$TMCI
TREACE MEDICAL CONCEPTS, INC.

2021 Q4 Form 10-Q Financial Statement

#000156459021054505 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $33.44M $21.62M $20.65M
YoY Change 38.75% 51.54% 166.85%
Cost Of Revenue $6.307M $4.248M $3.944M
YoY Change 23.91% 45.93% 88.71%
Gross Profit $27.13M $17.37M $16.71M
YoY Change 42.65% 52.98% 195.75%
Gross Profit Margin 81.14% 80.35% 80.9%
Selling, General & Admin $29.35M $20.29M $18.34M
YoY Change 118.07% 104.85% 196.27%
% of Gross Profit 108.18% 116.83% 109.75%
Research & Development $3.377M $2.537M $2.422M
YoY Change 75.89% 67.9% 147.14%
% of Gross Profit 12.45% 14.6% 14.49%
Depreciation & Amortization $276.0K $200.0K $100.0K
YoY Change -33.33% -75.0%
% of Gross Profit 1.02% 1.15% 0.6%
Operating Expenses $32.73M $22.83M $20.76M
YoY Change 112.8% 99.96% 189.55%
Operating Profit -$5.597M -$5.460M -$4.051M
YoY Change -253.76% 8566.67% 166.51%
Interest Expense -$1.022M $963.0K -$1.032M
YoY Change -4.49% 19.18% 124.35%
% of Operating Profit
Other Income/Expense, Net -$958.0K
YoY Change -63.04%
Pretax Income -$6.619M -$6.418M -$5.083M
YoY Change -357.55% 141.28% 158.02%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.619M -$6.418M -$5.083M
YoY Change -357.55% 141.73% 157.63%
Net Earnings / Revenue -19.79% -29.69% -24.61%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$122.9K -$121.6K -$103.3K
COMMON SHARES
Basic Shares Outstanding 53.17M 52.77M 39.90M
Diluted Shares Outstanding 52.77M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.8M $109.5M $119.6M
YoY Change
Cash & Equivalents $105.8M $109.5M $119.6M
Short-Term Investments
Other Short-Term Assets $3.010M $3.760M $3.512M
YoY Change
Inventory $10.56M $10.35M $7.643M
Prepaid Expenses
Receivables $18.57M $11.80M $10.05M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $138.0M $135.4M $140.8M
YoY Change 236.7%
LONG-TERM ASSETS
Property, Plant & Equipment $2.849M $2.225M $1.475M
YoY Change 243.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $2.849M $2.225M $1.475M
YoY Change 243.67%
TOTAL ASSETS
Total Short-Term Assets $138.0M $135.4M $140.8M
Total Long-Term Assets $2.849M $2.225M $1.475M
Total Assets $140.8M $137.6M $142.3M
YoY Change 236.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.056M $2.442M $2.921M
YoY Change 79.07%
Accrued Expenses $4.518M $2.824M $1.957M
YoY Change 144.48%
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 $18.21M $10.72M $9.865M
YoY Change 57.02%
LONG-TERM LIABILITIES
Long-Term Debt $29.37M $29.32M $29.28M
YoY Change 0.6%
Other Long-Term Liabilities $173.0K $173.0K $245.0K
YoY Change
Total Long-Term Liabilities $29.37M $29.32M $29.28M
YoY Change 0.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.21M $10.72M $9.865M
Total Long-Term Liabilities $29.37M $29.32M $29.28M
Total Liabilities $47.75M $40.22M $39.39M
YoY Change 16.37%
SHAREHOLDERS EQUITY
Retained Earnings -$41.91M -$35.29M
YoY Change 96.25%
Common Stock $45.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.07M $97.37M $102.9M
YoY Change
Total Liabilities & Shareholders Equity $140.8M $137.6M $142.3M
YoY Change 236.84%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$6.619M -$6.418M -$5.083M
YoY Change -357.55% 141.73% 157.63%
Depreciation, Depletion And Amortization $276.0K $200.0K $100.0K
YoY Change -33.33% -75.0%
Cash From Operating Activities -$3.752M -$9.264M -$3.731M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$939.0K -$670.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$900.0K -$939.0K -$670.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.026M 41.00K 107.8M
YoY Change
NET CHANGE
Cash From Operating Activities -3.752M -9.264M -3.731M
Cash From Investing Activities -900.0K -939.0K -670.0K
Cash From Financing Activities 1.026M 41.00K 107.8M
Net Change In Cash -3.626M -10.16M 103.4M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$3.752M -$9.264M -$3.731M
Capital Expenditures -$900.0K -$939.0K -$670.0K
Free Cash Flow -$2.852M -$8.325M -$3.061M
YoY Change

