0000950170-24-124159 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

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 13 years, and some of these leases have renewal and termination options exercisable at the Company’s election. 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.

The components of lease expense and other information related to leases were as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense	$	745	$	640	$	2,236	$	2,041
Variable lease expense		109		54		326		164
Total lease expense	$	854	$	694	$	2,562	$	2,205

Cash paid for amounts included in the measurement of the lease liabilities was $0.7 million and $2.1 million for the three and nine months ended September 30, 2024, respectively, and cash paid for amounts included in the measurement of the lease liabilities was $0.6 million and $2.1 million for the three and nine months ended September 30, 2023, respectively. The weighted-average discount rate was 5.0% and the weighted-average remaining lease term was 8.2 years as of September 30, 2024.

Maturities of operating lease liabilities at September 30, 2024 were as follows (in thousands):


	Amount
Remainder of 2024	$	703
2025		2,569
2026		2,627
2027		2,631
2028		2,480
Thereafter		10,296
Total lease payments		21,306
Less: imputed interest		(4,105	)
Present value of lease liabilities	$	17,201

Contingencies	9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 16. Contingencies From time to time, we may become involved in lawsuits and other claims arising from our ordinary course of business. The Company regularly evaluates its exposure to threatened or pending litigation and other business contingencies. Because of the uncertainties related to the amount of loss from litigation and other business contingencies, the recording of losses relating to such exposures requires significant judgment about the potential range of outcomes. We establish loss provisions for matters in which losses are probable and can be reasonably estimated. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued, the Company assesses whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, the Company will disclose the estimate of the possible loss or range of loss if it is material and an estimate can be made, or disclose that such an estimate cannot be made. The determination as to whether a loss can reasonably be considered to be possible or probable is based on our assessment, together with legal counsel, regarding the ultimate outcome of the matter. As additional information about current or future litigation or other contingencies becomes available, the Company will assess whether adjustments should be made to legal accruals. In August 2023, a former Teknova employee filed a claim with the California Labor and Workforce Development Agency alleging various causes of action under California’s labor, wage, and hour laws. The plaintiff generally alleged that Teknova did not appropriately calculate and pay meal break premiums and otherwise failed to calculate and pay appropriate overtime wages or bonuses to certain of its California non-exempt employees. As of December 31, 2023, the Company had accrued its best estimate of potential loss related to a possible settlement of the claims of the former employee and other employees who may assert similar claims, in the amount of $0.3 million, which is included within “Accrued liabilities” on the Balance Sheet. On June 6, 2024, a mediation took place, in the course of which Teknova agreed to settle the plaintiff’s claims for $0.4 million (the Settlement), resulting in an incremental accrual of $0.1 million during the three months ended June 30, 2024. Because the plaintiff brought his claims on behalf of himself as an individual and as a representative of a purported class of others similarly situated, a court must approve the Settlement before Teknova will pay any amounts pursuant to the Settlement. As of September 30, 2024, the Company has therefore accrued $0.4 million within “Accrued liabilities” on the Balance Sheet.

Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 16. Contingencies

From time to time, we may become involved in lawsuits and other claims arising from our ordinary course of business. The Company regularly evaluates its exposure to threatened or pending litigation and other business contingencies. Because of the uncertainties related to the amount of loss from litigation and other business contingencies, the recording of losses relating to such exposures requires significant judgment about the potential range of outcomes. We establish loss provisions for matters in which losses are probable and can be reasonably estimated. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued, the Company assesses whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, the Company will disclose the estimate of the possible loss or range of loss if it is material and an estimate can be made, or disclose that such an estimate cannot be made. The determination as to whether a loss can reasonably be considered to be possible or probable is based on our assessment, together with legal counsel, regarding the ultimate outcome of the matter. As additional information about current or future litigation or other contingencies becomes available, the Company will assess whether adjustments should be made to legal accruals.

In August 2023, a former Teknova employee filed a claim with the California Labor and Workforce Development Agency alleging various causes of action under California’s labor, wage, and hour laws. The plaintiff generally alleged that Teknova did not appropriately calculate and pay meal break premiums and otherwise failed to calculate and pay appropriate overtime wages or bonuses to certain of its California non-exempt employees. As of December 31, 2023, the Company had accrued its best estimate of potential loss related to a possible settlement of the claims of the former employee and other employees who may assert similar claims, in the amount of $0.3 million, which is included within “Accrued liabilities” on the Balance Sheet. On June 6, 2024, a mediation took place, in the course of which Teknova agreed to settle the plaintiff’s claims for $0.4 million (the Settlement), resulting in an incremental accrual of $0.1 million during the three months ended June 30, 2024. Because the plaintiff brought his claims on behalf of himself as an individual and as a representative of a purported class of others similarly situated, a court must approve the Settlement before Teknova will pay any amounts pursuant to the Settlement. As of September 30, 2024, the Company has therefore accrued $0.4 million within “Accrued liabilities” on the Balance Sheet.

Long-Term Debt, Net - Summary of Scheduled Maturities of Term Loan (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-Term Debt, Unclassified [Abstract]
Remainder of 2024	$ 0
2025	3,539
2026	6,068
2027	2,528
Total	$ 12,135

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 760	$ 1,035	$ 2,900	$ 3,115
Cost of Sales [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	10	36	89	112
Research and Development Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	18	43	65	120
Selling and Marketing Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	33	168	162	492
General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 699	$ 788	$ 2,584	$ 2,391

- Definition

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

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+ Details

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net Income (Loss)	$ (21,026)	$ (26,124)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense	61	21
Inventory reserve	4,235	130
Depreciation and amortization	4,933	4,049
Stock-based compensation	2,900	3,115
Deferred taxes	(52)	5
Accrued interest income on short-term investments	(118)	0
Amortization of debt financing costs	291	415
Non-cash lease expense	140	86
Loss on disposal of property, plant, and equipment	49	5
Long-lived assets impairment	0	2,195
Loss on extinguishment of debt	0	824
Changes in operating assets and liabilities:
Accounts receivable	(718)	(721)
Inventories	(315)	649
Income taxes receivable	0	22
Prepaid expenses and other current assets	(943)	(694)
Other non-current assets	334	300
Accounts payable	(430)	(948)
Accrued liabilities	(724)	815
Other	(72)	(66)
Cash used in operating activities	(11,455)	(15,922)
Investing activities:
Purchases of short-term investments	(25,428)	0
Proceeds from sale of property, plant, and equipment	125	0
Purchases of property, plant, and equipment	(558)	(7,622)
Cash used in investing activities	(25,861)	(7,622)
Financing activities:
Proceeds from equity financing, net	15,104	22,915
Repayment of long-term debt	0	(10,000)
Proceeds from financed insurance premiums	385	1,004
Repayment of financed insurance premiums	(572)	(294)
Payment of debt issuance costs	(25)	(24)
Payment of at-the-market facility costs	0	(395)
Proceeds from exercise of stock options	4	76
Proceeds from issuance of common stock under employee stock purchase plan	81	138
Cash provided by financing activities	14,977	13,420
Change in cash, cash equivalents, and restricted cash	(22,339)	(10,124)
Cash, cash equivalents, and restricted cash at beginning of period	28,484	42,236
Cash, cash equivalents, and restricted cash at end of period	6,145	32,112
Supplemental cash flow disclosures:
Income taxes paid	41	0
Interest paid, net of amounts capitalized	1,178	1,934
Debt issuance costs included in accrued liabilities	0	23
Offering costs included in accounts payable and accrued liabilities	18	353
Capitalized property, plant, and equipment included in accounts payable and accrued liabilities	90	205
Issuance of common stock warrants	132	0
Recognition of operating right-of-use lease asset	1,293	(1,137)
Recognition of operating lease liabilities	$ 1,306	$ (1,193)

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

For the three months ended September 30, 2024, the Company’s income tax benefit was not significant, compared to the three months ended September 30, 2023, when the Company recorded a minimal income tax provision. The effective tax rates for the three months ended September 30, 2024 and 2023 were 0.1% and (0.1)%, respectively. The effective tax rates differ from the federal statutory rate primarily due to operating losses not expected to produce an income tax benefit.

