2022 Q1 Form 10-Q Financial Statement

#000178116222000057 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $130.0K
YoY Change -100.0%
Cost Of Revenue $0.00 $48.00K
YoY Change -100.0%
Gross Profit $0.00 $82.00K
YoY Change -100.0%
Gross Profit Margin 63.08%
Selling, General & Admin $14.85M $14.01M
YoY Change 6.05% 5735.42%
% of Gross Profit 17079.27%
Research & Development $9.971M $9.906M
YoY Change 0.66%
% of Gross Profit 12080.49%
Depreciation & Amortization $300.0K $200.0K
YoY Change 50.0%
% of Gross Profit 243.9%
Operating Expenses $24.82M $23.91M
YoY Change 3.82% 9862.92%
Operating Profit -$24.82M -$23.83M
YoY Change 4.18%
Interest Expense $1.492M $968.0K
YoY Change 54.13% 44.48%
% of Operating Profit
Other Income/Expense, Net -$2.010M $88.50M
YoY Change -102.27%
Pretax Income -$26.83M $64.67M
YoY Change -141.49% 14939.77%
Income Tax
% Of Pretax Income
Net Earnings -$26.83M $64.67M
YoY Change -141.49% -1133.91%
Net Earnings / Revenue 49746.92%
Basic Earnings Per Share -$0.34 $1.03
Diluted Earnings Per Share -$0.34 -$0.28
COMMON SHARES
Basic Shares Outstanding 79.96M shares 62.73M shares
Diluted Shares Outstanding 79.96M shares 87.68M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.6M $208.6K
YoY Change 64921.34% -79.15%
Cash & Equivalents $135.6M $57.59M
Short-Term Investments
Other Short-Term Assets $8.084M $493.2K
YoY Change 1539.26% 146.58%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $143.7M $701.7K
YoY Change 20376.84% -41.53%
LONG-TERM ASSETS
Property, Plant & Equipment $4.726M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $173.0M
YoY Change -0.22%
Other Assets $5.750M
YoY Change
Total Long-Term Assets $18.74M $173.0M
YoY Change -89.17% -0.22%
TOTAL ASSETS
Total Short-Term Assets $143.7M $701.7K
Total Long-Term Assets $18.74M $173.0M
Total Assets $162.4M $173.7M
YoY Change -6.5% -0.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.289M
YoY Change
Accrued Expenses $9.568M $4.830M
YoY Change 98.09% 4730.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $600.0K
YoY Change -100.0%
Long-Term Debt Due $9.432M
YoY Change
Total Short-Term Liabilities $34.52M $5.430M
YoY Change 535.74% 1710.08%
LONG-TERM LIABILITIES
Long-Term Debt $11.30M $0.00
YoY Change
Other Long-Term Liabilities $488.0K $46.26M
YoY Change -98.95% 570.41%
Total Long-Term Liabilities $26.65M $46.26M
YoY Change -42.39% 570.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.52M $5.430M
Total Long-Term Liabilities $26.65M $46.26M
Total Liabilities $61.17M $51.69M
YoY Change 18.34% 617.89%
SHAREHOLDERS EQUITY
Retained Earnings -$235.5M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.3M -$219.0M
YoY Change
Total Liabilities & Shareholders Equity $162.4M $173.7M
YoY Change -6.5% -0.5%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$26.83M $64.67M
YoY Change -141.49% -1133.91%
Depreciation, Depletion And Amortization $300.0K $200.0K
YoY Change 50.0%
Cash From Operating Activities -$23.06M -$21.20M
YoY Change 8.79% 9116.96%
INVESTING ACTIVITIES
Capital Expenditures $290.0K $429.0K
YoY Change -32.4%
Acquisitions
YoY Change
Other Investing Activities $1.000K
YoY Change -99.17%
Cash From Investing Activities -$521.0K -$431.0K
YoY Change 20.88% -459.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$938.0K $55.70M
YoY Change -101.68%
NET CHANGE
Cash From Operating Activities -$23.06M -$21.20M
Cash From Investing Activities -$521.0K -$431.0K
Cash From Financing Activities -$938.0K $55.70M
Net Change In Cash -$24.52M $34.07M
YoY Change -171.97% -31073.64%
FREE CASH FLOW
Cash From Operating Activities -$23.06M -$21.20M
Capital Expenditures $290.0K $429.0K
Free Cash Flow -$23.35M -$21.63M
YoY Change 7.97%

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CY2022Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
CY2021Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
25000000 USD
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
48000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24000 USD
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
59000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
927000 USD
CY2021Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
144000 USD
CY2022Q1 mnts Payment Of Warrant Issuance Costs
PaymentOfWarrantIssuanceCosts
0 USD
CY2021Q1 mnts Payment Of Warrant Issuance Costs
PaymentOfWarrantIssuanceCosts
