$SANA
Sana Biotechnology, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024023119 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.27M $20.78M $73.30M
YoY Change -2.96% -10.88% 2.43%
% of Gross Profit
Research & Development $56.45M $63.00M $268.8M
YoY Change -15.96% -1.44% -5.97%
% of Gross Profit
Depreciation & Amortization $3.700M $11.26M $24.60M
YoY Change -13.95% 168.51% 57.44%
% of Gross Profit
Operating Expenses $110.7M $90.62M $293.1M
YoY Change 31.73% 10.8% 7.55%
Operating Profit -$110.7M -$293.1M
YoY Change 31.73% 7.55%
Interest Expense $3.034M $2.726M $9.938M
YoY Change 53.54% 69.0% 164.17%
% of Operating Profit
Other Income/Expense, Net $215.0K -$224.0K -$52.00K
YoY Change -557.45% -16.42% -92.28%
Pretax Income -$107.5M -$88.12M -$283.3M
YoY Change 30.87% 9.54% 5.11%
Income Tax
% Of Pretax Income
Net Earnings -$107.5M -$88.12M -$283.3M
YoY Change 30.87% 9.54% 5.11%
Net Earnings / Revenue
Basic Earnings Per Share -$0.49 -$1.46
Diluted Earnings Per Share -$0.49 -$0.45 -$1.46
COMMON SHARES
Basic Shares Outstanding 220.4M 197.1M 194.5M
Diluted Shares Outstanding 217.3M 194.5M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $311.1M $205.2M $205.2M
YoY Change -10.94% -51.6% -51.6%
Cash & Equivalents $177.1M $133.5M $133.5M
Short-Term Investments $134.0M $71.68M $71.68M
Other Short-Term Assets $10.18M $8.320M $8.320M
YoY Change -50.58% -59.36% -59.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $321.3M $213.5M $213.5M
YoY Change -13.15% -51.96% -51.96%
LONG-TERM ASSETS
Property, Plant & Equipment $81.65M $70.69M $145.6M
YoY Change 27.06% 5.64% -8.66%
Goodwill $140.6M $140.6M
YoY Change 0.0% 0.0%
Intangibles $59.20M $59.20M
YoY Change 0.0% 0.0%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $7.078M $6.370M $6.370M
YoY Change 54.24% 38.51% -29.28%
Total Long-Term Assets $360.1M $351.8M $351.8M
YoY Change -4.48% -7.01% -7.01%
TOTAL ASSETS
Total Short-Term Assets $321.3M $213.5M $213.5M
Total Long-Term Assets $360.1M $351.8M $351.8M
Total Assets $681.4M $565.3M $565.3M
YoY Change -8.78% -31.29% -31.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.095M $4.108M $4.108M
YoY Change 161.14% 43.79% 43.79%
Accrued Expenses $45.44M $57.70M $57.70M
YoY Change 10.89% 14.4% 14.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.90M $64.49M $64.49M
YoY Change -48.53% -42.17% -42.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $253.3M $213.3M $213.3M
YoY Change 17.34% 0.66% 0.66%
Total Long-Term Liabilities $253.3M $213.3M $213.3M
YoY Change 17.34% 0.66% 0.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.90M $64.49M $64.49M
Total Long-Term Liabilities $253.3M $213.3M $213.3M
Total Liabilities $306.2M $277.8M $277.8M
YoY Change -3.9% -14.1% -14.1%
SHAREHOLDERS EQUITY
Retained Earnings -$1.400B -$1.300B
YoY Change 27.27% 18.18%
Common Stock $22.00K $20.00K
YoY Change 15.79% 5.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $375.1M $287.5M $287.5M
YoY Change
Total Liabilities & Shareholders Equity $681.4M $565.3M $565.3M
YoY Change -8.78% -31.29% -31.29%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$107.5M -$88.12M -$283.3M
YoY Change 30.87% 9.54% 5.11%
Depreciation, Depletion And Amortization $3.700M $11.26M $24.60M
YoY Change -13.95% 168.51% 57.44%
Cash From Operating Activities -$65.63M -$51.96M -$253.6M
YoY Change -17.21% -31.69% -12.57%
INVESTING ACTIVITIES
Capital Expenditures $15.85M $14.05M $20.03M
YoY Change 628.17% 205.22% -4.04%
Acquisitions
YoY Change
Other Investing Activities -$61.38M $29.36M $192.0M
YoY Change -194.58% -68.44% -17.02%
Cash From Investing Activities -$77.23M $15.31M $172.0M
YoY Change -223.12% -82.69% -18.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.626M
YoY Change 669.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 186.4M 1.718M 31.65M
YoY Change 78881.78% 61.92% 544.13%
NET CHANGE
Cash From Operating Activities -65.63M -51.96M -253.6M
Cash From Investing Activities -77.23M 15.31M 172.0M
Cash From Financing Activities 186.4M 1.718M 31.65M
Net Change In Cash 43.54M -34.93M -49.92M
YoY Change -366.95% -360.25% -33.06%
FREE CASH FLOW
Cash From Operating Activities -$65.63M -$51.96M -$253.6M
Capital Expenditures $15.85M $14.05M $20.03M
Free Cash Flow -$81.48M -$66.01M -$273.6M
YoY Change 0.04% -18.18% -12.0%

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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 sana Increase Decrease In Operating Lease Right Of Use Assets And Liabilities
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CY2022 sana Increase Decrease In Operating Lease Right Of Use Assets And Liabilities
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-1562000
CY2021 sana Increase Decrease In Operating Lease Right Of Use Assets And Liabilities
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1027000
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1058000
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CY2023 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-1518000
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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10910000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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261848000
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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137349000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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187273000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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261848000
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21073000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1234000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023 sana Cash Received For Tenant Improvement Allowances
CashReceivedForTenantImprovementAllowances
12547000
CY2022 sana Cash Received For Tenant Improvement Allowances
CashReceivedForTenantImprovementAllowances
2014000
CY2021 sana Cash Received For Tenant Improvement Allowances
CashReceivedForTenantImprovementAllowances
5445000
CY2022 sana Remeasurement Of Operating Lease Right Of Use Asset For Lease Modifications
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CY2023 us-gaap Nature Of Operations
NatureOfOperations
<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. Organization</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="text-indent:4.533%;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;">Sana Biotechnology, Inc. (the Company or Sana) is a biotechnology company focusing on utilizing engineered cells as medicines. The Company’s operations to date have included identifying and developing potential product candidates, executing preclinical studies, establishing manufacturing capabilities, preparing for and executing clinical trials of its product candidates and supporting clinical trials of product candidates developed using its technologies, acquiring technology, organizing and staffing the Company, business planning, establishing and maintaining the Company’s intellectual property portfolio, raising capital, and providing general and administrative support for these operations.