$IVVD
Invivyd, Inc.

2021 Q4 Form 10-K Financial Statement

#000095017022005112 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.66M $11.05M $36.52M
YoY Change 356.82% 1212.59% 1037.6%
% of Gross Profit
Research & Development $68.43M $45.37M $182.9M
YoY Change 359.23% 525.65% 194.43%
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K
YoY Change
% of Gross Profit
Operating Expenses $83.09M $60.42M $226.9M
YoY Change 27.19% 25.85% 247.34%
Operating Profit -$60.42M -$226.9M
YoY Change 25.85%
Interest Expense $1.620M $48.00K $1.700M
YoY Change 20150.0% 21150.0%
% of Operating Profit
Other Income/Expense, Net -$1.572M $43.00K $118.0K
YoY Change
Pretax Income -$83.04M -$60.38M -$226.8M
YoY Change 27.13% 25.76% 247.2%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$83.04M -$60.38M -$226.8M
YoY Change 27.13% 25.76% 247.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.98 -$5.32
Diluted Earnings Per Share -$758.8K -$985.0K -$5.321M
COMMON SHARES
Basic Shares Outstanding 111.3M 111.3M 42.62M
Diluted Shares Outstanding 61.30M 42.62M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $591.4M $666.3M $591.4M
YoY Change 414.33% 414.33%
Cash & Equivalents $542.2M $478.3M $542.2M
Short-Term Investments $49.19M $188.1M $49.19M
Other Short-Term Assets $1.521M $579.0K $25.29M
YoY Change 1421.0% 956.52%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $616.7M $680.2M $616.7M
YoY Change 425.39% 425.39%
LONG-TERM ASSETS
Property, Plant & Equipment $83.00K $83.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.297M $6.115M $3.297M
YoY Change
Total Long-Term Assets $3.380M $6.115M $3.380M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $616.7M $680.2M $616.7M
Total Long-Term Assets $3.380M $6.115M $3.380M
Total Assets $620.1M $686.3M $620.1M
YoY Change 428.27% 428.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.783M $17.56M $5.783M
YoY Change -29.07% -29.07%
Accrued Expenses $56.28M $35.49M $56.28M
YoY Change 1044.07% 1044.07%
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 $62.06M $53.05M $62.06M
YoY Change 374.76% 374.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000K $8.000K $12.00K
YoY Change 9.09%
Total Long-Term Liabilities $6.000K $8.000K $12.00K
YoY Change 9.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.06M $53.05M $62.06M
Total Long-Term Liabilities $6.000K $8.000K $12.00K
Total Liabilities $62.07M $53.06M $62.07M
YoY Change 374.45% 374.45%
SHAREHOLDERS EQUITY
Retained Earnings -$292.1M -$209.1M
YoY Change 347.2%
Common Stock $850.1M $842.3M
YoY Change 548374.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change -100.0%
Treasury Stock Shares $468.8K $0.00
Shareholders Equity $558.0M $633.2M $558.0M
YoY Change
Total Liabilities & Shareholders Equity $620.1M $686.3M $620.1M
YoY Change 428.27% 428.27%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021
OPERATING ACTIVITIES
Net Income -$83.04M -$60.38M -$226.8M
YoY Change 27.13% 25.76% 247.2%
Depreciation, Depletion And Amortization $1.000K $1.000K
YoY Change
Cash From Operating Activities -$73.21M -$54.21M -$184.7M
YoY Change 445.22% 4643.04% 1167.83%
INVESTING ACTIVITIES
Capital Expenditures -$84.00K $84.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $138.0M -$188.6M -$50.63M
YoY Change
Cash From Investing Activities $137.9M -$188.6M -$50.71M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$330.9M
YoY Change -355.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -749.0K 328.6M 662.7M
YoY Change -100.94% 560.9% 411.49%
NET CHANGE
Cash From Operating Activities -73.21M -54.21M -184.7M
Cash From Investing Activities 137.9M -188.6M -50.71M
Cash From Financing Activities -749.0K 328.6M 662.7M
Net Change In Cash 63.95M 85.76M 427.2M
YoY Change -3.7% 76.54% 271.55%
FREE CASH FLOW
Cash From Operating Activities -$73.21M -$54.21M -$184.7M
Capital Expenditures -$84.00K $84.00K
Free Cash Flow -$73.13M -$184.8M
YoY Change

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CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;font-style:italic;">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:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs. Prior to the IPO, significant estimates and assumptions also included the valuation of common stock and resulting stock-based compensation expense. The Company</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">bases its estimates on historical experience, known trends and other market-specific or relevant factors it believes 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 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:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">The Company is monitoring the potential impact of the COVID-19 pandemic on its business and consolidated financial statements. The Company is not aware of any specific event or circumstance that would require any update to its estimates or judgments reflected in these consolidated financial statements or a revision of the carrying value of its assets or liabilities as </span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">of the is</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:Times New Roman;">suance date of these consolidated financial statements. These estimates may change as new events occur and additional information is obtained.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021 adgi Deferredofferingcostspolicytextblock
Deferredofferingcostspolicytextblock
