Cytek Biosciences, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Cytek Biosciences, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Cytek Biosciences, Inc. (CTKB) filed a Annual Report (10-K) with the SEC on March 13, 2024. Cytek Biosciences, Inc. filed its 2023 10-K report on March 13, 2024. The report covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware. Its principal business address is 47215 Lakeview Boulevard, Fremont, CA 94538. The filing includes detailed financial information for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Cytek Biosciences, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cytek's financial health and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance. The detailed financial data across multiple years allows for trend analysis and comparison, offering insights into the company's growth trajectory and operational efficiency.

Risk Assessment

Risk Level: medium — Cytek Biosciences, Inc. shows moderate risk based on this filing. The company's 10-K filing indicates a need for detailed financial disclosures, which can sometimes reveal complex financial structures or potential risks that require careful investor scrutiny.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Cytek Biosciences' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-13 — Filing Date (Date of submission)
• 001-40632 — SEC File Number (Company's SEC file number)

Key Players & Entities

• Cytek Biosciences, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• 47215 Lakeview Boulevard, Fremont, CA 94538 (address) — Business address
• DE (state) — State of incorporation
• 3826 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Cytek Biosciences operates in the laboratory analytical instruments industry, specifically focusing on flow cytometry solutions.

Regulatory Implications

As a publicly traded company, Cytek Biosciences is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's revenue streams and growth trends across product and service segments.
3. Assess any disclosed risk factors that could impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date Cytek Biosciences, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share CTKB The Nasdaq Global Select
• $193.0 m — or fiscal years 2023, 2022 and 2021 was $193.0 million, $164.0 million, and $128.0 milli
• $164.0 m — 2023, 2022 and 2021 was $193.0 million, $164.0 million, and $128.0 million, respectively
• $128.0 m — was $193.0 million, $164.0 million, and $128.0 million, respectively. We generated net l
• $12.1 million — respectively. We generated net loss of $12.1 million for fiscal year 2023 and net income of
• $2.5 million — for fiscal year 2023 and net income of $2.5 million and $3.0 million for fiscal years 2022
• $3.0 million — 2023 and net income of $2.5 million and $3.0 million for fiscal years 2022 and 2021, respect
• $167.6 m — ely. Our cash and cash equivalents were $167.6 million, $299.5 million and $364.6 millio
• $299.5 million — d cash equivalents were $167.6 million, $299.5 million and $364.6 million on December 31, 2023
• $364.6 million — were $167.6 million, $299.5 million and $364.6 million on December 31, 2023, 2022 and 2021, re

Filing Documents

• ctkb-20231231.htm (10-K) — 2353KB
• exhibit211subsidiaries.htm (EX-21.1) — 8KB
• exhibit231deloittecytek202.htm (EX-23.1) — 2KB
• ctkb-20231231ex311.htm (EX-31.1) — 11KB
• ctkb-20231231ex312.htm (EX-31.2) — 11KB
• ctkb-20231231ex321.htm (EX-32.1) — 5KB
• ctkb-20231231ex322.htm (EX-32.2) — 5KB
• exhibit97clawbackpolicya.htm (EX-97) — 19KB
• ctkb-20231231_g1.jpg (GRAPHIC) — 449KB
• exhibit97clawbackpolicya001.jpg (GRAPHIC) — 209KB
• exhibit97clawbackpolicya002.jpg (GRAPHIC) — 311KB
• exhibit97clawbackpolicya003.jpg (GRAPHIC) — 308KB
• exhibit97clawbackpolicya004.jpg (GRAPHIC) — 252KB
• exhibit97clawbackpolicya005.jpg (GRAPHIC) — 111KB
• 0001628280-24-010933.txt (&nbsp;) — 14001KB
• ctkb-20231231.xsd (EX-101.SCH) — 81KB
• ctkb-20231231_cal.xml (EX-101.CAL) — 120KB
• ctkb-20231231_def.xml (EX-101.DEF) — 323KB
• ctkb-20231231_lab.xml (EX-101.LAB) — 928KB
• ctkb-20231231_pre.xml (EX-101.PRE) — 671KB
• ctkb-20231231_htm.xml (XML) — 1645KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 62 I tem 1C. C yber s ecurity 62 Item 2.

Properties

Properties 63 Item 3.

Legal Proceedings

Legal Proceedings 63 Item 4. Mine Safety Disclosures 63 PART II Item 5 . Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64 Item 6. Reserved 66 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 82 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 118 Item 9A.

Controls and Procedures

Controls and Procedures 118 Item 9B. Other Information 122 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 PART III Item 10. Directors, Executive Officers and Corporate Governance 123 Item 11.

Executive Compensation

Executive Compensation 123 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 123 Item 13. Certain Relationships and Related Transactions, and Director Independence 123 Item 14. Principal Accountant Fees and Services 123 PART IV Item 15. Exhibits and Financial Statement Schedules 124 Item 16. Form 10-K Summary 126

Signatures

Signatures 127 P o wer of Attorney Power of Attorney 128 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," "become," "forecast," or the negative of these words or other similar terms or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, factors and assumptions described in the section titled "Risk Factors" and elsewhere in this Annual Report on Form 10-K, regarding, among other things: our expected future growth; the size and growth potential of the markets for our products, and our ability to serve those markets; our ability to accurately forecast demand for our products; general economic and market conditions, including as a result of infectious disease outbreaks, seasonal demands, regulatory matters, economic recessions or slowdowns, the ongoing war in Ukraine and the general inflationary environment; the rate and degree of market acceptance of our products; the expected future growth of our sales and marketing organization; the perform

Business

Item 1. Business Overview We are a leading cell analysis solutions company advancing the next generation of cell analysis tools with our novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells ("Full Spectrum Profiling" or "FSP" technology). Our goal is to become the premier cell analysis company through continued innovation that facilitates scientific advances in biomedical research and clinical applications. Biological systems are highly complex, and scientists are challenged by the multitude of questions that remain unanswered. Analysis at the single-cell level is essential to understand these complex systems. Identifying the correct cell in the context of a given biological question can have profound implications for drug development and health care decisions. It is essential to correlate information derived from multiple cell analysis approaches and to translate what is known at the gene level to the actual cell function. There is growing demand for deep content through high dimensional cell analysis and for solutions that can provide a complete picture of cellular biological processes and interactions. To achieve this, scientists need to phenotype and isolate rare events or unique populations down to the single-cell through highly resolvable multi-dimensional cell analysis. While flow cytometry is a widely used tool for single-cell analysis, conventional flow cytometry, mass cytometry and early approaches to spectral flow cytometry technologies have historically been challenged due to limited dimensionality, sub-optimal resolution, low throughput, high cost for performance and/or significant technical expertise required to operate systems. Full Spectrum Profiling (FSP) Technology Our patented FSP technology optimizes sensitivity and accuracy through its unique optical and electronic designs that utilize an innovative method of light detection and distribution

View Full Filing

View this 10-K filing on SEC EDGAR