2023 Q2 Form 10-Q Financial Statement

#000095017023021247 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.295M $7.440M $7.674M
YoY Change 3.61% -3.05% 76.01%
% of Gross Profit
Research & Development $29.48M $24.76M $17.07M
YoY Change 10.22% 45.04% 73.35%
% of Gross Profit
Depreciation & Amortization $207.0K $213.0K $58.00K
YoY Change 146.43% 267.24% 1060.0%
% of Gross Profit
Operating Expenses $36.78M $32.20M $24.75M
YoY Change 8.84% 30.13% 74.18%
Operating Profit -$36.78M -$32.20M -$24.75M
YoY Change 8.84% 30.13% 74.18%
Interest Expense $372.0K $387.0K $225.0K
YoY Change -57.53% 72.0% 800.0%
% of Operating Profit
Other Income/Expense, Net $324.0K $95.00K -$11.00K
YoY Change -4728.57% -963.64% 450.0%
Pretax Income -$34.16M -$30.18M -$24.53M
YoY Change 3.76% 23.03% 72.95%
Income Tax
% Of Pretax Income
Net Earnings -$34.16M -$30.18M -$24.53M
YoY Change 3.76% 23.03% 72.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.84 -$0.74 -$0.60
Diluted Earnings Per Share -$0.84 -$0.74 -$604.0K
COMMON SHARES
Basic Shares Outstanding 40.87M 40.86M 40.63M
Diluted Shares Outstanding 40.88M 40.86M 40.62M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $212.8M $227.9M $316.6M
YoY Change -32.08% -28.0% -26.36%
Cash & Equivalents $38.04M $63.19M $159.1M
Short-Term Investments $174.8M $164.8M $157.5M
Other Short-Term Assets $6.725M $4.592M $4.929M
YoY Change 93.19% -6.84% 97.16%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $219.6M $232.5M $321.5M
YoY Change -30.7% -27.68% -25.63%
LONG-TERM ASSETS
Property, Plant & Equipment $3.828M $3.932M $1.338M
YoY Change 134.85% 193.87% 2746.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.65M $28.22M $25.11M
YoY Change 7.25% 12.39%
Other Assets $10.90M $13.45M $15.70M
YoY Change -34.68% -14.35% 2829.85%
Total Long-Term Assets $26.37M $45.60M $42.15M
YoY Change -9.6% 8.19% 7130.02%
TOTAL ASSETS
Total Short-Term Assets $219.6M $232.5M $321.5M
Total Long-Term Assets $26.37M $45.60M $42.15M
Total Assets $245.9M $278.1M $363.7M
YoY Change -28.93% -23.52% -15.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.115M $9.826M $5.133M
YoY Change -52.59% 91.43% -30.16%
Accrued Expenses $13.46M $11.63M $9.746M
YoY Change -9.34% 19.31% 260.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $429.0K
YoY Change -100.0% -100.0% 329.0%
Total Short-Term Liabilities $17.57M $21.89M $15.31M
YoY Change -26.64% 43.0% 8.34%
LONG-TERM LIABILITIES
Long-Term Debt $9.512M $9.450M $175.0K
YoY Change 13488.57% 5300.0% 75.0%
Other Long-Term Liabilities $6.156M $6.409M $4.772M
YoY Change 7.12% 34.3% 1506.73%
Total Long-Term Liabilities $15.67M $15.86M $4.772M
YoY Change 172.63% 232.33% 1506.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.57M $21.89M $15.31M
Total Long-Term Liabilities $15.67M $15.86M $4.772M
Total Liabilities $33.24M $37.75M $20.08M
YoY Change 11.92% 88.0% 39.19%
SHAREHOLDERS EQUITY
Retained Earnings -$389.8M -$355.7M -$226.5M
YoY Change 50.25% 57.01% 70.69%
Common Stock $602.8M $596.1M $570.7M
YoY Change 4.47% 4.45% 3.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $212.7M $240.4M $343.6M
YoY Change
Total Liabilities & Shareholders Equity $245.9M $278.1M $363.7M
YoY Change -28.93% -23.52% -15.99%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$34.16M -$30.18M -$24.53M
YoY Change 3.76% 23.03% 72.95%
Depreciation, Depletion And Amortization $207.0K $213.0K $58.00K
YoY Change 146.43% 267.24% 1060.0%
Cash From Operating Activities -$31.71M -$27.82M -$20.67M
YoY Change 86.56% 34.55% 302.61%
INVESTING ACTIVITIES
Capital Expenditures $1.739M $690.0K $589.0K
YoY Change -776.65% 17.15% 8314.29%
Acquisitions
YoY Change
Other Investing Activities $7.952M $42.99M -$183.3M
YoY Change -110.48% -123.45%
Cash From Investing Activities $6.213M $42.30M -$183.9M
YoY Change -108.16% -123.0% 2627342.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 343.0K -107.0K 80.00K
YoY Change -18.72% -233.75% -89.72%
NET CHANGE
Cash From Operating Activities -31.71M -27.82M -20.67M
Cash From Investing Activities 6.213M 42.30M -183.9M
Cash From Financing Activities 343.0K -107.0K 80.00K
Net Change In Cash -25.16M 14.37M -204.5M
YoY Change -72.87% -107.03% 4586.41%
FREE CASH FLOW
Cash From Operating Activities -$31.71M -$27.82M -$20.67M
Capital Expenditures $1.739M $690.0K $589.0K
Free Cash Flow -$33.45M -$28.51M -$21.26M
YoY Change 99.81% 34.06% 313.52%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Reclassifications</span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain amounts in the prior period have been reclassified to conform to the current period presentation.</span></p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, fair value of investments and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</span></p>
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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Cash
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AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
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28220000
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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AvailableForSaleSecuritiesDebtSecurities
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CY2023Q1 alxo Fair Value Assets And Liabilities Transfers Amount
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0
CY2022Q1 alxo Fair Value Assets And Liabilities Transfers Amount
FairValueAssetsAndLiabilitiesTransfersAmount
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CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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CY2023Q1 us-gaap Impairment Of Investments
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
200000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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FinanceLeaseRightOfUseAsset
