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Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Major Classes of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Machinery and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	15 years
Machinery and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years
Office Furniture and Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	7 years
Office Furniture and Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years
Vehicles [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	5 years
Leasehold Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	15 years
Leasehold Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property and equipment, useful life	3 years

Concentrations of Risk

12 Months Ended

Dec. 31, 2022

Fair Value, Concentration of Risk, Financial Assets, Balance Sheet Groupings [Abstract]

Concentrations of Risk

Note 4. Concentrations of Risk

Customers

Customers who accounted for 10% or more of the Company's revenues and outstanding balance of accounts receivable were:


	For the Year Ended December 31,		As of December 31,
	2022	2021	2022	2021
Distributor customer A	15%	18%	17%	10%
Distributor customer B	*	*	15%	16%
Direct customer A	*	*	*	12%

The Company's customers that are distributors, as opposed to direct customers, represent highly diversified customer bases.

Suppliers

Suppliers who accounted for 10% or more of the Company's inventory purchases and outstanding balance of accounts payable were:


	For the Year Ended December 31,		As of December 31,
	2022	2021	2022	2021
Distributor supplier A	37%	40%	11%	20%
Direct supplier A	14%	11%	*	*
Direct supplier B	12%	10%	*	*

Stock-Based Compensation - Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Purchase Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Estimated dividend yield	0.00%	0.00%
Weighted-average expected stock price volatility	43.00%	25.47%
Weighted-average risk-free interest rate	3.70%	0.06%
Expected average term of options (in years)	6 months	6 months
Weighted-average fair value of common stock	$ 7.20	$ 24.63
Weighted-average fair value per option	$ 1.96	$ 5.46
Employee Stock Option Plans [Member]
Subsidiary, Sale of Stock [Line Items]
Estimated dividend yield	0.00%	0.00%
Weighted-average expected stock price volatility	33.77%	33.51%
Weighted-average risk-free interest rate	2.79%	1.06%
Expected average term of options (in years)	6 years 3 months	6 years 2 months 1 day
Weighted-average fair value of common stock	$ 11.14	$ 19.89
Weighted-average fair value per option	$ 4.18	$ 6.45

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards expiration year	2036
Research and development tax credit carryforwards	$ 200,000
Research and development tax credit carryforwards expiration year	2035
Income tax rate, percent	3.90%	22.40%
Accrued interest or penalties	$ 0	$ 0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 28,900,000
Taxable income limitation, percent	80.00%
State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 30,300,000
Research and development tax credit income tax year	15 years
State [Member] \| Research and Development Tax Credit Carryforward [Member]
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 100,000
UNITED STATES
Operating Loss Carryforwards [Line Items]
Research and development tax credit income tax year	5 years

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Mar. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Entity Registrant Name	ALPHA TEKNOVA, INC.
Entity Central Index Key	0001850902
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Document Fiscal Period Focus	FY
Trading Symbol	TKNO
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-40538
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3368109
Entity Address, Address Line One	2451 Bert Dr.
Entity Address, City or Town	Hollister
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95023
City Area Code	831
Local Phone Number	637-1100
Entity Public Float			$ 58,751,616
Entity Common Stock, Shares Outstanding		28,190,192
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Jose, CA
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relating to the 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement, or an amendment to this Annual Report on Form 10-K, will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2022.

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Note 6. Property, Plant, and Equipment, Net

Property, plant, and equipment consist of the following (in thousands):


	As of December 31,
	2022			2021
Machinery and equipment	$	19,433		$	9,942
Office furniture and equipment		628			649
Vehicles		229			70
Leasehold improvements		12,093			2,805
		32,383			13,466
Less—Accumulated depreciation		(4,520	)		(2,473	)
		27,863			10,993
Construction in progress		23,714			18,817
Total property, plant, and equipment, net	$	51,577		$	29,810

Depreciation expense related to property, plant, and equipment recorded for the years ended December 31, 2022 and 2021 was $2.0 million and $1.7 million, respectively.

Teknova capitalizes a portion of the interest on funds borrowed to finance its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs were $1.6 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively.

In December 2022, the Company decided to cease further use and development of certain manufacturing machinery and equipment. The Company reviewed the recoverability of the carrying value of these assets and determined that their carrying value exceeded their fair value. Fair value of these assets was measured employing cost and market approaches, using Level 3 inputs under ASC 820, Fair Value Measurement. Unobservable inputs include salvage value estimates, replacement or reproduction cost estimates as well as consideration of physical deterioration, functional and economic obsolescence, where measurable. As a result of this fair value analysis, an impairment charge of $4.2 million was recorded related to these long-lived assets. Carrying value after the impairment charges approximates fair value.

Goodwill and Intangible Assets, Net - Summary of Intangible Assets with Definite and Indefinite Lives (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Goodwill And Intangible Assets [Line Items]
Intangible Assets, Gross	$ 22,099	$ 22,099
Intangible Assets, Accumulated Amortization	4,543	3,395
Intangible Assets, Net (Including Goodwill), Total	17,556	18,704
Customer Relationships [Member]
Schedule Of Goodwill And Intangible Assets [Line Items]
Intangible Assets, Gross	9,180	9,180
Intangible Assets, Accumulated Amortization	4,543	3,395
Intangible Assets, Net (Including Goodwill), Total	4,637	5,785
Trade Names [Member]
Schedule Of Goodwill And Intangible Assets [Line Items]
Intangible Assets, Gross	12,919	12,919
Intangible Assets, Accumulated Amortization	0	0
Intangible Assets, Net (Including Goodwill), Total	$ 12,919	$ 12,919

Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 9. Accrued Liabilities

Accrued liabilities were comprised of the following (in thousands):


	As of December 31,
	2022		2021
Payroll-related	$	2,796	$	2,818
Property, plant, and equipment		1,966		1,446
Deferred revenue		198		200
Other		1,243		1,031
Total current accrued liabilities	$	6,203	$	5,495

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax Expense (Benefit)

Teknova’s provision for (benefit from) income taxes consist of the following for the year ended December 31, 2022 and 2021 (in thousands):


	For the Year Ended December 31,
	2022			2021
Current:
Federal	$	—		$	—
State		7			3
Total current		7			3
Deferred:
Federal		(2,055	)		(2,604	)
State		125			(233	)
Total deferred		(1,930	)		(2,837	)
Income tax benefit	$	(1,923	)	$	(2,834	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rate to the Company’s effective tax rate is as follows:


	For the Year Ended December 31,
	2022			2021
Statutory federal income tax rate %		21.0	%		21.0	%
State income tax rate		5.6			2.1
Stock compensation		(0.5	)		(1.5	)
Research and development credit		0.2			0.6
Change in valuation allowance		(13.6	)		—
Goodwill impairment		(9.0	)		—
Other		0.2			0.2
Effective tax rate %		3.9	%		22.4	%

Schedule of Net Deferred Tax Liability and Assets

The Company’s component of net deferred tax liability and assets consist of the following as of December 31, 2022 and 2021 (in thousands):


	As of December 31,
	2022			2021
Deferred tax asset
Net operating loss carryforwards	$	8,005		$	3,672
Accrued compensation		552			401
Stock compensation		1,008			262
Tax credit carryforwards		275			150
Accruals and other		321			241
Operating lease liabilities		5,435			—
Capitalized research and development expenses		1,450			—
Total deferred tax asset		17,046			4,726
Deferred tax liability
Fixed assets		(1,131	)		(2,429	)
Intangibles		(4,693	)		(4,973	)
Operating right-of-use lease assets		(5,275	)		—
Total deferred tax liability		(11,099	)		(7,402	)
Valuation allowance		(7,170	)		(477	)
Net deferred tax liability	$	(1,223	)	$	(3,153	)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying financial statements and related notes are prepared in accordance with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets and liabilities, and disclosures of assets and liabilities, at the date of each financial statement, and the reported amount of revenues and expenses during the reporting period. Significant items that are subject to such estimates and assumptions include, but are not

limited to, the valuation of share-based payment awards, impairment of long-lived assets, impairment of goodwill and intangible assets, and income taxes. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions.

Going Concern

These financial statements and accompanying notes have been prepared in accordance with the provisions of Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements—Going Concern, on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

The Company has incurred operating losses in the past and expects to incur operating losses in the near to medium-term. We have incurred net losses of $47.5 million and $9.8 million in the years ended December 31, 2022 and 2021, respectively, and have an accumulated deficit of $55.0 million as of December 31, 2022.

As of December 31, 2022, we had $50.3 million in working capital, which included $42.2 million in cash and cash equivalents. In addition to our existing cash and cash equivalents balance, another source of liquidity is our credit facility as described below Note 10. Long-term Debt, Net. We believe that our existing cash and cash equivalents as of December 31, 2022, together with our credit facility under the Amended Credit Agreement, will enable us to fund our operating expenses and capital expenditure requirements for at least the next 12 months.

Our principal liquidity requirements are to fund our operations and capital expenditures. We may, however, require or elect to secure additional financing as we continue to execute our business strategy. If we require or elect to raise additional funds, we may do so through equity or debt financing, which may or may not be available on favorable terms and could require us to agree to covenants that limit our operating flexibility.

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. Teknova’s CODM is its Chief Executive Officer, currently Stephen Gunstream. Teknova has determined that it operates in one reporting unit, one operating segment, and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Concentrations of Credit Risk

Teknova’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash with high-quality banking institutions. At times, the Company’s cash balances may exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit. Teknova's cash equivalents consist primarily of money market funds invested in U.S. Treasuries. Teknova extends credit to customers based on its evaluation of the customer's financial condition and routinely communicates with its customers regarding payments. The Company has a history of limited write-offs, and therefore believes that its accounts receivable credit risk exposure is low. For information regarding the Company’s significant customers and suppliers, see Note 4.

Cash and Cash Equivalents

Teknova’s cash and cash equivalents include cash on hand, cash held in banks, and highly-liquid investments with maturities of three months or less at the date of acquisition. Teknova maintains its cash in bank deposit accounts in financial institutions that are insured by the FDIC up to a balance of $250.0 thousand. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

Fair Value of Financial Instruments

The carrying amounts of certain of Teknova’s financial instruments, including cash equivalents, accounts receivable, inventories, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities.

Accounts Receivable

Accounts receivable are stated at invoice value, less estimated allowances for doubtful accounts. Teknova uses the allowance method to account for uncollectible accounts receivable, calculated by management using the historical average of uncollectible accounts. The Company continually monitors its customer payments and maintains an allowance for estimated losses resulting from its customers’ inability to make required payments. Accounts receivable are considered past due once customer payment terms have been exceeded. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received.

Inventories

Inventory, consisting of raw materials, work in process and finished goods, is stated at the lower of cost or net realizable value, on a first-in, first-out basis. Teknova writes down its inventory for estimated obsolescence or inventory in excess of reasonably expected near-term sales or unmarketable inventory, in an amount equal to the difference between the cost of inventory and the estimated net realizable value, based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by Teknova, additional inventory write-downs may be required. Inventory impairment charges establish a new cost basis for inventory, and charges are not reversed subsequently to income, even if circumstances later suggest that increased carrying amounts are recoverable.

Capitalized Software Implementation Costs

Teknova capitalizes certain implementation costs incurred under a cloud computing hosting arrangement. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within other assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the expected term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. As of December 31, 2022 and 2021, Teknova had capitalized software implementation costs of $2.2 million and $0.1 million, respectively. Amortization expense related to capitalized implementation costs for the year ended December 31, 2022 was $0.1 million. No amortization expense related to capitalized implementation costs was recorded for the year ended December 31, 2021 as the underlying implementation activities were not complete.

