2021 Q4 Form 10-K Financial Statement

#000155837022003614 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.098M $15.20M $1.997M
YoY Change 205.36% 173.15%
% of Gross Profit
Research & Development $12.36M $35.93M $6.656M
YoY Change 85.73% 70.25%
% of Gross Profit
Depreciation & Amortization $364.0K $1.100M $98.00K
YoY Change 271.43% 266.67%
% of Gross Profit
Operating Expenses $18.46M $51.13M $8.653M
YoY Change 113.34% 91.72%
Operating Profit -$51.13M
YoY Change 91.72%
Interest Expense $13.00K -$31.00K -$20.00K
YoY Change -165.0% -121.53%
% of Operating Profit
Other Income/Expense, Net -$31.00K
YoY Change -121.53%
Pretax Income -$18.45M -$51.16M -$8.673M
YoY Change 112.69% 92.88%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.45M -$51.16M -$8.673M
YoY Change 112.69% 92.88%
Net Earnings / Revenue
Basic Earnings Per Share -$8.16
Diluted Earnings Per Share -$2.943M -$8.16 -$290.2K
COMMON SHARES
Basic Shares Outstanding 31.21M 6.268M
Diluted Shares Outstanding 6.268M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.1M $291.1M
YoY Change 645.46%
Cash & Equivalents $291.1M $291.1M $39.05M
Short-Term Investments
Other Short-Term Assets $7.636M $7.636M
YoY Change 744.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $298.7M $298.7M $39.95M
YoY Change 647.7% 647.7%
LONG-TERM ASSETS
Property, Plant & Equipment $6.261M $6.261M $3.037M
YoY Change 106.16% 106.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $872.0K $872.0K $541.0K
YoY Change 61.18% 61.18%
Total Long-Term Assets $7.133M $7.133M $3.578M
YoY Change 99.36% 99.36%
TOTAL ASSETS
Total Short-Term Assets $298.7M $298.7M $39.95M
Total Long-Term Assets $7.133M $7.133M $3.578M
Total Assets $305.8M $305.8M $43.53M
YoY Change 602.63% 602.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $706.0K $706.0K $1.602M
YoY Change -55.93% -55.93%
Accrued Expenses $6.013M $6.013M $1.757M
YoY Change 242.23% 242.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.719M $6.719M $3.359M
YoY Change 100.03% 100.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $396.0K $396.0K
YoY Change
Total Long-Term Liabilities $396.0K $396.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.719M $6.719M $3.359M
Total Long-Term Liabilities $396.0K $396.0K
Total Liabilities $7.115M $7.115M $3.359M
YoY Change 111.82% 111.82%
SHAREHOLDERS EQUITY
Retained Earnings -$93.67M -$42.51M
YoY Change 120.34%
Common Stock $3.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $298.7M $298.7M -$41.49M
YoY Change
Total Liabilities & Shareholders Equity $305.8M $305.8M $43.53M
YoY Change 602.63% 602.63%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$18.45M -$51.16M -$8.673M
YoY Change 112.69% 92.88%
Depreciation, Depletion And Amortization $364.0K $1.100M $98.00K
YoY Change 271.43% 266.67%
Cash From Operating Activities -$20.54M -$50.86M -$6.624M
YoY Change 210.1% 98.91%
INVESTING ACTIVITIES
Capital Expenditures -$1.322M $4.580M -$1.451M
YoY Change -8.89% 97.58%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.322M -$4.580M -$1.451M
YoY Change -8.89% 97.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.8M 307.5M 149.0K
YoY Change 127923.49% 513.83%
NET CHANGE
Cash From Operating Activities -20.54M -50.86M -6.624M
Cash From Investing Activities -1.322M -4.580M -1.451M
Cash From Financing Activities 190.8M 307.5M 149.0K
Net Change In Cash 168.9M 252.0M -7.926M
YoY Change -2230.86% 1035.17%
FREE CASH FLOW
Cash From Operating Activities -$20.54M -$50.86M -$6.624M
Capital Expenditures -$1.322M $4.580M -$1.451M
Free Cash Flow -$19.22M -$55.44M -$5.173M
YoY Change 271.53% 98.8%

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CY2021 trda Vesting Of Options Early Exercised Subject To Repurchase
VestingOfOptionsEarlyExercisedSubjectToRepurchase
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CY2020 trda Vesting Of Options Early Exercised Subject To Repurchase
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CY2020 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to accrual and prepayment of research and development expenses and stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</p>
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
0
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk and Off-Balance Sheet Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits.</p>
CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Litigation Reserve
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0
CY2021Q4 us-gaap Litigation Reserve
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CY2021 us-gaap Guarantees Indemnifications And Warranties Policies
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Indemnification Agreements</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations (CROs), business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.</p>
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
85299885
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1416000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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377000
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
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81658000
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
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88377000
CY2020Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2021 us-gaap Preferred Stock Dividend Rate Percentage
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0.08
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291100000
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2021Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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19185183
CY2021Q4 us-gaap Property Plant And Equipment Net
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6261000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021 us-gaap Depreciation
Depreciation
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CY2020 us-gaap Depreciation
Depreciation
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CY2021Q4 us-gaap Employee Related Liabilities Current
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4077000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1482000
CY2021Q4 trda Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1032000
CY2020Q4 trda Accrued External Research And Development Expenses Current
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CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2020Q4 us-gaap Accrued Professional Fees Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2020Q4 us-gaap Accrued Liabilities Current
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CY2021 us-gaap Preferred Stock Dividend Rate Percentage
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0.08
CY2020 us-gaap Dividends Preferred Stock
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0
CY2021 us-gaap Dividends Preferred Stock
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0
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3
CY2021Q4 us-gaap Common Stock Shares Authorized
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CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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1
CY2020Q4 us-gaap Common Stock Shares Authorized
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CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q4 trda Number Of Votes Per Share Of Common Stock
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CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2021Q4 us-gaap Preferred Stock Shares Authorized
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CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2021Q4 trda Share Based Compensation Arrangement By Share Based Payment Award Options Early Exercised Nonvested Amount
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsEarlyExercisedNonvestedAmount
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CY2020Q4 trda Share Based Compensation Arrangement By Share Based Payment Award Options Early Exercised Nonvested Amount
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsEarlyExercisedNonvestedAmount
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CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13240000
CY2021Q4 trda Operating Loss Carryforwards Subject To Expiration
OperatingLossCarryforwardsSubjectToExpiration
3200000
CY2021Q4 trda Operating Loss Carryforwards Limitation On Use Amount
OperatingLossCarryforwardsLimitationOnUseAmount
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CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
6000000.0
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
1900000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.061
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.062
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.003
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.002
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.307
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
25124000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
11214000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
3237000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
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CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
432000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
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313000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
430000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
80000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
137000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
76000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
29689000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13351000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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261000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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111000
CY2021Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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CY2021Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2020Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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8526000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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8384000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020 trda Expenses Relating To Milestone Obligation
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0
CY2021 trda Expenses Relating To Milestone Obligation
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0
CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1105260
CY2021 us-gaap Earnings Per Share Basic
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-8.16
CY2020 us-gaap Earnings Per Share Basic
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-24.00
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3573626
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13453097

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