2022 Q3 Form 10-Q Financial Statement
#000156459022028440 Filed on August 08, 2022
Income Statement
| Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
|---|---|---|---|
| Revenue | $2.905M | $3.231M | $3.000M |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $9.944M | $10.11M | $9.486M |
| YoY Change | 19.45% | 27.44% | 37.28% |
| % of Gross Profit | |||
| Research & Development | $20.11M | $18.36M | $18.31M |
| YoY Change | 40.05% | 30.24% | 84.75% |
| % of Gross Profit | |||
| Depreciation & Amortization | $388.0K | $302.0K | $247.0K |
| YoY Change | 52.76% | 23.27% | 4.66% |
| % of Gross Profit | |||
| Operating Expenses | $30.05M | $28.47M | $27.80M |
| YoY Change | 32.49% | 29.23% | 65.18% |
| Operating Profit | -$27.15M | -$25.24M | -$24.80M |
| YoY Change | 19.68% | 14.57% | 47.35% |
| Interest Expense | $995.0K | $544.0K | $104.0K |
| YoY Change | 2161.36% | 1500.0% | 420.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $1.037M | $586.0K | $146.0K |
| YoY Change | 2369.05% | 845.16% | 329.41% |
| Pretax Income | -$26.11M | -$24.65M | -$24.65M |
| YoY Change | 15.55% | 12.22% | 46.81% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$26.11M | -$24.65M | -$24.65M |
| YoY Change | 15.55% | 12.22% | 46.78% |
| Net Earnings / Revenue | -898.83% | -762.98% | -821.63% |
| Basic Earnings Per Share | -$0.66 | -$0.63 | -$0.66 |
| Diluted Earnings Per Share | -$0.63 | -$0.63 | -$658.2K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 39.42M | 39.26M | 37.45M |
| Diluted Shares Outstanding | 39.26M | 39.26M | 37.45M |
Balance Sheet
| Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $251.7M | $275.6M | $293.2M |
| YoY Change | 6.56% | 9.71% | 9.61% |
| Cash & Equivalents | $113.4M | $67.75M | $84.11M |
| Short-Term Investments | $138.3M | $207.9M | $209.1M |
| Other Short-Term Assets | $12.55M | $13.18M | $12.29M |
| YoY Change | 43.74% | 48.48% | 57.56% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $264.6M | $289.2M | $305.8M |
| YoY Change | 8.03% | 11.12% | 11.07% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $7.161M | $5.868M | $9.598M |
| YoY Change | -13.4% | 41.67% | 166.61% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $569.0K | $569.0K | $569.0K |
| YoY Change | 0.0% | 658.67% | 469.0% |
| Total Long-Term Assets | $13.03M | $12.27M | $10.17M |
| YoY Change | 47.37% | 190.92% | 182.42% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $264.6M | $289.2M | $305.8M |
| Total Long-Term Assets | $13.03M | $12.27M | $10.17M |
| Total Assets | $277.6M | $301.4M | $315.9M |
| YoY Change | 9.4% | 13.98% | 13.28% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.911M | $3.602M | $3.328M |
| YoY Change | 191.76% | 274.04% | 121.87% |
| Accrued Expenses | $13.62M | $12.66M | $10.59M |
| YoY Change | 24.94% | 90.48% | 211.32% |
| 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 | $28.80M | $27.65M | $22.91M |
| YoY Change | 142.3% | 237.31% | 274.88% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $3.610M | $4.247M | $53.06M |
| YoY Change | -17.47% | 258.7% | 17585.33% |
| Total Long-Term Liabilities | $44.69M | $49.46M | $53.06M |
| YoY Change | 921.67% | 4077.11% | 15832.73% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $28.80M | $27.65M | $22.91M |
| Total Long-Term Liabilities | $44.69M | $49.46M | $53.06M |
| Total Liabilities | $73.48M | $77.11M | $75.96M |
| YoY Change | 351.98% | 721.94% | 1078.97% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$271.5M | -$245.4M | |
| YoY Change | |||
| Common Stock | $4.000K | $4.000K | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $204.1M | $224.3M | $240.0M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $277.6M | $301.4M | $315.9M |
| YoY Change | 9.4% | 13.98% | 13.28% |
Cashflow Statement
| Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$26.11M | -$24.65M | -$24.65M |
| YoY Change | 15.55% | 12.22% | 46.78% |
| Depreciation, Depletion And Amortization | $388.0K | $302.0K | $247.0K |
| YoY Change | 52.76% | 23.27% | 4.66% |
| Cash From Operating Activities | -$22.06M | -$19.93M | $32.49M |
| YoY Change | 50.22% | 25.91% | -261.36% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$2.030M | -$682.0K | $841.0K |
| YoY Change | 643.59% | 30.15% | 312.25% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $69.29M | $828.0K | -$134.9M |
| YoY Change | -1488.38% | -101.01% | |
| Cash From Investing Activities | $67.26M | $146.0K | -$135.8M |
| YoY Change | -1377.81% | -100.18% | 66459.8% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 434.0K | 3.425M | 42.51M |
| YoY Change | 6.37% | 2109.68% | 7685.16% |
| NET CHANGE | |||
| Cash From Operating Activities | -22.06M | -19.93M | 32.49M |
| Cash From Investing Activities | 67.26M | 146.0K | -135.8M |
| Cash From Financing Activities | 434.0K | 3.425M | 42.51M |
| Net Change In Cash | 45.64M | -16.36M | -103.3M |
| YoY Change | -333.61% | -83.38% | 421.83% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$22.06M | -$19.93M | $32.49M |
| Capital Expenditures | -$2.030M | -$682.0K | $841.0K |
| Free Cash Flow | -$20.03M | -$19.25M | $31.65M |
| YoY Change | 38.98% | 25.77% | -255.6% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q2 | us-gaap |
Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
|
http://fasb.org/us-gaap/2022#LiabilitiesCurrent | |
| CY2022Q2 | us-gaap |
Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
|
http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent | |
| CY2022Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P2Y7M6D | |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
39258358 | |
| CY2021Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36708188 | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38358936 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
36675876 | ||
| CY2022Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.63 | |
| CY2021Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.60 | |
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.29 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.06 | ||
| us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
169000 | ||
| us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
175000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
419000 | ||
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-29000 | ||
| stok |
Reduction In Carrying Amount Of Operating Lease Right Of Use Assets
