$MYO
MYOMO, INC.

2021 Q2 Form 10-Q Financial Statement

#000156459021042654 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q4 2020 Q2
Revenue $3.104M $3.790M $858.6K
YoY Change 261.56% 149.23% -2.47%
Cost Of Revenue $901.6K $1.008M $418.9K
YoY Change 115.24% 137.26% 235.09%
Gross Profit $2.203M $2.782M $439.7K
YoY Change 400.93% 153.86% -41.78%
Gross Profit Margin 70.96% 73.42% 51.22%
Selling, General & Admin $4.202M $4.050M $2.890M
YoY Change 45.38% 25.23% 3.23%
% of Gross Profit 190.77% 145.57% 657.33%
Research & Development $600.1K $397.8K
YoY Change 50.85% -25.77%
% of Gross Profit 27.24% 90.47%
Depreciation & Amortization $35.02K $25.65K $26.63K
YoY Change 31.51% 4.95% 13.56%
% of Gross Profit 1.59% 0.92% 6.06%
Operating Expenses $4.802M $4.469M $3.288M
YoY Change 46.04% 21.55% -1.43%
Operating Profit -$2.600M -$1.687M -$2.849M
YoY Change -8.74% -34.65% 10.38%
Interest Expense -$6.018K -$1.870K $88.92K
YoY Change -106.77% -98.97% -36.95%
% of Operating Profit
Other Income/Expense, Net -$6.018K -$437.3K
YoY Change -98.62%
Pretax Income -$2.606M -$1.701M -$3.286M
YoY Change -20.7% -38.39% 28.09%
Income Tax $15.67K -$2.850K $1.085K
% Of Pretax Income
Net Earnings -$2.621M -$1.698M -$3.287M
YoY Change -20.25% -38.5% 28.13%
Net Earnings / Revenue -84.44% -44.81% -382.83%
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share -$0.46 -$368.0K -$1.121M
COMMON SHARES
Basic Shares Outstanding 5.640M
Diluted Shares Outstanding 5.640M

Balance Sheet

Concept 2021 Q2 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.77M $12.24M $10.73M
YoY Change 28.31% 174.13% 60.95%
Cash & Equivalents $13.77M $12.24M $10.81M
Short-Term Investments
Other Short-Term Assets $999.0K $572.7K $920.4K
YoY Change 8.55% -30.18% 12.59%
Inventory $728.6K $707.1K $678.9K
Prepaid Expenses
Receivables $1.132M $924.9K $310.5K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.63M $14.45M $12.64M
YoY Change 31.55% 134.91% 54.82%
LONG-TERM ASSETS
Property, Plant & Equipment $320.2K $95.02K $109.9K
YoY Change 191.44% -38.68% -42.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.00K
YoY Change -59.11%
Total Long-Term Assets $1.076M $263.8K $184.9K
YoY Change 482.25% -41.27% -50.83%
TOTAL ASSETS
Total Short-Term Assets $16.63M $14.45M $12.64M
Total Long-Term Assets $1.076M $263.8K $184.9K
Total Assets $17.71M $14.71M $12.83M
YoY Change 38.05% 122.92% 50.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $612.5K $180.5K $498.3K
YoY Change 22.92% -59.9% 16.03%
Accrued Expenses $2.607M $2.687M $1.191M
YoY Change 118.95% 108.54% 25.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $996.8K
YoY Change -100.0%
Total Short-Term Liabilities $3.220M $2.870M $2.688M
YoY Change 19.76% -26.11% 87.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $77.89K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $113.4K $118.1K $8.700K
YoY Change 1203.71% 7770.67%
Total Long-Term Liabilities $113.4K $118.1K $86.59K
YoY Change 30.99% -86.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.220M $2.870M $2.688M
Total Long-Term Liabilities $113.4K $118.1K $86.59K
Total Liabilities $3.333M $3.144M $2.775M
YoY Change 20.11% -34.13% 93.24%
SHAREHOLDERS EQUITY
Retained Earnings -$73.27M -$67.69M
YoY Change 20.6%
Common Stock $87.09M $79.27M
YoY Change 36.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K $6.464K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $13.81M $11.57M $10.05M
YoY Change
Total Liabilities & Shareholders Equity $17.71M $14.71M $12.83M
YoY Change 38.05% 122.92% 50.17%

