2022 Q1 Form 10-Q Financial Statement

#000155905322000023 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.153M $160.0K
YoY Change 620.63% 13.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.84M $11.13M
YoY Change 6.33% 14.27%
% of Gross Profit
Research & Development $27.26M $21.14M
YoY Change 28.93% 38.67%
% of Gross Profit
Depreciation & Amortization $182.0K $304.0K
YoY Change -40.13% -20.83%
% of Gross Profit
Operating Expenses $39.10M $32.27M
YoY Change 21.16% 29.13%
Operating Profit -$37.94M -$32.11M
YoY Change 18.17% 29.22%
Interest Expense $53.00K $10.00K
YoY Change 430.0% -99.12%
% of Operating Profit
Other Income/Expense, Net -$17.00K $34.00K
YoY Change -150.0% -96.95%
Pretax Income -$37.96M -$32.08M
YoY Change 18.35% 35.14%
Income Tax -$1.700M $4.700M
% Of Pretax Income
Net Earnings -$36.29M -$36.74M
YoY Change -1.21% 55.86%
Net Earnings / Revenue -3147.44% -22959.38%
Basic Earnings Per Share -$0.78 -$0.91
Diluted Earnings Per Share -$0.78 -$0.91
COMMON SHARES
Basic Shares Outstanding 46.70M shares 40.25M shares
Diluted Shares Outstanding 46.70M shares 40.25M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $543.0M $343.0M
YoY Change 58.31% -2.75%
Cash & Equivalents $543.0M $343.0M
Short-Term Investments
Other Short-Term Assets $12.63M $9.400M
YoY Change 34.32% 38.24%
Inventory
Prepaid Expenses
Receivables $1.000K
Other Receivables $0.00
Total Short-Term Assets $555.6M $352.3M
YoY Change 57.71% -2.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.865M $2.295M
YoY Change -18.74% -35.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.319M $338.0K
YoY Change 586.09% -69.69%
Total Long-Term Assets $25.79M $27.42M
YoY Change -5.93% -30.99%
TOTAL ASSETS
Total Short-Term Assets $555.6M $352.3M
Total Long-Term Assets $25.79M $27.42M
Total Assets $581.4M $379.7M
YoY Change 53.12% -4.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.316M $4.212M
YoY Change 121.18% 27.75%
Accrued Expenses $16.72M $18.50M
YoY Change -9.61% 43.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.50M $23.46M
YoY Change 55.59% 37.28%
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 $106.0M $121.7M
YoY Change -12.86% -4.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.50M $23.46M
Total Long-Term Liabilities $106.0M $121.7M
Total Liabilities $142.5M $145.1M
YoY Change -1.8% 0.52%
SHAREHOLDERS EQUITY
Retained Earnings -$752.3M -$819.8M
YoY Change -8.23% 17.88%
Common Stock $467.0K $442.0K
YoY Change 5.66% 10.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $438.9M $234.6M
YoY Change
Total Liabilities & Shareholders Equity $581.4M $379.7M
YoY Change 53.12% -4.93%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$36.29M -$36.74M
YoY Change -1.21% 55.86%
Depreciation, Depletion And Amortization $182.0K $304.0K
YoY Change -40.13% -20.83%
Cash From Operating Activities -$37.42M -$33.67M
YoY Change 11.14% 45.32%
INVESTING ACTIVITIES
Capital Expenditures -$22.00K -$50.00K
YoY Change -56.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$22.00K -$48.00K
YoY Change -54.17% 118.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $78.37M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.337M $81.33M
YoY Change -98.36% 53758.94%
NET CHANGE
Cash From Operating Activities -$37.42M -$33.67M
Cash From Investing Activities -$22.00K -$48.00K
Cash From Financing Activities $1.337M $81.33M
Net Change In Cash -$36.10M $47.61M
YoY Change -175.82% -306.67%
FREE CASH FLOW
Cash From Operating Activities -$37.42M -$33.67M
Capital Expenditures -$22.00K -$50.00K
Free Cash Flow -$37.39M -$33.62M
YoY Change 11.24% 45.23%