Property, Plant, and Equipment

Teknova records property, plant, and equipment at fair value when it is acquired in a business combination or at cost for all other purchases of property, plant, and equipment. Property, plant, and equipment is depreciated over the estimated useful lives of the assets, using the straight-line method. Any leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful life of the asset or the estimated remaining life of the lease. Costs for repairs and maintenance that do not significantly increase the value or estimated lives of property, plant, and equipment are expensed as incurred. Upon retirement or sale, the cost and related accumulated

depreciation are removed from the balance sheets, and the resulting gain or loss is reflected in the statements of operations and comprehensive loss.

The estimated useful lives of the major classes of property and equipment are as follows:


		Estimated Useful Lives
Machinery and equipment		5 – 15 years
Office furniture and equipment		3 – 7 years
Vehicles		5 years
Leasehold improvements		3 – 15 years

Impairment of Long-Lived Assets

Teknova evaluates its long-lived assets for impairment when events or changes in circumstances indicate a possible inability to recover carrying amounts. Recoverability is assessed by comparing the carrying value of the assets to estimated undiscounted future cash flows expected to be generated by the assets. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated during the life of those assets are less than the assets’ carrying amounts. If an asset is impaired, the loss is measured as the amount by which the asset’s carrying value exceeds its fair value. For the fiscal year ended December 31, 2022, the Company recorded impairments of its long-lived assets, see Note 6. Property, Plant, and Equipment, Net. There were no indicators of impairment during the year ended December 31, 2021.

Goodwill

Goodwill is the excess of the Company’s fair value over the Company’s fair value accounting basis of the Company’s net assets and liabilities. Goodwill is not amortized, but is tested for impairment annually as of October 1, or more frequently if events or circumstances indicate that the carrying value may no longer be recoverable and that an impairment may have occurred.

Teknova first considers qualitative factors that indicate whether impairment may have occurred. Such indicators may include, macro-economic conditions, such as adverse industry or market conditions and entity-specific events, such as increasing costs, declining financial performance, or loss of key personnel. If the Company’s assessment of such qualitative factors indicates that a reduction in the carrying value is more likely than not to have occurred, Teknova performs a quantitative assessment, comparing the fair value of the Company (in this capacity, the Reporting Unit) to the carrying value, including goodwill, of the Reporting Unit. If the carrying value of the Reporting Unit exceeds its fair value, an impairment has occurred, and an impairment charge is recognized for the difference up to the carrying value of the Reporting Unit’s goodwill. The fair value of the Reporting Unit is a Level 3 measure and is determined using a market and income approach.

For the fiscal year ended December 31, 2022, the Company fully impaired its goodwill, see Note 8. Goodwill and Intangible Assets, Net. There was no impairment of goodwill during the year ended December 31, 2021.

Intangible Assets

Teknova’s intangible assets consist of the Teknova trade name and the Company's customer relationships.

Indefinite-lived intangible assets are not amortized but are tested for impairment at least annually as of October 1, or more frequently if events or circumstances indicate that it is more likely than not that an asset is impaired. If the fair value of the asset is less than its carrying amount, an impairment charge would be recognized in an amount equal to the difference between the carrying amount and the fair value.

Finite-lived intangible assets are amortized over the estimated economic useful lives of the assets, which is the period during which expected cash flows support the fair value of such intangible assets. Teknova reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying

amount of the assets or an asset group may not be recoverable. When such an event occurs, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the related assets’ or asset group’s carrying value.

There was no impairment of intangible assets during the years ended December 31, 2022 and 2021.

Leases

The Company determines if an arrangement is an operating lease at a lease's inception. Leases with an initial term of 12 months or fewer are not recorded on the balance sheet. All other operating leases are recorded on the balance sheet with a corresponding operating lease asset, net, representing the right to use the underlying asset for the lease term and the operating lease liabilities representing the obligation to make lease payments arising from the lease. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.

Operating lease assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when such options are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate, adjusted for the lease term, based on the information available at the lease commencement or modification date as required. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term.

Debt Issuance Costs

Debt issuance costs represent legal, consulting, and other financial costs associated with debt financing and are presented on the balance sheets as a direct reduction from the carrying amount of the related debt instrument. Debt issuance costs on the term debt are amortized to interest expense over the term of the applicable debt agreement using the effective interest rate method.

Revenue Recognition

We account for revenue in accordance with ASC 606, Revenue From Contracts With Customers. Teknova recognizes revenue for sales of goods through the following steps:

▪

Identification of the contract, or contracts, with a customer, typically a purchase order

▪

Identification of the performance obligations in the contract

▪

Determination of the transaction price

▪

Allocation of the transaction price to the performance obligations in the contract

▪

Recognition of revenue when, or as, the company satisfies a performance obligation

Teknova recognizes revenue from the sale of manufactured products and services when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. The majority of the Company’s sales agreements contain performance obligations satisfied at a point in time when control is transferred to the customer.

Teknova’s sales are made directly to customers or through distributors, generally under agreements with payment terms typically shorter than 90 days and, in no case exceeding one year. Therefore, Teknova’s contracts do not contain a significant financing component. Sales, value add, and other taxes collected concurrent with revenue are excluded from sales. The Company records amounts billed to customers for shipping and handling in a sales transaction as revenue. Shipping and handling costs are included in general and administrative expenses as revenue is recognized. Shipping and handling costs for the years ended December 31, 2022 and 2021 were $1.4 million and $1.1 million, respectively.

Occasionally, Teknova offers rebates, discounts, and returns on its products, however returns and refunds occur rarely. The Company records rebates, discounts, and returns at the time they occur. The difference between recording these as they occur and estimating the amount of consideration in exchange for the transfer of promised goods would not have a material impact on the financial statements.

Costs incurred to obtain contracts with customers are expensed immediately, because the amortization period for such costs is one year or less.

Cost of Sales

Cost of sales includes salaries, wages and benefits, raw materials consumption (including direct and indirect material), depreciation, utilities, rent, manufacturing supplies, and other production overhead.

Research and Development Expenses

The Company’s research and development expenses primarily consist of employee-related expenses, including salaries, benefits, and stock-based compensation expense for personnel in process engineering and product development functions, expenses related to occupancy costs, laboratory supplies, consulting fees, and depreciation associated with various assets used in the research and development of the Company’s products and processes.

Sales and Marketing Expenses

The Company’s sales and marketing expenses primarily consist of employee-related expenses, including salaries, benefits, and stock-based compensation expense for sales and marketing employees, expenses related to occupancy costs, brand strategy, website, content and collateral. The Company expenses advertising costs as incurred. Advertising expense for the years ended December 31, 2022 and 2021 were not significant and $0.4 million, respectively, and are included in sales and marketing expenses.

General and Administrative Expenses

The Company’s general and administrative expenses primarily consist of costs associated with executive and administrative staff, and other expenses such as shipping charges, professional service fees, occupancy costs, IT systems, insurance, depreciation, and stock-based compensation expense for executive and administrative staff.

Stock-Based Compensation

Teknova measures and recognizes compensation expense for all stock-based awards, including stock options, restricted stock units, and stock purchase rights granted under the Employee Stock Purchase Plan (ESPP) to employees, based on the estimated fair value of the awards on the date of grant. The fair value of each stock option granted and employee stock purchase rights are estimated using the Black-Scholes option-pricing model, which requires the Company to make a number of assumptions, including expected volatility, the expected risk-free interest rate, the expected term, and the expected dividend. The fair value of each restricted stock unit is based on the fair value of the Company’s common stock on the date of grant. Stock-based compensation expense is recognized over the requisite service period of the award, which generally represents the scheduled vesting period. Forfeitures are recognized as they occur.

Employee Benefit Plans

Teknova has a salary deferral 401(k) plan (the 401(k) Plan) covering substantially all employees. Contributions by the Company to the 401(k) Plan for the years ended December 31, 2022 and 2021 were $0.6 million and $0.6 million, respectively. Contributions payable as of December 31, 2022 and 2021, of $0.1 million and $0.3 million, respectively, are included within accrued liabilities in the accompanying financial statements.

Income Taxes

Teknova uses the asset and liability method in accounting for its deferred income taxes. Under this method, deferred income taxes are provided for differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes, using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates on the date of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some or all of the deferred tax assets will not be realized.

Teknova accounts for unrecognized tax benefits based upon its assessment of whether tax benefits are more likely than not to be sustained upon examination by tax authorities. The Company reports a liability for unrecognized tax benefits taken, or expected to be taken, in a tax return and recognizes associated interest and penalties, if any, in income tax expense. Unrecognized tax benefits as of December 31, 2022 and 2021, were not significant.

Net Loss Per Share of Common Stock

Basic net income (loss) per share is computed using the two-class method. Diluted net income (loss) per share is computed using the more dilutive of (i) the treasury stock method or if-converted method, or (ii) the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The treasury stock method uses the number of new shares that may be created by unexercised in-the-money options, where the exercise price is less than the current share price. The if-converted method calculates the value of convertible securities as if they were converted into new shares. Per share amounts are computed by dividing net income (loss) by the weighted average shares outstanding during each period. The diluted net income (loss) per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period.

Recently Adopted Accounting Pronouncements

Effective January 1, 2022, the Company adopted ASU No. 2016-02, Leases (Topic 842) using the modified retrospective approach, applied at the beginning of the period of adoption, and elected the package of transitional practical expedients. The adoption of this standard resulted in recording operating right-of-use lease assets of $20.3 million, which included reclassifying approximately $0.2 million of deferred rent as a component of the operating lease asset as of January 1, 2022. The adoption also resulted in recording operating lease liabilities of $20.5 million as of January 1, 2022. The standard did not have an impact on the statements of operations and cash flows. Refer to Note 7. Leases herein for additional information pertaining to the adoption of the new standard.

Effective January 1, 2022, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removed certain exceptions to the general principles in ASC 740 and clarified and amended certain guidance to promote consistent application. The adoption of this standard did not have a significant impact on the Company's financial statements.

Accounting Pronouncements Not Yet Adopted

In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326). The standard introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses and will apply to accounts receivable. The new guidance will be effective for Teknova’s annual and interim periods beginning after December 15, 2022. Teknova is currently evaluating the impact of the adoption of the standard on the financial statements and does not anticipate the standard to have a significant impact.

Related Parties

12 Months Ended

Dec. 31, 2022

Related Parties

Note 15. Related Parties

The Company has identified the following as related parties through common control: Meeches LLC and Thomas E. Davis, LLC. Meeches LLC is controlled by Ted Davis and Irene Davis, founders and current directors, and greater than five percent stockholders of the Company. Thomas E. Davis, LLC is also controlled by Ted Davis.

The Company leased certain real property and had a related party note receivable totaling $0.5 million, which was received on March 31, 2021, from Thomas E. Davis, LLC.

The Company leases certain real property from Meeches LLC and does not have any outstanding balances owed to Meeches LLC as of December 31, 2022 and 2021, respectively. For the years ended December 31, 2022 and 2021, the Company paid Meeches LLC $0.3 million and $0.3 million, respectively.

