obsolete inventory	1,037	596
Gain on investments, accretion, and amortization, net	(2,385)	(3,704)
Interest expenses for accretion of the legal settlement liabilities	447	831
Change in operating assets and liabilities:
Trade accounts receivable	10,153	(745)
Inventories	9,199	(159)
Prepaid expenses and other assets	543	(3,169)
Trade accounts payable	96	(1,699)
Accrued expenses and other liabilities	(9,389)	275
Legal settlement liabilities	(70)	(210)
Operating lease liabilities	(1,160)	(1,415)
Deferred revenue	582	5,721
Net cash provided by operating activities	10,161	8
Cash flows from investing activities:
Purchases of marketable securities	(113,985)	(129,081)
Proceeds from maturities of marketable securities	112,000	10,000
Proceeds from sale of property and equipment	76	0
Purchase of property and equipment	(1,620)	(1,818)
Acquisition of business	0	(44,895)
Purchase of intangible assets	(203)	(55)
Payment for additional investment in Cytek Japan	0	(235)
Net cash used in investing activities	(3,732)	(166,084)
Cash flows from financing activities:
Repayment of loan	(278)	(287)
Proceeds from Employee Stock Purchase Plan	1,007	966
Payments for taxes related to net share settlement of equity awards	(278)	(168)
Proceeds from issuance of common stock under employee stock plans	730	686
Proceeds from line of credit	1,391	0
Payments for repurchase of shares	(2,670)	(981)
Net cash (used in) provided by financing activities	(98)	216
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,957	(2,096)
Cash, cash equivalents and restricted cash:
Net increase (decrease) in cash, cash equivalents and restricted cash	10,288	(167,956)
Cash, cash equivalents and restricted cash at beginning of period	167,630	299,500
Cash, cash equivalents and restricted cash at end of period	177,918	131,544
Supplemental disclosure of cash flow information:
Cash paid for taxes	1,058	683
Non-cash investing and financing activities:
Fixed asset purchases in accounts payable or accrued purchase at period end	123	30
Intangible asset in accounts payable or accrued expenses at period end	$ 0	$ 8

Balance Sheet Details

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance sheet details

Inventories

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


	June 30, 2024		December 31, 2023
Raw materials	$	29,831	$	35,718
Work in progress	6,028		10,454
Finished goods	14,211		14,705
Total inventories	$	50,070	$	60,877

Prepaid expenses and other current assets

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


	June 30, 2024		December 31, 2023
Prepaid expenses:
Prepaid inventory	$	47	$	292
Prepaid rent	123		255
Prepaid insurance	128		990
Prepaid income tax	7,264		5,813
Other	2,550		2,742
Other current assets:
Tax refund receivable	109		192
Other	1,909		2,230
Total prepaid expenses and other current assets	$	12,130	$	12,514

Accrued expenses

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


	June 30, 2024		December 31, 2023
Accrued expenses:
Accrued compensation and related benefits	$	10,302	$	13,748
Professional service fees	483		665
Purchases	1,745		1,871
Product warranty	2,238		2,805
Other	721		946
Total accrued expenses	$	15,489	$	20,035

For the product warranty analysis refer to Note 20.

Other current liabilities

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


	June 30, 2024		December 31, 2023
Other current liabilities:
Customer deposits	$	1,069	$	1,438
Income tax payable	358		1,297
Sales and use tax payable	1,127		1,763
Operating lease liability, current	2,407		2,444
Current portion of loan and line of credit	1,926		565
Other	341		396
Total other current liabilities	$	7,228	$	7,903

Investment in Cytek Japan	6 Months Ended
Investment in Cytek Japan	Jun. 30, 2024
Investment Company [Abstract]
Investment in Cytek Japan	Investment in Cytek Japan In May 2019, the Company jointly formed Cytek Japan with TOMY Digital Biology (“TOMY”). Cytek Japan was created for the purpose of expanding the Company’s presence in Japan. The Company and TOMY each purchased $46,000 of common stock of Cytek Japan. The Company previously accounted for its 50% interest in Cytek Japan as an equity method investment. The Company recorded $40,000 for its proportionate share of Cytek Japan’s earnings prior to its additional investment, which is included in other income (expense), net in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022. In March 2021, the Company purchased an additional $688,000 of common stock of Cytek Japan and TOMY purchased an additional $229,000 of common stock of Cytek Japan. The Company’s interest in Cytek Japan increased from 50% to 73% giving the Company controlling interest. The Company consolidated Cytek Japan as of March 31, 2021. The Company recognized net assets of $1.1 million, consisting primarily of $1.0 million cash. The Company recorded noncontrolling interest of $315,000 on the unaudited interim consolidated financial statements as of March 31, 2021. In January 2023, the Company purchased an additional $235,000 of common stock of Cytek Japan. Cytek Japan became a wholly-owned subsidiary of the Company.