Cashflow Statement

Concept 2021 Q2 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income -$2.621M -$1.698M -$3.287M
YoY Change -20.25% -38.5% 28.13%
Depreciation, Depletion And Amortization $35.02K $25.65K $26.63K
YoY Change 31.51% 4.95% 13.56%
Cash From Operating Activities -$3.397M -$1.154M -$3.666M
YoY Change -7.34% -56.35% 60.25%
INVESTING ACTIVITIES
Capital Expenditures -$203.2K -$15.46K $0.00
YoY Change 12.6% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$203.2K -$15.46K $0.00
YoY Change 12.6% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.200K 18.93K 672.7K
YoY Change -99.82% -99.32% -371.64%
NET CHANGE
Cash From Operating Activities -3.397M -1.154M -3.666M
Cash From Investing Activities -203.2K -15.46K 0.000
Cash From Financing Activities 1.200K 18.93K 672.7K
Net Change In Cash -3.599M -1.151M -2.993M
YoY Change 20.24% -939.25% 16.7%
FREE CASH FLOW
Cash From Operating Activities -$3.397M -$1.154M -$3.666M
Capital Expenditures -$203.2K -$15.46K $0.00
Free Cash Flow -$3.194M -$1.139M -$3.666M
YoY Change -12.88% -56.71% 62.34%