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 42,236	$ 87,518
Accounts receivable, net of allowance for doubtful accounts of $22 thousand and $23 thousand	4,261	4,666
Inventories, net	12,247	5,394
Income taxes receivable	22	1,188
Prepaid expenses and other current assets	2,374	2,438
Total current assets	61,140	101,204
Property, plant and equipment, net	51,577	29,810
Operating lease right-of-use assets	19,736	0
Goodwill	0	16,613
Intangible assets, net	17,556	18,704
Other non-current assets	2,252	180
Total assets	152,261	166,511
Current liabilities:
Accounts payable	2,449	2,248
Accrued liabilities	6,203	5,495
Current portion of operating lease liabilities	2,223	0
Total current liabilities	10,875	7,743
Deferred tax liabilities	1,223	3,153
Other accrued liabilities	191	273
Long-term debt	21,976	11,870
Deferred rent	0	269
Long-term operating lease liabilities	18,111	0
Total liabilities	52,376	23,308
Stockholders’ equity:
Preferred stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2022 and December 31, 2021, respectively, zero shares issued and outstanding at December 31, 2022 and December 31, 2021	0	0
Common stock, $0.00001 par value, 490,000,000 shares authorized at December 31, 2022 and December 31, 2021, respectively, 28,179,423 and 28,012,017 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	154,891	150,741
Accumulated deficit	(55,006)	(7,538)
Total stockholders’ equity	99,885	143,203
Total liabilities, convertible and redeemable preferred stock and stockholders’ equity	$ 152,261	$ 166,511

Property, Plant and Equipment Net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 32,383	$ 13,466
Less—Accumulated depreciation	(4,520)	(2,473)
Property, plant and equipment, after depreciation	27,863	10,993
Construction in progress	23,714	18,817
Total property, plant and equipment, net	51,577	29,810
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	19,433	9,942
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	628	649
Vehicles [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	229	70
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 12,093	$ 2,805

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic And Diluted Net (Loss) Income Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	For the Year Ended December 31,
	2022			2021
Net loss	$	(47,468	)	$	(9,803	)
Weighted average shares used in computing net loss per share—basic and diluted		28,083,563			16,087,653
Net loss per share—basic and diluted	$	(1.69	)	$	(0.61	)

Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders

The following is a summary of the common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share, as their effect would be anti-dilutive:


	For the Year Ended December 31,
	2022		2021
Employee share-based awards to purchase common stock		3,208,403		2,206,993
Convertible Series A preferred stock		—		4,607,059
Total		3,208,403		6,814,052

Concentrations of Risk (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value, Concentration of Risk, Financial Assets, Balance Sheet Groupings [Abstract]

Summary Of Company Revenues And Outstanding Balance Of Accounts Receivable Table Text Block

Customers who accounted for 10% or more of the Company's revenues and outstanding balance of accounts receivable were:


	For the Year Ended December 31,		As of December 31,
	2022	2021	2022	2021
Distributor customer A	15%	18%	17%	10%
Distributor customer B	*	*	15%	16%
Direct customer A	*	*	*	12%

Summary Of Company Inventory Purchases And Outstanding Balance Of Accounts Payable

Suppliers who accounted for 10% or more of the Company's inventory purchases and outstanding balance of accounts payable were:


	For the Year Ended December 31,		As of December 31,
	2022	2021	2022	2021
Distributor supplier A	37%	40%	11%	20%
Direct supplier A	14%	11%	*	*
Direct supplier B	12%	10%	*	*

Income Taxes - Summary of Reconciliation of the Statutory Tax Rate to the Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal income tax rate%	21.00%	21.00%
State income tax rate	5.60%	2.10%
Stock compensation	(0.50%)	(1.50%)
Research and development credit	0.20%	0.60%
Change in federal valuation allowance	(13.60%)	0.00%
Goodwill impairment	(9.00%)	0.00%
Other	0.20%	0.20%
Effective tax rate %	3.90%	22.40%

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,711	$ 1,551
Cost of Sales [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	147	7
Research and Development Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	187	157
Selling and Marketing Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	504	66
General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,873	$ 1,321

Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	28,071
Number of Share, Outstanding Ending Balance	28,071
Number of Shares, Vested and expected to vest	28,071
Weighted Average Grant Date Fair Valu per Share, Granted	$ 7.43
Weighted Average Grant Date Fair Valu per Share, Outstanding Ending Balance	7.43
Weighted Average Grant Date Fair Valu per Share, Vested and expected to vest	$ 7.43
Weighted Average Remaining Contractual Term, Outstanding	5 months 1 day
Weighted Average Remaining Contractual Term, Vested and expected to vest	5 months 1 day
Aggregate Intrinsic Value, Outstanding	$ 158
Aggregate Intrinsic Value, Vested and expected to vest	$ 158
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning balance	2,764,112
Number of Options, Granted	1,507,591
Number of Options, Exercised	(118,900)
Number of Options, Cancelled or forfeited	(232,047)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period	(74,224)
Number of Options, Outstanding, Ending balance	3,846,532	2,764,112
Number of Options, Exercisable, Ending balance	1,354,691
Number of Options, Vested and expected to vest	3,561,850
Weighted Average Exercise Price per Share, Options outstanding, Beginning balance	$ 4.63
Weighted Average Exercise Price per Share, Granted	11.14
Weighted Average Exercise Price per Share, Exercised	1.22
Weighted Average Exercise Price per Share, Forfeited	(9.79)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	2.04
Weighted Average Exercise Price per Share, Options outstanding, Ending balance	7.02	$ 4.63
Weighted Average Exercise Price per Share, Exercisable, Ending balance	4.80
Weighted Average Exercise Price per Share, Vested and expected to vest	$ 7.55
Weighted Average Remaining Contractual Term (in years), Options outstanding	8 years 3 months 21 days	8 years 8 months 8 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 3 months 21 days	8 years 8 months 8 days
Weighted Average Remaining Contractual Term (in years), Exercisable	7 years 10 months 28 days
Weighted Average Remaining Contractual Term (in years), Vested and expected to vest	8 years 6 months
Aggregate Intrinsic Value, Options outstanding	$ 9,083	$ 45,280
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value	9,083	$ 45,280
Aggregate Intrinsic Value, Exercisable	4,643
Aggregate Intrinsic Value, Vested and expected to vest	$ 7,606

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income (loss)	$ (47,468)	$ (9,803)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense	25	235
Inventory reserve	697	441
Depreciation and amortization	3,165	2,883
Stock-based compensation	3,711	1,551
Deferred taxes	(1,930)	(2,837)
Amortization of debt financing costs	278	134
Non-cash lease expense	329	65
Loss on disposal of property, plant and equipment	326	41
Goodwill impairment	16,613	0
Long-lived assets impairment	4,188
Other		(10)
Changes in operating assets and liabilities:
Accounts receivable	380	(278)
Inventories	(7,550)	(2,253)
Income taxes receivable	1,166	229
Prepaid expenses and other current assets	64	(1,301)
Other non-current assets	(2,072)	(156)
Accounts payable	572	270
Accrued liabilities	188	1,810
Other	(82)	(90)
Cash used in operating activities	(27,400)	(9,069)
Investing activities:
Purchase of property, plant and equipment	(28,149)	(19,877)
Proceeds from loan to related party	0	529
Proceeds on sales of short-term marketable securities	0	1,132
Proceeds from maturities of short-term marketable securities	0	695
Cash used in investing activities	(28,149)	(17,521)
Financing activities:
Proceeds from long-term debt	10,135	11,889
Payment of debt issuance costs	(172)	(153)
Payment of exit fee costs	(135)	0
Payment of issuance costs for initial public offering	0	(3,615)
Proceeds from initial public offering, net of underwriters' commissions and discounts	0	102,672
Proceeds from exercise of stock options	145	0
Proceeds from issuance of common stock under employee stock purchase plan	294	0
Cash provided by financing activities	10,267	110,793
Change in cash and cash equivalents	(45,282)	84,203
Cash and cash equivalents at beginning of period	87,518	3,315
Cash and cash equivalents at end of period	42,236	87,518
Supplemental cash flow disclosures:
Income taxes paid	0	8
Interest paid, net of amounts capitalized	101	414
Capitalized property, plant and equipment included in accounts payable and accrued liabilities	2,237	2,088
Conversion of convertible and redeemable preferred stock into common stock	0	35,638
Accretion of convertible and redeemable preferred stock to redemption value	0	300
Recognition of operating right-of-use lease asset	22,094	0
Recognition of operating lease liabilities	$ 22,363	$ 0

Long-Term Debt - Summary of Components of Carrying Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Long term debt	$ 22,135	$ 12,000
Cumulative accretion of exit fee	161	90
Unamortized debt discount and debt issuance costs	(320)	(220)
Long-term debt, net	$ 21,976	$ 11,870

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Indefinite And Definite Lived Intangible Assets [Line Items]
Financial performance description			the trailing-twelve-month and next-twelve-month enterprise value-to-revenue multiples.
Goodwill impairment	$ 16,600		$ 16,613	$ 0
Amortization of intangible assets			$ 1,148	1,148
Acquired finite-lived intangible assets, weighted average useful life			4 years
Impairment of intangible assets			$ 0	$ 0
Measurement Input, Discount Rate [Member]
Indefinite And Definite Lived Intangible Assets [Line Items]
Weighted Average Cost Of Capital			18.00%
Measurement Input, Control Premium [Member]
Indefinite And Definite Lived Intangible Assets [Line Items]
Implied control premium		25.00%

Net Income (Loss) Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

Note 14. Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, stock options, restricted stock units, employee stock purchase rights, and convertible preferred stock are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive for all periods presented.

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	For the Year Ended December 31,
	2022			2021
Net loss	$	(47,468	)	$	(9,803	)
Weighted average shares used in computing net loss per share—basic and diluted		28,083,563			16,087,653
Net loss per share—basic and diluted	$	(1.69	)	$	(0.61	)


	For the Year Ended December 31,
	2022		2021
Employee share-based awards to purchase common stock		3,208,403		2,206,993
Convertible Series A preferred stock		—		4,607,059
Total		3,208,403		6,814,052

Other Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Income Statement [Abstract]

Schedule of change in the allowance for doubtful accounts

The change in the allowance for doubtful accounts is as follows:


	For the Year Ended December 31,
	2022			2021
Beginning balance	$	23		$	23
Provisions (benefits)		25			235
Recoveries (write-offs), net		(26	)		(235	)
Ending balance	$	22		$	23

Schedule of change in the inventory reserve

The change in the inventory reserve is as follows:


	For the Year Ended December 31,
	2022			2021
Beginning balance	$	470		$	29
Provisions (benefits)		697			555
Write-offs and other		(121	)		(114	)
Ending balance	$	1,046		$	470

Schedule of change in the income tax valuation allowance

The change in the income tax valuation allowance is as follows:


	For the Year Ended December 31,
	2022		2021
Beginning balance	$	477	$	—
Additions charged to expense		6,693		477
Reductions charged to other accounts		—		—
Ending balance	$	7,170	$	477

Long-Term Debt - Additional Information (Details) - USD ($)				1 Months Ended			6 Months Ended		12 Months Ended
	Nov. 08, 2022	May 10, 2022	Mar. 26, 2021	Nov. 30, 2022	Jul. 31, 2022	Jan. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Oct. 31, 2022	Oct. 05, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Maximum amount borrowed													$ 5,000,000.0
Line of Credit Facility, Current Borrowing Capacity			$ 5,000,000.0										5,000,000.0
Cash Received Under the Term Loan			12,000,000.0
Maximum amount borrowed at the end of month			$ 12,000,000.0
Unused Borrowing Capacity Amount												$ 5,000,000.0	40,135,000	$ 5,000,000.0
Contingent Revenue					$ 38,500	$ 37,000,000.0
Line of Credit Facility, Description		If any advance under the Term Loan was prepaid at any time, the prepayment fee was based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment is made after the closing date of the Term Loan.	If any advance under the Previous Term Loan was prepaid at any time, the prepayment fee was based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment was made after the closing date of the Term Loan.
Term Loan Exit Fee Rate		5.00%
Net revenue requirement for the financial covenant									$ 42,500,000	$ 32,000,000.0
Term Loan			$ 12,000,000.0
Payment of debt issuance costs									172,000	153,000
Long term debt									22,135,000	12,000,000
Long-term debt, net									21,976,000	$ 11,870,000
Forecast [Member]
Debt Instrument [Line Items]
Unused Borrowing Capacity Amount							$ 10,000,000.0	$ 10,000,000.0			$ 10,000,000.0
Contingent Revenue							19,000,000.0	15,000,000.0
Liquidity, line of credit							$ 15,000,000.0	$ 10,000,000.0
Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Increase Borrowing Capacity													15,000.0
Maturity date		May 01, 2027
Net revenue requirement for the financial covenant	$ 42,500,000								$ 38,000,000.0
Long-term line of credit	$ 10,000,000.0
Minimum Fee Rate [Member]
Debt Instrument [Line Items]
Term Loan Exit Fee Rate	5.00%
Maximum Fee Rate [Member]
Debt Instrument [Line Items]
Term Loan Exit Fee Rate	7.00%
LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.50%
LIBOR [Member] \| Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.75%
LIBOR Floor [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			6.45%
LIBOR Floor [Member] \| Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Adjusted upward rate	0.10%
Term SOFR floor				1.00%
The Facility [Member]
Debt Instrument [Line Items]
Maximum amount borrowed			$ 27,000,000.0										57,135,000
Revolver [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Applicable Margin	3.75%
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Maximum amount borrowed			22,000,000.0										$ 52,135,000
Term loan exit fee			$ 600,000
Exit Fees Percentage of Term Loan			5.00%
Payment of debt issuance costs			$ 300,000
Term Loan [Member]
Debt Instrument [Line Items]
Maximum amount borrowed at the end of month		$ 5,135,000
Term Loan [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		6.45%
Term Loan [Member] \| LIBOR Floor [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Applicable Margin	6.45%

Nature of the Business

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Note 1. Nature of the Business

Alpha Teknova, Inc. (referred to herein as the Company or Teknova), produces critical reagents for the research, discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics. Product offerings include pre-poured media plates for cell growth and cloning; liquid cell culture media and supplements for cellular expansion; and molecular biology reagents for sample manipulation, resuspension, and purification. Teknova supports customers spanning the life sciences market, including pharmaceutical and biotechnology companies, contract development and manufacturing organizations, in vitro diagnostic franchises, and academic and government research institutions, with catalog and custom, made-to-order products.

