2023 Q1 Form 10-K Financial Statement

#000095017023010976 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $12.67M $8.632M $67.77M
YoY Change 114.92% -18.98% 9.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.51M $14.72M $59.54M
YoY Change 3.15% -6.62% 6.32%
% of Gross Profit
Research & Development $39.40M $43.14M $137.2M
YoY Change 31.37% 44.13% 31.39%
% of Gross Profit
Depreciation & Amortization $1.615M $1.528M $5.700M
YoY Change 21.7% 16.2% 18.75%
% of Gross Profit
Operating Expenses $54.91M $57.85M $196.7M
YoY Change 21.95% 26.62% 22.64%
Operating Profit -$42.24M -$128.9M
YoY Change 7.93% 30.87%
Interest Expense -$7.418M $14.63M $12.24M
YoY Change -33818.18% -573.55% -274.49%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$49.66M -$34.59M -$116.7M
YoY Change 26.96% -9.26% 10.58%
Income Tax $400.0K $0.00 $2.500M
% Of Pretax Income
Net Earnings -$50.05M -$34.59M -$119.2M
YoY Change 27.97% -9.26% 12.95%
Net Earnings / Revenue -394.9% -400.76% -175.89%
Basic Earnings Per Share -$0.85 -$2.35
Diluted Earnings Per Share -$0.85 -$0.61 -$2.35
COMMON SHARES
Basic Shares Outstanding 60.16M 57.48M 50.74M
Diluted Shares Outstanding 58.72M 50.74M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $276.5M $334.4M $334.4M
YoY Change 32.2% 68.92% 68.92%
Cash & Equivalents $62.47M $47.25M $47.25M
Short-Term Investments $214.0M $287.1M $287.1M
Other Short-Term Assets $17.70M $11.67M $11.67M
YoY Change 123.69% 43.63% 43.63%
Inventory
Prepaid Expenses
Receivables $9.873M $7.122M $7.122M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $304.1M $353.2M $353.2M
YoY Change 32.93% 61.61% 61.61%
LONG-TERM ASSETS
Property, Plant & Equipment $24.03M $24.62M $51.06M
YoY Change 3.2% 9.18% -1.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $3.250M $1.855M $2.727M
YoY Change 90.62% 12.08% 7.91%
Total Long-Term Assets $53.95M $53.79M $53.79M
YoY Change -28.0% -56.23% -56.23%
TOTAL ASSETS
Total Short-Term Assets $304.1M $353.2M $353.2M
Total Long-Term Assets $53.95M $53.79M $53.79M
Total Assets $358.0M $406.9M $406.9M
YoY Change 17.89% 19.2% 19.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.058M $4.797M $4.797M
YoY Change -52.75% -57.65% -57.65%
Accrued Expenses $6.356M $13.14M $32.49M
YoY Change 17.53% 15.11% 160.89%
Deferred Revenue $17.19M $16.76M
YoY Change 173.71% 204.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.24M $12.50M $12.50M
YoY Change 5.94% 33.33% 33.33%
Total Short-Term Liabilities $59.49M $66.55M $66.55M
YoY Change 53.47% 59.45% 59.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.771M $3.771M
YoY Change -100.0% -76.04% -76.04%
Other Long-Term Liabilities $113.1M $119.0K $119.6M
YoY Change 76850.34% -18.49% 281.19%
Total Long-Term Liabilities $113.1M $3.890M $123.3M
YoY Change 776.26% -75.51% 161.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.49M $66.55M $66.55M
Total Long-Term Liabilities $113.1M $3.890M $123.3M
Total Liabilities $172.6M $189.9M $189.9M
YoY Change 107.2% 113.74% 113.74%
SHAREHOLDERS EQUITY
Retained Earnings -$502.7M -$452.6M
YoY Change 34.95% 35.75%
Common Stock $688.2M $670.3M
YoY Change 15.85% 14.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $185.4M $217.0M $217.0M
YoY Change
Total Liabilities & Shareholders Equity $358.0M $406.9M $406.9M
YoY Change 17.89% 19.2% 19.2%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$50.05M -$34.59M -$119.2M
YoY Change 27.97% -9.26% 12.95%
Depreciation, Depletion And Amortization $1.615M $1.528M $5.700M
YoY Change 21.7% 16.2% 18.75%
Cash From Operating Activities -$60.99M -$23.86M $3.549M
YoY Change 73.0% 10.58% -104.35%
INVESTING ACTIVITIES
Capital Expenditures $942.0K $3.367M $7.858M
YoY Change -160.66% -232.72% -151.28%
Acquisitions
YoY Change
Other Investing Activities $68.39M -$34.52M -$27.16M
YoY Change 98.04% -248.02% -66.87%
Cash From Investing Activities $67.45M -$37.88M -$35.02M
YoY Change 104.51% -282.29% -64.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $56.27M
YoY Change 803757.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.758M 12.22M 48.31M
YoY Change 1052.37% 2315.22% 1383.81%
NET CHANGE
Cash From Operating Activities -60.99M -23.86M 3.549M
Cash From Investing Activities 67.45M -37.88M -35.02M
Cash From Financing Activities 8.758M 12.22M 48.31M
Net Change In Cash 15.22M -49.53M 16.84M
YoY Change -1105.82% 16802.73% -109.58%
FREE CASH FLOW
Cash From Operating Activities -$60.99M -$23.86M $3.549M
Capital Expenditures $942.0K $3.367M $7.858M
Free Cash Flow -$61.93M -$27.23M -$4.309M
YoY Change 83.77% 43.0% -93.51%

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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Marketable Securities
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CY2022 stro Proceeds From Sales Of Marketable Securities
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CY2021 stro Proceeds From Sales Of Marketable Securities
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CY2022 us-gaap Proceeds From Sale Of Equity Securities Fv Ni
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CY2022 stro Payments To Acquire Equipment And Leasehold Improvements
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CY2021 stro Proceeds From Exercise Of Options For Vaxcyte Shares
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Proceeds From Issuance Of Debt
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CY2020 us-gaap Repayments Of Debt
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2020 us-gaap Proceeds From Stock Options Exercised
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2021 us-gaap Proceeds From Stock Plans
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CY2020 us-gaap Proceeds From Stock Plans
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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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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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 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
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2020 us-gaap Interest Paid Net