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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Nature Of Operations
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Formation and Business of the Company </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">The Company </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Treace Medical Concepts, LLC was formed on July 29, 2013. Effective July 1, 2014, the entity converted to a C Corporation and changed its name to Treace Medical Concepts, Inc. (the “Company”). The Company is a commercial-stage orthopaedic medical device company with the goal of advancing the standard of care for the surgical management of bunion deformities and related midfoot correction. Bunions are complex three-dimensional deformities that originate from an unstable joint in the middle of the foot. The Company has pioneered and patented the Lapiplasty® 3D Bunion Correction™ system – a combination of instruments, implants, and surgical methods designed to correct all 3 planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion and helping patients get back to their active lifestyles.  The Company recently expanded its offering with the Adductoplasty™ Midfoot Correction System, designed for reproducible correction of the midfoot which could provide further support to hallux valgus patients. The Company operates from its corporate headquarters located in Ponte Vedra, Florida. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company received 510(k) clearance for the Lapiplasty System in March 2015 and began selling its surgical medical devices in September 2015. </p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April <span style="color:#000000;">27</span>, 2021, the Company completed <span style="color:#000000;">its</span> initial public offering (“IPO”) <span style="color:#000000;">of 12,937,500 shares </span>of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, <span style="color:#000000;">6,953,125</span> shares of common stock were issued and sold by the Company (inclusive of 703,125 shares pursuant to the exercise of the underwriters’ <span style="color:#000000;">option) and 5,984,375 shares of common stock were sold by the selling stockholders named in the prospectus (inclusive of 984,375 shares pursuant to the exercise of the underwriters’ option),</span> at a <span style="color:#000000;">price to the public of $17.00 per share. </span>The Company received net proceeds of approximately $107.6<span style="color:#000000;"> </span>million<span style="color:#000000;">, after</span> deducting <span style="color:#000000;">underwriting </span>discounts and commissions of $8.3 million <span style="color:#000000;">and </span>offering <span style="color:#000000;">expenses payable by the Company</span> of $2.3 million. Upon the completion of the IPO, all 6,687,475 shares of Series A convertible preferred stock then outstanding were converted into shares of common stock on a one-to-one basis plus 158,447 shares of common stock were issued to pay accrued cumulative dividends on Series A convertible preferred stock of $2.5 million.</p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Forward Stock Split</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April<span style="color:#000000;"> </span>16, 2021, <span style="color:#000000;">in connection with the IPO, </span>the Company filed <span style="color:#000000;">an</span> Amended and Restated Certificate of Incorporation with the Delaware Secretary of State <span style="color:#000000;">to implement a 1.3375-for-1 forward stock split (the “</span>Forward Stock Split<span style="color:#000000;">”),</span> effective on April<span style="color:#000000;"> </span>16, 2021, whereby each 1.0 share of Class<span style="color:#000000;"> </span>A common stock issued and outstanding was reclassified as 1.3375 shares of Class<span style="color:#000000;"> </span>A common stock and each 1.0 <span style="color:#000000;">share of Series A convertible preferred stock (each a “</span>Preferred Share<span style="color:#000000;">”)</span> issued and outstanding was reclassified as 1.3375 Preferred Shares. <span style="color:#000000;">In connection with the Forward Stock Split, the</span> total number of shares of all classes of stock which the Company is authorized to issue was adjusted to 73,562,500, divided into 66,875,000 shares of Class<span style="color:#000000;"> </span>A common stock and 6,687,500 Preferred Shares. There was no adjustment to the par value of $0.001 per share. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split.<span style="color:#000000;"> In lieu of issuing fractional shares in connection with the Forward Stock Split, the Company is obligated to pay cash in an amount equal to the fair value of such fractional shares (as determined in good faith by the Company’s Board of Directors).</span></p> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.85%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Coronavirus Pandemic </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s operations have been impacted by the coronavirus (“COVID-19”) pandemic beginning in 2020. In response to COVID-19, certain states within the United States implemented shelter-in-place rules requiring certain businesses not deemed “essential” to close and requiring elective procedures to be delayed. The Company’s revenue growth was adversely impacted, particularly by the restrictions on elective procedures, from March 2020 through May 2020, when such restrictions were largely eased. In the third quarter of 2021, the Company experienced a softening in the demand for procedures as hospital capacity was constrained as a result of increased hospitalizations caused by the COVID-19 Delta variant, particular in Florida, Texas and other areas significantly impacted by COVID-19. In addition to constraints in </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">hospital capacity,</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> the Company continues to observe disruption from deferral of elective procedures and</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> hospital</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> staffing shortages. </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There is still uncertainty around the breadth and duration of business disruptions related to</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">COVID-19,</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as well as its impact on the United States and international economies</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, especially as </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">more potentially contagious and virulent </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">variants of the virus are spreading</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While the Company has experienced revenue growth during the pandemic, if states implement</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">shelter-in-place</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rules again</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> or medical facilities implement restrictions on elective surgeries</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the Company may be required to adjust its forecasted revenues and operating results.</span></p>
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2013-07-29
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;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:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long term assets, valuation of equity instruments, valuation of common stock, share-based compensation, deferred tax assets and related valuation allowances and impact of contingencies.</p>
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;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:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. Sales of the Lapiplasty System and ancillary products accounted for the Company’s revenue for the three and nine months ended September 30, 2021 and 2020. No single customer accounted for more than <span>10%</span> of revenue for the three and nine months ended September 30, 2021 and 2020. The Company’s accounts receivable are derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. At September 30, 2021, and December 31, 2020, no customer accounted for more than <span>10%</span> of accounts receivable. </p>
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DividendsPreferredStock
2500000
CY2020 us-gaap Dividends Preferred Stock
DividendsPreferredStock
2300000
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
Holders of the Preferred Shares were entitled to vote with holders of Class A Common Stock equal to the number of shares of Class A Common Stock into which the Preferred Shares were convertible.
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q3 tmci Common Stock Capital Shares Reserved For Future Grants
CommonStockCapitalSharesReservedForFutureGrants
238366816
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
247227031
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
30508135
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8081828
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
tmci Share Based Compensation By Share Based Payment Arrangement Shares Available For Grant Granted
ShareBasedCompensationByShareBasedPaymentArrangementSharesAvailableForGrantGranted
1787761
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
17.01
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
979616
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes option pricing model
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3629
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4910
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4245
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4753
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0088
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0018
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0067
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0042
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
839000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
125000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2116000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
582000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
8300000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4100000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-6418000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-2655000
us-gaap Net Income Loss
NetIncomeLoss
-13933000
us-gaap Net Income Loss
NetIncomeLoss
-6235000
CY2020Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
161000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
196000
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
479000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6418000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2816000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14129000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6714000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52766150
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37069294
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46603487
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37063446
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.18
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8860215
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15482633

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