2023 Q1 Form 10-K Financial Statement

#000095017023009490 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $107.0K $8.000K $861.0K
YoY Change -69.77% -99.01% -95.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.617M $10.94M $38.09M
YoY Change 2.26% 115.91% 79.34%
% of Gross Profit
Research & Development $8.588M $16.58M $57.89M
YoY Change -44.7% 12.01% 1.07%
% of Gross Profit
Depreciation & Amortization $1.367M $1.408M $5.507M
YoY Change 2.7% 107.67% 139.33%
% of Gross Profit
Operating Expenses $67.48M $27.52M $116.5M
YoY Change 170.64% 38.5% 48.32%
Operating Profit -$67.38M -$115.6M
YoY Change 174.1% 92.7%
Interest Expense $425.0K $259.0K $252.0K
YoY Change 3169.23% 3137.5% 1045.45%
% of Operating Profit
Other Income/Expense, Net -$25.00K $486.0K $947.0K
YoY Change -292.31% -1775.86% -48.11%
Pretax Income -$67.40M -$27.01M -$114.6M
YoY Change 174.35% 41.74% 97.12%
Income Tax -$3.461M $0.00 $0.00
% Of Pretax Income
Net Earnings -$63.94M -$27.01M -$114.6M
YoY Change 160.26% 41.74% 97.12%
Net Earnings / Revenue -59756.07% -337600.0% -13315.45%
Basic Earnings Per Share -$1.33 -$2.40
Diluted Earnings Per Share -$1.33 -$0.56 -$2.40
COMMON SHARES
Basic Shares Outstanding 48.14M 47.90M 47.69M
Diluted Shares Outstanding 48.09M 47.69M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.68M $71.04M $71.04M
YoY Change -61.02% -46.78% -46.78%
Cash & Equivalents $41.70M $71.00M $71.04M
Short-Term Investments
Other Short-Term Assets $1.606M $3.369M $3.369M
YoY Change -89.67% -60.72% -60.72%
Inventory
Prepaid Expenses
Receivables $100.0K $100.0K $144.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.40M $74.55M $74.55M
YoY Change -64.62% -47.7% -47.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.248M $15.94M $48.69M
YoY Change -93.57% -18.84% 97.21%
Goodwill $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $4.232M $6.800M
YoY Change -95.6% -13.72% -5.2%
Total Long-Term Assets $35.64M $88.39M $88.39M
YoY Change -56.52% 6.73% 6.73%
TOTAL ASSETS
Total Short-Term Assets $43.40M $74.55M $74.55M
Total Long-Term Assets $35.64M $88.39M $88.39M
Total Assets $79.04M $162.9M $162.9M
YoY Change -61.37% -27.7% -27.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.553M $1.097M $1.097M
YoY Change -46.42% -70.64% -70.64%
Accrued Expenses $10.65M $13.59M $13.59M
YoY Change -11.39% 22.97% 22.97%
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 $13.21M $14.69M $14.69M
YoY Change -21.33% -0.68% -0.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $14.65M $14.65M
YoY Change 209228.57%
Other Long-Term Liabilities $0.00 $170.0K $34.43M
YoY Change 2328.57% 604.42%
Total Long-Term Liabilities $0.00 $14.82M $49.08M
YoY Change 211657.14% 902.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.21M $14.69M $14.69M
Total Long-Term Liabilities $0.00 $14.82M $49.08M
Total Liabilities $46.09M $67.23M $67.23M
YoY Change 85.52% 190.46% 190.46%
SHAREHOLDERS EQUITY
Retained Earnings -$339.6M -$275.6M
YoY Change 83.0% 71.19%
Common Stock $372.5M $371.4M
YoY Change 1.96% 2.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.95M $95.71M $95.71M
YoY Change
Total Liabilities & Shareholders Equity $79.04M $162.9M $162.9M
YoY Change -61.37% -27.7% -27.7%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$63.94M -$27.01M -$114.6M
YoY Change 160.26% 41.74% 97.12%
Depreciation, Depletion And Amortization $1.367M $1.408M $5.507M
YoY Change 2.7% 107.67% 139.33%
Cash From Operating Activities -$13.38M -$14.27M -$74.85M
YoY Change -47.82% 3.52% 11.5%
INVESTING ACTIVITIES
Capital Expenditures $14.00K $51.00K $2.182M
YoY Change -98.46% -102.55% -113.65%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$14.00K -$51.00K -$2.182M
YoY Change -98.46% -97.45% -86.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.16M 52.00K 14.87M
YoY Change -323280.0% -25.71% -87.51%
NET CHANGE
Cash From Operating Activities -13.38M -14.27M -74.85M
Cash From Investing Activities -14.00K -51.00K -2.182M
Cash From Financing Activities -16.16M 52.00K 14.87M
Net Change In Cash -29.55M -14.27M -62.16M
YoY Change 11.31% -9.21% -272.4%
FREE CASH FLOW
Cash From Operating Activities -$13.38M -$14.27M -$74.85M
Capital Expenditures $14.00K $51.00K $2.182M
Free Cash Flow -$13.40M -$14.32M -$77.03M
YoY Change -49.56% 21.54% 50.6%

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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Due From Related Parties Current
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CY2021 us-gaap Increase Decrease In Due From Related Parties Current
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2021 us-gaap Increase Decrease In Other Noncurrent Assets
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4689000
CY2022 us-gaap Increase Decrease In Accounts Payable
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-2259000
CY2021 us-gaap Increase Decrease In Accounts Payable
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2261000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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237000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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5435000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
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50000
CY2021 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2022 fnch Increase Decrease In Due To Related Parties Current Excluding Accounts Payable
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CY2021 fnch Increase Decrease In Due To Related Parties Current Excluding Accounts Payable
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-266000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Proceeds From Issuance Initial Public Offering
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CY2022 fnch Proceeds From Underwriters Exercise Of Overallotment Option Net Of Underwriting Discounts And Commissions And Initial Public Offering Costs
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CY2021 fnch Proceeds From Underwriters Exercise Of Overallotment Option Net Of Underwriting Discounts And Commissions And Initial Public Offering Costs
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CY2022 fnch Principal Payments On Capital Lease Obligation
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CY2021 fnch Principal Payments On Capital Lease Obligation
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Proceeds From Lines Of Credit
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CY2021 us-gaap Payments Of Stock Issuance Costs