Teknova manufactures its products at its Hollister, California headquarters and stocks inventory of raw materials, components, and finished goods at that location. The Company ships products directly from its warehouse in Hollister, California.

Stock Split

In June 2021, the Company’s board of directors and stockholders, respectively, approved a 1.8746 for-one forward stock split of the Company’s issued and outstanding shares of common stock, including the shares of common stock underlying outstanding stock options. This stock split was effectuated on June 17, 2021. The par value of the Company’s common stock was not adjusted as a result of the stock split. All issued and outstanding share and per share amounts of the Company’s common stock and stock options included in the accompanying financial statements have been retroactively adjusted to reflect this stock split for all periods presented.

Initial Public Offering

On June 29, 2021, the Company completed its initial public offering (IPO) in which the Company issued and sold 6,900,000 shares of its common stock, including shares issued upon the exercise in full of the underwriters’ option to purchase 900,000 additional shares of its common stock, at a public offering price of $16.00 per share. The Company received $99.1 million in net proceeds, after deducting underwriting discounts and commissions of $7.7 million and offering expenses of $3.6 million.

On June 28, 2021, all outstanding shares of convertible and redeemable preferred stock were converted into 17,512,685 shares of the Company’s common stock. Prior to the conversion of preferred stock to the Company’s common stock, total accretion of $0.3 million related to costs associated with the issuance of the convertible and redeemable preferred stock was recognized as an increase to the carrying value from $35.6 million to $35.9 million. Subsequent to the closing of the IPO, there were no shares of convertible and redeemable preferred stock outstanding.

Prior to the IPO, deferred offering costs, which consist primarily of direct incremental legal, accounting, and consulting fees relating to the Company’s IPO, were capitalized within prepaid expenses and other current assets in the balance sheets. Upon the closing of the IPO, these costs were reclassified into additional paid-in capital, as an offset against IPO proceeds. As of December 31, 2021, $3.6 million of these IPO-related costs were included as a reduction to additional paid-in capital on the balance sheet.

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 22	$ 23
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	(0)	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	28,179,423	28,012,017
Common stock, shares outstanding	28,179,423	28,012,017

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue Recognition

Teknova has two primary product categories: Lab Essentials and Clinical Solutions. Previously, the Company had a third product category, Sample Transport, which it ceased producing in 2021.

Lab Essentials

Teknova is a leader in providing highly complex chemical formulations for use in biological research and drug discovery. The Company's core research products consist of commonly used, catalog solutions and customer-specified formulations. During discovery, the Company's products are used regularly in small, bench-scale experiments. As customers optimize their processes and begin to scale up in volume, they tend to order more custom products. The Lab Essentials portion of Teknova's business includes: pre-poured media plates for cell growth and cloning; liquid cell culture media and supplements for cellular expansion; and molecular biology reagents for sample manipulation, resuspension, and purification. Teknova's Lab Essentials products include essential formulations for common research applications and highly customized formulations for customer-specific applications in genomics and bioproduction.

Clinical Solutions

In 2017, Teknova achieved ISO 13485:2016 certification, enabling the Company to meet the quality system regulation of products for use as components in diagnostic and therapeutic products manufactured by the Company's customers. Teknova believes that its Clinical Solutions products are used in the production of protein therapies, gene therapies, mRNA vaccines, and diagnostic kits. The Clinical Solutions portion of our business includes: liquid cell culture media and supplements for cellular expansion and molecular biology reagents for sample manipulation, resuspension, and purification.

Sample Transport

In 2020, Teknova developed and commercialized a suite of sample collection and transport reagents to aid in sample processing for COVID-19 testing. Subsequently, demand for COVID-19 testing declined significantly while the market supply of sample transport medium grew. As a result, in 2021, the Company decided to cease production of transport medium and no longer markets those reagents.

Teknova’s revenue, disaggregated by product category, for the years ended December 31, 2022 and 2021 was follows (in thousands):


	For the Year Ended December 31,
	2022		2021
Lab Essentials	$	31,772	$	27,184
Clinical Solutions		8,445		6,793
Sample Transport		6		1,530
Other		1,197		1,386
Total revenue	$	41,420	$	36,893

Teknova’s revenue, disaggregated by geographic region, for the years ended December 31, 2022 and 2021 was follows (in thousands):


	For the Year Ended December 31,
	2022		2021
United States	$	40,103	$	35,808
International		1,317		1,085
Total revenue	$	41,420	$	36,893

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 41,420	$ 36,893
Cost of sales	23,944	19,272
Gross profit	17,476	17,621
Operating expenses:
Research and development	7,737	4,312
Sales and marketing	9,151	3,777
General and administrative	28,298	20,392
Amortization of intangible assets	1,148	1,148
Goodwill impairment	16,613	0
Long-lived assets impairment	4,188
Total operating expenses	67,135	29,629
Loss from operations	(49,659)	(12,008)
Other income (expenses), net
Interest income (expense), net	213	(589)
Other expense, net	55	(40)
Total other income (expenses), net	268	(629)
Loss before income taxes	(49,391)	(12,637)
Benefit from income taxes	(1,923)	(2,834)
Net income (loss)	(47,468)	(9,803)
Change in unrealized loss on available-for-sale securities, net of tax		(7)
Comprehensive loss	$ (47,468)	$ (9,810)
Earnings Per Share [Abstract]
Basic	$ (1.69)	$ (0.61)
Diluted	$ (1.69)	$ (0.61)
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Basic	28,083,563	16,087,653
Diluted	28,083,563	16,087,653

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

On February 1, 2023, the Company carried out a reduction in workforce of approximately 40 positions, aimed at reducing operating expenses. The Company estimates that it will incur approximately $0.8 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The Company expects the majority of the costs to be incurred and payments made during the first quarter of 2023. Total annual cost savings are estimated at $4 million.

On March 28, 2023, the Company entered into Amendment No. 2 to the Credit Agreement (Amendment No. 2) which (i) increased the applicable margin from 6.45% to 7.00% for the Amended Term Loan and from 3.75% to

4.00% for the Amended Revolver, and increased the Term SOFR floor from 1.00% to 4.50% on both the Amended Term Loan and Amended Revolver, (ii) gave lenders discretion regarding the $10.0 million in borrowings in the second half of 2023 and the $10.0 million in borrowings in the first half of 2024 by removing the trailing twelve month Clinical Solutions revenue requirement that was previously required under the Amended Term Loan, (iii) removed the increase in the minimum cash covenant from $10.0 million to $15.0 million on the $10.0 million in borrowings in the first half of 2024, and added the $10.0 million minimum cash covenant requirement throughout the remaining term of the Amended Credit Agreement, and (iv) reduced the requirements for trailing twelve months of net revenue for all future periods—for example, for the twelve months ending December 31, 2023, the minimum net revenue requirement was reduced from $45.0 million to $42.0 million. Concurrent with Amendment No. 2, the exit fee due on the date of termination of the Amended Term Loan, or the date on which the obligations under the Amended Term Loan become due and payable in full, increased from 7.00% percent to 8.50% of the total aggregate principal amount of term loans made pursuant to the Term Loan (including amendments thereto) as of such date. Other than the modifications described in this paragraph and in Item 9B below, the Amended Credit Agreement continues unmodified in all other material respects.

On March 30, 2023, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen), under which the Company may offer and sell, from time to time, shares of common stock having aggregate gross proceeds of up to $50.0 million (the ATM Shares). The Company will pay Cowen a commission of up to 3% of the gross proceeds of any sales of the ATM Shares pursuant to the Sales Agreement.

Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0
State	7	3
Total current	7	3
Deferred:
Federal	(2,055)	(2,604)
State	125	(233)
Total deferred	(1,930)	(2,837)
Income tax expense (benefit)	$ (1,923)	$ (2,834)

- Definition

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

+ References + Details

Summary of Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Use of Estimates

Going Concern

Segment Reporting

Concentrations of Credit Risk

Cash and Cash Equivalents

Fair Value of Financial Instruments

Accounts Receivable

Inventories

Capitalized Software Implementation Costs

Property, Plant and Equipment

Property, Plant, and Equipment

depreciation are removed from the balance sheets, and the resulting gain or loss is reflected in the statements of operations and comprehensive loss.

The estimated useful lives of the major classes of property and equipment are as follows:


		Estimated Useful Lives
Machinery and equipment		5 – 15 years
Office furniture and equipment		3 – 7 years
Vehicles		5 years
Leasehold improvements		3 – 15 years

Impairment of Long-Lived Assets

Goodwill

Intangible Assets

Teknova’s intangible assets consist of the Teknova trade name and the Company's customer relationships.

There was no impairment of intangible assets during the years ended December 31, 2022 and 2021.

Leases

Debt Issuance Costs

Revenue Recognition

We account for revenue in accordance with ASC 606, Revenue From Contracts With Customers. Teknova recognizes revenue for sales of goods through the following steps:

▪

Identification of the contract, or contracts, with a customer, typically a purchase order

▪

Identification of the performance obligations in the contract

▪

Determination of the transaction price

▪

Allocation of the transaction price to the performance obligations in the contract

▪

Recognition of revenue when, or as, the company satisfies a performance obligation

Costs incurred to obtain contracts with customers are expensed immediately, because the amortization period for such costs is one year or less.

Cost of Sales

Research and Development Expenses

Sales and Marketing Expenses

General and Administrative Expenses

Stock-Based Compensation

Employee Benefit Plans

Income Taxes

Net Loss Per Share of Common Stock

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Related Parties - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Thomas E Davis L L C
Related Party Transaction [Line Items]
Related party notes receivable			$ 0.5
Meeches LLC [Member]
Related Party Transaction [Line Items]
Payment for Rent Expense	$ 0.3	$ 0.3

Convertible and Redeemable Preferred Stock

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Convertible and Redeemable Preferred Stock

Note 11. Convertible and Redeemable Preferred Stock

In June 2021, the Company’s board of directors and stockholders, respectively, approved a 1.8746 for-one forward stock split, which was effectuated on June 17, 2021. On June 28, 2021, all outstanding shares of the Company’s Series A preferred stock were converted into 17,512,685 shares of the Company’s common stock on a one-to-one basis and their carrying value of $35.9 million was reclassified into stockholders’ equity. As of December 31, 2022 and 2021, there were no shares of convertible and redeemable preferred stock issued and outstanding.

