$STRO
SUTRO BIOPHARMA, INC.

2023 Q2 Form 10-Q Financial Statement

#000095017023021976 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $10.41M $12.67M $5.897M
YoY Change -62.94% 114.92% -59.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.00M $15.51M $15.04M
YoY Change -0.95% 3.15% 35.36%
% of Gross Profit
Research & Development $41.59M $39.40M $29.99M
YoY Change 28.64% 31.37% 32.92%
% of Gross Profit
Depreciation & Amortization $1.731M $1.615M $1.327M
YoY Change 23.91% 21.7% 2.79%
% of Gross Profit
Operating Expenses $56.59M $54.91M $45.03M
YoY Change 19.2% 21.95% 33.74%
Operating Profit -$46.18M -$42.24M -$39.13M
YoY Change 138.29% 7.93% 105.86%
Interest Expense $8.248M -$7.418M $22.00K
YoY Change -299.56% -33818.18% -100.19%
% of Operating Profit
Other Income/Expense, Net -$442.0K
YoY Change
Pretax Income -$38.37M -$49.66M -$39.11M
YoY Change 63.21% 26.96% 28.82%
Income Tax $200.0K $400.0K $0.00
% Of Pretax Income
Net Earnings -$38.52M -$50.05M -$39.11M
YoY Change 48.1% 27.97% 28.83%
Net Earnings / Revenue -370.0% -394.9% -663.22%
Basic Earnings Per Share -$0.64 -$0.85 -$0.84
Diluted Earnings Per Share -$0.64 -$0.85 -$841.1K
COMMON SHARES
Basic Shares Outstanding 60.42M 60.16M 46.38M
Diluted Shares Outstanding 60.34M 58.72M 46.50M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $391.6M $276.5M $209.1M
YoY Change 73.57% 32.2% -16.74%
Cash & Equivalents $235.1M $62.47M $28.90M
Short-Term Investments $156.5M $214.0M $180.2M
Other Short-Term Assets $10.34M $17.70M $7.911M
YoY Change 26.08% 123.69% 5.48%
Inventory
Prepaid Expenses
Receivables $9.999M $9.873M $11.69M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $412.0M $304.1M $228.7M
YoY Change 24.27% 32.93% -14.01%
LONG-TERM ASSETS
Property, Plant & Equipment $23.64M $24.03M $23.29M
YoY Change 0.15% 3.2% 57.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.70M
YoY Change -72.25%
Other Assets $3.268M $3.250M $1.705M
YoY Change 70.12% 90.62% -45.0%
Total Long-Term Assets $52.91M $53.95M $74.93M
YoY Change -2.21% -28.0% -18.99%
TOTAL ASSETS
Total Short-Term Assets $412.0M $304.1M $228.7M
Total Long-Term Assets $52.91M $53.95M $74.93M
Total Assets $464.9M $358.0M $303.7M
YoY Change 20.56% 17.89% -15.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.856M $5.058M $10.71M
YoY Change -69.32% -52.75% 81.44%
Accrued Expenses $9.509M $6.356M $5.408M
YoY Change 22.73% 17.53% 20.18%
Deferred Revenue $18.04M $17.19M $6.279M
YoY Change 177.9% 173.71%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.20M $13.24M $12.50M
YoY Change -18.42% 5.94%
Total Short-Term Liabilities $67.13M $59.49M $38.76M
YoY Change 50.6% 53.47% 70.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $12.76M
YoY Change -100.0% -100.0% -48.33%
Other Long-Term Liabilities $243.1M $113.1M $147.0K
YoY Change 171068.31% 76850.34% -96.23%
Total Long-Term Liabilities $243.1M $113.1M $12.91M
YoY Change 2349.94% 776.26% -54.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.13M $59.49M $38.76M
Total Long-Term Liabilities $243.1M $113.1M $12.91M
Total Liabilities $310.2M $172.6M $83.30M
YoY Change 75.68% 107.2% 62.7%
SHAREHOLDERS EQUITY
Retained Earnings -$541.2M -$502.7M -$372.5M
YoY Change 35.81% 34.95% 44.27%
Common Stock $695.9M $688.2M $594.0M
YoY Change 14.28% 15.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.7M $185.4M $220.4M
YoY Change
Total Liabilities & Shareholders Equity $464.9M $358.0M $303.7M
YoY Change 20.56% 17.89% -15.29%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$38.52M -$50.05M -$39.11M
YoY Change 48.1% 27.97% 28.83%
Depreciation, Depletion And Amortization $1.731M $1.615M $1.327M
YoY Change 23.91% 21.7% 2.79%
Cash From Operating Activities -$31.20M -$60.99M -$35.26M
YoY Change 879.13% 73.0% 15.86%
INVESTING ACTIVITIES
Capital Expenditures $1.604M $942.0K -$1.553M
YoY Change -172.91% -160.66% -34.75%
Acquisitions
YoY Change
Other Investing Activities $67.76M $68.39M $34.54M
YoY Change 35.21% 98.04% -128.94%
Cash From Investing Activities $66.16M $67.45M $32.98M
YoY Change 38.07% 104.51% -127.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 137.7M 8.758M 760.0K
YoY Change 2409.77% 1052.37% -58.38%
NET CHANGE
Cash From Operating Activities -31.20M -60.99M -35.26M
Cash From Investing Activities 66.16M 67.45M 32.98M
Cash From Financing Activities 137.7M 8.758M 760.0K
Net Change In Cash 172.6M 15.22M -1.513M
YoY Change 243.77% -1105.82% -98.99%
FREE CASH FLOW
Cash From Operating Activities -$31.20M -$60.99M -$35.26M
Capital Expenditures $1.604M $942.0K -$1.553M
Free Cash Flow -$32.80M -$61.93M -$33.70M
YoY Change 3226.47% 83.77% 20.15%

