10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

____________________________________________________

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

o 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 001-36362

____________________________________________________

BioLife Solutions, Inc.

(Exact name of registrant as specified in its charter)

____________________________________________________

Delaware	94-3076866
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

3303 Monte Villa Parkway, Suite 310, Bothell, Washington, 98021

(Address of registrant’s principal executive offices, Zip Code)

(425) 402-1400

(Telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of exchange on which registered
BioLife Solutions, Inc. Common Stock	BLFS	NASDAQ Capital Market

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. Yes þ No o

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 (S232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit said files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 o Accelerated filer þ Non-accelerated filer o Smaller reporting company o Emerging Growth Company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

As of August 1, 2023, 43,490,090 shares of the registrant’s common stock were outstanding.

1

BIOLIFE SOLUTIONS, INC.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2023

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		3
Item 1.	Unaudited Condensed Consolidated Financial Statements	3
	Unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	3
	Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022	4
	Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2023 and 2022	5
	Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2023 and 2022	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	8
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	39
PART II. OTHER INFORMATION		41
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	41
Item 4.	Mine Safety Disclosures	41
Item 5.	Other Information	41
Item 6.	Exhibits	43
	Signatures	44

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BioLife Solutions, Inc.

Unaudited Condensed Consolidated Balance Sheets

	June 30,		December 31,
(In thousands, except per share and share data)	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	21,400	$	19,442
Restricted cash	31		31
Available-for-sale securities, current portion	24,858		43,260
Accounts receivable, trade, net of allowance for doubtful accounts of $1,265 and $739 as of June 30, 2023 and December 31, 2022, respectively	26,860		33,936
Inventories, net	39,177		34,904
Prepaid expenses and other current assets	7,985		6,879
Total current assets	120,311		138,452
Assets held for rent, net	9,417		9,064
Property and equipment, net	25,565		23,638
Operating lease right-of-use assets, net	14,935		15,292
Financing lease right-of-use assets, net	1,807		272
Long-term deposits and other assets	316		281
Available-for-sale securities, long-term	1,839		1,332
Equity investments	5,069		5,069
Intangible assets, net	29,177		32,088
Goodwill	224,741		224,741
Total assets	$	433,177	$	450,229
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	10,686	$	15,367
Accrued expenses and other current liabilities	10,114		9,782
Sales taxes payable	4,989		4,151
Warranty liability	8,436		8,312
Lease liabilities, operating, current portion	2,915		2,860
Lease liabilities, financing, current portion	426		158
Debt, current portion	1,935		1,814
Contingent consideration, current portion	86		2,138
Total current liabilities	39,587		44,582
Contingent consideration, long-term	1,909		2,318
Lease liabilities, operating, long-term	14,388		14,962
Lease liabilities, financing, long-term	1,330		126
Debt, long-term	23,572		23,793
Deferred tax liabilities	263		250
Other long-term liabilities	-		10
Total liabilities	81,049		86,041
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022	-		-
Common stock, $0.001 par value; 150,000,000 shares authorized, 43,442,250 and 42,832,231 shares issued and outstanding, respectively, as of June 30, 2023 and December 31, 2022	43		43
Additional paid-in capital	623,412		611,739
Accumulated other comprehensive loss, net of taxes	(499)		(679)
Accumulated deficit	(270,828)		(246,915)
Total shareholders’ equity	352,128		364,188
Total liabilities and shareholders’ equity	$	433,177	$	450,229

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

3

BioLife Solutions, Inc.

Unaudited Condensed Consolidated Statements of Operations

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share and share data)	2023		2022		2023		2022
Product revenue	$	33,037	$	34,170	$	64,630	$	64,558
Service revenue	4,195		3,698		8,665		6,787
Rental revenue	2,276		2,665		3,915		5,407
Total product, rental, and service revenue	39,508		40,533		77,210		76,752
Costs and operating expenses:
Cost of product revenue (exclusive of intangible assets amortization)	21,961		21,561		40,357		41,501
Cost of service revenue (exclusive of intangible assets amortization)	4,038		2,968		7,929		5,557
Cost of rental revenue (exclusive of intangible assets amortization)	1,697		1,665		3,073		3,582
General and administrative	15,402		11,652		30,241		23,182
Sales and marketing	6,318		5,415		12,789		10,306
Research and development	4,840		3,428		8,995		7,209
Intangible asset impairment charges	—		69,900		—		69,900
Intangible asset amortization	1,450		2,863		2,911		5,725
Acquisition costs	—		5		—		16
Change in fair value of contingent consideration	(918)		(2,361)		(198)		(5,695)
Total operating expenses	54,788		117,096		106,097		161,283
Operating loss	(15,280)		(76,563)		(28,887)		(84,531)
Other income (expense):
Gain on settlement of Global Cooling escrow	5,115		—		5,115		—
Interest expense	(419)		(32)		(829)		(216)
Other income (expense)	390		(22)		785		110
Total other income (expense), net	5,086		(54)		5,071		(106)
Loss before income tax (expense) benefit	(10,194)		(76,617)		(23,816)		(84,637)
Income tax (expense) benefit	(5)		3,739		(97)		4,338
Net loss	$	(10,199)	$	(72,878)	$	(23,913)	$	(80,299)
Net loss attributable to common shareholders:
Basic and Diluted	$	(10,199)	$	(72,878)	$	(23,913)	$	(80,299)
Net loss per share attributable to common shareholders:
Basic and Diluted	$	(0.23)	$	(1.72)	$	(0.55)	$	(1.90)
Weighted average shares used to compute loss per share attributable to common shareholders:
Basic and Diluted	43,441,219		42,460,189		43,235,558		42,238,355

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

4

BioLife Solutions, Inc.

Unaudited Condensed Consolidated Statements of Comprehensive Loss

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Net loss	$	(10,199)	$	(72,878)	$	(23,913)	$	(80,299)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	35		(422)		140		(578)
Unrealized gain (loss) on available-for-sale securities, net of tax	-		(40)		40		(40)
Comprehensive loss	$	(10,164)	$	(73,340)	$	(23,733)	$	(80,917)

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

5

BioLife Solutions, Inc.

Unaudited Condensed Consolidated Statements of Shareholders’ Equity

	Six Months Ended June 30, 2023
(In thousands, except share data)	Series A Preferred Stock Shares	Series A Preferred Stock Amount		Common Stock Shares	Common Stock Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Shareholders’ Equity
Balance, December 31, 2022	-	$	-	42,832,231	$	43	$	611,739	$	(679)	$	(246,915)	$	364,188
Stock-based compensation	-	-		-	-		14,220		-		-		14,220
Stock option exercises	-	-		144,043	-		305		-		-		305
Stock issued – on vested RSAs	-	-		565,027	-		-		-		-		-
Contingent consideration shares issued	-	-		116,973	-		2,263		-		-		2,263
Settlement of Global Cooling escrow	-	-		(216,024)	-		(5,115)		-		-		(5,115)
Foreign currency translation	-	-		-	-		-		140		-		140
Unrealized gain on available-for-sale securities	-	-		-	-		-		40		-		40
Net loss	-	-		-	-		-		-		(23,913)		(23,913)
Balance, June 30, 2023	-	$	-	43,442,250	$	43	$	623,412	$	(499)	$	(270,828)	$	352,128

	Three Months Ended June 30, 2023
(In thousands, except share data)	Series A Preferred Stock Shares	Series A Preferred Stock Amount		Common Stock Shares	Common Stock Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Shareholders’ Equity
Balance, March 31, 2023	-	$	-	43,289,969	$	43	$	619,227	$	(534)	$	(260,629)	$	358,107
Stock-based compensation	-	-		-	-		6,856		-		-		6,856
Stock option exercises	-	-		63,105	-		181		-		-		181
Stock issued – on vested RSAs	-	-		188,227	-		-		-		-		-
Contingent consideration shares issued	-	-		116,973	-		2,263		-		-		2,263
Settlement of Global Cooling escrow	-	-		(216,024)	-		(5,115)		-		-		(5,115)
Foreign currency translation	-	-		-	-		-		35		-		35
Unrealized gain on available-for-sale securities	-	-		-	-		-		-		-		-
Net loss	-	-		-	-		-		-		(10,199)		(10,199)
Balance, June 30, 2023	-	$	-	43,442,250	$	43	$	623,412	$	(499)	$	(270,828)	$	352,128

6

	Six Months Ended June 30, 2022
(In thousands, except share data)	Series A Preferred Stock Shares	Series A Preferred Stock Amount		Common Stock Shares	Common Stock Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders’ Equity
Balance, December 31, 2021	-	$	-	41,817,503	$	42	$	585,397	$	(282)	$	(107,110)	$	478,047
Fees incurred for registration filings	-	-		-	-		(76)		-		-		(76)
Stock-based compensation	-	-		-	-		11,372		-		-		11,372
Stock option exercises	-	-		154,504	-		301		-		-		301
Stock issued – on vested RSAs	-	-		500,597	1		-		-		-		1
Contingent consideration shares issued	-	-		64,130	-		816		-		-		816
Foreign currency translation	-	-		-	-		-		(578)		-		(578)
Unrealized loss on available-for-sale securities	-	-		-	-		-		(40)		-		(40)
Net loss	-	-		-	-		-		-		(80,299)		(80,299)
Balance, June 30, 2022	-	$	-	42,536,734	$	43	$	597,810	$	(900)	$	(187,409)	$	409,544

	Three Months Ended June 30, 2022
(In thousands, except share data)	Series A Preferred Stock Shares	Series A Preferred Stock Amount		Common Stock Shares	Common Stock Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders’ Equity
Balance, March 31, 2022	-	$	-	42,331,082	$	42	$	591,002	$	(438)	$	(114,531)	$	476,075
Fees incurred for registration filings	-	-		-	-		(24)		-		-		(24)
Stock-based compensation	-	-		-	-		5,973		-		-		5,973
Stock option exercises	-	-		24,571	-		43		-		-		43
Stock issued – on vested RSAs	-	-		116,951	1		-		-		-		1
Contingent consideration shares issued	-	-		64,130	-		816		-		-		816
Foreign currency translation	-	-		-	-		-		(422)		-		(422)
Unrealized loss on available-for-sale securities	-	-		-	-		-		(40)		-		(40)
Net loss	-	-		-	-		-		-		(72,878)		(72,878)
Balance, June 30, 2022	-	$	-	42,536,734	$	43	$	597,810	$	(900)	$	(187,409)	$	409,544

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

7

BioLife Solutions, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
(In thousands)	2023		2022
Cash flows from operating activities
Net loss	$	(23,913)	$	(80,299)
Adjustments to reconcile net loss to net cash used in operating activities
Impairment of intangible assets	-		69,900
Settlement of Global Cooling escrow	(5,115)		-
Depreciation	3,724		3,257
Amortization of intangible assets	2,911		5,725
Amortization of loan costs	13		-
Stock-based compensation	14,220		11,372
Non-cash lease expense	28		1,308
Deferred income tax expense (benefit)	13		(4,338)
Change in fair value of contingent consideration	(198)		(5,695)
Amortization of investments	(740)		-
Loss on disposal of property and equipment, net	215		35
Loss (gain) on disposal of assets held for rent, net	336		(264)
Other	(53)		200
Change in operating assets and liabilities, net of effects of acquisitions
Accounts receivable, trade, net	7,091		(8,128)
Inventories	(4,273)		(4,990)
Prepaid expenses and other assets	(1,183)		(2,411)
Accounts payable	(4,681)		(3,402)
Accrued expenses and other current liabilities	110		(1,033)
Warranty liability	124		(676)
Sales taxes payable	918		1,598
Other	23		-
Net cash used in operating activities	(10,430)		(17,841)
Cash flows from investing activities
Purchases of available-for-sale securities	(15,728)		(23,075)
Proceeds from sale of available-for-sale securities	1,852		-
Maturities of available-for-sale securities	32,550		-
Purchases of assets held for rent	(2,552)		(774)
Purchases of property and equipment	(3,904)		(3,491)
Net cash provided by (used in) investing activities	12,218		(27,340)
Cash flows from financing activities
Payments on equipment loans	(256)		(247)
Proceeds from exercise of common stock options	306		301
Fees incurred for registration filings	-		(76)
Payments on financed insurance premium	108		(458)
Other	(16)		10

8

Net cash used in financing activities	142		(470)
Net decrease in cash, cash equivalents, and restricted cash	1,930		(45,651)
Cash, cash equivalents, and restricted cash – beginning of period	19,473		69,870
Effects of currency translation on cash, cash equivalents, and restricted cash	28		(190)
Cash, cash equivalents, and restricted cash – end of period	$	21,431	$	24,029
Non-cash investing and financing activities
Purchase of property and equipment not yet paid	$	830	$	102
Equipment acquired under operating leases	$	880	$	243
Unrealized gains and losses on available-for-sale securities	$	(37)	$	-
Cashless issuance of SciSafe earnout shares	$	2,263	$	816
Cash interest paid	$	935	$	121
Settlement of Global Cooling escrow	$	(5,115)	$	-

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

9

BioLife Solutions, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

1.    Organization and significant accounting policies

Business

BioLife Solutions, Inc. (“BioLife”, “us”, “we”, “our”, or the “Company”) is a developer, manufacturer, and supplier of a portfolio of bioproduction tools and services including proprietary biopreservation media, automated thawing devices, cloud-connected shipping containers, ultra-low temperature mechanical freezers, cryogenic and controlled rate freezers, and biological and pharmaceutical materials storage. Our CryoStor® freeze media and HypoThermosol® hypothermic storage media are optimized to preserve cells in the regenerative medicine market. These novel biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our Sexton cell processing product line includes human platelet lysates (“hPL”) for cell expansion, reducing risk and improving downstream performance over fetal bovine serum, human serum, and other chemically defined media, CellSeal® cryogenic vials that are purpose-built rigid containers used in cell and gene therapy (“CGT”) that can be filled manually or with high throughput systems, and automated cell processing machines that bring multiple processes traditionally performed by manual techniques under a higher level of control to protect therapies from loss or contamination. Our ThawSTAR® product line is comprised of a family of automated thawing devices for frozen cell and gene therapies packaged in cryovials and cryobags. These products help administer temperature-sensitive biologic therapies to patients by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths. Our cryogenic freezer technology provides for controlled rate freezing and cryogenic storage of biologic materials. Our ultra-low temperature mechanical freezers allow biological materials and vaccines to be stored at temperatures which range from negative 20℃ to negative 86℃. Our evo® shipping containers provide cloud-connected passive storage and transport containers for temperature-sensitive biologics and pharmaceuticals. Our biological and pharmaceutical materials storage services provide facilities that allow for real-time tracking of biologic materials and vaccines that can be stored at a wide range of temperatures.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates and assumptions by management affect the Company’s net realizable value of inventory, sales tax liabilities, valuation of market based stock awards, valuations and purchase price allocations related to investments, fair value of marketable debt securities, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, stock-based compensation, contingent consideration from business combinations, and provision for income taxes.

The Company regularly assesses these estimates; however, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

Basis of presentation

The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by BioLife in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by U.S. GAAP. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2022 (the “Annual Report”).

The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, SAVSU Technologies, Inc. (“SAVSU”), Arctic Solutions, Inc. doing business as Custom Biogenic Systems (“CBS”), SciSafe Holdings, Inc. (“SciSafe”), BioLife Solutions B.V, Global Cooling, Inc. doing business as Stirling

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Ultracold (“Global Cooling” or “GCI”), and Sexton Biotechnologies, Inc. (“Sexton”). All intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year.

Foreign currency translation

The Company translates items presented on its Unaudited Condensed Consolidated Balance Sheet, Unaudited Condensed Consolidated Statements of Operations, Unaudited Condensed Consolidated Statements of Shareholders’ Equity, and Unaudited Condensed Consolidated Statements of Cash Flows into U.S. dollars. For the Company’s subsidiaries that operate in a local currency functional environment, all assets and liabilities are translated into U.S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss in the Unaudited Condensed Consolidated Statements of Shareholders' Equity.

Segment reporting

The Company views its operations and makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Significant accounting policies

There have been no significant changes to the accounting policies during the three and six months ended June 30, 2023, as compared to the significant accounting policies described in our Annual Report.

Liquidity and capital resources

On June 30, 2023 and December 31, 2022, we had $48.1 million and $64.1 million in cash, cash equivalents, and available-for-sale securities, respectively. We have the ability to borrow up to $10 million under our 2022 term loan 3. See Note 13: Long-term debt for additional details on borrowing requirements under our 2022 term loan 3. Based on our current expectations with respect to our future revenue and expenses, we believe that our current level of cash, cash equivalents, and other liquid assets will be sufficient to meet our liquidity needs for at least the next twelve months from the date of the filing of this Form 10-Q. However, the Company may choose to raise additional capital through a debt or equity financing in order to pursue additional acquisition or strategic investment opportunities. Additional capital, if required, may not be available on reasonable terms, if at all.

Risks and uncertainties

Supply chain considerations

Our domestic and international supply chain operations had been affected by the global pandemic of the coronavirus (“COVID-19”) and the resulting volatility and uncertainty it caused in the U.S. and international markets. The onset of the COVID-19 pandemic caused supply chains globally to become constrained, and these constraints historically impacted our business through both increased difficulty in obtaining semiconductor chips and increased pricing on available parts. However, as of the six months ended June 30, 2023, both availability and pricing of semiconductor chips have improved and no longer pose constraints on our supply chain. We currently have sufficient supply for electrical component parts within our operations and do not foresee constraints to return over our supply chain.

Concentrations of credit risk and business risk

Significant customers are those that represent more than 10% of the Company’s total revenues or gross accounts receivable balances for the periods and as of each balance sheet date presented. For each significant customer, revenue as a percentage

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of total revenues and gross accounts receivable as a percentage of total gross accounts receivable as of the periods presented were as follows:

	Accounts Receivable				Revenue
	June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
Customer A	*		15	%	*		*		*		*
Customer B	*		*		17	%	20	%	15	%	20	%
Customer C	*		11	%	*		*		*		*
Customer D	11	%	*		*		*		*		*

*less than 10%

Revenue from foreign customers is denominated in United States dollars or euros.

The following table represents the Company’s products representing more than 10% of the Company’s total revenues:

	Three Months Ended June 30,				Six Months Ended June 30,
Product revenue concentration	2023		2022		2023		2022
CryoStor	41	%	32	%	42	%	33	%
780XLE Freezer	20	%	25	%	17	%	23	%

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Three Months Ended June 30,				Six Months Ended June 30,
Revenue by customers’ geographic locations	2023		2022		2023		2022
United States	83	%	75	%	81	%	77	%
Europe, Middle East, Africa (EMEA)	13	%	17	%	16	%	17	%
Canada	—	%	5	%	—	%	3	%
Other	4	%	3	%	3	%	3	%
Total revenue	100	%	100	%	100	%	100	%

In the three months ended June 30, 2023, no supplier accounted for more than 10% of purchases. In the six months ended June 30, 2023, one supplier accounted for 11% of purchases. In the three and six months ended June 30, 2022, no suppliers accounted for more than 10% of purchases.

As of June 30, 2023, no suppliers accounted for more than 10% of our accounts payable. As of December 31, 2022, one supplier accounted for 23% of our accounts payable.

Recent accounting pronouncements

As of January 1, 2023, we adopted the ASC 2016-13, Measurement of Credit Losses on Financial Instruments, which later was codified as ASC 326 (CECL). In addition to the adoption of ASC 326, the Company adopted the accompanying ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. Both standards mark a significant change requiring the immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. ASU 2022-02 specifically eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancings and restructurings in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASC 326 is intended to

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improve financial reporting by corporations by requiring earlier recognition of credit losses on loans from corporations, held-to-maturity (HTM) securities, and certain other financial assets. ASC 326 also amended the impairment guidance for available-for-sale (AFS) debt securities in that it eliminated the Other Than Temporary Impairment (OTTI) impairment model. Under Subtopic ASC 326-30, Financial Instruments—Credit Losses—Available-for-Sale Debt Securities, changes in expected cash flows due to credit on AFS debt securities will be recorded through an allowance, rather than permanent write-downs for negative changes and prospective yield adjustments for positive changes, as required by the current OTTI model. ASC 326 replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For the period ended June 30, 2023, the adoption of ASC 326 did not result in a material effect on the Company’s Unaudited Condensed Consolidated financial statements.

2.    Correction of immaterial errors

As reported in our Annual Report as of and for the fiscal year ended December 31, 2022, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified we had established nexus in several jurisdictions beginning in the year ended December 31, 2019 in which we were not collecting and remitting sales taxes appropriately. The error was evaluated and recorded as of each period impacted by the error under the SEC guidance on evaluating the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not material to any previously issued consolidated financial statements and accompanying Unaudited Condensed Consolidated financial statements. Although the error was not material to any period, we corrected the accompanying historical Unaudited Condensed Consolidated financial statements for each period impacted. The corrections to the quarter ended June 30, 2022 are presented below to reflect the sales tax liability and associated expenses owed within the period for comparative purposes.