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2023Q1 us-gaap Deposits Assets Noncurrent
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CY2022Q4 us-gaap Deposits Assets Noncurrent
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13450000
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CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
18602000
CY2023Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has non-cancelable operating leases for its offices located in the U.S. As of March 31, 2023, these leases expire on various dates between 2026 and 2030.
CY2023Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease up to two years after expiration.
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5400000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
200000
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1240000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
288000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
1267000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
1187000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
912000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
2069000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7980000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
288000
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2143000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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109000
CY2023Q1 us-gaap Operating Lease Liability
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5837000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
179000
CY2023Q1 alxo Operating Lease Liability Current Including Payable And Accrued Liabilities Due To Related Party
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781000
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
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CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y1M6D
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.017
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
318000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
249000
CY2023Q1 alxo Variable Lease Cost And Other Net
VariableLeaseCostAndOtherNet
116000
CY2022Q1 alxo Variable Lease Cost And Other Net
VariableLeaseCostAndOtherNet
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CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
44000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
112000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
112000
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2023Q1 us-gaap Lease Cost
LeaseCost
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CY2022Q1 us-gaap Lease Cost
LeaseCost
460000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
310000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
169000
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
107000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
105000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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435000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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5217000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4948000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
10600000
CY2023Q1 us-gaap Long Term Debt Current
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0
CY2023Q1 alxo Term Loan Non Current
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10600000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
941000
CY2023Q1 alxo Term Loan Unamortized Final Payment
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209000
CY2023Q1 us-gaap Long Term Debt Noncurrent
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9450000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
40863049
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
40861386
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
12730262
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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6351000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5501000
CY2023Q1 us-gaap Net Income Loss
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-30184000
CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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40862513
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40862513
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40616302
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40616302
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.74
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.74
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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7319186
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5456857
CY2023Q1 alxo Number Of Pending Or Threatened Litigation
NumberOfPendingOrThreatenedLitigation
0
CY2023Q1 us-gaap Purchase Obligation
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14423000
CY2023Q1 us-gaap Purchase Obligation Due In Next Twelve Months
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12303000
CY2023Q1 us-gaap Purchase Obligation Due In Second And Third Year
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2090000
CY2023Q1 us-gaap Purchase Obligation Due In Fourth And Fifth Year
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30000
CY2023Q1 us-gaap Contractual Obligation
ContractualObligation
14423000
CY2023Q1 us-gaap Contractual Obligation Due In Next Twelve Months
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12303000
CY2023Q1 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
2090000
CY2023Q1 us-gaap Contractual Obligation Due In Fourth And Fifth Year
ContractualObligationDueInFourthAndFifthYear
30000

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