31000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-938000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
55702000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-24521000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
34071000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
160547000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23520000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
136026000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57591000 USD
CY2022Q1 mnts Deferred Offering Costs Incurred During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncurredDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
0 USD
CY2021Q1 mnts Deferred Offering Costs Incurred During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncurredDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
861000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8501000 USD
CY2022Q1 us-gaap Accelerated Share Repurchases Adjustment To Recorded Amount
AcceleratedShareRepurchasesAdjustmentToRecordedAmount
6000000 USD
CY2021Q1 us-gaap Accelerated Share Repurchases Adjustment To Recorded Amount
AcceleratedShareRepurchasesAdjustmentToRecordedAmount
0 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
750000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
250000 USD
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
Nature of Operations<div style="margin-bottom:8pt;margin-top:8pt;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%">The Company</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus Inc. (together with its consolidated subsidiaries “Momentus” or the “Company”) is a U.S. commercial space company that plans to offer in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development. The Company anticipates flying its Vigoride vehicle to Low Earth Orbit on a third-party launch provider as early as May 2022, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">subject to receipt of licenses and government approvals, and successful completion of our current efforts to get the system ready for flight.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 4, 2022, as a subsequent event, the Company received a favorable determination from the Federal Aviation Administration (the “FAA”) of its application for payload review in support of the Company’s inaugural flight of the Vigoride orbital transfer vehicle on the launch targeted for May 2022. Together with a license from the Federal Communications Commission (the “FCC”) received on April 28, 2022, and updates to existing licenses from the National Oceanic and Atmospheric Administration (the “NOAA”), the Company has received all required government approvals required for its inaugural flight. See Note 14.</span></div><div style="margin-bottom:8pt;margin-top:8pt;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%">Background and Business Combination</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 12, 2021, the Company consummated a merger pursuant to certain Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC (“First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC (“Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”) with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. </span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger was accounted for as a reverse recapitalization under ASC Topic 805, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, ("ASC 805") in accordance with accounting principles generally accepted in the United States (“GAAP”). Under this method of accounting, SRAC, who was the legal acquirer, is treated as the “acquired” company for financial reporting purposes and Legacy Momentus is treated as the accounting acquirer. Accordingly, for accounting purposes, the Merger is treated as the equivalent of a capital transaction in which Legacy Momentus issued stock for the net assets of SRAC, with no goodwill or other intangible assets recorded, and Legacy Momentus’ financial statements became those of the Company. Reported shares and earnings per share available to holders of the Company’s common stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. See Note 3 for more information.