2024 Q1 Form 10-K Financial Statement

#000178553024000012 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $742.0K $1.501M $19.94M
YoY Change -83.38% -79.39% 21.6%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.996M $4.814M $18.67M
YoY Change 0.3% 4.58% -0.14%
% of Gross Profit
Research & Development $12.91M $9.649M $41.78M
YoY Change 10.27% -39.16% -22.29%
% of Gross Profit
Depreciation & Amortization $464.0K $460.0K $1.764M
YoY Change 9.18% 10.31% 60.36%
% of Gross Profit
Operating Expenses $17.90M $14.46M $60.45M
YoY Change 7.29% -29.32% -16.58%
Operating Profit -$17.16M -$40.50M
YoY Change 40.41% -27.75%
Interest Expense $1.003M $965.0K $4.277M
YoY Change -25.54% -18.15% 124.16%
% of Operating Profit
Other Income/Expense, Net $969.0K -$6.000K -$1.142M
YoY Change 302.07% -108.57% -150.85%
Pretax Income -$16.19M -$12.00M -$37.37M
YoY Change 35.14% 0.61% -30.56%
Income Tax
% Of Pretax Income
Net Earnings -$16.19M -$12.00M -$37.37M
YoY Change 35.14% 0.61% -30.56%
Net Earnings / Revenue -2182.35% -799.67% -187.37%
Basic Earnings Per Share -$0.39 -$1.05
Diluted Earnings Per Share -$0.39 -$0.33 -$1.05
COMMON SHARES
Basic Shares Outstanding 42.74M shares 36.19M shares 35.65M shares
Diluted Shares Outstanding 41.61M shares 35.65M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.2M $134.3M $134.3M
YoY Change -5.87% 3.89% 3.89%
Cash & Equivalents $139.2M $134.3M $134.3M
Short-Term Investments
Other Short-Term Assets $2.320M $2.677M $2.677M
YoY Change -4.88% -32.35% -32.35%
Inventory
Prepaid Expenses
Receivables $300.0K
Other Receivables $775.0K $1.350M
Total Short-Term Assets $142.3M $138.4M $138.4M
YoY Change -9.12% -1.31% -1.31%
LONG-TERM ASSETS
Property, Plant & Equipment $7.529M $14.85M $14.85M
YoY Change -13.45% 65.18% -14.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $248.0K $21.62M $21.62M
YoY Change -62.99% 1466.45% 733.35%
Total Long-Term Assets $35.32M $36.46M $36.46M
YoY Change -8.29% 81.91% 81.91%
TOTAL ASSETS
Total Short-Term Assets $142.3M $138.4M $138.4M
Total Long-Term Assets $35.32M $36.46M $36.46M
Total Assets $177.6M $174.8M $174.8M
YoY Change -8.96% 9.1% 9.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.594M $1.336M $1.336M
YoY Change -24.31% 9.42% 9.42%
Accrued Expenses $6.215M $10.47M $10.47M
YoY Change -53.34% -26.03% -35.53%
Deferred Revenue $502.0K $907.0K
YoY Change -86.05%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.67M $6.667M $6.667M
YoY Change
Total Short-Term Liabilities $21.21M $19.38M $19.38M
YoY Change -2.34% -19.22% -19.22%
LONG-TERM LIABILITIES
Long-Term Debt $27.75M $32.66M $32.66M
YoY Change -28.97%
Other Long-Term Liabilities $11.05M $11.43M $11.43M
YoY Change 5881.68% -17.92%
Total Long-Term Liabilities $38.80M $44.08M $44.08M
YoY Change 22979.06% 216.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.21M $19.38M $19.38M
Total Long-Term Liabilities $38.80M $44.08M $44.08M
Total Liabilities $60.01M $63.46M $63.46M
YoY Change -18.9% 67.4% 67.4%
SHAREHOLDERS EQUITY
Retained Earnings -$360.3M -$344.1M
YoY Change 13.05% 12.18%
Common Stock $4.000K $4.000K
YoY Change 33.33% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $117.6M $111.4M $111.4M
YoY Change
Total Liabilities & Shareholders Equity $177.6M $174.8M $174.8M
YoY Change -8.96% 9.1% 9.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$16.19M -$12.00M -$37.37M
YoY Change 35.14% 0.61% -30.56%
Depreciation, Depletion And Amortization $464.0K $460.0K $1.764M
YoY Change 9.18% 10.31% 60.36%
Cash From Operating Activities -$15.30M -$4.585M -$32.61M
YoY Change 54.55% -61.37% -19.67%
INVESTING ACTIVITIES
Capital Expenditures $111.0K $198.0K $769.0K
YoY Change -33.93% -61.78% -78.7%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$111.0K -$198.0K -$769.0K
YoY Change -33.93% -61.78% -78.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.43M
YoY Change 13.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $20.26M 9.073M 58.43M
YoY Change -58.33% 622.37% 267.34%
NET CHANGE
Cash From Operating Activities -$15.30M -4.585M -32.61M
Cash From Investing Activities -$111.0K -198.0K -769.0K
Cash From Financing Activities $20.26M 9.073M 58.43M
Net Change In Cash $4.851M 4.290M 25.05M
YoY Change -87.42% -138.54% -188.51%
FREE CASH FLOW
Cash From Operating Activities -$15.30M -$4.585M -$32.61M
Capital Expenditures $111.0K $198.0K $769.0K
Free Cash Flow -$15.41M -$4.783M -$33.38M
YoY Change 53.07% -61.39% -24.49%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
158830000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130529000 usd
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InterestPaidNet
2556000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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StockIssuanceCostsIncurredButNotYetPaid
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StockIssuanceCostsIncurredButNotYetPaid
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CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Use Of Estimates
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<div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;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:10pt;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, those related to revenue recognition, accrued expenses, assumptions used in the valuation of stock-based compensation expense and income taxes. Actual results could differ from those estimates.</span></div>
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer
16400000 usd
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4200000 usd
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<div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Off-Balance Sheet Risk</span></div>Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. Cash and cash equivalents are primarily held with three reputable financial institutions in the United States. 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.
