Washington, D.C. 20549







Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2021




(Exact name of registrant as specified in its charter)




Delaware   001-40538   94-3368109

(State or other jurisdiction

of incorporation)



File Number)


(IRS Employer

Identification No.)

2290 Bert Drive

Hollister, CA 95023

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (831) 637-1100


(Former name, or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:


Title of each class





Name of each exchange

on which registered

Common Stock, par value $0.00001 per share   TKNO   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.02.

Results of Operations and Financial Condition.

On August 11, 2021, Alpha Teknova, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2021 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 2.02, including the Press Release, is intended to be furnished under Item 2.02 and Item 9.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.   


99.1    Press Release issued by Alpha Teknova, Inc., dated August 11, 2021.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: August 11, 2021       By:  

/s/ Stephen Gunstream

        Stephen Gunstream
        President and Chief Executive Officer

Exhibit 99.1

Teknova Reports Second Quarter 2021 Financial Results

—$8.3 million in total revenue, up 38% year-over-year—

—Strong cash position of $108.0 million supports investment in long-term growth strategy—

HOLLISTER, Calif., August 11, 2021 – Alpha Teknova, Inc. (“Teknova”) (Nasdaq: TKNO), a leading provider of critical reagents for the development and production of biopharmaceutical products including drug therapies, novel vaccines, and molecular diagnostics, today announced financial results for the second quarter ended June 30, 2021.

“We are pleased with our performance during the second quarter of 2021, as we continued to see strong demand across our Lab Essentials and Clinical Solutions product categories,” said Stephen Gunstream, President and CEO of Teknova. “Together with the successful completion of our initial public offering, our growing revenue supports our long-term strategy by fueling investments to increase production capacity and to extend our commercial and R&D capabilities in the near term.”

Corporate and Financial Updates



Second quarter 2021 revenue of $8.3 million, up 38% as compared to $6.0 million in the second quarter of 2020 and up 41% as compared to $5.9 million in the second quarter of 2020, when Sample Transport medium revenue is excluded



Completed initial public offering, raising approximately $99.1 million in proceeds, after deducting underwriting discounts and commissions, and other offering expenses



Strengthened Board with the independent Director appointments of life science veterans Robert McNamara, Brett Robertson, and Alexander Vos



Began construction on new state-of-the art GMP manufacturing facility in Hollister, CA



Established our Scientific Affairs team to engage with scientists active in cell and gene therapy research and development

Revenue for the Second Quarter and Year-to-Date


$000s    Three months ended June 30      Six months ended June 30  
Unaudited    2021      2020      YoY Chg      2021      2020      YoY Chg  

Lab Essentials

     6,456        4,430        46%        13,246        9,679        37%  

Clinical Solutions

     1,593        1,208        32%        2,664        1,787        49%  

Sample Transport

     37        174        (78%)        961        174        453%  


     227        232        (2%)        520        516        1%  



















Total Revenue

     8,313        6,044        38%        17,391        12,156        43%  

Second Quarter 2021 Financial Highlights

Total revenues for the second quarter 2021 were $8.3 million, a 38% increase from $6.0 million in the second quarter 2020. Excluding Sample Transport medium, revenues for the second quarter 2021 were $8.3 million, a 41% increase from $5.9 million in the second quarter 2020.

Gross profit for the second quarter 2021 was $3.4 million, compared to $3.5 million in the second quarter 2020. Gross margin for the second quarter 2021 was 40.4% of revenue, compared to 57.4% of revenue in the second quarter of 2020. Cost of sales in the second quarter 2021 included a $0.7 million one-time reserve related to excess Sample Transport medium inventory.

Operating expenses for the second quarter 2021 were $5.9 million compared to $2.8 million in the second quarter 2020. The increase was driven by increased headcount in research and development, sales and marketing, and general and administrative functions to support our new product development efforts, develop our commercial presence and increase customer support, and build the infrastructure necessary to support our growth strategy.