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Inventory

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


	June 30, 2024		December 31, 2023
Raw materials	$	29,831	$	35,718
Work in progress	6,028		10,454
Finished goods	14,211		14,705
Total inventories	$	50,070	$	60,877

Schedule of Components of Prepaid Expenses and Other Current Assets

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


	June 30, 2024		December 31, 2023
Prepaid expenses:
Prepaid inventory	$	47	$	292
Prepaid rent	123		255
Prepaid insurance	128		990
Prepaid income tax	7,264		5,813
Other	2,550		2,742
Other current assets:
Tax refund receivable	109		192
Other	1,909		2,230
Total prepaid expenses and other current assets	$	12,130	$	12,514

Schedule of Components of Accrued Expenses

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


	June 30, 2024		December 31, 2023
Accrued expenses:
Accrued compensation and related benefits	$	10,302	$	13,748
Professional service fees	483		665
Purchases	1,745		1,871
Product warranty	2,238		2,805
Other	721		946
Total accrued expenses	$	15,489	$	20,035

Schedule of Components of Other Current Liabilities

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


	June 30, 2024		December 31, 2023
Other current liabilities:
Customer deposits	$	1,069	$	1,438
Income tax payable	358		1,297
Sales and use tax payable	1,127		1,763
Operating lease liability, current	2,407		2,444
Current portion of loan and line of credit	1,926		565
Other	341		396
Total other current liabilities	$	7,228	$	7,903

Lease (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Expense

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


	Six months ended June 30,
	2024		2023
Operating lease cost	$	1,433	$	1,596
Short-term lease cost	580		368
Total lease cost	$	2,013	$	1,964

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,
	2024		2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash outflows - payments on operating leases	$	1,511	$	1,595

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

Schedule of Supplemental Balance Sheet Information Related to Leases

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


	June 30, 2024		December 31, 2023
Operating lease right-of-use assets	$	9,328	$	10,853
Included in other current liabilities:
Operating lease liabilities, current	$	2,407	$	2,444
Operating lease liabilities, noncurrent	8,113		9,479
Total operating lease liabilities	$	10,520	$	11,923

Weighted-average remaining lease term - operating leases:	4.32		4.68

Weighted-average discount rate - operating leases:	2.7%		2.7%

Schedule of Future Undiscounted Cash Flows and Reconciliation to the Lease Liabilities Recognized


2024 (excluding the three months ended June 30, 2024)	$	1,362
2025	2,550
2026	2,504
2027	2,315
2028	2,047
Thereafter	348
Total lease payments	$	11,126
Less imputed interest	(606)
Total present value of lease liabilities	$	10,520

Acquisition

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisition

On February 28, 2023, the Company completed the FCI Acquisition for an aggregate cash consideration of $44.9 million.

The FCI Acquisition expanded the Company's product portfolio to include high-resolution cell images with the speed, sensitivity and phenotyping abilities of flow cytometry and added cost-effective, entry-level and personal instrument options to broaden the market and research areas the Company services.

The acquisition was accounted for as a business combination in accordance with ASC 805. The purchase price has been allocated to tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values, with the exception of contract liabilities assumed which are recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. The Company finalized its accounting for the FCI Acquisition during the fourth quarter of 2023.

During the year ended December 31, 2023, the Company recorded the following changes as a result of measurement period adjustments to the fair value of the initial assets as follows:

•Property and equipment increased by $1.4 million

•Deferred tax assets increased by $0.6 million

•Customer relationships increased by $0.1 million

•Developed technologies increased by a total $0.7 million

•Trade names increased by $0.2 million

The measurement period adjustments noted above decreased goodwill by $3.0 million.

