$TRML
Tourmaline Bio, Inc.

2023 Q4 Form 10-Q Financial Statement

#000119312523277196 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin -$8.281M $9.110M
YoY Change -259.74% 88.15%
% of Gross Profit
Research & Development $14.60M $267.0K
YoY Change -0.29% -98.22%
% of Gross Profit
Depreciation & Amortization -$461.0K $20.00K
YoY Change -230.23% -95.0%
% of Gross Profit
Operating Expenses $6.317M $9.470M
YoY Change -68.14% -52.23%
Operating Profit -$8.932M
YoY Change -54.94%
Interest Expense $1.917M
YoY Change 136.08%
% of Operating Profit
Other Income/Expense, Net -$1.977M $1.220M
YoY Change -298.29% 99.35%
Pretax Income $2.126M -$7.020M
YoY Change -111.47% -63.07%
Income Tax
% Of Pretax Income
Net Earnings $2.126M -$7.015M
YoY Change -111.47% -63.1%
Net Earnings / Revenue
Basic Earnings Per Share -$1.64
Diluted Earnings Per Share $0.34 -$1.64
COMMON SHARES
Basic Shares Outstanding 20.34M 42.76M
Diluted Shares Outstanding 4.272M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $203.0M $285.3M
YoY Change 11.94% 47.13%
Cash & Equivalents $140.7M $67.08M
Short-Term Investments $62.23M $218.2M
Other Short-Term Assets $5.923M $1.494M
YoY Change 582.37% 92.28%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $208.9M $151.0M
YoY Change 12.53% -23.76%
LONG-TERM ASSETS
Property, Plant & Equipment $85.00K $0.00
YoY Change -98.41% -100.0%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $747.0K $0.00
YoY Change 572.97% -100.0%
Total Long-Term Assets $1.421M $14.00K
YoY Change -82.46% -99.83%
TOTAL ASSETS
Total Short-Term Assets $208.9M $151.0M
Total Long-Term Assets $1.421M $14.00K
Total Assets $210.3M $151.1M
YoY Change 8.56% -26.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.071M $136.0K
YoY Change -72.45% -93.62%
Accrued Expenses $3.710M $7.288M
YoY Change -44.34% 18.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.002M $8.105M
YoY Change -56.36% -11.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $57.00K $0.00
YoY Change 256.25% -100.0%
Total Long-Term Liabilities $57.00K $0.00
YoY Change 256.25% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.002M $8.105M
Total Long-Term Liabilities $57.00K $0.00
Total Liabilities $5.253M $8.187M
YoY Change -61.54% -29.89%
SHAREHOLDERS EQUITY
Retained Earnings -$62.05M -$209.0M
YoY Change -62.32% 42.95%
Common Stock $2.000K $352.0M
YoY Change -100.0% 2.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.0M $142.9M
YoY Change
Total Liabilities & Shareholders Equity $210.3M $151.1M
YoY Change 8.56% -26.86%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $2.126M -$7.015M
YoY Change -111.47% -63.1%
Depreciation, Depletion And Amortization -$461.0K $20.00K
YoY Change -230.23% -95.0%
Cash From Operating Activities $11.02M -$7.520M
YoY Change -179.46% -43.99%
INVESTING ACTIVITIES
Capital Expenditures -$485.0K $0.00
YoY Change -280.3% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$88.90M $55.93M
YoY Change -1057.9% 741.69%
Cash From Investing Activities -$88.42M $55.93M
YoY Change -1081.11% 787.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 156.5M 80.00K
YoY Change 260671.67% 9.59%
NET CHANGE
Cash From Operating Activities 11.02M -7.520M
Cash From Investing Activities -88.42M 55.93M
Cash From Financing Activities 156.5M 80.00K
Net Change In Cash 79.07M 48.49M
YoY Change -1747.89% -787.8%
FREE CASH FLOW
Cash From Operating Activities $11.02M -$7.520M
Capital Expenditures -$485.0K $0.00
Free Cash Flow $11.51M -$7.520M
YoY Change -181.38% -42.53%