The effect of the adjustments to our Unaudited Condensed Consolidated Balance Sheet as of June 30, 2022 was as follows:

	June 30, 2022
(In thousands)	As reported		Adjustment		As corrected
Prepaid expenses and other current assets	$	6,890	$	302	$	7,192
Total current assets	118,057		302		118,359
Total assets	470,379		302		470,681
Accrued expenses and other current liabilities	7,187		(423)		6,764
Sales taxes payable	-		3,494		3,494
Total current liabilities	33,298		3,071		36,369
Total liabilities	58,066		3,071		61,137
Accumulated deficit	(184,640)		(2,769)		(187,409)
Total shareholders’ equity	412,313		(2,769)		409,544
Total liabilities and shareholders’ equity	470,379		302		470,681

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The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Operations for the quarter ended June 30, 2022 was as follows:

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(In thousands, except per share and share data)	As reported		Adjustment		As corrected		As reported		Adjustment		As corrected
General and administrative	$	11,351	$	301	$	11,652	$	22,546	$	636	$	23,182
Total operating expenses	116,795		301		117,096		160,647		636		161,283
Operating loss	(76,262)		(301)		(76,563)		(83,895)		(636)		(84,531)
Interest expense	(9)		(23)		(32)		(173)		(43)		(216)
Total other expense, net	(31)		(23)		(54)		(63)		(43)		(106)
Loss before income tax benefit	(76,293)		(324)		(76,617)		(83,958)		(679)		(84,637)
Net loss	(72,554)		(324)		(72,878)		(79,620)		(679)		(80,299)
Net loss per basic and diluted share	(1.71)		(0.01)		(1.72)		(1.89)		(0.01)		(1.90)

The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Cash flows for the quarter ended June 30, 2022 was as follows:

	Six Months Ended June 30, 2022
(In thousands)	As reported		Adjustment		As corrected
Net loss	$	(79,620)	$	(679)	$	(80,299)
Prepaid expenses and other current assets	(1,492)		(919)		(2,411)
Sales taxes payable	-		1,598		1,598

3.    Fair value measurement

In accordance with FASB ASC Topic 820, the Company measures its financial instruments at fair value on a recurring basis. The carrying values of certain of our financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of their short maturities. The carrying value of our marketable debt securities, which are accounted for as available-for-sale, are classified within either Level 1 or Level 2 in the fair value hierarchy because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The carrying values of our long-term debt, which is classified within Level 2 in the fair value hierarchy, approximates fair value as our borrowings with lenders are at interest rates that approximate market rates for comparable loans. The fair values of investments and contingent consideration classified as Level 3 were derived from management assumptions. The Company also measures certain assets and liabilities at fair value on a non-recurring basis when applying acquisition accounting. ASC Topic 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC Topic 820 establishes a three-tier value fair hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 – Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1 for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

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Level 3 – Unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The fair value of the SciSafe Contingent Consideration Liability was initially valued based on unobservable inputs using a Monte Carlo simulation. These inputs included the estimated amount and timing of projected future revenue, a discount rate of 4.5%, a risk-free rate of approximately 0.20%, asset volatility of 60%, and revenue volatility of 15%. Significant changes in any of those inputs in isolation would result in a significant change in the fair value measurement of the liability. Generally, changes used in the assumptions for projected future revenue and revenue volatility would be accompanied by a directionally similar change in the fair value measurement. Conversely, changes in the discount rate would be accompanied by a directionally opposite change in the related fair value measurement. However, due to the contingent consideration having a maximum payout amount, changes in these assumptions would not affect the fair value of the contingent consideration if they increase (decrease) beyond certain amounts. At the acquisition date, the contingent consideration was determined to have a fair value of $3.7 million. Subsequent to the acquisition date, the Contingent Consideration Liability was re-measured to fair value with changes recorded in the Change in Fair Value of Contingent Consideration in the Unaudited Condensed Consolidated Statements of Operations. During the most recent re-measurement of the Contingent Consideration Liability as of June 30, 2023, the Company used a discount rate of 13.0%, a risk-free rate of approximately 4.1%, asset volatility of 71%, and revenue volatility of 34%. This Contingent Consideration Liability is included in the Unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 in the amounts of $1.9 million and $4.3 million, respectively. The changes in fair value of contingent consideration associated with this liability are included within the Change in Fair Value of Contingent Consideration in the Unaudited Condensed Consolidated Statements of Operations. These changes in fair value of contingent consideration associated with this liability are included within the Change in Fair Value of Contingent Consideration in the Unaudited Condensed Consolidated Statements of Operations. These changes were $0.9 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $2.4 million and $5.7 million for the three and six months ended June 30, 2022, respectively. As of the year ended December 31, 2022, the second hurdle associated with this liability was satisfied and 116,973 shares were issued as payment during the six months ended June 30, 2023.

There were no remeasurements to fair value during the three and six months ended June 30, 2023 of financial assets and liabilities that are not measured at fair value on a recurring basis.

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The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, based on the three-tier fair value hierarchy:

(In thousands)

As of June 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	15,788	$	-	$	-	$	15,788
Available-for-sale securities:
U.S. government securities	5,909		-		-		5,909
Corporate debt securities	-		18,338		-		18,338
Other debt securities	-		2,450		-		2,450
Total	$	21,697	$	20,788	$	-	$	42,485
Liabilities:
Contingent consideration - business combinations	-		-		1,995		1,995
Debt	-		25,507		-		25,507
Total	$	-	$	25,507	$	1,995	$	27,502
As of December 31, 2022
Assets:
Cash equivalents:
Money market accounts	$	11,416	$	-	$	-	$	11,416
Available-for-sale securities:
U.S. government securities	15,051		-		-		15,051
Corporate debt securities	-		26,047		-		26,047
Other debt securities	-		3,494		-		3,494
Total	$	26,467	$	29,541	$	-	$	56,008
Liabilities:
Contingent consideration - business combinations	-		-		4,456		4,456
Debt	-		25,607		-		25,607
Total	$	-	$	25,607	$	4,456	$	30,063

There have been no transfers of assets or liabilities between the fair value measurement levels.

The following table presents the changes in fair value of contingent consideration liabilities which are measured using Level 3 inputs:

	Six Months Ended June 30,
(In thousands)	2023		2022
Beginning balance as of December 31, 2022 and 2021	$	4,456	$	10,027
Change in fair value recognized in net loss	(198)		(3,335)
Payment of contingent consideration earned	(2,263)		—
Ending balance	$	1,995	$	6,692

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4.    Investments

Available-for-sale securities

The Company’s portfolio of available-for-sale marketable securities consists of the following:

	June 30, 2023
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	5,911	$	1	$	3	$	5,909
Corporate debt securities	18,346		1		9		18,338
Other debt securities	611		-		-		611
Total short-term	24,868		2		12		24,858
Available-for-sale securities, long-term
Other debt securities	1,839		5		5		1,839
Total marketable securities	$	26,707	$	7	$	17	$	26,697

	December 31, 2022
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	15,087	$	1	$	37	$	15,051
Corporate debt securities	26,057		6		16		26,047
Other debt securities	2,169		-		7		2,162
Total short-term	43,313		7		60		43,260
Available-for-sale securities, long-term
Other debt securities	1,329		3		-		1,332
Total marketable securities	$	44,642	$	10	$	60	$	44,592

	June 30, 2023
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	24,868	$	24,858
Due after one year through five years	1,839		1,839
Total	$	26,707	$	26,697

Equity investments

The Company periodically invests in non-marketable equity securities of private companies without a readily determinable fair value to promote business and strategic objectives. The securities are carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar transactions of the same issuer. These securities included Series A-1 and A-2 Preferred Stock in iVexSol, Inc. carried at $4.1 million for both the periods ending June 30, 2023 and December 31, 2022, respectively, and Series E Preferred Stock in PanTHERA CryoSolutions, Inc. carried at $995,000 as of June 30, 2023 and December 31, 2022.

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5.    Inventories

Inventories consists of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	2023		2022
Raw materials	$	23,012	$	20,950
Work in progress	7,095		5,680
Finished goods	12,038		8,726
Total inventories	42,145		35,356
Less: Inventory reserve	(2,968)		(452)
Inventories, net	$	39,177	$	34,904

6.    Leases

The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one to ten years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases have terms between one and five years.

Our financing leases relate to research equipment, machinery, and other equipment.

The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of June 30, 2023 and December 31, 2022:

	June 30,		December 31,
(In thousands)	2023		2022
Weighted average discount rate - operating leases	4.3	%	4.2	%
Weighted average discount rate - finance leases	8.3	%	6.1	%
Weighted average remaining lease term in years - operating leases	6.7		7.2
Weighted average remaining lease term in years - finance leases	4.5		2.0

The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Operating lease costs	$	898	$	929	$	1,795	$	1,836
Short-term lease costs	448		519		850		986
Total operating lease costs	1,346		1,448		2,645		2,822
Variable lease costs	345		254		604		559
Total lease costs	$	1,691	$	1,702	$	3,249	$	3,381

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Maturities of our lease liabilities as of June 30, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2023 (6 months remaining)	$	1,768	$	275
2024	3,405		487
2025	2,960		424
2026	2,534		389
2027	2,280		387
Thereafter	6,938		134
Total lease payments	19,885		2,096
Less: interest	(2,582)		(340)
Total present value of lease liabilities	$	17,303	$	1,756

7.    Assets held for rent

Assets held for rent consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	2023		2022
Shippers placed in service	$	9,550	$	7,671
Fixed assets held for rent	4,686		4,686
Accumulated depreciation	(6,171)		(4,952)
Subtotal	8,065		7,405
Shippers and related components in production	1,352		1,659
Total	$	9,417	$	9,064

Shippers and related components in production include shippers complete and ready to be deployed and placed in service upon a customer order, shippers in the process of being assembled, and components available to build shippers. We recognized $1.0 million and $1.9 million in depreciation expense related to assets held for rent during the three and six months ended June 30, 2023, respectively, and $0.9 million and $1.8 million during the three and six months ended June 30, 2022, respectively.

8.    Property and equipment

Property and equipment consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	June 30, 2023		December 31, 2022
Property and equipment
Leasehold improvements	$	7,079	$	5,249
Furniture and computer equipment	1,839		1,908
Manufacturing and other equipment	22,894		20,557
Construction in-progress	4,235		5,095
Subtotal	36,047		32,809
Less: Accumulated depreciation	(10,482)		(9,171)
Property and equipment, net	$	25,565	$	23,638

Depreciation expense for property and equipment was $1.0 million and $1.9 million for the three and six months ended June 30, 2023, respectively, and $0.7 million and $1.5 million during the three and six months ended June 30, 2022, respectively.

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9.    Goodwill and intangible assets

Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination is determined to have an indefinite useful life and is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350.

Intangible assets

Intangible assets, net consisted of the following as of June 30, 2023 and December 31, 2022:

(In thousands, except weighted average useful life)	June 30, 2023
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	10,496	$	(4,098)	$	6,398	8.3
Tradenames	11,328		(2,386)		8,942		11.3
Technology - acquired	23,802		(10,171)		13,631		5.3
Non-compete agreements	750		(544)		206		1.3
Total intangible assets	$	46,376	$	(17,199)	$	29,177	7.8

(In thousands, except weighted average useful life)	December 31, 2022
Intangible assets:	Gross Carrying Value(1)		Accumulated Amortization(1)		Net Carrying Value		Weighted Average Useful Life (in years)(1)
Customer relationships	$	10,496	$	(3,328)	$	7,168	8.8
Tradenames	11,328		(1,794)		9,534		11.8
Technology - acquired	23,802		(8,705)		15,097		5.3
Non-compete agreements	750		(461)		289		1.8
Total intangible assets	$	46,376	$	(14,288)	$	32,088	8.0

(1) Both the Gross Carrying Value and Accumulated Amortization balances as of December 31, 2022 contain immaterial adjustments to reflect impairments taken during the year ended December 31, 2022 on each of the intangible asset classes presented here. Each intangible asset class was adjusted as follows: Customer relationships: $0.8 million; Tradenames: $2.4 million, Technology - acquired: $4.1 million, Non-compete agreements: $0.4 million. The Weighted Average Useful Life was additionally adjusted to reflect the updated balances subsequent to the impairment charges.

Amortization expense for definite-lived intangible assets was $1.5 million and $2.9 million for the three and six months ended June 30, 2023, respectively and $2.9 million and $5.7 million for the three and six months ended June 30, 2022,

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respectively. As of June 30, 2023, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization Expense
For the Years Ending December 31,
2023 (6 months remaining)	$	2,520
2024	4,607
2025	4,435
2026	4,137
2027	3,383
Thereafter	10,095
Total	$	29,177

10.    Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	June 30, 2023		December 31, 2022
Accrued compensation	$	5,150	$	5,080
Accrued expenses	3,673		3,128
Deferred revenue, current	385		548
Accrued taxes	906		975
Other	-		51
Total accrued expenses and other current liabilities	$	10,114	$	9,782

11.    Warranty reserve liability

The Company reserves estimated exposures on known claims, as well as anticipated claims, for product warranty and rework cost, based on historical product liability claims. Claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, changes in product costs, changes in product mix and any significant changes in sales volume.

A rollforward of our warranty liability is as follows:

	Six Months Ended June 30,
(In thousands)	2023		2022
Beginning balance as of December 31, 2022 and 2021	$	8,312	$	9,398
Provision for warranties(1)	2,160		1,991
Settlements of warranty claims(1)	(2,036)		(2,667)
Ending Balance	$	8,436	$	8,722

(1)Both the Provision for warranties and Settlements of warranty claims balances during the six months ended June 30, 2022 include immaterial reclassifications of $0.5 million to reflect changes in warranty utilization on pre-existing claims.

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12.    Commitments and contingencies

Employment agreements

We have employment agreements with certain key employees. None of these employment agreements is for a definitive period, but rather each will continue indefinitely until terminated in accordance with its terms. The agreements provide for a base annual salary, payable in monthly (or shorter) installments. Under certain conditions and for certain of these officers, we may be required to pay additional amounts upon terminating the employee or upon the employee resigning for good reason.

Litigation

From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none of which are currently material to the Company’s business. The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any significant pending or threatened litigation that is anticipated to result in unfavorable judgments against the Company.

Indemnification

As permitted under Delaware law and in accordance with the Company’s bylaws, the Company is required to indemnify its officers and directors for certain errors and occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of June 30, 2023 and December 31, 2022.

Non-income related taxes

Companies are required to collect and remit sales tax from certain customers if the company is determined to have nexus in a particular state. Upon the determination of nexus, which varies by state, companies are additionally required to maintain detailed record of specific product and customer information within each jurisdiction in which it has established nexus to appropriately determine their sales tax liability, requiring technical knowledge of each jurisdiction’s tax case law. During the year ended December 31, 2022, the Company determined that a sales tax liability related to the periods of 2019 through 2022 was probable and determined an estimated liability. The estimated liability was approximately $4.8 million and $3.7 million as of June 30, 2023 and December 31, 2022, respectively. Outside of the analysis performed to determine the sales tax liability related to the periods of 2019 through 2022, we assessed approximately $266,000 and $306,000 of sales tax obligations generated during the normal course of business as of June 30, 2023 and December 31, 2022, respectively. Due to the variety of jurisdictions in which this estimated liability relates to and our ongoing assessment of sales taxes owed, we cannot predict when final liabilities will be satisfied. We will reevaluate the estimated liability and timing of satisfaction each reporting period.

Settlement of Global Cooling escrow

On May 3, 2021, the Company acquired Global Cooling Inc. Within the the merger agreement, 6,646,870 newly issued shares of common stock were provided with the requirement that the GCI Merger Consideration otherwise payable to GCI Stockholders were subject to reduction for indemnification obligations. Approximately 9% of the GCI Merger Consideration (the "Escrow Shares") otherwise issuable to the GCI Stockholders were deposited into a segregated escrow account in accordance with an escrow entered into in connection with the GCI Escrow Agreement. Of the segregated shares, 5% were considered General Escrow Shares. These shares were eligible to be held for a period of up to 18 months after the closing of the GCI acquisition as the sole and exclusive source of payment for any post-GCI Closing indemnification claims.

On September 28, 2022, BioLife asserted an Indemnification Claim to the Seller Representatives. As of December 31, 2022 and March 31, 2023, the outcome of the claim was uncertain.

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On June 5, 2023, a settlement agreement was signed granting BioLife rights to 65% of the General Escrow Shares, totaling 216,024 shares. The shares were returned to BioLife and subsequently cancelled. As a result of the settlement, the Company recorded a $5.1 million gain recognizing the return of the shares.

13.    Long-term debt

2022 term loan 3

On September 20, 2022, the Company and certain of its subsidiaries entered into a term loan agreement, which provided for up to $50 million in aggregate principal to be drawn. The term loan matures on June 1, 2026. The agreement provided for borrowings of up to $30 million upon closing and options to borrow up to $10 million between closing and June 30, 2023, up to $10 million upon the achievement of certain revenue milestones, and an additional $10 million at the discretion of the lender. The Company borrowed $20 million upon closing. As of June 30, 2023, the Company had not drawn additional funding nor had it met the revenue milestones outlined within the term loan agreement. The Company has until December 31, 2023 to draw and additional $10 million, subject to approval from the lender. Payments on the borrowing are interest-only through June 2024, with additional criteria allowing for interest-only payments to continue through June 2025. Tranches borrowed under the term loan agreement bear interest at the Wall Street Journal prime rate plus 0.5%. The interest rate is subject to a ceiling that restricts the interest rate for each tranche from exceeding 1.0% above the overall rate applicable to each tranche at their respective funding dates. The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants. As of the date of this filing, the Company is in compliance with the covenants set forth in the 2022 term loan 3 agreement. In the event that borrowings under 2022 term loan 3 exceed $20 million, the Company will become subject to financial covenants.

Long-term debt consisted of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	Maturity Date	Interest Rate		June 30, 2023		December 31, 2022
2022 term loan 2	Various	4.0	%	2,896		2,896
2022 term loan 3	Jun-26	7.0	%	20,000		20,000
Insurance premium financing	Apr-24	8.0	%	1,184		1,074
Freezer equipment loan	Dec-25	5.7	%	393		466
Manufacturing equipment loans	Oct-25	5.7	%	218		266
Freezer installation loan	Various	6.3	%	944		1,078
Other loans	Various	Various		4		6
Total debt, excluding unamortized debt issuance costs				25,639		25,786
Less: unamortized debt issuance costs				(132)		(179)
Total debt				25,507		25,607
Less: current portion				(1,935)		(1,814)
Total long-term debt				$	23,572	$	23,793

2022 term loan 3 is secured by substantially all assets of BioLife, SAVSU, CBS, SciSafe, Global Cooling and Sexton, other than intellectual property. 2022 term loan 2 is secured by substantially all assets of Global Cooling and is effectively subordinated to the security interest established by the lenders of 2022 term loan 3. Equipment loans are secured by the financed equipment.

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As of June 30, 2023, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:

(In thousands)	Amount
2023 (6 months remaining)	$	1,217
2024	5,965
2025	10,511
2026	5,218
2027	2,596
Thereafter	-
Total debt	25,507

14.    Revenue

To determine revenue recognition for contractual arrangements that we determine are within the scope of FASB Topic 606, Revenue from Contracts with Customers, we perform the following five steps: (i) identify each contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to our performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the relevant performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price, taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 90 days. As of June 30, 2023 and December 31, 2022, our deferred revenue balance totaled $0.4 million and $0.6 million, respectively. During the three and six months ended June 30, 2023, the Company recognized approximately $0.3 million of revenue that was included in the deferred revenue balance at the beginning of the year.

The Company primarily recognizes product revenues, service revenues, and rental revenues. Product revenues are generated from the sale of cell processing tools, freezers, thawing devices, and cold chain products. We recognize product revenue, including shipping and handling charges billed to customers, at a point in time when we transfer control of our products to our customers, which is upon shipment for substantially all transactions. Shipping and handling costs are classified as part of cost of product revenue in the Condensed Consolidated Statements of Operations. Service revenue is generated from the storage of biological and pharmaceutical materials. We recognize service revenue over time as services are performed or ratably over the contract term. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in ASC Topic 606, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of and during the three and six months ended June 30, 2023.

The Company also generates revenue from the leasing of our property, plant, and equipment, operating right-of-use assets, and evo cold chain systems within its storage and storage services product line to customers pursuant to service contracts or rental arrangements entered into with the customer. Revenue from these arrangements is not within the scope of FASB ASC Topic 606 as it is within the scope of FASB ASC Topic 842, Leases. All customers leasing shippers currently do so under month-to-month rental arrangements. We account for these rental transactions as operating leases and record rental revenue on a straight-line basis over the rental term.

The Company enters into various customer service agreements (collectively, “Service Contracts”) with customers to provide biological and pharmaceutical storage services. In certain of these Service Contracts, the property, plant, and

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equipment or operating right-of-use assets used to store the customer product are used only for the benefit of one customer. This is primarily driven by the customer’s desire to ensure that sufficient storage capacity is available in a specific geographic location for a set period of time. These agreements may include extension and termination clauses. These Service Contracts do not allow for customers to purchase the underlying assets.

The Company has assessed its Service Contracts and concluded that certain of the contracts for the storage of customer products met the criteria to be considered a leasing arrangement (“Embedded Leases”), with the Company as the lessor. The specific Service Contracts that met the criteria were those that provided a single customer with the ability to substantially direct the use of the Company’s property, plant, and equipment or operating right-of-use assets.

Applying the practical expedient from ASC Topic 842, consistent with the previous guidance, the Company will continue to recognize operating right-of-use asset embedded lessor arrangements on its Unaudited Condensed Consolidated Balance Sheets in operating right-of-use assets.

None of the Embedded Leases identified by the Company qualify as a sales-type or direct finance lease. None of the operating leases for which the Company is the lessor include options for the lessee to purchase the underlying asset at the end of the lease term or residual value guarantees, nor are any such operating leases with related parties.

Embedded Leases may contain both lease and non-lease components. We have elected to utilize the practical expedient from ASC Topic 842 to account for lease and non-lease components together as a single combined lease component as the timing and pattern of transfer are the same for the non-lease components and associated lease component and, the lease component, if accounted for separately, would be classified as an operating lease. Non-lease components of the Company’s rental arrangements include reimbursements of lessor costs.

Total bioproduction tools and services revenue for the three and six months ended June 30, 2023 and 2022 were comprised of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		2023		2022
Product revenue
Freezer and thaw	$	13,849	$	18,670	$	26,230	$	34,005
Cell processing	18,673		15,356		37,666		30,254
Storage and storage services	515		144		734		299
Service revenue
Storage and storage services	4,155		3,698		7,980		6,787
Freezer and thaw	40		-		685		-
Rental revenue
Storage and storage services	2,276		2,665		3,915		5,407
Total revenue	$	39,508	$	40,533	$	77,210	$	76,752

The following table includes estimated rental revenue expected to be recognized in the future related to embedded leases as well as estimated service revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of the end of the reporting periods. The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The estimated revenue in the following table does not include contracts with the original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of June 30, 2023.

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The balances in the table below are partially based on judgments involved in estimating future orders from customers pursuant to their respective contracts:

(In thousands)	2023 (6 months remaining)		2024		Total
Rental revenue	$	1,800	$	900	$	2,700
Service revenue	$	133	$	10	$	143

15.    Stock-based compensation

Service vesting-based stock options

The following is a summary of service vesting-based stock option activity for the June 30, 2023, and the status of service vesting-based stock options outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Options	Wtd. Avg. Exercise Price
Outstanding as of beginning of year	456,293	$	2.17
Exercised	(144,043)	2.13
Outstanding as of June 30, 2023	312,250	$	2.18
Stock options exercisable as of June 30, 2023	312,250	$	2.18

As of June 30, 2023, there was $6.2 million of aggregate intrinsic value of outstanding and exercisable service vesting-based stock options. Intrinsic value is the total pretax intrinsic value for all “in-the-money” options (i.e., the difference between the Company’s closing stock price on the last trading day of the reporting period and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on June 30, 2023. This amount will change based on the fair market value of the Company’s stock. Intrinsic value of service vesting-based awards exercised was $1.2 million and $2.8 million during the three and six months ended June 30, 2023, respectively. There were no service based-vesting options granted during the three and six months ended June 30, 2023 . The weighted average remaining contractual life of service vesting-based options outstanding and exercisable as of June 30, 2023 is 2.6 years. There were no unrecognized compensation costs for service vesting-based stock options as of June 30, 2023.

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Restricted stock

Service vesting-based restricted stock

The following is a summary of service vesting-based restricted stock activity for the three and six months ended June 30, 2023, and the status of unvested service vesting-based restricted stock outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Shares	Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of year	1,879,215	$	28.94
Granted	509,629	18.13
Vested	(534,411)	26.42
Forfeited	(115,038)	28.73
Non-vested as of June 30, 2023	1,739,395	$	26.56

The aggregate fair value of the service vesting-based awards granted was $1.9 million and $9.2 million during the three and six months ended June 30, 2023, respectively. The aggregate fair value of the service vesting-based awards that vested was $3.9 million and $11.2 million during the three and six months ended June 30, 2023, respectively.