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;font-style:italic;">Deferred Offering Costs</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds from the offering, either as a reduction of the carrying value of preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the consolidated statement of ope</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">rations and comprehensive loss. In conjunction with the IPO in August 2021, the Company recorded deferred offering costs, which were initially capitalized and subsequently recorded as </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:Times New Roman;">stockholders’ equity (deficit) as a reduction of additional paid-in capital. </span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company had </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">no</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> deferred offering costs recorded as of December 31, 2021 and 2020.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;font-style:italic;">Concentrations of Credit Risk, Significant Suppliers and License Rights</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash, cash equivalents</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> and marketable securities. </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:Times New Roman;">The Company invests its excess cash in money market funds and marketable securities that are subject to minimal credit and market risks. The Company maintains its cash, cash equivalents and marketable securities at two accredited financial institutions that it believes are creditworthy. From time to time, these deposits may exceed federally insured limits. The Company has not experienced any losses historically in these accounts. Accordingly, the Company does not believe it is exposed to unusual credit risk related to its cash, cash equivalents and marketable securities 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:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">The Company is dependent on third-party organizations to manufacture and process its product candidates for its development programs</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. In particular, the Company relies on a single third-party contract manufacturer to produce and process its current product candidate, a</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:Times New Roman;">dintrevimab</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, and to manufacture supply of its current product candidate for preclinical and clinical activities (see Note 8). The Company also currently relies on this same third-party contract manufacturer for any anticipated requirements of commercial supply, including both drug substance and drug product. T</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:Times New Roman;">he Company expects to continue to be dependent on a small number of manufacturers to supply it with its requirements for all products. The Company’s research and development programs, including any associated potential commercialization efforts, could be adversely affected by a significant interruption in the supply of the necessary materials.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">The Company is dependent on a limited number of third parties that provide license rights used by the Company in the development and potential commercialization of its product candidates and programs. Through December 31, 2021, the Company’s research and development programs primarily relate to rights conveyed by Adimab and The Scripps Research Institute (see Note 7). The Company could experience delays in the development and potential commercialization of its product candidates and programs if the Adimab or The Scripps Research Institute agreements or any other license agreement utilized in the Company’s research and development activities is terminated, if the Company fails to meet the obligations required under its arrangements, or if the Company is unable to successfully secure new strategic alliances or licensing agreements.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2021 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
0
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 adgi Accruedresearchanddevelopmentcostspolicytextblock
Accruedresearchanddevelopmentcostspolicytextblock
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.1260416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;font-style:italic;">Accrued Research and Development Costs</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1260416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">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:Times New Roman;">Company has entered into various research, development and manufacturing contracts with third-party service providers, including contract research organizations and contract manufacturing organizations. With the exception of the Company’s manufacturing arrangement with WuXi Biologics (Hong Kong) Limited (see Note 8), these agreements are generally cancelable. The Company recognizes research and development expense associated with such arrangements as the costs are incurred and records accruals for estimated ongoing research, development and manufacturing costs, where necessary. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations to those third parties as of period end. Any accrual estimates are based on a number of factors, including the Company’s knowledge of the progress towards completion of the specific tasks to be performed, invoicing to date under the contracts, communication from the vendors of any actual costs incurred during the</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1260416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:Times New Roman;">period </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:Times New Roman;">that have not yet been invoiced and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have not been materially different from the actual costs.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021Q4 adgi Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1521000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
