2023 Q1 Form 10-K Financial Statement

#000178553023000009 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $4.464M $7.283M $16.40M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.981M $4.603M $18.70M
YoY Change 12.67% 2.65% 26.17%
% of Gross Profit
Research & Development $11.71M $15.86M $53.76M
YoY Change 6.95% 18.35% 52.43%
% of Gross Profit
Depreciation & Amortization $425.0K $417.0K $1.100M
YoY Change 333.67% 768.75% 409.26%
% of Gross Profit
Operating Expenses $16.69M $20.46M $72.46M
YoY Change 8.6% 14.42% 44.66%
Operating Profit -$12.22M -$56.06M
YoY Change -20.45% 11.92%
Interest Expense $1.347M $1.179M $1.908M
YoY Change 5756.52% 7760.0% 1734.62%
% of Operating Profit
Other Income/Expense, Net $241.0K $70.00K $2.246M
YoY Change 947.83% 2059.62%
Pretax Income -$11.98M -$11.93M -$53.81M
YoY Change -21.91% -33.24% 7.66%
Income Tax
% Of Pretax Income
Net Earnings -$11.98M -$11.93M -$53.81M
YoY Change -21.91% -33.24% 7.66%
Net Earnings / Revenue -268.41% -163.81% -328.09%
Basic Earnings Per Share -$0.34 -$1.86
Diluted Earnings Per Share -$0.34 -$0.39 -$1.86
COMMON SHARES
Basic Shares Outstanding 35.28M shares 30.74M shares 28.86M shares
Diluted Shares Outstanding 34.79M shares 28.86M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.9M $129.3M $129.3M
YoY Change 2.89% -17.91% -17.91%
Cash & Equivalents $147.9M $129.3M $129.3M
Short-Term Investments
Other Short-Term Assets $2.439M $3.957M $3.957M
YoY Change 41.39% 11.87% 11.87%
Inventory
Prepaid Expenses
Receivables
Other Receivables $6.255M $6.928M
Total Short-Term Assets $156.6M $140.2M $140.2M
YoY Change 7.65% -12.96% -12.96%
LONG-TERM ASSETS
Property, Plant & Equipment $8.699M $8.988M $17.45M
YoY Change 41.65% 208.55% 6.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $670.0K $1.380M $2.594M
YoY Change 4.36% 112.63% 39.69%
Total Long-Term Assets $38.51M $20.05M $20.05M
YoY Change 100.61% 10.25% 10.25%
TOTAL ASSETS
Total Short-Term Assets $156.6M $140.2M $140.2M
Total Long-Term Assets $38.51M $20.05M $20.05M
Total Assets $195.1M $160.2M $160.2M
YoY Change 18.49% -10.6% -10.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.106M $1.221M $1.221M
YoY Change 52.5% -40.06% -40.06%
Accrued Expenses $13.32M $14.15M $16.24M
YoY Change 62.67% 61.46% 65.05%
Deferred Revenue $6.500M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.72M $23.99M $23.99M
YoY Change 96.97% 102.03% 102.03%
LONG-TERM LIABILITIES
Long-Term Debt $39.06M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $191.0K $13.92M
YoY Change -100.0% -4.59%
Total Long-Term Liabilities $0.00 $191.0K $13.92M
YoY Change -100.0% -4.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.72M $23.99M $23.99M
Total Long-Term Liabilities $0.00 $191.0K $13.92M
Total Liabilities $74.00M $37.91M $37.91M
YoY Change 192.32% 43.25% 43.25%
SHAREHOLDERS EQUITY
Retained Earnings -$318.7M -$306.7M
YoY Change 18.81% 21.28%
Common Stock $3.000K $3.000K
YoY Change 50.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $121.1M $122.3M $122.3M
YoY Change
Total Liabilities & Shareholders Equity $195.1M $160.2M $160.2M
YoY Change 18.49% -10.6% -10.6%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$11.98M -$11.93M -$53.81M
YoY Change -21.91% -33.24% 7.66%
Depreciation, Depletion And Amortization $425.0K $417.0K $1.100M
YoY Change 333.67% 768.75% 409.26%
Cash From Operating Activities -$9.898M -$11.87M -$40.60M
YoY Change -29.05% -6.34% -5.32%
INVESTING ACTIVITIES
Capital Expenditures $168.0K $518.0K $3.611M
YoY Change 500.0% -290.44% 625.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$168.0K -$518.0K -$3.611M
YoY Change 500.0% 90.44% 625.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.19M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $48.62M 1.256M $15.91M
YoY Change 30480.5% 3205.26% -85.46%
NET CHANGE
Cash From Operating Activities -$9.898M -11.87M -$40.60M
Cash From Investing Activities -$168.0K -518.0K -$3.611M
Cash From Financing Activities $48.62M 1.256M $15.91M
Net Change In Cash $38.56M -11.13M -$28.30M
YoY Change -378.99% -13.75% -142.85%
FREE CASH FLOW
Cash From Operating Activities -$9.898M -$11.87M -$40.60M
Capital Expenditures $168.0K $518.0K $3.611M
Free Cash Flow -$10.07M -$12.39M -$44.21M
YoY Change -27.99% -0.1% 1.92%