We recognized stock compensation expense related to service vesting-based awards of $5.0 million and $11.0 million during the three and six months ended June 30, 2023, respectively. As of June 30, 2023, there was $41.8 million in unrecognized compensation costs related to service vesting-based awards. We expect to recognize those costs over 2.5 years.

Market-based restricted stock

The following is a summary of market-based restricted stock activity under our stock option plan for the three and six months ended June 30, 2023 and the status of market-based restricted stock outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Shares	Wtd. Avg. Grant
Outstanding as of beginning of year	271,044	$	30.64
Granted	268,738	24.23
Vested	(30,616)	51.65
Non-vested as of June 30, 2023	509,166	$	26.00

On February 8, 2021, the Company granted 30,616 shares of market-based stock to its executives in the form of restricted stock. The shares granted contain a market condition based on TSR. The TSR market condition measures the Company’s performance against a peer group. On March 31, 2023, the Company’s Compensation Committee determined the TSR attainment was 100% of the targeted shares and 30,616 shares were granted and immediately vested to the executives of the Company based on our total shareholder return during the period beginning on January 1, 2021 through December 31, 2022 as compared to the total shareholder return of 20 of our peers. The fair value of this award was determined at the grant date using a Monte Carlo simulation with the following assumptions: a historical volatility of 68%, 0% dividend yield and a risk-free interest rate of 0.1%. The historical volatility was based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the Measurement Date with a maturity consistent with the 2-year term associated with the market condition of the award. The

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fair value of this award of $1.3 million was being expensed on a straight-line basis over the grant date to the vesting date of December 31, 2022.

On February 24, 2022, the Company granted 240,428 shares of market-based stock to its executives in the form of restricted stock. The shares granted contain a market condition based on TSR. The TSR market condition measures the Company’s performance against a peer group. The market-based restricted stock awards will vest as to between 0% and 200% of the number of restricted shares granted to each recipient based on our total shareholder return during the period beginning on January 1, 2022 through December 31, 2023 as compared to the total shareholder return of 20 of our peers. The fair value of this award was determined using a Monte Carlo simulation with the following assumptions: a historical volatility of 63%, 0% dividend yield and a risk-free interest rate of 1.5%. The historical volatility was based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the Measurement Date with a maturity consistent with the 2-year term associated with the market condition of the award. The fair value of this award of $6.7 million is being expensed on a straight-line basis over the grant date to the vesting date of December 31, 2023.

On January 8, 2023, the Company granted 268,738 shares of market-based stock to its executives in the form of restricted stock. The shares granted contain a market condition based on TSR. The TSR market condition measures the Company’s performance against a peer group. The market-based restricted stock awards will vest as to between 0% and 200% of the number of restricted shares granted to each recipient based on our total shareholder return during the period beginning on January 1, 2023 through December 31, 2024 as compared to the total shareholder return of 20 of our peers. The fair value of this award was determined using a Monte Carlo simulation with the following assumptions: a historical volatility of 78%, 0% dividend yield and a risk-free interest rate of 4.4%. The historical volatility was based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the Measurement Date with a maturity consistent with the 2-year term associated with the market condition of the award. The fair value of this award of $6.8 million is being expensed on a straight-line basis over the grant date to the vesting date of December 31, 2024.

We recognized stock compensation expense of $1.6 million and $3.2 million related to market-based restricted stock awards for the three and six months ended June 30, 2023, respectively, and $1.2 million and $1.8 million during the three and six months ended June 30, 2022. As of June 30, 2023, there was $6.6 million in unrecognized non-cash compensation costs related to market-based restricted stock awards expected to vest. We expect to recognize those costs over 1.3 years.

The aggregate fair value of the market-based awards granted was zero and $6.5 million during the three and six months ended June 30, 2023, respectively, and zero and $6.7 million during the three and six months ended June 30, 2022, respectively. The aggregate fair value of the market-based awards that vested was zero and $0.7 million during the three and six months ended June 30, 2023, respectively, and zero and $5.0 million during the three and six months ended June 30, 2022, respectively.

Total stock compensation expense

We recorded total stock compensation expense for the three and six months ended June 30, 2023 and 2022, as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Cost of revenue	$	1,212	$	802	$	2,844	$	1,809
General and administrative costs	3,555		3,719		6,848		6,729
Sales and marketing costs	1,082		738		2,338		1,443
Research and development costs	1,007		714		2,190		1,391
Total	$	6,856	$	5,973	$	14,220	$	11,372

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16.    Income taxes

The Company accounts for income taxes under ASC Topic 740 – Income Taxes. Under this standard, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The Company’s tax provision for interim periods is determined using an estimate of the annual effective income tax rate, adjusted for discrete items, if any, that occur in the relevant period. The income tax expense of $0.1 million for the six months ended June 30, 2023 resulted in an effective income tax rate of negative 0.4%. Included in the $0.1 million was a discrete tax expense of $0.4 million related to stock compensation shortfall tax expenses, which were offset by a change in the valuation allowance.

The Company’s US projected effective income tax rate without discrete items was negative 0.4%, which is lower than the US federal statutory rate of 21% primarily due to the increase in the valuation allowance on US deferred tax assets and non-deductible executive compensation offset by a non-taxable gain, state tax benefits, and research tax credits.

Realization of deferred tax assets is dependent upon the generation of future taxable income, the timing and amount of which are uncertain. In determining the need for a valuation allowance, the Company’s management evaluates both positive and negative evidence when concluding whether it is more likely than not that deferred tax assets are realizable. After reviewing the evidence available, the Company’s management believes there is uncertainty regarding the future realizability of the U.S. net operating loss carryforward and is projecting a full valuation allowance of $44.1 million by year end. If operating results improve and projections indicate future utilization of the tax attributes, all or a portion of the valuation allowance would be released, resulting in a corresponding non-cash income tax benefit.

17.    Net loss per common share

The Company considers its unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.

The following table presents computations of basic and diluted earnings per share under the two-class method:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and earnings per share data)	2023		2022		2023		2022
Basic earnings (loss) per common share
Numerator:
Net loss	$	(10,199)	$	(72,878)	$	(23,913)	$	(80,299)
Net loss allocated to common shareholders	(10,199)		(72,878)		(23,913)		(80,299)
Denominator:
Weighted-average common shares issued and outstanding	43,441,219		42,460,189		43,235,558		42,238,355
Basic loss per common share	$	(0.23)	$	(1.72)	$	(0.55)	$	(1.90)

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The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Stock options and restricted stock awards	3,027,060	1,942,812	3,202,537	2,767,841
Total	3,027,060	1,942,812	3,202,537	2,767,841

18.    Employee benefit plan

The Company sponsors 401(k) defined contribution plans for its employees. These plans provide for pre-tax and post-tax contributions for all employees. Employee contributions are voluntary. Employees may contribute up to 100% of their annual compensation to these plans, as limited by an annual maximum amount as determined by the Internal Revenue Service. The Company matches employee contributions in amounts to be determined at the Company’s sole discretion. The Company made $0.3 million and $0.6 million in contributions to the plan for the three and six months ended June 30, 2023, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively.

19.    Subsequent events

The Company has evaluated events subsequent to June 30, 2023 through the date of this filing to assess the need for potential recognition or disclosure. Subsequent to the end of the second quarter 2023, after considering other strategic alternatives, management and the board of directors began actively seeking to divest the Global Cooling and CBS freezer product lines. Other than the event outlined here, based upon this evaluation, it was determined that no other subsequent events occurred that require recognition or disclosure in the Consolidated Financial Statements.

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Item 2. Management’s discussion and analysis of financial condition and results of operations

Forward looking statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements in this Form 10-Q do not constitute guarantees of future performance and actual results could differ materially from those contained in the forward-looking statements. These statements are based on current expectations of future events. Such statements include, but are not limited to, statements about our products, including our newly acquired products, customers, regulatory approvals, the potential utility of and market for our products and services, our ability to implement our business strategy and anticipated business and operations, in particular following our acquisitions in recent years, future financial and operational performance, our anticipated future growth strategy, including the acquisition of other synergistic cell and gene therapy manufacturing tools and services or technologies or other companies or technologies, capital requirements, intellectual property, suppliers, joint venture partners, future financial and operating results, the impact of the COVID-19 pandemic, plans, objectives, expectations and intentions, revenues, costs and expenses, interest rates, outcome of contingencies, business strategies, regulatory filings and requirements, the estimated potential size of markets, capital requirements, the terms of any capital financing agreements, and other statements that are not historical facts. You can find many of these statements by looking for words like “believes”, “expects”, “anticipates”, “estimates”, “may”, “should”, “will”, “could”, “plan”, “intend”, or similar expressions in this Quarterly Report on Form 10-Q. We intend that such forward-looking statements be subject to the safe harbors created thereby.

These forward-looking statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results may differ materially from current expectations and projections. These risks and uncertainties include those factors described in greater detail in the risk factors disclosed in our Form 10-K as of and for the fiscal year ended December 31, 2022 filed with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those anticipated in these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q or, in the case of documents referred to or incorporated by reference, the date of those documents.

All subsequent written or oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events, except as may be required under applicable U.S. securities law. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Overview

Management’s discussion and analysis provides additional insight into the Company and is provided as a supplement to, and should be read in conjunction with, our Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2022 filed with the SEC.

We are a life sciences company that develops, manufactures, and markets bioproduction tools and services which are designed to improve quality and de-risk biologic manufacturing, storage, distribution, and transportation in the cell and gene therapy (“CGT”) industry and broader biopharma markets. Our products are used in basic and applied research and commercial manufacturing of biologic-based therapies. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, storage, and distribution.

Our current portfolio of bioproduction tools and services are comprised of three revenue lines that contain seven main offerings: (i) cell processing (including biopreservation media for the preservation of cells and tissues, human platelet lysate media for the supplementation of cell expansion, cryogenic vials and automated fill machines that provide high-

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quality, efficient, and precise mixes of solutions), (ii) freezers and thaw systems (including a full line of mechanical ultra-low temperature (“ULT”), isothermal, and liquid nitrogen freezers and accessories, automated thaw devices which provide controlled, consistent thawing of frozen biologics in vials and cryobags), and (iii) storage and storage services (including biological and pharmaceutical storage services, and “smart”, cloud connected devices for transporting biologic payloads).

We currently operate as one bioproduction tools and services business which supports several steps in the biologic material manufacturing and delivery process. We have a diversified portfolio of tools and services that focuses on biopreservation, cell processing, frozen biologic storage products and services, cold-chain transportation, and thawing of biologic materials. We have in-house expertise in cryobiology and continue to capitalize on opportunities to maximize the value of our product platform for our extensive customer base through both organic growth innovations and acquisitions.

Our products

Our bioproduction tools and services are comprised of three revenue lines that contain seven main offerings:

•Cell processing

◦Biopreservation media

◦Human platelet lysate media (“hPL”), cryogenic vials, and automated cell-processing fill machines

•Freezers and thaw systems

◦Ultra-low temperature freezers

◦Cryogenic freezers and accessories

◦Automated thawing devices

•Storage and storage services

◦Biological and pharmaceutical material storage

◦Cloud connected “smart” shipping containers

Biopreservation media

Our proprietary biopreservation media products, HypoThermosol FRS and CryoStor, are formulated to mitigate preservation-induced, delayed-onset cell damage and death, which result when cells and tissues are subjected to reduced temperatures. Our technology can provide our CGT customers with significant shelf-life extension of biologic source material and final cell products and can also greatly improve post-preservation cell and tissue viability and function. Our biopreservation media are serum-free, protein-free, fully defined, and manufactured under current Good Manufacturing Practices (cGMP). We strive to source wherever possible, the highest available grade, multi-compendium raw materials. We estimate our cell processing products have been incorporated in over 700 customer clinical applications, including numerous chimeric antigen receptor (“CAR”) T cell and other cell types.

Stability (i.e. shelf-life) and functional recovery are crucial aspects of academic research and clinical practice in the biopreservation of biologic-based source material, intermediate derivatives, and isolated/derived/expanded cellular products and therapies. Limited stability is especially critical in the CGT field, where harvested cells and tissues will lose viability over time, if not maintained appropriately at normothermic body temperature (37ºC) or stored in a hypothermic state in an effective preservation medium. Chilling (hypothermia) is used to reduce metabolism and delay degradation of harvested cells and tissues. However, subjecting biologic material to hypothermic environments induces damaging molecular stress and structural changes. Although cooling successfully reduces metabolism (i.e., lowers demand for energy), various levels of cellular damage and death occur when using suboptimal methods. Traditional biopreservation media range from simple “balanced salt” (electrolyte) formulations to complex mixtures of electrolytes, energy substrates such as sugars, osmotic buffering agents and antibiotics. The limited stability, which results from the use of these traditional biopreservation media formulations, is a significant shortcoming that our optimized proprietary products address with great success.

Our scientific research activities over the last 30+ years enabled a detailed understanding of the molecular basis for the hypothermic and cryogenic (low-temperature induced) damage/destruction of cells through apoptosis and necrosis. This research led directly to the development of our HypoThermosol FRS and CryoStor technologies. Our proprietary biopreservation media products are specifically formulated to:

•Minimize cell and tissue swelling

•Reduce free radical levels upon formation

•Maintain appropriate low temperature ionic balances

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•Provide regenerative, high energy substrates to stimulate recovery upon warming

•Avoid the creation of an acidic state (acidosis)

•Inhibit the onset of apoptosis and necrosis

A key feature of our biopreservation media products is their “fully-defined” profile. All of our cGMP products are serum-free, protein-free and are formulated and filled using aseptic processing. We strive to use USP/Multicompendial grade or the highest quality available synthetic components. All of these features benefit prospective customers by facilitating the qualification process required to incorporate our products into their regulatory filings.

Competing biopreservation media products are often formulated with simple isotonic media cocktails, animal serum, potentially a single sugar or human protein. A key differentiator of our proprietary HypoThermosol FRS and CryoStor formulation is the engineered optimization of the key ionic component concentrations for low temperature environments, as opposed to normothermic body temperature around 37°C, as found in culture media or saline-based isotonic formulas. Competing cryopreservation freeze media is often comprised of a single permeating cryoprotectant such as dimethyl sulfoxide (“DMSO”). Our CryoStor formulations incorporate multiple permeating and non-permeating cryoprotectant agents which allow for multiple mechanisms of protection and reduces the dependence on a single cryoprotectant. We believe that our products offer significant advantages over in-house formulations, or commercial “generic” preservation media, including, time savings, improved quality of components, more rigorous quality control release testing, cost effectiveness, and improved preservation efficacy.

The results of independent testing demonstrate that our biopreservation media products significantly extend shelf-life and improve cell and tissue post-thaw viability and function. Our products have demonstrated improved biopreservation outcomes, including greatly extended shelf-life and post-thaw viability, across a broad array of cell and tissue types.

We estimate that annual revenue from each customer commercial application in which our products are used could range from $500,000 to $2.0 million, if such application is approved and our customer commences large scale commercial manufacturing of the biologic based therapy.

Human platelet lysate media, cryogenic vials and automated cell-processing fill machines

Our bioproduction tools portfolio includes hPL for cell expansion, which reduces risk and improves downstream performance over fetal bovine serum, human serum, and other chemically defined media, CellSeal closed system vials that are purpose-built rigid containers used in CGT that can be filled manually or with high throughput systems, and automated cell processing machines that bring multiple processes traditionally performed by manual techniques under a higher level of control to protect therapies from loss or contamination..

For our Sexton vials and media, we estimate that annual revenue from each customer commercial application in which these products are used could also range from $500,000 to $2.0 million, if such application is approved and our customer commences large scale commercial manufacturing of the biologic-based therapy.

Ultra-low temperature freezers

Our portfolio of class defining ultra-low temperature freezers range in size from portable units to stationary upright freezers to accommodate a wide variety of use cases. Users can configure these freezers to achieve temperatures between -20°C and -86°C. The portfolio was designed to be environmentally friendly and energy efficient, using as little as 2.8 kWh/day at temperatures of -80°C. The freezers do not use compressor-based or cascade refrigeration systems. Instead, they use patented free-piston Stirling engine technology that uses fewer moving parts, resulting in maintenance cost savings for end users.

Liquid nitrogen freezers and storage devices

Our line of cryogenic freezers offer leading design and manufacture of state-of-the-art liquid nitrogen laboratory freezers, cryogenic equipment, and accessories.

Our line of liquid nitrogen freezers are controlled-rate freezers and Isothermal LN2 freezers, constructed with a patented system which stores liquid nitrogen in a jacketed space in the walls of the freezer. This dry storage method eliminates liquid nitrogen contact with stored specimens, reduces the risk of cross-contamination and provides increased user safety in

33

a laboratory setting. To accommodate customer requirements, we offer customizable features including wide bodied and extended height.

To accompany the offerings of cryogenic freezer equipment, we supply equipment for storing critically important biological materials. This storage equipment includes upright freezer racks, chest freezer racks, liquid nitrogen freezer racks, canisters/cassettes and frames as well as laboratory boxes and dividers. Due to our onsite design and manufacturing capability, racks and canisters can be customized to address customers’ varying requirements.

In order to provide customers with a proactive approach to safety and monitoring of equipment containing liquefied gas, we offer Versalert, a patented wireless remote asset monitoring system that can monitor and record temperatures. Versalert has an intelligent mesh network system that enables customers to view current equipment conditions and receive alarm notification on smartphones, tablets or personal computers and maintain permanent electronic records for regulatory compliance and legal verification.

Automated, water-free thawing products

The ThawSTAR line includes automated vial and cryobag thawing products that control the heat and timing of the thawing process of biologic material. Our customizable, automated, water-free thawing products uses algorithmic programmed, heating plates to consistently bring biologic material from a frozen state to a liquid state in a controlled and consistent manner. This helps reduce cell structure damage during the temperature transition. The ThawSTAR products can reduce risks of contamination versus using a traditional water bath.

Biological and pharmaceutical storage

We are a premier provider of biological and pharmaceutical storage services, including cold chain logistics that ensures materials are kept at target temperatures from the moment that the materials leave the customer’s premises to their ultimate return. Our state-of-the-art monitoring systems allow for customers to monitor the storage temperatures of their materials throughout the entire logistics chain.

We operate six storage facilities in the USA and one facility in the Netherlands.

evo cloud connected shipping containers

We are a leading developer and supplier of next generation cold chain management tools for cell and gene therapies. Our cloud-connected shipping containers and evo.is cloud app allows biologic products to be traced and tracked in real time. Our evo platform consists of rentable cloud-connected shippers that include technologies enabling tracking software to provide real-time information on geolocation, payload temperature, ambient temperature, tilt of shipper, humidity, altitude, and real-time alerts when a shipper has been opened. Our internally developed evo.is software allows customers to customize alert notifications both in data measurements and user requirements. The evo Dry Vapor Shipper (“DVS”) is specifically marketed for use with cell and gene therapies. The evo DVS has an improved form factor and ergonomics over the traditional dewar, including extended thermal performance, reduced liquid nitrogen recharge time, improved payload extractors, and ability to maintain temperature for longer periods if tilted on its side.

We utilize couriers who already have established logistic channels and distribution centers. Our strategy greatly reduces the cash need to build out specialized facilities around the world. Our partnerships with several white glove couriers allow us to scale our sales and marketing effort by leveraging their salesforce. Our courier partnerships market our evo platform to their existing cell and gene therapy customers as a cost effective and innovative solution. We also market directly to our existing and prospective customers who can utilize the evo platform through our courier partnerships.

Critical accounting policies and estimates

A “critical accounting policy” is one which is both important to the portrayal of our financial condition and results and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a description of our critical accounting policies that affect our more significant judgments and estimates used in the preparation of our Unaudited Condensed Consolidated Financial Statements, refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations and our significant accounting policies in Note 1 to the Consolidated Financial Statements included in our Annual Report on Form

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10-K for the year ended December 31, 2022 filed with the SEC and Note 1 to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on form 10-Q.

Results of operations

The following discussion of the financial condition and results of operations should be read in conjunction with the accompanying Unaudited Condensed Consolidated Financial Statements and the related footnotes thereto.

Revenues

Total bioproduction tools and services revenue for three and six months ended June 30, 2023 and 2022 was comprised of the following:

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
Product revenue
Freezer and thaw	$	13,849	$	18,670	$	(4,821)	(26)	%	$	26,230	$	34,005	$	(7,775)	(23)	%
Cell processing	18,673		15,356		$	3,317	22	%	37,666		30,254		$	7,412	24	%
Storage and storage services	515		144		$	371	258	%	734		299		$	435	145	%
Service revenue
Storage and storage services	4,155		3,698		$	457	12	%	7,980		6,787		$	1,193	18	%
Freezer and thaw	40		-		$	40	NM		685		-		$	685	NM
Rental revenue
Storage and storage services	2,276		2,665		$	(389)	(15)	%	3,915		5,407		$	(1,492)	(28)	%
Total revenue	$	39,508	$	40,533	$	(1,025)	(3)	%	$	77,210	$	76,752	$	458	1	%

Product revenue

Product revenue was $33.0 million for the three months ended June 30, 2023, representing a decrease of $1.1 million, or 3%, compared with the same period in 2022, and was $64.6 million for the six months ended June 30, 2023, representing an increase of $0.1 million, or 0.1%, compared with the same period in 2022. The decrease for the three months ended June 30, 2023 is primarily driven by decreases in sales within our ULT freezer and thaw product line compared to the same period in 2022, while the increase for the six months ended June 30, 2023 can be attributed to continued strength in the adoption of our cell processing products by customers within the CGT market.

Product revenue from our freezer and thaw products decreased by $4.8 million and $7.8 million, or 26% and 23%, in the three and six months ended June 30, 2023, respectively, compared with the same period in 2022. The decrease can be attributed to a decrease in sales of our ULT freezer line compared to the prior year.

Product revenue from our cell processing products increased by $3.3 million and $7.4 million, or 22% and 24%, in the three and six months ended June 30, 2023, respectively, compared with the same period in 2022. The increase is driven by the continued adoption of our cell processing products by customers in the CGT market.

Product revenue from our storage and storage services increased by $0.4 million and $0.4 million, or 258% and 145%, in the three and six months ended June 30, 2023, respectively, compared with the same periods in 2022.

Service revenue

Service revenue was $4.2 million and $8.7 million for the three and six months ended June 30, 2023, respectively, representing an increase of $0.5 million and $1.9 million, or 13% and 28%, compared with the same period in 2022. The increase relates primarily to the expansion of service revenues generated by SciSafe storage services.

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Rental revenue

Rental revenue was $2.3 million and $3.9 million for the three and six months ended June 30, 2023, respectively, representing a decrease of $0.4 million and $1.5 million, or 15% and 28%, compared with 2022. The decrease can be attributed to the runout of an agreement with a major customer for the storage of material inputs in the COVID-19 vaccine during the prior year.