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CY2021 us-gaap Income Taxes Paid Net
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103000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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280000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
370000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
546000
CY2021 stro Remeasurement Of Operating Lease Right Of Use Assets For Lease Modification
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CY2020 stro Offering Costs Included In Accounts Payable
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CY2022 stro Financing Component Associated With Program Fees
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CY2021 stro Financing Component Associated With Program Fees
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CY2020 stro Financing Component Associated With Program Fees
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CY2022 stro Stock Received During Period Shares
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CY2021 stro Stock Received During Period Shares
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CY2020 stro Stock Received During Period Shares
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CY2022Q4 us-gaap Investment Owned At Fair Value
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CY2020 stro Warrants Issued To Lenders
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CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">1. Organization and Principal Activities</span></p><p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Description of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Sutro Biopharma, Inc. (the “Company”), is a clinical-stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs. The Company was incorporated on </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">April 21, 2003</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and is headquartered in </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">South San Francisco</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">California</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company operates in </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> business segment, the development of biopharmaceutical products.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">At-The-Market Sales</span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">During the year ended December 31, 2022, the Company sold an aggregate of </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">10,285,160</span><span style="background-color:rgba(0,0,0,0);color:rgba(255,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">shares of its common stock through its At-the-Market Facility (“ATM Facility”) pursuant to its Open Market Sales Agreement</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">SM</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> dated April 2, 2021 with Jefferies LLC (“Jefferies”), as sales agent (the “Sales Agreement”).</span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">During the year ended December 31, 2022, the gross proceeds from these sales were approximately $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">58.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million, before deducting fees of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">2.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million, resulting in net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">56.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million, to the Company.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Liquidity</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company has incurred significant losses to date and had negative cash flows from operations in the years prior to the year ended December 31, 2022. As of December 31, 2022, there was an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">452.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million. Management expects to continue to incur additional </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">substantial</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> losses in the foreseeable future as a result of the Company’s research and development and other operational activities.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">As of December 31, 2022, the Company had unrestricted cash, cash equivalents and marketable securities of $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">302.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million and equity securities of $</span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">32.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> million, consisting solely of common stock of Vaxcyte, which are available to fund future operations. The Company will need to raise additional capital to support the completion of its research and development activities and to support its operations.</span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company believes that its unrestricted cash, cash equivalents, marketable securities and equity securities as of December 31, 2022 will enable the Company to maintain its operations for a period of at least </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">12</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> months following the filing date of these financial statements.</span></p>
CY2022 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2003-04-21
CY2022 dei Entity Address City Or Town
EntityAddressCityOrTown
South San Francisco
CY2022 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2022 us-gaap Number Of Operating Segments
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1
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CY2022 us-gaap Substantial Doubt About Going Concern Within One Year
SubstantialDoubtAboutGoingConcernWithinOneYear
false
CY2022Q4 stro Unrestricted Cash Cash Equivalents And Marketable Securities At Carrying Value