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StockIssuanceCostsIncurredButNotYetPaid
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, estimates related to the application of Revenue from Contracts with Customers (Topic 606) (“ASC 606”) to the Company’s collaboration agreement with Jazz Pharmaceuticals Ireland Limited, the accrual of research and development expenses, the expected future lives of property and equipment, the valuation of stock-based awards, and the success based fee associated with the Company’s debt agreement. Actual results could differ from those estimates.</span></div>
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 us-gaap Concentration Risk Credit Risk
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Concentration of Credit Risk and Off-Balance Sheet RiskFinancial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. Cash is held in a checking account at two financial institutions. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.
CY2022Q4 howl Concentrations Of Credit Risk Number Of Financial Institutions
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CashAndCashEquivalentsAtCarryingValue
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PropertyPlantAndEquipmentGross
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1406000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
391000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
8988000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2913000 usd
CY2022 us-gaap Depreciation
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1100000 usd
CY2021 us-gaap Depreciation
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200000 usd
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3427000 usd
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2200000 usd
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2990000 usd
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AccruedContractResearchCurrent
2542000 usd
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AccruedLiabilitiesCurrent
14152000 usd
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AccruedLiabilitiesCurrent
8765000 usd
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DebtInstrumentBasisSpreadOnVariableRate1
0.045
CY2022Q4 howl Debt Instrument Conditional Fee Liability
DebtInstrumentConditionalFeeLiability
1100000 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 usd
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CommonStockCapitalSharesReservedForFutureIssuance
6565000 shares
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5264000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
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PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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AllocatedShareBasedCompensationExpense
7400000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4095000 usd
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OperatingLeaseWeightedAverageDiscountRatePercent
0.081
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
18300000 usd
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OperatingLeaseCost
2537000 usd
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OperatingLeaseCost
1312000 usd
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VariableLeaseCost
837000 usd
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
398000 usd
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ShortTermLeaseCost
228000 usd
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ShortTermLeaseCost
411000 usd
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SubleaseIncome
834000 usd
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LeaseCost
2768000 usd
CY2021 us-gaap Lease Cost
LeaseCost
2121000 usd
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M6D
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OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3133000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2505000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2337000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2403000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2472000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6258000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19108000 usd
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4424000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
14684000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
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EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.057
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.304
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.272
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EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.024
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EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.018
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.015
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.009
CY2022 howl Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.002
CY2021 howl Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.004
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
26234000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
22831000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
3819000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1918000 usd
CY2022Q4 howl Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
4180000 usd
CY2021Q4 howl Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
4393000 usd
CY2022Q4 howl Deferred Tax Assets Capitalized Costs Net Of Amortization
DeferredTaxAssetsCapitalizedCostsNetOfAmortization
103000 usd
CY2021Q4 howl Deferred Tax Assets Capitalized Costs Net Of Amortization
DeferredTaxAssetsCapitalizedCostsNetOfAmortization
111000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
950000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
658000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1448000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
500000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
9474000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
46208000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
30411000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
42417000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
26110000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3791000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
4301000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
2358000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
3762000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1433000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
6000 usd
CY2022Q4 howl Deferred Tax Liabilities Construction In Progress
DeferredTaxLiabilitiesConstructionInProgress
0 usd
CY2021Q4 howl Deferred Tax Liabilities Construction In Progress
DeferredTaxLiabilitiesConstructionInProgress
533000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3791000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4301000 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2022Q4 howl Capitalized Research And Experimentation Expenses
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36100000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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16300000 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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14300000 usd
CY2022Q4 howl Operating Loss Carryforwards Not Subject To Expiration
OperatingLossCarryforwardsNotSubjectToExpiration
92000000 usd
CY2022 us-gaap Sublease Income
SubleaseIncome
800000 usd
CY2022Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
200000 usd
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.50
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.06
CY2022 us-gaap Defined Contribution Plan Cost Recognized
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200000 usd
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5707000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3620000 shares

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