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CY2022Q1 us-gaap Payments To Acquire Marketable Securities
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CY2022Q1 stro Proceeds From Maturities Of Marketable Securities
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CY2023Q1 stro Proceeds From Sales Of Marketable Securities
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CY2022Q1 stro Proceeds From Sales Of Marketable Securities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022Q1 us-gaap Proceeds From Stock Plans
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 stro Financing Component Associated With Program Fees
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CY2023Q1 stro Deferred Offering Cost Included In Accounts Payable And Accrued Expenses
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101000
CY2022Q1 stro Deferred Offering Cost Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostIncludedInAccountsPayableAndAccruedExpenses
28000
CY2023Q1 us-gaap Nature Of Operations
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<p style="text-indent:0.0%;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:0.0%;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:3.333%;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;">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:3.333%;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 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:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:3.333%;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;">During the three months ended March 31, 2023, 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;">1,641,374</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><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:3.333%;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;">During the three months ended March 31, 2023, 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;">11.2</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;">0.3</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, 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;">10.9</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></p><p style="text-indent:0.0%;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></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 Company has incurred significant losses and has negative cash flows from operations. As of March 31, 2023, the Company had 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;">502.7</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:3.333%;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;">As of March 31, 2023, 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;">251.5</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;">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;">25.0</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:3.333%;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 Company believes that its unrestricted cash, cash equivalents, marketable securities and equity securities</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;"> as of March 31, 2023 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 its condensed financial statements.</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>
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2003-04-21
CY2023Q1 dei Entity Address City Or Town
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South San Francisco
CY2023Q1 dei Entity Address State Or Province
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CA
CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q1 us-gaap Substantial Doubt About Going Concern Within One Year
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CY2022Q1 us-gaap Restricted Cash Noncurrent
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63344000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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29773000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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10000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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117000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
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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
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626000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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139500000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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100000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2022Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P12M
CY2023Q1 us-gaap Common Stock Voting Rights
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one vote per share
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
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100000
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
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CY2022Q1 us-gaap Interest Expense Debt
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CY2022Q1 us-gaap Lease Cost
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1500000
CY2023Q1 us-gaap Operating Lease Payments
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1700000
CY2022Q1 us-gaap Operating Lease Payments
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400000
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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42302000
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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10000000
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10000000
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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6974000
CY2023Q1 us-gaap Income Tax Expense Benefit
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400000
CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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46499602
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46499602
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13850196
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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11062469

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