2024 Q1 Form 10-Q Financial Statement

#000095017024015276 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $535.0K $709.0K $2.161M
YoY Change -26.1% -67.19% 62.85%
Cost Of Revenue $601.0K $480.0K $1.410M
YoY Change -0.33% -65.96% 74.5%
Gross Profit -$66.00K $229.0K $751.0K
YoY Change -154.55% -69.51% 44.7%
Gross Profit Margin -12.34% 32.3% 34.75%
Selling, General & Admin $22.36M
YoY Change -18.22%
% of Gross Profit 2977.36%
Research & Development $2.216M $3.225M $3.326M
YoY Change -43.8% -3.04%
% of Gross Profit 1408.3% 442.88%
Depreciation & Amortization $20.00K $100.0K $1.208M
YoY Change -80.0% -91.72% -5.7%
% of Gross Profit 43.67% 160.85%
Operating Expenses $6.487M $8.870M $22.36M
YoY Change -41.23% -60.33% -18.59%
Operating Profit -$6.553M -$8.641M -$21.61M
YoY Change -39.97% -60.01% -19.81%
Interest Expense -$1.193M
YoY Change -801.76%
% of Operating Profit
Other Income/Expense, Net -$49.00K $161.0K $154.0K
YoY Change -115.81% 4.55%
Pretax Income -$7.743M -$8.481M -$22.65M
YoY Change -36.05% -62.55% -15.42%
Income Tax $0.00 $4.000K -$1.000K
% Of Pretax Income
Net Earnings -$7.743M -$8.485M -$22.65M
YoY Change -36.04% -62.53% -1.47%
Net Earnings / Revenue -1447.29% -1196.76% -1047.99%
Basic Earnings Per Share -$0.08 -$0.09 -$0.14
Diluted Earnings Per Share -$0.08 -$0.09 -$0.30
COMMON SHARES
Basic Shares Outstanding 99.93M 97.43M 74.89M
Diluted Shares Outstanding 97.65M 97.27M 74.89M

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.30M
YoY Change -46.22%
Cash & Equivalents $4.700M $5.600M $23.82M
Short-Term Investments $1.487M
Other Short-Term Assets $973.0K
YoY Change -64.76%
Inventory $917.0K
Prepaid Expenses
Receivables $554.0K $1.370M $820.0K
Other Receivables $0.00
Total Short-Term Assets $6.340M $8.250M $28.01M
YoY Change -70.55% -45.46%
LONG-TERM ASSETS
Property, Plant & Equipment $230.0K $576.0K $1.471M
YoY Change -60.84% -20.57%
Goodwill
YoY Change
Intangibles $913.0K $965.0K
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $64.00K
YoY Change -99.41%
Total Long-Term Assets $2.429M $3.026M $14.60M
YoY Change -79.28% -50.51%
TOTAL ASSETS
Total Short-Term Assets $6.340M $8.250M $28.01M
Total Long-Term Assets $2.429M $3.026M $14.60M
Total Assets $8.769M $11.28M $42.61M
YoY Change -73.54% -47.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.547M
YoY Change 11.66%
Accrued Expenses $4.273M $4.259M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $4.756M
YoY Change -1.39%
Total Short-Term Liabilities $14.99M $13.92M $14.30M
YoY Change -2.66% 59.52%
LONG-TERM LIABILITIES
Long-Term Debt $7.506M
YoY Change 2902.4%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $7.506M
YoY Change 2902.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.99M $13.92M $14.30M
Total Long-Term Liabilities $7.506M
Total Liabilities $19.88M $19.23M $21.81M
YoY Change -11.82% 136.64%
SHAREHOLDERS EQUITY
Retained Earnings -$204.7M -$197.0M
YoY Change
Common Stock $195.2M $190.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.11M -$7.956M $20.81M
YoY Change
Total Liabilities & Shareholders Equity $8.769M $11.28M $42.61M
YoY Change -73.54% -47.3%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$7.743M -$8.485M -$22.65M
YoY Change -36.04% -62.53% -1.47%
Depreciation, Depletion And Amortization $20.00K $100.0K $1.208M
YoY Change -80.0% -91.72% -5.7%
Cash From Operating Activities -$14.69M
YoY Change -39.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$64.00K
YoY Change
Cash From Investing Activities -$64.00K
YoY Change -90.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $116.0K
YoY Change -41.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.614M
YoY Change -711.36%
NET CHANGE
Cash From Operating Activities -14.69M
Cash From Investing Activities -64.00K
Cash From Financing Activities -1.614M
Net Change In Cash -16.37M
YoY Change -34.01%
FREE CASH FLOW
Cash From Operating Activities -$14.69M
Capital Expenditures $0.00
Free Cash Flow -$14.69M
YoY Change -38.24%

