2023 Q2 Form 10-Q Financial Statement

#000095017023021963 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.230M $4.950M $4.673M
YoY Change 12.38% 5.93% -0.57%
% of Gross Profit
Research & Development $12.10M $20.18M $9.804M
YoY Change 368.99% 105.83% -16.82%
% of Gross Profit
Depreciation & Amortization $20.00K $25.00K $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $17.33M $25.13M $15.18M
YoY Change 139.54% 65.55% -7.96%
Operating Profit -$17.33M -$25.13M -$15.18M
YoY Change 139.54% 65.55% -7.96%
Interest Expense $1.410M $2.370M $66.00K
YoY Change 2837.5% 3490.91% -96.43%
% of Operating Profit
Other Income/Expense, Net $1.405M $2.367M $3.000K
YoY Change 3167.44% 78800.0% -99.57%
Pretax Income -$15.92M -$22.76M -$15.23M
YoY Change 124.58% 49.42% -20.05%
Income Tax $24.00K $23.00K
% Of Pretax Income
Net Earnings -$15.95M -$22.78M -$15.23M
YoY Change 124.92% 49.57% -20.04%
Net Earnings / Revenue
Basic Earnings Per Share -$0.74 -$1.20 -$10.67
Diluted Earnings Per Share -$0.74 -$1.20 -$352.5K
COMMON SHARES
Basic Shares Outstanding 19.80M 19.00M 43.21M
Diluted Shares Outstanding 21.48M 18.95M 923.8K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $377.6M $236.4M $119.1M
YoY Change 247.51% 98.55% -35.64%
Cash & Equivalents $377.6M $236.4M $119.1M
Short-Term Investments
Other Short-Term Assets $4.100M $5.700M $5.004M
YoY Change -8.28% 13.91% 39.0%
Inventory
Prepaid Expenses $4.131M $5.716M $4.681M
Receivables
Other Receivables
Total Short-Term Assets $381.7M $242.1M $124.1M
YoY Change 237.43% 95.17% -34.22%
LONG-TERM ASSETS
Property, Plant & Equipment $159.0K $180.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.0K $116.0K $217.0K
YoY Change -43.14% -46.54% -3.56%
Total Long-Term Assets $2.441M $1.642M $217.0K
YoY Change 1096.57% 656.68% -72.07%
TOTAL ASSETS
Total Short-Term Assets $381.7M $242.1M $124.1M
Total Long-Term Assets $2.441M $1.642M $217.0K
Total Assets $384.2M $243.8M $124.3M
YoY Change 238.98% 96.15% -34.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.214M $5.642M $5.110M
YoY Change 222.25% 10.41% 43.46%
Accrued Expenses $4.148M $4.025M $3.405M
YoY Change 117.74% 18.21% -34.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.159M
YoY Change -16.82%
Total Short-Term Liabilities $9.683M $9.980M $12.67M
YoY Change 50.45% -21.26% -8.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $3.300M $900.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $3.300M $900.0K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.683M $9.980M $12.67M
Total Long-Term Liabilities $3.300M $900.0K $0.00
Total Liabilities $12.96M $10.93M $12.67M
YoY Change 101.29% -13.8% -30.44%
SHAREHOLDERS EQUITY
Retained Earnings -$150.9M -$135.0M -$199.9M
YoY Change -27.11% -32.47% 51.61%
Common Stock $2.000K $2.000K $4.000K
YoY Change -50.0% -50.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $371.2M $232.9M $111.6M
YoY Change
Total Liabilities & Shareholders Equity $384.2M $243.8M $124.3M
YoY Change 238.98% 96.15% -34.37%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$15.95M -$22.78M -$15.23M
YoY Change 124.92% 49.57% -20.04%
Depreciation, Depletion And Amortization $20.00K $25.00K $0.00
YoY Change -100.0%
Cash From Operating Activities -$12.72M -$35.47M -$16.34M
YoY Change 33.92% 117.08% 8.87%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $29.00K $100.0K
YoY Change -71.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$29.00K -$100.0K
YoY Change -71.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 153.9M 77.31M -1.225M
YoY Change -12608.13% -6410.69% -100.63%
NET CHANGE
Cash From Operating Activities -12.72M -35.47M -16.34M
Cash From Investing Activities -10.00K -29.00K -100.0K
Cash From Financing Activities 153.9M 77.31M -1.225M
Net Change In Cash 141.1M 41.81M -17.56M
YoY Change -1415.44% -338.06% -109.73%
FREE CASH FLOW
Cash From Operating Activities -$12.72M -$35.47M -$16.34M
Capital Expenditures $10.00K $29.00K $100.0K
Free Cash Flow -$12.73M -$35.50M -$16.44M
YoY Change 115.93%

