2021 Q3 Form 10-Q Financial Statement

#000156459021041653 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $1.537M $1.545M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.473M $6.556M $4.100M
YoY Change 53.03% 59.9%
% of Gross Profit
Research & Development $28.13M $24.55M $17.18M
YoY Change 62.31% 42.96%
% of Gross Profit
Depreciation & Amortization $765.0K $800.0K $680.0K
YoY Change 8.05% 17.65% -33.98%
% of Gross Profit
Operating Expenses $34.61M $31.11M $21.27M
YoY Change 60.53% 46.26%
Operating Profit -$33.07M -$29.57M -$21.27M
YoY Change 53.4% 38.99%
Interest Expense $20.00K $73.00K $370.0K
YoY Change -91.3% -80.27%
% of Operating Profit
Other Income/Expense, Net $50.00K -$298.0K $40.00K
YoY Change -100.42% -845.0%
Pretax Income -$33.00M -$29.79M -$20.86M
YoY Change -0.9% 42.84%
Income Tax $126.0K $28.00K -$59.00K
% Of Pretax Income
Net Earnings -$33.12M -$29.82M -$20.80M
YoY Change -0.52% 43.38%
Net Earnings / Revenue -2155.11% -1929.97%
Basic Earnings Per Share -$0.78
Diluted Earnings Per Share -$781.2K -$790.0K -$0.56
COMMON SHARES
Basic Shares Outstanding 42.61M
Diluted Shares Outstanding 42.40M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.2M $190.7M $88.10M
YoY Change 245.49% 116.41%
Cash & Equivalents $239.7M $187.7M $22.68M
Short-Term Investments $2.451M $3.003M $65.40M
Other Short-Term Assets $6.485M $5.796M $3.300M
YoY Change 111.03% 75.64%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $248.7M $196.6M $91.50M
YoY Change 237.44% 114.91%
LONG-TERM ASSETS
Property, Plant & Equipment $6.272M $6.955M $16.20M
YoY Change -27.0% -57.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $492.0K $0.00
YoY Change
Other Assets $748.0K $1.481M $200.0K
YoY Change -73.7% 640.5%
Total Long-Term Assets $14.40M $15.23M $16.40M
YoY Change -22.13% -7.11%
TOTAL ASSETS
Total Short-Term Assets $248.7M $196.6M $91.50M
Total Long-Term Assets $14.40M $15.23M $16.40M
Total Assets $263.1M $211.9M $107.9M
YoY Change 185.38% 96.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.601M $1.593M $3.300M
YoY Change -66.14% -51.73%
Accrued Expenses $22.76M $19.06M $11.20M
YoY Change 132.67% 70.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $81.00K $26.00K $100.0K
YoY Change -19.0% -74.0%
Total Short-Term Liabilities $34.78M $30.10M $15.40M
YoY Change 74.04% 95.44%
LONG-TERM LIABILITIES
Long-Term Debt $320.0K $397.0K $3.000M
YoY Change -97.82% -86.77%
Other Long-Term Liabilities $267.0K $267.0K $11.60M
YoY Change -9.49% -97.7%
Total Long-Term Liabilities $267.0K $267.0K $14.60M
YoY Change -9.49% -98.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.78M $30.10M $15.40M
Total Long-Term Liabilities $267.0K $267.0K $14.60M
Total Liabilities $46.06M $42.99M $29.90M
YoY Change -0.49% 43.79%
SHAREHOLDERS EQUITY
Retained Earnings -$265.4M -$232.2M
YoY Change 89.14%
Common Stock $482.6M $401.4M
YoY Change 13232.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.0M $168.9M -$104.6M
YoY Change
Total Liabilities & Shareholders Equity $263.1M $211.9M $107.9M
YoY Change 185.38% 96.36%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$33.12M -$29.82M -$20.80M
YoY Change -0.52% 43.38%
Depreciation, Depletion And Amortization $765.0K $800.0K $680.0K
YoY Change 8.05% 17.65% -33.98%
Cash From Operating Activities -$25.37M -$23.01M -$17.69M
YoY Change 53.1% 30.09% -3.54%
INVESTING ACTIVITIES
Capital Expenditures -$97.00K -$149.0K -$570.0K
YoY Change -71.47% -73.86% -60.14%
Acquisitions
YoY Change
Other Investing Activities $57.00K $10.00M $15.50M
YoY Change -99.79% -35.48% -32.96%
Cash From Investing Activities -$40.00K $9.851M $14.93M
YoY Change -100.15% -34.01% -31.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.95M 93.00K 28.00K
YoY Change -8305.47% 232.14% -240.0%
NET CHANGE
Cash From Operating Activities -25.37M -23.01M -17.69M
Cash From Investing Activities -40.00K 9.851M 14.93M
Cash From Financing Activities 77.95M 93.00K 28.00K
Net Change In Cash 52.54M -13.07M -2.734M
YoY Change 474.88% 378.05% -182.1%
FREE CASH FLOW
Cash From Operating Activities -$25.37M -$23.01M -$17.69M
Capital Expenditures -$97.00K -$149.0K -$570.0K
Free Cash Flow -$25.27M -$22.87M -$17.12M
YoY Change 55.71% 33.55% 1.25%

