2023 Q1 Form 10-K Financial Statement

#000101247723000009 Filed on March 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $24.47M $16.98M $74.52M
YoY Change 13.09% -19.24% 8.79%
% of Gross Profit
Research & Development $3.830M $6.235M $20.70M
YoY Change -45.22% 195.5% 21.02%
% of Gross Profit
Depreciation & Amortization $588.0K $586.0K $162.0K
YoY Change 127.03% 191.54% 67.01%
% of Gross Profit
Operating Expenses $28.30M $23.22M $95.22M
YoY Change -1.15% 0.35% 11.23%
Operating Profit -$28.30M -$98.56M
YoY Change -1.15% 15.21%
Interest Expense -$3.259M -$3.255M $12.34M
YoY Change 61.58% -21.64% 24.14%
% of Operating Profit
Other Income/Expense, Net $193.0K -$1.072M -$536.0K
YoY Change -285.58% -265.94%
Pretax Income -$31.36M -$27.37M -$111.4M
YoY Change 2.01% 2.71% 19.64%
Income Tax -$580.0K $85.00K $26.03M
% Of Pretax Income
Net Earnings -$30.78M -$27.45M -$137.5M
YoY Change 16.5% 23.09% 77.77%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48 -$2.29
Diluted Earnings Per Share -$0.48 -$0.44 -$2.29
COMMON SHARES
Basic Shares Outstanding 64.48M shares 61.78M shares 60.09M shares
Diluted Shares Outstanding 63.89M shares 60.09M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.9M $96.50M $96.50M
YoY Change -18.27% -38.62% -38.62%
Cash & Equivalents $83.39M $73.98M $73.98M
Short-Term Investments $17.53M $22.52M $22.52M
Other Short-Term Assets $542.0K $228.0K $1.751M
YoY Change 247.44% -15.87% -49.25%
Inventory $0.00
Prepaid Expenses $5.384M $1.523M
Receivables $269.0K $276.0K $276.0K
Other Receivables $2.352M $2.317M $2.317M
Total Short-Term Assets $109.5M $100.8M $100.8M
YoY Change -31.9% -47.61% -47.61%
LONG-TERM ASSETS
Property, Plant & Equipment $782.0K $839.0K $2.552M
YoY Change 191.79% 194.39% -13.11%
Goodwill $16.84M $16.84M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.93M $11.32M $11.32M
YoY Change -72.42% -66.48% -66.48%
Total Long-Term Assets $31.27M $31.94M $31.94M
YoY Change -48.22% -41.69% -41.69%
TOTAL ASSETS
Total Short-Term Assets $109.5M $100.8M $100.8M
Total Long-Term Assets $31.27M $31.94M $31.94M
Total Assets $140.7M $132.8M $132.8M
YoY Change -36.35% -46.3% -46.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.02M $7.890M $7.890M
YoY Change 65.72% 2.75% 2.75%
Accrued Expenses $7.683M $7.334M $9.943M
YoY Change -18.54% 2.56% -22.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.52M $37.67M $37.67M
YoY Change -21.65%
Total Short-Term Liabilities $79.36M $55.79M $55.79M
YoY Change 80.27% 165.68% 165.68%
LONG-TERM LIABILITIES
Long-Term Debt $93.14M $91.61M $91.61M
YoY Change -20.07% -35.66% -35.66%
Other Long-Term Liabilities $5.767M $5.743M $6.523M
YoY Change 49.91% 46.62% 15.99%
Total Long-Term Liabilities $98.91M $97.36M $98.14M
YoY Change -17.83% -33.46% -33.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.36M $55.79M $55.79M
Total Long-Term Liabilities $98.91M $97.36M $98.14M
Total Liabilities $178.9M $153.9M $153.9M
YoY Change 7.84% -8.93% -8.93%
SHAREHOLDERS EQUITY
Retained Earnings -$616.0M -$585.2M
YoY Change 29.91% 30.7%
Common Stock $603.9M $590.4M
YoY Change 8.91% 7.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$38.17M -$21.15M -$21.15M
YoY Change
Total Liabilities & Shareholders Equity $140.7M $132.8M $132.8M
YoY Change -36.35% -46.3% -46.3%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$30.78M -$27.45M -$137.5M
YoY Change 16.5% 23.09% 77.77%
Depreciation, Depletion And Amortization $588.0K $586.0K $162.0K
YoY Change 127.03% 191.54% 67.01%
Cash From Operating Activities -$30.23M -$15.37M -$70.30M
YoY Change -11.2% -31.72% -9.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $716.0K
YoY Change 2653.85%
Acquisitions
YoY Change
Other Investing Activities $5.066M $22.88M $80.41M
YoY Change -88.01% 49.31% 41.19%
Cash From Investing Activities $5.066M $22.87M $79.70M
YoY Change -88.01% 49.31% 40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.32M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $34.44M 6.622M $14.54M
YoY Change 1614.39% 5429.66%
NET CHANGE
Cash From Operating Activities -$30.23M -15.37M -$70.30M
Cash From Investing Activities $5.066M 22.87M $79.70M
Cash From Financing Activities $34.44M 6.622M $14.54M
Net Change In Cash $9.410M 14.13M $23.27M
YoY Change -7.43% -296.65% -210.75%
FREE CASH FLOW
Cash From Operating Activities -$30.23M -$15.37M -$70.30M
Capital Expenditures $0.00 $716.0K
Free Cash Flow -$15.37M -$71.02M
YoY Change -31.72% -8.17%