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DeferredIssuanceCostsOnSaleOfCommonStockInAtTheMarketOfferingsIncludedInAccountsPayableAndAccruedExpenses
97000
CY2022Q1 iron Deferred Issuance Costs On Sale Of Common Stock In At The Market Offerings Included In Accounts Payable And Accrued Expenses
DeferredIssuanceCostsOnSaleOfCommonStockInAtTheMarketOfferingsIncludedInAccountsPayableAndAccruedExpenses
0
CY2023Q1 iron Deferred Issuance Costs On Equity Financing Included In Accounts Payable And Accrued Expenses
DeferredIssuanceCostsOnEquityFinancingIncludedInAccountsPayableAndAccruedExpenses
0
CY2022Q1 iron Deferred Issuance Costs On Equity Financing Included In Accounts Payable And Accrued Expenses
DeferredIssuanceCostsOnEquityFinancingIncludedInAccountsPayableAndAccruedExpenses
384000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
236400000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-135000000.0
CY2023Q1 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></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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 preparation of the Company’s condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to accrued research and development expenses; stock-based compensation expense; the fair value of the common stock prior to the effective date of the merger; the fair value determinations for instruments accounted for at fair value including contingent amounts payable to third parties upon the consummation of specified transactions, including a Roche Qualified Transaction (see Note 8); the fair value of Gemini’s development programs underlying the CVR; the incremental borrowing rate for determining lease liabilities and right-of-use assets and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it has concluded to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the </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;">period in which they become known. Actual results may differ materially from those estimates or assumptions.</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>
CY2023Q1 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;">Concentration of Credit Risk and of Significant Suppliers</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:4.533%;font-size:10.0pt;margin-top:6.0pt;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;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to cash risk by placing its cash with high credit quality accredited financial institutions. The Company has concluded that it is not subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</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:4.533%;font-size:10.0pt;margin-top:6.0pt;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 relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and to process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process or supply chain.</span></p>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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RestrictedCashNoncurrent
177000
CY2022Q4 us-gaap Restricted Cash Noncurrent
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194788000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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145000
CY2023Q1 us-gaap Property Plant And Equipment Net
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180000
CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q1 iron Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
2457000
CY2022Q4 iron Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
1817000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
876000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3623000
CY2023Q1 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
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CY2023Q1 us-gaap Other Accrued Liabilities Current
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345000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
206000
CY2023Q1 us-gaap Accrued Liabilities Current
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4025000
CY2022Q4 us-gaap Accrued Liabilities Current
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6109000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
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10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2023Q1 us-gaap Preferred Stock Shares Outstanding
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CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q1 iron Common Stock Authorized And Reserved For Future Issuance
CommonStockAuthorizedAndReservedForFutureIssuance
2527513
CY2023Q1 iron Stock Reserved During Period Shares Exercise Of Prefunded Warrants
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1229224
CY2023Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
100000000.0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2640590
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.19
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y29D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
25513000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
25756
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.10
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.04
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
64080
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
99.98
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2527513
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.17
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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13318000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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500000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0386
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0182
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022Q1 us-gaap Share Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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958
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y1M13D
CY2023Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2022Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2023Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2022Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2023Q1 iron Exercise Of Pre Funded Warrants Shares
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CY2023Q1 iron Pre Funded Warrants Outstanding
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CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000
CY2023Q1 iron Short Term Bank Loans And Notespayable Percentage
ShortTermBankLoansAndNotespayablePercentage
0.045

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