For the nine months ended September 30, 2024, the Company’s income tax benefit was not significant, compared to the nine months ended September 30, 2023, when the Company recorded a minimal income tax provision. The effective tax rates for the nine months ended September 30, 2024 and 2023 were 0.2% and (0.0)%, respectively. The effective tax rates differ from the federal statutory rate primarily due to operating losses not expected to produce an income tax benefit.

The Company had insignificant unrecognized tax benefits as of September 30, 2024 and 2023. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect the balance of unrecognized tax benefits to change significantly over the next twelve months. The Company has not accrued interest or penalties related to uncertain tax positions as of September 30, 2024 or 2023.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions				3 Months Ended		9 Months Ended
	Oct. 15, 2024	Mar. 08, 2024	Mar. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Note [Line Items]
Expected term				6 years 3 months	3 years	6 years 3 months	5 years 11 months 12 days
Expected dividend yield				0.00%	0.00%	0.00%	0.00%
Risk free interest rate				3.49%	4.54%	4.33%	4.15%
At-the-Market Facility [Member]
Stockholders' Equity Note [Line Items]
Common stock aggregate gross proceeds			$ 50.0
Gross sales proceeds			3.00%
Warrant [Member]
Stockholders' Equity Note [Line Items]
Warrants to purchase common stock		125,000
Exercise price		$ 2.9934
Fair value of common stock, per share		$ 2.85
Expected term		5 years
Warrant [Member] \| Subsequent Event [Member]
Stockholders' Equity Note [Line Items]
Subsequent event of shares issues upon exercise of common warrant	65,036
Warrant [Member] \| Measurement Input, Expected Dividend Rate [Member]
Stockholders' Equity Note [Line Items]
Expected dividend yield		0.00%
Warrant [Member] \| Measurement Input, Price Volatility [Member]
Stockholders' Equity Note [Line Items]
Expected volatility rate		36.70%
Warrant [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Stockholders' Equity Note [Line Items]
Risk free interest rate		4.06%

Long-Term Debt, Net (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Components of Carrying Value of Long-Term Debt

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


	As of September 30, 2024			As of December 31, 2023
Term Loan	$	12,135		$	12,135
Cumulative accretion of exit fee		1,472			1,261
Unamortized debt discount and debt issuance costs		(222	)		(145	)
Total debt		13,385			13,251
Less: Current portion of long-term debt		(2,528	)		—
Long-term debt, net of current portion	$	10,857		$	13,251

Schedule of Maturities of Term Loan

At September 30, 2024, the scheduled maturities of the Company’s debt obligations were as follows (in thousands):


	Amount
Remainder of 2024	$	—
2025		3,539
2026		6,068
2027		2,528
Total	$	12,135

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Related Parties - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Meeches L L C [Member]
Related Party Transaction [Line Items]
Payment for Rent Expense	$ 0.0	$ 0.0	$ 0.0	$ 0.1

Long-Term Debt, Net

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt, Net

Note 10. Long-term Debt, Net

On March 8, 2024, the Company entered into limited waivers and amendments (collectively Amendment No. 5) to (i) the May 10, 2022, Amended and Restated Credit and Security Agreement (Term Loan), as amended on November 8, 2022, March 28, 2023, July 13, 2023, and September 19, 2023 and (ii) the May 10, 2022, Amended and Restated Credit and Security Agreement (Revolving Loan) as amended on November 8, 2022, March 28, 2023, July 13, 2023 and September 19, 2023 (together, the Amended Credit Agreement), in each case with the Company as borrower and with MidCap Financial Trust (MidCap) as agent and lender, and the additional lenders from time to time party thereto.

Amendment No. 5 modifies the credit facility established under the Amended Credit Agreement, which provided for a $57.1 million credit facility (the Credit Facility) consisting of a $52.1 million senior secured term loan (the Term Loan) and a $5.0 million working capital facility (the Revolver).

The interest on the Term Loan is based on the forward-looking one-month term Secured Overnight Financing Rate adjusted upward by 0.10% (Term SOFR) plus an applicable margin of 7.00%, subject to a Term SOFR floor of 4.50%. If any advance under the Term Loan is prepaid at any time, a prepayment fee is charged based on the amount being prepaid and an applicable percentage amount, such as 4%, 3%, or 1%, based on the date the prepayment is made. Interest on an outstanding balance under the Revolver is payable monthly in arrears at an annual rate of Term SOFR plus an applicable margin of 4.00%, subject to a Term SOFR floor of 4.50%.

The Amended Credit Agreement includes minimum net revenue requirements that are measured on a trailing twelve-month basis and a minimum cash requirement. Amendment No. 5 reduced the minimum net revenue requirements for future periods up to and including for the twelve months ending December 31, 2024—for example, the Company’s minimum net revenue requirement was reduced for the twelve months ending December 31, 2024, from $42.0 million to $34.0 million. Amendment No. 5 also removed those requirements for the periods ending January 31, 2025 through December 31, 2025, instead requiring that for each applicable twelve-month period ending after December 31, 2024, the Company’s minimum net revenue requirement will be determined by MidCap in its reasonable discretion in consultation with the Company’s senior management and based on financial statements and projections delivered to MidCap in accordance with the financial reporting requirements in the Amended Credit Agreement, so long as the minimum net revenue requirements for those periods shall not be less than the greater of (x) the applicable minimum net revenue requirement for the twelve-month period ending on the last day of the immediately preceding month and (y) $34.0 million. In addition, Amendment No. 5 also removed the advance rate for finished goods inventory in the determination of the borrowing base for the Revolver and increased the minimum cash requirement from $9.0 million to $10.0 million. Under the terms of the Amended Credit Agreement, cash and cash equivalents as well as short-term investments in U.S. Treasuries are included in the determination of the minimum cash covenant. Finally, Amendment No. 5 conditions the next borrowing under the Revolver on the Company achieving net revenue for the preceding twelve-month period of at least $38.0 million down from $45.0 million. As a condition to the effectiveness of Amendment No. 5, the Company also issued an equity-classified warrant with a fair value of $0.1 million as described further in “Note 11. Stockholder’s Equity.” This warrant was recorded as additional debt issuance costs, which is being amortized to interest expense over the term of the Amended Credit Agreement using the effective interest method.

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 will pay an exit fee in an amount equal to 9.00% of the total aggregate principal amount of term loans made pursuant to the Term Loan (including amendments thereto) as of such date. All loans issued under the Credit Facility are collateralized by the Company’s assets.

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


	As of September 30, 2024			As of December 31, 2023
Term Loan	$	12,135		$	12,135
Cumulative accretion of exit fee		1,472			1,261
Unamortized debt discount and debt issuance costs		(222	)		(145	)
Total debt		13,385			13,251
Less: Current portion of long-term debt		(2,528	)		—
Long-term debt, net of current portion	$	10,857		$	13,251

At September 30, 2024, the scheduled maturities of the Company’s debt obligations were as follows (in thousands):


	Amount
Remainder of 2024	$	—
2025		3,539
2026		6,068
2027		2,528
Total	$	12,135

As of September 30, 2024, the fair value of the Company’s debt approximated its carrying value. The fair value of the Company’s debt was based on observable market inputs (Level 2).

Inventories, Net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods, net	$ 5,235	$ 8,573
Work in process	134	47
Raw materials, net	2,305	2,974
Total inventories, net	$ 7,674	$ 11,594

Contingencies - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Jun. 06, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, accrual			$ 0.4	$ 0.3
Parties agreed to settle	$ 0.4
Incremental accrual		$ 0.1

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Note 6. Property, Plant, and Equipment, Net

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


	As of September 30, 2024			As of December 31, 2023
Machinery and equipment	$	29,765		$	30,082
Office furniture and equipment		842			842
Vehicles		340			291
Leasehold improvements		24,915			24,673
		55,862			55,888
Less—Accumulated depreciation		(11,439	)		(7,528	)
		44,423			48,360
Construction in progress		2,292			2,004
Total property, plant, and equipment, net	$	46,715		$	50,364

For the three and nine months ended September 30, 2024, depreciation expense was $1.4 million and $4.1 million, respectively, and for the three and nine months ended September 30, 2023, depreciation expense was $1.3 million and $3.2 million, respectively.