Costs and operating expenses

Total costs and operating expenses for three and six months ended June 30, 2023 and 2022 were comprised of the following:

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
Cost of product, rental, and service revenue	$	27,696	$	26,194	$	1,502	6	%	$	51,359	$	50,640	$	719	1	%
General and administrative	15,402		11,652		$	3,750	32	%	30,241		23,182		$	7,059	30	%
Sales and marketing	6,318		5,415		$	903	17	%	12,789		10,306		$	2,483	24	%
Research and development	4,840		3,428		$	1,412	41	%	8,995		7,209		$	1,786	25	%
Intangible asset impairment charges	—		69,900		$	(69,900)	(100)	%	—		69,900		$	(69,900)	(100)	%
Intangible asset amortization	1,450		2,863		$	(1,413)	(49)	%	2,911		5,725		$	(2,814)	(49)	%
Acquisition costs	—		5		$	(5)	(100)	%	—		16		$	(16)	(100)	%
Change in fair value of contingent consideration	(918)		(2,361)		$	1,443	NM		(198)		(5,695)		$	5,497	NM
Total operating expenses	$	54,788	$	117,096	$	(62,308)	(53)	%	$	106,097	$	161,283	$	(55,186)	(34)	%

Cost of product, rental, and service revenue

Cost of revenue increased $1.5 million and $0.7 million for the three and six months ended June 30, 2023, or 6% and 1%, respectively, compared to the same periods in 2022, due primarily to increases in sales and a $2.2 million inventory reserve in the three months ended June 30, 2023 for potentially unusable final product containers for which no similar reserve was made during the same period in 2022.

Cost of revenue net of intangible amortization related to acquired technology was 72% and 68% as a percentage of revenue for the three and six months ended June 30, 2023, respectively, and 67% and 69% as a percentage of revenue for the three and six months ended 2022, respectively. This increase in cost of revenue net of intangible amortization for the three months ended June 30, 2023 is a result of increased personnel expenses and an increase in inventory reserve compared to the same time period in the prior year. The decrease in cost of revenue net of intangible amortization for the six months ended June 30, 2023 is a result of a favorable product mix in our media product line and a greater concentration of higher margin revenue as a percentage of total revenue, offset by increases in personnel expenses, including stock-based compensation expenses, and an increase in inventory reserve compared to the prior year.

General and administrative expenses

General and administrative (“G&A”) expense consists primarily of personnel-related costs, non-cash stock-based expense for administrative personnel and members of the board of directors, professional fees, such as accounting and legal, and corporate insurance.

G&A expenses for the three and six months ended June 30, 2023 increased $3.8 million and $7.1 million, or 32% and 30%, respectively, compared with the same period in 2022. The increase reflects increased headcount compared to the prior year, driving increases in personnel expenses from stock-based compensation. We additionally experienced increases in professional services fees compared to the prior year.

We expect G&A expense to increase reflecting the infrastructure and costs related to supporting the larger expected enterprise created as a result of our growth strategy.

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Sales and marketing expenses

Sales and marketing expense (“S&M”) consists primarily of salaries and other personnel-related costs, non-cash stock-based expense, consulting, trade shows, travel, sales commissions, and advertising.

S&M expense for the three and six months ended June 30, 2023 increased $0.9 million and $2.5 million, or 17% and 24%, respectively, compared with the same period in 2022. The increase is primarily due to increased personnel expenses from stock-based compensation.

We expect S&M expense to increase, as we expand our direct selling efforts to support the expansion of our product line offerings.

Research and development expenses

Research and development (“R&D”) expense consists primarily of salaries and other personnel-related costs, non-cash stock-based compensation expense, consulting, and external product development services.

R&D expense for the three and six months ended June 30, 2023 increased $1.4 million and $1.8 million, or 41% and 25%, respectively, compared with the same period in 2022. The increase is primarily due to a research milestone payment and increased personnel costs, including stock-based compensation expenses.

We expect our R&D expense to increase as we continue to expand, develop, and refine our product line offerings.

Intangible asset amortization expense

Amortization expense consists of charges related to the amortization of intangible assets associated with the acquisitions of Astero, SAVSU, CBS, SciSafe, Global Cooling, and Sexton in which we acquired definite-lived intangible assets.

Acquisition costs

Acquisition costs in 2022 consist of legal, accounting, and other due diligence costs incurred related primarily to our Global Cooling and Sexton acquisitions.

Change in fair value of contingent consideration

Change in fair value of contingent consideration consists of changes in estimated fair value of our potential earnouts related to our SciSafe acquisition. The benefit recognized in the three and six months ended June 30, 2023 relates primarily to changes in our estimated probability of achieving budgeted operational results set forth within our contingent consideration arrangement, as certain contingent consideration arrangements are payable in BioLife’s shares.

Other income and expense

Total other income and expenses for the three and six months ended June 30, 2023 and 2022 were comprised of the following:

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
Gain on settlement of Global Cooling escrow	$	5,115	$	—	$	5,115	NM		$	5,115	$	—	$	5,115	NM
Interest expense	$	(419)	$	(32)	$	(387)	1209	%	$	(829)	$	(216)	$	(613)	284	%
Other income (expense)	390		(22)		$	412	NM		785		110		$	675	614	%
Total other income (expense), net	$	5,086	$	(54)	$	25	(46)	%	$	5,071	$	(106)	$	62	(58)	%

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Gain on settlement of Global Cooling escrow. Reflects the non-cash gain associated with our settlement of the GCI General Escrow upon indemnification of shares within the escrow. See Note 12: Commitments and contingencies for additional details on the nature of the settlement.

Interest expense, net. Interest expense incurred during the three and six months ended June 30, 2023 related primarily to the loan obtained in September 2022 and two loans that were assumed in the acquisition of Global Cooling. We also earn interest on cash held in our money market account. Increases in interest expenses during the three months ended March 31, 2023 can also be attributed to the increases in interest rates set by the United States Federal Reserve, causing the variable interest component on our 2022 term loan to be exposed to increasing interest rates.

Liquidity and capital resources

On June 30, 2023 and December 31, 2022, we had $48.1 million and $64.1 million in cash, cash equivalents, and available-for-sale securities, respectively. We additionally have the ability to borrow up to $10 million under our 2022 term loan 3. See Note 13: Long-term debt for additional details on borrowing requirements under 2022 term loan 3. Based on our current expectations with respect to our future revenue and expenses, we believe that our current level of cash, cash equivalents, and other liquid assets will be sufficient to meet our liquidity needs for at least the next twelve months from the date of the filing of this Form 10-Q. However, the Company may choose to raise additional capital through a debt or equity financing in order to pursue additional acquisition or strategic investment opportunities. Additional capital, if required, may not be available on reasonable terms, if at all.

Cash flows

	Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		$ Change
Operating activities	$	(10,430)	$	(17,841)	$	7,411
Investing activities	12,218		(27,340)		$	39,558
Financing activities	142		$	(470)	$	612
Net increase (decrease) in cash and cash equivalents	$	1,930	$	(45,651)	$	47,581

Net cash used in operating activities

Net cash used by operating activities was $10.4 million during the six months ended June 30, 2023 compared to $17.8 million during the six months ended June 30, 2022. The decrease in cash used by operating activities was primarily due to the result of the timing of collection and disbursement of working capital related items in accounts receivable, prepaid expenses, and accounts payable.

Net cash provided by (used in) investing activities

Net cash provided by investing activities totaled $12.2 million during the six months ended June 30, 2023 compared to $27.3 million used by investing activities for the six months ended June 30, 2022. The increase in cash provided by investing activities was primarily driven by $32.6 million in maturities of our investments in available-for-sale marketable securities made throughout the year ended December 31, 2022. This was offset by $15.7 million in investments made in additional available-for-sale marketable securities in addition to $6.5 million of purchases of property, plant, and equipment.

Net cash provided by (used in) financing activities

Net cash provided by financing activities totaled $0.1 million during the six months ended June 30, 2023, compared to $0.5 million used in financing activities during the six months ended June 30, 2022. The increase in cash provided by financing activities was primarily the result of decreased payments on financed insurance premiums.

Off-balance sheet arrangements

As of June 30, 2023, we did not have any off-balance sheet arrangements.

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Contractual obligations

We previously disclosed certain contractual obligations and contingencies and commitments relevant to us within the financial statements and Management Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. Other than the contractual obligation listed below, there have been no significant changes to these obligations in the three months ended June 30, 2023.

Purchase obligations

Purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable pricing provisions and the approximate timing of the transactions. As of June 30, 2023, our total short-term obligations were $14.0 million.

Item 3. Quantitative and qualitative disclosures about market risk

Interest rate risk

Our exposure to market risk for changes in interest rates relates primarily to our long-term debt. Our long-term debt primarily bears interest at a fixed rate, with a variable component subject to an interest rate ceiling. Fluctuations in interest rates therefore do not materially impact our consolidated financial statements from long-term debt. For additional information about our long-term debt, see Note 13 to the consolidated financial statements in Part I, Item 1 of this Quarterly Report.

Foreign currency exchange risk

For a discussion of market risks related to foreign currency exchange rates, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2022. During the six months ended June 30, 2023, there were no material changes or developments that would materially alter the market risk assessment of our exposures to foreign currency exchange rates performed as of December 31, 2022.

Item 4. Controls and procedures

Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Form 10-Q. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Form 10-Q were not effective, due to the material weaknesses in our internal controls over financial reporting. As previously reported, we identified material weaknesses in our internal controls over financial reporting as of December 31, 2022 with regard to (i) inappropriately designed entity-level controls impacting the control environment, risk assessment procedures, and monitoring activities to prevent or detect material misstatements to the consolidated financial statements attributed to an insufficient number of qualified resources and inadequate oversight and accountability over the performance of controls, ineffective identification and assessment or risks impacting internal control over financial reporting, and ineffective monitoring controls; (ii) information system logical access within certain key financial systems; (iii) accounting policies and procedures and related controls over complex financial statement areas; (iv) accounting policies, procedures, and related controls over revenue recognition and procure to pay processes; (v) inadequate risk assessment procedures, or maintenance of effectively designed and implemented accounting policies, procedures, and related controls, over the recognition and measurement of indirect tax liabilities in the consolidated financial statements in accordance with the applicable financial reporting requirements.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Control. Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance

39

that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within BioLife Solutions have been detected.

Remediation.

We are continuing to implement remediation plans outlined in our Annual Report on Form 10-K for the year ended December 31, 2022. We also may implement additional changes to our internal control over financial reporting as may be appropriate in the course of remediating the material weaknesses. Management, with the oversight of the Audit Committee, will continue to take steps necessary to remedy the material weaknesses to reinforce the overall design and capability of our control environment.

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PART II: Other information

Item 1. LEGAL PROCEEDINGS

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

Item 1A. RISK FACTORS

The matters discussed in this Quarterly Report on Form 10-Q include forward-looking statements that involve risks or uncertainties. These statements are neither promises nor guarantees, but are based on various assumptions by management regarding future circumstances, over many of which BioLife has little or no control. A number of important risks and uncertainties, including those identified under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2022 and in subsequent filings, could cause our actual results to differ materially from those in the forward-looking statements. There are no material changes to the risk factors described in our Annual Report on Form 10-K for the period ended December 31, 2022.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

None.

Item 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by the Company’s stock trading standard. In accordance with Rule 10b5-1 and the Company’s insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s employee and director equity plans. Under the Company’s stock trading standard, the first trade made pursuant to a Rule 10b5-1 trading plan may take place no earlier than 90 days after adoption of the trading plan. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as financial and tax planning. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our stock trading standard, and holding requirements. The following table shows the Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b-1(c) adopted or terminated by our directors and executive officers during the three months ended June 30, 2023.

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Name and Position	Plan Adoption / Termination	Plan Adoption Date	Expiration Date	Number of Shares to be Purchased (Sold) under Plan
Sarah Aebersold, Chief Human Resources Officer	Adoption	June 15, 2023	October 30, 2023	(12,000)
Marcus Schulz, Chief Revenue Officer	Adoption	May 26, 2023	April 30, 2024	(10,000)

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Item 6. Exhibits

Exhibit No.	Description
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BIOLIFE SOLUTIONS, INC.
Date: August 9, 2023	/s/ Troy Wichterman
	Troy Wichterman
	Chief Financial Officer
	(Duly authorized officer and principal financial and accounting officer)

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BIOLIFE SOLUTIONS, INC.

INDEX TO EXHIBITS

Exhibit No.	Description
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

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EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

RULE 13a-14(a) or RULE 13d-14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

I, Michael Rice, certify that:

1.I have reviewed this quarterly report on Form 10-Q of BioLife Solutions, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2023

/s/ Michael Rice

Michael Rice

Chief Executive Officer and Chairman of the Board

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

RULE 13a-14(a) or RULE 13d-14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

I, Troy Wichterman, certify that:

1.I have reviewed this quarterly report on Form 10-Q of BioLife Solutions, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2023

/s/ Troy Wichterman

Troy Wichterman

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of BioLife Solutions, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Rice, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 9, 2023

/s/ Michael Rice

Michael Rice

Chief Executive Officer and Chairman of the Board

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of BioLife Solutions, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Troy Wichterman, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 9, 2023

/s/ Troy Wichterman

Troy Wichterman

Chief Financial Officer

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36362
Entity Registrant Name	BioLife Solutions, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3076866
Entity Address, Address Line One	3303 Monte Villa Parkway, Suite 310
Entity Address, City or Town	Bothell
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98021
City Area Code	425
Local Phone Number	402-1400
Title of 12(b) Security	BioLife Solutions, Inc. Common Stock
Trading Symbol	BLFS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,490,090
Entity Central Index Key	0000834365
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 21,400	$ 19,442
Restricted cash	31	31
Available-for-sale securities, current portion	24,858	43,260
Accounts receivable, trade, net of allowance for doubtful accounts of $1,265 and $739 as of June 30, 2023 and December 31, 2022, respectively	26,860	33,936
Inventories, net	39,177	34,904
Prepaid expenses and other current assets	7,985	6,879
Total current assets	120,311	138,452
Assets held for rent, net	9,417	9,064
Property and equipment, net	25,565	23,638
Operating lease right-of-use assets, net	14,935	15,292
Financing lease right-of-use assets, net	1,807	272
Long-term deposits and other assets	316	281
Available-for-sale securities, long-term	1,839	1,332
Equity investments	5,069	5,069
Intangible assets, net	29,177	32,088
Goodwill	224,741	224,741
Total assets	433,177	450,229
Total liabilities and shareholders’ equity	433,177	450,229
Current liabilities:
Accounts payable	10,686	15,367
Accrued expenses and other current liabilities	10,114	9,782
Sales taxes payable	4,989	4,151
Warranty liability	8,436	8,312
Lease liabilities, operating, current portion	2,915	2,860
Lease liabilities, financing, current portion	426	158
Debt, current portion	1,935	1,814
Contingent consideration, current portion	86	2,138
Total current liabilities	39,587	44,582
Contingent consideration, long-term	1,909	2,318
Lease liabilities, operating, long-term	14,388	14,962
Lease liabilities, financing, long-term	1,330	126
Debt, long-term	23,572	23,793
Deferred tax liabilities	263	250
Other long-term liabilities	0	10
Total liabilities	81,049	86,041
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 150,000,000 shares authorized, 43,442,250 and 42,832,231 shares issued and outstanding, respectively, as of June 30, 2023 and December 31, 2022	43	43
Additional paid-in capital	623,412	611,739
Accumulated other comprehensive loss, net of taxes	(499)	(679)
Accumulated deficit	(270,828)	(246,915)
Total shareholders’ equity	$ 352,128	$ 364,188

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Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 1,265	$ 739
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	43,442,250	42,832,231
Common stock, shares outstanding (in shares)	43,442,250	42,832,231
Series A Preferred Stock
Preferred stock, shares designated (in shares)	4,250	4,250
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

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Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total product, rental, and service revenue	$ 39,508	$ 40,533	$ 77,210	$ 76,752
Costs and operating expenses:
General and administrative	15,402	11,652	30,241	23,182
Sales and marketing	6,318	5,415	12,789	10,306
Research and development	4,840	3,428	8,995	7,209
Intangible asset impairment charges	0	69,900	0	69,900
Intangible asset amortization	1,450	2,863	2,911	5,725
Acquisition costs	0	5	0	16
Change in fair value of contingent consideration	(918)	(2,361)	(198)	(5,695)
Total operating expenses	54,788	117,096	106,097	161,283
Operating loss	(15,280)	(76,563)	(28,887)	(84,531)
Other income (expense):
Gain on settlement of Global Cooling escrow	5,115	0	5,115	0
Interest expense	(419)	(32)	(829)	(216)
Other income (expense)	390	(22)	785	110
Total other income (expense), net	5,086	(54)	5,071	(106)
Loss before income tax (expense) benefit	(10,194)	(76,617)	(23,816)	(84,637)
Income tax (expense) benefit	(5)	3,739	(97)	4,338
Net loss	(10,199)	(72,878)	(23,913)	(80,299)
Net loss attributable to common shareholders:
Net loss attributable to common shareholders, basic	(10,199)	(72,878)	(23,913)	(80,299)
Net loss attributable to common shareholders, diluted	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)
Net loss per share attributable to common shareholders:
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ (0.23)	$ (1.72)	$ (0.55)	$ (1.90)
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ (0.23)	$ (1.72)	$ (0.55)	$ (1.90)
Weighted average shares used to compute loss per share attributable to common shareholders:
Weighted average shares used to compute loss per share attributable to common shareholders, basic (in shares)	43,441,219	42,460,189	43,235,558	42,238,355
Weighted average shares used to compute loss per share attributable to common shareholders, diluted (in shares)	43,441,219	42,460,189	43,235,558	42,238,355
Product revenue
Total product, rental, and service revenue	$ 33,037	$ 34,170	$ 64,630	$ 64,558
Costs and operating expenses:
Cost of goods and services sold (exclusive of intangible assets amortization)	21,961	21,561	40,357	41,501
Service revenue
Total product, rental, and service revenue	4,195	3,698	8,665	6,787
Costs and operating expenses:
Cost of goods and services sold (exclusive of intangible assets amortization)	4,038	2,968	7,929	5,557
Rental revenue
Total product, rental, and service revenue	2,276	2,665	3,915	5,407
Costs and operating expenses:
Cost of goods and services sold (exclusive of intangible assets amortization)	$ 1,697	$ 1,665	$ 3,073	$ 3,582

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Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	35	(422)	140	(578)
Unrealized gain (loss) on available-for-sale securities, net of tax	0	(40)	40	(40)
Comprehensive loss	$ (10,164)	$ (73,340)	$ (23,733)	$ (80,917)

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Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Preferred Stock Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance, preferred stock, shares outstanding (in shares) at Dec. 31, 2021			0
Beginning balance at Dec. 31, 2021	$ 478,047		$ 0	$ 42	$ 585,397	$ (282)	$ (107,110)
Beginning balance, common stock, shares outstanding (in shares) at Dec. 31, 2021				41,817,503
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Fees incurred for registration filings	(76)		0		(76)
Stock-based compensation	11,372		$ 0		11,372
Stock option exercises (in shares)			0	154,504
Stock option exercises	301		$ 0		301
Stock issued - on vested RSAs (in shares)			0	500,597
Stock issued – on vested RSAs	1		$ 0	$ 1
Contingent consideration shares issued (in shares)				64,130
Contingent consideration shares issued	816				816
Foreign currency translation	(578)		0			(578)
Unrealized gain on available-for-sale securities	(40)					(40)
Net loss	(80,299)		$ 0				(80,299)
Ending balance, preferred stock, shares outstanding (in shares) at Jun. 30, 2022			0
Ending balance at Jun. 30, 2022	409,544		$ 0	$ 43	597,810	(900)	(187,409)
Ending balance, common stock, shares outstanding (in shares) at Jun. 30, 2022				42,536,734
Beginning balance, preferred stock, shares outstanding (in shares) at Mar. 31, 2022			0
Beginning balance at Mar. 31, 2022	476,075		$ 0	$ 42	591,002	(438)	(114,531)
Beginning balance, common stock, shares outstanding (in shares) at Mar. 31, 2022				42,331,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Fees incurred for registration filings	(24)		0		(24)
Stock-based compensation	5,973		$ 0		5,973
Stock option exercises (in shares)			0	24,571
Stock option exercises	43		$ 0		43
Stock issued - on vested RSAs (in shares)			0	116,951
Stock issued – on vested RSAs	1		$ 0	$ 1
Contingent consideration shares issued (in shares)				64,130
Contingent consideration shares issued	816				816
Foreign currency translation	(422)		0			(422)
Unrealized gain on available-for-sale securities	(40)					(40)
Net loss	(72,878)		$ 0				(72,878)
Ending balance, preferred stock, shares outstanding (in shares) at Jun. 30, 2022			0
Ending balance at Jun. 30, 2022	409,544		$ 0	$ 43	597,810	(900)	(187,409)
Ending balance, common stock, shares outstanding (in shares) at Jun. 30, 2022				42,536,734
Beginning balance, preferred stock, shares outstanding (in shares) at Dec. 31, 2022		0	0
Beginning balance at Dec. 31, 2022	$ 364,188		$ 0	$ 43	611,739	(679)	(246,915)
Beginning balance, common stock, shares outstanding (in shares) at Dec. 31, 2022	42,832,231			42,832,231
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 14,220		$ 0		14,220
Stock option exercises (in shares)			0	144,043
Stock option exercises	305		$ 0		305
Stock issued - on vested RSAs (in shares)			0	565,027
Stock issued – on vested RSAs			$ 0
Contingent consideration shares issued (in shares)				116,973
Contingent consideration shares issued	2,263				2,263
Settlement of Global Cooling escrow (in shares)				(216,024)
Settlement of Global Cooling escrow	(5,115)				(5,115)
Foreign currency translation	140		0			140
Unrealized gain on available-for-sale securities	40		0			40
Net loss	(23,913)		$ 0				(23,913)
Ending balance, preferred stock, shares outstanding (in shares) at Jun. 30, 2023		0	0
Ending balance at Jun. 30, 2023	$ 352,128		$ 0	$ 43	623,412	(499)	(270,828)
Ending balance, common stock, shares outstanding (in shares) at Jun. 30, 2023	43,442,250			43,442,250
Beginning balance, preferred stock, shares outstanding (in shares) at Mar. 31, 2023			0
Beginning balance at Mar. 31, 2023	$ 358,107		$ 0	$ 43	619,227	(534)	(260,629)
Beginning balance, common stock, shares outstanding (in shares) at Mar. 31, 2023				43,289,969
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,856		$ 0		6,856
Stock option exercises (in shares)			0	63,105
Stock option exercises	181		$ 0		181
Stock issued - on vested RSAs (in shares)			0	188,227
Stock issued – on vested RSAs			$ 0
Contingent consideration shares issued (in shares)				116,973
Contingent consideration shares issued	2,263				2,263
Settlement of Global Cooling escrow (in shares)				(216,024)
Settlement of Global Cooling escrow	(5,115)				(5,115)
Foreign currency translation	35		0			35
Unrealized gain on available-for-sale securities			0
Net loss	(10,199)		$ 0				(10,199)
Ending balance, preferred stock, shares outstanding (in shares) at Jun. 30, 2023		0	0
Ending balance at Jun. 30, 2023	$ 352,128		$ 0	$ 43	$ 623,412	$ (499)	$ (270,828)
Ending balance, common stock, shares outstanding (in shares) at Jun. 30, 2023	43,442,250			43,442,250