ReductionInCarryingAmountOfOperatingLeaseRightOfUseAssets
|
548000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
4236000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2301000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-2383000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-3155000 | ||
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
55844000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
12563000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-35967000 | ||
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
196484000 | ||
| CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
217777000 | |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-24649000 | |
| CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
4975000 | |
| CY2022Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-516000 | |
| CY2022Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
93000 | |
| CY2022Q1 | stok |
Shares Sold As Part Of Controlled Equity Offering Sales Agreement Value
SharesSoldAsPartOfControlledEquityOfferingSalesAgreementValue
|
42128000 | |
| CY2022Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
169000 | |
| CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
239977000 | |
| CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-24652000 | |
| CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
6163000 | |
| CY2022Q2 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-592000 | |
| CY2022Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
326000 | |
| CY2022Q2 | stok |
Shares Sold As Part Of Controlled Equity Offering Sales Agreement Value
SharesSoldAsPartOfControlledEquityOfferingSalesAgreementValue
|
3099000 | |
| us-gaap |
Profit Loss
ProfitLoss
|
-49301000 | ||
| us-gaap |
Profit Loss
ProfitLoss
|
-38760000 | ||
| us-gaap |
Depreciation
Depreciation
|
485000 | ||
| stok |
Amortization And Accretion Of Marketable Securities
AmortizationAndAccretionOfMarketableSecurities
|
42000 | ||
| stok |
Amortization And Accretion Of Marketable Securities
AmortizationAndAccretionOfMarketableSecurities
|
37000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
11138000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7150000 | ||
| us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
82235000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1523000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
724000 | ||
| us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
62371000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-135636000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-82959000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
532000 | ||
| stok |
Proceeds From Controlled Equity Offering Sales Agreement
ProceedsFromControlledEquityOfferingSalesAgreement
|
45344000 | ||
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-2000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
45932000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
705000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-77141000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-118221000 | ||
| CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
145464000 | |
| CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
287513000 | |
| CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
68323000 | |
| CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
169292000 | |
| stok |
Right Of Use Assets Recognized In Exchange For Operating Leases
RightOfUseAssetsRecognizedInExchangeForOperatingLeases
|
1802000 | ||
| stok |
Right Of Use Assets Recognized In Exchange For Operating Leases
RightOfUseAssetsRecognizedInExchangeForOperatingLeases
|
690000 | ||
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
754000 | ||
| dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, expenses and disclosure of contingent assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.</p> | ||
| CY2022Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
67754000 | |
| CY2021Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
169070000 | |
| CY2021Q2 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
147000 | |
| CY2022Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
569000 | |
| CY2021Q2 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
75000 | |
| CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
68323000 | |
| CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
169292000 | |
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of credit risk </p> <p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents. The Company maintains its cash and cash equivalents at an accredited financial institution in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> | ||
| us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Revenue recognition</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes revenue in accordance with ASC Topic 606, <span style="font-style:italic;">Revenue from Contracts with Customers</span>, or ASC 606. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2022, the Company entered into a collaboration and licensing agreement with Acadia Pharmaceuticals, Inc. (“Acadia”) which is within the scope of ASC 606 (see Note 7). In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under this agreement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for this arrangement, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company’s condensed consolidated balance sheets. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s condensed consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Upfront license fees</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The licenses of the Company’s intellectual property granted to Acadia was not determined to be distinct from the other promises or performance obligations identified in the arrangement. Accordingly, such licenses are therefore combined with other promises in the arrangement. The Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><span style="font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Customer options</span></p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. No such material rights were identified in the arrangement with Acadia. If such material rights were identified, then the Company would allocate the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized or begin to be recognized as revenue until, at the earliest, the option is exercised. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Research and development services</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The promises under the Company’s collaboration agreement with Acadia includes research and development services to be performed by the Company for or on behalf of the customer. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Milestone payments</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At the inception of the Acadia arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. The development milestones in the Acadia arrangement are not considered probable of achievement at the outset of the arrangement.</p> | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