Concentrations of Risk - Summary of inventory purchases and outstanding balance of accounts payable (Details) - Customers Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Inventory Purchases [Member] \| Distributor customer A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk, Percentage	37.00%	40.00%
Inventory Purchases [Member] \| Direct supplier A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk, Percentage	14.00%	11.00%
Inventory Purchases [Member] \| Direct supplier B [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk, Percentage	12.00%	10.00%
Accounts Payable [Member] \| Distributor customer A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk Percentage	11.00%	20.00%

Leases - Schedule of maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022
Lessee Disclosure [Abstract]
2023	$ 3,142
2024	3,046
2025	2,607
2026	2,558
2027	2,529
Thereafter	11,915
Total lease payments	25,797
Less: imputed interest	(5,463)
Present value of lease liabilities	$ 20,334	$ 20,500

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Payroll-related	$ 2,796	$ 2,818
Property, plant and equipment	1,966	1,446
Deferred revenue	198	200
Other	1,243	1,031
Total current accrued liabilities	$ 6,203	$ 5,495

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

Teknova’s provision for (benefit from) income taxes consist of the following for the year ended December 31, 2022 and 2021 (in thousands):


	For the Year Ended December 31,
	2022			2021
Current:
Federal	$	—		$	—
State		7			3
Total current		7			3
Deferred:
Federal		(2,055	)		(2,604	)
State		125			(233	)
Total deferred		(1,930	)		(2,837	)
Income tax benefit	$	(1,923	)	$	(2,834	)

A reconciliation of the statutory tax rate to the Company’s effective tax rate is as follows:


	For the Year Ended December 31,
	2022			2021
Statutory federal income tax rate %		21.0	%		21.0	%
State income tax rate		5.6			2.1
Stock compensation		(0.5	)		(1.5	)
Research and development credit		0.2			0.6
Change in valuation allowance		(13.6	)		—
Goodwill impairment		(9.0	)		—
Other		0.2			0.2
Effective tax rate %		3.9	%		22.4	%

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due, plus deferred taxes. Deferred taxes are recognized for differences between the basis of assets and liabilities for financial statement and income tax purposes. The deferred tax assets and liabilities represent the future tax return consequences of those differences, which will be either deductible or taxable when the assets and liabilities are recovered or settled. The Company’s component of net deferred tax liability and assets consist of the following as of December 31, 2022 and 2021 (in thousands):


	As of December 31,
	2022			2021
Deferred tax asset
Net operating loss carryforwards	$	8,005		$	3,672
Accrued compensation		552			401
Stock compensation		1,008			262
Tax credit carryforwards		275			150
Accruals and other		321			241
Operating lease liabilities		5,435			—
Capitalized research and development expenses		1,450			—
Total deferred tax asset		17,046			4,726
Deferred tax liability
Fixed assets		(1,131	)		(2,429	)
Intangibles		(4,693	)		(4,973	)
Operating right-of-use lease assets		(5,275	)		—
Total deferred tax liability		(11,099	)		(7,402	)
Valuation allowance		(7,170	)		(477	)
Net deferred tax liability	$	(1,223	)	$	(3,153	)

As of the end of December 31, 2022, Teknova has federal and state net operating loss carryforwards (NOLs) of $28.9 million and $30.3 million, respectively. The federal NOLs will carryforward indefinitely but are subject to an 80% taxable income limitation. The state NOLs begin to expire in 2036. As of December 31, 2022, the Company has federal research and development tax credit carryforwards of $0.2 million, which will begin to expire in 2035 and a state research and development tax credit carryforward of $0.1 million and carry forward indefinitely. NOLs and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, as well as similar state tax provisions. This could limit the amount of NOLs and tax credits that the Company can utilize annually to offset future taxable income or tax liabilities.

On June 29, 2020, the California legislature enacted California Assembly Bill 85 (AB 85), which suspends the use of California NOLs and limits the use of California research tax credits for tax years beginning in 2020 and before 2023. There was no significant impact on the Company's 2021 financial statements due to the loss generated. Subsequently on February 9, 2022, California Senate Bill (SB 113) was enacted and restores the use of net operating losses and business tax credits that were suspended or limited under AB 85 one year earlier, allowing tax attributes

to be used in fiscal year 2022. There was no significant impact on the Company's 2022 financial statements due to the loss generated.

Effective for tax years beginning after December 31, 2021, taxpayers are required to capitalize any expenses incurred that are considered incidental to research and experimentation (R&E) activities under IRC Section 174. While taxpayers historically had the option of deducting these expenses under IRC Section 174, the Tax Cuts and Jobs Act mandates capitalization and amortization beginning with tax years after December 31, 2021. Expenses incurred in connection with R&E activities must be amortized over a 5-year period if incurred in the U.S. or over a 15-year period if incurred outside of the U.S. R&E activities are broader in scope than the calculation of qualified research activities under IRC Section 41 (for research and development tax credit purposes). For the year ended December 31, 2022, the Company performed an analysis based on all the guidance available and has determined that it will continue to be in a loss position after considering the R&E capitalization. The Company will continue to monitor the effects of this legislation, but we do not expect this change will have a material cash impact to the Company’s taxes because our remaining operating expenses after excluding R&E expenses are significant enough to keep the Company in a current-year loss.

The Company had insignificant unrecognized tax benefits at December 31, 2022 and 2021. In connection with FASB’s Accounting for Uncertainty in Income Taxes, the Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect to recognize any unrecognized tax benefits over the next twelve months. Consequently, the Company has not accrued interest or penalties related to uncertain tax positions as of the end of December 31, 2022 or 2021.

Teknova files income tax returns in the U.S. federal jurisdiction and various states. The Company is no longer subject to U.S. federal income tax examinations for tax years prior to 2019. The Company is no longer subject to state income tax examinations for tax years prior to 2018. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Income Taxes - Schedule of Net Deferred Tax Liability and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax asset
Net operating loss carryforwards	$ 8,005	$ 3,672
Accrued compensation	552	401
Stock compensation	1,008	262
Tax credit carryforwards	275	150
Accruals and other	321	241
Operating lease liabilities	5,435	0
Capitalized research and development expenses	1,450	0
Total deferred tax asset	17,046	4,726
Deferred tax liability
Fixed assets	(1,131)	(2,429)
Intangibles	(4,693)	(4,973)
Operating right-of-use lease assets	(5,275)	0
Total deferred tax liability	(11,099)	(7,402)
Valuation allowance	(7,170)	(477)
Net deferred tax liability	$ (1,223)	$ (3,153)

Nature of the Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 28, 2021	Jun. 29, 2021	Dec. 31, 2022	Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued			28,179,423	28,012,017
Payment of issuance costs for initial public offering		$ 99,100	$ 0	$ 102,672
Underwriting discounts and commissions		7,700
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)	17,512,685
Preferred stock, shares outstanding			(0)	0
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		$ 3,600		$ 3,600
Convertible and Redeemable Preferred Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Preferred stock, shares outstanding			0
Convertible and Redeemable Preferred Stock [Member] \| Minimum [Member]
Subsidiary Sale Of Stock [Line Items]
Convertible preferred stock carrying value			$ 35,600
Convertible and Redeemable Preferred Stock [Member] \| Maximum [Member]
Subsidiary Sale Of Stock [Line Items]
Convertible preferred stock carrying value			$ 35,900
IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Option to Purchase Additional Shares of Common Stock		900,000
Shares Issued, Price Per Share		$ 16.00
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)		6,900,000
Accretion Expense	$ 300

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 2,000	$ 1,700
Accumulated Capitalized Interest Costs	1,600	$ 300
Long-lived assets impairment	$ 4,188

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Note 10. Long-Term Debt, Net

On May 10, 2022, the Company entered into the Amended and Restated Credit and Security Agreement (Term Loan) as borrower, with MidCap Financial Trust (MidCap), as agent and lender, and the additional lenders from time to time party thereto (the Term Loan Credit Agreement) and the Amended and Restated Credit and Security Agreement (Revolving Loan) as borrower, with MidCap as agent and lender, and the additional lenders from time to time party thereto (the Revolving Loan Credit Agreement, together with the Term Loan Credit Agreement, the Credit Agreement).

The Credit Agreement provided for a $57.135 million credit facility (the Credit Facility) consisting of a $52.135 million senior secured term loan (the Term Loan) and a $5.0 million working capital facility (the Revolver). The Term Loan consisted of the $12.0 million balance made available in 2021 under the previous credit facility and an additional $40.135 million, staged such that $5.135 million was funded upon closing of the Credit Agreement, an additional $5.0 million was funded on October 31, 2022, $10.0 million was to be available in the first half of 2023, $10.0 million was to be available in the second half of 2023 and $10.0 million was to be available in the first half of 2024, with the borrowing in the second half of 2023 and in the first half of 2024 being contingent upon achieving trailing twelve months of Clinical Solutions revenue of $15.0 million and $19.0 million, respectively, and liquidity requirements (as defined in the Credit Agreement) of $10.0 million and $15.0 million, respectively. The maximum loan amount under the Revolver was $5.0 million, and the Company was permitted to request the lenders to increase such amount up to $15.0 million. Borrowings on the Revolver were limited in accordance with a borrowing base calculation.

The interest on the Term Loan was based on the annual rate of one-month London Inter-Bank Offered Rate (LIBOR) plus 6.45%, subject to a LIBOR floor of 1.00%. If any advance under the Term Loan was prepaid at any time, the prepayment fee was based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment is made after the closing date of the Term Loan. Interest on the outstanding balance of the Revolver was payable monthly in arrears at an annual rate of one-month LIBOR plus 3.75%, subject to a LIBOR floor of 1.00%.

The maturity date of the Credit Facility is May 1, 2027. On the date of termination of the Term Loan or the date on which the obligations under the Term Loan become due and payable in full, the Company would pay an exit fee in an amount equal to 5.00% of the total aggregate principal amount of term loans made pursuant to the Term Loan as of such date. The Credit Agreement contained a financial covenant based upon a trailing twelve months of net revenue, including a requirement of $42.5 million in the twelve months ending December 31, 2022.

On November 8, 2022, the Company entered into Amendment No. 1 to the Credit Agreement (Amendment No. 1 or, as amended, the Amended Credit Agreement) which (i) replaced the LIBOR-based interest rate with a rate equal to the forward-looking one-month term Secured Overnight Financing Rate adjusted upward by 0.10% (or Term SOFR, as defined in Amendment No. 1) plus an applicable margin (6.45% for the Term Loan and 3.75% for the Revolver), with a Term SOFR floor of 1.00%, and with such interest rate calculation change taking effect on December 1, 2022, (ii) increased the applicable prepayment fee percentage amounts by one percentage point, (iii) gave lenders discretion regarding the $10.0 million in borrowing that was previously guaranteed to be available under the Term Loan in the first half of 2023, and (iv) reduced the requirements for trailing twelve months of net revenue for all future periods—for example, for the twelve months ending December 31, 2022, the minimum net

revenue requirement was reduced from $42.5 million to $38.0 million, where as of December 31, 2022, the Company was in compliance with this requirement. Concurrent with Amendment No. 1, the exit fee due on the date of termination of the Term Loan, or the date on which the obligations under the Term Loan become due and payable in full, increased from 5.00% to 7.00% of the total aggregate principal amount of term loans made pursuant to the Term Loan as of such date. Subsequent to December 31, 2022, the Company further amended the Credit Agreement. Refer to Note 17. Subsequent Events, below for a description of the amendment.

