Alpha Teknova Stock Price, News & Analysis

Alpha Teknova has closed a $15.4 million private placement involving the issuance of 12,385,883 shares at $1.24 each, based on the Nasdaq closing price on July 11, 2024.

The gross proceeds from this private placement are approximately $15.4 million, before expenses. The funds will be used for general corporate purposes.

The securities from this transaction are not registered under the Securities Act and can only be resold under specific conditions. This announcement does not constitute an offer to sell or buy these securities in jurisdictions where such actions are unlawful.

Teknova (Nasdaq: TKNO) announced a $15.4 million private placement of 12,385,883 shares of common stock at $1.24 per share, based on the Nasdaq Official Closing Price on July 11, 2024. The private placement is set to close around July 12, 2024, contingent on standard closing conditions. Gross proceeds will be approximately $15.4 million before expenses, and the net proceeds will be used for general corporate purposes. This private placement is not registered under the Securities Act of 1933 but will comply with SEC regulations for resale. Teknova plans to file a registration statement with the SEC within 45 days and aims for it to be effective within 120 days if reviewed by the SEC.

Alpha Teknova (Nasdaq: TKNO) has provided a strategic business update and preliminary financial results for Q2 2024. The company anticipates total revenue between $9.4 to $9.6 million, reflecting a 17% to 18% decline compared to Q2 2023. However, excluding a large order from Q2 2023, the revenue shows a 7% to 9% increase. Teknova reaffirms its fiscal 2024 revenue guidance of $35-38 million and expects free cash outflow to be less than $18 million for the year. Cost management has led to a 40% reduction in headcount since Q2 2022. Key highlights include growth in the number of Clinical Solutions customers from 34 to 43 and an increase in Lab Essentials customers from 2,829 to 2,913, with on-time delivery metrics at an all-time high. Full financial results will be released on August 13, 2024.

Alpha Teknova (Nasdaq: TKNO) released its Q1 2024 financial results, reporting a 2% increase in total revenue to $9.3 million compared to $9.1 million in Q1 2023. Lab Essentials revenue remained flat at $7.3 million, while Clinical Solutions revenue rose 7% to $1.7 million. The company launched the Build-Tek™ Solutions, an innovative product allowing quick buffer formulation for early-stage therapy development. Gross profit declined to $2.2 million due to increased overhead costs. Operating expenses dropped to $10.2 million, leading to a net loss reduction from $8.8 million in Q1 2023 to $8.1 million in Q1 2024. Adjusted EBITDA improved to negative $3.8 million from negative $6.1 million. Teknova reaffirmed its 2024 revenue guidance of $35-38 million and free cash outflow of less than $18 million.

Teknova has launched Build-Tek Solutions, a custom configurator providing high-quality, customizable buffers for early-stage experiments with quick turnaround times. They also introduced the AAV-Tek AAV Stabilizer, enhancing capsid yield by up to 50% and safeguarding product integrity. The products aim to support research scientists in advancing science and therapy development.

Alpha Teknova, Inc. (“Teknova”) will report its financial results for the first quarter of 2024 on May 13, 2024. Teknova is a leading producer of critical reagents for therapies, vaccines, and diagnostics. The company will host a webcast and conference call on the same day. Investors can access the live webcast from the Investor Relations section of the Teknova website.