2021 Q1 Form 10-Q Financial Statement

#000152828721000006 Filed on June 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $11.22M $9.975M
YoY Change 12.45%
Cost Of Revenue $2.724M $2.918M
YoY Change -6.65%
Gross Profit $8.493M $7.057M
YoY Change 20.35%
Gross Profit Margin 75.72% 70.75%
Selling, General & Admin $8.267M $7.682M
YoY Change 7.62%
% of Gross Profit 97.34% 108.86%
Research & Development $4.100M $4.833M
YoY Change -15.17%
% of Gross Profit 48.28% 68.49%
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0%
% of Gross Profit 1.18% 1.42%
Operating Expenses $12.37M $12.52M
YoY Change -1.18%
Operating Profit -$3.874M -$5.458M
YoY Change -29.02%
Interest Expense $1.849M $2.998M
YoY Change -38.33%
% of Operating Profit
Other Income/Expense, Net -$3.113M $1.715M
YoY Change -281.52%
Pretax Income -$8.810M
YoY Change
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.810M -$6.741M
YoY Change 30.69%
Net Earnings / Revenue -78.54% -67.58%
Basic Earnings Per Share -$32.73 -$33.32
Diluted Earnings Per Share -$32.73 -$33.32
COMMON SHARES
Basic Shares Outstanding 269.2K shares 202.3K shares
Diluted Shares Outstanding 269.2K shares 202.3K shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.53M
YoY Change
Cash & Equivalents $13.84M $9.624M
Short-Term Investments $16.69M
Other Short-Term Assets $1.314M
YoY Change
Inventory $7.042M
Prepaid Expenses
Receivables $8.202M
Other Receivables $0.00
Total Short-Term Assets $47.09M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $476.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.00K
YoY Change
Total Long-Term Assets $3.236M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $47.09M
Total Long-Term Assets $3.236M
Total Assets $50.32M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.484M
YoY Change
Accrued Expenses $5.734M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.590M
YoY Change
Total Short-Term Liabilities $10.81M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $49.56M
YoY Change
Other Long-Term Liabilities $274.0K
YoY Change
Total Long-Term Liabilities $49.84M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.81M
Total Long-Term Liabilities $49.84M
Total Liabilities $65.34M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$396.5M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$156.4M -$135.8M
YoY Change
Total Liabilities & Shareholders Equity $50.32M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$8.810M -$6.741M
YoY Change 30.69%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0%
Cash From Operating Activities -$5.900M -$6.500M
YoY Change -9.23%
INVESTING ACTIVITIES
Capital Expenditures $35.00K $16.00K
YoY Change 118.75%
Acquisitions
YoY Change
Other Investing Activities -$5.000M
YoY Change
Cash From Investing Activities -$5.035M -$471.0K
YoY Change 969.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.578M $12.52M
YoY Change -112.6%
NET CHANGE
Cash From Operating Activities -$5.900M -$6.500M
Cash From Investing Activities -$5.035M -$471.0K
Cash From Financing Activities -$1.578M $12.52M
Net Change In Cash -$12.55M $5.501M
YoY Change -328.12%
FREE CASH FLOW
Cash From Operating Activities -$5.900M -$6.500M
Capital Expenditures $35.00K $16.00K
Free Cash Flow -$5.935M -$6.516M
YoY Change -8.92%