The following table summarizes the estimated fair value of assets acquired and liabilities assumed at the date of the FCI Acquisition:


	(in thousands)
Fair value of assets acquired and liabilities assumed:
Inventories	$	18,695
Property and equipment	3,040
Prepaid expenses	70
Deferred tax assets	570
Intangible assets
Customer Relationships	8,600
Amnis ImageStream developed technology	10,000
Guava easyCyte and Muse developed technology	140
Amnis FlowSight and CellStream developed technology	20
Amnis tradename	2,900
Guava tradename	90
Goodwill	6,038
Deferred revenue	(4,952)
Other current liabilities	(316)
Fair value of net assets acquired	$	44,895

The $6.0 million of goodwill arising from the FCI Acquisition is primarily attributed to significant time-to-market advantages, as the Company gained immediate access to the FCI Products, existing relationships and business infrastructure and knowledgeable and experienced workforce. The goodwill is deductible for tax purposes. The Company has integrated the FCI Business into its existing business structure, which is comprised of a single reportable segment and a single reporting unit.

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


	Fair Value		Useful life (years)
	(In thousands, except for years)
Customer relationships	$	8,600	9
Amnis ImageStream Developed Technology	10,000		6
Guava easyCyte and Muse Developed Technology	140		2
Amnis FlowSight and CellStream Developed Technology	20		1
Amnis Tradename	2,900		15
Guava Tradename	90		3
Total	$	21,750

The customer relationships intangible asset represents the fair value of the underlying relationships with existing customers of the FCI Business. The trade name intangible asset represents the fair value of brand and name recognition associated with the marketing of the FCI Products. The FCI developed technology intangible asset represents the fair value of access to certain imaging and microcapillary technologies.

The fair value of the intangible assets acquired were estimated using variations of the income approach. The fair value of the customer relationships intangible asset was determined based on the multi-period excess earnings method and the relief-from-royalty method was utilized to estimate the fair values of the trade name and FCI developed technology intangible assets. The key assumptions used in estimating the fair values of intangible assets included forecasted financial information; customer retention rates; factors for technological obsolescence; royalty rates and discount rates. The cash flow projections were discounted using rates ranging from 29.0% to 39.0% The cash flows were based on estimates used to price the transaction, including market participant considerations, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital.

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

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

The results of operations for the FCI Business are included in the consolidated financial statements of the Company from the date of the acquisition.

Lease - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Lease expense
Operating lease cost	$ 1,433	$ 1,596
Short-term lease cost	580	368
Total lease cost	$ 2,013	$ 1,964

Balance Sheet Details - Summary of Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related benefits	$ 10,302	$ 13,748
Professional service fees	483	665
Purchases	1,745	1,871
Product warranty	2,238	2,805
Other	721	946
Total accrued expenses	$ 15,489	$ 20,035

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee benefit plan	Employee benefit plan 401(k) retirement savings plan The Company currently maintains a 401(k) retirement savings plan that 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 $569,732 and $974,025 for the three and six months ended June 30, 2024, respectively. The Company’s contributions to the 401(k) Plan were approximately $432,000 and $770,000 for the three and six months ended June 30, 2023, respectively.

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue, net	$ 46,617	$ 49,693	$ 91,477	$ 86,781
Academia and government
Disaggregation of Revenue [Line Items]
Total revenue, net	20,239	20,405	52,834	35,602
Biotechnology, pharmaceutical, distributor and contract research organizations
Disaggregation of Revenue [Line Items]
Total revenue, net	26,378	29,288	38,643	51,179
Direct sales channel
Disaggregation of Revenue [Line Items]
Total revenue, net	34,549	37,854	68,869	63,307
Distributor channel
Disaggregation of Revenue [Line Items]
Total revenue, net	$ 12,068	$ 11,839	$ 22,608	$ 23,474

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stock-Based Compensation Plan - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Number of options outstanding
Options outstanding, beginning balance (in shares)	7,219,702
Options granted (in shares)	1,916,670
Options exercised (in shares)	(483,157)
Options forfeited (in shares)	(95,210)
Options expired (in shares)	(133,785)
Options outstanding, ending balance (in shares)	8,424,220	7,219,702
Options exercisable (in shares)	4,949,291
Weighted-average exercise price
Weighted average exercise price, beginning balance (in dollars per share)	$ 8.74
Weighted average exercise price, options granted (in dollars per share)	6.86
Weighted average exercise price, options exercised (in dollars per share)	1.51
Weighted average exercise price, options forfeited (in dollars per share)	13.25
Weighted average exercise price, options expired (in dollars per share)	16.18
Weighted average exercise price, ending balance (in dollars per share)	8.56	$ 8.74
Weighted average exercise price, options exercisable (in dollars per share)	$ 7.95
Weighted-average remaining contractual term (in years)
Stock options outstanding, weighted average remaining contractual term	7 years 3 months 10 days	6 years 10 months 24 days
Stock options exercisable, weighted average remaining contractual term	6 years 2 months 8 days
Stock options outstanding, aggregate intrinsic value, beginning balance	$ 23,574
Stock options outstanding, aggregate intrinsic value, ending balance	10,232	$ 23,574
Stock options exercisable, aggregate intrinsic value	$ 10,034