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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36056000
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2022 fnch Payments For Proceeds From Operating Lease Liabilities
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-268000
CY2021 fnch Payments For Proceeds From Operating Lease Liabilities
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-1434000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
14000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022 us-gaap Stock Issued1
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CY2021 us-gaap Stock Issued1
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CY2022 fnch Operating Right Of Use Assets Obtained In Exchange For New Operating Leases Upon Adoption Of Asc842
OperatingRightOfUseAssetsObtainedInExchangeForNewOperatingLeasesUponAdoptionOfAsc842
0
CY2021 fnch Operating Right Of Use Assets Obtained In Exchange For New Operating Leases Upon Adoption Of Asc842
OperatingRightOfUseAssetsObtainedInExchangeForNewOperatingLeasesUponAdoptionOfAsc842
5965000
CY2022 fnch Remeasurement Of Right Of Use Asset
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382000
CY2021 fnch Remeasurement Of Right Of Use Asset
RemeasurementOfRightOfUseAsset
0
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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37094000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0
CY2022 fnch Prepaid Rent Reclassified To Right Of Use Assets
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7736000
CY2021 fnch Prepaid Rent Reclassified To Right Of Use Assets
PrepaidRentReclassifiedToRightOfUseAssets
0
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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71038000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
133481000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2767000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2484000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
73805000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
135965000
CY2022 us-gaap Nature Of Operations
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<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;">1. NATURE OF OPERATIONS</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:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Business</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;font-style:italic;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;">Finch Therapeutics Group, Inc. (the “Company” or “FTG”) was incorporated in 2017 as a Delaware corporation. The Company was formed as a result of a merger and recapitalization of Finch Therapeutics, Inc. (“Finch”) and Crestovo Holdings LLC (“Crestovo”) in September 2017 (the “Merger”), in which the former owners of Finch and Crestovo were issued equivalent stakes in the newly formed company, FTG. Crestovo was renamed Finch Therapeutics Holdings LLC in November 2020 (“Finch Holdings”). Finch and Finch Holdings are both wholly-owned subsidiaries of FTG.</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: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;">The Company is a microbiome technology company with a portfolio of intellectual property and microbiome assets. The Company’s objectives are to realize the value of its intellectual property estate through licensing its technology to collaboration partners and enforcing its patents rights against infringing parties and, in certain cases, to generate additional data on selected product candidates through academic collaborations. The Company has an intellectual property estate including more than 70 issued U.S. and foreign patents with relevance for both donor-derived and donor-independent microbiome therapeutics in a range of potential indications. The Company’s assets include CP101, an investigational, orally administered microbiome candidate designed for the prevention of recurrent </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;">C. difficile </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;">infection (“CDI”), with positive clinical data from a Phase 2 randomized, placebo-controlled trial and a Phase 2 open-label trial, and pre-clinical assets that are designed to target ulcerative colitis, Crohn’s disease, and autism spectrum disorder. Additionally, the Company has developed a biorepository of strains and samples. In January 2023, the Company announced the decision to discontinue its Phase 3 trial of CP101 in recurrent CDI and focus on realizing the value of its intellectual property estate and other assets. This decision came after an assessment by the Company's management team and board of directors of multiple factors, including the Company's outlook for identifying a commercial partner, slower than anticipated enrollment in the PRISM4 trial, and broader sector trends in the biotechnology industry. The Company is currently in the process of winding down its development efforts and significantly scaling back its expenses, including by terminating vendor contracts and reducing headcount.</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="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: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;">Until January 2023, the Company was a clinical-stage microbiome therapeutics company using its </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;">Human-First Discovery</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;"> platform to develop a novel class of orally administered biological drugs. The microbiome consists of trillions of microbes that live symbiotically in and on every human and are essential to our health. When key microbes are lost, the resulting microbiome disruption can increase susceptibility to immune disorders, infections, neurological conditions, cancer and other serious diseases. The Company developed its </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;">Human-First Discovery</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;"> platform to use reverse translation to identify diseases of microbiome disruption and to design microbiome therapeutics that address them.