$ELVN
Enliven Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000156459023001729 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.540M $3.080M $15.33M
YoY Change 30.01% -11.44% 17.92%
% of Gross Profit
Research & Development $11.88M $180.0K $18.94M
YoY Change 6.37% -98.34% -50.73%
% of Gross Profit
Depreciation & Amortization $67.00M $0.00 $600.0K
YoY Change 267900.0% -100.0% 500.0%
% of Gross Profit
Operating Expenses $16.42M $3.260M $34.27M
YoY Change 11.98% -77.26% -33.38%
Operating Profit -$16.42M $730.0K
YoY Change 11.98% -101.42%
Interest Expense $1.694M $510.0K $943.0K
YoY Change 2071.79% 608.33% 304.72%
% of Operating Profit 129.18%
Other Income/Expense, Net $1.694M $20.00K $846.0K
YoY Change 7600.0% -135.09% 1358.62%
Pretax Income -$14.72M $32.27M $1.576M
YoY Change 0.55% -325.36% -103.07%
Income Tax $90.00K $88.00K
% Of Pretax Income 0.28% 5.58%
Net Earnings -$14.72M $32.19M $1.488M
YoY Change 0.58% -324.81% -102.9%
Net Earnings / Revenue
Basic Earnings Per Share -$0.80 $0.06
Diluted Earnings Per Share -$0.80 $4.83 $0.06
COMMON SHARES
Basic Shares Outstanding 26.23M 26.29M 26.29M
Diluted Shares Outstanding 18.51M 26.39M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $292.1M $88.20M $75.54M
YoY Change 300.69% -2.3% -16.33%
Cash & Equivalents $292.1M $88.20M $75.54M
Short-Term Investments $0.00
Other Short-Term Assets $5.900M $2.200M $2.220M
YoY Change 4.83% -9.02% -8.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $298.0M $89.64M $77.75M
YoY Change 279.49% -3.3% -16.12%
LONG-TERM ASSETS
Property, Plant & Equipment $853.0K $890.0K $1.520M
YoY Change -70.58% 256.0% 96.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.405M $2.323M $4.030M
YoY Change 1845.71% 1227.43% 2202.86%
Total Long-Term Assets $4.863M $2.323M $5.550M
YoY Change 58.2% 144.53% 484.21%
TOTAL ASSETS
Total Short-Term Assets $298.0M $89.64M $77.75M
Total Long-Term Assets $4.863M $2.323M $5.550M
Total Assets $302.9M $91.96M $83.30M
YoY Change 271.15% -1.8% -11.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.860M $149.0K $3.120M
YoY Change 211.04% -93.69% 32.2%
Accrued Expenses $5.100M $1.681M $6.600M
YoY Change 5.57% -63.49% 36.08%
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 $10.94M $1.830M $9.720M
YoY Change 51.49% -74.62% 34.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $508.0K $659.0K $660.0K
YoY Change -74.17% 62.32% 62.56%
Total Long-Term Liabilities $508.0K $659.0K $660.0K
YoY Change -74.17% 62.32% 62.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.94M $1.830M $9.720M
Total Long-Term Liabilities $508.0K $659.0K $660.0K
Total Liabilities $11.45M $1.830M $10.37M
YoY Change 24.59% -75.97% 36.16%
SHAREHOLDERS EQUITY
Retained Earnings -$97.60M -$146.0M
YoY Change -39.79% -1.01%
Common Stock $164.5M $27.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $291.4M $90.13M $72.92M
YoY Change
Total Liabilities & Shareholders Equity $302.9M $91.96M $83.30M
YoY Change 271.15% -1.8% -11.05%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$14.72M $32.19M $1.488M
YoY Change 0.58% -324.81% -102.9%
Depreciation, Depletion And Amortization $67.00M $0.00 $600.0K
YoY Change 267900.0% -100.0% 500.0%
Cash From Operating Activities -$20.84M -$1.880M -$35.57M
YoY Change 21.47% -84.94% -23.95%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $0.00 $360.0K
YoY Change -122.22% -3100.0%
Acquisitions
YoY Change
Other Investing Activities $41.82M $76.88M
YoY Change -388.59% -4845.68%
Cash From Investing Activities -$31.00K $41.82M $76.52M
YoY Change -100.58% -388.59% -4788.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 237.4M -1.230M -1.233M
YoY Change 12200.0% -102.51%
NET CHANGE
Cash From Operating Activities -20.84M -1.880M -35.57M
Cash From Investing Activities -31.00K 41.82M 76.52M
Cash From Financing Activities 237.4M -1.230M -1.233M
Net Change In Cash 216.6M 38.71M 39.71M
YoY Change -1931.42% -243.44% 5589.68%
FREE CASH FLOW
Cash From Operating Activities -$20.84M -$1.880M -$35.57M
Capital Expenditures $30.00K $0.00 $360.0K
Free Cash Flow -$20.87M -$1.880M -$35.93M
YoY Change 22.61% -84.94% -23.16%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48484000
CY2022 imra Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
1090000
CY2021 imra Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
1000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1886000
CY2021 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-20000
CY2022 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
16000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88198000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48309000
CY2021Q4 us-gaap Restricted Cash
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175000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88198000
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<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 <span style="Background-color:#FFFFFF;color:#000000;font-family:Calibri;">biopharmaceutical company that has been dedicated to developing and commercializing novel therapeutics to treat patients suffering from serious diseases</span>. The Company was incorporated in January 2016 under the laws of the State of Delaware, and its principal offices are in Brookline, Massachusetts. </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 <span style="color:#000000;">April 5, 2022, the Company announced the results from interim analyses of its Ardent Phase 2b clinical trial of tovinontrine (IMR-687) in patients with sickle cell disease (“SCD”) and Forte Phase 2b clinical trial of tovinontrine in patients with ß-thalassemia. Based on the data generated by these interim analyses, the Company decided to discontinue the Ardent and Forte trials as well as the further development of tovinontrine in SCD and ß-thalassemia.  