Teknova capitalizes interest on funds borrowed to finance certain of its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and depreciated over the asset’s useful life. For each of the three and nine months ended September 30, 2024, capitalized interest costs were zero and for the three and nine months ended September 30, 2023, capitalized interest costs were not significant and $0.9 million, respectively.

Long-Term Debt, Net - Summary of Components of Carrying Value of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term Loan	$ 12,135	$ 12,135
Cumulative accretion of exit fee	1,472	1,261
Unamortized debt discount and debt issuance costs	(222)	(145)
Total debt	13,385	13,251
Less: Current portion of long-term debt	(2,528)	0
Long-term debt, net of current portion	$ 10,857	$ 13,251

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References + Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule Of Maturities Of Operating Lease Liabilities

Maturities of operating lease liabilities at September 30, 2024 were as follows (in thousands):


	Amount
Remainder of 2024	$	703
2025		2,569
2026		2,627
2027		2,631
2028		2,480
Thereafter		10,296
Total lease payments		21,306
Less: imputed interest		(4,105	)
Present value of lease liabilities	$	17,201

Concentrations of Risk (Tables)

9 Months Ended

Sep. 30, 2024

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

Summary Of Company Revenues And Outstanding Balance Of Accounts Receivable

Customers who accounted for 10% or more of the Company’s revenues and outstanding balance of accounts receivable and contract assets are presented as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,		As of	As of
	2024	2023	2024	2023	September 30, 2024	December 31, 2023
Distributor customer A	19%	20%	18%	18%	21%	16%
Distributor customer B	*	*	*	*	10%	*

* Represents less than 10%.

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 are presented as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,		As of	As of
	2024	2023	2024	2023	September 30, 2024	December 31, 2023
Distributor supplier A	37%	46%	37%	39%	21%	18%
Direct supplier A	10%	*	12%	10%	*	*
Direct supplier B	*	13%	*	10%	*	*

* Represents less than 10%.

Nature of the Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

Note 1. Nature of the Business

Teknova produces critical reagents for the discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics. Our 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 to its customers and distributors.

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease liabilities cash paid	$ 0.7	$ 0.6	$ 2.1	$ 2.1
Weighted-average discount rate	5.00%		5.00%
Weighted-average remaining lease term	8 years 2 months 12 days		8 years 2 months 12 days
Maximum [Member]
Remaining lease terms	13 years		13 years
Minimum [Member]
Remaining lease terms	1 year		1 year

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(0.10%)	(0.10%)	0.20%	0.00%

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options Activity

The following table summarizes the stock option activity for the nine months ended September 30, 2024 (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 (in thousands)
Outstanding at January 1, 2024		4,041,807		$	6.41		7.53	$	5,159
Granted		730,100		$	2.86
Exercised		(1,779	)	$	1.97
Forfeited		(470,342	)	$	9.12
Expired		(320,156	)	$	11.94
Outstanding at September 30, 2024		3,979,630		$	5.00		7.08	$	8,262
Exercisable at September 30, 2024		2,310,762		$	5.22		6.49	$	5,362
Vested and expected to vest at September 30, 2024		3,694,948		$	5.35		7.29	$	7,013

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

The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three and nine months ended September 30, 2024, were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Estimated dividend yield		-	%		-	%		-	%		-	%
Weighted-average expected stock price volatility		36.05	%		35.43	%		35.91	%		35.08	%
Weighted-average risk-free interest rate		3.49	%		4.54	%		4.33	%		4.15	%
Expected average term of options (in years)		6.25			3.00			6.25			5.95
Weighted-average fair value of common stock	$	4.40		$	1.95		$	2.86		$	5.05
Weighted-average fair value per option	$	1.84		$	0.57		$	1.24		$	2.12

Schedule of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2024 (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 (in thousands)
Outstanding at January 1, 2024		155,780		$	5.05		1.36	$	581
Granted		60,000		$	1.29
Vested		(67,169	)	$	4.58
Forfeited		(21,000	)	$	5.41
Outstanding at September 30, 2024		127,611		$	3.47		1.09	$	618
Vested and expected to vest at September 30, 2024		127,611		$	3.47		1.09	$	618

Schedule of Stock-Based Compensation Expense

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of sales	$	10	$	36	$	89	$	112
Research and development		18		43		65		120
Sales and marketing		33		168		162		492
General and administrative		699		788		2,584		2,391
Total stock-based compensation expense	$	760	$	1,035	$	2,900	$	3,115

- Definition

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

+ References

+ Details

Property, Plant and Equipment, Net - Summary of Components of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Other, Gross	$ 55,862	$ 55,888
Less—Accumulated depreciation	(11,439)	(7,528)
Property, plant and equipment, after depreciation	44,423	48,360
Construction in progress	2,292	2,004
Total property, plant and equipment, net	46,715	50,364
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Other, Gross	29,765	30,082
Office Furniture and Equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Other, Gross	842	842
Vehicles
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Other, Gross	340	291
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Other, Gross	$ 24,915	$ 24,673

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Net

Inventories consisted of the following (in thousands):


	As of September 30, 2024		As of December 31, 2023
Finished goods, net	$	5,235	$	8,573
Work in process		134		47
Raw materials, net		2,305		2,974
Total inventories, net	$	7,674	$	11,594

Concentrations of Risk

9 Months Ended

Sep. 30, 2024

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 and contract assets are presented as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,		As of	As of
	2024	2023	2024	2023	September 30, 2024	December 31, 2023
Distributor customer A	19%	20%	18%	18%	21%	16%
Distributor customer B	*	*	*	*	10%	*

* Represents less than 10%.

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 are presented as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,		As of	As of
	2024	2023	2024	2023	September 30, 2024	December 31, 2023
Distributor supplier A	37%	46%	37%	39%	21%	18%
Direct supplier A	10%	*	12%	10%	*	*
Direct supplier B	*	13%	*	10%	*	*

* Represents less than 10%.

The Company’s suppliers that are distributors, as opposed to direct suppliers, represent highly diversified supplier bases.

Lease Costs And Other Information Related (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Component of Lease Cost

The components of lease expense and other information related to leases were as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense	$	745	$	640	$	2,236	$	2,041
Variable lease expense		109		54		326		164
Total lease expense	$	854	$	694	$	2,562	$	2,205

Intangible Assets, Net - Summary of Intangible Assets with Definite and Indefinite Lives (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets [Line Items]
Intangible Assets, Gross	$ 19,930	$ 19,930
Finite-Lived Intangible Assets, Accumulated Amortization	6,552	5,691
Intangible assets, net	13,378	14,239
Trade Names [Member]
Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Gross	10,750	10,750
Indefinite-Lived Intangible Assets, Accumulated Amortization	0	0
Intangible assets, net	10,750	10,750
Customer Relationships [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	9,180	9,180
Finite-Lived Intangible Assets, Accumulated Amortization	6,552	5,691
Intangible assets, net	$ 2,628	$ 3,489

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at January 1, 2024, Beginning balance	155,780
RSU, Granted	60,000
RSU, Vested	(67,169)
RSU, Forfeited	(21,000)
Outstanding at September 30, 2024 Ending balance	127,611	155,780
Vested and expected to vest at September 30, 2024	127,611
Weighted Average Grant Fair Value, Beginning Balance	$ 5.05
Weighted Average Grant Date Fair Valu per Share, Vested and expected to vest	3.47
Weighted Average Grant Fair Value, Granted	1.29
Weighted Average Grant Fair Value, Vested	4.58
Weighted Average Grant Fair Value, Forfeited	5.41
Weighted Average Grant Fair Value, Ending Balance	3.47	$ 5.05
Weighted Average Exercise Price, Vested and expected to vest, end of period	$ 3.47
Weighted Average Remaining Contractual Term (in years), Options outstanding	1 year 1 month 2 days	1 year 4 months 9 days
Weighted Average Remaining Contractual Term, Vested and expected to vest at September 30, 2024	1 year 1 month 2 days
Aggregate Intrinsic Value, Outstanding	$ 618	$ 581
Aggregate Intrinsic Value, Vested and expected to vest at September 30, 2024	$ 618

