2021 Q4 Form 10-K Financial Statement

#000137005322000009 Filed on March 07, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $1.011M $63.18M $60.00M
YoY Change -98.32% -15.77% 1900.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.392M $21.49M $5.090M
YoY Change 5.93% 14.02% 32.9%
% of Gross Profit
Research & Development $26.78M $98.50M $21.57M
YoY Change 24.14% 23.08% 0.65%
% of Gross Profit
Depreciation & Amortization $165.0K $619.0K $140.0K
YoY Change 17.86% 10.73% 0.0%
% of Gross Profit
Operating Expenses $32.17M $120.0M $26.66M
YoY Change 20.66% 21.35% 5.54%
Operating Profit -$56.81M
YoY Change 137.92%
Interest Expense $68.00K $0.00 $380.0K
YoY Change -82.11% -81.73%
% of Operating Profit
Other Income/Expense, Net -$1.449M -$982.0K -$80.00K
YoY Change 1711.25% -124.87% -27.27%
Pretax Income -$32.54M -$57.80M $33.65M
YoY Change -196.7% 189.98% -265.85%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$32.54M -$57.80M $33.65M
YoY Change -196.7% 189.98% -266.09%
Net Earnings / Revenue -3218.4% -91.49% 56.08%
Basic Earnings Per Share -$2.11
Diluted Earnings Per Share -$1.182M -$2.11 $1.230M
COMMON SHARES
Basic Shares Outstanding 27.51M shares 27.43M shares 27.35M shares
Diluted Shares Outstanding 27.43M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $548.1M $548.1M $393.7M
YoY Change 39.23% 39.22% 5.19%
Cash & Equivalents $495.7M $495.7M $250.5M
Short-Term Investments $52.37M $52.37M $143.2M
Other Short-Term Assets $4.903M $4.903M $2.900M
YoY Change 69.07% 69.07% -17.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $553.9M $553.9M $396.6M
YoY Change 39.67% 39.66% 4.98%
LONG-TERM ASSETS
Property, Plant & Equipment $2.283M $21.84M $1.783M
YoY Change 28.04% 940.05% 10.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $67.10M $67.10M $17.50M
YoY Change 283.41% 283.41% -67.77%
Other Assets $256.0K $256.0K $258.0K
YoY Change -0.78% -14.67% -82.58%
Total Long-Term Assets $89.19M $89.19M $19.99M
YoY Change 346.17% 345.97% -65.21%
TOTAL ASSETS
Total Short-Term Assets $553.9M $553.9M $396.6M
Total Long-Term Assets $89.19M $89.19M $19.99M
Total Assets $643.1M $643.1M $416.6M
YoY Change 54.38% 54.36% -4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.741M $1.741M $4.217M
YoY Change -58.71% -58.55% -74.03%
Accrued Expenses $12.85M $14.36M $15.26M
YoY Change -15.78% -7.96% 38.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $16.10M $16.10M $19.82M
YoY Change -18.78% -18.69% -32.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $270.5M $270.5M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $270.5M $270.5M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.10M $16.10M $19.82M
Total Long-Term Liabilities $270.5M $270.5M $0.00
Total Liabilities $286.6M $286.6M $19.82M
YoY Change 1346.15% 1347.69% -34.34%
SHAREHOLDERS EQUITY
Retained Earnings -$321.8M -$264.0M
YoY Change 21.9% 8.17%
Common Stock $28.00K $27.00K
YoY Change 3.7% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $356.4M $356.4M $396.7M
YoY Change
Total Liabilities & Shareholders Equity $643.1M $643.1M $416.6M
YoY Change 54.38% 54.36% -4.28%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$32.54M -$57.80M $33.65M
YoY Change -196.7% 189.98% -266.09%
Depreciation, Depletion And Amortization $165.0K $619.0K $140.0K
YoY Change 17.86% 10.73% 0.0%
Cash From Operating Activities -$25.30M -$45.92M $37.58M
YoY Change -167.33% 224.36% -337.7%
INVESTING ACTIVITIES
Capital Expenditures -$14.00K $1.366M -$310.0K
YoY Change -95.48% 140.07% 181.82%
Acquisitions
YoY Change
Other Investing Activities -$66.68M $40.20M $3.900M
YoY Change -1809.74% -57.7% -5.8%
Cash From Investing Activities -$66.69M $38.84M $3.600M
YoY Change -1952.61% -58.89% -10.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.553M
YoY Change 414.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 251.3M $252.3M 130.0K
YoY Change 193235.38% -28802.84% -218.18%
NET CHANGE
Cash From Operating Activities -25.30M -$45.92M 37.58M
Cash From Investing Activities -66.69M $38.84M 3.600M
Cash From Financing Activities 251.3M $252.3M 130.0K
Net Change In Cash 159.3M $245.2M 41.31M
YoY Change 285.72% 208.68% -447.43%
FREE CASH FLOW
Cash From Operating Activities -$25.30M -$45.92M $37.58M
Capital Expenditures -$14.00K $1.366M -$310.0K
Free Cash Flow -$25.29M -$47.29M $37.89M
YoY Change -166.74% 221.11% -341.34%