</span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Amended and Restated Certificate of Incorporation of the Company, at the Closing, each share of SRAC’s Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock”), converted into one share of SRAC’s Class A Common Stock. After the Closing and following the effectiveness of the Second Amended and Restated Certificate of Incorporation of the Company, each share of Class A Common Stock was automatically reclassified, redesignated and changed into one validly issued, fully paid and non-assessable share of the Company’s Common Stock, par value $0.00001 per share (the “Common Stock”), without any further action by the Company or any stockholder thereof. </span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the Business Combination, SRAC’s units, public shares, and public warrants were listed on the Nasdaq under the symbols “SRACU,” “SRAC,” and “SRACW,” respectively. On August 13, 2021, the Company's Class A common stock and public warrants began trading on the Nasdaq, under the symbols “MNTS” and “MNTSW,” respectively.</span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 7, 2020 and July 15, 2021, SRAC entered into subscription agreements with certain investors (the “PIPE Investors”) to which such investors collectively subscribed for an aggregate of 11,000,000 shares of the Company’s Class A common stock at $10.00 per share for aggregate gross proceeds of $110.0 million (the “PIPE Investment”). The PIPE Investors were also granted an equal number of private warrants to purchase the Company’s Class A common stock at $11.50 per share. The warrants were recorded as a derivative liability under ASC Topic 815, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedging</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, (“ASC 815”) and the warrant liability was initially valued at $30.5 million. See Note 11 for more information. The PIPE Investment was consummated concurrently with the closing of the Merger.</span>
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the financial statements include, but are not limited to, accounting for useful lives of property, machinery and equipment, net, intangible assets, net, accrued liabilities, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based awards, SAFE notes and warrant liabilities.
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2021Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
11000000 shares
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
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ProceedsFromIssuanceOfPrivatePlacement
110000000 USD
CY2021Q3 us-gaap Warrants And Rights Outstanding
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CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, stockholders’ deficit, income, expenses or net losses previously reported.
CY2021Q3 mnts Reverse Recapitalization Contingent Consideration Equity Non Transfer Period Stock Price Trigger
ReverseRecapitalizationContingentConsiderationEquityNonTransferPeriodStockPriceTrigger
12.00
CY2022Q1 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
5700000 USD
CY2021Q4 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
3000000 USD
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2 agreement
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8700000 USD
CY2021Q2 us-gaap Impairment Of Ongoing Project
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8700000 USD
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800000 USD
CY2021Q4 mnts Deferred Fulfillment And Prepaid Launch Costs Recoveries
DeferredFulfillmentAndPrepaidLaunchCostsRecoveries
2700000 USD
CY2022Q1 mnts Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1700000 USD
CY2021 mnts Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1600000 USD
CY2022Q1 mnts Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1700000 USD
CY2021 mnts Contract With Customer Liability Revenue Recognized For Cancelled Contracts
ContractWithCustomerLiabilityRevenueRecognizedForCancelledContracts
300000 USD
CY2021 mnts Reduction In Cost Of Goods And Services Sold
ReductionInCostOfGoodsAndServicesSold
100000 USD
CY2021Q4 us-gaap Customer Refund Liability Current
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1400000 USD
CY2022Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in banks that management believes are creditworthy, however deposits may exceed federally insured limits.