CY2023Q4 howl Concentrations Of Credit Risk Number Of Financial Institutions
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ContractWithCustomerLiabilityReductions
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ContractWithCustomerLiability
1340000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7660000 usd
CY2023 howl Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
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CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1340000 usd
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ContractWithCustomerLiability
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ContractWithCustomerLiabilityAdditions
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CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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ContractWithCustomerLiabilityAdditions
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6700000 usd
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0 usd
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PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
3170000 usd
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1406000 usd
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6674000 usd
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2990000 usd
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655000 usd
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613000 usd
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310000 usd
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0 usd
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0 usd
CY2022Q4 howl Success Payment Liability
SuccessPaymentLiability
570000 usd
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447000 usd
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0.045
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6667000 usd
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
20000000 usd
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
13333000 usd
CY2023Q4 us-gaap Long Term Debt
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40000000 usd
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1600000 usd
CY2023Q2 howl Success Fee Liability Paid
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1600000 usd
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CommonStockSharesAuthorized
200000000 shares
CY2023Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 usd
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8008000 usd
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AllocatedShareBasedCompensationExpense
7400000 usd
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
9900000 usd
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2442000 usd
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OperatingLeaseCost
2537000 usd
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1210000 usd
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VariableLeaseCost
837000 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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ShortTermLeaseCost
228000 usd
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SubleaseIncome
1562000 usd
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SubleaseIncome
834000 usd
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2090000 usd
CY2022 us-gaap Lease Cost
LeaseCost
2768000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
3000000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
2100000 usd
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2505000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2337000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2403000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2471000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2542000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3716000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15974000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3374000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
12600000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
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0.210
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0.094
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EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
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EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.030
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.015
CY2023 howl Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.006
CY2022 howl Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.002
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-0.202
CY2022 howl Effective Income Tax Rate Reconciliation Net Operating Income Loss Adjustments
EffectiveIncomeTaxRateReconciliationNetOperatingIncomeLossAdjustments
0.000
CY2023 howl Effective Income Tax Rate Reconciliation Other
EffectiveIncomeTaxRateReconciliationOther
0.013
CY2022 howl Effective Income Tax Rate Reconciliation Other
EffectiveIncomeTaxRateReconciliationOther
0.000
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
23873000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
26234000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
3168000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
3819000 usd
CY2023Q4 howl Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
3645000 usd
CY2022Q4 howl Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
4180000 usd
CY2023Q4 howl Deferred Tax Assets Capitalized Costs Net Of Amortization
DeferredTaxAssetsCapitalizedCostsNetOfAmortization
95000 usd
CY2022Q4 howl Deferred Tax Assets Capitalized Costs Net Of Amortization
DeferredTaxAssetsCapitalizedCostsNetOfAmortization
103000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1295000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
950000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2021000 usd
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1448000 usd
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DeferredTaxAssetsInProcessResearchAndDevelopment
16162000 usd
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DeferredTaxAssetsInProcessResearchAndDevelopment
9474000 usd
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50259000 usd
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DeferredTaxAssetsGross
46208000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
47058000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
42417000 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
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3201000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
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3791000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
1993000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
2358000 usd
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DeferredTaxLiabilitiesPropertyPlantAndEquipment
1208000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1433000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3201000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3791000 usd
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 usd
CY2023 howl Capitalized Research And Experimentation Expenses
CapitalizedResearchAndExperimentationExpenses
27900000 usd
CY2022 howl Capitalized Research And Experimentation Expenses
CapitalizedResearchAndExperimentationExpenses
36100000 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4600000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-16300000 usd
CY2023Q4 howl Operating Loss Carryforwards Not Subject To Expiration
OperatingLossCarryforwardsNotSubjectToExpiration
96500000 usd
CY2023 howl Sublease Cash Payments Received
SubleaseCashPaymentsReceived
1600000 usd
CY2022 howl Sublease Cash Payments Received
SubleaseCashPaymentsReceived
800000 usd
CY2022Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
200000 usd
CY2023Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
200000 usd
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000 usd
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6143085 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5736425 shares

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