2024 Q4 Form 10-Q Financial Statement

#000143774924034903 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.32M $16.42M
YoY Change -31.05% 34.63%
% of Gross Profit
Research & Development $24.08M $31.73M
YoY Change -24.1% -17.73%
% of Gross Profit
Depreciation & Amortization $200.0K $197.0K
YoY Change 1.52% -38.44%
% of Gross Profit
Operating Expenses $35.41M $48.15M
YoY Change -26.47% 24.85%
Operating Profit -$35.41M -$48.15M
YoY Change -26.47% -5.15%
Interest Expense $4.052M $7.916M
YoY Change -48.81% 60.5%
% of Operating Profit
Other Income/Expense, Net $2.346M $4.413M
YoY Change -46.84% 387.09%
Pretax Income -$37.11M -$51.66M
YoY Change -28.15% -5.72%
Income Tax
% Of Pretax Income
Net Earnings -$32.23M -$37.80M
YoY Change -14.73% 116.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.56 -$0.60
Diluted Earnings Per Share -$0.55 -$0.60
COMMON SHARES
Basic Shares Outstanding 57.95M 57.95M 62.86M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.2M $310.3M
YoY Change -60.31% 40.44%
Cash & Equivalents $1.521M $30.64M
Short-Term Investments $121.6M $279.7M
Other Short-Term Assets $6.127M $4.922M
YoY Change 24.48% -17.73%
Inventory
Prepaid Expenses
Receivables $35.34M $35.89M
Other Receivables $299.0K $220.0K
Total Short-Term Assets $164.9M $351.3M
YoY Change -53.06% 21.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.939M $1.717M
YoY Change 12.93% -92.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.054M $1.054M
YoY Change 0.0% 0.0%
Total Long-Term Assets $148.4M $141.7M
YoY Change 4.71% -16.14%
TOTAL ASSETS
Total Short-Term Assets $164.9M $351.3M
Total Long-Term Assets $148.4M $141.7M
Total Assets $313.3M $493.1M
YoY Change -36.45% 7.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.723M $5.866M
YoY Change 31.66% -65.67%
Accrued Expenses $23.25M $34.86M
YoY Change -33.31% 93.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.88M $101.6M
YoY Change -81.41%
Total Short-Term Liabilities $55.62M $147.2M
YoY Change -62.21% 272.47%
LONG-TERM LIABILITIES
Long-Term Debt $394.5M $340.6M
YoY Change 15.84% -22.56%
Other Long-Term Liabilities $17.34M $19.25M
YoY Change -9.94% -21.54%
Total Long-Term Liabilities $411.9M $359.8M
YoY Change 14.46% -22.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.62M $147.2M
Total Long-Term Liabilities $411.9M $359.8M
Total Liabilities $467.5M $507.0M
YoY Change -7.79% 0.63%
SHAREHOLDERS EQUITY
Retained Earnings -$879.0M -$744.5M
YoY Change 18.07% -2.61%
Common Stock $724.8M $730.5M
YoY Change -0.78% 1.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$154.2M -$13.95M
YoY Change
Total Liabilities & Shareholders Equity $313.3M $493.1M
YoY Change -36.45% 7.76%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$32.23M -$37.80M
YoY Change -14.73% 116.54%
Depreciation, Depletion And Amortization $200.0K $197.0K
YoY Change 1.52% -38.44%
Cash From Operating Activities -$32.06M -$32.65M
YoY Change -1.8% 23.48%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $33.00K
YoY Change -96.97% 1000.0%
Acquisitions
YoY Change
Other Investing Activities $36.04M $57.20M
YoY Change -36.99% 73.35%
Cash From Investing Activities $36.04M $57.17M
YoY Change -36.96% 73.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.579M -483.0K
YoY Change 848.03% -100.39%
NET CHANGE
Cash From Operating Activities -32.06M -32.65M
Cash From Investing Activities 36.04M 57.17M
Cash From Financing Activities -4.579M -483.0K
Net Change In Cash -599.0K 24.04M
YoY Change -102.49% -81.71%
FREE CASH FLOW
Cash From Operating Activities -$32.06M -$32.65M
Capital Expenditures $1.000K $33.00K
Free Cash Flow -$32.06M -$32.68M
YoY Change -1.9% 23.59%

