2022 Q4 Form 10-Q Financial Statement

#000095017022022710 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $24.37M $16.85M $0.00
YoY Change
Cost Of Revenue $2.291M $1.900M
YoY Change
Gross Profit $22.08M $14.95M
YoY Change
Gross Profit Margin 90.6% 88.72%
Selling, General & Admin $61.50M $40.89M $20.23M
YoY Change 226.65% 102.17% 219.54%
% of Gross Profit 278.51% 273.61%
Research & Development $14.69M $14.88M $13.18M
YoY Change 6.61% 12.87% -10.92%
% of Gross Profit 66.54% 99.54%
Depreciation & Amortization $1.692M $1.607M $27.23K
YoY Change 5351.42% 5800.81% 172.3%
% of Gross Profit 7.66% 10.75%
Operating Expenses $82.00M $55.77M $33.41M
YoY Change 151.46% 66.94% 58.13%
Operating Profit -$59.92M -$42.41M -$33.41M
YoY Change 26.96% 58.13%
Interest Expense -$1.323M -$2.411M -$1.476M
YoY Change -3.32% 63.4% 168.28%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$61.24M -$44.82M -$34.88M
YoY Change 80.24% 28.5% 52.19%
Income Tax
% Of Pretax Income
Net Earnings -$61.24M -$44.82M -$34.88M
YoY Change 80.24% 28.5% 52.16%
Net Earnings / Revenue -251.28% -266.08%
Basic Earnings Per Share -$1.07 -$0.93
Diluted Earnings Per Share -$1.41 -$1.07 -$925.7K
COMMON SHARES
Basic Shares Outstanding 43.43M 41.70M 37.68M
Diluted Shares Outstanding 41.70M 37.68M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.8M $227.5M $114.6M
YoY Change 132.26% 98.49% -43.37%
Cash & Equivalents $200.8M $227.5M $114.6M
Short-Term Investments
Other Short-Term Assets $2.781M $2.458M $401.3K
YoY Change 6039.7% 512.39% -55.41%
Inventory $4.320M $2.103M
Prepaid Expenses
Receivables $37.70M $20.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $245.6M $252.4M $115.0M
YoY Change 183.92% 119.42% -43.41%
LONG-TERM ASSETS
Property, Plant & Equipment $722.5K $627.0K $314.9K
YoY Change 154.54% 99.11% 692.28%
Goodwill $10.31M $11.90M
YoY Change
Intangibles $59.66M $61.27M
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.72M $12.40M $322.9K
YoY Change 4458.89% 3739.53% 1.74%
Total Long-Term Assets $85.83M $86.57M $1.574M
YoY Change 6675.08% 5399.13% 340.84%
TOTAL ASSETS
Total Short-Term Assets $245.6M $252.4M $115.0M
Total Long-Term Assets $85.83M $86.57M $1.574M
Total Assets $331.5M $339.0M $116.6M
YoY Change 277.6% 190.71% -42.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.61M $12.84M $13.38M
YoY Change 193.59% -4.01% 18.26%
Accrued Expenses $52.06M $40.44M $11.33M
YoY Change 424.97% 257.06% 25.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.56M $60.28M $24.71M
YoY Change 318.64% 143.99% 21.46%
LONG-TERM LIABILITIES
Long-Term Debt $94.26M $93.91M $49.17M
YoY Change 92.01% 90.98% 2.39%
Other Long-Term Liabilities $31.10M $27.40M $0.00
YoY Change
Total Long-Term Liabilities $94.26M $93.91M $49.17M
YoY Change 92.01% 90.98% 2.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.56M $60.28M $24.71M
Total Long-Term Liabilities $94.26M $93.91M $49.17M
Total Liabilities $221.9M $181.6M $73.88M
YoY Change 207.56% 145.8% 8.06%
SHAREHOLDERS EQUITY
Retained Earnings -$596.3M -$535.1M -$375.2M
YoY Change 45.72% 42.62% 50.32%
Common Stock $705.9M $692.5M $417.9M
YoY Change 66.16% 65.68% 11195742.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.6M $157.4M $42.72M
YoY Change
Total Liabilities & Shareholders Equity $331.5M $339.0M $116.6M
YoY Change 277.6% 190.71% -42.74%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$61.24M -$44.82M -$34.88M
YoY Change 80.24% 28.5% 52.16%
Depreciation, Depletion And Amortization $1.692M $1.607M $27.23K
YoY Change 5351.42% 5800.81% 172.3%
Cash From Operating Activities -$27.56M -$22.76M -$26.78M
YoY Change -4.43% -15.01% 70.22%
INVESTING ACTIVITIES
Capital Expenditures $180.9K -$66.05K -$258.7K
YoY Change -74.47% 1193.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$180.9K -$66.05K -$258.7K
YoY Change -74.47% 1193.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.066M 176.9M 438.7K
YoY Change 54.36% 40236.82% -98.4%
NET CHANGE
Cash From Operating Activities -27.56M -22.76M -26.78M
Cash From Investing Activities -180.9K -66.05K -258.7K
Cash From Financing Activities 1.066M 176.9M 438.7K
Net Change In Cash -26.68M 154.1M -26.60M
YoY Change -5.23% -679.5% -327.9%
FREE CASH FLOW
Cash From Operating Activities -$27.56M -$22.76M -$26.78M
Capital Expenditures $180.9K -$66.05K -$258.7K
Free Cash Flow -$27.74M -$22.69M -$26.52M
YoY Change -3.8% -14.43% 68.79%

