$ELVN
Enliven Therapeutics, Inc.

2021 Form 10-K Financial Statement

#000156459022010216 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.00M $2.590M $2.430M
YoY Change 36.27% 104.2%
% of Gross Profit
Research & Development $38.44M $8.960M $7.870M
YoY Change 19.56% 80.09%
% of Gross Profit
Depreciation & Amortization $100.0K $30.00K $30.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $51.44M $11.55M $10.30M
YoY Change 23.37% 85.25%
Operating Profit -$51.44M
YoY Change 23.37%
Interest Expense $233.0K $120.0K $110.0K
YoY Change -51.76% -31.25%
% of Operating Profit
Other Income/Expense, Net $58.00K -$80.00K $98.00K
YoY Change -82.84% -38.75%
Pretax Income -$51.38M -$11.52M -$10.20M
YoY Change 24.24% 88.89%
Income Tax
% Of Pretax Income
Net Earnings -$51.38M -$11.52M -$10.20M
YoY Change 24.24% 89.07%
Net Earnings / Revenue
Basic Earnings Per Share -$2.37
Diluted Earnings Per Share -$2.372M -$654.2K -$593.4K
COMMON SHARES
Basic Shares Outstanding 21.66M
Diluted Shares Outstanding 21.66M

Balance Sheet

Concept 2021 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.28M $88.22M $106.3M
YoY Change 2.33% 205.19% 135.18%
Cash & Equivalents $48.31M $47.70M $54.65M
Short-Term Investments $41.97M $40.52M $51.60M
Other Short-Term Assets $2.418M $2.200M $4.300M
YoY Change 10.92% 29.41% 975.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $92.70M $90.41M $110.6M
YoY Change 2.53% 195.21% 142.01%
LONG-TERM ASSETS
Property, Plant & Equipment $775.0K $349.0K $400.0K
YoY Change 121.43% -21.04% 300.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $175.0K $88.00K $300.0K
YoY Change 94.44% -96.06% 200.0%
Total Long-Term Assets $950.0K $437.0K $700.0K
YoY Change 120.93% -83.66% 250.0%
TOTAL ASSETS
Total Short-Term Assets $92.70M $90.41M $110.6M
Total Long-Term Assets $950.0K $437.0K $700.0K
Total Assets $93.65M $90.84M $111.3M
YoY Change 3.09% 172.82% 142.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.360M $1.971M $1.700M
YoY Change 19.8% 18.88% 0.0%
Accrued Expenses $4.850M $4.276M $3.179M
YoY Change 13.32% 68.35% 58.95%
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 $7.210M $6.247M $4.800M
YoY Change 15.36% 48.81% 29.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $406.0K $200.0K $200.0K
YoY Change 153.75% 0.0%
Total Long-Term Liabilities $406.0K $200.0K $200.0K
YoY Change 153.75% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.210M $6.247M $4.800M
Total Long-Term Liabilities $406.0K $200.0K $200.0K
Total Liabilities $7.616M $6.407M $5.000M
YoY Change 18.81% 46.21% 35.14%
SHAREHOLDERS EQUITY
Retained Earnings -$96.11M
YoY Change 75.54%
Common Stock $18.00K
YoY Change 1700.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.03M $84.44M $106.3M
YoY Change
Total Liabilities & Shareholders Equity $93.65M $90.84M $111.3M
YoY Change 3.09% 172.82% 142.48%