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

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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


	June 30, 2024		December 31, 2023
Cash	$	33,797	$	22,407
Money market funds	144,091		144,892
Restricted cash	30		331
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$	177,918	$	167,630

Schedule of Restrictions on Cash and Cash Equivalents

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


	June 30, 2024		December 31, 2023
Cash	$	33,797	$	22,407
Money market funds	144,091		144,892
Restricted cash	30		331
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$	177,918	$	167,630

Schedule of Accounts Receivable, Allowance for Doubtful Debt

The changes in the allowance for credit losses for the six months ended June 30, 2024 were as follows (in thousands):


Allowance for credit losses
Balance at December 31, 2023	$	372
Utilization of allowance for credit losses	(198)
Provision for credit losses	125
Balance at June 30, 2024	$	299

Schedule of Useful Life of Property Plant and Equipment

The Company’s estimated useful lives of its property and equipment are as follows:


			Estimated Useful Lives
Building			20 years
Furniture and fixtures			7 years
Laboratory equipment			5 years
Office and computer equipment			3 years
Leasehold improvements			Shorter of expected lease term or estimated useful life

Schedule of Finite-Lived Intangible Assets

The Company’s estimated useful lives of its intangible assets are as follows:


			Estimated Useful Lives
Patent			20 years
Trademarks			10 years
Tradename			3 - 15 years
FCI developed technology			1 - 6 years
Customer relationship			7 - 9 years
Reagent licenses			7 years
IP license			5 years

Product Warranty (Tables)

6 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

The following table shows the activity in the product warranty accrual included in accrued expenses on the consolidated balance sheets (in thousands):


	June 30, 2024		December 31, 2023
Balance, beginning of the period	$	2,805	$	2,126
Accrual for current year warranties	396		3,540
Warranty cost incurred	(963)		(2,861)
Balance, end of period	$	2,238	$	2,805

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Director and Officer Trading Arrangements

During the three months ended June 30, 2024, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule-10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K as set forth in the table below:

Type of Trading Arrangement

Name and Position

Action

Adoption/ Termination Date

Rule 10b5-1*

Non- Rule 10b5-1**

Total Shares of Common Stock to be Sold

Expiration Date

Ming Yan , Chief Technology Officer and Director

Termination 1

May 28, 2024

1,280,000

February 14, 2025

* Contract, instructions, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

1Represents the termination of a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted on November 30, 2023.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Ming Yan [Member]

Trading Arrangements, by Individual

Name

Ming Yan

Title

Chief Technology Officer and Director

Rule 10b5-1 Arrangement Terminated

true

Termination Date

May 28, 2024

Aggregate Available

1,280,000

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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 (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”).

Principles of consolidation

Use of estimates

Operating segments

Foreign currency translation and transactions

Cash, cash equivalents, and restricted cash

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value.

The Company classifies restricted cash as current on the accompanying unaudited interim consolidated balance sheets based upon the term of the remaining restrictions.

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


	June 30, 2024		December 31, 2023
Cash	$	33,797	$	22,407
Money market funds	144,091		144,892
Restricted cash	30		331
Total cash, cash equivalents and restricted cash as presented on the consolidated statements of cash flows	$	177,918	$	167,630

Short-term restricted cash

As of December 31, 2023, a customer made an advance payment of $0.3 million to Cytek Biosciences B.V., provided that the Customer receives a bank guarantee for the same amount as security for refund of said amount in the event that Cytek Biosciences B.V. fails to fulfill its delivery commitment. After the delivery, the restricted cash will be released into the Company's normal cash account. As of June 30, 2024, restricted cash of $0.3 million was released.

As of June 30, 2024, advance payments to Cytek Biosciences B.V. totaled $30,000. The restricted cash will be released into the Company's normal cash account upon Cytek Biosciences B.V.'s fulfillment of its delivery commitment.