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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RestrictedCashNoncurrent
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 npce Unpaid Deferred Offering Costs
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CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited interim condensed financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. The Company uses significant judgment when making estimates related to the valuation of its common stock and related stock-based compensation, the valuation of deferred tax assets and related valuation allowances, </span></div>provision for excess and obsolete inventories, the valuation of derivative financial instruments and redeemable convertible preferred stock warrant liability. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk, and Other Risks and Uncertainties</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, short-term investments and accounts receivable to the extent of the amounts recorded on the balance sheet. The Company’s cash is invested in one major financial institution in the United States. Deposits in this financial institution may exceed federally insured limits. The Company’s cash equivalents are invested in money market funds.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable are due from a variety of health care organizations in the United States. For the three months ended March 31, 2021 and 2020, there were no customers that represented 10% or more of revenue. As of March 31, 2021 and December 31, 2020, no customer represented 10% or more of the Company’s accounts receivable.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to certain risks, including that its devices may not be approved or cleared for marketing by governmental authorities or be successfully marketed for expanded indications. There can be no assurance that the Company’s products will achieve widespread adoption in the marketplace, nor can there be any assurance that existing devices or any future devices can be developed or manufactured at an acceptable cost and with appropriate performance characteristics. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, dependence upon third-party payors to provide adequate coverage and reimbursement, dependence on key personnel, single-source suppliers and vendors in connection with the manufacture of its products, concentration of Level 4 CECs, obtaining, maintaining, protecting, enforcing, and defending intellectual property rights and proprietary technology, product liability claims, and compliance with government regulations.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s medical devices require approvals or clearances from the U.S. Food and Drug Administration, or the FDA, or international regulatory agencies. In addition, in order to continue the Company’s operations, compliance with various federal and state laws is required. If approvals or clearances were withdrawn by the FDA for the Company’s current products or if such approvals or clearances were denied or delayed for future products, product updates, or expanded indications for use, it would have a material adverse impact on the Company.</span></div>
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33000 USD
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CY2021Q1 us-gaap Inventory Raw Materials
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1823000 USD
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CY2021Q1 us-gaap Inventory Work In Process
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InventoryWorkInProcess
1487000 USD
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3687000 USD
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InventoryFinishedGoods
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CY2021Q1 us-gaap Inventory Net
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CY2020Q4 us-gaap Inventory Net
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6909000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8161000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
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476000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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515000 USD
CY2021Q1 us-gaap Depreciation
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CY2020Q1 us-gaap Depreciation
Depreciation
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CY2021Q1 us-gaap Employee Related Liabilities Current
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CY2021Q1 npce Accrued Inventory Liability Current
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471000 USD
CY2020Q4 npce Accrued Inventory Liability Current
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636000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
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641000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
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279000 USD
CY2021Q1 us-gaap Deferred Rent Credit Current
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585000 USD
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666000 USD
CY2021Q1 npce Accrued Clinical Trial Expense Current
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36000 USD
CY2020Q4 npce Accrued Clinical Trial Expense Current
AccruedClinicalTrialExpenseCurrent
107000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
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293000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 npce Accrued And Employee Related Liabilities Current
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6603000 USD
CY2020Q2 npce Operating Lease Percent Rental Payment Deferred
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300000 USD
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CY2020Q1 us-gaap Lease And Rental Expense
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CY2021Q1 us-gaap Deferred Rent Credit
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1800000 USD
CY2020Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
2000000.0 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2632000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3172000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3267000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1666000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due
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0.125
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60757386 shares
CY2020Q4 us-gaap Temporary Equity Shares Authorized
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CY2020Q4 us-gaap Temporary Equity Shares Outstanding
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16614178 shares
CY2020Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
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CY2021Q1 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
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CY2021Q1 us-gaap Temporary Equity Shares Outstanding
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CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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141422000 USD
CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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141422000 USD
CY2021Q1 us-gaap Temporary Equity Liquidation Preference
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227755000 USD
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
227755000 USD
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2829317 shares
CY2020Q3 us-gaap Common Stock Shares Authorized
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74636348 shares
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.03
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
188361 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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1.04
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
37771 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.03
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.09
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
450358 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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0.03
CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.03
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
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CY2021Q1 npce Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToRepurchase
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CY2020Q4 npce Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToRepurchase
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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2000000.0 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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269178 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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269178 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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202341 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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202341 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Earnings Per Share Basic
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CY2020Q1 us-gaap Earnings Per Share Diluted
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CY2020Q1 us-gaap Earnings Per Share Basic
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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811492 shares

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