$DTIL
PRECISION BIOSCIENCES INC

2023 Q1 Form 10-K Financial Statement

#000095017023006838 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $8.780M $10.60M $25.10M
YoY Change 164.7% 67.19% -78.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.09M $10.02M $41.53M
YoY Change 3.69% -5.69% 4.62%
% of Gross Profit
Research & Development $22.16M $19.42M $83.94M
YoY Change 10.95% -21.21% -22.04%
% of Gross Profit
Depreciation & Amortization $1.953M $1.960M $7.798M
YoY Change -0.76% -9.89% -13.17%
% of Gross Profit
Operating Expenses $33.24M $31.09M $125.5M
YoY Change 66.45% -16.18% -19.02%
Operating Profit -$24.46M -$100.4M
YoY Change -10.5% 154.72%
Interest Expense $522.0K $3.545M $1.111M
YoY Change -163.5% 43.23% 741.67%
% of Operating Profit
Other Income/Expense, Net -$596.0K -$11.27M
YoY Change -28.45% -228.46%
Pretax Income -$25.06M -$28.49M -$111.6M
YoY Change -11.03% 27.81% 264.8%
Income Tax
% Of Pretax Income
Net Earnings -$25.06M -$28.49M -$111.6M
YoY Change -11.03% 27.81% 264.8%
Net Earnings / Revenue -285.42% -268.81% -444.8%
Basic Earnings Per Share -$0.23 -$1.27
Diluted Earnings Per Share -$0.23 -$0.26 -$1.27
COMMON SHARES
Basic Shares Outstanding 111.3M 111.0M 87.90M
Diluted Shares Outstanding 111.3M 87.90M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.1M $189.6M $189.6M
YoY Change 36.06% 31.96% 31.96%
Cash & Equivalents $158.1M $189.6M $189.6M
Short-Term Investments
Other Short-Term Assets $1.767M $1.257M $8.809M
YoY Change -89.81% 643.79% -49.96%
Inventory
Prepaid Expenses $8.424M $7.552M
Receivables $694.0K $720.0K $720.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $169.0M $199.1M $199.1M
YoY Change 26.08% 23.09% 23.09%
LONG-TERM ASSETS
Property, Plant & Equipment $18.59M $20.19M $23.16M
YoY Change -33.04% -19.73% -21.03%
Goodwill
YoY Change
Intangibles $1.525M $1.348M
YoY Change -34.18%
Long-Term Investments $831.0K $2.172M $4.748M
YoY Change -85.89% -42.1% -30.61%
Other Assets $2.754M $2.570M $2.570M
YoY Change -40.84% -44.62% -44.62%
Total Long-Term Assets $35.49M $39.06M $39.06M
YoY Change -24.98% -21.47% -21.47%
TOTAL ASSETS
Total Short-Term Assets $169.0M $199.1M $199.1M
Total Long-Term Assets $35.49M $39.06M $39.06M
Total Assets $204.5M $238.2M $238.2M
YoY Change 12.77% 12.61% 12.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $701.0K $1.225M $1.225M
YoY Change 0.29% 7.08% 7.08%
Accrued Expenses $6.478M $11.50M $11.50M
YoY Change -8.77% -8.82% -8.82%
Deferred Revenue $38.27M $46.19M
YoY Change 117.44%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.86M $59.66M $59.66M
YoY Change 60.99% 65.83% 65.83%
LONG-TERM LIABILITIES
Long-Term Debt $22.27M $22.22M $22.22M
YoY Change 797.26% 796.81% 796.81%
Other Long-Term Liabilities $199.0K $201.0K $95.85M
YoY Change -99.75% 356.82% 17.07%
Total Long-Term Liabilities $199.0K $201.0K $118.1M
YoY Change -99.76% 356.82% 39.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.86M $59.66M $59.66M
Total Long-Term Liabilities $199.0K $201.0K $118.1M
Total Liabilities $164.3M $177.7M $177.7M
YoY Change 47.12% 47.71% 47.71%
SHAREHOLDERS EQUITY
Retained Earnings -$453.4M -$428.3M
YoY Change 35.25%
Common Stock $494.5M $489.7M
YoY Change 19.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $952.0K $952.0K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $40.18M $60.43M $60.43M
YoY Change
Total Liabilities & Shareholders Equity $204.5M $238.2M $238.2M
YoY Change 12.77% 12.61% 12.61%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$25.06M -$28.49M -$111.6M
YoY Change -11.03% 27.81% 264.8%
Depreciation, Depletion And Amortization $1.953M $1.960M $7.798M
YoY Change -0.76% -9.89% -13.17%
Cash From Operating Activities -$31.46M -$21.84M -$45.75M
YoY Change 8.98% -7.76% 321.57%
INVESTING ACTIVITIES
Capital Expenditures $721.0K $632.0K $3.319M
YoY Change -188.14% -141.99% -157.19%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$721.0K -$632.0K -$3.319M
YoY Change -11.86% -58.01% -42.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $49.35M
YoY Change 93.68%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 741.0K 0.000 94.99M
YoY Change -67.05% -100.0% 34.69%
NET CHANGE
Cash From Operating Activities -31.46M -21.84M -45.75M
Cash From Investing Activities -721.0K -632.0K -3.319M
Cash From Financing Activities 741.0K 0.000 94.99M
Net Change In Cash -31.44M -22.48M 45.91M
YoY Change 8.91% 33.72% -14.76%
FREE CASH FLOW
Cash From Operating Activities -$31.46M -$21.84M -$45.75M
Capital Expenditures $721.0K $632.0K $3.319M
Free Cash Flow -$32.19M -$22.48M -$49.07M
YoY Change 14.73% 1.35% 871.72%

