2024 Q1 Form 10-K Financial Statement

#000149465024000018 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $14.88M $19.87M $70.99M
YoY Change 25.61% -4.75% -6.93%
Cost Of Revenue $1.231M $2.131M $8.633M
YoY Change -27.84% -28.51% -6.8%
Gross Profit $13.65M $17.73M $62.35M
YoY Change 34.61% -0.79% -6.95%
Gross Profit Margin 91.73% 89.27% 87.84%
Selling, General & Admin $20.52M $18.96M $79.80M
YoY Change -9.7% -18.66% -25.87%
% of Gross Profit 150.33% 106.91% 127.98%
Research & Development $1.206M $1.286M $5.303M
YoY Change -32.44% -55.97% -65.25%
% of Gross Profit 8.84% 7.25% 8.5%
Depreciation & Amortization $83.00K $120.0K $402.0K
YoY Change 15.28% -9.09% -24.44%
% of Gross Profit 0.61% 0.68% 0.64%
Operating Expenses $21.72M $20.25M $85.10M
YoY Change -11.36% -22.82% -30.76%
Operating Profit -$8.075M -$2.512M -$22.75M
YoY Change -43.8% -69.94% -59.3%
Interest Expense $4.970M -$7.431M -$12.71M
YoY Change 6.38% 37.69% -175.47%
% of Operating Profit
Other Income/Expense, Net -$24.00K -$24.00K
YoY Change -98.28% -98.28%
Pretax Income -$14.07M -$9.967M -$35.48M
YoY Change -25.36% -34.21% -52.58%
Income Tax
% Of Pretax Income
Net Earnings -$14.07M -$9.967M -$35.48M
YoY Change -25.36% -34.21% -52.58%
Net Earnings / Revenue -94.54% -50.17% -49.99%
Basic Earnings Per Share -$0.12 -$0.32
Diluted Earnings Per Share -$0.12 -$0.09 -$0.32
COMMON SHARES
Basic Shares Outstanding 112.7M shares 112.3M shares 112.1M shares
Diluted Shares Outstanding 112.6M shares 112.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.64M $73.68M $73.68M
YoY Change -38.47% -21.82% -21.82%
Cash & Equivalents $51.64M $73.68M $73.68M
Short-Term Investments
Other Short-Term Assets $4.936M $3.671M $3.671M
YoY Change 66.7% 28.13% 28.13%
Inventory $10.32M $8.052M $8.052M
Prepaid Expenses
Receivables $14.23M $19.93M $19.93M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $81.12M $105.3M $105.3M
YoY Change -27.68% -25.02% -25.02%
LONG-TERM ASSETS
Property, Plant & Equipment $754.0K $815.0K $2.287M
YoY Change 4.43% 2.52% -29.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.831M $1.581M $109.0K
YoY Change -9.89% -46.28% -78.11%
Total Long-Term Assets $2.585M $2.396M $2.396M
YoY Change -6.14% -35.9% -35.9%
TOTAL ASSETS
Total Short-Term Assets $81.12M $105.3M $105.3M
Total Long-Term Assets $2.585M $2.396M $2.396M
Total Assets $83.71M $107.7M $107.7M
YoY Change -27.16% -25.3% -25.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.912M $3.886M $3.886M
YoY Change -69.38% -26.55% -26.55%
Accrued Expenses $30.07M $42.41M $42.41M
YoY Change 2.15% -1.12% -5.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $130.2M $130.2M
YoY Change -100.0% 1.28% 1.28%
Long-Term Debt Due $130.2M
YoY Change 1.28%
Total Short-Term Liabilities $32.71M $176.5M $176.5M
YoY Change -80.33% -1.23% -1.23%
LONG-TERM LIABILITIES
Long-Term Debt $130.7M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.065M $17.81M $17.81M
YoY Change 161.67% 2745.21% -19.47%
Total Long-Term Liabilities $131.7M $17.81M $17.81M
YoY Change 32263.14% 2745.21% -19.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.71M $176.5M $176.5M
Total Long-Term Liabilities $131.7M $17.81M $17.81M
Total Liabilities $182.9M $194.3M $194.3M
YoY Change -3.07% -3.24% -3.24%
SHAREHOLDERS EQUITY
Retained Earnings -$734.4M -$720.4M
YoY Change 4.36% 5.18%
Common Stock $635.3M $633.9M
YoY Change 0.84% 0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$99.22M -$86.61M -$86.61M
YoY Change
Total Liabilities & Shareholders Equity $83.71M $107.7M $107.7M
YoY Change -27.16% -25.3% -25.3%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$14.07M -$9.967M -$35.48M
YoY Change -25.36% -34.21% -52.58%
Depreciation, Depletion And Amortization $83.00K $120.0K $402.0K
YoY Change 15.28% -9.09% -24.44%
Cash From Operating Activities -$22.03M $6.909M -$20.53M
YoY Change 110.2% -139.08% -69.65%
INVESTING ACTIVITIES
Capital Expenditures $22.00K $73.00K $328.0K
YoY Change 2333.33% 420.63%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$22.00K -$73.00K -$328.0K
YoY Change 2333.33% 420.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $300.0K
YoY Change -99.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.000K 4.000K 300.0K
YoY Change -95.68% -99.99% -99.42%
NET CHANGE
Cash From Operating Activities -$22.03M 6.909M -20.53M
Cash From Investing Activities -$22.00K -73.00K -328.0K
Cash From Financing Activities $7.000K 4.000K 300.0K
Net Change In Cash -$22.04M 6.840M -20.56M
YoY Change 113.65% -79.34% 26.36%
FREE CASH FLOW
Cash From Operating Activities -$22.03M $6.909M -$20.53M
Capital Expenditures $22.00K $73.00K $328.0K
Free Cash Flow -$22.05M $6.836M -$20.86M
YoY Change 110.41% -138.66% -69.19%

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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2022 us-gaap Payments Of Financing Costs
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298000 usd
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300000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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51436000 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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0 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16271000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94244000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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110515000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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73684000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
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15091000 usd
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CY2022 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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CY2022 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2023 optn Deferred Offering Costs W Ithin Accounts Payableand Accrued Expenses
DeferredOfferingCostsWIthinAccountsPayableandAccruedExpenses
0 usd
CY2022 optn Deferred Offering Costs W Ithin Accounts Payableand Accrued Expenses
DeferredOfferingCostsWIthinAccountsPayableandAccruedExpenses
408000 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1068000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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704000 usd
CY2023 us-gaap Nature Of Operations
