$SILK
Silk Road Medical Inc

2023 Q2 Form 10-Q Financial Statement

#000139770223000036 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $45.30M $40.13M $28.02M
YoY Change 36.55% 43.22% 27.06%
Cost Of Revenue $13.00M $12.53M $8.577M
YoY Change 44.3% 46.04% 54.88%
Gross Profit $32.29M $27.61M $19.44M
YoY Change 33.66% 41.97% 17.74%
Gross Profit Margin 71.29% 68.79% 69.39%
Selling, General & Admin $35.83M $34.08M $27.28M
YoY Change 29.35% 24.96% 28.69%
% of Gross Profit 110.95% 123.46% 140.27%
Research & Development $10.78M $10.43M $8.123M
YoY Change 1.17% 28.44% 48.12%
% of Gross Profit 33.38% 37.79% 41.78%
Depreciation & Amortization $685.0K $699.0K $420.0K
YoY Change 36.45% 66.43% 75.0%
% of Gross Profit 2.12% 2.53% 2.16%
Operating Expenses $46.61M $44.52M $35.40M
YoY Change 21.52% 25.76% 32.69%
Operating Profit -$14.32M -$16.91M -$15.95M
YoY Change 0.86% 5.99% 56.98%
Interest Expense $722.0K $1.693M $621.0K
YoY Change -179.43% 172.62% -0.32%
% of Operating Profit
Other Income/Expense, Net $110.0K -$144.0K -$116.0K
YoY Change -320.0% 24.14% 3766.67%
Pretax Income -$13.48M -$16.46M -$16.68M
YoY Change -12.43% -1.31% 56.02%
Income Tax
% Of Pretax Income
Net Earnings -$13.48M -$16.46M -$16.68M
YoY Change -12.43% -1.31% 55.97%
Net Earnings / Revenue -29.77% -41.02% -59.52%
Basic Earnings Per Share -$0.35 -$0.43 -$0.48
Diluted Earnings Per Share -$0.35 -$0.43 -$476.2K
COMMON SHARES
Basic Shares Outstanding 38.73M 38.46M 35.01M
Diluted Shares Outstanding 38.77M 38.53M 35.02M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.4M $189.1M $93.60M
YoY Change 73.01% 101.99% -31.23%
Cash & Equivalents $28.40M $50.43M $93.60M
Short-Term Investments $160.0M $138.6M
Other Short-Term Assets $4.543M $4.049M $2.564M
YoY Change -2.36% 57.92% -46.58%
Inventory $19.07M $17.18M $17.73M
Prepaid Expenses
Receivables $21.53M $19.96M $13.88M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $233.5M $230.3M $127.8M
YoY Change 58.93% 80.21% -22.04%
LONG-TERM ASSETS
Property, Plant & Equipment $8.644M $8.897M $9.866M
YoY Change -43.8% -9.82% 255.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.88M $15.29M
YoY Change
Other Assets $7.336M $4.996M $5.134M
YoY Change 1642.52% -2.69% 91.57%
Total Long-Term Assets $29.86M $29.33M $15.23M
YoY Change 88.99% 92.57% 164.12%
TOTAL ASSETS
Total Short-Term Assets $233.5M $230.3M $127.8M
Total Long-Term Assets $29.86M $29.33M $15.23M
Total Assets $263.4M $259.6M $143.0M
YoY Change 61.85% 81.53% -15.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.338M $5.272M $2.926M
YoY Change 45.61% 80.18% 0.1%
Accrued Expenses $18.76M $15.60M $16.74M
YoY Change 9.75% -6.84% 25.98%
Deferred Revenue $220.0K $209.0K $522.0K
YoY Change -59.96% -2.61%
Short-Term Debt $0.00 $0.00 $9.829M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.10M $20.87M $29.50M
YoY Change 13.45% -29.25% 81.94%
LONG-TERM LIABILITIES
Long-Term Debt $75.10M $74.85M $38.90M
YoY Change 1.45% 92.41% -19.91%
Other Long-Term Liabilities $8.654M $6.256M $6.893M
YoY Change 16.66% -9.24% 85.3%
Total Long-Term Liabilities $83.76M $81.10M $45.79M
YoY Change 2.83% 77.11% -12.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.10M $20.87M $29.50M
Total Long-Term Liabilities $83.76M $81.10M $45.79M
Total Liabilities $107.9M $102.0M $75.29M
YoY Change 5.03% 35.44% 9.9%
SHAREHOLDERS EQUITY
Retained Earnings -$373.7M -$360.2M -$305.4M
YoY Change 17.94% 22.36%
Common Stock $39.00K $39.00K $35.00K
YoY Change 11.43% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $155.5M $157.6M $67.71M
YoY Change
Total Liabilities & Shareholders Equity $263.4M $259.6M $143.0M
YoY Change 61.85% 81.53% -15.71%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$13.48M -$16.46M -$16.68M
YoY Change -12.43% -1.31% 55.97%
Depreciation, Depletion And Amortization $685.0K $699.0K $420.0K
YoY Change 36.45% 66.43% 75.0%
Cash From Operating Activities -$4.616M -$12.15M -$14.73M
YoY Change -55.64% -17.51% 23.0%
INVESTING ACTIVITIES
Capital Expenditures $434.0K $287.0K $2.072M
YoY Change -144.42% -86.15% 2992.54%
Acquisitions
YoY Change
Other Investing Activities -$18.72M $6.393M $0.00
YoY Change -11.57% -100.0%
Cash From Investing Activities -$19.16M $6.106M -$2.072M
YoY Change -13.51% -394.69% -105.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $168.0K
YoY Change -80.19%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.592M 1.110M 168.0K
YoY Change -94.01% 560.71% -80.19%
NET CHANGE
Cash From Operating Activities -4.616M -12.15M -14.73M
Cash From Investing Activities -19.16M 6.106M -2.072M
Cash From Financing Activities 1.592M 1.110M 168.0K
Net Change In Cash -22.18M -4.931M -16.63M
YoY Change 271.87% -70.35% -166.23%
FREE CASH FLOW
Cash From Operating Activities -$4.616M -$12.15M -$14.73M
Capital Expenditures $434.0K $287.0K $2.072M
Free Cash Flow -$5.050M -$12.43M -$16.80M
YoY Change -46.44% -25.97% 39.52%