Previously, on March 26, 2021, the Company entered into the following agreements (together, the Previous Credit Agreement): (i) that certain credit and security agreement (Previous Term Loan), dated as of March 26, 2021, by and among the Company and MidCap Financial Trust, as agent and lender, and the additional lenders from time to time party thereto, and (ii) that certain credit and security agreement (Previous Revolving Loan), dated as of March 26, 2021, by and among the Company and MidCap Financial Trust, as agent and lender, and the additional lenders from time to time party thereto. The Previous Credit Agreement provided for a $27.0 million credit facility (the Previous Facility) consisting of a $22.0 million senior, secured term loan (the Previous Term Loan), and a $5.0 million working capital facility (the Previous Revolver). The Previous Term Loan was staged such that $12.0 million was available immediately, an additional $5.0 million was available on September 30, 2021, and $5.0 million was to be made available in 2022, but the final borrowing in 2022 was contingent upon achieving trailing twelve months net revenue of $37.0 million if the proposed funding date was to be on or after January 1, 2022, and before July 1, 2022 or $38.5 million if the proposed funding date was to be on or after July 1, 2022, and on or before September 30, 2022, and earnings before interest, taxes, depreciation, and amortization (EBITDA) targets (as defined in the Credit Agreement). The Company opted not to draw down the $5.0 million Previous Term Loan tranche available on September 30, 2021. Borrowings on the Previous Revolver were limited to those derived from a borrowing base calculation; however, as of December 31, 2021, there was no drawdown on the Revolver. The interest on the Previous Term Loan was based on the annual rate of one-month London Inter-Bank Offered Rate (LIBOR) plus 6.45%, subject to a LIBOR floor of 1.50%. If any advance under the Previous Term Loan was prepaid at any time, the prepayment fee was based on the amount being prepaid and an applicable percentage amount, such as 3%, 2%, or 1%, based on the date the prepayment was made after the closing date of the Term Loan. The Previous Credit Agreement contained a financial covenant based upon a trailing twelve months of net revenue, including a requirement of $32.0 million in the twelve months ended December 31, 2021. As of December 31, 2021, the Company was in compliance with this requirement. The outstanding balance on the Previous Facility would have been due in full on March 1, 2026. At the end of the Previous Term Loan, the Company was to pay an exit fee of $0.6 million, which represented 5% of the $12.0 million in borrowings made available immediately on March 26, 2021. Such fee was being accreted to interest expense over the life of the Term Loan. The Company incurred $0.3 million of debt issuance costs, which were recorded in long-term debt in the balance sheet.

Long-term debt, net consists of the following (in thousands):


	As of December 31,
	2022			2021
Long-term debt	$	22,135		$	12,000
Cumulative accretion of exit fee		161			90
Unamortized debt discount and debt issuance costs		(320	)		(220	)
Long-term debt, net	$	21,976		$	11,870

At December 31, 2022, the scheduled maturities of the Company's debt obligations were as follows (in thousands):


	Amount
2023	$	—
2024		—
2025		6,456
2026		11,068
2027		4,611
Total	$	22,135

As of December 31, 2022, the fair value of Teknova's long-term debt approximates its carrying value. The fair value of Teknova's long-term debt was based on observable market inputs (Level 2).

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Note 7. Leases

The Company leases office space, warehouse and manufacturing space, and equipment. The Company's lease agreements have remaining lease terms of one year to 15 years, and some of these leases have renewal and termination options. Such termination options are exercisable at the Company’s option. Terms and conditions to extend or terminate such leases are recognized as part of the right-of-use assets and lease liabilities where reasonably certain to be exercised. All of the Company's leases are operating leases.

Operating lease expense was $3.2 million for the year ended December 31, 2022. Rent expense for the year ended December 31, 2021, was $1.7 million. Cash paid for amounts included in the measurement of the lease liabilities was $2.8 million for the year ended December 31, 2022. The weighted-average discount rate was 4.9% and the weighted-average remaining lease term was 9.2 years as of December 31, 2022.

Maturities of operating lease liabilities at December 31, 2022, is as follows (in thousands):


	Amount
2023	$	3,142
2024		3,046
2025		2,607
2026		2,558
2027		2,529
Thereafter		11,915
Total lease payments		25,797
Less: imputed interest		(5,463	)
Present value of lease liabilities	$	20,334

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Teknova’s revenue, disaggregated by product category, for the years ended December 31, 2022 and 2021 was follows (in thousands):


	For the Year Ended December 31,
	2022		2021
Lab Essentials	$	31,772	$	27,184
Clinical Solutions		8,445		6,793
Sample Transport		6		1,530
Other		1,197		1,386
Total revenue	$	41,420	$	36,893

Teknova’s revenue, disaggregated by geographic region, for the years ended December 31, 2022 and 2021 was follows (in thousands):


	For the Year Ended December 31,
	2022		2021
United States	$	40,103	$	35,808
International		1,317		1,085
Total revenue	$	41,420	$	36,893

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule Of Maturities Of Operating Lease Liabilities

Maturities of operating lease liabilities at December 31, 2022, is as follows (in thousands):


	Amount
2023	$	3,142
2024		3,046
2025		2,607
2026		2,558
2027		2,529
Thereafter		11,915
Total lease payments		25,797
Less: imputed interest		(5,463	)
Present value of lease liabilities	$	20,334

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Stock Options Activity

The following table summarizes the stock option activity for the year ended December 31, 2022 (in thousands, except share and per share data):


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2022		2,764,112		$	4.63		8.69	$	45,280
Granted		1,507,591		$	11.14		—		—
Exercised		(118,900	)	$	1.22		—		—
Forfeited		(232,047	)	$	9.79		—		—
Expired		(74,224	)	$	2.04		—		—
Outstanding at December 31, 2022		3,846,532		$	7.02		8.31	$	9,083
Exercisable at December 31, 2022		1,354,691		$	4.80		7.91	$	4,643
Vested and expected to vest at December 31, 2022		3,561,850		$	7.55		8.50	$	7,606

Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]

The following table summarizes the restricted stock unit activity for the year ended December 31, 2022 (in thousands, except share and per share data):


	Number of Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2022		—	$	—		—	$	—
Granted		28,071	$	7.43		—		—
Vested		—	$	—		—		—
Forfeited		—	$	—		—		—
Outstanding at December 31, 2022		28,071	$	7.43		0.42	$	158
Vested and expected to vest at December 31, 2022		28,071	$	7.43		0.42	$	158

Schedule of Stock-Based Compensation Expense

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the accompanying financial statements was as follows (in thousands):


	For the Year Ended December 31,
	2022		2021
Cost of sales	$	147	$	7
Research and development		187		157
Sales and marketing		504		66
General and administrative		2,873		1,321
Total stock-based compensation expense	$	3,711	$	1,551

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The weighted average assumptions used in the Black-Scholes option-pricing model are as follows:


	For the Year Ended December 31,
	Employee Stock Option Plans						Employee Stock Purchase Plan
	2022			2021			2022			2021
Estimated dividend yield		-	%		-	%		-	%		-	%
Weighted-average expected stock price volatility		33.77	%		33.51	%		43.00	%		25.47	%
Weighted-average risk-free interest rate		2.79	%		1.06	%		3.70	%		0.06	%
Expected average term of options (in years)		6.25			6.17			0.50			0.50
Weighted-average fair value of common stock	$	11.14		$	19.89		$	7.20		$	24.63
Weighted-average fair value per option	$	4.18		$	6.45		$	1.96		$	5.46

Inventories, Net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, Net

Note 5. Inventories, Net

Inventories consist of the following (in thousands):


	As of December 31,
	2022		2021
Finished goods, net	$	8,368	$	3,172
Work in process		186		105
Raw materials, net		3,693		2,117
Total inventories, net	$	12,247	$	5,394

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)	Dec. 31, 2020 USD ($)
Product Information [Line Items]
Operating segment \| Segment		1
Reportable segment \| Segment		1
Deferred rent		$ 0	$ 269,000	$ 200,000
Net losses		47,468,000	9,803,000
Accumulated Deficit		55,006,000	7,538,000
Working Capital		50,300,000
Cash and cash equivalents		42,236,000	87,518,000		$ 3,315,000
Cash, FDIC insured amount		250,000.0
Goodwill impairment	$ 16,600,000	16,613,000	0
Capitalized Software Implementation Costs		2,200,000	100,000
Amortization expense related to capitalized implementation costs		100,000	0
Impairment of intangible assets		0	0
Operating lease right-of-use assets		19,736,000	0	20,300,000
Operating Lease, Liability		20,334,000		$ 20,500,000
Selling and Marketing Expense [Member]
Product Information [Line Items]
Marketing and Advertising Expense		0	400,000
General and Administrative Expense [Member]
Product Information [Line Items]
Shipping and handling charges		1,400,000	1,100,000
Accrued Liabilities [Member]
Product Information [Line Items]
Contributions payable		100,000	300,000
The 401(k) Plan [Member]
Product Information [Line Items]
Defined contribution plan, employer discretionary contribution amount		$ 600,000	$ 600,000

Convertible and Redeemable Preferred Stock - Additional Information (Details) $ in Thousands			12 Months Ended
	Jun. 28, 2021 shares	Jun. 17, 2021	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 shares
Temporary Equity [Line Items]
Stockholders' equity note, stock split, conversion ratio		1.8746
Conversion of convertible and redeemable preferred stock \| $			$ 35,938
Convertible Series A Preferred Stock [Member]
Temporary Equity [Line Items]
Convertible preferred stock shares issued upon conversion	17,512,685
Convertible preferred stock, terms of conversion	one-to-one
Temporary equity, shares issued			0	0
Temporary equity, shares outstanding			0	0

Other Financial Information

12 Months Ended

Dec. 31, 2022

Other Financial Information Abstract

Other Financial Information

Note 16. Other Financial Information

The change in the allowance for doubtful accounts is as follows:


	For the Year Ended December 31,
	2022			2021
Beginning balance	$	23		$	23
Provisions (benefits)		25			235
Recoveries (write-offs), net		(26	)		(235	)
Ending balance	$	22		$	23

The change in the inventory reserve is as follows:


	For the Year Ended December 31,
	2022			2021
Beginning balance	$	470		$	29
Provisions (benefits)		697			555
Write-offs and other		(121	)		(114	)
Ending balance	$	1,046		$	470

The change in the income tax valuation allowance is as follows:


	For the Year Ended December 31,
	2022		2021
Beginning balance	$	477	$	—
Additions charged to expense		6,693		477
Reductions charged to other accounts		—		—
Ending balance	$	7,170	$	477

Goodwill and Intangible Assets, Net - Summary of the changes in the carrying amount of goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Gross	$ 16,613	$ 16,613
Goodwill, Accumulated Impairment Loss	16,613	0
Goodwill, Total	$ 0	$ 16,613

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 01, 2022	Jan. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense			$ 3,711	$ 1,551
General and Administrative Expense			$ 28,298	$ 20,392
Common stock, shares issued			28,179,423	28,012,017
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 100
Stock-based compensation expense related to employee stock option			$ 100	$ 0
Weighted-average recognition period			5 months 1 day
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 10,100
Stock-based compensation expense related to employee stock option			$ 3,500	1,600
Weighted-average recognition period			3 years 1 month 9 days
Intrinsic value of options			$ 900	0
Grant date fair value of shares vested			$ 6,600	$ 400
Number of Options, Exercised			118,900
Number of Options, Granted			1,507,591
Performance Based Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense			$ 500
Total stock-based compensation expense			3,500
Shares outstanding, Acquired from Performance plan Issuance				231,719
General and Administrative Expense			$ 900	$ 500
Number of Options, Granted		284,682
2021 Equity Incentive Plans [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of total common stock outstanding	4.00%
Additional shares to be issued under share-based payment arrangement					1,127,176
Vesting period			3 years
Increase in common stock reserved for future issuance, term period	10 years
Common stock reserved for future issuance			2,469,164
2021 Equity Incentive Plans [Member] \| Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Vesting, description			The equity-based awards for employees will vest over a four-year period, pursuant to two different vesting schedules. For initial equity-based awards granted to employees, the first vest is generally a one-year cliff vest, followed by monthly vesting for the final three years. Thereafter, annual equity-based awards granted to employees typically vest on a monthly basis over the four-year vest term
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share available for future grants	319,911
Additional shares to be issued under share-based payment arrangement					281,794
Increase in common stock reserved for future issuance, term period	10 years
Percentage of additional shares added on outstanding shares	1.00%
Common stock reserved for future issuance			522,442
Maximum employee subscription rate			15.00%
Discount from market price, offering date			85.00%
Discount from market price, purchase date			85.00%
Issuance of common stock under employee stock purchase plan (In Share)			48,506	0
Employee Stock Purchase Plan, Offering Period			Offering periods are generally six months long and begin on May 15 and November 15 of each year.