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

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 warrants to purchase common 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 Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(7,565	)	$	(10,153	)	$	(21,026	)	$	(26,124	)
Weighted average shares used in computing net loss per share—basic and diluted		51,821,395			29,956,930			44,520,132			28,810,068
Net loss per share—basic and diluted	$	(0.15	)	$	(0.34	)	$	(0.47	)	$	(0.91	)

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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Employee share-based awards to purchase common stock		3,873,226		4,019,909		3,970,116		4,000,857
Warrants to purchase common stock		125,000		—		94,434		—

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,145	$ 28,484
Short-term investments, held -to-maturity	25,546	0
Accounts receivable, net of allowance for credit losses of $74 thousand and $20 thousand as of September 30, 2024 and December 31, 2023, respectively	4,605	3,948
Inventories, net	7,674	11,594
Prepaid expenses and other current assets	1,960	1,634
Total current assets	45,930	45,660
Property, plant and equipment, net	46,715	50,364
Operating right-of-use lease assets	16,558	16,472
Intangible assets, net	13,378	14,239
Other non-current assets	1,518	1,852
Total assets	124,099	128,587
Current liabilities:
Accounts payable	975	1,493
Accrued liabilities	4,373	5,579
Current portion of operating lease liabilities	1,843	1,803
Current portion of long-term debt	2,528	0
Total current liabilities	9,719	8,875
Deferred tax liabilities	867	919
Other accrued liabilities	30	102
Long-term debt, net	10,857	13,251
Long-term operating lease liabilities	15,358	15,404
Total liabilities	36,831	38,551
Stockholders’ equity:
Preferred stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively, zero shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.00001 par value, 490,000,000 shares authorized at September 30, 2024 and December 31, 2023, 53,302,993 and 40,793,848 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	1	0
Additional paid-in capital	200,079	181,822
Accumulated deficit	(112,812)	(91,786)
Total stockholders’ equity	87,268	90,036
Total liabilities and stockholders' equity	$ 124,099	$ 128,587

Accrued Liabilities (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 08, 2024	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Down Payment on Policy		$ 200
Monthly Installments Paid		200
Insurance Premiums And Accrued Interest		$ 222	$ 409
Terms of Financing Agreement Premium Amount	$ 600
Annual Interest Rate To Finance For Insurance Premiums	8.49%

Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 74	$ 20
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	53,302,993	40,793,848
Common stock, shares outstanding	53,302,993	40,793,848

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Intangible Assets [Line Items]
Amortization of intangible assets	$ 287	$ 287	$ 861	$ 860
Acquired finite-lived intangible assets, weighted average useful life			2 years 3 months 18 days

Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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 September 30, 2024						Balance at December 31, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite Lived:
Customer relationships	$	9,180	$	6,552	$	2,628	$	9,180	$	5,691	$	3,489
Indefinite Lived:
Tradename		10,750		—		10,750		10,750		—		10,750
Total intangible assets	$	19,930	$	6,552	$	13,378	$	19,930	$	5,691	$	14,239

Schedule of Future Amortization Expense

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


	Amount
Remainder of 2024	$	287
2025		1,148
2026		1,148
2027		45
Estimated future amortization expense of definite-lived intangible assets	$	2,628

Net Loss Per Share - Summary of Common Stock Equivalents Excluded from Calculation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Share-based Awards to Purchase Common Stock [Member]
Employee share-based awards to purchase common stock	3,873,226	4,019,909	3,970,116	4,000,857
Warrants to Purchase Common Stock [Member]
Employee share-based awards to purchase common stock	125,000	0	94,434	0

Basis of Presentation and Summary of Significant Accounting Policies (Additional Information) (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Jul. 12, 2024 USD ($) shares	Jan. 11, 2024 USD ($) Positions	Feb. 01, 2023 USD ($) Positions	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Jul. 11, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Segment Reporting, Asset Reconciling Item [Line Items]
Common stock, shares issued \| shares				53,302,993		53,302,993			40,793,848
Common stock, par value \| $ / shares				$ 0.00001		$ 0.00001			$ 0.00001
Gross Proceeds of Offering and Purchased Shares				$ 15,141	$ 22,562	$ 15,141	$ 22,562
Private Placement Offering [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Common stock, shares issued \| shares								12,385,883
Common stock, par value \| $ / shares								$ 0.00001
Offering price per share \| $ / shares								$ 1.24
Offering and Purchased Shares \| shares	12,217,740
Gross Proceeds of Offering and Purchased Shares	$ 15,400
Offering Expenses	$ 200
Reduction in Force [Member ]
Segment Reporting, Asset Reconciling Item [Line Items]
Reduction in Workforce Of Positions \| Positions		35	40
Severance And Other Related Termination Benefits		$ 1,300	$ 700

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Payroll-related	$ 2,712	$ 3,826
Property, plant and equipment	90	0
Deferred revenue	34	16
Insurance premiums and accrued interest	222	409
Loss contingency accrual	373	300
Other	942	1,028
Total current accrued liabilities	$ 4,373	$ 5,579

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Period Focus	Q3
Trading Symbol	TKNO
Security12b Title	Common Stock, par value $0.00001 per share
Security Exchange Name	NASDAQ
Document Quarterly 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 Common Stock, Shares Outstanding		53,307,689

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

Equity Incentive Plans

The Company maintains a stock incentive plan that permits the granting of 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 generally 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 monthly 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, with the first vest being a one-year cliff, followed by monthly vesting over the remaining two years. Thereafter, annual equity-based awards granted to the Company’s non-employee, independent directors will cliff vest after one year from the date of grant.

Stock Options

The following table summarizes the stock option activity for the nine months ended September 30, 2024 (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 (in thousands)
Outstanding at January 1, 2024		4,041,807		$	6.41		7.53	$	5,159
Granted		730,100		$	2.86
Exercised		(1,779	)	$	1.97
Forfeited		(470,342	)	$	9.12
Expired		(320,156	)	$	11.94
Outstanding at September 30, 2024		3,979,630		$	5.00		7.08	$	8,262
Exercisable at September 30, 2024		2,310,762		$	5.22		6.49	$	5,362
Vested and expected to vest at September 30, 2024		3,694,948		$	5.35		7.29	$	7,013

The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three and nine months ended September 30, 2024, were as follows:


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Estimated dividend yield		-	%		-	%		-	%		-	%
Weighted-average expected stock price volatility		36.05	%		35.43	%		35.91	%		35.08	%
Weighted-average risk-free interest rate		3.49	%		4.54	%		4.33	%		4.15	%
Expected average term of options (in years)		6.25			3.00			6.25			5.95
Weighted-average fair value of common stock	$	4.40		$	1.95		$	2.86		$	5.05
Weighted-average fair value per option	$	1.84		$	0.57		$	1.24		$	2.12

Restricted Stock

The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2024 (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 (in thousands)
Outstanding at January 1, 2024		155,780		$	5.05		1.36	$	581
Granted		60,000		$	1.29
Vested		(67,169	)	$	4.58
Forfeited		(21,000	)	$	5.41
Outstanding at September 30, 2024		127,611		$	3.47		1.09	$	618
Vested and expected to vest at September 30, 2024		127,611		$	3.47		1.09	$	618

Employee Stock Purchase Plan

The Company maintains an employee stock purchase plan (ESPP) that authorizes the issuance of shares of common stock pursuant to purchase rights granted to eligible employees. 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; offering periods begin on June 1 and December 1 of each year. The Company issued zero and 54,314 shares of common stock under the ESPP during the three and nine months ended September 30, 2024, respectively. The Company issued zero and 82,034 shares of common stock under the ESPP during the three and nine months ended September 30, 2023, respectively.

Repricing of Outstanding and Unexercised Options

In January 2024, the Company’s board of directors approved a one-time repricing of certain previously granted and still outstanding vested and unvested stock option awards held by eligible employees, executive officers, and non-employee directors. As a result, the exercise price for these awards will be lowered to $2.97 per share effective September 14, 2025, which was the closing price of the Company’s common stock as reported on the Nasdaq Global Stock Market on March 14, 2024, so long as the holder remains employed by the Company or continues to serve as a member of the board of directors through September 14, 2025 absent earlier trigger events defined in the option repricing plan. No other terms of the stock options were modified, and the stock options will continue to vest according to their original vesting schedules and will retain their original expiration dates. As a result of the repricing, 1,631,016 vested and unvested stock options outstanding as of March 14, 2024, with original exercise prices ranging from $3.02 to $27.49, were repriced.

