2022 Q1 Form 10-K Financial Statement

#000173795322000010 Filed on May 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.25M $38.77M $5.960M
YoY Change 72.01% 67.11% 14.62%
% of Gross Profit
Research & Development $21.22M $79.55M $15.71M
YoY Change 35.07% 40.16% 40.39%
% of Gross Profit
Depreciation & Amortization $549.0K $2.147M $490.0K
YoY Change 12.04% 26.29% 44.12%
% of Gross Profit
Operating Expenses $31.99M $118.3M $22.18M
YoY Change 44.22% 47.98% 35.33%
Operating Profit -$118.3M
YoY Change 47.98%
Interest Expense -$422.0K -$1.833M -$470.0K
YoY Change -10.21% -14.35% -17.54%
% of Operating Profit
Other Income/Expense, Net $714.0K $278.0K $1.150M
YoY Change -37.91% -130.38% -0.86%
Pretax Income -$31.70M -$28.99M -$21.50M
YoY Change 47.42% 27.27% 36.16%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$31.70M -$118.0M -$21.50M
YoY Change 47.42% 45.86% 36.16%
Net Earnings / Revenue
Basic Earnings Per Share -$2.26
Diluted Earnings Per Share -$603.3K -$2.26 -$415.9K
COMMON SHARES
Basic Shares Outstanding 47.21M shares 52.21M shares
Diluted Shares Outstanding 52.21M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $395.7M $395.7M $476.3M
YoY Change -16.93% -16.93% 182.5%
Cash & Equivalents $105.9M $105.9M $182.5M
Short-Term Investments $289.7M $289.7M $293.8M
Other Short-Term Assets $5.267M $5.267M $4.500M
YoY Change 17.04% 17.04% 66.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $404.0M $404.0M $483.7M
YoY Change -16.49% -16.48% 177.54%
LONG-TERM ASSETS
Property, Plant & Equipment $7.933M $55.58M $7.442M
YoY Change 6.6% -3.68% -87.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.636M $1.636M $1.600M
YoY Change 2.25% 2.25% 0.0%
Total Long-Term Assets $57.22M $57.22M $59.35M
YoY Change -3.6% -3.68% -0.75%
TOTAL ASSETS
Total Short-Term Assets $404.0M $404.0M $483.7M
Total Long-Term Assets $57.22M $57.22M $59.35M
Total Assets $461.2M $461.2M $543.1M
YoY Change -15.08% -15.08% 131.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.732M $3.732M $2.355M
YoY Change 58.47% 55.5% -30.74%
Accrued Expenses $13.14M $13.14M $9.200M
YoY Change 42.85% 42.85% 61.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.562M $2.562M $2.500M
YoY Change 2.48% 2.48% 4.17%
Total Short-Term Liabilities $20.76M $20.76M $14.55M
YoY Change 42.68% 43.14% 22.24%
LONG-TERM LIABILITIES
Long-Term Debt $24.41M $24.41M $24.70M
YoY Change -1.19% -1.19% -29.02%
Other Long-Term Liabilities $4.801M $4.801M $5.100M
YoY Change -5.86% -5.86% 37.84%
Total Long-Term Liabilities $29.21M $29.21M $29.80M
YoY Change -1.99% -1.99% -22.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.76M $20.76M $14.55M
Total Long-Term Liabilities $29.21M $29.21M $29.80M
Total Liabilities $49.96M $49.96M $44.37M
YoY Change 12.61% 12.53% -11.96%
SHAREHOLDERS EQUITY
Retained Earnings -$311.2M -$193.2M
YoY Change 61.11%
Common Stock $47.00K $47.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $411.2M $411.2M $498.7M
YoY Change
Total Liabilities & Shareholders Equity $461.2M $461.2M $543.1M
YoY Change -15.08% -15.08% 131.99%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$31.70M -$118.0M -$21.50M
YoY Change 47.42% 45.86% 36.16%
Depreciation, Depletion And Amortization $549.0K $2.147M $490.0K
YoY Change 12.04% 26.29% 44.12%
Cash From Operating Activities -$22.56M -$82.18M -$16.13M
YoY Change 39.85% 33.87% 43.25%
INVESTING ACTIVITIES
Capital Expenditures -$1.152M $2.336M -$770.0K
YoY Change 49.61% -2.34% -42.54%
Acquisitions
YoY Change
Other Investing Activities -$3.174M $530.0K -$125.5M
YoY Change -97.47% -100.28% -1467.1%
Cash From Investing Activities -$4.326M -$1.806M -$126.3M
YoY Change -96.57% -99.04% -1710.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 359.0K $6.598M 780.0K
YoY Change -53.97% -98.23% 1850.0%
NET CHANGE
Cash From Operating Activities -22.56M -$82.18M -16.13M
Cash From Investing Activities -4.326M -$1.806M -126.3M
Cash From Financing Activities 359.0K $6.598M 780.0K
Net Change In Cash -26.52M -$76.57M -141.6M
YoY Change -81.27% -162.24% 4090.24%
FREE CASH FLOW
Cash From Operating Activities -$22.56M -$82.18M -$16.13M
Capital Expenditures -$1.152M $2.336M -$770.0K
Free Cash Flow -$21.41M -$84.52M -$15.36M
YoY Change 39.36% 32.51% 54.84%

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Nature of the business<div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Replimune Group, Inc. (the “Company”) is a clinical-stage biotechnology company focused on the development of oncolytic immunotherapies to treat cancer. Replimune Group, Inc., whose predecessor was founded in 2015, is the parent company of its wholly owned, direct and indirect subsidiaries: Replimune Limited (“Replimune UK”); Replimune, Inc. (“Replimune US”); Replimune Securities Corporation; and Replimune (Ireland) Limited.</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance and reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of presentation</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since its inception, including net losses of $118.0 million and $80.9 million for the years ended March 31, 2022 and 2021, respectively. In addition, as of March 31, 2022, the Company had an accumulated deficit of $311.2 million. The Company expects to continue to generate operating losses for the foreseeable future. As of the issuance date of these consolidated financial statements, the Company expects that its cash and cash equivalents and short-term investments will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of the consolidated financial statements.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impact of COVID-19 </span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic and the U.S. government imposed travel restrictions on travel between the United States, Europe and certain other countries. The impact of this pandemic has been, and will likely continue to be, extensive in many aspects of society, which has resulted, and will likely continue to result, in significant disruption to the global economy as well as businesses and capital markets around the world.</span></div>In response to public health directives and orders and to help minimize the risk of the virus to employees, the Company has taken precautionary measures including establishing and maintaining an internal COVID-19 task force to ensure timely communication and decision-making in response to COVID-19, establishing work-from home policies and return-to-office policies as well as other measures to respond and adapt to the COVID-19 impact. For those employees working from our offices, laboratories and manufacturing facilities, we have implemented stringent safety measures designed to comply with applicable federal, state and local guidelines instituted in response to the COVID-19 pandemic and we continue to examine our protocols as the pandemic and health guidance evolves. The Company has taken these and other precautionary steps while maintaining business continuity in order to continue to progress its programs. While there has been no prolonged material disruption to the Company’s business to date, the impact of the virus, including work-from-home policies, may negatively impact productivity, disrupt the Company’s business, and delay its preclinical research and clinical trial activities and its development program timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct its business in the ordinary course. Other impacts to the Company’s business may include disruptions of its suppliers or material supplies and disruptions or restrictions on its employees’ ability to travel. Any prolonged material disruption to the Company’s employees, suppliers or supply could adversely impact the Company’s preclinical research and clinical trial activities, financial condition and results of operations, including its ability to obtain financing.