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Receivables
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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ProceedsFromStockOptionsAndWarrantsExercised
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us-gaap Payments Of Debt Restructuring Costs
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us-gaap Payments Of Debt Restructuring Costs
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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IncomeTaxesPaidNet
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CapitalLeaseObligationsIncurred
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CY2021Q4 omer Percentage Of Royalty Receivable On Sale Of Product Rights
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CY2021Q4 omer Percentage Of Interest Earned On Outstanding Contract Royalty Asset
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 9pt;"><i>Financial Instruments and Concentrations of Credit Risk</i></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Cash and cash equivalents are deposited in checking and sweep accounts at financial institutions. At times, our cash and cash equivalents balance held at a financial institution may exceed the federally insured limits. To limit the credit risk, we invest our excess cash in high-quality securities such as money market mutual funds, certificates of deposit and U.S. treasury bills. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the Company is not currently exposed to significant credit risk as the Company’s short-term investments are held in custody at third-party financial institutions. The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and investments, and issuers of the investments to the extent recorded on the unaudited condensed consolidated balance sheets. As of September 30, 2024, the Company has no off-balance sheet concentrations of credit risk.</p>
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 us-gaap Investment Income Interest
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InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
11700000 usd
CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost Current
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DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
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DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
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164743000 usd
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DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostAfterAllowanceForCreditLoss
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CY2024Q3 omer Contract Royalty Asset
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q3 us-gaap Depreciation
Depreciation
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CY2023Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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Depreciation
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
47077000 usd
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LongTermDebtMaturityAfterYearFour
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CY2024Q3 us-gaap Long Term Debt
LongTermDebt
164939000 usd
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DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
24520000 usd
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
189459000 usd
CY2024Q3 omer Royalty Obligation Principal Payments Due Next Twelve Months
RoyaltyObligationPrincipalPaymentsDueNextTwelveMonths
3806000 usd
CY2024Q3 omer Royalty Obligation Interest Payments Due Next Twelve Months
RoyaltyObligationInterestPaymentsDueNextTwelveMonths
5403000 usd
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RoyaltyObligationPaymentsDueNextTwelveMonths
9209000 usd
CY2024Q3 omer Royalty Obligation Principal Payments Due Year Two
RoyaltyObligationPrincipalPaymentsDueYearTwo
20546000 usd
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RoyaltyObligationInterestPaymentsDueYearTwo
20468000 usd
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RoyaltyObligationPaymentsDueYearTwo
41014000 usd
CY2024Q3 omer Royalty Obligation Principal Payments Due Year Three
RoyaltyObligationPrincipalPaymentsDueYearThree
23778000 usd
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RoyaltyObligationInterestPaymentsDueYearThree
18324000 usd
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RoyaltyObligationPaymentsDueYearThree
42102000 usd
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RoyaltyObligationPrincipalPaymentsDueYearFour
27069000 usd
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RoyaltyObligationInterestPaymentsDueYearFour
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RoyaltyObligationPaymentsDueYearFour
42944000 usd
CY2024Q3 omer Royalty Obligation Principal Payments Due Year Five
RoyaltyObligationPrincipalPaymentsDueYearFive
30711000 usd
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RoyaltyObligationInterestPaymentsDueYearFive
13091000 usd
CY2024Q3 omer Royalty Obligation Payments Due Year Five
RoyaltyObligationPaymentsDueYearFive
43802000 usd
CY2024Q3 omer Royalty Obligation Principal Payments Due After Year Five
RoyaltyObligationPrincipalPaymentsDueAfterYearFive
118063000 usd
CY2024Q3 omer Royalty Obligation Interest Payments Due After Year Five
RoyaltyObligationInterestPaymentsDueAfterYearFive
18672000 usd
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RoyaltyObligationPaymentsDueAfterYearFive
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RoyaltyObligationPrincipalPaymentsDue
223973000 usd
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RoyaltyObligationInterestPaymentsDue
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CY2024Q3 omer Royalty Obligation Payments Due
RoyaltyObligationPaymentsDue
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RestrictedCashAndCashEquivalentsNoncurrent
1100000 usd
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1603000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
4822000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
4852000 usd
CY2024Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
173000 usd
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
140000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
468000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
529000 usd
CY2024Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
26000 usd
CY2023Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
29000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
122000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
121000 usd
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
824000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
807000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2622000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2354000 usd
CY2024Q3 us-gaap Sublease Income
SubleaseIncome
364000 usd
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
375000 usd
us-gaap Sublease Income
SubleaseIncome
1138000 usd
us-gaap Sublease Income
SubleaseIncome
1125000 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
2269000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
2204000 usd
us-gaap Lease Cost
LeaseCost
6896000 usd
us-gaap Lease Cost
LeaseCost
6731000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
5272000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
5356000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
534000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
499000 usd
CY2024Q3 omer Longterm Purchase Commitment Termination Fee
LongtermPurchaseCommitmentTerminationFee
5600000 usd
CY2021Q1 omer Equity Offering Facility Maximum Aggregate Offering Amount
EquityOfferingFacilityMaximumAggregateOfferingAmount
150000000 usd
CY2023Q4 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
5000000
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StockRepurchasedAndRetiredAveragePricePerShare
3.3
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3200000
CY2024Q1 omer Stock Repurchased And Retired Average Price Per Share
StockRepurchasedAndRetiredAveragePricePerShare
3.71
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
11900000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2641000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3235000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8067000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8959000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
15255154
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.5
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3280500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.13
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
386181
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.91
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18133069
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.41
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6168000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
17503959
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.58
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y10M24D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5677000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12133698
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.75
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y6M
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1421000 usd
CY2024Q3 us-gaap Share Price
SharePrice
3.97
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5900000

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ex_711207.htm Edgar Link pending
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