</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: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;">Liquidity and capital resources</span></p><p style="text-indent:4.533%;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 Company is subject to a number of risks and uncertainties similar to other biotechnology companies in the development stage, including, but not limited to, those related to the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, building out internal and external manufacturing capabilities, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products, the need to protect the Company’s intellectual property and proprietary technologies, and the need to attract and retain key scientific and management personnel. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations with the proceeds from additional equity or debt financings or capital obtained in connection with strategic collaborations or licensing or other arrangements. In the event that additional financing is required, the Company may not be able to raise it on terms acceptable to it or at all.</span></p><p style="text-indent:4.533%;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;">In February 2024, the Company completed an underwritten public offering pursuant to which it sold </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares of its common stock, including </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares pursuant to the full exercise of the underwriters' option to purchase additional shares, and pre-funded warrants to purchase </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares of its common stock for net proceeds of approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">179.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, after deducting underwriting discounts and commissions and estimated offering expenses.</span></p><p style="text-indent:4.533%;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;">In August 2022, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen), acting as sales agent, pursuant to which it may offer and sell through Cowen up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">150.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in shares of the Company’s common stock from time to time in a series of one or more at the market equity offerings (collectively, the ATM facility). </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of December 31, 2023, the Company sold an aggregate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares of the Company's common stock under the ATM facility for net proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">27.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in net proceeds, after deducting commissions and expenses.</span></p><p style="text-indent:4.533%;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;">In February 2021, the Company completed its initial public offering (IPO) and issued </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">27.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares of its common stock, including </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, and received $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">626.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in net proceeds, after deducting underwriting discounts and commissions and offering expenses.</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="text-indent:4.533%;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;">In October 2023, the Company announced a strategic repositioning and associated workforce reduction to increase its focus on its </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">ex vivo</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> cell therapy product candidates. In addition to an increased focus on its </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">ex vivo </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">programs, the Company reduced its near-term investment in its fusogen platform for </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">in vivo </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">gene delivery, including the delay of the investigational new drug application (IND) submission for its SG299 program, and reduced its workforce by approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">29</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%. The strategic repositioning and associated workforce reduction</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">was substantially completed in 2023. During the year ended December 31, 2023, the Company recognized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">5.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of cash-based expenses in general and administrative expense related to employee severance, benefits, and related costs for employees impacted by the reduction in force.</span></p><p style="text-indent:4.533%;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 has incurred operating losses each year since inception and expects such losses to continue for the foreseeable future. As of December 31, 2023, the Company had cash, cash equivalents, and marketable securities of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">205.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, and an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> billion, which includes non-cash charges related to the revaluation of the success payment liabilities and contingent consideration of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">58.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, respectively.</span></p>
CY2023Q4 sana Percentage Of Workforce Reduction
PercentageOfWorkforceReduction
0.29
CY2023Q4 us-gaap Deferred Compensation Cashbased Arrangements Liability Current And Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityCurrentAndNoncurrent
5200000
CY2023Q4 us-gaap Investments And Cash
InvestmentsAndCash
205200000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1300000000
CY2023Q4 sana Success Payment Liabilities
SuccessPaymentLiabilities
10300000
CY2023Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
58300000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<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="text-indent:4.533%;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 financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates in the Company’s consolidated financial statements relate to success payment liabilities, contingent consideration, business combinations, accrued expenses, and operating lease right-of-use (ROU) assets and liabilities.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements.
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2023 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Restricted Cash And Cash Equivalents Noncurrent Nature Of Restriction Description
RestrictedCashAndCashEquivalentsNoncurrentNatureOfRestrictionDescription
standby letters of credit
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
3800000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
10500000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
10582000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
4000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
10386000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
75000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
20968000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
79000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
62586000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
689000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
192509000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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