2021 Q1 Form 10-Q Financial Statement

#000155905321000016 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $160.0K $141.0K
YoY Change 13.48% -24.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.13M $9.740M
YoY Change 14.27% -1.72%
% of Gross Profit
Research & Development $21.14M $15.25M
YoY Change 38.67% 14.68%
% of Gross Profit
Depreciation & Amortization $304.0K $384.0K
YoY Change -20.83% -0.26%
% of Gross Profit
Operating Expenses $32.27M $24.99M
YoY Change 29.13% 7.99%
Operating Profit -$32.11M -$24.85M
YoY Change 29.22% 8.25%
Interest Expense $10.00K $1.140M
YoY Change -99.12% -50.43%
% of Operating Profit
Other Income/Expense, Net $34.00K $1.113M
YoY Change -96.95% -51.33%
Pretax Income -$32.08M -$23.74M
YoY Change 35.14% 14.84%
Income Tax $4.700M -$200.0K
% Of Pretax Income
Net Earnings -$36.74M -$23.57M
YoY Change 55.86% 12.96%
Net Earnings / Revenue -22959.38% -16715.6%
Basic Earnings Per Share -$0.91 -$0.59
Diluted Earnings Per Share -$0.91 -$0.59
COMMON SHARES
Basic Shares Outstanding 40.25M shares 39.91M shares
Diluted Shares Outstanding 40.25M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.0M $352.7M
YoY Change -2.75% -14.0%
Cash & Equivalents $343.0M $352.7M
Short-Term Investments
Other Short-Term Assets $9.400M $6.800M
YoY Change 38.24% 33.33%
Inventory
Prepaid Expenses
Receivables $1.000K $174.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $352.3M $359.7M
YoY Change -2.05% -13.37%
LONG-TERM ASSETS
Property, Plant & Equipment $2.295M $3.531M
YoY Change -35.0% -29.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $338.0K $1.115M
YoY Change -69.69% 28.46%
Total Long-Term Assets $27.42M $39.73M
YoY Change -30.99% -10.4%
TOTAL ASSETS
Total Short-Term Assets $352.3M $359.7M
Total Long-Term Assets $27.42M $39.73M
Total Assets $379.7M $399.4M
YoY Change -4.93% -13.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.212M $3.297M
YoY Change 27.75% 56.78%
Accrued Expenses $18.50M $12.90M
YoY Change 43.41% 10.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.46M $17.09M
YoY Change 37.28% 14.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $553.0K $553.0K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $121.7M $127.3M
YoY Change -4.41% -3.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.46M $17.09M
Total Long-Term Liabilities $121.7M $127.3M
Total Liabilities $145.1M $144.4M
YoY Change 0.52% -2.05%
SHAREHOLDERS EQUITY
Retained Earnings -$819.8M -$695.5M
YoY Change 17.88% 17.04%
Common Stock $442.0K $399.0K
YoY Change 10.78% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $234.6M $255.0M
YoY Change
Total Liabilities & Shareholders Equity $379.7M $399.4M
YoY Change -4.93% -13.08%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$36.74M -$23.57M
YoY Change 55.86% 12.96%
Depreciation, Depletion And Amortization $304.0K $384.0K
YoY Change -20.83% -0.26%
Cash From Operating Activities -$33.67M -$23.17M
YoY Change 45.32% 32.88%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$20.00K
YoY Change 150.0% -84.62%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$48.00K -$22.00K
YoY Change 118.18% -82.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $78.37M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $81.33M $151.0K
YoY Change 53758.94% 2920.0%
NET CHANGE
Cash From Operating Activities -$33.67M -$23.17M
Cash From Investing Activities -$48.00K -$22.00K
Cash From Financing Activities $81.33M $151.0K
Net Change In Cash $47.61M -$23.04M
YoY Change -306.67% 31.25%
FREE CASH FLOW
Cash From Operating Activities -$33.67M -$23.17M
Capital Expenditures -$50.00K -$20.00K
Free Cash Flow -$33.62M -$23.15M
YoY Change 45.23% 33.76%