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CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications are made to prior year amounts whenever necessary to conform with the current year presentation. Certain reclassifications have been made to the Consolidated Statement of Loss and the Consolidated Statements of Cash Flows for the fiscal year ended December 31, 2021 to condense line items of the same nature into a single line. This change does not affect previously reported net loss in the Consolidated Statement of Loss and or net cash flows used in operating activities in the Consolidated Statements of Cash Flows.</span></div>
CY2022Q2 avdl Adjustments To Additional Paid In Capital Adjustments In Fair Value Of Convertible Debt Conversion Feature
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5508000 usd
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CY2021 us-gaap Goodwill Impairment Loss
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CY2022 us-gaap Use Of Estimates
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Use of Estimates. The preparation of 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, including marketable securities and contingent liabilities at the date of the consolidated financial statements and the reported amounts of sales and expenses during the periods presented. These estimates and assumptions are based on the best information available to management at the balance sheet dates and depending on the nature of the estimate can require significant judgments. Changes to these estimates and judgments can have and have had a material impact on the Company’s consolidated statements of loss and balance sheets. Actual results could differ from those estimates under different assumptions or conditions.
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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24407000 usd
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0 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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1889000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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22518000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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948000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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1247000 usd
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MarketableSecuritiesRealizedGain
584000 usd
CY2021 avdl Marketable Securities Realized Gain
MarketableSecuritiesRealizedGain
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MarketableSecuritiesRealizedLoss
2338000 usd
CY2021 avdl Marketable Securities Realized Loss
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275000 usd
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627000 usd
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465000 usd
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CY2021Q4 us-gaap Property Plant And Equipment Net
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285000 usd
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CY2021 us-gaap Depreciation
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CY2022Q4 us-gaap Goodwill
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CY2022 us-gaap Asset Impairment Charges
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1028000 usd
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821000 usd
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116000 usd
CY2021 us-gaap Sublease Income
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110000 usd
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912000 usd
CY2021 us-gaap Lease Cost
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963000 usd
CY2021 us-gaap Operating Lease Payments
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P2Y
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0.050
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1013000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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614000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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206000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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1833000 usd
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93000 usd
CY2022Q4 us-gaap Operating Lease Liability
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1740000 usd
CY2022Q4 us-gaap Long Term Debt Current
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37668000 usd
CY2021Q4 us-gaap Long Term Debt Current
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CY2021 avdl Coupon Interest Expense
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203000 usd
CY2022Q2 avdl Debt Instrument Convertible Embedded Conversion Feature Increase Decrease
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5508000 usd
CY2022Q2 avdl Debt Instrument Convertible Embedded Conversion Feature Increase Decrease
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5508000 usd
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92.6956 rate
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2022 us-gaap Income Tax Reconciliation Tax Contingencies
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258000 usd
CY2021 us-gaap Income Tax Reconciliation Tax Contingencies
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239000 usd
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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4239000 usd
CY2021 avdl Effective Income Tax Rate Reconciliation Nondeductible Expense Interest Expense Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseInterestExpenseAmount
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CY2022 avdl Effective Income Tax Rate Reconciliation Amount Orphan Drug And Research And Development Tax Credit
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0 usd
CY2021 avdl Effective Income Tax Rate Reconciliation Amount Orphan Drug And Research And Development Tax Credit
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CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 avdl Increase Decrease In Income Tax Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2021 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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3143000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3143000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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1777000 usd
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CY2022Q4 avdl Deferred Tax Assets Tax Credit Carryforwards Orphan Drug And Research
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473000 usd
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CY2021Q4 avdl Accrued Trade Discounts And Rebates
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CY2022Q4 us-gaap Other Liabilities Current
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CY2022Q4 avdl Tax Liabilities And Other Noncurrent Liabilities
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5.29
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5.46
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1496000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.24
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
421000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.65
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9304000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.67
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y9M10D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8710000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4059000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.40
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M29D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6859000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
877000 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
249000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.02
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.36
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-137464000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-77329000 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60094000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58535000 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60094000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58535000 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.29
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.32
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.29
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.32
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17941000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15327000 shares
CY2022 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 usd
CY2021 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
214000 usd
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
30710000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
29422000 usd
CY2022 dei Auditor Name
AuditorName
Deloitte and Touche LLP
CY2022 dei Auditor Location
AuditorLocation
St. Louis, Missouri
CY2022 dei Auditor Firm
AuditorFirmId
34

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