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (23,913)	$ (80,299)
Adjustments to reconcile net loss to net cash used in operating activities
Impairment of intangible assets	0	69,900
Settlement of Global Cooling escrow	(5,115)	0
Depreciation	3,724	3,257
Amortization of intangible assets	2,911	5,725
Amortization of loan costs	13	0
Stock-based compensation	14,220	11,372
Non-cash lease expense	28	1,308
Deferred income tax expense (benefit)	13	(4,338)
Change in fair value of contingent consideration	(198)	(5,695)
Amortization of investments	(740)	0
Loss on disposal of property and equipment, net	215	35
Loss (gain) on disposal of assets held for rent, net	336	(264)
Other	(53)	200
Change in operating assets and liabilities, net of effects of acquisitions
Accounts receivable, trade, net	7,091	(8,128)
Inventories	(4,273)	(4,990)
Prepaid expenses and other assets	(1,183)	(2,411)
Accounts payable	(4,681)	(3,402)
Accrued expenses and other current liabilities	110	(1,033)
Warranty liability	124	(676)
Sales taxes payable	918	1,598
Other	23	0
Net cash used in operating activities	(10,430)	(17,841)
Cash flows from investing activities
Purchases of available-for-sale securities	(15,728)	(23,075)
Proceeds from sale of available-for-sale securities	1,852	0
Maturities of available-for-sale securities	32,550	0
Purchases of assets held for rent	(2,552)	(774)
Purchases of property and equipment	(3,904)	(3,491)
Net cash provided by (used in) investing activities	12,218	(27,340)
Cash flows from financing activities
Payments on equipment loans	(256)	(247)
Proceeds from exercise of common stock options	306	301
Fees incurred for registration filings	0	(76)
Payments on financed insurance premium	108	(458)
Other	(16)	10
Net cash used in financing activities	142	(470)
Net decrease in cash, cash equivalents, and restricted cash	1,930	(45,651)
Cash, cash equivalents, and restricted cash – beginning of period	19,473	69,870
Effects of currency translation on cash, cash equivalents, and restricted cash	28	(190)
Cash, cash equivalents, and restricted cash – end of period	21,431	24,029
Non-cash investing and financing activities
Purchase of property and equipment not yet paid	830	102
Equipment acquired under operating leases	880	243
Unrealized gains and losses on available-for-sale securities	(37)	0
Cashless issuance of SciSafe earnout shares	2,263	816
Supplemental Cash Flow Information [Abstract]
Cash interest paid	935	121
Settlement of Global Cooling escrow	$ (5,115)	$ 0

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Organization and significant accounting policies

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and significant accounting policies

Organization and significant accounting policies

Business

BioLife Solutions, Inc. (“BioLife”, “us”, “we”, “our”, or the “Company”) is a developer, manufacturer, and supplier of a portfolio of bioproduction tools and services including proprietary biopreservation media, automated thawing devices, cloud-connected shipping containers, ultra-low temperature mechanical freezers, cryogenic and controlled rate freezers, and biological and pharmaceutical materials storage. Our CryoStor® freeze media and HypoThermosol® hypothermic storage media are optimized to preserve cells in the regenerative medicine market. These novel biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our Sexton cell processing product line includes human platelet lysates (“hPL”) for cell expansion, reducing risk and improving downstream performance over fetal bovine serum, human serum, and other chemically defined media, CellSeal® cryogenic vials that are purpose-built rigid containers used in cell and gene therapy (“CGT”) that can be filled manually or with high throughput systems, and automated cell processing machines that bring multiple processes traditionally performed by manual techniques under a higher level of control to protect therapies from loss or contamination. Our ThawSTAR® product line is comprised of a family of automated thawing devices for frozen cell and gene therapies packaged in cryovials and cryobags. These products help administer temperature-sensitive biologic therapies to patients by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths. Our cryogenic freezer technology provides for controlled rate freezing and cryogenic storage of biologic materials. Our ultra-low temperature mechanical freezers allow biological materials and vaccines to be stored at temperatures which range from negative 20℃ to negative 86℃. Our evo® shipping containers provide cloud-connected passive storage and transport containers for temperature-sensitive biologics and pharmaceuticals. Our biological and pharmaceutical materials storage services provide facilities that allow for real-time tracking of biologic materials and vaccines that can be stored at a wide range of temperatures.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates and assumptions by management affect the Company’s net realizable value of inventory, sales tax liabilities, valuation of market based stock awards, valuations and purchase price allocations related to investments, fair value of marketable debt securities, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, stock-based compensation, contingent consideration from business combinations, and provision for income taxes.

The Company regularly assesses these estimates; however, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

Basis of presentation

The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by BioLife in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by U.S. GAAP. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2022 (the “Annual Report”).

The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, SAVSU Technologies, Inc. (“SAVSU”), Arctic Solutions, Inc. doing business as Custom Biogenic Systems (“CBS”), SciSafe Holdings, Inc. (“SciSafe”), BioLife Solutions B.V, Global Cooling, Inc. doing business as Stirling

Ultracold (“Global Cooling” or “GCI”), and Sexton Biotechnologies, Inc. (“Sexton”). All intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year.

Foreign currency translation

The Company translates items presented on its Unaudited Condensed Consolidated Balance Sheet, Unaudited Condensed Consolidated Statements of Operations, Unaudited Condensed Consolidated Statements of Shareholders’ Equity, and Unaudited Condensed Consolidated Statements of Cash Flows into U.S. dollars. For the Company’s subsidiaries that operate in a local currency functional environment, all assets and liabilities are translated into U.S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss in the Unaudited Condensed Consolidated Statements of Shareholders' Equity.

Segment reporting

The Company views its operations and makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Significant accounting policies

There have been no significant changes to the accounting policies during the three and six months ended June 30, 2023, as compared to the significant accounting policies described in our Annual Report.

Liquidity and capital resources

On June 30, 2023 and December 31, 2022, we had $48.1 million and $64.1 million in cash, cash equivalents, and available-for-sale securities, respectively. We have the ability to borrow up to $10 million under our 2022 term loan 3. See Note 13: Long-term debt for additional details on borrowing requirements under our 2022 term loan 3. Based on our current expectations with respect to our future revenue and expenses, we believe that our current level of cash, cash equivalents, and other liquid assets will be sufficient to meet our liquidity needs for at least the next twelve months from the date of the filing of this Form 10-Q. However, the Company may choose to raise additional capital through a debt or equity financing in order to pursue additional acquisition or strategic investment opportunities. Additional capital, if required, may not be available on reasonable terms, if at all.

Risks and uncertainties

Supply chain considerations

Our domestic and international supply chain operations had been affected by the global pandemic of the coronavirus (“COVID-19”) and the resulting volatility and uncertainty it caused in the U.S. and international markets. The onset of the COVID-19 pandemic caused supply chains globally to become constrained, and these constraints historically impacted our business through both increased difficulty in obtaining semiconductor chips and increased pricing on available parts. However, as of the six months ended June 30, 2023, both availability and pricing of semiconductor chips have improved and no longer pose constraints on our supply chain. We currently have sufficient supply for electrical component parts within our operations and do not foresee constraints to return over our supply chain.

Concentrations of credit risk and business risk

Significant customers are those that represent more than 10% of the Company’s total revenues or gross accounts receivable balances for the periods and as of each balance sheet date presented. For each significant customer, revenue as a percentage

of total revenues and gross accounts receivable as a percentage of total gross accounts receivable as of the periods presented were as follows:

	Accounts Receivable				Revenue
	June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
Customer A	*		15	%	*		*		*		*
Customer B	*		*		17	%	20	%	15	%	20	%
Customer C	*		11	%	*		*		*		*
Customer D	11	%	*		*		*		*		*

*less than 10%

Revenue from foreign customers is denominated in United States dollars or euros.

The following table represents the Company’s products representing more than 10% of the Company’s total revenues:

	Three Months Ended June 30,				Six Months Ended June 30,
Product revenue concentration	2023		2022		2023		2022
CryoStor	41	%	32	%	42	%	33	%
780XLE Freezer	20	%	25	%	17	%	23	%

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Three Months Ended June 30,				Six Months Ended June 30,
Revenue by customers’ geographic locations	2023		2022		2023		2022
United States	83	%	75	%	81	%	77	%
Europe, Middle East, Africa (EMEA)	13	%	17	%	16	%	17	%
Canada	—	%	5	%	—	%	3	%
Other	4	%	3	%	3	%	3	%
Total revenue	100	%	100	%	100	%	100	%

In the three months ended June 30, 2023, no supplier accounted for more than 10% of purchases. In the six months ended June 30, 2023, one supplier accounted for 11% of purchases. In the three and six months ended June 30, 2022, no suppliers accounted for more than 10% of purchases.

As of June 30, 2023, no suppliers accounted for more than 10% of our accounts payable. As of December 31, 2022, one supplier accounted for 23% of our accounts payable.

Recent accounting pronouncements

As of January 1, 2023, we adopted the ASC 2016-13, Measurement of Credit Losses on Financial Instruments, which later was codified as ASC 326 (CECL). In addition to the adoption of ASC 326, the Company adopted the accompanying ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. Both standards mark a significant change requiring the immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. ASU 2022-02 specifically eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancings and restructurings in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASC 326 is intended to

improve financial reporting by corporations by requiring earlier recognition of credit losses on loans from corporations, held-to-maturity (HTM) securities, and certain other financial assets. ASC 326 also amended the impairment guidance for available-for-sale (AFS) debt securities in that it eliminated the Other Than Temporary Impairment (OTTI) impairment model. Under Subtopic ASC 326-30, Financial Instruments—Credit Losses—Available-for-Sale Debt Securities, changes in expected cash flows due to credit on AFS debt securities will be recorded through an allowance, rather than permanent write-downs for negative changes and prospective yield adjustments for positive changes, as required by the current OTTI model. ASC 326 replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For the period ended June 30, 2023, the adoption of ASC 326 did not result in a material effect on the Company’s Unaudited Condensed Consolidated financial statements.

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Correction of immaterial errors

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Correction of immaterial errors

Correction of immaterial errors

As reported in our Annual Report as of and for the fiscal year ended December 31, 2022, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified we had established nexus in several jurisdictions beginning in the year ended December 31, 2019 in which we were not collecting and remitting sales taxes appropriately. The error was evaluated and recorded as of each period impacted by the error under the SEC guidance on evaluating the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not material to any previously issued consolidated financial statements and accompanying Unaudited Condensed Consolidated financial statements. Although the error was not material to any period, we corrected the accompanying historical Unaudited Condensed Consolidated financial statements for each period impacted. The corrections to the quarter ended June 30, 2022 are presented below to reflect the sales tax liability and associated expenses owed within the period for comparative purposes.

The effect of the adjustments to our Unaudited Condensed Consolidated Balance Sheet as of June 30, 2022 was as follows:

	June 30, 2022
(In thousands)	As reported		Adjustment		As corrected
Prepaid expenses and other current assets	$	6,890	$	302	$	7,192
Total current assets	118,057		302		118,359
Total assets	470,379		302		470,681
Accrued expenses and other current liabilities	7,187		(423)		6,764
Sales taxes payable	-		3,494		3,494
Total current liabilities	33,298		3,071		36,369
Total liabilities	58,066		3,071		61,137
Accumulated deficit	(184,640)		(2,769)		(187,409)
Total shareholders’ equity	412,313		(2,769)		409,544
Total liabilities and shareholders’ equity	470,379		302		470,681

The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Operations for the quarter ended June 30, 2022 was as follows:

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(In thousands, except per share and share data)	As reported		Adjustment		As corrected		As reported		Adjustment		As corrected
General and administrative	$	11,351	$	301	$	11,652	$	22,546	$	636	$	23,182
Total operating expenses	116,795		301		117,096		160,647		636		161,283
Operating loss	(76,262)		(301)		(76,563)		(83,895)		(636)		(84,531)
Interest expense	(9)		(23)		(32)		(173)		(43)		(216)
Total other expense, net	(31)		(23)		(54)		(63)		(43)		(106)
Loss before income tax benefit	(76,293)		(324)		(76,617)		(83,958)		(679)		(84,637)
Net loss	(72,554)		(324)		(72,878)		(79,620)		(679)		(80,299)
Net loss per basic and diluted share	(1.71)		(0.01)		(1.72)		(1.89)		(0.01)		(1.90)

The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Cash flows for the quarter ended June 30, 2022 was as follows:

	Six Months Ended June 30, 2022
(In thousands)	As reported		Adjustment		As corrected
Net loss	$	(79,620)	$	(679)	$	(80,299)
Prepaid expenses and other current assets	(1,492)		(919)		(2,411)
Sales taxes payable	-		1,598		1,598

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Fair value measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair value measurement

Fair value measurement

In accordance with FASB ASC Topic 820, the Company measures its financial instruments at fair value on a recurring basis. The carrying values of certain of our financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of their short maturities. The carrying value of our marketable debt securities, which are accounted for as available-for-sale, are classified within either Level 1 or Level 2 in the fair value hierarchy because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The carrying values of our long-term debt, which is classified within Level 2 in the fair value hierarchy, approximates fair value as our borrowings with lenders are at interest rates that approximate market rates for comparable loans. The fair values of investments and contingent consideration classified as Level 3 were derived from management assumptions. The Company also measures certain assets and liabilities at fair value on a non-recurring basis when applying acquisition accounting. ASC Topic 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC Topic 820 establishes a three-tier value fair hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 – Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1 for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3 – Unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The fair value of the SciSafe Contingent Consideration Liability was initially valued based on unobservable inputs using a Monte Carlo simulation. These inputs included the estimated amount and timing of projected future revenue, a discount rate of 4.5%, a risk-free rate of approximately 0.20%, asset volatility of 60%, and revenue volatility of 15%. Significant changes in any of those inputs in isolation would result in a significant change in the fair value measurement of the liability. Generally, changes used in the assumptions for projected future revenue and revenue volatility would be accompanied by a directionally similar change in the fair value measurement. Conversely, changes in the discount rate would be accompanied by a directionally opposite change in the related fair value measurement. However, due to the contingent consideration having a maximum payout amount, changes in these assumptions would not affect the fair value of the contingent consideration if they increase (decrease) beyond certain amounts. At the acquisition date, the contingent consideration was determined to have a fair value of $3.7 million. Subsequent to the acquisition date, the Contingent Consideration Liability was re-measured to fair value with changes recorded in the Change in Fair Value of Contingent Consideration in the Unaudited Condensed Consolidated Statements of Operations. During the most recent re-measurement of the Contingent Consideration Liability as of June 30, 2023, the Company used a discount rate of 13.0%, a risk-free rate of approximately 4.1%, asset volatility of 71%, and revenue volatility of 34%. This Contingent Consideration Liability is included in the Unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 in the amounts of $1.9 million and $4.3 million, respectively. The changes in fair value of contingent consideration associated with this liability are included within the Change in Fair Value of Contingent Consideration in the Unaudited Condensed Consolidated Statements of Operations. These changes in fair value of contingent consideration associated with this liability are included within the Change in Fair Value of Contingent Consideration in the Unaudited Condensed Consolidated Statements of Operations. These changes were $0.9 million and $0.2 million for the three and six months ended June 30, 2023, respectively, and $2.4 million and $5.7 million for the three and six months ended June 30, 2022, respectively. As of the year ended December 31, 2022, the second hurdle associated with this liability was satisfied and 116,973 shares were issued as payment during the six months ended June 30, 2023.

There were no remeasurements to fair value during the three and six months ended June 30, 2023 of financial assets and liabilities that are not measured at fair value on a recurring basis.

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, based on the three-tier fair value hierarchy:

(In thousands)

As of June 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	15,788	$	-	$	-	$	15,788
Available-for-sale securities:
U.S. government securities	5,909		-		-		5,909
Corporate debt securities	-		18,338		-		18,338
Other debt securities	-		2,450		-		2,450
Total	$	21,697	$	20,788	$	-	$	42,485
Liabilities:
Contingent consideration - business combinations	-		-		1,995		1,995
Debt	-		25,507		-		25,507
Total	$	-	$	25,507	$	1,995	$	27,502
As of December 31, 2022
Assets:
Cash equivalents:
Money market accounts	$	11,416	$	-	$	-	$	11,416
Available-for-sale securities:
U.S. government securities	15,051		-		-		15,051
Corporate debt securities	-		26,047		-		26,047
Other debt securities	-		3,494		-		3,494
Total	$	26,467	$	29,541	$	-	$	56,008
Liabilities:
Contingent consideration - business combinations	-		-		4,456		4,456
Debt	-		25,607		-		25,607
Total	$	-	$	25,607	$	4,456	$	30,063

There have been no transfers of assets or liabilities between the fair value measurement levels.

The following table presents the changes in fair value of contingent consideration liabilities which are measured using Level 3 inputs:

	Six Months Ended June 30,
(In thousands)	2023		2022
Beginning balance as of December 31, 2022 and 2021	$	4,456	$	10,027
Change in fair value recognized in net loss	(198)		(3,335)
Payment of contingent consideration earned	(2,263)		—
Ending balance	$	1,995	$	6,692

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Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Available-for-sale securities

The Company’s portfolio of available-for-sale marketable securities consists of the following:

	June 30, 2023
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	5,911	$	1	$	3	$	5,909
Corporate debt securities	18,346		1		9		18,338
Other debt securities	611		-		-		611
Total short-term	24,868		2		12		24,858
Available-for-sale securities, long-term
Other debt securities	1,839		5		5		1,839
Total marketable securities	$	26,707	$	7	$	17	$	26,697

	December 31, 2022
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	15,087	$	1	$	37	$	15,051
Corporate debt securities	26,057		6		16		26,047
Other debt securities	2,169		-		7		2,162
Total short-term	43,313		7		60		43,260
Available-for-sale securities, long-term
Other debt securities	1,329		3		-		1,332
Total marketable securities	$	44,642	$	10	$	60	$	44,592

	June 30, 2023
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	24,868	$	24,858
Due after one year through five years	1,839		1,839
Total	$	26,707	$	26,697

Equity investments

The Company periodically invests in non-marketable equity securities of private companies without a readily determinable fair value to promote business and strategic objectives. The securities are carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar transactions of the same issuer. These securities included Series A-1 and A-2 Preferred Stock in iVexSol, Inc. carried at $4.1 million for both the periods ending June 30, 2023 and December 31, 2022, respectively, and Series E Preferred Stock in PanTHERA CryoSolutions, Inc. carried at $995,000 as of June 30, 2023 and December 31, 2022.

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Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consists of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	2023		2022
Raw materials	$	23,012	$	20,950
Work in progress	7,095		5,680
Finished goods	12,038		8,726
Total inventories	42,145		35,356
Less: Inventory reserve	(2,968)		(452)
Inventories, net	$	39,177	$	34,904

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Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leases

The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one to ten years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases have terms between one and five years.

Our financing leases relate to research equipment, machinery, and other equipment.

The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of June 30, 2023 and December 31, 2022:

	June 30,		December 31,
(In thousands)	2023		2022
Weighted average discount rate - operating leases	4.3	%	4.2	%
Weighted average discount rate - finance leases	8.3	%	6.1	%
Weighted average remaining lease term in years - operating leases	6.7		7.2
Weighted average remaining lease term in years - finance leases	4.5		2.0

The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Operating lease costs	$	898	$	929	$	1,795	$	1,836
Short-term lease costs	448		519		850		986
Total operating lease costs	1,346		1,448		2,645		2,822
Variable lease costs	345		254		604		559
Total lease costs	$	1,691	$	1,702	$	3,249	$	3,381

Maturities of our lease liabilities as of June 30, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2023 (6 months remaining)	$	1,768	$	275
2024	3,405		487
2025	2,960		424
2026	2,534		389
2027	2,280		387
Thereafter	6,938		134
Total lease payments	19,885		2,096
Less: interest	(2,582)		(340)
Total present value of lease liabilities	$	17,303	$	1,756

Leases

Leases

The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases have remaining lease terms of one to ten years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases have terms between one and five years.

Our financing leases relate to research equipment, machinery, and other equipment.

The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of June 30, 2023 and December 31, 2022:

	June 30,		December 31,
(In thousands)	2023		2022
Weighted average discount rate - operating leases	4.3	%	4.2	%
Weighted average discount rate - finance leases	8.3	%	6.1	%
Weighted average remaining lease term in years - operating leases	6.7		7.2
Weighted average remaining lease term in years - finance leases	4.5		2.0

The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Operating lease costs	$	898	$	929	$	1,795	$	1,836
Short-term lease costs	448		519		850		986
Total operating lease costs	1,346		1,448		2,645		2,822
Variable lease costs	345		254		604		559
Total lease costs	$	1,691	$	1,702	$	3,249	$	3,381

Maturities of our lease liabilities as of June 30, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2023 (6 months remaining)	$	1,768	$	275
2024	3,405		487
2025	2,960		424
2026	2,534		389
2027	2,280		387
Thereafter	6,938		134
Total lease payments	19,885		2,096
Less: interest	(2,582)		(340)
Total present value of lease liabilities	$	17,303	$	1,756

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Assets held for rent

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Assets held for rent

Assets held for rent

Assets held for rent consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	2023		2022
Shippers placed in service	$	9,550	$	7,671
Fixed assets held for rent	4,686		4,686
Accumulated depreciation	(6,171)		(4,952)
Subtotal	8,065		7,405
Shippers and related components in production	1,352		1,659
Total	$	9,417	$	9,064

Shippers and related components in production include shippers complete and ready to be deployed and placed in service upon a customer order, shippers in the process of being assembled, and components available to build shippers. We recognized $1.0 million and $1.9 million in depreciation expense related to assets held for rent during the three and six months ended June 30, 2023, respectively, and $0.9 million and $1.8 million during the three and six months ended June 30, 2022, respectively.

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Property and equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment

Property and equipment

Property and equipment consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	June 30, 2023		December 31, 2022
Property and equipment
Leasehold improvements	$	7,079	$	5,249
Furniture and computer equipment	1,839		1,908
Manufacturing and other equipment	22,894		20,557
Construction in-progress	4,235		5,095
Subtotal	36,047		32,809
Less: Accumulated depreciation	(10,482)		(9,171)
Property and equipment, net	$	25,565	$	23,638

Depreciation expense for property and equipment was $1.0 million and $1.9 million for the three and six months ended June 30, 2023, respectively, and $0.7 million and $1.5 million during the three and six months ended June 30, 2022, respectively.

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Goodwill and intangible assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Goodwill and intangible assets

Goodwill

Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination is determined to have an indefinite useful life and is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350.

