Teknova manufactures custom reagents and critical chemicals for life sciences companies, selling to over 3,000 customers including pharma companies, biotechs, CDMOs, diagnostics firms, and academic institutions. Its core products are pre-poured agar plates, liquid microbial culture media, and molecular biology reagents — used across drug discovery, therapeutic development, and diagnostics manufacturing. Teknova organizes its business into two segments: Lab Essentials (~77% of revenue), which are research-use-only reagents sold across a broad customer base, and Clinical Solutions (~19% of revenue), which are GMP-grade reagents used as inputs in therapeutic and diagnostic manufacturing. Teknova's key differentiator is its ability to produce highly customized, made-to-order formulations in weeks rather than months, shipping ~79% of custom products within three weeks. GMP-grade custom products command the highest prices, and customers who buy custom products spend roughly 25x more per account than catalog-only customers. Once a custom reagent is validated into a customer's regulated production process, switching suppliers is costly due to revalidation requirements — Teknova reports ~95% annual retention for customers spending more than $10K annually. The core growth thesis in Clinical Solutions is that as supported therapies advance through clinical trials toward commercialization, spending per therapy increases roughly 30-fold from Phase I to commercial production. Teknova operates a high fixed-cost manufacturing model, and management estimates ~70% of each incremental revenue dollar flows to gross profit on a cash basis.