The repricing on March 14, 2024, resulted in incremental stock-based compensation expense of $0.9 million, of which $0.5 million related to vested stock option awards and was expensed on the repricing date. The remaining $0.4 million related to unvested stock option awards and is being amortized on a straight-line basis over the weighted-average vesting period of those awards of approximately 2.38 years as of March 14, 2024.

Stock-Based Compensation Expense

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of sales	$	10	$	36	$	89	$	112
Research and development		18		43		65		120
Sales and marketing		33		168		162		492
General and administrative		699		788		2,584		2,391
Total stock-based compensation expense	$	760	$	1,035	$	2,900	$	3,115

Stock-based compensation expense related to stock options was $0.7 million and $2.7 million for the three and nine months ended September 30, 2024, respectively, and $0.9 million and $2.8 million for the three and nine months ended September 30, 2023,

respectively. Unrecognized compensation expense related to stock options was $4.6 million at September 30, 2024, which is expected to be recognized as expense over the weighted-average period of 2.90 years.

Stock-based compensation expense related to restricted stock units was $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. Unrecognized compensation expense related to restricted stock units was $0.4 million at September 30, 2024, which is expected to be recognized as expense over the weighted-average period of 1.62 years.

Stock-based compensation expense related to the ESPP was not significant for the three or nine months ended September 30, 2024, respectively, and not significant and $0.1 million for the three and nine months ended September 30, 2023, respectively. Total compensation cost related to the ESPP not yet recognized was not significant at September 30, 2024. As of September 30, 2024, an insignificant amount has been withheld on behalf of employees for future purchases under the ESPP.

Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Note 8. Intangible Assets, Net

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


	Balance at September 30, 2024						Balance at December 31, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite Lived:
Customer relationships	$	9,180	$	6,552	$	2,628	$	9,180	$	5,691	$	3,489
Indefinite Lived:
Tradename		10,750		—		10,750		10,750		—		10,750
Total intangible assets	$	19,930	$	6,552	$	13,378	$	19,930	$	5,691	$	14,239

For each of the three months ended September 30, 2024 and 2023, amortization expense was $0.3 million and for each of the nine months ended September 30, 2024 and 2023, amortization expense was $0.9 million.

As of September 30, 2024, the remaining weighted-average useful life of definite lived intangible assets was 2.3 years. The estimated future amortization expense of intangible assets with definite lives is as follows (in thousands):


	Amount
Remainder of 2024	$	287
2025		1,148
2026		1,148
2027		45
Estimated future amortization expense of definite-lived intangible assets	$	2,628

Related Parties

9 Months Ended

Sep. 30, 2024

Related Parties

Note 15. Related Parties

The Company has identified Meeches LLC (Meeches) as a related party through common control. Meeches is controlled by Ted Davis and Irene Davis. Irene Davis is a former officer and current director, Ted Davis is a founder and former director, and both are greater than five percent stockholders of the Company. Prior to May 16, 2023, the Company leased certain real property in Mansfield, Massachusetts, from Meeches. For each of the three and nine months ended September 30, 2024, the Company did not make any lease payments to Meeches. For the three and nine months ended September 30, 2023, the Company paid Meeches lease payments zero and $0.1 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Mar. 14, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 0.7	$ 0.9	$ 2.7	$ 2.8
Unrecognized stock-based compensation expense		$ 4.6		$ 4.6
Weighted-average recognition period				2 years 10 months 24 days
Number of shares vested and unvested stock options outstanding		3,694,948		3,694,948
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 0.1	$ 0.1	$ 0.2	$ 0.2
Unrecognized stock-based compensation expense		$ 0.4		$ 0.4
Weighted-average recognition period				1 year 7 months 13 days
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount from market price, offering date				85.00%
Discount from market price, purchase date				85.00%
Offering and Purchased Shares		0	0	54,314	82,034
Stock-based compensation expense			$ 0.1		$ 0.1
Repricing of Outstanding and Unexercised Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental stock-based compensation expense	$ 0.9
New excercise price	$ 2.97
Number of shares vested and unvested stock options outstanding	1,631,016
Exercise prices original low	$ 3.02
Exercise prices original high	$ 27.49
Vested stock option awards expensed repricing	$ 0.5
Unvested stock option awards unrecognized expense repricing	$ 0.4
Weighted average vesting period terms repricing	2 years 4 months 17 days

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,565)	$ (10,153)	$ (21,026)	$ (26,124)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets, Net - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 287
2025	1,148
2026	1,148
2027	45
Estimated future amortization expense of definite-lived intangible assets	$ 2,628

Stock-Based Compensation - Summary of Stock Options Activity (Details) - Stock Options [Member] $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Outstanding, Beginning balance \| shares	4,041,807
Number of Options, Granted \| shares	730,100
Number of Options, Exercised \| shares	(1,779)
Number of Options, Forfeited \| shares	(470,342)
Number of Options expired \| shares	(320,156)
Number of Options Outstanding, Ending Balance \| shares	3,979,630	4,041,807
Number of Options, Exercisable, Ending balance \| shares	2,310,762
Number of Options, Vested and expected to vest, Ending balance \| shares	3,694,948
Weighted Average Exercise Price per Share, Options outstanding, Beginning balance \| $ / shares	$ 6.41
Weighted Average Exercise Price per Share, Granted \| $ / shares	2.86
Weighted Average Exercise Price per Share, Exercised \| $ / shares	1.97
Weighted Average Exercise Price per Share, forfeited \| $ / shares	9.12
Weighted Average Exercise Price Per Share, Expired \| $ / shares	11.94
Weighted Average Exercise Price per Share, Options outstanding, Ending balance \| $ / shares	5	$ 6.41
Weighted Average Exercise Price per Share, Exercisable, Ending balance \| $ / shares	5.22
Weighted Average Exercise Price per share, Vested and expected to vest, Ending balance \| $ / shares	$ 5.35
Weighted Average Remaining Contractual Term (in years), Options outstanding		7 years 6 months 10 days
Weighted Average Remaining Contractual Term (in years), Options outstanding	7 years 29 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 5 months 26 days
Weighted Average Remaining Contractual Term (in years), Vested and expected to vest	7 years 3 months 14 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 8,262	$ 5,159
Aggregate Intrinsic Value, Exercisable \| $	5,362
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 7,013

Leases - Schedule - Lease Costs And Other Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee Disclosure [Abstract]
Operating lease expense	$ 745	$ 640	$ 2,236	$ 2,041
Variable lease expense	109	54	326	164
Total lease expense	$ 854	$ 694	$ 2,562	$ 2,205

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic And Diluted Net Loss Per Share

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 Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(7,565	)	$	(10,153	)	$	(21,026	)	$	(26,124	)
Weighted average shares used in computing net loss per share—basic and diluted		51,821,395			29,956,930			44,520,132			28,810,068
Net loss per share—basic and diluted	$	(0.15	)	$	(0.34	)	$	(0.47	)	$	(0.91	)

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Employee share-based awards to purchase common stock		3,873,226		4,019,909		3,970,116		4,000,857
Warrants to purchase common stock		125,000		—		94,434		—

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities

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


	As of September 30, 2024		As of December 31, 2023
Payroll-related	$	2,712	$	3,826
Property, plant, and equipment		90		—
Deferred revenue		34		16
Insurance premiums and accrued interest		222		409
Loss contingency accrual		373		300
Other		942		1,028
Total current accrued liabilities	$	4,373	$	5,579

On July 8, 2024, the Company entered into a financing agreement with First Insurance Funding for the financing of the Company’s D&O liability insurance and related policies. Under the terms of the financing agreement, the Company will pay a total of $0.6 million in premiums, taxes and fees, plus interest at an annual percentage rate of 8.49% in seven monthly separate installment payments commencing on July 25, 2024. During the three months ended September 30, 2024, the Company made a down payment on the policy of $0.2 million to the insurer and three monthly installments for an aggregate of $0.2 million to First Insurance Funding. As of September 30, 2024, the Company owed $0.2 million for insurance premiums and accrued interest.