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-2072000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
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1110000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
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168000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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1110000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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168000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-4931000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-16629000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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55513000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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110463000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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50582000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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93834000
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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58000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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638000
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses judgment when making estimates related to provisions for accounts receivable and excess and obsolete inventories, the valuation of deferred tax assets, the reserves for sales returns, and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that are believed 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. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p>
CY2022Q4 us-gaap Restricted Cash Noncurrent
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CY2023Q1 us-gaap Restricted Cash Noncurrent
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CY2022Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Writeoff
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Concentration of Credit Risk, and Other Risks and Uncertainties</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, investments and accounts receivable to the extent of the amounts recorded on the balance sheet. Cash, cash equivalents, and investments are deposited in financial institutions which, at times, may be in excess of federally insured limits. Cash equivalents are invested in highly rated money market funds. The Company invests in a variety of financial instruments, such as, but not limited to, commercial paper, corporate bonds/notes, U.S. government securities, U.S. treasury bills, agency bonds/notes and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. The Company has not experienced any material losses on its deposits of cash and cash equivalents or investments during the three months ended March 31, 2023 and 2022.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As of March 31, 2023 and December 31, 2022, a portion of the Company’s cash and cash equivalents was maintained with Silicon Valley Bank, or SVB, and exceeded federally insured limits. Substantially all of the Company’s cash equivalents and investments reside in a custodial account held by a third party, in which SVB Asset Management is the advisor. On March 10, 2023, SVB was shut down and placed under receivership with the Federal Deposit Insurance Corporation, or FDIC, by the California Department of Financial Protection and Innovation. On March 26, 2023, the FDIC announced it had entered into a purchase and assumption agreement with First-Citizens Bank &amp; Trust Company under which all of SVB’s deposits were assumed. As of the issuance date of these financial statements, the Company has not experienced any losses on its deposits and all of the Company’s cash deposited with SVB has been accessible to the Company.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company’s accounts receivable are due from a variety of hospitals and medical centers in the United States. As of March 31, 2023 and December 31, 2022, no customer represented 10% or more of the Company’s accounts receivable. For the three months ended March 31, 2023 and 2022, there were no customers that represented 10% or more of revenue.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company provides for uncollectible amounts when specific credit problems are identified. In doing so, the Company analyzes historical bad debt trends, customer credit worthiness, current economic trends and changes in customer payment patterns when evaluating the adequacy of the allowance for expected credit losses on customer accounts.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company manufactures certain of its commercial products in-house. Certain of the Company’s product components and sub-assemblies continue to be manufactured by sole suppliers, the most significant of which is the ENROUTE Transcarotid Stent System, manufactured by Cordis Corporation, or Cordis. Disruption in component or sub-assembly supply from these manufacturers or from in-house production would have a negative impact on the Company’s financial position and results of operations.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is subject to certain risks, including that its devices may not be approved or cleared for marketing by governmental authorities or be successfully marketed. There can be no assurance that the Company’s products will achieve widespread adoption in the marketplace, nor can there be any assurance that existing devices or any future devices can be developed or manufactured at an acceptable cost and with appropriate performance characteristics. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, dependence upon government and third-party payers to provide adequate coverage and reimbursement, dependence on key personnel and suppliers, protection of proprietary technology, product liability claims, and compliance with government regulations.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Existing or future devices developed by the Company may require approvals or clearances from the U.S. Food and Drug Administration, or FDA, or international regulatory agencies. In addition, in order to continue the Company’s operations, compliance with various federal and state laws is required. If the Company were denied or delayed in receiving such approvals or clearances, it may be necessary to adjust operations to align with the Company’s </span><span style="white-space:pre-wrap; background: #FFFFFF;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">currently approved portfolio. If clearance for the products in the current portfolio </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">were withdrawn by the FDA, this would have a material adverse impact on the Company.</span>
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P6Y4M28D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
112755000
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
144474
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.69
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
5531
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
53.57
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3689853
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.82
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M23D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
63056000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2888982
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.17
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M24D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
60800000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3689853
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
24.82
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y2M23D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
63056000
CY2023Q1 silk Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformance
1
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8838000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4978000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
14142000
CY2023Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
683000
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
589000

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0001397702-23-000036.txt Edgar Link pending
0001397702-23-000036-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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silk-20230331x10q.htm Edgar Link pending
silk-20230331xex10_1.htm Edgar Link pending
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silk-20230331x10q_htm.xml Edgar Link completed