Intangible assets

Intangible assets, net consisted of the following as of June 30, 2023 and December 31, 2022:

(In thousands, except weighted average useful life)	June 30, 2023
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	10,496	$	(4,098)	$	6,398	8.3
Tradenames	11,328		(2,386)		8,942		11.3
Technology - acquired	23,802		(10,171)		13,631		5.3
Non-compete agreements	750		(544)		206		1.3
Total intangible assets	$	46,376	$	(17,199)	$	29,177	7.8

(In thousands, except weighted average useful life)	December 31, 2022
Intangible assets:	Gross Carrying Value(1)		Accumulated Amortization(1)		Net Carrying Value		Weighted Average Useful Life (in years)(1)
Customer relationships	$	10,496	$	(3,328)	$	7,168	8.8
Tradenames	11,328		(1,794)		9,534		11.8
Technology - acquired	23,802		(8,705)		15,097		5.3
Non-compete agreements	750		(461)		289		1.8
Total intangible assets	$	46,376	$	(14,288)	$	32,088	8.0

(1) Both the Gross Carrying Value and Accumulated Amortization balances as of December 31, 2022 contain immaterial adjustments to reflect impairments taken during the year ended December 31, 2022 on each of the intangible asset classes presented here. Each intangible asset class was adjusted as follows: Customer relationships: $0.8 million; Tradenames: $2.4 million, Technology - acquired: $4.1 million, Non-compete agreements: $0.4 million. The Weighted Average Useful Life was additionally adjusted to reflect the updated balances subsequent to the impairment charges.

Amortization expense for definite-lived intangible assets was $1.5 million and $2.9 million for the three and six months ended June 30, 2023, respectively and $2.9 million and $5.7 million for the three and six months ended June 30, 2022,

respectively. As of June 30, 2023, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization Expense
For the Years Ending December 31,
2023 (6 months remaining)	$	2,520
2024	4,607
2025	4,435
2026	4,137
2027	3,383
Thereafter	10,095
Total	$	29,177

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Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	June 30, 2023		December 31, 2022
Accrued compensation	$	5,150	$	5,080
Accrued expenses	3,673		3,128
Deferred revenue, current	385		548
Accrued taxes	906		975
Other	-		51
Total accrued expenses and other current liabilities	$	10,114	$	9,782

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Warranty reserve liability

6 Months Ended

Jun. 30, 2023

Guarantees and Product Warranties [Abstract]

Warranty reserve liability

Warranty reserve liability

The Company reserves estimated exposures on known claims, as well as anticipated claims, for product warranty and rework cost, based on historical product liability claims. Claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, changes in product costs, changes in product mix and any significant changes in sales volume.

A rollforward of our warranty liability is as follows:

	Six Months Ended June 30,
(In thousands)	2023		2022
Beginning balance as of December 31, 2022 and 2021	$	8,312	$	9,398
Provision for warranties(1)	2,160		1,991
Settlements of warranty claims(1)	(2,036)		(2,667)
Ending Balance	$	8,436	$	8,722

(1)Both the Provision for warranties and Settlements of warranty claims balances during the six months ended June 30, 2022 include immaterial reclassifications of $0.5 million to reflect changes in warranty utilization on pre-existing claims

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Commitments and contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Commitments and contingencies

Employment agreements

We have employment agreements with certain key employees. None of these employment agreements is for a definitive period, but rather each will continue indefinitely until terminated in accordance with its terms. The agreements provide for a base annual salary, payable in monthly (or shorter) installments. Under certain conditions and for certain of these officers, we may be required to pay additional amounts upon terminating the employee or upon the employee resigning for good reason.

Litigation

From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none of which are currently material to the Company’s business. The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any significant pending or threatened litigation that is anticipated to result in unfavorable judgments against the Company.

Indemnification

As permitted under Delaware law and in accordance with the Company’s bylaws, the Company is required to indemnify its officers and directors for certain errors and occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of June 30, 2023 and December 31, 2022.

Non-income related taxes

Companies are required to collect and remit sales tax from certain customers if the company is determined to have nexus in a particular state. Upon the determination of nexus, which varies by state, companies are additionally required to maintain detailed record of specific product and customer information within each jurisdiction in which it has established nexus to appropriately determine their sales tax liability, requiring technical knowledge of each jurisdiction’s tax case law. During the year ended December 31, 2022, the Company determined that a sales tax liability related to the periods of 2019 through 2022 was probable and determined an estimated liability. The estimated liability was approximately $4.8 million and $3.7 million as of June 30, 2023 and December 31, 2022, respectively. Outside of the analysis performed to determine the sales tax liability related to the periods of 2019 through 2022, we assessed approximately $266,000 and $306,000 of sales tax obligations generated during the normal course of business as of June 30, 2023 and December 31, 2022, respectively. Due to the variety of jurisdictions in which this estimated liability relates to and our ongoing assessment of sales taxes owed, we cannot predict when final liabilities will be satisfied. We will reevaluate the estimated liability and timing of satisfaction each reporting period.

Settlement of Global Cooling escrow

On May 3, 2021, the Company acquired Global Cooling Inc. Within the the merger agreement, 6,646,870 newly issued shares of common stock were provided with the requirement that the GCI Merger Consideration otherwise payable to GCI Stockholders were subject to reduction for indemnification obligations. Approximately 9% of the GCI Merger Consideration (the "Escrow Shares") otherwise issuable to the GCI Stockholders were deposited into a segregated escrow account in accordance with an escrow entered into in connection with the GCI Escrow Agreement. Of the segregated shares, 5% were considered General Escrow Shares. These shares were eligible to be held for a period of up to 18 months after the closing of the GCI acquisition as the sole and exclusive source of payment for any post-GCI Closing indemnification claims.

On September 28, 2022, BioLife asserted an Indemnification Claim to the Seller Representatives. As of December 31, 2022 and March 31, 2023, the outcome of the claim was uncertain.

On June 5, 2023, a settlement agreement was signed granting BioLife rights to 65% of the General Escrow Shares, totaling 216,024 shares. The shares were returned to BioLife and subsequently cancelled. As a result of the settlement, the Company recorded a $5.1 million gain recognizing the return of the shares.

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Long-term debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term debt

Long-term debt

2022 term loan 3

On September 20, 2022, the Company and certain of its subsidiaries entered into a term loan agreement, which provided for up to $50 million in aggregate principal to be drawn. The term loan matures on June 1, 2026. The agreement provided for borrowings of up to $30 million upon closing and options to borrow up to $10 million between closing and June 30, 2023, up to $10 million upon the achievement of certain revenue milestones, and an additional $10 million at the discretion of the lender. The Company borrowed $20 million upon closing. As of June 30, 2023, the Company had not drawn additional funding nor had it met the revenue milestones outlined within the term loan agreement. The Company has until December 31, 2023 to draw and additional $10 million, subject to approval from the lender. Payments on the borrowing are interest-only through June 2024, with additional criteria allowing for interest-only payments to continue through June 2025. Tranches borrowed under the term loan agreement bear interest at the Wall Street Journal prime rate plus 0.5%. The interest rate is subject to a ceiling that restricts the interest rate for each tranche from exceeding 1.0% above the overall rate applicable to each tranche at their respective funding dates. The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants. As of the date of this filing, the Company is in compliance with the covenants set forth in the 2022 term loan 3 agreement. In the event that borrowings under 2022 term loan 3 exceed $20 million, the Company will become subject to financial covenants.

Long-term debt consisted of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	Maturity Date	Interest Rate		June 30, 2023		December 31, 2022
2022 term loan 2	Various	4.0	%	2,896		2,896
2022 term loan 3	Jun-26	7.0	%	20,000		20,000
Insurance premium financing	Apr-24	8.0	%	1,184		1,074
Freezer equipment loan	Dec-25	5.7	%	393		466
Manufacturing equipment loans	Oct-25	5.7	%	218		266
Freezer installation loan	Various	6.3	%	944		1,078
Other loans	Various	Various		4		6
Total debt, excluding unamortized debt issuance costs				25,639		25,786
Less: unamortized debt issuance costs				(132)		(179)
Total debt				25,507		25,607
Less: current portion				(1,935)		(1,814)
Total long-term debt				$	23,572	$	23,793

2022 term loan 3 is secured by substantially all assets of BioLife, SAVSU, CBS, SciSafe, Global Cooling and Sexton, other than intellectual property. 2022 term loan 2 is secured by substantially all assets of Global Cooling and is effectively subordinated to the security interest established by the lenders of 2022 term loan 3. Equipment loans are secured by the financed equipment.

As of June 30, 2023, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:

(In thousands)	Amount
2023 (6 months remaining)	$	1,217
2024	5,965
2025	10,511
2026	5,218
2027	2,596
Thereafter	-
Total debt	25,507

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Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

To determine revenue recognition for contractual arrangements that we determine are within the scope of FASB Topic 606, Revenue from Contracts with Customers, we perform the following five steps: (i) identify each contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to our performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the relevant performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price, taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 90 days. As of June 30, 2023 and December 31, 2022, our deferred revenue balance totaled $0.4 million and $0.6 million, respectively. During the three and six months ended June 30, 2023, the Company recognized approximately $0.3 million of revenue that was included in the deferred revenue balance at the beginning of the year.

The Company primarily recognizes product revenues, service revenues, and rental revenues. Product revenues are generated from the sale of cell processing tools, freezers, thawing devices, and cold chain products. We recognize product revenue, including shipping and handling charges billed to customers, at a point in time when we transfer control of our products to our customers, which is upon shipment for substantially all transactions. Shipping and handling costs are classified as part of cost of product revenue in the Condensed Consolidated Statements of Operations. Service revenue is generated from the storage of biological and pharmaceutical materials. We recognize service revenue over time as services are performed or ratably over the contract term. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in ASC Topic 606, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of and during the three and six months ended June 30, 2023.

The Company also generates revenue from the leasing of our property, plant, and equipment, operating right-of-use assets, and evo cold chain systems within its storage and storage services product line to customers pursuant to service contracts or rental arrangements entered into with the customer. Revenue from these arrangements is not within the scope of FASB ASC Topic 606 as it is within the scope of FASB ASC Topic 842, Leases. All customers leasing shippers currently do so under month-to-month rental arrangements. We account for these rental transactions as operating leases and record rental revenue on a straight-line basis over the rental term.

The Company enters into various customer service agreements (collectively, “Service Contracts”) with customers to provide biological and pharmaceutical storage services. In certain of these Service Contracts, the property, plant, and

equipment or operating right-of-use assets used to store the customer product are used only for the benefit of one customer. This is primarily driven by the customer’s desire to ensure that sufficient storage capacity is available in a specific geographic location for a set period of time. These agreements may include extension and termination clauses. These Service Contracts do not allow for customers to purchase the underlying assets.

The Company has assessed its Service Contracts and concluded that certain of the contracts for the storage of customer products met the criteria to be considered a leasing arrangement (“Embedded Leases”), with the Company as the lessor. The specific Service Contracts that met the criteria were those that provided a single customer with the ability to substantially direct the use of the Company’s property, plant, and equipment or operating right-of-use assets.

Applying the practical expedient from ASC Topic 842, consistent with the previous guidance, the Company will continue to recognize operating right-of-use asset embedded lessor arrangements on its Unaudited Condensed Consolidated Balance Sheets in operating right-of-use assets.

None of the Embedded Leases identified by the Company qualify as a sales-type or direct finance lease. None of the operating leases for which the Company is the lessor include options for the lessee to purchase the underlying asset at the end of the lease term or residual value guarantees, nor are any such operating leases with related parties.

Embedded Leases may contain both lease and non-lease components. We have elected to utilize the practical expedient from ASC Topic 842 to account for lease and non-lease components together as a single combined lease component as the timing and pattern of transfer are the same for the non-lease components and associated lease component and, the lease component, if accounted for separately, would be classified as an operating lease. Non-lease components of the Company’s rental arrangements include reimbursements of lessor costs.

Total bioproduction tools and services revenue for the three and six months ended June 30, 2023 and 2022 were comprised of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		2023		2022
Product revenue
Freezer and thaw	$	13,849	$	18,670	$	26,230	$	34,005
Cell processing	18,673		15,356		37,666		30,254
Storage and storage services	515		144		734		299
Service revenue
Storage and storage services	4,155		3,698		7,980		6,787
Freezer and thaw	40		-		685		-
Rental revenue
Storage and storage services	2,276		2,665		3,915		5,407
Total revenue	$	39,508	$	40,533	$	77,210	$	76,752

The following table includes estimated rental revenue expected to be recognized in the future related to embedded leases as well as estimated service revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of the end of the reporting periods. The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The estimated revenue in the following table does not include contracts with the original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of June 30, 2023.

The balances in the table below are partially based on judgments involved in estimating future orders from customers pursuant to their respective contracts:

(In thousands)	2023 (6 months remaining)		2024		Total
Rental revenue	$	1,800	$	900	$	2,700
Service revenue	$	133	$	10	$	143

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Stock-based compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Stock-based compensation

Service vesting-based stock options

The following is a summary of service vesting-based stock option activity for the June 30, 2023, and the status of service vesting-based stock options outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Options	Wtd. Avg. Exercise Price
Outstanding as of beginning of year	456,293	$	2.17
Exercised	(144,043)	2.13
Outstanding as of June 30, 2023	312,250	$	2.18
Stock options exercisable as of June 30, 2023	312,250	$	2.18

As of June 30, 2023, there was $6.2 million of aggregate intrinsic value of outstanding and exercisable service vesting-based stock options. Intrinsic value is the total pretax intrinsic value for all “in-the-money” options (i.e., the difference between the Company’s closing stock price on the last trading day of the reporting period and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on June 30, 2023. This amount will change based on the fair market value of the Company’s stock. Intrinsic value of service vesting-based awards exercised was $1.2 million and $2.8 million during the three and six months ended June 30, 2023, respectively. There were no service based-vesting options granted during the three and six months ended June 30, 2023 . The weighted average remaining contractual life of service vesting-based options outstanding and exercisable as of June 30, 2023 is 2.6 years. There were no unrecognized compensation costs for service vesting-based stock options as of June 30, 2023.

Restricted stock

Service vesting-based restricted stock

The following is a summary of service vesting-based restricted stock activity for the three and six months ended June 30, 2023, and the status of unvested service vesting-based restricted stock outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Shares	Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of year	1,879,215	$	28.94
Granted	509,629	18.13
Vested	(534,411)	26.42
Forfeited	(115,038)	28.73
Non-vested as of June 30, 2023	1,739,395	$	26.56

The aggregate fair value of the service vesting-based awards granted was $1.9 million and $9.2 million during the three and six months ended June 30, 2023, respectively. The aggregate fair value of the service vesting-based awards that vested was $3.9 million and $11.2 million during the three and six months ended June 30, 2023, respectively.

We recognized stock compensation expense related to service vesting-based awards of $5.0 million and $11.0 million during the three and six months ended June 30, 2023, respectively. As of June 30, 2023, there was $41.8 million in unrecognized compensation costs related to service vesting-based awards. We expect to recognize those costs over 2.5 years.

Market-based restricted stock

The following is a summary of market-based restricted stock activity under our stock option plan for the three and six months ended June 30, 2023 and the status of market-based restricted stock outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Shares	Wtd. Avg. Grant
Outstanding as of beginning of year	271,044	$	30.64
Granted	268,738	24.23
Vested	(30,616)	51.65
Non-vested as of June 30, 2023	509,166	$	26.00

On February 8, 2021, the Company granted 30,616 shares of market-based stock to its executives in the form of restricted stock. The shares granted contain a market condition based on TSR. The TSR market condition measures the Company’s performance against a peer group. On March 31, 2023, the Company’s Compensation Committee determined the TSR attainment was 100% of the targeted shares and 30,616 shares were granted and immediately vested to the executives of the Company based on our total shareholder return during the period beginning on January 1, 2021 through December 31, 2022 as compared to the total shareholder return of 20 of our peers. The fair value of this award was determined at the grant date using a Monte Carlo simulation with the following assumptions: a historical volatility of 68%, 0% dividend yield and a risk-free interest rate of 0.1%. The historical volatility was based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the Measurement Date with a maturity consistent with the 2-year term associated with the market condition of the award. The

fair value of this award of $1.3 million was being expensed on a straight-line basis over the grant date to the vesting date of December 31, 2022.

On February 24, 2022, the Company granted 240,428 shares of market-based stock to its executives in the form of restricted stock. The shares granted contain a market condition based on TSR. The TSR market condition measures the Company’s performance against a peer group. The market-based restricted stock awards will vest as to between 0% and 200% of the number of restricted shares granted to each recipient based on our total shareholder return during the period beginning on January 1, 2022 through December 31, 2023 as compared to the total shareholder return of 20 of our peers. The fair value of this award was determined using a Monte Carlo simulation with the following assumptions: a historical volatility of 63%, 0% dividend yield and a risk-free interest rate of 1.5%. The historical volatility was based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the Measurement Date with a maturity consistent with the 2-year term associated with the market condition of the award. The fair value of this award of $6.7 million is being expensed on a straight-line basis over the grant date to the vesting date of December 31, 2023.

On January 8, 2023, the Company granted 268,738 shares of market-based stock to its executives in the form of restricted stock. The shares granted contain a market condition based on TSR. The TSR market condition measures the Company’s performance against a peer group. The market-based restricted stock awards will vest as to between 0% and 200% of the number of restricted shares granted to each recipient based on our total shareholder return during the period beginning on January 1, 2023 through December 31, 2024 as compared to the total shareholder return of 20 of our peers. The fair value of this award was determined using a Monte Carlo simulation with the following assumptions: a historical volatility of 78%, 0% dividend yield and a risk-free interest rate of 4.4%. The historical volatility was based on the most recent 2-year period for the Company and correlated with the components of the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is based on the yield on the U.S. Treasury Strips as of the Measurement Date with a maturity consistent with the 2-year term associated with the market condition of the award. The fair value of this award of $6.8 million is being expensed on a straight-line basis over the grant date to the vesting date of December 31, 2024.

We recognized stock compensation expense of $1.6 million and $3.2 million related to market-based restricted stock awards for the three and six months ended June 30, 2023, respectively, and $1.2 million and $1.8 million during the three and six months ended June 30, 2022. As of June 30, 2023, there was $6.6 million in unrecognized non-cash compensation costs related to market-based restricted stock awards expected to vest. We expect to recognize those costs over 1.3 years.

The aggregate fair value of the market-based awards granted was zero and $6.5 million during the three and six months ended June 30, 2023, respectively, and zero and $6.7 million during the three and six months ended June 30, 2022, respectively. The aggregate fair value of the market-based awards that vested was zero and $0.7 million during the three and six months ended June 30, 2023, respectively, and zero and $5.0 million during the three and six months ended June 30, 2022, respectively.

Total stock compensation expense

We recorded total stock compensation expense for the three and six months ended June 30, 2023 and 2022, as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Cost of revenue	$	1,212	$	802	$	2,844	$	1,809
General and administrative costs	3,555		3,719		6,848		6,729
Sales and marketing costs	1,082		738		2,338		1,443
Research and development costs	1,007		714		2,190		1,391
Total	$	6,856	$	5,973	$	14,220	$	11,372

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Income taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income taxes

Income taxes

The Company accounts for income taxes under ASC Topic 740 – Income Taxes. Under this standard, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The Company’s tax provision for interim periods is determined using an estimate of the annual effective income tax rate, adjusted for discrete items, if any, that occur in the relevant period. The income tax expense of $0.1 million for the six months ended June 30, 2023 resulted in an effective income tax rate of negative 0.4%. Included in the $0.1 million was a discrete tax expense of $0.4 million related to stock compensation shortfall tax expenses, which were offset by a change in the valuation allowance.

The Company’s US projected effective income tax rate without discrete items was negative 0.4%, which is lower than the US federal statutory rate of 21% primarily due to the increase in the valuation allowance on US deferred tax assets and non-deductible executive compensation offset by a non-taxable gain, state tax benefits, and research tax credits.

Realization of deferred tax assets is dependent upon the generation of future taxable income, the timing and amount of which are uncertain. In determining the need for a valuation allowance, the Company’s management evaluates both positive and negative evidence when concluding whether it is more likely than not that deferred tax assets are realizable. After reviewing the evidence available, the Company’s management believes there is uncertainty regarding the future realizability of the U.S. net operating loss carryforward and is projecting a full valuation allowance of $44.1 million by year end. If operating results improve and projections indicate future utilization of the tax attributes, all or a portion of the valuation allowance would be released, resulting in a corresponding non-cash income tax benefit.

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Net loss per common share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net loss per common share

Net loss per common share

The Company considers its unvested restricted shares, which contain non-forfeitable rights to dividends, participating securities, and includes such participating securities in its computation of earnings per share pursuant to the two-class method. Basic earnings per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.

The following table presents computations of basic and diluted earnings per share under the two-class method:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and earnings per share data)	2023		2022		2023		2022
Basic earnings (loss) per common share
Numerator:
Net loss	$	(10,199)	$	(72,878)	$	(23,913)	$	(80,299)
Net loss allocated to common shareholders	(10,199)		(72,878)		(23,913)		(80,299)
Denominator:
Weighted-average common shares issued and outstanding	43,441,219		42,460,189		43,235,558		42,238,355
Basic loss per common share	$	(0.23)	$	(1.72)	$	(0.55)	$	(1.90)

The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Stock options and restricted stock awards	3,027,060	1,942,812	3,202,537	2,767,841
Total	3,027,060	1,942,812	3,202,537	2,767,841

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Employee benefit plan	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee benefit plan	Employee benefit planThe Company sponsors 401(k) defined contribution plans for its employees. These plans provide for pre-tax and post-tax contributions for all employees. Employee contributions are voluntary. Employees may contribute up to 100% of their annual compensation to these plans, as limited by an annual maximum amount as determined by the Internal Revenue Service. The Company matches employee contributions in amounts to be determined at the Company’s sole discretion. The Company made $0.3 million and $0.6 million in contributions to the plan for the three and six months ended June 30, 2023, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 2022, respectively.

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Subsequent events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent eventsThe Company has evaluated events subsequent to June 30, 2023 through the date of this filing to assess the need for potential recognition or disclosure. Subsequent to the end of the second quarter 2023, after considering other strategic alternatives, management and the board of directors began actively seeking to divest the Global Cooling and CBS freezer product lines. Other than the event outlined here, based upon this evaluation, it was determined that no other subsequent events occurred that require recognition or disclosure in the Consolidated Financial Statements.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)

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Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2023

shares

Jun. 30, 2023

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Our directors and executive officers may purchase or sell shares of our common stock in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act and in compliance with guidelines specified by the Company’s stock trading standard. In accordance with Rule 10b5-1 and the Company’s insider trading policy, directors, officers and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s employee and director equity plans. Under the Company’s stock trading standard, the first trade made pursuant to a Rule 10b5-1 trading plan may take place no earlier than 90 days after adoption of the trading plan. Under a Rule 10b5-1 trading plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them. The use of these trading plans permits asset diversification as well as financial and tax planning. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan when they are not in possession of material nonpublic information, subject to compliance with SEC rules, the terms of our stock trading standard, and holding requirements. The following table shows the Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b-1(c) adopted or terminated by our directors and executive officers during the three months ended June 30, 2023.