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 9,576	$ 8,169	$ 28,480	$ 28,817
Cost of sales	9,486	6,697	23,377	19,856
Gross profit	90	1,472	5,103	8,961
Operating expenses:
Research and development	627	1,397	2,165	4,256
Sales and marketing	1,640	2,412	4,763	6,929
General and administrative	4,968	6,138	17,832	19,426
Amortization of intangible assets	287	287	861	860
Long-lived assets impairment	0	0	0	2,195
Total operating expenses	7,522	10,234	25,621	33,666
Loss from operations	(7,432)	(8,762)	(20,518)	(24,705)
Other expenses, net
Interest expense, net	(141)	(791)	(558)	(1,006)
Loss on extinguishment of debt	0	(824)	0	(824)
Other income, net	0	233	0	417
Total other expenses, net	(141)	(1,382)	(558)	(1,413)
Loss before income taxes	(7,573)	(10,144)	(21,076)	(26,118)
(Benefit from) provision for income taxes	(8)	9	(50)	6
Net loss	$ (7,565)	$ (10,153)	$ (21,026)	$ (26,124)
Net loss per share_ basic	$ (0.15)	$ (0.34)	$ (0.47)	$ (0.91)
Net loss per share_ diluted	$ (0.15)	$ (0.34)	$ (0.47)	$ (0.91)
Weighted average shares used in computing net loss per share -basic	51,821,395	29,956,930	44,520,132	28,810,068
Weighted average shares used in computing net loss per share - diluted	51,821,395	29,956,930	44,520,132	28,810,068

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 1.4	$ 1.3	$ 4.1	$ 3.2
Capitalized interest costs	$ 0.0		$ 0.0	$ 0.9

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 9,576	$ 8,169	$ 28,480	$ 28,817
United States [Member]
Disaggregation Of Revenue [Line Items]
Revenue	9,057	7,827	27,155	27,628
International [Member]
Disaggregation Of Revenue [Line Items]
Revenue	519	342	1,325	1,189
Lab Essentials [Member]
Disaggregation Of Revenue [Line Items]
Revenue	7,161	7,274	22,065	22,112
Clinical Solutions [Member]
Disaggregation Of Revenue [Line Items]
Revenue	1,964	597	5,247	5,859
Other [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 451	$ 298	$ 1,168	$ 846

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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

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

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Leases - Schedule of maturities of operating lease liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessee Disclosure [Abstract]
Remainder of 2024	$ 703
2025	2,569
2026	2,627
2027	2,631
2028	2,480
Thereafter	10,296
Total lease payments	21,306
Less: imputed interest	(4,105)
Present value of lease liabilities	$ 17,201

Inventories, Net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, Net

Note 5. Inventories, Net

Inventories consisted of the following (in thousands):


	As of September 30, 2024		As of December 31, 2023
Finished goods, net	$	5,235	$	8,573
Work in process		134		47
Raw materials, net		2,305		2,974
Total inventories, net	$	7,674	$	11,594

Long-Term Debt, Net - Additional information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 08, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit working capital	$ 5,000
Line of Credit Facility, Description	If any advance under the Term Loan is prepaid at any time, a prepayment fee is charged based on the amount being prepaid and an applicable percentage amount, such as 4%, 3%, or 1%, based on the date the prepayment is made
Loss on extinguishment of debt		$ 0	$ (824)	$ 0	$ (824)
Debt Covenant Description	No. 5 also removed those requirements for the periods ending January 31, 2025 through December 31, 2025, instead requiring that for each applicable twelve-month period ending after December 31, 2024, the Company’s minimum net revenue requirement will be determined by MidCap in its reasonable discretion in consultation with the Company’s senior management and based on financial statements and projections delivered to MidCap in accordance with the financial reporting requirements in the Amended Credit Agreement, so long as the minimum net revenue requirements for those periods shall not be less than the greater of (x) the applicable minimum net revenue requirement for the twelve-month period ending on the last day of the immediately preceding month and (y) $34.0 million
Fair value of equity-classified warrants issued	$ 100			132	0
Term loan exit fee percent	9.00%
Debt issuance cost				25	$ 24
Term Loan		12,135		12,135			$ 12,135
Long-term debt, net		$ 10,857		$ 10,857			$ 13,251
Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Revenue	$ 45,000
Maturity date	May 01, 2027
Amended Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Revenue	$ 38,000
Amended Credit Agreement [Member] \| Forecast [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Revenue						$ 34,000
Amended Credit Agreement [Member] \| Forecast [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Revenue						$ 42,000
Amended Credit Agreement [Member] \| SOFR Floor [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.50%
Amended Credit Agreement [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Adjusted upward rate	0.10%
Term SOFR floor	4.50%
The Facility [Member]
Debt Instrument [Line Items]
Maximum amount borrowed	$ 57,100
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Maximum amount borrowed	$ 52,100
Term Loan [Member] \| Amended Credit Agreement [Member] \| SOFR [Member]
Debt Instrument [Line Items]
Applicable margin	7.00%
Revolving Loan [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Minimum cash requirement	$ 10,000
Revolving Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Minimum cash requirement	$ 9,000

Stock-Based Compensation - Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated dividend yield	0.00%	0.00%	0.00%	0.00%
Weighted-average expected stock price volatility	36.05%	35.43%	35.91%	35.08%
Weighted-average risk-free interest rate	3.49%	4.54%	4.33%	4.15%
Expected average term of options (in years)	6 years 3 months	3 years	6 years 3 months	5 years 11 months 12 days
Weighted-average fair value of common stock	$ 4.4	$ 1.95	$ 2.86	$ 5.05
Weighted-average fair value per option	$ 1.84	$ 0.57	$ 1.24	$ 2.12

- Definition

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

+ References

+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Teknova’s revenue, disaggregated by product category, was as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Lab Essentials	$	7,161	$	7,274	$	22,065	$	22,112
Clinical Solutions		1,964		597		5,247		5,859
Other		451		298		1,168		846
Total revenue	$	9,576	$	8,169	$	28,480	$	28,817

Teknova’s revenue, disaggregated by geographic region, was as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	9,057	$	7,827	$	27,155	$	27,628
International		519		342		1,325		1,189
Total revenue	$	9,576	$	8,169	$	28,480	$	28,817

Concentrations of Risk - Summary of revenues and outstanding balance of accounts receivable (Details) - Customers Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable [Member] \| Distributor supplier A
Product Information [Line Items]
Concentration Risk Percentage	21.00%		21.00%		16.00%
Accounts Receivable [Member] \| Distributor customer B
Product Information [Line Items]
Concentration Risk Percentage	10.00%		10.00%
Revenue Benchmark [Member] \| Distributor supplier A
Product Information [Line Items]
Concentration Risk Percentage1	19.00%	20.00%	18.00%	18.00%

