Related Parties |
6 Months Ended |
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Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 14. 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, founders and current directors, and greater than five percent stockholders of the Company. Prior to May 16, 2023, the Company leased certain real property in Mansfield, Massachusetts, from Meeches and did not have any outstanding balances owed to Meeches as of June 30, 2023 or December 31, 2022. For the three and six months ended June 30, 2023, the Company paid Meeches lease payments that were not significant and $0.1 million, respectively, and for the three and six months ended June 30, 2022, the Company paid Meeches lease payments of $0.1 million and $0.2 million, respectively. On April 11, 2023, the Company and Meeches entered into an agreement to terminate the Mansfield lease, which termination occurred on May 16, 2023. Shortly thereafter, Meeches sold the property to a third party. As part of the consideration for the early termination of the Mansfield lease, the Company entered into an escrow agreement with the new owner on May 17, 2023, and placed in escrow an amount equal to five months of base rent plus related expenses assumed by Teknova under the Mansfield lease. Escrow funds will be released to the new owner on a pro-rata monthly basis for the following five months, or until the occurrence of a rent commencement date under any new lease of the property to a third party. Upon the rent commencement date under a new lease, all amounts remaining in the escrow account and not then due, pro-rated daily, shall be released to Teknova. |