</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:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Risks and Uncertainties</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;font-style:italic;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: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;">The Company is subject to a number of risks, including risks related to government regulation, intellectual property and dependence on key personnel.</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:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Liquidity</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;">The Company has incurred recurring losses since its inception, including net losses 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;">$</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">114.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> and </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">$</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;">58.2</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</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;"> for the years ended December 31, 2022 and 2021, respectively. In addition, as of December 31, 2022, the Company had an accumulated deficit 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;">$</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;">275.6</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</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;">. The Company expects to continue to generate operating losses for the foreseeable future as it attempts to realize the value of its intellectual property estate and other assets.</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;">On January 24, 2023, the Company announced its decision to discontinue its Phase 3 clinical trial of CP101 in recurrent CDI. As a result of this decision, the Company approved and implemented a restructuring plan (the "January 2023 Restructuring") (see Note 17). Also on January 24, 2023, the Company announced its decision to shift the Company’s business strategy to focus on realizing the value of the Company’s intellectual property estate and other assets.</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;">The Company currently forecasts that its cash and cash equivalents of $</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;">71.0</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 </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;">as of December 31, 2022, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months beyond the date of issuance of the annual consolidated financial statements. However, due to the consideration of certain qualitative factors,</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;">including </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;">the Company's recurring losses from operations incurred since inception, the expectation of continuing operating losses for the foreseeable future, and uncertainty around its ability to successfully realize the full value of its intellectual property estate and other assets, the Company has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.</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;">The Company does not currently expect to progress any product candidate through clinical trials or commercial approval and it does not currently expect to generate any revenue from product sales. The Company may never succeed in realizing the value of its intellectual property estate and other assets and, even if it does, it may never generate revenue that is significant or large enough to achieve profitability.</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:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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: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;">As a result, the Company may need additional funding to support its operating activities as it seeks to realize value from its intellectual property estate and other assets. Until such time, if ever, that the Company can generate substantial revenue, the Company expects to finance its cash needs through equity offerings, debt financings or other capital sources, including collaborations, licenses or similar arrangements. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. If the Company is unable to obtain funding as needed, it may decide to pursue a dissolution and liquidation.</span></p>
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-114600000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-58200000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-275600000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
71000000.0
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<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;font-style:italic;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;font-style:italic;min-width:fit-content;"> </span></p><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 the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the pattern and method of recognizing revenue, the accrual of research and development costs, and the annual assessment of impairment of goodwill and in-process research and development assets. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</span>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
71000000.0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
133500000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
2800000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
2500000
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;font-style:italic;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;font-style:italic;min-width:fit-content;"> </span></p><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 significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be creditworthy and the Company has not experienced any losses on these deposits. As of December 31, 2022 and 2021</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;">, the Company’s cash and cash equivalents were held with one financial institution. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated based on the fact that many of these securities are either government-backed or of high credit rating.</span>
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
18100000
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5053000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.50
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2021 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
22000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
861000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18532000