Investments

Trade accounts receivable, net

Allowance for credit losses

The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses in accordance with this accounting standard.

The changes in the allowance for credit losses for the six months ended June 30, 2024 were as follows (in thousands):


Allowance for credit losses
Balance at December 31, 2023	$	372
Utilization of allowance for credit losses	(198)
Provision for credit losses	125
Balance at June 30, 2024	$	299

Inventories

Property and equipment, net


			Estimated Useful Lives
Building			20 years
Furniture and fixtures			7 years
Laboratory equipment			5 years
Office and computer equipment			3 years
Leasehold improvements			Shorter of expected lease term or estimated useful life

Goodwill and intangible assets, net


			Estimated Useful Lives
Patent			20 years
Trademarks			10 years
Tradename			3 - 15 years
FCI developed technology			1 - 6 years
Customer relationship			7 - 9 years
Reagent licenses			7 years
IP license			5 years

Accounting for Impairment of Long-Lived Assets

Fair value of financial instruments

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

Revenue recognition

During the three months ended June 30, 2024 and 2023, the Company recorded $0.0 million and $1.0 million of revenue under bill-and-hold arrangements, respectively.

Product revenue

Service revenue

Contract liabilities

Assurance-type product warranties

Deferred offering costs

Pursuant to the terms of the 2022 Sales Agreement, the aggregate compensation payable to Piper is up to 3% of the gross proceeds from the sale of common stock sold by Piper pursuant to the 2022 Sales Agreement. Each party agreed in the 2022 Sale Agreement to provide indemnification and contribution against certain liabilities, including liabilities under the Securities Act, subject to the terms of the 2022 Sales Agreement. As of June 30, 2024, the Company has not made any sales of common stock pursuant to the 2022 Sales Agreement. Accordingly, $0.7 million in transaction expenses recorded as prepaid offering costs have not yet been expensed in transaction expenses recorded.

Research and development costs

Advertising costs

The cost of advertising, marketing and media is expensed as incurred. For the three and six months ended June 30, 2024, advertising, marketing and media expenses were $1.3 million and $2.2 million, respectively. For the three and six months ended June 30, 2023, advertising, marketing and media expenses were $1.3 million and $2.1 million, respectively.

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 loss per share

Common stock equivalents are excluded from the computation of diluted net loss per share if their effect is antidilutive.

Business Combinations

Supplier Finance Program

Any transferred suppliers’ account receivable under the program in the future will be included in the outstanding line of credit with the financial institution.

Recently adopted accounting pronouncements

Recently issued accounting pronouncements

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule of Financial Instruments Measured on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):


Description:	June 30, 2024		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	144,091	$	144,091	$	—	$	—
Short-term investments:
U.S. Treasury	85,439		85,439		—		—
Commercial paper	13,884		—		13,884		—
Total	$	243,414	$	229,530	$	13,884	$	—


Description:	December 31, 2023		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	144,892	$	144,892	$	—	$	—
Short-term investments:
U.S. Treasury	47,366		47,366		—		—
Federal agency securities	35,818		—		35,818		—
Commercial paper	11,927		—		11,927		—
Total	$	240,003	$	192,258	$	47,745	$	—

Stock-Based Compensation Plan - Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of the ESPP for the Initial Offering (Details) - Employee Stock	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months	6 months
Expected volatility	63.00%	70.00%	58.00%	76.00%
Risk-free interest rate	5.00%	4.00%	5.00%	4.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Legal Settlement Liability

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Legal settlement liability

On February 13, 2018, Becton, Dickinson, and Company (“BD”) filed a lawsuit against the Company alleging trade secret misappropriation and copyright infringement. On October 6, 2020, the Company entered into a Settlement, License and Equity Issuance Agreement with BD pursuant to which the Company and BD agreed to a mutual release of all claims against each other as of the date thereof (the “BD Agreement”). Additionally, BD granted Cytek a non-exclusive, irrevocable, perpetual, worldwide and non-transferrable license to certain BD patents and covenanted that it would not enforce or permit or encourage the enforcement of BD patents against Cytek or its affiliates in connection with the development, manufacture, use, importation, offer for sale or sale of its then-current instruments. In exchange, the Company agreed that Cytek and its affiliates would not dispute or challenge in a legal proceeding the validity, enforceability or scope of the applicable BD patent claims and agreed to make certain payments to BD, including (i) a one-time upfront payment of $2 million, (ii) a low single digit royalty payment for ten years, based on net sales of certain of its products, (iii) $6 million milestone payment upon the occurrence of a certain sales threshold, and (iv) a specified payment upon the closing of a change of control transaction, if any. The Company also issued 2,087,545 shares of the Company’s common stock to BD during the year ended December 31, 2020 in connection with the BD settlement. The Company achieved the sales milestone and made the milestone payment in the quarter ended December 31, 2021.