Concentrations of Risk - Summary of inventory purchases and outstanding balance of accounts payable (Details) - Customers Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Distributor supplier A \| Inventory Purchases [Member]
Product Information [Line Items]
Concentration Risk Percentage1	37.00%	46.00%	37.00%	39.00%
Distributor supplier A \| Total Accounts Payable [Member]
Product Information [Line Items]
Concentration Risk Percentage	21.00%		21.00%		18.00%
Direct supplier A \| Inventory Purchases [Member]
Product Information [Line Items]
Concentration Risk Percentage1	10.00%		12.00%	10.00%
Direct supplier B \| Inventory Purchases [Member]
Product Information [Line Items]
Concentration Risk Percentage1		13.00%		10.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (7,565)	$ (10,153)	$ (21,026)	$ (26,124)
Weighted average shares used in computing net loss per share -basic	51,821,395	29,956,930	44,520,132	28,810,068
Weighted average shares used in computing net loss per share - diluted	51,821,395	29,956,930	44,520,132	28,810,068
Net loss per share - basic	$ (0.15)	$ (0.34)	$ (0.47)	$ (0.91)
Net loss per share - diluted	$ (0.15)	$ (0.34)	$ (0.47)	$ (0.91)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Presentation and Use of Estimates	Basis of Accounting, Presentation and Use of Estimates The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results may differ from those estimates. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024 (the 2023 Annual Report on Form 10-K). Refer to “Notes to Financial Statements—Note 2. Summary of Significant Accounting Policies,” within the 2023 Annual Report on Form 10-K for a full list of the Company’s significant accounting policies. The information in those notes has not changed except as a result of normal adjustments in the interim periods. Teknova has determined that it operates in one reporting unit, one operating segment, and one reportable segment, as the Chief Operating Decision Maker (CODM) of the Company reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Going Concern	Going Concern Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements—Going Concern, requires management to evaluate an entity’s ability to continue as a going concern for the twelve-month period following the date on which the financial statements are available for issuance. Management performed an assessment to determine whether there were conditions or events that, considered individually or in the aggregate, raised substantial doubt about the Company’s ability to continue as a going concern for the twelve-month period following the date on which the accompanying unaudited financial statements are being issued. Previous going concern assessments indicated negative conditions and events related to the Company’s limited capital resources to fund ongoing operations and the Company’s ability to comply with future financial covenants under the terms of the Amended Credit Agreement (defined in Note 10), both of which raised substantial doubt about the Company’s ability to continue as a going concern as described in our 2023 Annual Report on Form 10-K. However, the Company was in compliance with its financial covenants under the terms of the Amended Credit Agreement as of September 30, 2024 and as a result of recent business improvements and actions taken by management in the current fiscal year to amend its credit agreement, reduce operating costs, and raise additional capital (as described further in Note 2 below), management believes that there is no longer substantial doubt about the Company’s ability to continue as a going concern for the twelve-month period following the date on which the accompanying unaudited financial statements are being issued. Debt service requirements in the future require that the Company continues to execute its plans both in terms of operations and financial results. Additionally, unforeseen events or changes in assumptions may occur and result in material differences between the Company’s future financial results or forecasts and the current financial forecast, and those differences could result in management concluding in the future that there is substantial doubt about the Company’s ability to continue as a going concern based upon the new information.
Private Placement Offering	Private Placement Offering On July 11, 2024, the Company entered into a securities purchase agreement (the Purchase Agreement) and a registration rights agreement in connection with a private placement (the Offering) with certain accredited investors. Pursuant to the Purchase Agreement, the Company agreed to offer and sell in the Offering 12,385,883 shares of the Company’s common stock, $0.00001 par value per share, at an offering price of $1.24 per share. The Company’s controlling stockholder, Telegraph Hill Partners Management Company LLC, through its affiliates Telegraph Hill Partners V, L.P. and THP V Affiliates Fund LLC, the Company’s President and Chief Executive Officer and member of its board of directors, Stephen Gunstream, and the Company’s Chief Financial Officer, Matthew Lowell, participated in the Offering and, collectively, purchased an aggregate of 12,217,740 shares. The Company received aggregate gross proceeds of approximately $15.4 million from the Offering, before deducting offering expenses of $0.2 million. Offering expenses were included as a reduction to additional paid-in capital on the balance sheet. The Offering closed on July 12, 2024.
Reduction in Workforce	Reduction in Workforce On January 11, 2024, the Company carried out a reduction in workforce of approximately 35 positions, aimed at reducing operating expenses. The Company incurred $1.3 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The costs associated with the reduction in workforce were recorded in the quarter ended March 31, 2024, in general and administrative expenses. On February 1, 2023, the Company carried out a reduction in workforce of approximately 40 positions, aimed at reducing operating expenses. The Company incurred $0.7 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The costs associated with the reduction in workforce were recorded in the quarter ended March 31, 2023, in general and administrative expenses
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815, Derivatives and Hedging (ASC 815). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
Short-term Held-to-Maturity Investments	Short-term Held-to-Maturity Investments The Company invests excess cash balances in short-term U.S. Treasuries. Investments are classified based on the facts and circumstances present at the time of purchase. The appropriateness of that classification is subsequently reassessed at each reporting date. As of September 30, 2024, the Company has both the ability and intention to hold these investments until maturity and therefore has classified these investments as held-to-maturity and recorded them at amortized cost which approximates fair value and presented them in “Short-term investments, held -to-maturity” on the balance sheet. The fair value of the Company's short-term investments was based on quoted prices in active markets for these investments (Level 1). The income recognized for these investments is recorded within interest income on the statement of operations.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Additionally, all disclosure requirements under the guidance are also required for public entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company will first apply this standard in the fourth quarter of fiscal 2024 and continues to evaluate the impact this standard will have on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure in the rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciliation items in some categories if the items meet a quantitative threshold. The guidance also requires disclosure of income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard to determine its impact on the Company’s disclosures.
Recent Securities and Exchange Commission (SEC) Final Rules Not Yet Adopted	Recent Securities and Exchange Commission (SEC) Final Rules Not Yet Adopted In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on its business, results of operations, or financial condition. In addition, certain disclosures related to severe weather events and other natural conditions will be required in the registrant’s audited financial statements. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of these new final rules on its financial statements and disclosures.

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 11. Stockholders’ Equity

At-the-Market Facility

On March 30, 2023, the Company entered into a sales agreement (the ATM Facility) with Cowen and Company, LLC (Cowen), under which the Company may offer and sell, from time to time, shares of its common stock having aggregate gross proceeds of up to $50.0 million. The issuance and sale of these shares pursuant to the ATM Facility are deemed “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the Securities Act), and are registered under the Securities Act. The Company will pay a commission of up to 3.0% of gross sales proceeds of any common stock sold under the ATM Facility. The aggregate market value of shares eligible for sale under the ATM Facility will be subject to the limitations of General Instruction I.B.6 of Form S-3, to the extent required under such instruction.

Warrant to Purchase Common Stock

On March 8, 2024, as a condition to the effectiveness of Amendment No. 5, the Company issued to MidCap Funding XXVII a warrant to purchase up to an aggregate of 125,000 shares (the Common Warrant) of common stock with an exercise price of $2.9934 per share, subject to adjustment as provided therein.

The Company determined that the Common Warrant is not a liability within the scope of ASC 480, but met the requirements to be classified within stockholders’ equity, because the warrant is indexed to the Company’s common stock and met all of the conditions for equity classification in accordance with ASC 815. Accordingly, the Common Warrant was recorded as a component of additional paid-in capital in the statements of stockholders’ equity at the time of issuance. The Common Warrant was valued using the Black-Scholes option pricing model with the following assumptions: (i) fair value of common stock of $2.8500, (ii) exercise price of $2.9934, (iii) term of 5 years, (iv) dividend rate of 0%, (v) volatility of 36.70%, and (vi) risk free interest rate of 4.06%.

On October 15, 2024, MidCap exercised the Common Warrant in full and the Company issued 65,036 shares of common stock through a cashless exercise in accordance with the conversion terms.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Components of Property, Plant and Equipment, Net

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


	As of September 30, 2024			As of December 31, 2023
Machinery and equipment	$	29,765		$	30,082
Office furniture and equipment		842			842
Vehicles		340			291
Leasehold improvements		24,915			24,673
		55,862			55,888
Less—Accumulated depreciation		(11,439	)		(7,528	)
		44,423			48,360
Construction in progress		2,292			2,004
Total property, plant, and equipment, net	$	46,715		$	50,364