CY2022Q4 fnch Transfers Between Fair Value Levels
TransfersBetweenFairValueLevels
0
CY2021Q4 fnch Transfers Between Fair Value Levels
TransfersBetweenFairValueLevels
0
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25222000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23861000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9286000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4226000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15936000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
19635000
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5500000
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2300000
CY2015Q4 fnch Lessee Operating Lease Leases Area
LesseeOperatingLeaseLeasesArea
25785
CY2021Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The lease term, as assumed, was from March 2021 through February 2023
CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P2Y
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
32752000
CY2022Q4 fnch Lease Assets
LeaseAssets
32753000
CY2021Q4 fnch Lease Assets
LeaseAssets
5075000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3431000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1128000
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
6000
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
19000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
34255000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4887000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
0
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
7000
CY2022Q4 fnch Lease Liabilities
LeaseLiabilities
37692000
CY2021Q4 fnch Lease Liabilities
LeaseLiabilities
6041000
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
22000
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
27000
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4000
CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
5230000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
1336000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
173000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
254000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1949000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
525000
CY2022 us-gaap Sublease Income
SubleaseIncome
702000
CY2021 us-gaap Sublease Income
SubleaseIncome
88000
CY2022 us-gaap Lease Cost
LeaseCost
6676000
CY2021 us-gaap Lease Cost
LeaseCost
2064000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y6M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y2M12D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.083
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.067
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.306
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.306
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
1931000
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1006000
CY2022 fnch Principal Payments On Capital Lease Obligation
PrincipalPaymentsOnCapitalLeaseObligation
22000
CY2021 fnch Principal Payments On Capital Lease Obligation
PrincipalPaymentsOnCapitalLeaseObligation
27000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
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CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
6000
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due Current
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDueCurrent
6109000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6255000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
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CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due In Two Years
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDueInTwoYears
6255000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6427000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
0
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due In Three Years
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDueInThreeYears
6427000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
6186000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
0
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due In Four Years
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDueInFourYears
6186000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
5215000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
0
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due In Five Years
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDueInFiveYears
5215000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
22390000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
0
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due Thereafter
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDueThereafter
22390000
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
52576000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
6000
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Due
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsDue
52582000
CY2022Q4 fnch Interest Portion Of Operating Leases Future Minimum Payments Due
InterestPortionOfOperatingLeasesFutureMinimumPaymentsDue
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CY2022Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
0
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Interest Included In Payments
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsInterestIncludedInPayments
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CY2022Q4 fnch Present Value Of Future Minimum Lease Payments
PresentValueOfFutureMinimumLeasePayments
37686000
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
6000
CY2022Q4 fnch Operating And Finance Lease Obligation Future Minimum Payments Present Value Of Net Minimum Payments
OperatingAndFinanceLeaseObligationFutureMinimumPaymentsPresentValueOfNetMinimumPayments
37692000
CY2022Q4 fnch Accrued Research And Development
AccruedResearchAndDevelopment
1967000
CY2021Q4 fnch Accrued Research And Development
AccruedResearchAndDevelopment
1345000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5852000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1117000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
880000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
4401000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1462000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3062000
CY2022Q4 fnch Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
