UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Commission File Number
(Exact name of Registrant as specified in its Charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
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Trading Symbol(s) |
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Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of August 5, 2022, there were
1
Table of Contents
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PART I |
FINANCIAL INFORMATION |
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Item 1. |
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2 |
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Consolidated Statements of Operations and Comprehensive (Loss) Income |
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Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) |
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5 |
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6 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Item 4. |
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PART II |
OTHER INFORMATION |
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Item 1. |
41 |
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Item 1A. |
42 |
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Item 2. |
81 |
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Item 3. |
82 |
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Item 4. |
82 |
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Item 5. |
82 |
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Item 15. |
83 |
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84 |
1
2
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements (Unaudited).
Cytek Biosciences, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data) |
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June 30, |
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December 31, |
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(unaudited) |
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(audited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Trade accounts receivable, net |
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Inventories |
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Prepaid expenses and other current assets |
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Total current assets |
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Deferred income tax assets, noncurrent |
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Property and equipment, net |
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Operating lease right-of-use assets |
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Goodwill |
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Intangible assets, net |
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Other noncurrent assets |
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Total assets |
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$ |
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$ |
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Liabilities, redeemable convertible preferred stock and stockholders’ equity |
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Current liabilities: |
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Trade accounts payable |
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$ |
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$ |
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Legal settlement liability, current |
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Accrued expenses |
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Other current liabilities |
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Deferred revenue, current |
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Total current liabilities |
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Legal settlement liability, noncurrent |
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Deferred revenue, noncurrent |
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Operating lease liability, noncurrent |
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Other noncurrent liabilities |
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Total liabilities |
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$ |
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$ |
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Redeemable convertible preferred stock, $ |
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Stockholders’ equity: |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Accumulated other comprehensive income |
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Noncontrolling interest in consolidated subsidiary |
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Total stockholders’ equity |
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$ |
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$ |
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Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
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$ |
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$ |
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The accompanying notes are an integral part of these unaudited interim consolidated financial statements
2
3
Cytek Biosciences, Inc.
Consolidated Statements of Operations and Comprehensive (Loss) Income
(Unaudited)
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Three months ended |
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Six months ended |
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(In thousands, except share and per share data) |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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Revenue, net: |
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Product |
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$ |
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$ |
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$ |
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$ |
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Service |
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Total revenue, net |
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Cost of sales: |
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Product |
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Service |
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Total cost of sales |
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Gross profit |
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Operating expenses: |
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Research and development |
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Sales and marketing |
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General and administrative |
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Total operating expenses |
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(Loss) income from operations |
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Other income (expense): |
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Interest expense |
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Interest income |
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Other expense, net |
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Total other expense, net |
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(Loss) income before income taxes |
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( |
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(Benefit from) provision for income taxes |
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Net (loss) income |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Less: net loss allocated to noncontrolling interests |
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Less: net income allocated to participating securities |
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Net (loss) income attributable to common stockholders, basic and diluted |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Net (loss) income attributable to common stockholders per share, basic |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Net (loss) income attributable to common stockholders per share, diluted |
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$ |
( |
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$ |
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$ |
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$ |
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Weighted-average shares used in calculating net (loss) income per share, basic |
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Weighted-average shares used in calculating net (loss) income per share, diluted |
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Comprehensive (loss) income: |
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Net (loss) income |
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$ |
( |
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$ |
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$ |
( |
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$ |
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Foreign currency translation adjustment, net of tax |
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( |
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( |
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Net comprehensive (loss) income |
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$ |
( |
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$ |
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$ |
( |
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$ |
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The accompanying notes are an integral part of these unaudited interim consolidated financial statements
3
4
Cytek Biosciences, Inc
Consolidated Statements of Redeemable Convertible
Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited)
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Redeemable convertible |
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Additional |
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Accumulated other |
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Noncontrolling |
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Total |
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preferred stock |
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Common stock |
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paid-in |
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Accumulated |
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comprehensive |
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interest in consolidated |
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stockholders’ |
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(In thousands, except share data) |
Shares |
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Amount |
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Shares |
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Amount |
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capital |
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deficit |
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income |
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subsidiary |
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equity |
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Balances at December 31, 2021 |
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- |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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Exercise of stock options |
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Stock-based compensation |
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Foreign currency translation adjustment, net of tax |
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Net loss |
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Noncontrolling interest |
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Balances at March 31, 2022 |
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- |
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$ |
- |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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Shares issued in connection with employee stock plans |
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Shares of Common Stock withheld related to net share settlement |
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- |
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Stock-based compensation |
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Foreign currency translation adjustment, net of tax |
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( |
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Net loss |
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Noncontrolling interest |
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( |
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Balances at June 30, 2022 |
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- |
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$ |
- |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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Redeemable convertible |
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Additional |
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Accumulated other |
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Noncontrolling |
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Total |
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preferred stock |
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Common stock |
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paid-in |
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Accumulated |
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comprehensive |
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interest in consolidated |
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stockholders’ |
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(In thousands, except share data) |
Shares |
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Amount |
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Shares |
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Amount |
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capital |
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deficit |
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income |
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subsidiary |
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deficit |
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Balances at December 31, 2020 |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
— |
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Exercise of stock options |
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Stock-based compensation |
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Foreign currency translation adjustment, |
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Net income |
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