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

estimated as a royalty rate that a market participant would pay to license the BD intellectual property, forecasted sales subject to the market royalty rate and the discount rate.

The patents in question were determined to have an average useful life of 18 months. Accordingly, beginning with the second quarter of 2022, the remaining contractual payments were classified as operating expenses as they were considered deferred litigation settlement. The Company recorded $0.1 million and $0.4 million of interest expense for the three and six months ended June 30, 2024, respectively, and $0.5 million and $0.8 million of interest expense for the three and six months ended June 30, 2023, respectively, to accrete the present value discount of the payment streams over the payment period of ten years from the settlement date using the effective interest rate method. The Company made a one-time upfront payment and issued 2,087,545 shares of the Company’s common stock to BD during the year ended December 31, 2020. The Company recorded legal settlement liability on the consolidated balance sheets of $19.4 million and $19.0 million as of June 30, 2024 and December 31, 2023, respectively, and will record licensing expense in future periods.

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


	June 30, 2024		December 31, 2023
Current:
Legal settlement liability	$	2,503	$	2,561
Noncurrent:
Legal settlement liability	16,912		16,477
Total legal settlement liability	$	19,415	$	19,038

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.9	$ 0.6	$ 1.6	$ 1.1

Lease - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Supplemental disclosure of cash flow information:
Operating lease right-of-use assets	$ 9,328	$ 10,853
Included in other current liabilities:
Operating lease liability, current	2,407	2,444
Operating lease liability, noncurrent	8,113	9,479
Total operating lease liabilities	$ 10,520	$ 11,923
Weighted-average remaining lease term - operating leases:	4 years 3 months 25 days	4 years 8 months 4 days
Weighted-average discount rate - operating leases:	2.70%	2.70%

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 243,414	$ 240,003
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	229,530	192,258
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	13,884	47,745
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Money market funds \| Cash equivalents:
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	144,091	144,892
Money market funds \| Cash equivalents: \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	144,091	144,892
Money market funds \| Cash equivalents: \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Money market funds \| Cash equivalents: \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
U.S. Treasury \| Short-term investments:
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	85,439	47,366
U.S. Treasury \| Short-term investments: \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	85,439	47,366
U.S. Treasury \| Short-term investments: \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
U.S. Treasury \| Short-term investments: \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Federal agency securities \| Short-term investments:
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure		35,818
Federal agency securities \| Short-term investments: \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure		0
Federal agency securities \| Short-term investments: \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure		35,818
Federal agency securities \| Short-term investments: \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure		0
Commercial paper \| Short-term investments:
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	13,884	11,927
Commercial paper \| Short-term investments: \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Commercial paper \| Short-term investments: \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	13,884	11,927
Commercial paper \| Short-term investments: \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 0	$ 0

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivables Allowance for Doubtful Accounts (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 372
Utilization of allowance for credit losses	(198)
Provision for credit losses	125
Ending balance	$ 299

Stock-Based Compensation Plan (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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


	Number of options outstanding	Weighted-average exercise price		Weighted-average remaining contractual term (in years)	Aggregate intrinsic value
Balance as of December 31, 2023	7,219,702	$	8.74	6.90	$	23,574
Options granted	1,916,670	6.86
Options exercised	(483,157)	1.51
Options forfeited	(95,210)	13.25
Options expired	(133,785)	16.18
Balance as of June 30, 2024	8,424,220	$	8.56	7.28	$	10,232
Options exercisable as of June 30, 2024	4,949,291	$	7.95	6.19	$	10,034

Schedule of RSU Awards Activity

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


	Shares	Weighted-average grant date fair value per share		Weighted-average remaining contractual term (in years)	Aggregate intrinsic value (in thousands)
Unvested balance at December 31, 2023	2,608,257	$	10.88	1.51	$	23,787
Granted	3,358,467	6.97
Vested	(582,543)	10.18
Forfeited	(232,552)	10.24
Unvested balance at June 30, 2024	5,151,629	$	8.44	1.68	$	28,746