Name and Position	Plan Adoption / Termination	Plan Adoption Date	Expiration Date	Number of Shares to be Purchased (Sold) under Plan
Sarah Aebersold, Chief Human Resources Officer	Adoption	June 15, 2023	October 30, 2023	(12,000)
Marcus Schulz, Chief Revenue Officer	Adoption	May 26, 2023	April 30, 2024	(10,000)

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Sarah Aebersold [Member]

Trading Arrangements, by Individual

Name

Sarah Aebersold

Title

Chief Human Resources Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 15, 2023

Arrangement Duration

137 days

Aggregate Available

(12,000)

(12,000)

Marcus Schulz [Member]

Trading Arrangements, by Individual

Name

Marcus Schhulz

Title

Chief Revenue Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 26, 2023

Arrangement Duration

340 days

Aggregate Available

(10,000)

(10,000)

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Organization and significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of estimates

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates and assumptions by management affect the Company’s net realizable value of inventory, sales tax liabilities, valuation of market based stock awards, valuations and purchase price allocations related to investments, fair value of marketable debt securities, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, stock-based compensation, contingent consideration from business combinations, and provision for income taxes.

The Company regularly assesses these estimates; however, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

Basis of presentation

Basis of presentation

The Unaudited Condensed Consolidated Financial Statements included herein have been prepared by BioLife in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by U.S. GAAP. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2022 (the “Annual Report”).

The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, SAVSU Technologies, Inc. (“SAVSU”), Arctic Solutions, Inc. doing business as Custom Biogenic Systems (“CBS”), SciSafe Holdings, Inc. (“SciSafe”), BioLife Solutions B.V, Global Cooling, Inc. doing business as Stirling

Ultracold (“Global Cooling” or “GCI”), and Sexton Biotechnologies, Inc. (“Sexton”). All intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year.

Foreign currency translation

Foreign currency translation

The Company translates items presented on its Unaudited Condensed Consolidated Balance Sheet, Unaudited Condensed Consolidated Statements of Operations, Unaudited Condensed Consolidated Statements of Shareholders’ Equity, and Unaudited Condensed Consolidated Statements of Cash Flows into U.S. dollars. For the Company’s subsidiaries that operate in a local currency functional environment, all assets and liabilities are translated into U.S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss in the Unaudited Condensed Consolidated Statements of Shareholders' Equity.

Segment reporting

Segment reporting

The Company views its operations and makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Concentrations of credit risk and business risk

Concentrations of credit risk and business riskSignificant customers are those that represent more than 10% of the Company’s total revenues or gross accounts receivable balances for the periods and as of each balance sheet date presented.

Recent accounting pronouncements

Recent accounting pronouncements

As of January 1, 2023, we adopted the ASC 2016-13, Measurement of Credit Losses on Financial Instruments, which later was codified as ASC 326 (CECL). In addition to the adoption of ASC 326, the Company adopted the accompanying ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. Both standards mark a significant change requiring the immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets. ASU 2022-02 specifically eliminates the accounting guidance for troubled debt restructurings and requires disclosure of current-period gross write-offs by year of loan origination. Additionally, ASU 2022-02 updates the accounting for credit losses under ASC 326 and adds enhanced disclosures with respect to loan refinancings and restructurings in the form of principal forgiveness, interest rate concessions, other-than-insignificant payment delays, or term extensions when the borrower is experiencing financial difficulties. ASC 326 is intended to

improve financial reporting by corporations by requiring earlier recognition of credit losses on loans from corporations, held-to-maturity (HTM) securities, and certain other financial assets. ASC 326 also amended the impairment guidance for available-for-sale (AFS) debt securities in that it eliminated the Other Than Temporary Impairment (OTTI) impairment model. Under Subtopic ASC 326-30, Financial Instruments—Credit Losses—Available-for-Sale Debt Securities, changes in expected cash flows due to credit on AFS debt securities will be recorded through an allowance, rather than permanent write-downs for negative changes and prospective yield adjustments for positive changes, as required by the current OTTI model. ASC 326 replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For the period ended June 30, 2023, the adoption of ASC 326 did not result in a material effect on the Company’s Unaudited Condensed Consolidated financial statements.

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Organization and significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Concentrations of Credit Risk and Business Risk

For each significant customer, revenue as a percentage

of total revenues and gross accounts receivable as a percentage of total gross accounts receivable as of the periods presented were as follows:

	Accounts Receivable				Revenue
	June 30,		December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
Customer A	*		15	%	*		*		*		*
Customer B	*		*		17	%	20	%	15	%	20	%
Customer C	*		11	%	*		*		*		*
Customer D	11	%	*		*		*		*		*

*less than 10%

Summary of Product Revenue Concentration

The following table represents the Company’s products representing more than 10% of the Company’s total revenues:

	Three Months Ended June 30,				Six Months Ended June 30,
Product revenue concentration	2023		2022		2023		2022
CryoStor	41	%	32	%	42	%	33	%
780XLE Freezer	20	%	25	%	17	%	23	%

Summary of Revenue by Geographic Areas

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Three Months Ended June 30,				Six Months Ended June 30,
Revenue by customers’ geographic locations	2023		2022		2023		2022
United States	83	%	75	%	81	%	77	%
Europe, Middle East, Africa (EMEA)	13	%	17	%	16	%	17	%
Canada	—	%	5	%	—	%	3	%
Other	4	%	3	%	3	%	3	%
Total revenue	100	%	100	%	100	%	100	%

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Correction of immaterial errors (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Effect of Adjustments to Financial Statements

The effect of the adjustments to our Unaudited Condensed Consolidated Balance Sheet as of June 30, 2022 was as follows:

	June 30, 2022
(In thousands)	As reported		Adjustment		As corrected
Prepaid expenses and other current assets	$	6,890	$	302	$	7,192
Total current assets	118,057		302		118,359
Total assets	470,379		302		470,681
Accrued expenses and other current liabilities	7,187		(423)		6,764
Sales taxes payable	-		3,494		3,494
Total current liabilities	33,298		3,071		36,369
Total liabilities	58,066		3,071		61,137
Accumulated deficit	(184,640)		(2,769)		(187,409)
Total shareholders’ equity	412,313		(2,769)		409,544
Total liabilities and shareholders’ equity	470,379		302		470,681

The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Operations for the quarter ended June 30, 2022 was as follows:

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(In thousands, except per share and share data)	As reported		Adjustment		As corrected		As reported		Adjustment		As corrected
General and administrative	$	11,351	$	301	$	11,652	$	22,546	$	636	$	23,182
Total operating expenses	116,795		301		117,096		160,647		636		161,283
Operating loss	(76,262)		(301)		(76,563)		(83,895)		(636)		(84,531)
Interest expense	(9)		(23)		(32)		(173)		(43)		(216)
Total other expense, net	(31)		(23)		(54)		(63)		(43)		(106)
Loss before income tax benefit	(76,293)		(324)		(76,617)		(83,958)		(679)		(84,637)
Net loss	(72,554)		(324)		(72,878)		(79,620)		(679)		(80,299)
Net loss per basic and diluted share	(1.71)		(0.01)		(1.72)		(1.89)		(0.01)		(1.90)

The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Cash flows for the quarter ended June 30, 2022 was as follows:

	Six Months Ended June 30, 2022
(In thousands)	As reported		Adjustment		As corrected
Net loss	$	(79,620)	$	(679)	$	(80,299)
Prepaid expenses and other current assets	(1,492)		(919)		(2,411)
Sales taxes payable	-		1,598		1,598

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Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, based on the three-tier fair value hierarchy:

(In thousands)

As of June 30, 2023	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	15,788	$	-	$	-	$	15,788
Available-for-sale securities:
U.S. government securities	5,909		-		-		5,909
Corporate debt securities	-		18,338		-		18,338
Other debt securities	-		2,450		-		2,450
Total	$	21,697	$	20,788	$	-	$	42,485
Liabilities:
Contingent consideration - business combinations	-		-		1,995		1,995
Debt	-		25,507		-		25,507
Total	$	-	$	25,507	$	1,995	$	27,502
As of December 31, 2022
Assets:
Cash equivalents:
Money market accounts	$	11,416	$	-	$	-	$	11,416
Available-for-sale securities:
U.S. government securities	15,051		-		-		15,051
Corporate debt securities	-		26,047		-		26,047
Other debt securities	-		3,494		-		3,494
Total	$	26,467	$	29,541	$	-	$	56,008
Liabilities:
Contingent consideration - business combinations	-		-		4,456		4,456
Debt	-		25,607		-		25,607
Total	$	-	$	25,607	$	4,456	$	30,063

Schedule of the Changes in Fair Value of Contingent Consideration Liabilities

The following table presents the changes in fair value of contingent consideration liabilities which are measured using Level 3 inputs:

	Six Months Ended June 30,
(In thousands)	2023		2022
Beginning balance as of December 31, 2022 and 2021	$	4,456	$	10,027
Change in fair value recognized in net loss	(198)		(3,335)
Payment of contingent consideration earned	(2,263)		—
Ending balance	$	1,995	$	6,692

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Marketable Securities

The Company’s portfolio of available-for-sale marketable securities consists of the following:

	June 30, 2023
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	5,911	$	1	$	3	$	5,909
Corporate debt securities	18,346		1		9		18,338
Other debt securities	611		-		-		611
Total short-term	24,868		2		12		24,858
Available-for-sale securities, long-term
Other debt securities	1,839		5		5		1,839
Total marketable securities	$	26,707	$	7	$	17	$	26,697

	December 31, 2022
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	15,087	$	1	$	37	$	15,051
Corporate debt securities	26,057		6		16		26,047
Other debt securities	2,169		-		7		2,162
Total short-term	43,313		7		60		43,260
Available-for-sale securities, long-term
Other debt securities	1,329		3		-		1,332
Total marketable securities	$	44,642	$	10	$	60	$	44,592

	June 30, 2023
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	24,868	$	24,858
Due after one year through five years	1,839		1,839
Total	$	26,707	$	26,697

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Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consists of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	2023		2022
Raw materials	$	23,012	$	20,950
Work in progress	7,095		5,680
Finished goods	12,038		8,726
Total inventories	42,145		35,356
Less: Inventory reserve	(2,968)		(452)
Inventories, net	$	39,177	$	34,904

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Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Operating and Finance Lease Terms and Discount Rates

The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of June 30, 2023 and December 31, 2022:

	June 30,		December 31,
(In thousands)	2023		2022
Weighted average discount rate - operating leases	4.3	%	4.2	%
Weighted average discount rate - finance leases	8.3	%	6.1	%
Weighted average remaining lease term in years - operating leases	6.7		7.2
Weighted average remaining lease term in years - finance leases	4.5		2.0

Schedule of Lease Expense

The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Operating lease costs	$	898	$	929	$	1,795	$	1,836
Short-term lease costs	448		519		850		986
Total operating lease costs	1,346		1,448		2,645		2,822
Variable lease costs	345		254		604		559
Total lease costs	$	1,691	$	1,702	$	3,249	$	3,381

Schedule of Maturities of Operating Lease Liabilities

Maturities of our lease liabilities as of June 30, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2023 (6 months remaining)	$	1,768	$	275
2024	3,405		487
2025	2,960		424
2026	2,534		389
2027	2,280		387
Thereafter	6,938		134
Total lease payments	19,885		2,096
Less: interest	(2,582)		(340)
Total present value of lease liabilities	$	17,303	$	1,756

Schedule of Maturities of Finance Lease Liabilities

Maturities of our lease liabilities as of June 30, 2023 are as follows:

(In thousands)	Operating Leases		Financing Leases
2023 (6 months remaining)	$	1,768	$	275
2024	3,405		487
2025	2,960		424
2026	2,534		389
2027	2,280		387
Thereafter	6,938		134
Total lease payments	19,885		2,096
Less: interest	(2,582)		(340)
Total present value of lease liabilities	$	17,303	$	1,756

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Assets held for rent (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Assets Held For Rent

Assets held for rent consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	2023		2022
Shippers placed in service	$	9,550	$	7,671
Fixed assets held for rent	4,686		4,686
Accumulated depreciation	(6,171)		(4,952)
Subtotal	8,065		7,405
Shippers and related components in production	1,352		1,659
Total	$	9,417	$	9,064

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Property and equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	June 30, 2023		December 31, 2022
Property and equipment
Leasehold improvements	$	7,079	$	5,249
Furniture and computer equipment	1,839		1,908
Manufacturing and other equipment	22,894		20,557
Construction in-progress	4,235		5,095
Subtotal	36,047		32,809
Less: Accumulated depreciation	(10,482)		(9,171)
Property and equipment, net	$	25,565	$	23,638

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Goodwill and intangible assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following as of June 30, 2023 and December 31, 2022:

(In thousands, except weighted average useful life)	June 30, 2023
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (in years)
Customer relationships	$	10,496	$	(4,098)	$	6,398	8.3
Tradenames	11,328		(2,386)		8,942		11.3
Technology - acquired	23,802		(10,171)		13,631		5.3
Non-compete agreements	750		(544)		206		1.3
Total intangible assets	$	46,376	$	(17,199)	$	29,177	7.8

(In thousands, except weighted average useful life)	December 31, 2022
Intangible assets:	Gross Carrying Value(1)		Accumulated Amortization(1)		Net Carrying Value		Weighted Average Useful Life (in years)(1)
Customer relationships	$	10,496	$	(3,328)	$	7,168	8.8
Tradenames	11,328		(1,794)		9,534		11.8
Technology - acquired	23,802		(8,705)		15,097		5.3
Non-compete agreements	750		(461)		289		1.8
Total intangible assets	$	46,376	$	(14,288)	$	32,088	8.0

(1) Both the Gross Carrying Value and Accumulated Amortization balances as of December 31, 2022 contain immaterial adjustments to reflect impairments taken during the year ended December 31, 2022 on each of the intangible asset classes presented here. Each intangible asset class was adjusted as follows: Customer relationships: $0.8 million; Tradenames: $2.4 million, Technology - acquired: $4.1 million, Non-compete agreements: $0.4 million. The Weighted Average Useful Life was additionally adjusted to reflect the updated balances subsequent to the impairment charges.

Schedule of Amortization Expense for Finite-Lived Intangible Assets

As of June 30, 2023, the Company expects to record the following amortization expense for definite-lived intangible assets:

(In thousands)	Amortization Expense
For the Years Ending December 31,
2023 (6 months remaining)	$	2,520
2024	4,607
2025	4,435
2026	4,137
2027	3,383
Thereafter	10,095
Total	$	29,177

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Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	June 30, 2023		December 31, 2022
Accrued compensation	$	5,150	$	5,080
Accrued expenses	3,673		3,128
Deferred revenue, current	385		548
Accrued taxes	906		975
Other	-		51
Total accrued expenses and other current liabilities	$	10,114	$	9,782

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Warranty reserve liability (Tables)

6 Months Ended

Jun. 30, 2023

Guarantees and Product Warranties [Abstract]

Schedule of Product Warranty Liability

A rollforward of our warranty liability is as follows:

	Six Months Ended June 30,
(In thousands)	2023		2022
Beginning balance as of December 31, 2022 and 2021	$	8,312	$	9,398
Provision for warranties(1)	2,160		1,991
Settlements of warranty claims(1)	(2,036)		(2,667)
Ending Balance	$	8,436	$	8,722

(1)Both the Provision for warranties and Settlements of warranty claims balances during the six months ended June 30, 2022 include immaterial reclassifications of $0.5 million to reflect changes in warranty utilization on pre-existing claims

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Long-term debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following as of June 30, 2023 and December 31, 2022:

(In thousands)	Maturity Date	Interest Rate		June 30, 2023		December 31, 2022
2022 term loan 2	Various	4.0	%	2,896		2,896
2022 term loan 3	Jun-26	7.0	%	20,000		20,000
Insurance premium financing	Apr-24	8.0	%	1,184		1,074
Freezer equipment loan	Dec-25	5.7	%	393		466
Manufacturing equipment loans	Oct-25	5.7	%	218		266
Freezer installation loan	Various	6.3	%	944		1,078
Other loans	Various	Various		4		6
Total debt, excluding unamortized debt issuance costs				25,639		25,786
Less: unamortized debt issuance costs				(132)		(179)
Total debt				25,507		25,607
Less: current portion				(1,935)		(1,814)
Total long-term debt				$	23,572	$	23,793

Schedule of Maturities of Long-Term Debt

As of June 30, 2023, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:

(In thousands)	Amount
2023 (6 months remaining)	$	1,217
2024	5,965
2025	10,511
2026	5,218
2027	2,596
Thereafter	-
Total debt	25,507

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Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Bioproduction Tools and Service Revenues

Total bioproduction tools and services revenue for the three and six months ended June 30, 2023 and 2022 were comprised of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except percentages)	2023		2022		2023		2022
Product revenue
Freezer and thaw	$	13,849	$	18,670	$	26,230	$	34,005
Cell processing	18,673		15,356		37,666		30,254
Storage and storage services	515		144		734		299
Service revenue
Storage and storage services	4,155		3,698		7,980		6,787
Freezer and thaw	40		-		685		-
Rental revenue
Storage and storage services	2,276		2,665		3,915		5,407
Total revenue	$	39,508	$	40,533	$	77,210	$	76,752

Schedule of Remaining Performance Obligations

The balances in the table below are partially based on judgments involved in estimating future orders from customers pursuant to their respective contracts:

(In thousands)	2023 (6 months remaining)		2024		Total
Rental revenue	$	1,800	$	900	$	2,700
Service revenue	$	133	$	10	$	143

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Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Service Vesting-Based Stock Option Activity

The following is a summary of service vesting-based stock option activity for the June 30, 2023, and the status of service vesting-based stock options outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Options	Wtd. Avg. Exercise Price
Outstanding as of beginning of year	456,293	$	2.17
Exercised	(144,043)	2.13
Outstanding as of June 30, 2023	312,250	$	2.18
Stock options exercisable as of June 30, 2023	312,250	$	2.18

Summary of Service Vesting-Based and Market Based Restricted Stock Activity

The following is a summary of service vesting-based restricted stock activity for the three and six months ended June 30, 2023, and the status of unvested service vesting-based restricted stock outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Shares	Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of year	1,879,215	$	28.94
Granted	509,629	18.13
Vested	(534,411)	26.42
Forfeited	(115,038)	28.73
Non-vested as of June 30, 2023	1,739,395	$	26.56

The following is a summary of market-based restricted stock activity under our stock option plan for the three and six months ended June 30, 2023 and the status of market-based restricted stock outstanding as of June 30, 2023:

	Six Months Ended June 30, 2023
	Shares	Wtd. Avg. Grant
Outstanding as of beginning of year	271,044	$	30.64
Granted	268,738	24.23
Vested	(30,616)	51.65
Non-vested as of June 30, 2023	509,166	$	26.00

Summary of Stock Compensation Expense

We recorded total stock compensation expense for the three and six months ended June 30, 2023 and 2022, as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2023		2022		2023		2022
Cost of revenue	$	1,212	$	802	$	2,844	$	1,809
General and administrative costs	3,555		3,719		6,848		6,729
Sales and marketing costs	1,082		738		2,338		1,443
Research and development costs	1,007		714		2,190		1,391
Total	$	6,856	$	5,973	$	14,220	$	11,372

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Net loss per common share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted, Two Class Method

The following table presents computations of basic and diluted earnings per share under the two-class method:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except share and earnings per share data)	2023		2022		2023		2022
Basic earnings (loss) per common share
Numerator:
Net loss	$	(10,199)	$	(72,878)	$	(23,913)	$	(80,299)
Net loss allocated to common shareholders	(10,199)		(72,878)		(23,913)		(80,299)
Denominator:
Weighted-average common shares issued and outstanding	43,441,219		42,460,189		43,235,558		42,238,355
Basic loss per common share	$	(0.23)	$	(1.72)	$	(0.55)	$	(1.90)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the number of weighted-average common shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive:

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Stock options and restricted stock awards	3,027,060	1,942,812	3,202,537	2,767,841
Total	3,027,060	1,942,812	3,202,537	2,767,841

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Organization and significant accounting policies - Narrative (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) reporting_unit reportable_segment supplier	Dec. 31, 2022 USD ($) supplier	Sep. 20, 2022 USD ($)
Short-Term Debt [Line Items]
Number of reportable segments | reportable_segment	1
Number of reporting units | reporting_unit	1
Cash, cash equivalents, and available-for-sale securities	$ 48.1	$ 64.1
Supplier Concentration Risk | Supply Purchase | One Supplier
Short-Term Debt [Line Items]
Concentration risk, percent	11.00%
Supplier Concentration Risk | Accounts Payable
Short-Term Debt [Line Items]
Number of suppliers | supplier	0	0
Supplier Concentration Risk | Accounts Payable | One Supplier
Short-Term Debt [Line Items]
Concentration risk, percent		23.00%
The 2022 Term Loan 3
Short-Term Debt [Line Items]
Maximum borrowing capacity	$ 10.0		$ 30.0

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Organization and significant accounting policies - Schedule of Concentrations of Credit Risk and Business Risk (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk, percent					15.00%
Accounts Receivable | Customer C
Concentration Risk [Line Items]
Concentration risk, percent					11.00%
Accounts Receivable | Customer D
Concentration Risk [Line Items]
Concentration risk, percent			11.00%
Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk, percent	17.00%	20.00%	15.00%	20.00%

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Organization and significant accounting policies - Summary of Product Revenue Concentration (Details) - Revenue	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Product revenue concentration | CryoStor
Concentration Risk [Line Items]
Concentration risk, percent	41.00%	32.00%	42.00%	33.00%
Product revenue concentration | 780XLE Freezer
Concentration Risk [Line Items]
Concentration risk, percent	20.00%	25.00%	17.00%	23.00%
Revenue by customers’ geographic locations
Concentration Risk [Line Items]
Concentration risk, percent	100.00%	100.00%	100.00%	100.00%
Revenue by customers’ geographic locations | United States
Concentration Risk [Line Items]
Concentration risk, percent	83.00%	75.00%	81.00%	77.00%
Revenue by customers’ geographic locations | Europe, Middle East, Africa (EMEA)
Concentration Risk [Line Items]
Concentration risk, percent	13.00%	17.00%	16.00%	17.00%
Revenue by customers’ geographic locations | Canada
Concentration Risk [Line Items]
Concentration risk, percent	0.00%	5.00%	0.00%	3.00%
Revenue by customers’ geographic locations | Other
Concentration Risk [Line Items]
Concentration risk, percent	4.00%	3.00%	3.00%	3.00%