Net loss attributable to common stockholders for the second quarter 2021 was $2.3 million, or $0.52 per share, compared to net income attributable to common stockholders of $0.1 million, or $0.02 per share, for the second quarter 2020.

Adjusted EBITDA for the second quarter 2021 was negative $1.5 million, compared to $1.2 million for the second quarter 2020.

As of June 30, 2021, the Company had $108.0 million in cash and cash equivalents.

Conference Call and Webcast

Teknova will host a webcast and conference call today, Wednesday, August 11, beginning at 4:30 p.m. ET. Participants may access the live webcast on the Investor Relations section of the Teknova website and at this link: https://edge.media-server.com/mmc/p/avgvftny. The conference call can be accessed by dialing 877-312-1451 for domestic callers and 470-495-9521 for international callers. The conference ID number is 2756899. A replay will be available for 30 days on the Investor Relations section of the Teknova website.

About Teknova

Teknova is expediting clinical breakthroughs in the life sciences by providing custom products and reagents for bioprocessing, bioproduction, and molecular diagnostics. With a focus on agility and customization, Teknova delivers research-grade and GMP products including cell culture media and supplements, protein and nucleic acid purification buffers, and molecular biology reagents for a multitude of established and emerging applications, including cell and gene therapy, mRNA therapeutics, genomics, and synthetic biology. Teknova’s proprietary processes enable the manufacture and delivery of high quality, custom, made-to-order products on short turnaround times and at scale across all stages of development, including commercialization.

Non-GAAP Financial Measures

This press release contains financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP). Teknova uses the following non-GAAP financial measures in assessing the performance of our business and the effectiveness of our business strategies: (a) Adjusted EBITDA and (b) Adjusted Free Cash Flow.

Teknova defines Adjusted EBITDA as net income (loss) adjusted for interest expense, provision for income taxes, depreciation expense, amortization of intangible assets and stock-based compensation expenses. Adjusted EBITDA reflects further adjustments to eliminate the impact of certain items, including certain non-cash and other items that we do not consider representative of our ongoing operating performance.

Teknova defines Adjusted Free Cash Flow as Adjusted EBITDA less capital expenditures.

Teknova presents Adjusted EBITDA and Adjusted Free Cash Flow in this press release because Teknova believes analysts, investors, and other interested parties frequently use these measures to evaluate companies in our industry and that they facilitate comparisons on a consistent basis across reporting periods. Further, Teknova believes they are helpful in highlighting trends in our operating results because they exclude items that are not indicative of our core operating performance.

Adjusted EBITDA and Adjusted Free Cash Flow have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Teknova may in the future incur expenses similar to the adjustments in the presentation of Adjusted EBITDA. In particular, Teknova expects to incur meaningful share-based compensation expense in the future. Other limitations include the following, which Adjusted EBITDA and Adjusted Free Cash Flow do not reflect:



all expenditures or future requirements for capital expenditures or contractual commitments;



changes in our working capital needs;



provision for income taxes, which may be a necessary element of our costs and ability to operate;



the costs of replacing the assets being depreciated, which will often have to be replaced in the future;



the non-cash component of employee compensation expense; and



the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations.

In addition, Adjusted EBITDA and Adjusted Free Cash Flow may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

A full reconciliation of these non-GAAP measures to the most comparable GAAP measures is included at the end of this release.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements relating to our long-term growth strategy, demand for our products, expansion of our production capacity and commercial and R&D capabilities. The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to our cash flows and revenue growth rate; our supply chain, sourcing, manufacturing and warehousing; inventory management; risks related to global economic and marketplace uncertainties related to the impact of the COVID-19 pandemic; reliance on a limited number of customers for a high percentage of our revenue; acquisitions of other companies and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), including in our final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on June 25, 2021, all of which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contacts

Matt Lowell

Chief Financial Officer


+1 831-216-1830

Sara Michelmore



+1 781-235-3060

Media Contact

Matthew Corcoran



+1 617-866-7350


Condensed Balance Sheets


(in thousands, except share and per share data)


     As of
June 30, 2021
    As of
December 31,



Current assets:


Cash and cash equivalents

   $  108,022     $ 3,315  

Short-term investments

     —         1,811  

Accounts receivable, net

     4,058       4,623  


     3,880       3,582  

Income taxes receivable

     1,638       1,417  

Prepaid expenses and other current assets

     719       1,666  







Total current assets

     118,317       16,414  

Property, plant and equipment, net

     18,326       10,008  


     16,613       16,613  

Intangible assets, net

     19,278       19,852  

Other non-current assets

     31       24  







Total assets

   $ 172,565     $  62,911  









Current liabilities:


Accounts payable

   $ 2,640     $ 1,635  

Accrued liabilities

     3,301       2,327  







Total current liabilities

     5,941       3,962  

Deferred tax liabilities

     5,242       5,990  

Other accrued liabilities

     312       350  

Long term debt

     11,782       —    

Deferred rent

     253       204  







Total liabilities

     23,530       10,506  







Convertible and redeemable preferred stock

     —         35,638  

Stockholders’ equity:


Common stock

     —         —    

Additional paid-in capital

     149,675       14,495  

(Accumulated deficit) retained earnings

     (640     2,265  

Accumulated other comprehensive income

     —         7  







Total stockholders’ equity

     149,035       16,767  







Total liabilities, convertible and redeemable preferred stock and stockholders’ equity

   $ 172,565     $ 62,911  








Condensed Statements of Operations and Comprehensive Income (Loss)


(in thousands, except share and per share data)


     For the Three Months
Ended June 30,
    For the Six Months
Ended June 30,
     2021     2020     2021     2020  


   $ 8,313     $ 6,044     $ 17,391     $ 12,156  

Cost of sales

     4,959       2,575       9,012       5,058  













Gross profit

     3,354       3,469       8,379       7,098  

Operating expenses:


Research and development

     851       341       1,548       667  

Sales and marketing

     904       481       1,609       831  

General and administrative

     3,838       1,656       8,002       3,310  

Amortization of intangible assets

     287       287       574       574  













Total operating expenses

     5,880       2,765       11,733       5,382  













(Loss) income from operations

     (2,526     704       (3,354     1,716  

Other income (expenses), net


Interest income (expense), net

     (304     23       (296     55  

Other expense, net

     (3     (4     (2     (25













Total other income (expenses), net

     (307     19       (298     30  













(Loss) income before income taxes

     (2,833     723       (3,652     1,746  

(Benefit from) provision for income taxes

     (583     211       (747     286  













Net (loss) income

     (2,250     512       (2,905     1,460  













Less: undistributed income attributable to preferred stockholders

     —         (425     —         (1,211













Net (loss) income attributable to common stockholders

   $ (2,250   $ 87     $ (2,905   $ 249  













Net (loss) income per share attributable to common stockholders



   $ (0.52   $ 0.02     $ (0.73   $ 0.07  


   $ (0.52   $ 0.02     $ (0.73   $ 0.07  

Weighted average shares used in computing net (loss) income per share attributable to common stockholders



     4,328,222       3,599,232       3,965,741       3,599,232  


     4,328,222       3,636,724       3,965,741       3,636,724  


Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures


(in thousands)


     For the Three Months
Ended June 30,
    For the Six Months
Ended June 30,
     2021     2020     2021     2020  

Net (loss) income – as reported

   $  (2,250   $ 512     $  (2,905   $  1,460  

Add back:


Interest expense (income), net

     304       (23     296       (55

(Benefit from) provision for income taxes

     (583     211       (747     286  

Depreciation expense

     413       189       778       358  

Amortization of intangible assets

     287       287       574       574  














   $  (1,829   $  1,176     $  (2,004   $ 2,623  













Other and one-time expenses:


Stock-based compensation expense

     302       —         485       —    













Adjusted EBITDA

   $  (1,527   $ 1,176     $  (1,519   $ 2,623  













Less: capital expenditures

     (4,674     (584     (8,558     (953













Adjusted Free Cash Flow

   $  (6,201   $ 592     $  (10,077   $ 1,670