Net (Loss) Income Per Share Attributable to Common Stockholders - Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock	3,208,403	6,814,052
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock	3,208,403	2,206,993
Convertible Series A Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options to purchase common stock	0	4,607,059

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities

Accrued liabilities were comprised of the following (in thousands):


	As of December 31,
	2022		2021
Payroll-related	$	2,796	$	2,818
Property, plant, and equipment		1,966		1,446
Deferred revenue		198		200
Other		1,243		1,031
Total current accrued liabilities	$	6,203	$	5,495

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Note 8. Goodwill and Intangible Assets, Net

The following is a summary of the changes in the carrying amount of goodwill (in thousands):


	Balance at December 31, 2022						Balance at December 31, 2021
	Gross		Accumulated Impairment		Net		Gross		Accumulated Impairment		Net
Goodwill	$	16,613	$	16,613	$	—	$	16,613	$	—	$	16,613

During the three months ended September 30, 2022, the market price of Teknova’s common stock and market capitalization declined significantly. Given the significance of this decline, the Company performed interim goodwill impairment testing.

The fair value of the Company was determined using a combination of an income approach and market approach. The income approach was based on the present value of future cash flows, which were derived from financial forecasts, and requires significant assumptions and judgement including, among others, a discount rate and a terminal value. Fair values were based on expected future cash flows using Level 3 inputs under ASC 820, Fair Value Measurement. The cash flows are those expected to be generated by the Company, discounted at the weighted average cost of capital. The present value of future cash flows was determined by discounting estimated future cash flows at an 18.0% weighted average cost of capital, which considers the risk of achieving the projected cash flows, long-term growth rate, the risk applicable to the Company, industry, and to the market as a whole.

The guideline public company method, a market approach method, was also used to estimate the fair value of the Company. The guideline public company method utilizes the trading multiples of similarly traded public companies. The unobservable inputs used to measure the fair value primarily included projected revenue growth rates and the determination of appropriate market comparison companies. Selected multiples were considered and applied to the trailing-twelve-month and next-twelve-month enterprise value-to-revenue multiples.

The resulting estimated fair value was reconciled to the Company’s market capitalization. The reconciliation included an estimated implied control premium above the Company's market capitalization on September 30, 2022, of approximately 25%. Based on the results of the impairment test, the Company determined goodwill was fully impaired and recorded an impairment charge of $16.6 million during the three months ended September 30, 2022. There was no impairment of goodwill during the year ended December 31, 2021.

The following is a summary of intangible assets with definite and indefinite lives (in thousands):


	Balance at December 31, 2022						Balance at December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite Lived:
Customer relationships	$	9,180	$	4,543	$	4,637	$	9,180	$	3,395	$	5,785
Indefinite Lived:
Tradename		12,919		—		12,919		12,919		—		12,919
Total intangible assets	$	22,099	$	4,543	$	17,556	$	22,099	$	3,395	$	18,704

For the years ended December 31, 2022 and 2021 amortization expense was approximately $1.1 million and $1.1 million, respectively.

The remaining weighted-average useful life of definite lived intangible assets is four years. The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands):


	Amount
2023	$	1,148
2024		1,148
2025		1,148
2026		1,148
2027		45
Estimated future amortization expense of definite-lived intangible assets	$	4,637

There was no impairment of intangible assets during the years ended December 31, 2022 and 2021.

Other Financial Information - Change in the allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable, Unclassified [Abstract]
Beginning balance	$ 23	$ 23
Provisions (benefits)	25	235
Recoveries (write-offs), net	(26)	(235)
Ending balance	$ 22	$ 23

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of the changes in the carrying amount of goodwill

The following is a summary of the changes in the carrying amount of goodwill (in thousands):


	Balance at December 31, 2022						Balance at December 31, 2021
	Gross		Accumulated Impairment		Net		Gross		Accumulated Impairment		Net
Goodwill	$	16,613	$	16,613	$	—	$	16,613	$	—	$	16,613

Summary of Intangible Assets with Definite and Indefinite Lives

The following is a summary of intangible assets with definite and indefinite lives (in thousands):


	Balance at December 31, 2022						Balance at December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite Lived:
Customer relationships	$	9,180	$	4,543	$	4,637	$	9,180	$	3,395	$	5,785
Indefinite Lived:
Tradename		12,919		—		12,919		12,919		—		12,919
Total intangible assets	$	22,099	$	4,543	$	17,556	$	22,099	$	3,395	$	18,704

Schedule of Future Amortization Expense

The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands):


	Amount
2023	$	1,148
2024		1,148
2025		1,148
2026		1,148
2027		45
Estimated future amortization expense of definite-lived intangible assets	$	4,637

There was no impairment of intangible assets during the years ended December 31, 2022 and 2021.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
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+ Details

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant, and equipment consist of the following (in thousands):


	As of December 31,
	2022			2021
Machinery and equipment	$	19,433		$	9,942
Office furniture and equipment		628			649
Vehicles		229			70
Leasehold improvements		12,093			2,805
		32,383			13,466
Less—Accumulated depreciation		(4,520	)		(2,473	)
		27,863			10,993
Construction in progress		23,714			18,817
Total property, plant, and equipment, net	$	51,577		$	29,810

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

Equity Incentive Plans

Teknova maintains stock incentive plans for the benefit of certain of Teknova's officers, directors, consultants and employees. The Company granted time-based and performance-based options to purchase common shares under both its 2016 Stock Plan, as amended (2016 Plan) and 2020 Equity Incentive Plan, as amended (2020 Plan). At the time the 2020 Plan became effective, no additional stock awards were granted or are able to be granted in the future under the 2016 Plan. In June 2021, the Company’s board of directors and the Company’s stockholders approved the 2021 Equity Incentive Plan (2021 Plan), which became effective in connection with the IPO. From and after the date on which the 2021 Plan became effective, no further grants were made or will be made under the 2020 Plan. At December 31, 2022, 2,469,164 shares of the Company's common stock remain available for future grants under the 2021 Plan.

The types of equity-based awards that may be granted under the 2021 Plan include: incentive stock options or nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other stock-based awards. The equity-based awards for employees will vest over a four-year period, pursuant to two different vesting schedules. For initial equity-based awards granted to employees, the first vest is generally a one-year cliff vest, followed by monthly vesting for the final three years. Thereafter, annual equity-based awards granted to employees typically vest on a monthly basis over the four-year vest term. The initial equity-based awards granted to the Company’s non-employee, independent directors upon appointment to the board of directors will vest over a three-year period and the annual equity-based awards granted to the Company’s non-employee, independent directors granted thereafter will cliff vest after one year from the date of grant.

Generally, the number of shares of the Company’s common stock that will be reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022, and continuing through January 1, 2031, in an amount equal to 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding year; provided, however, that the Company’s board of directors may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of common stock. Effective January 1, 2023, an additional 1,127,176 new shares became available for issuance under the 2021 Plan.

The following table summarizes the stock option activity for the year ended December 31, 2022 (in thousands, except share and per share data):


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2022		2,764,112		$	4.63		8.69	$	45,280
Granted		1,507,591		$	11.14		—		—
Exercised		(118,900	)	$	1.22		—		—
Forfeited		(232,047	)	$	9.79		—		—
Expired		(74,224	)	$	2.04		—		—
Outstanding at December 31, 2022		3,846,532		$	7.02		8.31	$	9,083
Exercisable at December 31, 2022		1,354,691		$	4.80		7.91	$	4,643
Vested and expected to vest at December 31, 2022		3,561,850		$	7.55		8.50	$	7,606

The total intrinsic value of options exercised during the year ended December 31, 2022 was $0.9 million. During the year ended December 31, 2021, the total intrinsic value of options exercised was not significant. The aggregate grant-date fair value of options vested during the year ended December 31, 2022 and 2021, was $6.6 million and $0.4 million, respectively.

The following table summarizes the restricted stock unit activity for the year ended December 31, 2022 (in thousands, except share and per share data):


	Number of Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at January 1, 2022		—	$	—		—	$	—
Granted		28,071	$	7.43		—		—
Vested		—	$	—		—		—
Forfeited		—	$	—		—		—
Outstanding at December 31, 2022		28,071	$	7.43		0.42	$	158
Vested and expected to vest at December 31, 2022		28,071	$	7.43		0.42	$	158

Employee Stock Purchase Plan

In June 2021, the Company’s board of directors and the Company’s stockholders, respectively, approved the Company’s 2021 Employee Stock Purchase Plan (the ESPP), which became effective in connection with the IPO. At December 31, 2022, 522,442 shares of the Company’s common stock remain available for issuance under the ESPP. The number of shares of the Company’s common stock that will be reserved for issuance will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022, and continuing through January 1, 2031, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year; and (ii) 319,911 shares (subject to adjustments for stock splits, dividends, combinations of shares, exchanges of shares, and other “Capitalization Adjustments”, as defined in the ESPP), except before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). Effective January 1, 2023, an additional 281,794 new shares became available for issuance under the ESPP.

Generally, all regular employees, including executive officers, employed by the Company will be eligible to participate in the ESPP and to contribute, normally through payroll deductions, up to 15% of their earnings (as defined in the ESPP) for the purchase of the Company’s common stock under the ESPP. Unless otherwise determined by the Company’s board of directors, shares of the Company’s common stock will be purchased for the

accounts of employees participating in the Company’s ESPP at a price per share equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. Offering periods are generally six months long and begin on May 15 and November 15 of each year.

Valuation of Employee Share-Based Awards

Teknova uses the Black-Scholes option-pricing model to determine the fair value of stock options. The valuation model for stock compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term, expected volatility and fair value of the Company’s common stock, and an assumed risk-free interest rate. The assumptions used in the Black-Scholes option-pricing model were as follows:

Volatility. Since the Company has limited historical data on volatility of its stock, expected volatility is based on the volatility of the stock of similar publicly traded entities. In evaluating similarity, the Company considers factors such as industry, stage of life cycle, size, and financial leverage.

Fair value of underlying common stock. The fair value of the Company’s common stock is determined by the closing price of its common stock as reported on the Nasdaq Global Market on the date of grant.

Risk-free interest rate. The risk-free rate that the Company uses is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.

Expected term. As the Company does not have sufficient historical exercise activity to estimate expected life, the expected life of options granted is determined using the simplified method. The simplified method is based on the vesting period and the contractual term for each grant or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the maximum contractual expiration date are used to determine the expected term under this method.

Dividend yield. The Company has never declared or paid any cash dividends and do not plan to pay cash dividends in the foreseeable future. Therefore, the Company uses an expected dividend yield of zero. In addition, the terms of the Amended Credit Agreement prohibit us from paying dividends, other than dividends payable in the Company’s common stock, without the prior consent of the lender.

