2021 Q4 Form 10-Q Financial Statement

#000095017021003053 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $19.73M $17.59M $17.79M
YoY Change 20.51% -1.13% 66.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.456M $11.09M $8.630M
YoY Change 3.34% 28.45% 2.01%
% of Gross Profit
Research & Development $36.58M $29.14M $24.05M
YoY Change 66.19% 21.18% -14.01%
% of Gross Profit
Depreciation & Amortization $675.0K $680.0K $600.0K
YoY Change 12.5% 13.33% -14.29%
% of Gross Profit
Operating Expenses $46.04M $40.23M $32.68M
YoY Change 47.78% 23.09% -10.29%
Operating Profit -$22.64M -$14.90M
YoY Change 52.0% -42.08%
Interest Expense $73.00K $70.00K $200.0K
YoY Change -33.64% -65.0% -90.0%
% of Operating Profit
Other Income/Expense, Net $7.000K -$13.00K -$15.00K
YoY Change -123.33% -13.33% -168.18%
Pretax Income -$26.23M -$22.58M -$14.71M
YoY Change 78.42% 53.53% -37.93%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$26.23M -$22.58M -$14.71M
YoY Change 78.42% 53.53% -37.93%
Net Earnings / Revenue -132.95% -128.41% -82.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$401.6K -$346.3K -$318.4K
COMMON SHARES
Basic Shares Outstanding 65.25M 65.16M 46.19M
Diluted Shares Outstanding 65.21M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $305.2M $236.3M $321.1M
YoY Change -3.45% -26.41% -1.42%
Cash & Equivalents $205.5M $236.3M $176.8M
Short-Term Investments $99.70M $5.000K $144.3M
Other Short-Term Assets $4.285M $3.822M $5.600M
YoY Change -39.65% -31.75% -38.46%
Inventory
Prepaid Expenses
Receivables $790.0K $887.0K $500.0K
Other Receivables $0.00 $0.00 $13.10M
Total Short-Term Assets $310.3M $241.0M $340.3M
YoY Change -4.23% -29.18% 1.65%
LONG-TERM ASSETS
Property, Plant & Equipment $5.960M $6.271M $30.40M
YoY Change -14.24% -79.37% 327.75%
Goodwill $949.0K $949.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $99.97M
YoY Change
Other Assets $901.0K $902.0K $2.300M
YoY Change -58.52% -60.78% 67.27%
Total Long-Term Assets $29.11M $130.2M $34.90M
YoY Change -15.99% 273.17% -7.59%
TOTAL ASSETS
Total Short-Term Assets $310.3M $241.0M $340.3M
Total Long-Term Assets $29.11M $130.2M $34.90M
Total Assets $339.4M $371.2M $375.2M
YoY Change -5.37% -1.06% 0.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.818M $1.516M $3.600M
YoY Change -5.94% -57.89% -20.88%
Accrued Expenses $34.24M $25.17M $23.95M
YoY Change 48.47% 5.1% 16.83%
Deferred Revenue $69.26M $73.09M
YoY Change -7.49%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $106.3M $99.77M $102.0M
YoY Change 5.34% -2.18% 33.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $143.7M $159.8M $225.1M
YoY Change -30.87% -29.02% 23274.87%
Total Long-Term Liabilities $143.7M $159.8M $225.1M
YoY Change -30.87% -29.02% 23274.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.3M $99.77M $102.0M
Total Long-Term Liabilities $143.7M $159.8M $225.1M
Total Liabilities $250.0M $259.6M $327.1M
YoY Change -19.05% -20.65% 12.62%
SHAREHOLDERS EQUITY
Retained Earnings -$533.7M -$507.5M
YoY Change 18.58%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $89.38M $111.7M $48.06M
YoY Change
Total Liabilities & Shareholders Equity $339.4M $371.2M $375.2M
YoY Change -5.37% -1.06% 0.71%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$26.23M -$22.58M -$14.71M
YoY Change 78.42% 53.53% -37.93%
Depreciation, Depletion And Amortization $675.0K $680.0K $600.0K
YoY Change 12.5% 13.33% -14.29%
Cash From Operating Activities -$31.19M -$29.70M -$24.70M
YoY Change 79.26% 20.24% 6.01%
INVESTING ACTIVITIES
Capital Expenditures -$245.0K -$268.0K -$800.0K
YoY Change -38.75% -66.5% 33.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00M -$89.30M
YoY Change -100.0% -111.2% -328.39%
Cash From Investing Activities -$245.0K $9.734M -$90.10M
YoY Change -101.26% -110.8% -334.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 683.0K 104.0K 200.0K
YoY Change -94.75% -48.0%
NET CHANGE
Cash From Operating Activities -31.19M -29.70M -24.70M
Cash From Investing Activities -245.0K 9.734M -90.10M
Cash From Financing Activities 683.0K 104.0K 200.0K
Net Change In Cash -30.75M -19.86M -114.6M
YoY Change -303.67% -82.67% -853.95%
FREE CASH FLOW
Cash From Operating Activities -$31.19M -$29.70M -$24.70M
Capital Expenditures -$245.0K -$268.0K -$800.0K
Free Cash Flow -$30.95M -$29.43M -$23.90M
YoY Change 82.04% 23.15% 5.29%