10161000
CY2021Q4 fnch Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
9925000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
574000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7210000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
7216000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
15000000
CY2022 us-gaap Restructuring Charges
RestructuringCharges
2400000
CY2022Q3 us-gaap Restructuring Costs
RestructuringCosts
200000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
100000
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
500000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0500
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0690
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0388
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0019
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0212
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2212
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2930
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0053
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
61782000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
48419000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
6033000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
4376000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
17000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
859000
CY2022Q4 fnch Right Of Use Liabilities
RightOfUseLiabilities
10225000
CY2021Q4 fnch Right Of Use Liabilities
RightOfUseLiabilities
1633000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
9898000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
0
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1310000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
548000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
89265000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
55835000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
75627000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
49079000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
13638000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
6756000
CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
8057000
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
7952000
CY2022Q4 fnch Deferred Tax Liabilities Fixed Assets
DeferredTaxLiabilitiesFixedAssets
121000
CY2021Q4 fnch Deferred Tax Liabilities Fixed Assets
DeferredTaxLiabilitiesFixedAssets
563000
CY2022Q4 fnch Right Of Use Asset
RightOfUseAsset
8639000
CY2021Q4 fnch Right Of Use Asset
RightOfUseAsset
1372000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
282000
CY2021Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
330000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
17099000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
10217000
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
3461000
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
3461000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
26500000
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
230900000
CY2022 fnch Operating Loss Carry Forwards Expiration Year
OperatingLossCarryForwardsExpirationYear
2037
CY2022 fnch Effective Income Tax Rate Reconciliation Tax Credits Research Expiration Date
EffectiveIncomeTaxRateReconciliationTaxCreditsResearchExpirationDate
which will expire at various dates through 2041
CY2021 fnch Effective Income Tax Rate Reconciliation Tax Credits Research Expiration Date
EffectiveIncomeTaxRateReconciliationTaxCreditsResearchExpirationDate
which will expire at various dates through 2041
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1822000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1318000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
651000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
507000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2473000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1822000
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2022 us-gaap Cost Maintenance
CostMaintenance
5000000
CY2022Q4 fnch Commitments And Contingencies Due In Next Twelve Months
CommitmentsAndContingenciesDueInNextTwelveMonths
5000000
CY2022Q4 fnch Commitments And Contingencies Due In Next Second Year
CommitmentsAndContingenciesDueInNextSecondYear
20000000
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote
CY2022 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3560471
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3309965
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
500000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0226
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0088
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
400000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1700000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.92
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.87
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7844000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4161000
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
700000
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
800000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-114646000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-58160000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-114646000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-114646000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-58160000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-58160000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47691632
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47691632
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39202086
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39202086
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.40
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.40
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.48
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.48
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3560471
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3309965
CY2022 us-gaap Restructuring And Related Activities Description
RestructuringAndRelatedActivitiesDescription
The Company initiated the January 2023 Restructuring on January 24, 2023, with the majority of impacted positions ending in February 2023 and a small number of positions maintained into May 2023.

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