The Company also decided to discontinue development of tovinontrine in heart failure with preserved ejection fraction, as well as its development plans with respect to IMR-261.  In connection with these events, the Company’s Board of Directors approved a reduction in workforce designed to substantially reduce the Company’s operating expenses while it undertakes a comprehensive assessment of its strategic options to maximize stockholder value. The workforce reduction was completed as of September 30, 2022 and the Company incurred approximately $2.1 million of expenses comprised of notice and employee severance and retention payments. </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;">On September 6, 2022, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Cardurion Pharmaceuticals, Inc. (“Cardurion”), discussed further in Note 7, providing for the sale of tovinontrine and all other assets of the Company related to its PDE9 program (the “Asset Sale”) in exchange for a $35.0 million upfront payment and future contingent payments. The Company completed the Asset Sale on November 10, 2022.</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 October 13, 2022, the Company, Iguana Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), and Enliven Therapeutics, Inc., a Delaware corporation (“Enliven”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Enliven, with Enliven continuing as a wholly owned subsidiary of IMARA and the surviving corporation of the merger (the “Merger”).  If the Merger is completed, the business of Enliven will continue as the business of the combined organization. Consummation of Merger Agreement is subject to customary closing conditions, including, without limitation, approval of the sale by the Company’s stockholders.</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;">The Company has incurred recurring negative operating 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, 2022, the Company had cash and cash equivalents of $88.2 million and an accumulated deficit of $146.0 million. The Company expects to incur operating losses and negative operating cash flows to in the foreseeable future.</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, 2022, 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. No sales were made under the sales agreement during the twelve months ended December 31, 2022.</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: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 described above, the Company made the decision to discontinue development of tovinontrine in sickle cell disease, β-thalassemia and heart failure with preserved ejection fraction, as well to discontinue its development plans with respect to </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;">IMR-261.  As a result, the Company believes its cash</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cash equivalents as of </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December 31</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, 2022 will be sufficient to fund its operating expense requirements for at least twelve months from the date of filing </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Report on Form 10-</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">K</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.58%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top: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 the event that the Company does not complete the Merger, the Company (i) may elect to pursue a dissolution and liquidation of the Company, (ii) may pursue another strategic transaction or (iii) may resume research and development activities. If the Company decides to pursue any future product development efforts, it will need additional funding to support its planned operating activities. 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. </p>
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022 us-gaap Use Of Estimates
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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, and stock-based compensation expense. Actual results could differ materially from those estimates. </p>
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 us-gaap Preferred Stock Shares Issued
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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0
CY2022Q4 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
0
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
229000
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2021Q4 imra Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than Twelve Months Number Of Positions
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7
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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15800000
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 imra Accrued Research And Development Expenses Current
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85000
CY2021Q4 imra Accrued Research And Development Expenses Current
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2288000
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CY2021Q4 us-gaap Accrued Employee Benefits Current
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CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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43000
CY2022Q4 us-gaap Accrued Liabilities Current
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1681000
CY2021Q4 us-gaap Accrued Liabilities Current
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4604000
CY2022 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
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 expanded its leased premises by an additional 5,026 square feet, bringing the total office space to 9,236 square feet.