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Organization and Description of Business<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">OptiNose, Inc. (the Company) was incorporated in Delaware in May 2010 (inception) and has facilities in Yardley, Pennsylvania and Ewing, New Jersey. The Company's predecessor entity, OptiNose AS, was formed under the laws of Norway in September 2000. In 2010, OptiNose AS became a wholly-owned subsidiary of the Company as part of an internal reorganization. Optinose AS was liquidated in October 2023. During 2022, the Company's board of directors approved the liquidation of Optinose UK, which is expected to be completed in 2024, in order to simplify the corporate structure. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a specialty pharmaceutical company focused on the development and commercialization of products for patients treated by ear, nose and throat (ENT) and allergy specialists. The Company's first commercial product, XHANCE</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> (fluticasone propionate) nasal spray, 93 microgram (mcg), is a therapeutic utilizing the Company's proprietary Exhalation Delivery System (EDS) that delivers a topically-acting corticosteroid for the treatment of chronic rhinosinusitis with nasal polyps and, if approved, chronic rhinosinusitis without nasal polyps (also known as chronic sinusitis). XHANCE was approved by the United States (US) Food and Drug Administration (FDA) in September 2017 for the treatment of nasal polyps in patients 18 years of age or older. XHANCE was made widely available through commercial channels in April 2018. In January 2023, the indication statement for XHANCE was changed from “for the treatment of nasal polyps” to “for the treatment of chronic rhinosinusitis with nasal polyps” to reflect current FDA labeling terminology and not based on new XHANCE clinical trial data.
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
73684000 usd
CY2023Q4 optn Working Capital
WorkingCapital
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RetainedEarningsAccumulatedDeficit
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CY2023 us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.</span></div>
CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of credit risk</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. The Company generally invests its cash in deposits with high credit quality financial institutions. Additionally, the Company performs periodic evaluations of the relative credit standing of these financial institutions.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Customer and supplier concentration</span></div>The Company has exposure to credit risk in accounts receivable from sales of product. XHANCE is sold to wholesale pharmaceutical distributors and preferred pharmacy network (PPN) partners, who, in turn, sell XHANCE to pharmacies, hospitals and other customers.
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022Q4 us-gaap Inventory Raw Materials
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CY2022Q4 us-gaap Inventory Work In Process
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CY2022Q4 us-gaap Inventory Finished Goods
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CY2022Q4 us-gaap Inventory Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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5360000 usd
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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4565000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
Depreciation
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability
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P2Y1M17D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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205000 usd
CY2023Q4 optn Lessee Operating Lease Liability Payments Due Thereafter
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1694000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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172000 usd
CY2023Q4 us-gaap Operating Lease Liability
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1522000 usd
CY2023 optn Operating Lease Cost For Extension
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CY2023 us-gaap Lease Cost
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2122000 usd
CY2022 us-gaap Lease Cost
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CY2022 us-gaap Operating Lease Payments
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2570000 usd
CY2023Q4 optn Accrued Product Allowances Current
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20145000 usd
CY2022Q4 optn Accrued Product Allowances Current
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27993000 usd
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6229000 usd
CY2022Q4 optn Accrued Selling Generaland Administrative Current
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3799000 usd
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644000 usd
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3015000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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1915000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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41500000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Other Liabilities Current
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CY2022Q4 us-gaap Other Liabilities Current
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CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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44864000 usd
CY2023 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2023 us-gaap Defined Contribution Plan Cost Recognized
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873000 usd
CY2022 us-gaap Defined Contribution Plan Cost Recognized
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CY2023Q4 us-gaap Employee Related Liabilities Current
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CY2023Q4 us-gaap Purchase Obligation
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CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q2 us-gaap Common Stock Shares Authorized
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CY2023Q4 optn Vote Per Share
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CY2023 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q4 optn Class Of Warrant Or Right Restriction Common Shares Maximum Ownership Prior To Execution Percent
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CY2022Q4 optn Class Of Warrant Or Right Restriction Common Shares Maximum Ownership After Effective Waiting Period Percent
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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P6Y6M18D
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2373677 shares
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q4 optn Deferred Tax Assets Financing Costs
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3377000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2023 optn Effective Income Tax Rate Reconciliation Foreign Operations Impact Percent
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CY2022 optn Effective Income Tax Rate Reconciliation Foreign Operations Impact Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.026
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2023 optn Effective Income Tax Rate Reconciliation Foreign Exchange Other Percent
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CY2022 optn Effective Income Tax Rate Reconciliation Foreign Exchange Other Percent
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.059
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.029
CY2023 optn Effective Income Tax Rate Reconciliation Prepaid Royalty Write Off Percent
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0
CY2022 optn Effective Income Tax Rate Reconciliation Prepaid Royalty Write Off Percent
EffectiveIncomeTaxRateReconciliationPrepaidRoyaltyWriteOffPercent
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