NEW YORK – Cell analysis firm Cytek Biosciences announced Friday an initial public offering of an aggregate of 16,749,330 shares of its common stock at $17 per share, with gross proceeds expected to be approximately $200 million.
Morgan Stanley, Goldman Sachs & Co, Piper Sandler & Co., and Cowen are acting as joint bookrunning managers.
The offering includes 11,764,706 shares of common stock put up by Cytec, and an additional 2,799,929 shares being sold by current stockholders. Cytek will not receive proceeds from this second group of shares. The company has also granted underwriters a 30-day option to purchase up to an additional 2,184,695 shares of its common stock to cover over-allotments, if any.
Based in Fremont, California, Cytek has developed technology for high-resolution, high-content, and high-sensitivity cell analysis, which it calls Full Spectrum Profiling. Supported by the firm's Aurora and Northern Lights systems, a cell sorter called the Aurora CS, and a suite of reagents, software and services, the system is designed to allow a higher level of multiplexing than traditional flow cytometry.
In documentation filed with the US Securities and Exchange Commission, Cytek reported that it had total revenues of $92.8 million in 2020, compared to $57.9 million in 2019. The firm's yearly net income was $19.4 million, or $.11 per share last year, compared to a net loss of $16.8 million, or $.60 per share, in the prior year.
For the three months ended March 31, the company brought in $24.3 million in total revenues compared to $18 million in the same period of 2020. Its quarterly net income was $102,000, compared to a net loss of $839,000 in the same quarter a year ago.
Cytek ended Q1 2021 with $168.6 million in cash and cash equivalents.
Apart from the Northern Lights CLC system, which is available for clinical use in China and the European Union, Cytek's products are for research use only.
The firm said it expects shares to begin trading on the Nasdaq Global Select Market under the symbol "CTKB" on July 23. The offering is expected to close on July 27, subject to satisfaction of customary closing conditions.