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,
	2024		2023		2024		2023
Cost of sales	$	1,200	$	868	$	2,145	$	1,560
Research and development	1,677		1,805		2,999		3,239
Sales and marketing	1,280		1,171		2,287		2,107
General and administrative	2,995		2,078		5,361		3,715
Total stock-based compensation	$	7,152	$	5,922	$	12,792	$	10,621

Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of Options Granted

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Expected term (in years)	5.91		5.5		6.0		5.96
Expected volatility	74	%	70	%	73	%	71	%
Risk-free interest rate	4	%	4	%	4	%	4	%
Dividend yield	-		-		-		-

Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of the ESPP for the Initial Offering

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Expected term (in years)	0.5		0.5		0.5		0.5
Expected volatility	63	%	70	%	58	%	76	%
Risk-free interest rate	5	%	4	%	5	%	4	%
Dividend yield	-		-		-		-

Stock-Based Compensation Plan - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 7,152	$ 5,922	$ 12,792	$ 10,621
Cost of sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,200	868	2,145	1,560
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,677	1,805	2,999	3,239
Sales and marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,280	1,171	2,287	2,107
General and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,995	$ 2,078	$ 5,361	$ 3,715

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Geographic Areas

6 Months Ended

Jun. 30, 2024

Segments, Geographical Areas [Abstract]

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, 2024 and 2023 was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
United States	$	22,393	$	31,440	$	43,751	$	51,280
EMEA	13,773		9,084		28,900		19,115
APAC	8,984		7,053		15,335		13,274
Other	1,467		2,116		3,491		3,112
Total revenue, net	$	46,617	$	49,693	$	91,477	$	86,781

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, 2024 and 2023, the Company had no major customers.

As of June 30, 2024 and December 31, 2023, the Company’s long-lived assets by geographic area were as follows (in thousands):


	June 30, 2024		December 31, 2023

United States	$	8,689	$	8,814
EMEA	420		325
APAC	9,005		9,266
Total	$	18,114	$	18,405

As of June 30, 2024 and December 31, 2023, most of the Company’s long-lived assets were located in the United States and in Wuxi, China.

Stock-Based Compensation Plan - Schedule of Weighted Average Valuation Assumptions Used to Calculate the Fair Value of Options Granted (Details) - Share-based Payment Arrangement, Option	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 10 months 28 days	5 years 6 months	6 years	5 years 11 months 15 days
Expected volatility	74.00%	70.00%	73.00%	71.00%
Risk-free interest rate	4.00%	4.00%	4.00%	4.00%
Dividend yield	0.00%	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, net:
Total revenue, net	$ 46,617	$ 49,693	$ 91,477	$ 86,781
Cost of sales:
Total cost of sales	21,181	21,531	43,028	37,581
Gross profit	25,436	28,162	48,449	49,200
Operating expenses:
Research and development	10,001	12,136	19,796	22,110
Sales and marketing	12,268	14,367	24,811	25,512
General and administrative	11,694	10,786	23,102	22,867
Total operating expenses	33,963	37,289	67,709	70,489
Loss from operations	(8,527)	(9,127)	(19,260)	(21,289)
Other income (expense):
Interest expense	(134)	(409)	(575)	(1,082)
Interest income	1,416	1,201	2,775	3,344
Other income, net	59	1,740	881	3,392
Total other income, net	1,341	2,532	3,081	5,654
Loss before income taxes	(7,186)	(6,595)	(16,179)	(15,635)
Provision for (benefit from) income taxes	3,248	(2,207)	424	(4,440)
Net loss	(10,434)	(4,388)	(16,603)	(11,195)
Net loss, basic	(10,434)	(4,388)	(16,603)	(11,195)
Net loss, diluted	$ (10,434)	$ (4,388)	$ (16,603)	$ (11,195)
Net loss per share, basic (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.13)	$ (0.08)
Net loss per share, diluted (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.13)	$ (0.08)
Weighted-average shares used in calculating net loss per share, basic (in shares)	131,440,486	135,918,707	131,180,734	135,705,139
Weighted-average shares used in calculating net loss per share, diluted (in shares)	131,440,486	135,918,707	131,180,734	135,705,139
Comprehensive loss:
Net loss	$ (10,434)	$ (4,388)	$ (16,603)	$ (11,195)
Foreign currency translation adjustment, net of tax	1,375	(980)	1,131	(1,022)
Unrealized loss on marketable securities	(16)	(192)	(51)	(40)
Net comprehensive loss	(9,075)	(5,560)	(15,523)	(12,257)
Product
Revenue, net:
Total revenue, net	34,576	40,452	68,698	71,624
Cost of sales:
Total cost of sales	15,808	16,675	32,554	29,352
Service
Revenue, net:
Total revenue, net	12,041	9,241	22,779	15,157
Cost of sales:
Total cost of sales	$ 5,373	$ 4,856	$ 10,474	$ 8,229