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021Q3 mnts Reverse Recapitalization Percentage Of Voting Interests Sold
ReverseRecapitalizationPercentageOfVotingInterestsSold
1
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ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 USD
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110000000 USD
CY2021Q3 us-gaap Proceeds From Issuance Of Common Stock
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172500000 USD
CY2021Q3 mnts Reverse Recapitalization Redemptions
ReverseRecapitalizationRedemptions
35600000 USD
CY2021Q3 mnts Reverse Recapitalization Impact On Shareholders Equity
ReverseRecapitalizationImpactOnShareholdersEquity
8500000 USD
CY2021Q3 mnts Reverse Recapitalization Proceeds Received In Cash From Operations
ReverseRecapitalizationProceedsReceivedInCashFromOperations
400000 USD
CY2021Q3 mnts Reverse Recapitalization Net Proceeds Received From Shareholders
ReverseRecapitalizationNetProceedsReceivedFromShareholders
238800000 USD
CY2021Q3 mnts Payments Of Reverse Recapitalization Transaction Costs
PaymentsOfReverseRecapitalizationTransactionCosts
27800000 USD
CY2021Q3 mnts Reverse Recapitalization Transaction Costs
ReverseRecapitalizationTransactionCosts
4800000 USD
CY2021Q3 mnts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.2467416
CY2021Q3 mnts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.2467416
CY2021Q3 mnts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.2467416
CY2021Q3 mnts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
0.2467416
CY2021Q3 mnts Reverse Recapitalization Contingent Consideration Equity Non Transfer Period
ReverseRecapitalizationContingentConsiderationEquityNonTransferPeriod
P6M
CY2021Q3 mnts Reverse Recapitalization Contingent Consideration Equity Non Transfer Period Threshold Trading Days
ReverseRecapitalizationContingentConsiderationEquityNonTransferPeriodThresholdTradingDays
20 tradingDay
CY2021Q3 mnts Reverse Recapitalization Contingent Consideration Equity Non Transfer Period Threshold Consecutive Trading Days
ReverseRecapitalizationContingentConsiderationEquityNonTransferPeriodThresholdConsecutiveTradingDays
30 tradingDay
CY2021Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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11000000 shares
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10.00
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110000000 USD
CY2021Q3 us-gaap Warrants And Rights Outstanding
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30500000 USD
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PrepaidResearchAndDevelopmentExpenseCurrent
4108000 USD
CY2021Q4 mnts Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
4870000 USD
CY2022Q1 mnts Prepaid Insurance And Other Assets Current
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3876000 USD
CY2021Q4 mnts Prepaid Insurance And Other Assets Current
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4562000 USD
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
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7984000 USD
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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9431000 USD
CY2022Q1 mnts Prepaid Launch Costs Noncurrent
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5700000 USD
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8700000 USD
CY2021Q2 us-gaap Impairment Of Ongoing Project
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8700000 USD
CY2021Q1 mnts Other Impairment Of Ongoing Project
OtherImpairmentOfOngoingProject
800000 USD
CY2021Q4 mnts Deferred Fulfillment And Prepaid Launch Costs Recoveries
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2700000 USD
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6728000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
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6656000 USD
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2002000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1827000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
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4726000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4829000 USD
CY2021Q1 us-gaap Depreciation
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200000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
300000 USD
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793000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
136000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
656000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
447000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
98000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
349000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
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40000.00 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000.00 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
170000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
170000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
162000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
58000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
44000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
52000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
656000 USD
CY2021Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2022Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11000000 USD
CY2021Q4 mnts Lessee Operating Lease Number Of Leases Modified
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2 lease
CY2022Q1 mnts Lessee Operating Lease Number Of Leases Modified
LesseeOperatingLeaseNumberOfLeasesModified
1 lease
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
440000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
435000 USD
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
150000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
147000 USD
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
591000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
586000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y10M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.057
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1188000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1533000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1580000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1627000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1674000 USD
CY2022Q1 mnts Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
2026000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9628000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1483000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8145000 USD
CY2022Q1 us-gaap Accrued Professional Fees Current
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4942000 USD
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4121000 USD