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CY2022 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-indent:18pt"><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:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances.</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including, expenses, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods.</span></div><div style="margin-top:8pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.</span></div>
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CY2022Q1 us-gaap Operating Lease Liability Current
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CY2021Q1 us-gaap Operating Lease Liability Current
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CY2021Q1 us-gaap Finance Lease Liability Current
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CY2021Q1 us-gaap Operating Lease Liability Noncurrent
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CY2022Q1 us-gaap Finance Lease Liability Noncurrent
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CY2021Q1 us-gaap Finance Lease Liability Noncurrent
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CY2022Q1 repl Lease Liability
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CY2021Q1 repl Lease Liability
LeaseLiability
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CY2022 us-gaap Operating Lease Payments
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CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2240000 USD
CY2022 us-gaap Finance Lease Principal Payments
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CY2021 us-gaap Finance Lease Principal Payments
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
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CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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1951000 USD
CY2021Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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IncomeLossFromContinuingOperations
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2021 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 Research And Development
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2022Q1 repl Deferred Tax Assets Operating Loss Carryforwards Federal Net
DeferredTaxAssetsOperatingLossCarryforwardsFederalNet
9827000 USD
CY2021Q1 repl Deferred Tax Assets Operating Loss Carryforwards Federal Net
DeferredTaxAssetsOperatingLossCarryforwardsFederalNet
7083000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
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CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
22195000 USD
CY2022Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
2697000 USD
CY2021Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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2358000 USD
CY2022Q1 repl Research And Development Credits
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CY2021Q1 repl Research And Development Credits
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CY2022Q1 us-gaap Deferred Tax Assets Property Plant And Equipment
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4367000 USD
CY2021Q1 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
5068000 USD
CY2022Q1 repl Deferred Tax Assets Capitalization Of Start Up Cost
DeferredTaxAssetsCapitalizationOfStartUpCost
1286000 USD
CY2021Q1 repl Deferred Tax Assets Capitalization Of Start Up Cost
DeferredTaxAssetsCapitalizationOfStartUpCost
1597000 USD
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
8922000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
4838000 USD
CY2022Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1452000 USD
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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739000 USD
CY2022Q1 repl Deferred Tax Assets Lease Liability
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CY2022Q1 us-gaap Deferred Tax Assets Other
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310000 USD
CY2021Q1 us-gaap Deferred Tax Assets Other
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CY2021Q1 us-gaap Deferred Tax Assets Gross
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CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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74892000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
40028000 USD
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
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13099000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Leasing Arrangements
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10866000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Leasing Arrangements
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13090000 USD
CY2022Q1 us-gaap Deferred Tax Liabilities Other
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0 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Other
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CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q1 us-gaap Deferred Tax Liabilities
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CY2021Q1 us-gaap Deferred Tax Liabilities
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CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17329000 USD
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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22624000 USD
CY2022 repl Valuation Allowance Deferred Tax Asset Increase Recorded To Income Tax Provision For Equity Amount
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CY2021 repl Valuation Allowance Deferred Tax Asset Increase Recorded To Income Tax Provision For Equity Amount
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76000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
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0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
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0 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
CY2022 repl Number Of Operating Geographic Regions
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2 region
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