100000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
25293000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2394000
CY2020Q4 adgi Fair Value Transfers Between Levels Transfers Amount
FairValueTransfersBetweenLevelsTransfersAmount
0
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
794000
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
587000
CY2020Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
35000
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
56277000
CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
4919000
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q3 adgi Lessee Operating Lease Total Lease Space
LesseeOperatingLeaseTotalLeaseSpace
9600
CY2021Q3 us-gaap Sale Leaseback Transaction Monthly Rental Payments
SaleLeasebackTransactionMonthlyRentalPayments
400000
CY2021 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
CY2021 adgi Percentage Of Income Tax Examination Likelihood Upon Ultimate Settlement
PercentageOfIncomeTaxExaminationLikelihoodUponUltimateSettlement
0.50
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 adgi Milestone Payment
MilestonePayment
1000000.0
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2021Q4 adgi Prepaid External Research Development And Manufacturing Expense Current
PrepaidExternalResearchDevelopmentAndManufacturingExpenseCurrent
20582000
CY2020Q4 adgi Prepaid External Research Development And Manufacturing Expense Current
PrepaidExternalResearchDevelopmentAndManufacturingExpenseCurrent
2253000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
3190000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
41000
CY2021Q4 adgi Accrued External Research Development And Manufacturing Expenses Current
AccruedExternalResearchDevelopmentAndManufacturingExpensesCurrent
48590000
CY2020Q4 adgi Accrued External Research Development And Manufacturing Expenses Current
AccruedExternalResearchDevelopmentAndManufacturingExpensesCurrent
3853000
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
2155000
CY2020Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
237000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
4945000
CY2021Q2 adgi Milestone Payment
MilestonePayment
2500000
CY2021Q3 adgi Acquired In Process Research And Development Expense
AcquiredInProcessResearchAndDevelopmentExpense
39900000
CY2021Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
8.00
CY2021 us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
7500000
us-gaap Business Combination Separately Recognized Transactions Expenses And Losses Recognized
BusinessCombinationSeparatelyRecognizedTransactionsExpensesAndLossesRecognized
39900000
CY2021 adgi Amount Paid For Services
AmountPaidForServices
1300000
adgi Amount Paid For Services
AmountPaidForServices
600000
CY2021 adgi Quarterly Fee
QuarterlyFee
1300000
CY2021 adgi Delivery Fee
DeliveryFee
200000
CY2021 adgi Completion Fee
CompletionFee
200000
CY2021 adgi Exercise Fee
ExerciseFee
1000000.0
CY2021Q4 adgi Accrued Upfront Fee
AccruedUpfrontFee
200000
CY2021 us-gaap Royalty Expense
RoyaltyExpense
0
adgi Acquired In Process Research And Development Expense
AcquiredInProcessResearchAndDevelopmentExpense
200000
CY2020Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12647934
CY2021Q4 us-gaap Purchase Obligation
PurchaseObligation
139544000
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
150000000
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
16944484
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
12647934
CY2020Q4 us-gaap Convertible Preferred Stock Nonredeemable Or Redeemable Issuer Option Value
ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue
169548000
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
169900000
CY2021Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
75599000
CY2021Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
63945000
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
12647934
CY2020Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
63239670
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
36886646
CY2021Q3 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
five-for-one
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2968070
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.78
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y9M18D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11362000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
16249689
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.76
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
346167
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.13
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18871592
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.15
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24897000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
18871592
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.15
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y3M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
24897000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1613518
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.74
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y7M6D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7809000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.56
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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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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