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axsm Increase Decrease In Prepaid Expense And Other Assets Current
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axsm Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
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axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
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axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-304700
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-122341
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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axsm Payment Of Contingent Consideration
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
283516171
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10439234
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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axsm Fair Value Of Contingent Consideration In A Business Combination
FairValueOfContingentConsiderationInABusinessCombination
34400000
CY2022Q3 axsm Number Of Not Yet Approved Product Candidates
NumberOfNotYetApprovedProductCandidates
3
CY2022Q3 axsm Number Of Approved Products
NumberOfApprovedProducts
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock‑based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; accounting for acquisitions; impairments goodwill and intangible assets; contingent consideration; chargebacks, cash discounts, sales rebates, returns and other adjustments; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.</span></p>
us-gaap Number Of Operating Segments
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CashEquivalentsAtCarryingValue
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At September 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, the majority of the Company’s cash was held by </span><span style="font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash. At the time of contract inception or customer account set-up, the Company performs a collectability assessment on the creditworthiness of such customer. In 2022, all of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms. The Company’s accounts receivable balance as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">September 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> is compromised solely from transactions with the Company’s 3PL.</span></p>
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CostOfRevenue
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us-gaap Cost Of Revenue
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CY2021Q3 us-gaap Revenues
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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GoodwillImpairmentLoss
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CY2022Q3 us-gaap Goodwill
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q3 us-gaap Inventory Finished Goods
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CY2022Q3 us-gaap Inventory Valuation Reserves
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CY2022Q3 us-gaap Inventory Net
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CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2022Q3 us-gaap Interest Expense Debt Excluding Amortization
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CY2021Q3 us-gaap Interest Expense Debt Excluding Amortization
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us-gaap Interest Expense Debt Excluding Amortization
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us-gaap Interest Expense Debt Excluding Amortization
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CY2022Q3 us-gaap Amortization Of Financing Costs
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CY2021Q3 us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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CY2022Q3 axsm Debt Instrument Accreted Liability Of Final Payment Fee
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CY2021Q4 axsm Debt Instrument Accreted Liability Of Final Payment Fee
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2021Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Earnings Per Share Basic
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CY2021Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
In August 2022, the Company entered into an agreement to extend the lease of 22 Cortlandt Street through April 30, 2023.
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
extend the lease of 22 Cortlandt Street through April 30, 2023.
CY2022Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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axsm Equity Instrument Voting Rights Per Share
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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15541
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
80.43
axsm Warrants Issued In Period
WarrantsIssuedInPeriod
35255
axsm Warrants Issued In Period Weighted Average Exercise Price
WarrantsIssuedInPeriodWeightedAverageExercisePrice
31.91
axsm Warrants Exercised In Period
WarrantsExercisedInPeriod
0
axsm Warrants Exercised In Period Weighted Average Exercise Price
WarrantsExercisedInPeriodWeightedAverageExercisePrice
0
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
50796
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
46.75

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