|
0 | ||
| CY2021 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
|
0 | |
| CY2022Q2 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
209152000 | |
| CY2022Q2 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
1276000 | |
| CY2022Q2 | us-gaap |
Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
|
207876000 | |
| CY2021Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
75083000 | |
| CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
168000 | |
| CY2021Q4 | us-gaap |
Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
|
74915000 | |
| CY2022Q2 | us-gaap |
Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
|
0 | |
| CY2022Q2 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
2968000 | |
| CY2021Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
5383000 | |
| CY2022Q2 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1352000 | |
| CY2021Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
523000 | |
| CY2022Q2 | stok |
Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
|
6263000 | |
| CY2021Q4 | stok |
Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
|
6801000 | |
| CY2022Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
2080000 | |
| CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
1507000 | |
| CY2022Q2 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
750000 | |
| CY2021Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
540000 | |
| CY2022Q2 | stok |
Accrued And Other Current Liabilities
AccruedAndOtherCurrentLiabilities
|
13413000 | |
| CY2021Q4 | stok |
Accrued And Other Current Liabilities
AccruedAndOtherCurrentLiabilities
|
14754000 | |
| CY2018Q3 | stok |
Area Of Space Subject To Operating Lease
AreaOfSpaceSubjectToOperatingLease
|
23000 | |
| CY2018Q3 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P3Y | |
| CY2018Q3 | stok |
Operating Lease Cost Per Year
OperatingLeaseCostPerYear
|
900000 | |
| CY2018Q3 | stok |
Annual Base Rent Increase Percentage For Operating Lease
AnnualBaseRentIncreasePercentageForOperatingLease
|
0.03 | |
| CY2018Q3 | stok |
Operating Lease Commencement Date
OperatingLeaseCommencementDate
|
2018-12-10 | |
| CY2018Q4 | stok |
Area Of Space Subject To Operating Lease
AreaOfSpaceSubjectToOperatingLease
|
2485 | |
| CY2018Q4 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P3Y | |
| CY2018Q4 | stok |
Number Of Renewal Option To Extend Operating Lease Terms
NumberOfRenewalOptionToExtendOperatingLeaseTerms
|
1 | |
| CY2018Q4 | us-gaap |
Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
|
P2Y | |
| CY2018Q4 | stok |
Operating Lease Cost Per Year
OperatingLeaseCostPerYear
|
200000 | |
| CY2018Q4 | stok |
Annual Base Rent Increase Percentage For Operating Lease
AnnualBaseRentIncreasePercentageForOperatingLease
|
0.025 | |
| CY2018Q4 | stok |
Operating Lease Commencement Date
OperatingLeaseCommencementDate
|
2019-05-01 | |
| CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
1044000 | |
| CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
2532000 | |
| CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
2608000 | |
| CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
172000 | |
| CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
6356000 | |
| CY2022Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
365000 | |
| CY2022Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
5991000 | |
| CY2022Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
5831000 | |
| CY2022Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
2080000 | |
| CY2022Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
3911000 | |
| CY2022Q2 | stok |
Operating Lease Liability Excluding Leases Entered Access Yet To Be Granted
OperatingLeaseLiabilityExcludingLeasesEnteredAccessYetToBeGranted
|
5991000 | |
| CY2022Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0465 | |
| CY2022Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
360400 | |
| CY2022Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
62200000 | |
| CY2022Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
62200000 | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P2Y10M9D | ||
| CY2022Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
6163000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
7150000 | ||
| CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-24652000 | |
| CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21967000 | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-49301000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-38760000 | ||
| CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
39258358 | |
| CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
36708188 | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38358936 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
36675876 | ||
| CY2022Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.63 | |
| CY2021Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.60 | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.29 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.06 | ||
| CY2022Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | ||
| CY2021Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | ||
| CY2021Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
66000000.0 | |
| CY2022Q2 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
| CY2021Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
| us-gaap |
Depreciation
Depreciation
|
549000 | ||
| stok |
Reduction In Carrying Amount Of Operating Lease Right Of Use Assets
ReductionInCarryingAmountOfOperatingLeaseRightOfUseAssets
|
910000 |