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ 99,885		$ 154,891	$ (55,006)
Beginning Balance (in shares) at Dec. 31, 2022		28,179,423
Equity financing, net of issuance costs, Shares		12,386,478
Equity financing, net of issuance costs	22,562		22,562
Issuance of common stock warrants	0
Stock-based compensation	3,115		3,115
Issuance of common stock upon exercise of stock options	76		76
Issuance of common stock upon exercise of stock options, shares		51,774
Issuance of common stock under employee stock purchase plan	138		138
Issuance of common stock under employee stock purchase plan, Shares		82,034
Vesting of restricted stock units, Shares		28,071
Net Income (Loss)	(26,124)			(26,124)
Ending Balance at Sep. 30, 2023	99,652		180,782	(81,130)
Ending Balance (in shares) at Sep. 30, 2023		40,727,780
Beginning Balance at Jun. 30, 2023	86,208		157,185	(70,977)
Beginning Balance (in shares) at Jun. 30, 2023		28,341,302
Equity financing, net of issuance costs, Shares		12,386,478
Equity financing, net of issuance costs	22,562		22,562
Stock-based compensation	1,035		1,035
Net Income (Loss)	(10,153)			(10,153)
Ending Balance at Sep. 30, 2023	99,652		180,782	(81,130)
Ending Balance (in shares) at Sep. 30, 2023		40,727,780
Beginning Balance at Dec. 31, 2023	$ 90,036		181,822	(91,786)
Beginning Balance (in shares) at Dec. 31, 2023	40,793,848	40,793,848
Equity financing, net of issuance costs, Shares		12,385,883
Equity financing, net of issuance costs	$ 15,141	$ 1	15,140
Issuance of common stock warrants	132		132
Stock-based compensation	2,900		2,900
Issuance of common stock upon exercise of stock options	4		4
Issuance of common stock upon exercise of stock options, shares		1,779
Issuance of common stock under employee stock purchase plan	81		81
Issuance of common stock under employee stock purchase plan, Shares		54,314
Vesting of restricted stock units, Shares		67,169
Net Income (Loss)	(21,026)			(21,026)
Ending Balance at Sep. 30, 2024	$ 87,268	$ 1	200,079	(112,812)
Ending Balance (in shares) at Sep. 30, 2024	53,302,993	53,302,993
Beginning Balance at Jun. 30, 2024	$ 78,928		184,175	(105,247)
Beginning Balance (in shares) at Jun. 30, 2024		40,915,331
Equity financing, net of issuance costs, Shares		12,385,883
Equity financing, net of issuance costs	15,141	$ 1	15,140
Stock-based compensation	760		760
Issuance of common stock upon exercise of stock options	4		4
Issuance of common stock upon exercise of stock options, shares		1,779
Net Income (Loss)	(7,565)			(7,565)
Ending Balance at Sep. 30, 2024	$ 87,268	$ 1	$ 200,079	$ (112,812)
Ending Balance (in shares) at Sep. 30, 2024	53,302,993	53,302,993

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Accounting, Presentation and Use of Estimates

The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations.

The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results may differ from those estimates.

These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024 (the 2023 Annual Report on Form 10-K). Refer to “Notes to Financial Statements—Note 2. Summary of Significant Accounting Policies,” within the 2023 Annual Report on Form 10-K for a full list of the Company’s significant accounting policies. The information in those notes has not changed except as a result of normal adjustments in the interim periods.

Teknova has determined that it operates in one reporting unit, one operating segment, and one reportable segment, as the Chief Operating Decision Maker (CODM) of the Company reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

Going Concern

Accounting Standards Codification (ASC) 205-40, Presentation of Financial Statements—Going Concern, requires management to evaluate an entity’s ability to continue as a going concern for the twelve-month period following the date on which the financial statements are available for issuance. Management performed an assessment to determine whether there were conditions or events that, considered individually or in the aggregate, raised substantial doubt about the Company’s ability to continue as a going concern for the twelve-month period following the date on which the accompanying unaudited financial statements are being issued.

Previous going concern assessments indicated negative conditions and events related to the Company’s limited capital resources to fund ongoing operations and the Company’s ability to comply with future financial covenants under the terms of the Amended Credit Agreement (defined in Note 10), both of which raised substantial doubt about the Company’s ability to continue as a going concern as described in our 2023 Annual Report on Form 10-K. However, the Company was in compliance with its financial covenants under the terms of the Amended Credit Agreement as of September 30, 2024 and as a result of recent business improvements and actions taken by management in the current fiscal year to amend its credit agreement, reduce operating costs, and raise additional capital (as described further in Note 2 below), management believes that there is no longer substantial doubt about the Company’s ability to continue as a going concern for the twelve-month period following the date on which the accompanying

unaudited financial statements are being issued. Debt service requirements in the future require that the Company continues to execute its plans both in terms of operations and financial results. Additionally, unforeseen events or changes in assumptions may occur and result in material differences between the Company’s future financial results or forecasts and the current financial forecast, and those differences could result in management concluding in the future that there is substantial doubt about the Company’s ability to continue as a going concern based upon the new information.

Private Placement Offering

On July 11, 2024, the Company entered into a securities purchase agreement (the Purchase Agreement) and a registration rights agreement in connection with a private placement (the Offering) with certain accredited investors. Pursuant to the Purchase Agreement, the Company agreed to offer and sell in the Offering 12,385,883 shares of the Company’s common stock, $0.00001 par value per share, at an offering price of $1.24 per share. The Company’s controlling stockholder, Telegraph Hill Partners Management Company LLC, through its affiliates Telegraph Hill Partners V, L.P. and THP V Affiliates Fund LLC, the Company’s President and Chief Executive Officer and member of its board of directors, Stephen Gunstream, and the Company’s Chief Financial Officer, Matthew Lowell, participated in the Offering and, collectively, purchased an aggregate of 12,217,740 shares. The Company received aggregate gross proceeds of approximately $15.4 million from the Offering, before deducting offering expenses of $0.2 million. Offering expenses were included as a reduction to additional paid-in capital on the balance sheet. The Offering closed on July 12, 2024.

Reduction in Workforce

On January 11, 2024, the Company carried out a reduction in workforce of approximately 35 positions, aimed at reducing operating expenses. The Company incurred $1.3 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The costs associated with the reduction in workforce were recorded in the quarter ended March 31, 2024, in general and administrative expenses.

On February 1, 2023, the Company carried out a reduction in workforce of approximately 40 positions, aimed at reducing operating expenses. The Company incurred $0.7 million of costs in connection with the reduction in workforce related to severance pay and other termination benefits. The costs associated with the reduction in workforce were recorded in the quarter ended March 31, 2023, in general and administrative expenses.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 480, Distinguishing Liabilities from Equity (ASC 480) and ASC 815, Derivatives and Hedging (ASC 815). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

Short-term Held-to-Maturity Investments

The Company invests excess cash balances in short-term U.S. Treasuries. Investments are classified based on the facts and circumstances present at the time of purchase. The appropriateness of that classification is subsequently reassessed at each reporting date. As of September 30, 2024, the Company has both the ability and intention to hold these investments until maturity and therefore has classified these investments as held-to-maturity and recorded them at amortized cost which approximates fair value and presented them in “Short-term investments, held -to-maturity” on the balance sheet. The fair value of the Company's short-term investments was based on quoted prices in active markets for these investments (Level 1). The income recognized for these investments is recorded within interest income on the statement of operations.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. Additionally, all disclosure requirements under the guidance are also required for public entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all

prior periods presented in the financial statements. The Company will first apply this standard in the fourth quarter of fiscal 2024 and continues to evaluate the impact this standard will have on the Company’s disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure in the rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciliation items in some categories if the items meet a quantitative threshold. The guidance also requires disclosure of income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard to determine its impact on the Company’s disclosures.

Recent Securities and Exchange Commission (SEC) Final Rules Not Yet Adopted

In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on its business, results of operations, or financial condition. In addition, certain disclosures related to severe weather events and other natural conditions will be required in the registrant’s audited financial statements. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of these new final rules on its financial statements and disclosures.

Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 9. Accrued Liabilities

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


	As of September 30, 2024		As of December 31, 2023
Payroll-related	$	2,712	$	3,826
Property, plant, and equipment		90		—
Deferred revenue		34		16
Insurance premiums and accrued interest		222		409
Loss contingency accrual		373		300
Other		942		1,028
Total current accrued liabilities	$	4,373	$	5,579

Revenue Recognition

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 3. Revenue Recognition

Teknova recognizes revenue from the sale of manufactured products and services when the Company transfers control of promised goods or services 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 revenue, disaggregated by product category, was as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Lab Essentials	$	7,161	$	7,274	$	22,065	$	22,112
Clinical Solutions		1,964		597		5,247		5,859
Other		451		298		1,168		846
Total revenue	$	9,576	$	8,169	$	28,480	$	28,817

Teknova’s revenue, disaggregated by geographic region, was as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
United States	$	9,057	$	7,827	$	27,155	$	27,628
International		519		342		1,325		1,189
Total revenue	$	9,576	$	8,169	$	28,480	$	28,817

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

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

+ Details