The weighted average assumptions used in the Black-Scholes option-pricing model are as follows:


	For the Year Ended December 31,
	Employee Stock Option Plans						Employee Stock Purchase Plan
	2022			2021			2022			2021
Estimated dividend yield		-	%		-	%		-	%		-	%
Weighted-average expected stock price volatility		33.77	%		33.51	%		43.00	%		25.47	%
Weighted-average risk-free interest rate		2.79	%		1.06	%		3.70	%		0.06	%
Expected average term of options (in years)		6.25			6.17			0.50			0.50
Weighted-average fair value of common stock	$	11.14		$	19.89		$	7.20		$	24.63
Weighted-average fair value per option	$	4.18		$	6.45		$	1.96		$	5.46

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the accompanying financial statements was as follows (in thousands):


	For the Year Ended December 31,
	2022		2021
Cost of sales	$	147	$	7
Research and development		187		157
Sales and marketing		504		66
General and administrative		2,873		1,321
Total stock-based compensation expense	$	3,711	$	1,551

Stock-based compensation expense related to stock options was $3.5 million and $1.6 million for the years ended December 31, 2022 and 2021, respectively. Unrecognized compensation expense related to stock options was $10.1 million at December 31, 2022, which is expected to be recognized as expense over the weighted-average period of 3.11 years.

Stock-based compensation expense related to restricted stock units was $0.1 million and zero for the years ended December 31, 2022 and 2021, respectively. Unrecognized compensation expense related to restricted stock units was $0.1 million at December 31, 2022, which is expected to be recognized as expense over the weighted-average period of 0.42 years.

During the year ended December 31, 2021, the Company’s board of directors approved an amendment to the outstanding performance-based option to acquire 231,719 shares of the Company’s common stock previously granted under 2020 Plan, to eliminate the performance-based vesting and provide that such option will vest in 48 equal monthly installments. The stock option modification was measured as the excess of the fair value of the modified option over the fair value of the original option immediately before the modification. The incremental stock-based compensation expense for such stock option modification is approximately $3.5 million, of which $0.9 million and $0.5 million incremental stock-based compensation expense was recognized during the years ended December 31, 2022 and 2021, respectively, in general and administrative expense in the statements of operations and comprehensive loss. Additionally, in January 2019, the Company granted 284,682 performance-based options that vest upon a change of control. As of December 31, 2022, these options were not considered probable of vesting. The Company had unrecognized compensation expense of approximately $0.5 million at December 31, 2022, relating to these options.

Total stock-based compensation expense related to the ESPP was not significant for the years ended December 31, 2022 and 2021, respectively. Total compensation cost related to the ESPP not yet recognized is also not significant. As of December 31, 2022, an insignificant amount has been withheld on behalf of employees for a future purchase under the ESPP. The Company issued 48,506 and zero shares of common stock under the ESPP during the years ended December 31, 2022 and 2021, respectively.

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following (in thousands):


	As of December 31,
	2022		2021
Finished goods, net	$	8,368	$	3,172
Work in process		186		105
Raw materials, net		3,693		2,117
Total inventories, net	$	12,247	$	5,394

Statements of Convertible and Redeemable Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible and Redeemable Preferred Stock [Member]	Preferred Stock [Member] Convertible and Redeemable Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Accumulated Deficit) [Member]
Beginning Balance at Dec. 31, 2020	$ 16,767		$ 35,638		$ 14,495	$ 7	$ 2,265
Beginning Balance (in shares) at Dec. 31, 2020		9,342,092		3,599,232
Stock-based compensation	1,551				1,551
Unrealized loss on available-for-sale securities	(7)					(7)
Accretion of convertible and redeemable preferred stock to redemption value	(300)	$ (300)			(300)
Conversion of convertible and redeemable preferred stock	35,938	$ (35,938)			35,938
Conversion of convertible and redeemable preferred stock (in shares)		(9,342,092)		17,512,685
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts	99,057				99,057
Issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts (in shares)				6,900,000
Issuance of stock under employee stock plans, net, Shares				100
Net income (loss)	(9,803)						(9,803)
Ending Balance at Dec. 31, 2021	$ 143,203				150,741		(7,538)
Ending Balance (in shares) at Dec. 31, 2021	28,012,017			28,012,017
Stock-based compensation	$ 3,711				3,711
Accretion of convertible and redeemable preferred stock to redemption value	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period				118,900
Issuance of common stock upon exercise of stock options	145				145
Issuance of common stock under employee stock purchase plan (In Share)				48,506
Issuance of common stock under employee stock purchase plan	294				294
Net income (loss)	(47,468)						(47,468)
Ending Balance at Dec. 31, 2022	$ 99,885				$ 154,891		$ (55,006)
Ending Balance (in shares) at Dec. 31, 2022	28,179,423			28,179,423

Other Financial Information - Change in the inventory reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Change in Accounting Estimate [Line Items]
Beginning balance	$ 23	$ 23
Provisions (benefits)	25	235
Recoveries (write-offs), net	(26)	(235)
Ending balance	22	23
Inventory reserve [Member]
Change in Accounting Estimate [Line Items]
Beginning balance	470	29
Provisions (benefits)	697	555
Recoveries (write-offs), net	(121)	(114)
Ending balance	$ 1,046	$ 470

Net (Loss) Income Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to stockholders	$ (47,468)	$ (9,803)
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Basic weighted-average common stock outstanding	28,083,563	16,087,653
Dilutive weighted-average common stock	28,083,563	16,087,653
Earnings Per Share, Basic [Abstract]
Basic	$ (1.69)	$ (0.61)
Diluted	$ (1.69)	$ (0.61)

- Definition

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

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods, net	$ 8,368	$ 3,172
Work in process	186	105
Raw materials, net	3,693	2,117
Total inventories, net	$ 12,247	$ 5,394

Revenue - Additional Information (Details)	12 Months Ended
Revenue - Additional Information (Details)	Dec. 31, 2022 BusinessLines
Revenue from Contract with Customer [Abstract]
Number of business lines	2

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Components of Carrying Value of Long-Term Debt

Long-term debt, net consists of the following (in thousands):


	As of December 31,
	2022			2021
Long-term debt	$	22,135		$	12,000
Cumulative accretion of exit fee		161			90
Unamortized debt discount and debt issuance costs		(320	)		(220	)
Long-term debt, net	$	21,976		$	11,870

Schedule of Maturities of Term Loan

At December 31, 2022, the scheduled maturities of the Company's debt obligations were as follows (in thousands):


	Amount
2023	$	—
2024		—
2025		6,456
2026		11,068
2027		4,611
Total	$	22,135

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Summary of Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Major Classes of Property and Equipment

The estimated useful lives of the major classes of property and equipment are as follows:


		Estimated Useful Lives
Machinery and equipment		5 – 15 years
Office furniture and equipment		3 – 7 years
Vehicles		5 years
Leasehold improvements		3 – 15 years

Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 1,148
2024	1,148
2025	1,148
2026	1,148
2027	45
Estimated future amortization expense of definite-lived intangible assets	$ 4,637

Other Financial Information - Change in the income tax valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Regulatory Asset [Line Items]
Beginning balance	$ 23	$ 23
Additions charged to expense	25	235
Reductions charged to other accounts	(26)	(235)
Ending balance	22	23
Income tax valuation allowance [Member]
Regulatory Asset [Line Items]
Beginning balance	477	0
Additions charged to expense	6,693	477
Reductions charged to other accounts	0	0
Ending balance	$ 7,170	$ 477

Long-Term Debt - Summary of Scheduled Maturities of Term Loan (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Long-Term Debt, Unclassified [Abstract]
2023	$ 0
2024	0
2025	4,611
2026	6,456
2027	11,068
Total	$ 22,135

Leases (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating lease expense	$ 3.2
Lease liabilities cash paid	$ 2.8
Weighted-average discount rate	4.90%
Weighted-average remaining lease term	9 years 2 months 12 days
Rent expense		$ 1.7
Maximum [Member]
Remaining lease terms	15 years
Minimum [Member]
Remaining lease terms	1 year

Subsequent Events (Additional Information) (Details) $ in Thousands				12 Months Ended
	Mar. 30, 2023 USD ($)	Mar. 28, 2023 USD ($)	Feb. 01, 2023 USD ($) Positions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Oct. 31, 2022 USD ($)	Oct. 05, 2022 USD ($)	Sep. 30, 2021 USD ($)
Subsequent Event [Line Items]
Unused Borrowing Capacity Amount								$ 5,000	$ 40,135	$ 5,000
Net revenue requirement for the financial covenant				$ 42,500	$ 32,000
Maximum amount borrowed									$ 5,000
Subsequent Events [Member]
Subsequent Event [Line Items]
Reduction in workforce of positions \| Positions			40
Severance and other related termination benefits			$ 800
Total annual cost saveing deposit			$ 4,000
Subsequent Events [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Long-term line of credit						$ 10,000	$ 10,000
Line of Credit Facility, Covenant Terms		increase in the minimum cash covenant from $10.0 million to $15.0 million on the $10.0 million in borrowings in the first half of 2024, and added the $10.0 million minimum cash covenant requirement throughout the remaining term of the Amended Credit Agreement, and (iv) reduced the requirements for trailing twelve months of net revenue for all future periods—for example, for the twelve months ending December 31, 2023, the minimum net revenue requirement was reduced from $45.0 million to $42.0 million.
Subsequent Events [Member] \| Sales Agreement [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 50,000
Commission paid, percentage	3.00%
Subsequent Events [Member] \| Amended Revolver [Member]
Subsequent Event [Line Items]
Long-term line of credit						$ 10,000
Subsequent Events [Member] \| Maximum [Member] \| Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Net revenue requirement for the financial covenant		$ 45,000
Subsequent Events [Member] \| Maximum [Member] \| SOFR Floor [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Applicable Margin		4.50%
Subsequent Events [Member] \| Maximum [Member] \| Amended Term Loan [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Applicable Margin		7.00%
Debt instrument, interest rate		8.50%
Subsequent Events [Member] \| Maximum [Member] \| Amended Revolver [Member]
Subsequent Event [Line Items]
Long-term line of credit		$ 15,000
Subsequent Events [Member] \| Maximum [Member] \| Amended Revolver [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Applicable Margin		4.00%
Subsequent Events [Member] \| Minimum [Member] \| Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Long-term line of credit		$ 10,000
Net revenue requirement for the financial covenant		$ 42,000
Subsequent Events [Member] \| Minimum [Member] \| SOFR Floor [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Applicable Margin		1.00%
Subsequent Events [Member] \| Minimum [Member] \| Amended Term Loan [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Applicable Margin		6.45%
Debt instrument, interest rate		7.00%
Subsequent Events [Member] \| Minimum [Member] \| Amended Revolver [Member]
Subsequent Event [Line Items]
Long-term line of credit		$ 10,000
Subsequent Events [Member] \| Minimum [Member] \| Amended Revolver [Member] \| Amendment No.2 [Member]
Subsequent Event [Line Items]
Applicable Margin		3.75%

Concentrations of Risk - Summary of revenues and outstanding balance of accounts receivable (Details) - Customers Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SalesRevenueNetMember \| Distributor customer A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk, Percentage	15.00%	18.00%
Accounts Receivable [Member] \| Distributor customer A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk Percentage	17.00%	10.00%
Accounts Receivable [Member] \| Direct customer B [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk Percentage	15.00%	16.00%
Accounts Receivable [Member] \| Direct customer A [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration Risk Percentage		12.00%

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 41,420	$ 36,893
United States [Member]
Disaggregation Of Revenue [Line Items]
Revenue	40,103	35,808
Non-US [Member]
Disaggregation Of Revenue [Line Items]
Revenue	1,317	1,085
Lab Essentials [Member]
Disaggregation Of Revenue [Line Items]
Revenue	31,772	27,184
Clinical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Revenue	8,445	6,793
Sample Transport [Member]
Disaggregation Of Revenue [Line Items]
Revenue	6	1,530
Other Product [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,197	$ 1,386

- 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.

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+ Details