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2021 us-gaap Operating Lease Expense
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300000
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0
CY2022Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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1392199
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2373024
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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9.63
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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1.35
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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1075205
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.00
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1799658
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.10
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1006000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1291257
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.03
CY2022Q4 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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428000
CY2022 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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1.02
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.00
CY2022 us-gaap Allocated Share Based Compensation Expense
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2595000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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2300000
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y10M20D
CY2022 imra Pre Tax Income Asset Sale
PreTaxIncomeAssetSale
1600000
CY2022 imra Asset Sale Tax Expense
AssetSaleTaxExpense
88000.0
imra Cares Act Of Percentage Of Qualified Wages
CARESActOfPercentageOfQualifiedWages
50
imra Cares Act Of Maximum Refundable Tax Credit Allowed Per Employee
CARESActOfMaximumRefundableTaxCreditAllowedPerEmployee
5000
CY2022 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
CARESActOfPercentageOfQualifiedWages
70
CY2021Q1 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
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10000
CY2021Q2 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
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7000
CY2021Q3 imra Cares Act Of Percentage Of Qualified Wages
CARESActOfPercentageOfQualifiedWages
70
CY2021Q3 imra Cares Act Of Maximum Qualified Wages Entitled Per Employee
CARESActOfMaximumQualifiedWagesEntitledPerEmployee
10000
CY2020 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
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
CY2020 imra Cares Act Of Maximum Employee Retention Tax Credit Available Per Employee
CARESActOfMaximumEmployeeRetentionTaxCreditAvailablePerEmployee
5000
CY2020 imra Cares Act Of Percentage Of Qualified Wages
CARESActOfPercentageOfQualifiedWages
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
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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
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
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
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.150
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.06
CY2022 imra Effective Income Tax Rate Reconciliation Permanent Items Percent
EffectiveIncomeTaxRateReconciliationPermanentItemsPercent
-0.032
CY2021 imra Effective Income Tax Rate Reconciliation Permanent Items Percent
EffectiveIncomeTaxRateReconciliationPermanentItemsPercent
0
CY2022 imra Effective Income Tax Rate Reconciliation Adjustment Of Tax Credits And Reversal
EffectiveIncomeTaxRateReconciliationAdjustmentOfTaxCreditsAndReversal
-1.429
CY2021 imra Effective Income Tax Rate Reconciliation Adjustment Of Tax Credits And Reversal
EffectiveIncomeTaxRateReconciliationAdjustmentOfTaxCreditsAndReversal
0.05
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.709
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.001
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.447
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.32
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.056
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
32931000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
37411000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
8930000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
6968000
CY2022Q4 imra Deferred Tax Asset Capitalized Costs
DeferredTaxAssetCapitalizedCosts
4591000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
673000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1268000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
323000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
493000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
545000
CY2021Q4 imra Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
175000
CY2021Q4 imra Deferred Tax Assets Unrealized Gains Or Losses On Investments
DeferredTaxAssetsUnrealizedGainsOrLossesOnInvestments
4000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
5000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
31000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
47453000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
46895000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
47453000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
46742000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
153000
CY2021Q4 imra Deferred Tax Liabilities Tenant Improvement Allowance
DeferredTaxLiabilitiesTenantImprovementAllowance
12000
CY2021Q4 imra Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
141000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
153000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
700000
CY2022Q4 imra Uncertain Tax Position
UncertainTaxPosition
0
CY2021Q4 imra Uncertain Tax Position
UncertainTaxPosition
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 imra Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
1488000
CY2021 imra Net Income Loss Attributable To Common Stockholders Basic And Diluted
NetIncomeLossAttributableToCommonStockholdersBasicAndDiluted
-51384000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26287264
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21661450
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26385567
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21661450
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.37
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.37

Files In Submission

Name View Source Status
imra-20221231_lab.xml Edgar Link unprocessable
0001564590-23-001729-index-headers.html Edgar Link pending
0001564590-23-001729-index.html Edgar Link pending
0001564590-23-001729.txt Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
0001564590-23-001729-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
imra-10k_20221231.htm Edgar Link pending
imra-20221231.xsd Edgar Link pending
imra-ex1024_653.htm Edgar Link pending
imra-ex231_16.htm Edgar Link pending
imra-ex311_8.htm Edgar Link pending
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imra-20221231_cal.xml Edgar Link unprocessable
imra-20221231_def.xml Edgar Link unprocessable
imra-20221231_pre.xml Edgar Link unprocessable
imra-10k_20221231_htm.xml Edgar Link completed
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report.css Edgar Link pending
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