CY2022Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1615000 USD
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3862000 USD
CY2022Q1 mnts Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1903000 USD
CY2021Q4 mnts Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1240000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
939000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
399000 USD
CY2022Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
168000 USD
CY2021Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
163000 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9568000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9785000 USD
CY2021Q1 mnts Proceeds From Issuance Of Financial Instruments Subject To Mandatory Redemption
ProceedsFromIssuanceOfFinancialInstrumentsSubjectToMandatoryRedemption
30900000 USD
CY2021Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
78000000 USD
CY2021Q3 mnts Stock Issued During Period Value Conversion Of Safe Notes
StockIssuedDuringPeriodValueConversionOfSAFENotes
136000000 USD
CY2021Q1 mnts Fair Value Adjustment To Financial Instruments Subject To Mandatory Redemption
FairValueAdjustmentToFinancialInstrumentsSubjectToMandatoryRedemption
81600000 USD
CY2021Q3 mnts Common And Preferred Stock Shares Authorized
CommonAndPreferredStockSharesAuthorized
270000000 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
79772262 shares
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.54
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
173883 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.28
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
79772262 shares
CY2021Q3 mnts Common Stock Percentage Of Ownership After Reverse Recapitalization
CommonStockPercentageOfOwnershipAfterReverseRecapitalization
1
CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
1
CY2021Q2 mnts Reverse Recapitalization Initial Consideration Transferred To Each Co Founder
ReverseRecapitalizationInitialConsiderationTransferredToEachCoFounder
1 USD
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
50000000 USD
CY2021Q2 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 USD
CY2021Q2 mnts Reverse Recapitalization Payments To Co Founders
ReverseRecapitalizationPaymentsToCoFounders
40000000 USD
CY2021Q2 mnts Business Combination Initial Consideration Transferred To Co Founders
BusinessCombinationInitialConsiderationTransferredToCoFounders
3 USD
CY2021Q2 mnts Proceeds From Sale Of Business And Other Capital Raising Transactions From Co Founders Minimum
ProceedsFromSaleOfBusinessAndOtherCapitalRaisingTransactionsFromCoFoundersMinimum
2700000 USD
CY2022Q1 mnts Business Combination Contingent Consideration Liability To Co Founders
BusinessCombinationContingentConsiderationLiabilityToCoFounders
6000000 USD
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4043492 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.27
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1064862 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
171331 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.28
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4763140 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.77
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11510000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2682330 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.26
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7856000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4763140 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.77
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y4M24D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
11510000 USD
CY2021Q1 mnts Financial Instruments Subject To Mandatory Redemption Increase Decrease To Equity Amount
FinancialInstrumentsSubjectToMandatoryRedemptionIncreaseDecreaseToEquityAmount
81564000 USD
CY2022Q1 mnts Warrants Fair Value Adjustment
WarrantsFairValueAdjustment
0 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
400000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4900000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2212000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5768000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2212000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5768000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-26834000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
64671000 USD
CY2022Q1 mnts Financial Instruments Subject To Mandatory Redemption Increase Decrease To Equity Amount
FinancialInstrumentsSubjectToMandatoryRedemptionIncreaseDecreaseToEquityAmount
0 USD
CY2021Q1 mnts Warrants Fair Value Adjustment
WarrantsFairValueAdjustment
8081000 USD
CY2022Q1 mnts Business Combination Contingent Consideration Liability To Co Founders
BusinessCombinationContingentConsiderationLiabilityToCoFounders
6000000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-26834000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-24974000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79958383 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62733080 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6914766 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1163377 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
0 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
16873595 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79958383 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87684818 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2021Q2 mnts Proceeds From Sale Of Business And Other Capital Raising Transactions From Co Founders Minimum
ProceedsFromSaleOfBusinessAndOtherCapitalRaisingTransactionsFromCoFoundersMinimum
2700000 USD
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28478382 shares
CY2022Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
10277000 USD
CY2022Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
11300000 USD
CY2022Q1 mnts Unrecorded Unconditional Purchase Obligation To Be Paid After Year Two
UnrecordedUnconditionalPurchaseObligationToBePaidAfterYearTwo
0 USD
CY2022Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
21577000 USD
CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
1
CY2021Q2 mnts Reverse Recapitalization Initial Consideration Transferred To Each Co Founder
ReverseRecapitalizationInitialConsiderationTransferredToEachCoFounder
1 USD
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
50000000 USD
CY2021Q2 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 USD
CY2021Q2 mnts Reverse Recapitalization Payments To Co Founders
ReverseRecapitalizationPaymentsToCoFounders
40000000 USD
CY2021Q2 mnts Business Combination Initial Consideration Transferred To Co Founders
BusinessCombinationInitialConsiderationTransferredToCoFounders
3 USD
CY2022Q1 us-gaap Legal Fees
LegalFees
800000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0

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