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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
438887000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
184006000 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6176000 USD
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3083000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-36735000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
234584000 USD
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-752300000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
543000000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2022Q1 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 were no receivables recorded in the Condensed Consolidated Balance Sheet as of March 31, 2022. 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:10pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s business is primarily conducted in U.S. dollars except for its agreements with contract manufacturers for drug supplies which are denominated in Euros and other foreign currencies. The Company recorded a loss on foreign currency exchange rate differences of approximately $70,000 and a gain of $24,000 during the three months ended March 31, 2022 and 2021, respectively. If the Company increases its business activities that require the use of foreign currencies, it may be exposed to losses if the Euro and other such currencies continue to strengthen against the U.S. dollar.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, and December 31, 2021, $1.9 million and $2.0 million, respectively, of the Company’s property and equipment, net were held in the U.S. and nominal amounts 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>
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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70000 USD
CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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-24000 USD
CY2022Q1 us-gaap Machinery And Equipment Gross
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9764000 USD
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9758000 USD
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1393000 USD
CY2021Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1393000 USD
CY2022Q1 us-gaap Capitalized Computer Software Gross
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1346000 USD
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1322000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
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12503000 USD
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12473000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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10638000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10461000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
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1865000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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2012000 USD
CY2022Q1 us-gaap Depreciation
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200000 USD
CY2021Q1 us-gaap Depreciation
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300000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4015000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8644000 USD
CY2022Q1 us-gaap Accrued Professional Fees Current
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414000 USD
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764000 USD
CY2022Q1 us-gaap Other Sundry Liabilities Current
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531000 USD
CY2021Q4 us-gaap Other Sundry Liabilities Current
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CY2022Q1 us-gaap Other Liabilities Current
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4960000 USD
CY2021Q4 us-gaap Other Liabilities Current
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9813000 USD
CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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46704000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40250000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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40250000 shares
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CY2021Q1 us-gaap Earnings Per Share Basic
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CY2021Q1 us-gaap Earnings Per Share Diluted
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P1Y9M
CY2016Q1 us-gaap Lease Expiration Date1
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2023-12-31
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CY2021Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Payments
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1600000 USD
CY2021Q1 us-gaap Operating Lease Payments
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1500000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0425
CY2016Q4 prta Operating Leases Improvement Allowance
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14200000 USD
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46641 sqft
CY2022Q1 us-gaap Sublease Income
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700000 USD
CY2021Q1 us-gaap Sublease Income
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2700000 USD
CY2018Q3 prta Operating Leases Sublease Rentals Percent Annual Rent Increase
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CY2018Q3 prta Operating Leases Sublease Rentals Termof Contract
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P5Y2M12D
CY2018Q3 prta Operating Leases Sublease Rentals Percentof Rental Gain Attributableto Sublandlord
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4852000 USD
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2294000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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6535000 USD
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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0 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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5313000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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433000 USD
CY2022Q1 prta Lessee Operating Lease Liability Nominal Payments
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70000 USD
CY2022Q1 us-gaap Operating Lease Liability
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16800000 USD
CY2022Q1 us-gaap Contractual Obligation
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400000 USD
CY2022Q1 us-gaap Purchase Obligation
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16789000 USD
CY2022Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
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16789000 USD
CY2022Q1 us-gaap Purchase Obligation Due In Next Twelve Months
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0 USD
CY2022Q1 us-gaap Purchase Obligation Due In Second Year
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CY2022Q1 us-gaap Purchase Obligation Due In Third Year
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0 USD
CY2022Q1 prta Purchase Obligation To Be Paid After Year Four
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0 USD
CY2022Q1 prta Purchaseand Contractual Obligation Total
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17187000 USD
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16850000 USD
CY2022Q1 prta Purchase And Contractual Obligation Due In Year One
PurchaseAndContractualObligationDueInYearOne
59000 USD
CY2022Q1 prta Purchaseand Contractual Obligation Duein Second Year
PurchaseandContractualObligationDueinSecondYear
49000 USD
CY2022Q1 prta Purchaseand Contractual Obligation Duein Third Year
PurchaseandContractualObligationDueinThirdYear
49000 USD
CY2022Q1 prta Purchaseand Contractual Obligation Duein Fourth Year
PurchaseandContractualObligationDueinFourthYear
45000 USD
CY2022Q1 prta Purchase And Contractual Obligation Due After Fourth Year
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135000 USD
CY2021Q4 us-gaap Accounts Receivable Net Current
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CY2022Q1 us-gaap Common Stock Shares Authorized
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CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2022Q1 us-gaap Common Stock Shares Outstanding
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46749766 shares
CY2022Q1 us-gaap Common Stock Shares Issued
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CY2022Q1 prta Numberof Votes
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10000 shares
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22
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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10318524 shares
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21.49
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
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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83600000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y10M24D
CY2022Q1 us-gaap Share Based Compensation
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7660000 USD
CY2021Q1 us-gaap Share Based Compensation
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.019
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.010
CY2022Q1 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 Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2021Q1 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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15.09
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
CY2022Q1 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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23.14
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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19.20
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y11M23D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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269182000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1741936 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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32.93
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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16.49
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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18262 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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49.88
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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0
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10318524 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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21.49
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y3M7D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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167897000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
9781926 shares
CY2022Q1 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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21.03
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y1M28D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
162879000 USD
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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5512892 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
16.58
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M10D
CY2022Q1 prta Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value Related To Vested Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValueRelatedToVestedOptions
110847000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
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-1700000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4700000 USD
CY2022Q1 prta Deferred Tax Assets Period Increase Decrease
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2500000 USD

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