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Correction of immaterial errors - Schedule of Effect of Adjustments to Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Unaudited Condensed Consolidated Balance Sheet
Prepaid expenses and other current assets	$ 7,985	$ 7,192	$ 7,985	$ 7,192		$ 6,879
Total current assets	120,311	118,359	120,311	118,359		138,452
Total assets	433,177	470,681	433,177	470,681		450,229
Accrued expenses and other current liabilities	10,114	6,764	10,114	6,764		9,782
Sales taxes payable	4,989	3,494	4,989	3,494		4,151
Total current liabilities	39,587	36,369	39,587	36,369		44,582
Total liabilities	81,049	61,137	81,049	61,137		86,041
Accumulated deficit	(270,828)	(187,409)	(270,828)	(187,409)		(246,915)
Total shareholders’ equity	352,128	409,544	352,128	409,544	$ 358,107	364,188	$ 476,075	$ 478,047
Total liabilities and shareholders’ equity	433,177	470,681	433,177	470,681		$ 450,229
Unaudited Condensed Consolidated Statements of Operations
General and administrative	15,402	11,652	30,241	23,182
Total operating expenses	54,788	117,096	106,097	161,283
Operating loss	(15,280)	(76,563)	(28,887)	(84,531)
Interest expense	(419)	(32)	(829)	(216)
Total other expense, net	5,086	(54)	5,071	(106)
Loss before income tax benefit	(10,194)	(76,617)	(23,816)	(84,637)
Net loss	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ (0.23)	$ (1.72)	$ (0.55)	$ (1.90)
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ (0.23)	$ (1.72)	$ (0.55)	$ (1.90)
Unaudited Condensed Consolidated Statement of Cash Flows
Net loss	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)
Prepaid expenses and other current assets			(1,183)	(2,411)
Sales taxes payable			$ 918	1,598
As reported
Unaudited Condensed Consolidated Balance Sheet
Prepaid expenses and other current assets		6,890		6,890
Total current assets		118,057		118,057
Total assets		470,379		470,379
Accrued expenses and other current liabilities		7,187		7,187
Sales taxes payable		0		0
Total current liabilities		33,298		33,298
Total liabilities		58,066		58,066
Accumulated deficit		(184,640)		(184,640)
Total shareholders’ equity		412,313		412,313
Total liabilities and shareholders’ equity		470,379		470,379
Unaudited Condensed Consolidated Statements of Operations
General and administrative		11,351		22,546
Total operating expenses		116,795		160,647
Operating loss		(76,262)		(83,895)
Interest expense		(9)		(173)
Total other expense, net		(31)		(63)
Loss before income tax benefit		(76,293)		(83,958)
Net loss		$ (72,554)		$ (79,620)
Net loss per share attributable to common shareholders, basic (in dollars per share)		$ (1.71)		$ (1.89)
Net loss per share attributable to common shareholders, diluted (in dollars per share)		$ (1.71)		$ (1.89)
Unaudited Condensed Consolidated Statement of Cash Flows
Net loss		$ (72,554)		$ (79,620)
Prepaid expenses and other current assets				(1,492)
Sales taxes payable				0
Adjustment
Unaudited Condensed Consolidated Balance Sheet
Prepaid expenses and other current assets		302		302
Total current assets		302		302
Total assets		302		302
Accrued expenses and other current liabilities		(423)		(423)
Sales taxes payable		3,494		3,494
Total current liabilities		3,071		3,071
Total liabilities		3,071		3,071
Accumulated deficit		(2,769)		(2,769)
Total shareholders’ equity		(2,769)		(2,769)
Total liabilities and shareholders’ equity		302		302
Unaudited Condensed Consolidated Statements of Operations
General and administrative		301		636
Total operating expenses		301		636
Operating loss		(301)		(636)
Interest expense		(23)		(43)
Total other expense, net		(23)		(43)
Loss before income tax benefit		(324)		(679)
Net loss		$ (324)		$ (679)
Net loss per share attributable to common shareholders, basic (in dollars per share)		$ (0.01)		$ (0.01)
Net loss per share attributable to common shareholders, diluted (in dollars per share)		$ (0.01)		$ (0.01)
Unaudited Condensed Consolidated Statement of Cash Flows
Net loss		$ (324)		$ (679)
Prepaid expenses and other current assets				(919)
Sales taxes payable				$ 1,598

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Fair value measurement - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value of contingent consideration, decrease	$ 918	$ 2,361	$ 198	$ 5,695
Shares Issued As Payment for Contingent Consideration Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Shares issued as payment (in shares) | shares			116,973
SciSafe Holdings, Inc
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability	1,900		$ 1,900		$ 4,300	$ 3,700
Change in fair value of contingent consideration, decrease	$ 900	$ 2,400	$ 200	$ 5,700
SciSafe Holdings, Inc | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.130		0.130			0.045
SciSafe Holdings, Inc | Risk Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.041		0.041			0.0020
SciSafe Holdings, Inc | Asset Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.71		0.71			0.60
SciSafe Holdings, Inc | Revenue Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, liability, measurement input	0.34		0.34			0.15

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Fair value measurement - Schedule of the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 26,697	$ 44,592
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	42,485	56,008
Contingent consideration - business combinations	1,995	4,456
Debt	25,507	25,607
Liabilities	27,502	30,063
Fair Value, Recurring | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,909	15,051
Fair Value, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	18,338	26,047
Fair Value, Recurring | Other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,450	3,494
Fair Value, Recurring | Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,788	11,416
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	21,697	26,467
Contingent consideration - business combinations	0	0
Debt	0	0
Liabilities	0	0
Fair Value, Recurring | Level 1 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,909	15,051
Fair Value, Recurring | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Recurring | Level 1 | Other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Recurring | Level 1 | Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,788	11,416
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	20,788	29,541
Contingent consideration - business combinations	0	0
Debt	25,507	25,607
Liabilities	25,507	25,607
Fair Value, Recurring | Level 2 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	18,338	26,047
Fair Value, Recurring | Level 2 | Other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,450	3,494
Fair Value, Recurring | Level 2 | Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Contingent consideration - business combinations	1,995	4,456
Debt	0	0
Liabilities	1,995	4,456
Fair Value, Recurring | Level 3 | U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Recurring | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Recurring | Level 3 | Other debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	0	0
Fair Value, Recurring | Level 3 | Money market accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

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Fair value measurement - Schedule of the Changes in Fair Value of Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 4,456	$ 10,027
Change in fair value recognized in net loss	(198)	(3,335)
Payment of contingent consideration earned	(2,263)	0
Ending balance	$ 1,995	$ 6,692

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Investments - Schedule of Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Current	$ 24,868	$ 43,313
Gross Unrealized Gains, Current	2	7
Gross Unrealized Losses, Current	12	60
Available-for-sale securities, current portion	24,858	43,260
Amortized Cost, Noncurrent	1,839
Available-for-sale securities, long-term	1,839	1,332
Total marketable securities, Amortized Cost	26,707	44,642
Total marketable securities, Gross Unrealized Gains	7	10
Total marketable securities, Gross Unrealized Losses	17	60
Total marketable securities, Estimated Fair Value	26,697	44,592
Due in one year or less, Amortized Cost	24,868	43,313
Due in one year or less, Estimated Fair Value	24,858	43,260
Due after one year through five years, Amortized Cost	1,839
Due after one year through five years, Estimated Fair Value	1,839
Total, Amortized Cost	26,707	44,642
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Current	5,911	15,087
Gross Unrealized Gains, Current	1	1
Gross Unrealized Losses, Current	3	37
Available-for-sale securities, current portion	5,909	15,051
Due in one year or less, Amortized Cost	5,911	15,087
Due in one year or less, Estimated Fair Value	5,909	15,051
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Current	18,346	26,057
Gross Unrealized Gains, Current	1	6
Gross Unrealized Losses, Current	9	16
Available-for-sale securities, current portion	18,338	26,047
Due in one year or less, Amortized Cost	18,346	26,057
Due in one year or less, Estimated Fair Value	18,338	26,047
Other debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Current	611	2,169
Gross Unrealized Gains, Current	0	0
Gross Unrealized Losses, Current	0	7
Available-for-sale securities, current portion	611	2,162
Amortized Cost, Noncurrent	1,839	1,329
Gross Unrealized Gains, Noncurrent	5	3
Gross Unrealized Losses, Noncurrent	5	0
Available-for-sale securities, long-term	1,839	1,332
Due in one year or less, Amortized Cost	611	2,169
Due in one year or less, Estimated Fair Value	611	2,162
Due after one year through five years, Amortized Cost	$ 1,839	$ 1,329

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Investments - Narrative (Details) - Contingent Convertible Preferred Stock - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Series A-1 and A-2, Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Fair value of non-marketable equity securities without readily determinable fair value	$ 4,100	$ 4,100
Series E Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Fair value of non-marketable equity securities without readily determinable fair value	$ 995	$ 995

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Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 23,012	$ 20,950
Work in progress	7,095	5,680
Finished goods	12,038	8,726
Total inventories	42,145	35,356
Less: Inventory reserve	(2,968)	(452)
Inventories, net	$ 39,177	$ 34,904

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Leases - Narrative (Details)	Jun. 30, 2023
Real Estate Lease | Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	1 year
Operating lease, renewal term	1 year
Real Estate Lease | Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	10 years
Operating lease, renewal term	5 years
Vehicle and Other Equipment | Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Vehicle and Other Equipment | Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	5 years

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Leases - Schedule of Operating and Finance Lease Terms and Discount Rates (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average discount rate - operating leases	4.30%	4.20%
Weighted average discount rate - finance leases	8.30%	6.10%
Weighted average remaining lease term in years - operating leases	6 years 8 months 12 days	7 years 2 months 12 days
Weighted average remaining lease term in years - finance leases	4 years 6 months	2 years

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Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	$ 898	$ 929	$ 1,795	$ 1,836
Short-term lease costs	448	519	850	986
Total operating lease costs	1,346	1,448	2,645	2,822
Variable lease costs	345	254	604	559
Total lease costs	$ 1,691	$ 1,702	$ 3,249	$ 3,381

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Leases - Maturities of Operating and Finance Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
2023 (6 months remaining)	$ 1,768
2024	3,405
2025	2,960
2026	2,534
2027	2,280
Thereafter	6,938
Total lease payments	19,885
Less: interest	(2,582)
Total present value of lease liabilities	17,303
Financing Leases
2023 (6 months remaining)	275
2024	487
2025	424
2026	389
2027	387
Thereafter	134
Total lease payments	2,096
Less: interest	(340)
Total present value of lease liabilities	$ 1,756

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Assets held for rent - Summary of Assets Held for Rent (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Shippers placed in service	$ 9,550	$ 7,671
Fixed assets held for rent	4,686	4,686
Accumulated depreciation	(6,171)	(4,952)
Subtotal	8,065	7,405
Shippers and related components in production	1,352	1,659
Total	$ 9,417	$ 9,064

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Assets held for rent - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Assets held for rent, depreciation expense	$ 1.0	$ 0.9	$ 1.9	$ 1.8

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Property and equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Subtotal	$ 36,047	$ 32,809
Less: Accumulated depreciation	(10,482)	(9,171)
Property and equipment, net	25,565	23,638
Leasehold improvements
Property, Plant and Equipment [Line Items]
Subtotal	7,079	5,249
Furniture and computer equipment
Property, Plant and Equipment [Line Items]
Subtotal	1,839	1,908
Manufacturing and other equipment
Property, Plant and Equipment [Line Items]
Subtotal	22,894	20,557
Construction in-progress
Property, Plant and Equipment [Line Items]
Subtotal	$ 4,235	$ 5,095

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Property and equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and equipment, depreciation expense	$ 1.0	$ 0.7	$ 1.9	$ 1.5

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Goodwill and intangible assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (14,288)	$ (17,199)
Total		$ 29,177
Weighted Average Useful Life (in years)	8 years	7 years 9 months 18 days
Intangible assets, gross	$ 46,376	$ 46,376
Intangible assets, net	32,088	29,177
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	10,496	10,496
Accumulated Amortization	(3,328)	(4,098)
Total	$ 7,168	$ 6,398
Weighted Average Useful Life (in years)	8 years 9 months 18 days	8 years 3 months 18 days
Impairment of intangible assets, finite-lived	$ 800
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	11,328	$ 11,328
Accumulated Amortization	(1,794)	(2,386)
Total	$ 9,534	$ 8,942
Weighted Average Useful Life (in years)	11 years 9 months 18 days	11 years 3 months 18 days
Impairment of intangible assets, finite-lived	$ 2,400
Technology - acquired
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	23,802	$ 23,802
Accumulated Amortization	(8,705)	(10,171)
Total	$ 15,097	$ 13,631
Weighted Average Useful Life (in years)	5 years 3 months 18 days	5 years 3 months 18 days
Impairment of intangible assets, finite-lived	$ 4,100
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	750	$ 750
Accumulated Amortization	(461)	(544)
Total	$ 289	$ 206
Weighted Average Useful Life (in years)	1 year 9 months 18 days	1 year 3 months 18 days
Impairment of intangible assets, finite-lived	$ 400

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Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization	$ 1,450	$ 2,863	$ 2,911	$ 5,725

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Goodwill and intangible assets - Schedule of Amortization Expense for Finite-Lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (6 months remaining)	$ 2,520
2024	4,607
2025	4,435
2026	4,137
2027	3,383
Thereafter	10,095
Total	$ 29,177

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Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Accrued compensation	$ 5,150	$ 5,080
Accrued expenses	3,673	3,128
Deferred revenue, current	385	548
Accrued taxes	906	975
Other	0	51
Total accrued expenses and other current liabilities	$ 10,114	$ 9,782	$ 6,764

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Warranty reserve liability - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance as of December 31, 2022 and 2021	$ 8,312	$ 9,398
Provision for warranties	2,160	1,991
Settlements of warranty claims	(2,036)	(2,667)
Ending Balance	$ 8,436	8,722
Immaterial reclassifications		$ 500

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Commitments and contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 05, 2023	Dec. 31, 2022	May 03, 2021
Other Commitments [Line Items]
Sales and excise tax payable	$ 4,800		$ 4,800			$ 3,700
Sales taxes assessed	$ 266		$ 266			$ 306
Common stock, shares issued (in shares)	43,442,250		43,442,250			42,832,231
Common stock, shares outstanding (in shares)	43,442,250		43,442,250			42,832,231
Gain on settlement of Global Cooling escrow	$ 5,115	$ 0	$ 5,115	$ 0
GCI Escrow
Other Commitments [Line Items]
Common stock, shares issued (in shares)							6,646,870
GCI Escrow | General Escrow Shares
Other Commitments [Line Items]
Shares deposited into escrow, percent							5.00%
GCI Escrow | General Escrow Shares | Settled Litigation
Other Commitments [Line Items]
Shares deposited into escrow, percent					65.00%
Common stock, shares outstanding (in shares)					216,024
GCI Escrow | Escrow Shares
Other Commitments [Line Items]
Shares deposited into escrow, percent							9.00%
Shares deposited into escrow, holding term							18 months

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Long-term debt - Narrative (Details) - The 2022 Term Loan 3 - USD ($) $ in Millions	Sep. 20, 2022	Jun. 30, 2023
Debt Instrument [Line Items]
Debt instrument, maximum borrowing capacity	$ 50
Maximum borrowing capacity	30	$ 10
Debt instrument, additional maximum amount within nine months after closing	10
Debt instrument, additional maximum amount upon certain milestone achievements	10
Debt instrument, additional maximum at discretion of lender	10
Debt instrument, face amount	$ 20	$ 20
Debt instrument, interest rate, maximum stated percentage for each tranche borrowed	1.00%
Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%

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Long-term debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, excluding unamortized debt issuance costs	$ 25,639	$ 25,786
Less: unamortized debt issuance costs	(132)	(179)
Total debt	25,507	25,607
Less: current portion	(1,935)	(1,814)
Total long-term debt	$ 23,572	23,793
2022 term loan 2
Debt Instrument [Line Items]
Interest Rate	4.00%
Total debt, excluding unamortized debt issuance costs	$ 2,896	2,896
2022 term loan 3
Debt Instrument [Line Items]
Interest Rate	7.00%
Total debt, excluding unamortized debt issuance costs	$ 20,000	20,000
Insurance premium financing
Debt Instrument [Line Items]
Interest Rate	8.00%
Total debt, excluding unamortized debt issuance costs	$ 1,184	1,074
Freezer equipment loan
Debt Instrument [Line Items]
Interest Rate	5.70%
Total debt, excluding unamortized debt issuance costs	$ 393	466
Manufacturing equipment loans
Debt Instrument [Line Items]
Interest Rate	5.70%
Total debt, excluding unamortized debt issuance costs	$ 218	266
Freezer installation loan
Debt Instrument [Line Items]
Interest Rate	6.30%
Total debt, excluding unamortized debt issuance costs	$ 944	1,078
Other loans
Debt Instrument [Line Items]
Total debt, excluding unamortized debt issuance costs	4	6
Total long-term debt
Debt Instrument [Line Items]
Total long-term debt	$ 23,572	$ 23,793

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Long-term debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 (6 months remaining)	$ 1,217
2024	5,965
2025	10,511
2026	5,218
2027	2,596
Thereafter	0
Total debt	$ 25,507	$ 25,607

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Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 0.4	$ 0.4	$ 0.6
Deferred revenue, revenue recognized	$ 0.3	$ 0.3

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Revenue - Summary of Bioproduction Tools and Service Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	$ 39,508	$ 40,533	$ 77,210	$ 76,752
Product revenue
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	33,037	34,170	64,630	64,558
Freezer and thaw
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	13,849	18,670	26,230	34,005
Cell processing
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	18,673	15,356	37,666	30,254
Storage and storage services
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	515	144	734	299
Service revenue
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	4,195	3,698	8,665	6,787
Storage and storage services
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	4,155	3,698	7,980	6,787
Freezer and thaw
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	40	0	685	0
Rental revenue
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	2,276	2,665	3,915	5,407
Storage and storage services
Disaggregation of Revenue [Line Items]
Total product, rental, and service revenue	$ 2,276	$ 2,665	$ 3,915	$ 5,407

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Revenue - Schedule of Remaining Performance Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Rental revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 2,700
Service revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	143
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Rental revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 1,800
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Service revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 133
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Rental revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 900
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Service revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 10
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

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Stock-based compensation - Summary of Service Vesting-Based Stock Option Activity (Details) - Options - $ / shares	6 Months Ended
	Jun. 30, 2023
Options
Outstanding as of beginning of period (in shares)	456,293
Exercised (in shares)	(144,043)
Outstanding as of end of period (in shares)	312,250
Stock options exercisable at end of period (in shares)	312,250
Wtd. Avg. Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 2.17
Exercised (in dollars per share)	2.13
Outstanding as of end of period (in dollars per share)	2.18
Stock options exercisable at end of period (in dollars per share)	$ 2.18

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Stock-based compensation - Narrative (Details)					3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2023 shares	Jan. 08, 2023 USD ($) shares	Feb. 24, 2022 USD ($) shares	Feb. 08, 2021 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 peer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense					$ 6,856,000	$ 5,973,000	$ 14,220,000	$ 11,372,000
Number of peers | peer									20
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value					6,200,000		6,200,000
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value					$ 1,200,000		$ 2,800,000
Share-based compensation arrangement by share-based payment award, options, grants in period, gross (in shares) | shares					0		0
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term							2 years 7 months 6 days
Share-based payment arrangement, nonvested award, cost not yet recognized, amount					$ 0		$ 0
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount					41,800,000		41,800,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, fair value					1,900,000		9,200,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value					3,900,000		11,200,000
Share-based payment arrangement, expense					5,000,000		$ 11,000,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition							2 years 6 months
Granted (in shares) | shares							509,629
Market-based Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount					6,600,000		$ 6,600,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, fair value				$ 1,300,000
Share-based payment arrangement, expense					$ 1,600,000	1,200,000	$ 3,200,000	1,800,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition							1 year 3 months 18 days
Granted (in shares) | shares					268,738
Share-based compensation arrangement by share-based payment award, percentage of awards	100.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, historical volatility rate		78.00%	63.00%	68.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate		0.00%	0.00%	0.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate		4.40%	1.50%	0.10%
Share-based compensation arrangement by Share-based payment award, fair value assumptions, expected volatility rate period		2 years	2 years	2 years
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, aggregate fair value					$ 0	0	$ 6,500,000	6,700,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, vested					$ 0	$ 0	$ 700,000	$ 5,000,000
Market-based Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, percentage of awards		0.00%	0.00%
Market-based Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, percentage of awards		200.00%	200.00%
Market-based Restricted Stock | Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 6,800,000	$ 6,700,000
Granted (in shares) | shares	30,616	268,738	240,428	30,616

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Stock-based compensation - Summary of Service Vesting-Based and Market Based Restricted Stock Activity (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Restricted Stock
Shares
Outstanding as of beginning of period (in shares)		1,879,215
Granted (in shares)		509,629
Vested (in shares)		(534,411)
Forfeited (in shares)		(115,038)
Outstanding as of end of period (in shares)	1,739,395	1,739,395
Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of period (in dollars per share)		$ 28.94
Granted (in dollars per share)		18.13
Vested (in dollars per share)		26.42
Forfeited (in dollars per share)		28.73
Outstanding as of end of period (in dollars per share)	$ 26.56	$ 26.56
Market-based Restricted Stock
Shares
Outstanding as of beginning of period (in shares)		271,044
Granted (in shares)	268,738
Vested (in shares)	(30,616)
Outstanding as of end of period (in shares)	509,166	509,166
Wtd. Avg. Grant Date Fair Value
Outstanding as of beginning of period (in dollars per share)		$ 30.64
Granted (in dollars per share)	$ 24.23
Vested (in dollars per share)	51.65
Outstanding as of end of period (in dollars per share)	$ 26.00	$ 26.00

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Stock-based compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 6,856	$ 5,973	$ 14,220	$ 11,372
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	1,212	802	2,844	1,809
General and administrative costs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	3,555	3,719	6,848	6,729
Sales and marketing costs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	1,082	738	2,338	1,443
Research and development costs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 1,007	$ 714	$ 2,190	$ 1,391

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Income taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 5	$ (3,739)	$ 97	$ (4,338)
Effective income tax rate reconciliation, percent			(0.40%)
Effective income tax rate reconciliation, tax expense (benefit), share-based payment arrangement, amount			$ 400
Effective income tax rate reconciliation, at federal statutory income tax rate, without discrete items percent			0.40%
Effective income tax rate reconciliation, at federal statutory income tax rate, percent			21.00%
Deferred tax assets, valuation allowance	$ 44,100		$ 44,100

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Net loss per common share - Schedule of Earnings Per Share, Basic and Diluted, Two Class Method (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)
Net loss allocated to common shareholders	$ (10,199)	$ (72,878)	$ (23,913)	$ (80,299)
Denominator:
Weighted average shares used to compute loss per share attributable to common shareholders, basic (in shares)	43,441,219	42,460,189	43,235,558	42,238,355
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ (0.23)	$ (1.72)	$ (0.55)	$ (1.90)

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Net loss per common share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,027,060	1,942,812	3,202,537	2,767,841
Stock options and restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,027,060	1,942,812	3,202,537	2,767,841

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Employee benefit plan - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	100.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.6	$ 0.5