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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
234584000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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272921000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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5536000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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151000 USD
CY2020Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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343000000.0 USD
CY2021Q1 us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to revenue recognition, share-based compensation, research and development expenses and leases. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that management believes 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. Because of the uncertainties inherent in such estimates, actual results may differ materially from these estimates.</span></div>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Segment and Concentration of Risks</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates in one segment. The Company’s chief operating decision maker (the “CODM”), its Chief Executive Officer, manages the Company’s operations on a consolidated basis for purposes of allocating resources. When evaluating the Company’s financial performance, the CODM reviews all financial information on a consolidated basis.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><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 concentration of credit risk consist of cash and cash equivalents and accounts receivable. The Company places its cash equivalents with high credit quality financial institutions and, by policy, limits the amount of credit exposure with any one financial institution. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its credit risk exposure is up to the extent recorded on the Company's Consolidated Balance Sheet.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The receivables recorded in the Condensed Consolidated Balance Sheet include amounts due from a Roche entity located in Switzerland. Collaboration revenue recorded in the Condensed Consolidated Statements of Operations consists of reimbursement from Roche for research and development services. The Company's credit risk exposure is up to the extent recorded on the Company's Condensed Consolidated Balance Sheet.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2021, $2.3 million of the Company’s property and equipment, net were held in the U.S. and none were in Ireland. As of December 31, 2020, $2.6 million of the Company's property and equipment, net were held in the U.S. and none were in Ireland. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company does not own or operate facilities for the manufacture, packaging, labeling, storage, testing or distribution of nonclinical or clinical supplies of any of its drug candidates. The Company instead contracts with and relies on third-parties to manufacture, package, label, store, test and distribute all preclinical development and clinical supplies of our drug candidates, and it plans to continue to do so for the foreseeable future. The Company also relies on third-party consultants to assist in managing these third-parties and assist with its manufacturing strategy.</span></div>
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1423000 USD
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12092000 USD
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CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9493000 USD
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2295000 USD
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2551000 USD
CY2021Q1 us-gaap Depreciation
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300000 USD
CY2020Q1 us-gaap Depreciation
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400000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
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3516000 USD
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5927000 USD
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510000 USD
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696000 USD
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246000 USD
CY2020Q4 us-gaap Other Sundry Liabilities Current
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516000 USD
CY2021Q1 us-gaap Other Liabilities Current
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4272000 USD
CY2020Q4 us-gaap Other Liabilities Current
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7139000 USD
CY2021Q1 us-gaap Net Income Loss
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P2Y9M
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2023-12-31
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1600000 USD
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1500000 USD
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46641 sqft
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2700000 USD
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CY2018Q3 prta Operating Leases Sublease Rentals Termof Contract
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P5Y2M12D
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2216000 USD
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2021Q1 prta Lessee Operating Lease Liability Nominal Payments
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CY2021Q1 us-gaap Operating Lease Liability
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11900000 USD
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CY2021Q1 us-gaap Purchase Obligation
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CY2021Q1 us-gaap Purchase Obligation Due In Next Twelve Months
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0 USD
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CY2021Q1 prta Purchaseand Contractual Obligation Total
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12661000 USD
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12056000 USD
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70000 USD
CY2021Q1 prta Purchaseand Contractual Obligation Duein Second Year
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70000 USD
CY2021Q1 prta Purchaseand Contractual Obligation Duein Third Year
PurchaseandContractualObligationDueinThirdYear
60000 USD
CY2021Q1 prta Purchaseand Contractual Obligation Duein Fourth Year
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60000 USD
CY2021Q1 prta Purchase And Contractual Obligation Due After Fourth Year
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345000 USD
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100000000 shares
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0.01
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1 vote
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10000 shares
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22
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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P4Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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16.23
CY2021Q1 prta Number Of Ordinary Shares Tendered For Exchange Under The Option Exchage
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2100000 shares
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1400000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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22.85
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17.63
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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P2Y3M7D
CY2021Q1 us-gaap Share Based Compensation
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CY2020Q1 us-gaap Share Based Compensation
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0.813
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.815
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0.010
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.012
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.09
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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8.32
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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8744765 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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20.42
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y2M8D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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4656000 USD
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2550977 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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22.39
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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229379 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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13.43
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236876 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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30.60
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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40.98
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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8825499 shares
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16.23
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y5M8D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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81230000 USD
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8290411 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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16.15
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y4M13D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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77128000 USD
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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3356692 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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14.60
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y5M23D
CY2021Q1 prta Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value Related To Vested Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValueRelatedToVestedOptions
37958000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1372587 shares
CY2021Q1 prta Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardUnvestedOptionsForfeituresInPeriod
179959 shares
CY2021Q1 prta Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardUnvestedOptionsExpirationsInPeriod
1934446 shares
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4700000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000 USD
CY2021Q1 prta Sharebased Compensation Net Tax Shortfall Excess Tax Benefit Amount Bookedto Income Tax Provision
SharebasedCompensationNetTaxShortfallExcessTaxBenefitAmountBookedtoIncomeTaxProvision
100000 USD
CY2020Q1 prta Sharebased Compensation Net Tax Shortfall Excess Tax Benefit Amount Bookedto Income Tax Provision
SharebasedCompensationNetTaxShortfallExcessTaxBenefitAmountBookedtoIncomeTaxProvision
100000 USD
CY2021Q1 prta Deferred Tax Assets Period Increase Decrease
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4600000 USD
CY2021Q1 prta Deferred Tax Assets Period Increase Decrease Tax Cuts And Jobs Act
DeferredTaxAssetsPeriodIncreaseDecreaseTaxCutsAndJobsAct
3500000 USD
CY2021Q1 prta Deferred Tax Asset Period Increase Decrease American Rescue Plan Act
DeferredTaxAssetPeriodIncreaseDecreaseAmericanRescuePlanAct
900000 USD

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