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258000
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rnlx Reversal Of Kantaro Liability
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rnlx Fair Value Adjustment To Vericidx Investment
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
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us-gaap Foreign Currency Transaction Gain Loss Realized
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rnlx Fair Value Adjustments To Convertible Debt
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rnlx Proceeds From The Issuance Of Ordinary Shares Under Employee Share Purchase Plan
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23816000
us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Business and risks</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Renalytix PLC and its wholly-owned subsidiaries, the “Company” or "Renalytix" is an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and significantly lower healthcare costs. KidneyIntelX, the Company’s first-in-class diagnostic platform, employs a proprietary artificial intelligence-enabled algorithm that combines diverse data inputs, including validated blood-based biomarkers, inherited genetics and personalized patient data from EHR systems, to generate a unique patient risk score. Additionally, the Company has successfully completed a statement of work with AstraZeneca Pharmaceuticals LP (“AstraZeneca”) to conduct a feasibility study to determine the impact of the use of the Company’s KidneyIntelX platform to optimize utilization of various CKD agents. As a result of the initial success with AstraZeneca the Company plans to pursue further collaborations with pharmaceutical companies and make ‘Pharmaceutical Services Revenue’ a core part of the business going forward with the goal of improving guideline-based standard-of-care for optimal utilization of existing and novel therapeutics using the KidneyIntelX testing platform and proprietary care management software.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since inception in March 2018, the Company has focused primarily on organizing and staffing the Company, raising capital, developing the KidneyIntelX platform, conducting clinical validation studies for KidneyIntelX, establishing and protecting its intellectual property portfolio and commercial laboratory operations, pursuing regulatory clearance and developing a reimbursement strategy. The Company has funded its operations primarily through equity and debt financings.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks and uncertainties common to early-stage companies in the diagnostics industry, including, but not limited to, ability to secure additional capital to fund operations, compliance with governmental regulations, development by competitors of new technological innovations, dependence on key personnel and protection of proprietary technology. To achieve widespread usage, KidneyIntelX and additional diagnostic products currently under development will require extensive clinical testing and validation prior to regulatory approval and commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure, and extensive compliance-reporting capabilities.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. 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. Actual results could differ from those estimates. 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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. Significant areas that require management’s estimate include the assumptions used in determining the fair value of share-based awards, determining the fair value of the bonds, recording the prepaid/accrual and associated expense for research and development activities performed for the Company by third parties and determining useful lives of property and equipment and capitalized software.</span></p>
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CY2023Q2 us-gaap Accounts Receivable Net
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rnlx Change Due To Payment Of Principal And Interest
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CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2023Q4 us-gaap Depreciation
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us-gaap Depreciation
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CY2022Q4 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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EmployeeRelatedLiabilitiesCurrent
3866000
CY2023Q4 rnlx Accrued License And Royalty Expense
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CY2023Q2 rnlx Accrued License And Royalty Expense
AccruedLicenseAndRoyaltyExpense
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CY2023Q2 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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rnlx Incremental Borrowing Rate Of Average Commercial Real Estate Loans
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Lease Cost
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P1Y10M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q2 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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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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5000
CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Common Stock Shares Authorized
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us-gaap Dividends Cash
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CY2023Q4 us-gaap Allocated Share Based Compensation Expense
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CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
815000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
909000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1578000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.743
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.669
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.043
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.032
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4968576
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.5
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2673296
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.32
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
380568
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.48
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1563
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
6.68
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7259741
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4452018
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
7259741
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y3M18D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11907050
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7228923

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