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.4%;white-space:nowrap" valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:6pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:normal;"/>Organization </p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Description of business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (Aligos-Belgium), a limited liability company organized under the laws of Belgium. On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the Company or Aligos. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Aligos is a clinical-stage biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for chronic hepatitis B, coronaviruses and non-alcoholic steatohepatitis (NASH). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its nonclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third-parties, product liability, and dependence on key individuals. </p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reverse stock split </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 8, 2020, the Company’s board of directors approved a 1-for-9.3197 reverse stock split (the Reverse Stock Split) of the Company’s common stock and redeemable convertible preferred stock to be consummated prior to the effectiveness of the Company’s planned initial public offering (IPO). The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. The Company filed an amended and restated certificate of incorporation in Delaware on October 9, 2020 that automatically effectuated the Reverse Stock Split without any further action required.                           </p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.4%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial public offering </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 20, 2020, the Company closed its IPO and issued 10,000,000 shares of its common stock at a public offering price of $15.00 per share for net proceeds of $135.4 million, after deducting underwriting discounts and commissions of $10.5 million and expenses of $4.1 million. In connection with the IPO, all shares of Series A redeemable convertible preferred stock (Series A), Series B-1 redeemable convertible preferred stock (Series B-1) and Series B-2 redeemable convertible preferred stock (Series B-2) converted into 19,761,870 shares of voting common stock and 3,092,338 shares of non-voting common stock. On November 5, 2020, the underwriters of the IPO partially exercised their overallotment option by purchasing an additional 1,150,000 shares from the Company, resulting in an additional $16.0 million in net proceeds, after deducting underwriting discounts and commissions of $1.2 million.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred losses and negative cash flows from operations since its inception. As of June 30, 2021 and December 31, 2020, the Company had an accumulated deficit of $232.2 million and $174.7 million, respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021, the Company has unrestricted cash, cash equivalents and short-term investments of approximately $190.7 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it will require significant additional amounts of cash in order to launch and commercialize such drug candidates. In addition, other unanticipated costs may arise. Because the design and outcome of the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company expects to finance its cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements. In addition, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, it is expected that the Company’s existing cash, cash equivalents and short-term investments, will enable the Company to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown,<span style="Background-color:#FFFFFF;color:#000000;"> and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally</span>. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="Background-color:#FFFFFF;color:#000000;">The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. In particular, the COVID-19 pandemic continues to rapidly evolve and has already resulted in a significant disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy.</span></p>
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The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents.
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OperatingLeaseCost
953000
us-gaap Operating Lease Cost
OperatingLeaseCost
934000
CY2021Q2 algs Finance Lease Amortization Of Right Of Use Assets
FinanceLeaseAmortizationOfRightOfUseAssets
19000
CY2020Q2 algs Finance Lease Amortization Of Right Of Use Assets
FinanceLeaseAmortizationOfRightOfUseAssets
18000
algs Finance Lease Amortization Of Right Of Use Assets
FinanceLeaseAmortizationOfRightOfUseAssets
37000
algs Finance Lease Amortization Of Right Of Use Assets
FinanceLeaseAmortizationOfRightOfUseAssets
30000
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4000
CY2021Q2 algs Finance Lease Cost
FinanceLeaseCost
20000
CY2020Q2 algs Finance Lease Cost
FinanceLeaseCost
20000
algs Finance Lease Cost
FinanceLeaseCost
40000
algs Finance Lease Cost
FinanceLeaseCost
34000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
659000
us-gaap Operating Lease Payments
OperatingLeasePayments
1300000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
636000
us-gaap Operating Lease Payments
OperatingLeasePayments
1200000
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
296000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
296000
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
144000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
76000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0938
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0935
CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0312
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0315
CY2021Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
134112
CY2021Q2 algs Percentage Of Principal Amount Of Notes Covered By Warrants
PercentageOfPrincipalAmountOfNotesCoveredByWarrants
0.25
algs Warrants Issued Closing Date
WarrantsIssuedClosingDate
2018-04-20
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
320000000
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2018Q3 algs Preferred Stock Conversion Split
PreferredStockConversionSplit
one-for-one
CY2021Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2021Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
280195
CY2020 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
396522
CY2021Q2 algs Aggregate Share Repurchase Price
AggregateShareRepurchasePrice
400000
CY2020Q4 algs Aggregate Share Repurchase Price
AggregateShareRepurchasePrice
600000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3449000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
327000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6205000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
658000
CY2021Q2 algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
CY2020Q2 algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
algs Expense Related To Milestone Payments
ExpenseRelatedToMilestonePayments
0
CY2021Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2020Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-29818000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-20797000
us-gaap Net Income Loss
NetIncomeLoss
-57492000
us-gaap Net Income Loss
NetIncomeLoss
-40826000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37619039
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2810854
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37526650
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2729827
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.79
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.40
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.53
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-14.96
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5775012
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25770699
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5775012
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25770699

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