$NVCT
Nuvectis Pharma, Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023003181 Filed on March 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.734M $2.381M $6.007M
YoY Change 52.11% -28.9% 79.37%
% of Gross Profit
Research & Development $2.367M $4.397M $13.23M
YoY Change 31.14% -53.93% 38.58%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.367M $6.778M $13.23M
YoY Change 31.14% -47.43% 2.58%
Operating Profit -$4.101M -$19.23M
YoY Change 39.25% 49.17%
Interest Expense $52.00K $82.00K $149.0K
YoY Change 2500.0% 1950.0% 3625.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.049M -$6.696M -$19.09M
YoY Change 37.58% -48.05% 48.06%
Income Tax
% Of Pretax Income
Net Earnings -$4.049M -$6.696M -$19.09M
YoY Change 37.58% -48.05% 48.06%
Net Earnings / Revenue
Basic Earnings Per Share -$0.27 -$1.51
Diluted Earnings Per Share -$0.27 -$0.46 -$1.51
COMMON SHARES
Basic Shares Outstanding 14.75M 14.64M 12.66M
Diluted Shares Outstanding 14.72M 12.66M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.47M $19.99M $19.99M
YoY Change -7.34% 248.19% 248.19%
Cash & Equivalents $15.50M $20.00M $19.99M
Short-Term Investments
Other Short-Term Assets $740.0K $412.0K $412.0K
YoY Change -20.0% 352.75% 352.75%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.21M $20.41M $20.41M
YoY Change -8.0% 249.82% 249.82%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $16.21M $20.41M $20.41M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $16.21M $20.41M $20.41M
YoY Change -8.0% 206.52% 206.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.096M $2.910M $2.910M
YoY Change 55.37% 175.05% 175.05%
Accrued Expenses $156.0K $445.0K $2.826M
YoY Change -77.62% 12.66% 426.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.934M $6.186M $6.186M
YoY Change 28.6% 155.73% 155.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.934M $6.186M $6.186M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.934M $6.186M $6.186M
YoY Change 28.6% 155.73% 155.73%
SHAREHOLDERS EQUITY
Retained Earnings -$36.00M -$32.00M
YoY Change 127.85% 148.06%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.27M $14.22M $14.22M
YoY Change
Total Liabilities & Shareholders Equity $16.21M $20.41M $20.41M
YoY Change -8.0% 206.52% 206.52%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$4.049M -$6.696M -$19.09M
YoY Change 37.58% -48.05% 48.06%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.777M -$3.516M -$13.56M
YoY Change 55.3% -35.99% 42.67%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 252.0K -131.0K 27.81M
YoY Change -98.2% -103.26% 82.41%
NET CHANGE
Cash From Operating Activities -4.777M -3.516M -13.56M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 252.0K -131.0K 27.81M
Net Change In Cash -4.525M -3.647M 14.25M
YoY Change -141.32% 147.76% 148.19%
FREE CASH FLOW
Cash From Operating Activities -$4.777M -$3.516M -$13.56M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1 – GENERAL:</p><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">a.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Nuvectis Pharma Inc. (formerly Centry Pharma Inc.) (the “Company”) was incorporated under the laws of the State of Delaware on July 27, 2020 and commenced its principal operations in May 2021. The Company’s principal executive offices are located at Fort Lee in the state of New Jersey.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">The Company is a biopharmaceutical company focused on the development of novel targeted small molecule therapeutics for the treatment of cancer in genetically defined patient populations. The Company’s precision medicine approach translates key scientific insights relating to the oncogenic drivers and pathway addiction of cancer into potential potent and highly selective anticancer drugs.</p><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">b.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In May 2021, the Company entered into a worldwide, exclusive license agreement with the CRT Pioneer Fund (“CRT”) (see note 5a).</p></td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">c.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In May 2021, the Company’s board of directors approved and declared a <span style="-sec-ix-hidden:Hidden_9TXWop0sbEqmaTiWM6SrCw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">100</span></span>:1 stock split of common and preferred shares. In addition, on October 23, 2021 the Company’s Board of Directors approved a <span style="-sec-ix-hidden:Hidden_huUrchOimk-M2PaAhF0cNA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">39</span></span>:1 stock split of common stock. All the share and per share amounts reflected in these financial statements and the notes thereto have been adjusted, on a retroactive basis, to reflect these share splits (see note 6).</p></td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">d.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In August 2021, the Company entered into a worldwide, exclusive license agreement with the University of Edinburgh, Scotland for the Company’s second drug candidate (see note 5a).</p></td></tr></table><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">e.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Initial Public Offering</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">On February 8, 2022, the Company completed an initial public offering (“IPO”) in which it sold 3,200,000 shares of common stock at $5.00 per share and received net proceeds of $13.6 million, after underwriting discounts and commissions, of $1.1 million and expenses of $1.8 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">In connection with the closing of the IPO, 5,012,280 shares of Series A redeemable convertible preferred stock, automatically converted into an equal number of shares of common stock. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">The Company’s shares began trading on the NASDAQ under symbol “NVCT”  (see note 2r and 6b)</p><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">f.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Liquidity</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred net operating losses since its inception and had an accumulated deficit of $32 million as of December 31, 2022. The Company had cash and cash equivalents of $20 million as of December 31, 2022 and has not generated positive cash flows from operations. To date, the Company has been able to fund its operations primarily through the issuance and sale of common stock and redeemable convertible preferred shares. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">On July 29, 2022, the Company completed a private placement in which it received approximately $14.3 million in net proceeds, after deducting placement agent fees and other offering expenses (see Note 6c).