Geographic Areas (Tables)

6 Months Ended

Jun. 30, 2024

Segments, Geographical Areas [Abstract]

Schedule of Revenue from External Customers by Geographical Areas

The geographical distribution of revenue for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
United States	$	22,393	$	31,440	$	43,751	$	51,280
EMEA	13,773		9,084		28,900		19,115
APAC	8,984		7,053		15,335		13,274
Other	1,467		2,116		3,491		3,112
Total revenue, net	$	46,617	$	49,693	$	91,477	$	86,781

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, 2024 and 2023, the Company had no major customers.

As of June 30, 2024 and December 31, 2023, the Company’s long-lived assets by geographic area were as follows (in thousands):


	June 30, 2024		December 31, 2023

United States	$	8,689	$	8,814
EMEA	420		325
APAC	9,005		9,266
Total	$	18,114	$	18,405

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 25,120	$ 24,325
Less: accumulated depreciation	(7,006)	(5,920)
Property and equipment, net	18,114	18,405
Laboratory equipment
Property Plant And Equipment [Line Items]
Total property and equipment	10,459	9,472
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property and equipment	3,243	3,623
Building and land
Property Plant And Equipment [Line Items]
Total property and equipment	7,797	7,653
Construction in progress
Property Plant And Equipment [Line Items]
Total property and equipment	272	256
Office and computer equipment
Property Plant And Equipment [Line Items]
Total property and equipment	1,258	1,235
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,091	$ 2,086

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, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net	$ 44,643	$ 55,928
Contract liabilities:
Deferred revenue	38,032	37,827
Customer deposits, which are included in 'Other current liabilities'	1,069	1,438
Total contract liabilities	$ 39,101	$ 39,265

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Finite-Lived Intangible Assets (Details)	Jun. 30, 2024
Patent
Accounting Policies [Line Items]
Estimated Useful Lives	20 years
Trademarks
Accounting Policies [Line Items]
Estimated Useful Lives	10 years
Tradename \| Minimum
Accounting Policies [Line Items]
Estimated Useful Lives	3 years
Tradename \| Maximum
Accounting Policies [Line Items]
Estimated Useful Lives	15 years
FCI developed technology \| Minimum
Accounting Policies [Line Items]
Estimated Useful Lives	1 year
FCI developed technology \| Maximum
Accounting Policies [Line Items]
Estimated Useful Lives	6 years
Customer relationship \| Minimum
Accounting Policies [Line Items]
Estimated Useful Lives	7 years
Customer relationship \| Maximum
Accounting Policies [Line Items]
Estimated Useful Lives	9 years
Reagent licenses
Accounting Policies [Line Items]
Estimated Useful Lives	7 years
IP license
Accounting Policies [Line Items]
Estimated Useful Lives	5 years

Stock-Based Compensation Plan - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 31, 2021 shares	Jun. 30, 2024 USD ($) plan $ / shares shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 USD ($) plan $ / shares shares	Jun. 30, 2023 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock-based compensation plan \| plan		3		3
Weighted-average grant date fair value of options granted (in dollars per share) \| $ / shares		$ 4.07	$ 5.28	$ 4.61	$ 6.72
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 \| $		$ 22.1		$ 22.1
Unrecognized stock-based compensation expense estimated, recognition period				2 years 7 months 2 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options \| $		$ 41.2		$ 41.2
Unrecognized stock-based compensation expense estimated, recognition period				3 years 2 months 15 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	18,000,000	21,790,770		21,790,770
Annual increase to common stock reserved for issuance	4.00%
2021 Employee Stock Purchase Plan \| Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	2,000,000	5,298,874		5,298,874
Annual increase to common stock reserved for issuance	1.00%
Shares outstanding (in shares)	5,000,000
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)				210,496