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CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Prior Period Reclassifications</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The prior period presentation of interest and other income (expense), net and provision for income taxes have been updated to conform to current period presentation. The reclassifications had no effect on prior years' net loss.</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The prior period presentation of accounts payable and accrued expenses and other current liabilities have been updated to conform to current period presentation. Accordingly, adjustments have been made to the Balance Sheets and Statements of Cash Flows. The reclassifications had no effect on </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">prior years' net loss.</span></p>
CY2022Q4 us-gaap Restricted Cash Noncurrent
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CY2021Q4 us-gaap Restricted Cash Noncurrent
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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47254000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Cash and cash equivalents and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk, to the extent of the amounts recorded on the Balance Sheets. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds, government obligations and/or commercial paper with short maturities.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company performs a regular review of its collaborators’ credit risk and payment histories when circumstances warrant, including payments made subsequent to year-end. When appropriate, the Company provides for an allowance for credit risks by reserving for specifically identified doubtful accounts, although historically the Company has not experienced credit losses from its accounts receivable</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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0
CY2021 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2020 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2020 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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10000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
626000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
228883000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
314000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
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CY2021Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
68800000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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176500000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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600000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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300000
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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16800000
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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62526000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
55976000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
37905000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33426000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24621000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22550000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5700000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4800000
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4300000
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
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CY2021Q4 us-gaap Interest Payable Current And Noncurrent
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200000
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InterestExpenseDebt
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InterestExpenseDebt
2600000
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InterestExpenseDebt
2300000
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DebtInstrumentInterestRateDuringPeriod
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DebtInstrumentInterestRateDuringPeriod
0.0807
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DebtInstrumentInterestRateDuringPeriod
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AmortizationOfDebtDiscountPremium
500000
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600000
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500000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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25000000
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CY2022Q4 us-gaap Long Term Debt
LongTermDebt
16271000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
25113000
CY2022Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
9375000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3771000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15738000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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13312000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4126000
CY2022Q4 stro Debt Instrument Including Interest And Final Payment
DebtInstrumentIncludingInterestAndFinalPayment
17438000
CY2022Q4 stro Debt Instrument Interest Payable
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855000
CY2022Q4 stro Debt Instrument Final Payment
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958000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1610000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
2089000
CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2021 us-gaap Operating Lease Expense
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Operating Lease Payments
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022 us-gaap Common Stock Voting Rights
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 stro Accrued Expenses And Other Current Liabilities
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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