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DepreciationDepletionAndAmortization
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SharebasedCompensationAndIssuanceOfStockAndWarrantsForServicesOrClaims
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CY2019 us-gaap Unrealized Gain Loss On Investments
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2633000 USD
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1471000 USD
CY2020 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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1058000 USD
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CY2020 us-gaap Increase Decrease In Income Taxes Receivable
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0 USD
CY2019 us-gaap Increase Decrease In Income Taxes Receivable
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CY2019 anab Gain Loss On Disposal Of Property And Equipment Net Of Gain On Lease Termination
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0 USD
CY2021 us-gaap Increase Decrease In Contract With Customer Asset
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CY2020 us-gaap Increase Decrease In Contract With Customer Asset
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0 USD
CY2019 us-gaap Increase Decrease In Contract With Customer Asset
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0 USD
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
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569000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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2553000 USD
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CY2021 anab Proceeds From Sale Of Advance Future Royalties
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CY2019 anab Payments Of Advance Future Royalties Issuance Costs
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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57421000 USD
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250516000 USD
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113656000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
495729000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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250516000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171077000 USD
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0 USD
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4000 USD
CY2019 us-gaap Interest Paid Net
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424000 USD
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2295000 USD
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31000 USD
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
279000 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
41000 USD
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ReceivableIssuanceOfCommonStockStockOptionsExercised
11000 USD
CY2020 anab Receivable Issuance Of Common Stock Stock Options Exercised
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0 USD
CY2019 anab Receivable Issuance Of Common Stock Stock Options Exercised
ReceivableIssuanceOfCommonStockStockOptionsExercised
0 USD
CY2021 anab Noncash Advance Future Royalties Issuance Costs Incurred But Not Yet Paid
NoncashAdvanceFutureRoyaltiesIssuanceCostsIncurredButNotYetPaid
102000 USD
CY2020 anab Noncash Advance Future Royalties Issuance Costs Incurred But Not Yet Paid
NoncashAdvanceFutureRoyaltiesIssuanceCostsIncurredButNotYetPaid
0 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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60000 USD
CY2019 anab Noncash Advance Future Royalties Issuance Costs Incurred But Not Yet Paid
NoncashAdvanceFutureRoyaltiesIssuanceCostsIncurredButNotYetPaid
0 USD
CY2021 us-gaap Nature Of Operations
NatureOfOperations
Description of the Business <div style="margin-top:6pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. We are a clinical-stage biotechnology company developing first-in-class immunology therapeutic product candidates focused on emerging immune control mechanisms applicable to inflammation and immuno-oncology indications. We develop our product candidates using our proprietary antibody discovery technology platform, which is based upon a breakthrough understanding of the natural process of antibody generation, known as somatic hypermutation, and replicates this natural process of antibody generation </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">in vitro</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. We currently generate revenue from milestones and royalties achieved under our collaborative research and development arrangements. </span></div><div style="margin-top:6pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since our inception, we have devoted our primary effort to research and development activities. Our financial support has been provided primarily from the sale of our common and preferred stock, royalty monetization, as well as through funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. Our management believes our currently available resources will provide sufficient funds to enable us to meet our operating plans for at least the next twelve months from the issuance of our consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</span></div>
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Certain reclassifications have been made to 2020 and 2019 financial information to conform to the current year presentation of other long-term assets, operating lease right-of-use, or “ROU” asset, and operating lease liabilities on the Consolidated Balance Sheets and Consolidated Statements of Cash Flows.
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021 us-gaap Use Of Estimates
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<div style="margin-top:12pt;padding-left:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs, and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions.</span></div>
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
0 USD
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:6pt;text-indent:31.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, certificates of deposit, agency securities, commercial obligations and U.S. Treasury securities. Bank deposits are diversified between three financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure.</span></div>
CY2021 anab Number Of Financial Institutions Utilized For Diversification Of Funds
NumberOfFinancialInstitutionsUtilizedForDiversificationOfFunds
3 bank
CY2021 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
Long Lived Assets Long-lived assets, consisting of property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted cash flows. If long-lived assets are impaired, an impairment loss is recognized and is measured as the amount by which the carrying value exceeds the estimated fair value of the assets.
CY2021 us-gaap Tangible Asset Impairment Charges
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0 USD
CY2020 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
CY2019 us-gaap Tangible Asset Impairment Charges
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0 USD
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4922000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4945000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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2283000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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1783000 USD
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408000 USD
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1500000 USD
CY2020Q4 anab Advance Future Royalties Liabilities
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0 USD
CY2021 anab Proceeds From Advance Future Royalties
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250000000 USD
CY2021 anab Advance Future Royalties Issuance Costs
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357000 USD
CY2021 anab Amortization Of Advance Future Royalties Issuance Costs
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7000 USD
CY2021 anab Noncash Interest Expense Recognized
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1443000 USD
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251093000 USD
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119680000 USD
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2000 USD
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217000 USD
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160540000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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208000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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5000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
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108694000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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217000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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0 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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0 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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108694000 USD
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
217000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
46713000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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5000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
2399000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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49112000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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5000 USD
CY2021 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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0 USD
CY2020 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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0 USD
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CY2020Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2021Q4 us-gaap Common Stock Shares Authorized
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3460295 shares
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2920700 shares
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26.67
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P7Y3M14D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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29.49
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7.85
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
293788 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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29.24
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3460295 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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28.84
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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42987000 USD
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1852668 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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200000 USD
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0 USD
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0 USD
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2019 us-gaap Income Tax Reconciliation Tax Exempt Income
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871000 USD
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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40000 USD
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3389000 USD
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26905000 USD
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100000 USD
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900000 USD
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0 USD
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200000 USD
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300000 USD
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4044000 USD
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0 USD
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2473000 USD
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4044000 USD
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0 USD
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0 USD
CY2021 dei Auditor Firm
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185

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