Cashflow Statement

Concept 2021 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income -$51.38M -$11.52M -$10.20M
YoY Change 24.24% 89.07%
Depreciation, Depletion And Amortization $100.0K $30.00K $30.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$46.77M -$8.270M -$9.250M
YoY Change 25.06% -42.25% 79.61%
INVESTING ACTIVITIES
Capital Expenditures -$12.00K $0.00 $0.00
YoY Change -40.0% -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.620M $21.21M -$32.40M
YoY Change -90.3% -188.67%
Cash From Investing Activities -$1.632M $21.21M -$32.41M
YoY Change -90.24% -188.45% 40412.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.10M 600.0K 9.590M
YoY Change -49.32% -130.0% 481.21%
NET CHANGE
Cash From Operating Activities -46.77M -8.270M -9.250M
Cash From Investing Activities -1.632M 21.21M -32.41M
Cash From Financing Activities 49.10M 600.0K 9.590M
Net Change In Cash 698.0K 13.54M -32.07M
YoY Change -98.37% -133.6% 795.81%
FREE CASH FLOW
Cash From Operating Activities -$46.77M -$8.270M -$9.250M
Capital Expenditures -$12.00K $0.00 $0.00
Free Cash Flow -$46.76M -$8.270M -$9.250M
YoY Change 25.1% -42.01% 82.45%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of the Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IMARA Inc. (“IMARA” or the “Company”) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from rare inherited genetic disorders of hemoglobin, known as hemoglobinopathies, and other serious diseases. The Company was incorporated in January 2016 under the laws of the State of Delaware, and its principal offices are in Boston, Massachusetts. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. The Company’s lead product candidate currently under development, tovinontrine (IMR-687), as well as any other product candidates the Company may develop, will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales<span style="color:#000000;">. </span></p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2020, the Company effected a 1-for-6.299 reverse stock split of the Company’s issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each of the Company’s outstanding series of preferred stock. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the change in par value of common stock to additional paid-in capital.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 25, 2020, the Company issued and sold 1,562,994‬ shares of Series B convertible preferred stock (“Series B Preferred Stock”) at a price of $10.9722 per share, upon a waiver of specified milestone conditions from the holders of a majority of the shares then held by holders of Series B Preferred Stock, and raised approximately $17.1 million in net proceeds after deducting less than $0.1 million of issuance costs.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On March 16, 2020, the Company completed an initial public offering (“IPO”) of its common stock and issued and sold 4,700,000 shares of common stock at a public offering price of $16.00 per share, resulting in gross proceeds of $75.2 million. On April 13, 2020, the Company issued and sold an additional 705,000 shares of common stock pursuant to the exercise of the underwriters’ option to purchase additional shares for aggregate gross proceeds of $11.3 million. Inclusive of the exercise by the underwriters of their option to purchase additional shares, the Company received approximately $76.5 million in net proceeds from the IPO after deducting $10.0 million of underwriting discounts and commissions and offering expenses.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon the closing of the IPO, all 70,378,661 shares of outstanding preferred stock automatically converted into 11,172,955 shares of common stock. Upon conversion of the convertible preferred stock, the Company reclassified the carrying value of the convertible preferred stock to common stock and additional paid-in capital. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 1, 2021, the Company filed a Registration Statement on Form S-3 (the “Shelf”) with the SEC in relation to the registration and potential future issuance of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof in the aggregate amount of up to $200.0 million. The Shelf was declared effective on April 8, 2021.  The Company also simultaneously entered into a sales agreement with Cantor Fitzgerald &amp; Co, LLC, as sales agent, providing for the offering, issuance and sale by the Company of up to an aggregate $75.0 million of its common stock from time to time in “at-the-market” offerings under the Shelf. As of December 31, 2021, the Company had issued and sold 231,291 shares of common stock under the sales agreement, resulting in net proceeds of $1.4 million after deducting commissions and offering expenses.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The extent to which the Company utilizes the sales agreement as a source of funding will depend on a number of factors, including the prevailing market price of the Company’s common stock, general market conditions, the extent to which the Company is able to secure funds from other sources, and restrictions on the Company’s ability to sell common stock pursuant to the sales agreement to the extent the Company is then subject to restrictions on its ability to utilize the Shelf </p> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to sell more than one-third of the market value of the Company’s public float, meaning the aggregate market value of voting and non-voting common stock held by non-affiliates, in any trailing 12-month period.</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">  </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s public float </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">did not exceed</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> $75 million </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at any point</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">during </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60 days </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prior to</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> filing of this Annual Report on Form 10-K. As a result, </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">until such time as its public float exceeds $75 million</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the Company will be </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">subject to </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">restrictions on </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">its</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> ability to utilize the </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shelf</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as described in the prior sentence.</span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On July 16, 2021, the Company completed a public offering of shares of its common stock.  In connection with the offering, the Company issued and sold </span>8,333,333 shares of common stock at a public offering price of $6.00 per share, resulting in net proceeds of $46.8 million after deducting underwriting discounts and commissions and offering expenses.</p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.57%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity<span style="font-weight:normal;font-style:normal;"> </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred recurring negative cash flows since inception and has funded its operations primarily from the sale of convertible preferred stock and proceeds from the IPO and subsequent common stock offerings. As of December 31, 2021, the Company had cash, cash equivalents, and investments of $90.3 million and an accumulated deficit of $147.5 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it continues to expand its research and development efforts. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents, and investments of $90.3 million as of December 31, 2021 will not be sufficient to fund the operating expenses and capital expenditure requirements necessary to advance its research efforts and clinical trials for the next twelve months, and the Company will need to obtain additional funding. The Company expects to finance its operations through potential public or private equity financings, debt financings, collaboration agreements or other capital sources. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the Company’s recurring losses and negative cash flows from operations since inception, expectation of continuing operating losses and negative cash flows from operations for the foreseeable future, and the need to raise additional capital to finance its future operations, the Company’s management concluded that there is substantial doubt about the Company’s ability to continue as a going concern for at least twelve months from the date of filing this Annual Report on Form 10-K.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.58%;font-size:10pt;"> </p>
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:3.57%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.58%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses, stock-based compensation expense, the fair value of the common stock and the intrinsic value of the beneficial conversation feature present in the second tranche of the Series B Preferred Stock issued in February of 2020 and income taxes. Actual results could differ materially from those estimates. </p>
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CY2021Q4 us-gaap Deferred Offering Costs
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CY2020Q4 us-gaap Off Balance Sheet Credit Loss Liability
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CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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41985000