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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
109000
ctmx Depreciation And Amortization Excluding Amortization Of Intangible Assets
DepreciationAndAmortizationExcludingAmortizationOfIntangibleAssets
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ctmx Depreciation And Amortization Excluding Amortization Of Intangible Assets
DepreciationAndAmortizationExcludingAmortizationOfIntangibleAssets
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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ShareBasedCompensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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22734000
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
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1818000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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3872000
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3872000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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44425000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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192776000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
177727000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;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:Times New Roman;">1. Description of the Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;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:Times New Roman;">CytomX Therapeutics, Inc. (the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company with a vision of transforming lives with safer, more effective therapies. The Company aims to build a commercial enterprise to maximize its impact on the treatment of cancer. The Company is advancing potential first-in-class and best-in-class antibody-based therapeutics created using its Probody® therapeutic technology platform that could meaningfully improve outcomes for cancer patients. Its proprietary and unique Probody technology platform is designed to enable “conditional activation” of antibody-based drugs in the tumor microenvironment while minimizing drug activity in healthy tissues and in circulation. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010.</span></p>
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
177727000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
189342000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;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:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;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:Times New Roman;">The preparation of the financial statements in conformity with U.S. GAAP requires 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.</span></p>
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
236284000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
191859000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
176810000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
188425000
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2020Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
917000
CY2021Q3 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
10803000
CY2020Q4 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
10092000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7822000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8362000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2482000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
815000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3509000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3195000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
551000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
595000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
25167000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
23059000
CY2021Q3 us-gaap Revenues
Revenues
17587000
CY2020Q3 us-gaap Revenues
Revenues
17788000
us-gaap Revenues
Revenues
49846000
us-gaap Revenues
Revenues
83989000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
261130000
ctmx Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
47271000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
213859000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
213900000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10929530
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4107097
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.50
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
483591
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3047079
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.42
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.77
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5708010
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.63
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3164000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3841000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9623000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11367000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
3800000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1273000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1239000
us-gaap Operating Lease Payments
OperatingLeasePayments
3820000
us-gaap Operating Lease Payments
OperatingLeasePayments
3717000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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OperatingLeaseLiabilityCurrent
3509000
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OperatingLeaseLiabilityCurrent
3195000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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OperatingLeaseLiabilityNoncurrent
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CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
22526000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1309000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5273000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5420000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5572000
CY2021Q3 ctmx Lessee Operating Lease Liability Payments Due Year Four And Thereafter
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10116000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
27690000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5164000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
22526000
CY2020Q1 ctmx Net Operating Loss Carryback Period
NetOperatingLossCarrybackPeriod
P5Y
CY2020Q1 ctmx Percentage Of Taxable Income From Net Operating Losses For Suspension Of Annual Deduction Limitation
PercentageOfTaxableIncomeFromNetOperatingLossesForSuspensionOfAnnualDeductionLimitation
0.80

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