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CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9512000
CY2022 dtil Increase Decrease In Other Assets And Other Current Assets
IncreaseDecreaseInOtherAssetsAndOtherCurrentAssets
-1431000
CY2021 dtil Increase Decrease In Other Assets And Other Current Assets
IncreaseDecreaseInOtherAssetsAndOtherCurrentAssets
2734000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
153000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
867000
CY2022 dtil Increase Decrease In Accrued Other Expenses And Other Current Liabilities
IncreaseDecreaseInAccruedOtherExpensesAndOtherCurrentLiabilities
-1816000
CY2021 dtil Increase Decrease In Accrued Other Expenses And Other Current Liabilities
IncreaseDecreaseInAccruedOtherExpensesAndOtherCurrentLiabilities
1423000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
27358000
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3164000
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1822000
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1936000
CY2021 dtil Increase Decrease In Contract Liability
IncreaseDecreaseInContractLiability
10000000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-45753000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10853000
CY2022 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3319000
CY2021 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5053000
CY2021 dtil Payments To Purchase Intangible Assets
PaymentsToPurchaseIntangibleAssets
750000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3319000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5803000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
392000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6783000
CY2022 dtil Proceeds From Employee Stock Purchase Plan
ProceedsFromEmployeeStockPurchasePlan
443000
CY2021 dtil Proceeds From Employee Stock Purchase Plan
ProceedsFromEmployeeStockPurchasePlan
804000
CY2022 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
25000000
CY2021 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
35000000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49345000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25477000
CY2021 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
2465000
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
13000
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2500000
CY2022 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
19805000
CY2021 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
2505000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
94985000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70521000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
45913000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
53865000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
143663000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
89798000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
189576000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
143663000
CY2022 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
103000
CY2021 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
103000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
824000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
68000
CY2021 dtil Unsettled At The Market Issuances Of Common Stock Included In Other Current Assets
UnsettledAtTheMarketIssuancesOfCommonStockIncludedInOtherCurrentAssets
37000
CY2021 dtil Contract Liability Accrual Related To Servier Program Purchase Agreement Milestones
ContractLiabilityAccrualRelatedToServierProgramPurchaseAgreementMilestones
10000000
CY2021 us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
17894000
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Description of Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Precision BioSciences, Inc. (the “Company”) was incorporated on </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">January 26, 2006</span></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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is a clinical stage gene editing company dedicated to improving life by developing </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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">ex vivo</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> allogeneic CAR T immunotherapies and</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> in vivo</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> therapies for genetic and infectious diseases with the application of the Company’s wholly owned proprietary ARCUS genome editing platform.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, developing manufacturing processes, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of product candidates. Principal among these risks are dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations.</span></p>
CY2022 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2006-01-26
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:2.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:2.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosures made in the accompanying notes to the consolidated financial statements. Actual results could differ from those estimates. Significant estimates include recording revenue for performance obligations recognized over time, determination of the fair value of share-based compensation grants, estimating services expended by third-party service providers used to recognize research and development expense and determination of the fair value of investments in equity securities.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and notes receivable. All of the Company’s cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company may maintain cash deposits in financial institutions in excess of government insured limits. The Company regularly invests excess cash deposits in money market funds and repurchase agreements. The Company believes that the credit risk arising from the holdings of these financial instruments is mitigated by the fact that these securities are of short duration, government backed and of high credit rating. The Company has not experienced any losses on cash and cash equivalents to date.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Revenue from Lilly and Novartis accounted for </span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">62</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">38</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of revenue during the year ended </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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 31, 2022, respectively. </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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Revenue from Lilly and Servier accounted for </span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">18</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">63</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of revenue during the year ended </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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 31, 2021, respectively.</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Lilly and Novartis accounted for </span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">58</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">42</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of deferred revenue 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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 31, 2022, respectively.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In addition, the Company currently holds a $</span><span style="font-size:10.0pt;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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">10.0</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million promissory note payable from New Elo (defined below), as described further in Note 12, </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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Elo Transaction</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:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, which exposes the Company to potential losses in the event of default by New Elo. Counterparty credit risk will be monitored through periodic review of New Elo’s financial records. As of December 31, 2022, the Company considers the risk of counterparty default to be minimal.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
Lesser of remaining lease term or useful life
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15400000
CY2022Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
0
CY2022 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
The tax benefits recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
118000
CY2022 dtil Threshold Annual Gross Revenues
ThresholdAnnualGrossRevenues
1235000000
CY2022 dtil Threshold Issuance Of Nonconvertible Debt
ThresholdIssuanceOfNonconvertibleDebt
1000000000.0
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
51278000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
49068000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
31088000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23914000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20190000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25154000
CY2022Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2581000
CY2021Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
2581000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
521000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
415000
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
712000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1348000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2048000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2022Q4 dtil Finite Lived Intangible Assets Amortization Expense After Year Five And Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFiveAndThereafter
900000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3091000
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-515000
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2576000
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0825
CY2022Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0927
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1644000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
1951000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
563000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
342000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
746000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
1131000
CY2022 us-gaap Lease Cost
LeaseCost
2953000
CY2021 us-gaap Lease Cost
LeaseCost
3424000
CY2022 us-gaap Operating Lease Payments
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