Facts In Submission

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RepaymentsOfDebt
1703552
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
255533
myo Proceeds From Payments Related To Tax Withholding For Share Based Compensation
ProceedsFromPaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
7288275
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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myo Proceeds From Issuance Under At Market Sales Facility
ProceedsFromIssuanceUnderAtMarketSalesFacility
674562
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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myo Proceeds From Payment Of Grants
ProceedsFromPaymentOfGrants
1208
myo Proceeds From Payment Of Grants
ProceedsFromPaymentOfGrants
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
243336
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-57987
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2512
CY2021Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
612497
CY2020Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
180499
CY2021Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1318501
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1843402
CY2021Q2 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
139709
CY2020Q4 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
92399
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7289483
CY2020Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
888
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-23
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12386663
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-1122
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1531203
myo Deferred Issuance Costs To Additional Paid In Capital Paid In Prior Period
DeferredIssuanceCostsToAdditionalPaidInCapitalPaidInPriorPeriod
161253
us-gaap Stock Issued1
StockIssued1
910420
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6267964
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13772464
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10808419
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
654091
myo Property And Equipment Included In Accounts Payable And In Accrued Expenses And Other Liabilities
PropertyAndEquipmentIncludedInAccountsPayableAndInAccruedExpensesAndOtherLiabilities
36102
myo Inventory Capitalized As Sales Demo Equipment
InventoryCapitalizedAsSalesDemoEquipment
2743
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
2514
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1 — Description of Business</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Myomo Inc. (“Myomo” or the Company”) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® myoelectric upper limb orthosis product is registered with the U.S. Food and Drug Administration as a Class II medical device. The Company sells its products directly to patients, to orthotics and prosthetics (O&amp;P) providers, the Veterans Health Administration, rehabilitation hospitals, and through distributors.<span style="font-family:Calibri;"> </span>When we provide devices directly to patients and bill their insurance companies directly, we may evaluate, cast and fit the MyoPro devices using our own clinical staff or utilize the clinical consulting services of O&amp;P professionals for which they are paid a fee. The Company was incorporated in the State of Delaware on September 1, 2004 and is headquartered in Boston, Massachusetts.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Liquidity</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company incurred net losses of approximately $5.6 million and $7.1 million during the six months ended June 30, 2021 and 2020, respectively.<span style="font-size:11pt;font-family:Calibri;">      </span>Cash used in operating activities was approximately $5.5 million and $6.1 million for the six months ended June 30, 2021 and 2020, respectively.  The Company has historically funded its operations through financing activities, including raising equity and debt capital.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="font-size:10pt;">The Company’s operating plans are primarily focused on scaling up its operations, increasing the proportion of patients carrying commercial health insurance with payers that have historically reimbursed for the Company’s products and continued work with the Centers for Medicare and Medicaid Services, or CMS, and their administrative contractors regarding reimbursement of its products. In addition, the Company believes that it has access to capital resources through payment of a license fee associated with the Company’s entry into a joint venture and technology license agreement with Beijing Ryzur Medical Investment Co., Ltd., possible public or private equity offerings, including sales of common stock through its At-Market Sales Facility (“ATM”), exercises of outstanding warrants, debt financings, or other means.  Debt financing may require the Company to pledge other assets and enter into covenants that could restrict certain business activities or its ability to incur further indebtedness; and may contain other terms that are not favorable to the Company or its stockholders.</span></p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the Company’s cash balance of approximately $13.8 million as of June 30, 2021 and its expected cash flows, the Company believes that its available cash will fund its operations for at least the next 12 months from issuance date of these financials.</p>
us-gaap Net Income Loss
NetIncomeLoss
-5600000
us-gaap Net Income Loss
NetIncomeLoss
-7100000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5500000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6100000
CY2021Q2 us-gaap Cash
Cash
13800000
CY2021Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2020Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from these estimates. The Company’s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances and warranty obligations.</p>
CY2021Q2 myo Deferred Payroll Taxes Under Cares Act
DeferredPayrollTaxesUnderCARESAct
113423
CY2020Q4 myo Deferred Payroll Taxes Under Cares Act
DeferredPayrollTaxesUnderCARESAct
118060
CY2021Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
157225
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
119713
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
558593
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
494831
CY2021Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2899948
CY2020Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2848904
CY2021Q2 myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.40
myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.38
CY2021Q2 us-gaap Deferred Income
DeferredIncome
1500
CY2020Q4 us-gaap Deferred Income
DeferredIncome
4000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3104294
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
858590
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5440783
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
112900
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1866735
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2038261
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2540599
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
111997
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
40682
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
35000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
18000
CY2021Q2 myo Inventory Rental Units
InventoryRentalUnits
62531
CY2020Q4 myo Inventory Rental Units
InventoryRentalUnits
62531
CY2021Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
547112
CY2020Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
603443
CY2021Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
756640
CY2020Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
724656
CY2021Q2 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
-28002
CY2020Q4 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
-17542
CY2021Q2 us-gaap Inventory Net
InventoryNet
728638
CY2020Q4 us-gaap Inventory Net
InventoryNet
707114
CY2021Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
13086835
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
378239
CY2020Q1 myo Payment Against Derivative Liability
PaymentAgainstDerivativeLiability
-255533
CY2020Q1 us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-82101
CY2020Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
40605
CY2020Q2 us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-39717
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4750
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5200
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4750
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5200
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.1323
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.1332
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0115
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0116
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.27
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
363312
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
106461
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
529283
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
229490
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
25900
CY2020Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
40900
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
40900
CY2020Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
44900
CY2020Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
84600
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
188100
CY2020Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
29600
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, MA expiring in 2023, and it has a non-cancelable lease agreement for its office space in Fort Worth, TX expiring in 2025 with early termination available at the company’s discretion in 2023. Termination options were not included in the lease term for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term.
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.20
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
756200
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
882500
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
222036
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
454774
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
312014
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
57852
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
59459
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1106135
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
223624
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
882511
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
319624
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
562887
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
882511
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
102963
us-gaap Operating Lease Cost
OperatingLeaseCost
170472
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2175
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
123642
us-gaap Short Term Lease Cost
ShortTermLeaseCost
25859
us-gaap Short Term Lease Cost
ShortTermLeaseCost
297346
CY2021Q2 us-gaap Lease Cost
LeaseCost
105138
CY2020Q2 us-gaap Lease Cost
LeaseCost
123642
us-gaap Lease Cost
LeaseCost
196331
us-gaap Lease Cost
LeaseCost
297346

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