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 72pt;">Based on management’s cash flow projections, the Company believes that the Company’s currently available cash and cash equivalents as of December 31, 2022 is sufficient to fund the Company’s planned operations for a period greater than 12 months from the issuance of these financial statements. The Company will need to raise additional capital in order to complete the clinical trials aimed at developing the product candidates until obtaining its regulation and marketing approvals. There can be no assurances that the Company will be able to secure such additional financing if at all, or at terms that are satisfactory </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">to the Company, and that it will be sufficient to meet its needs. In the event the Company is not successful in obtaining sufficient funding, this could force the Company to delay, limit, or reduce our products’ development, clinical trials, commercialization efforts or other operations, or even close down or liquidate.</p><table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">g.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Coronavirus Pandemic</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">The uncertainty to which the COVID-19 pandemic impacts the Company’s business, affects management’s judgment and assumptions relating to accounting estimates in a variety of areas that depend on these estimates and assumptions. Management believes this uncertainty is immaterial to the business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
5012280
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32000000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20000000
CY2022Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
14300000
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">c.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Use of Estimates in the Preparation of Financial Statements</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, valuation of equity awards, and valuation allowances for deferred tax assets. These estimates and assumptions are based on current facts, future expectations, and various other factors 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 and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates.</p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table style="border-collapse:collapse;border:0;"><tr><td style="width:54pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">g.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Concentrations of Credit Risk</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">The Company is subject to credit risk from holding its cash and cash equivalents at one commercial bank. The Company limits its exposure to credit losses by investing in money market accounts which are included in cash and cash equivalents through a U.S. bank with high credit ratings. Cash may consist of deposits held with banks that may at times exceed federally insured limits, however, exposure to credit risk in the event of default by the financial institution is limited to the extent of amounts recorded on the balance sheets. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</p>
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
13000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
11000
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2021 us-gaap Labor And Related Expense
LaborAndRelatedExpense
414000
CY2022 us-gaap General Insurance Expense
GeneralInsuranceExpense
1183000
CY2022 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
687000
CY2021 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
361000
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3349000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5012280
CY2021Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
0
CY2022Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
0
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
3900000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
12870000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
170000
CY2022Q1 nvct Shares Authorized
SharesAuthorized
65000000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
60000000
CY2022 nvct Research And Development Labor And Related Expense
ResearchAndDevelopmentLaborAndRelatedExpense
4648000
CY2021 nvct Research And Development Labor And Related Expense
ResearchAndDevelopmentLaborAndRelatedExpense
1164000
CY2022 nvct Clinical Expense
ClinicalExpense
3714000
CY2021 nvct Clinical Expense
ClinicalExpense
670000
CY2022 nvct License Fees
LicenseFees
2297000
CY2021 nvct License Fees
LicenseFees
7111000
CY2022 us-gaap Manufacturing Costs
ManufacturingCosts
2170000
CY2021 us-gaap Manufacturing Costs
ManufacturingCosts
424000
CY2022 nvct Research And Development Professional Fee
ResearchAndDevelopmentProfessionalFee
398000
CY2021 nvct Research And Development Professional Fee
ResearchAndDevelopmentProfessionalFee
176000
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13227000
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9545000
CY2022 us-gaap Professional Fees
ProfessionalFees
2381000
CY2021 us-gaap Professional Fees
ProfessionalFees
2574000
CY2022 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1756000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022 nvct Common Stock Voting Right
CommonStockVotingRight
1
CY2022 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
605514
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2021Q2 nvct Share Based Compensation Arrangement By Share Based Payment Award Shares Authorized Amount
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesAuthorizedAmount
1400000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19085000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12890000
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.51
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.02
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12657651
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4268285
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.269
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.269
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.059
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.059
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
23000000.0
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
9300000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6120000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2500000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
969000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
510000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
52000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
26000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1432000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
435000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
8573000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3471000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8573000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3471000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3471000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10000
CY2022 nvct Deferred Tax Asset Valuation Allowance Additions
DeferredTaxAssetValuationAllowanceAdditions
5102000
CY2021 nvct Deferred Tax Asset Valuation Allowance Additions
DeferredTaxAssetValuationAllowanceAdditions
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8573000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3471000

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