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16000
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CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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229000
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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479000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Depreciation
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CY2020 us-gaap Depreciation
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CY2020Q4 imra Accrued Research And Development Expenses Current
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CY2020Q4 us-gaap Accrued Professional Fees Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2020Q4 us-gaap Accrued Liabilities Current
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CY2021 us-gaap Lessee Operating Lease Description
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In June 2021, the Company entered into an amendment to the May 2019 Lease Agreement (the “June 2021 Amended Lease Agreement”). Under the terms of the June 2021 Amended Lease Agreement, the Company will expand its current premises in Boston, Massachusetts by an additional 5,026 square feet, bringing the total office space to 9,236 square feet. 
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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139000
CY2021Q4 us-gaap Operating Lease Liability
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CY2021 us-gaap Operating Lease Payments
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249000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.08
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273000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2021 us-gaap Dividends Preferred Stock
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CY2020Q1 us-gaap Preferred Stock Shares Authorized
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CY2020Q1 us-gaap Common Stock Shares Authorized
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CY2021Q4 us-gaap Preferred Stock Shares Authorized
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CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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1302038
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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1935632
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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14.69
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2373024
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.63
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2020 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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12.95
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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imra Cares Act Of Percentage Of Qualified Wages
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50
imra Cares Act Of Maximum Refundable Tax Credit Allowed Per Employee
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5000
CY2021 imra Cares Act Of Qualified Wages Description
CARESActOfQualifiedWagesDescription
In late December 2020 Congress expanded and amended the CARES Act by enacting Public Law 116-260. Per the amendment to the CARES Act, eligible employers are entitled to a refundable tax credit equal to 70% of the qualified wages paid to employees between January 1, 2021, and June 30, 2021, up to a maximum of$10,000 of wages per employee per quarter, with a maximum of $7,000 per employee per calendar quarter. Congress further extended the credit with the American Rescue Plan signed into law on March 11, 2021; the American Rescue Plan extended the credit for the period July 1, 2021 to December 31, 2021 with the same limitations as the prior amendment (i.e., tax credit equal to 70% of qualified wages up to a maximum of $10,000 of wages per employee per quarter). However, on November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act which redacted the credit for calendar quarter 4 of 2021.  Qualified Wages must be paid on or after March 13, 2020 and before October 1, 2021, and may include wages paid to employees, as well as so much of the employer’s qualified health plan expenses as are properly allocable to such wages, not to exceed $10,000 per employee for calendar year 2020 or $10,000 per employee per calendar quarter in quarter 1, 2, or 3 of 2021 (“2021 Eligible Quarter”).
imra Cares Act Of Percentage Of Qualified Wages
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70
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10000
CY2021Q2 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
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10000
CY2021Q1 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
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7000
CY2021Q2 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
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7000
CY2021Q3 imra Cares Act Of Percentage Of Qualified Wages
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70
CY2021Q3 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
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10000
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10000
CY2021Q1 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2021Q2 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2021Q3 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
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5000
CY2020 imra Cares Act Of Percentage Of Qualified Wages
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50
CY2020 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2021Q1 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
7000
CY2021Q2 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
7000
CY2021Q3 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
7000
CY2021Q3 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
7000
CY2020Q4 imra Deferred Tax Liabilities Unrealized Gains Or Losses On Investments
DeferredTaxLiabilitiesUnrealizedGainsOrLossesOnInvestments
1000
CY2021Q4 imra Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
141000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
153000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
18000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
16600000
CY2021Q3 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2021Q1 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2020 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
5000
CY2021 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
21000
CY2021 imra Cares Act Of Employee Retention Credit As Offset To Payroll Tax Expense
CARESActOfEmployeeRetentionCreditAsOffsetToPayrollTaxExpense
1000000.0
CY2021Q3 imra Cares Act Of Percentage Of Qualified Wages
CARESActOfPercentageOfQualifiedWages
70
CY2021Q2 imra Cares Act Of Percentage Of Qualified Wages
CARESActOfPercentageOfQualifiedWages
70
CY2021Q1 imra Cares Act Of Percentage Of Qualified Wages
CARESActOfPercentageOfQualifiedWages
70
CY2021Q2 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.06
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.06
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.05
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.07
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.02
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.32
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.36
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
37411000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
24657000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
6968000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
3948000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1268000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
686000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
493000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
545000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
545000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
272000
CY2020Q4 imra Deferred Tax Assets Lease Incentive Liability
DeferredTaxAssetsLeaseIncentiveLiability
17000
CY2021Q4 imra Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
175000
CY2021Q4 imra Deferred Tax Assets Unrealized Gains Or Losses On Investments
DeferredTaxAssetsUnrealizedGainsOrLossesOnInvestments
4000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
31000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
42000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
46895000
CY2020Q4 us-gaap Deferred Tax Assets Gross
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30167000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
46742000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
30149000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
153000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
18000
CY2021Q4 imra Deferred Tax Liabilities Tenant Improvement Allowance
DeferredTaxLiabilitiesTenantImprovementAllowance
12000
CY2020Q4 imra Deferred Tax Liabilities Tenant Improvement Allowance
DeferredTaxLiabilitiesTenantImprovementAllowance
17000
CY2021Q4 imra Uncertain Tax Position
UncertainTaxPosition
0
CY2021 imra Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-51384000
CY2020 imra Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-49218000
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21661450
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13924730
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.37
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.53
CY2021 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
7900000

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