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<div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1. Nature of Business and Liquidity</div></div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Talaris Therapeutics, Inc. (“Talaris”) was a cell therapy company focused on developing an innovative method of allogeneic hematopoietic stem cell transplantation (“allo-HSCT”) to transform the standard of care in solid organ transplantation, certain severe autoimmune diseases and certain severe blood, immune and metabolic disorders. Talaris’ lead product candidate was FCR001. On October 19, 2023, Talaris completed its previously announced merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger, dated as of June 22, 2023 (the “Merger Agreement”), by and among Talaris, Tourmaline Sub, Inc. (formerly known as Tourmaline Bio, Inc., “Legacy Tourmaline”) and Terrain Merger Sub, Inc., a direct wholly owned subsidiary of Talaris (“Merger Sub”), pursuant to which Merger Sub merged with and into Legacy Tourmaline, with Legacy Tourmaline surviving as a direct wholly owned subsidiary of Talaris and the surviving corporation of the merger (the “Merger”). On October 19, 2023, in connection with and prior to the completion of the Merger, Talaris effected a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">1-for-10</div></div> reverse stock split of its common stock (the “Reverse Stock Split”). Upon the completion of the Merger, Legacy Tourmaline changed its name from “Tourmaline Bio, Inc.” to “Tourmaline Sub, Inc.”, and Talaris changed its name from “Talaris Therapeutics, Inc.” to “Tourmaline Bio, Inc.” (the “Company”). The Merger and the Reverse Stock Split are further described </div><div style="display:inline;">below in Note 15. <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Subsequent Events</div></div>. </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Following the completion of the Merger, the business conducted by the Company became primarily the business conducted by Legacy Tourmaline, which is a late-stage clinical biotechnology company developing transformative medicines that dramatically improve the lives of patients with life-altering immune diseases. The Company’s lead product candidate is TOUR006, a fully human monoclonal antibody that selectively binds to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">interleukin-6,</div> a key proinflammatory cytokine involved in the pathogenesis of many autoimmune and inflammatory disorders. Founded on September 17, 2021, the Company is headquartered in New York City. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;">Prior to the Merger, in February 2023, Talaris announced the discontinuation of its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">FREEDOM-1</div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">FREEDOM-2</div> clinical trials evaluating FCR001’s ability to induce durable tolerance in living donor kidney transplant recipients. This decision was primarily attributable to the pace of enrollment and the associated timeline to critical milestones. Talaris also announced a restructuring plan that resulted in the reduction in its workforce by </div>33<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">% (the “Initial Reduction in Force”) and a comprehensive review of strategic alternatives focused on maximizing shareholder value, including, but not limited to, a reverse merger and/or a divestiture of its cell therapy chemistry, manufacturing and controls (“CMC”) capabilities. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In March 2023, pending the outcome of its review of strategic alternatives, Talaris voluntarily paused enrollment in the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">FREEDOM-3</div> Phase 2 clinical trial evaluating FCR001’s ability to induce tolerance in diffuse systemic scleroderma, a severe autoimmune disease, while continuing to evaluate patients for potential future enrollment. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April 2023, Talaris’ Board of Directors approved, and Talaris announced, a further reduction in force (the “April Reduction in Force”) that resulted in the termination of approximately </div></div>80 additional employees, or approximately 95<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">% of its remaining workforce. The April Reduction in Force was substantially completed in the second quarter of 2023. </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In June 2023, following a comprehensive review of strategic alternatives, Talaris entered into the Merger Agreement with Legacy Tourmaline (see Note 15). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In July 2023, Talaris entered into an asset purchase agreement with ImmunoFree, Inc. (“ImmunoFree”), pursuant to which it sold certain clinical data and intellectual property related to FCR001 for approximately $2.2 million, including a combination of cash consideration, reimbursement of certain expenses and assumption of all current and future clinical wind-down liabilities (see Note 5). </div></div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In September 2023, Talaris sold certain long-lived assets primarily used in its CMC operations (see Note 5). </div></div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;">On October 19, 2023, Talaris completed the Merger with Legacy Tourmaline pursuant to the Merger Agreement as described in Note 15. <div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Subsequent</div></div><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> Events</div></div>. The Reverse Stock Split has been retroactively applied to the accompanying financial statements and notes to the financial statements (see Note 15). In connection with the Merger, a special dividend of $64.7 million was paid to eligible pre-Merger Talaris stockholders (see Note 15). </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The financial information included in the accompanying interim financial statements is that of Talaris prior to the Merger because the Merger was consummated after the period covered by these financial statements. Unless the context indicates otherwise, the term “Company” as used hereinafter refers to (i) Talaris Therapeutics, Inc., for periods prior to the effectiveness of the Merger, and (ii) Tourmaline Bio, Inc. (as a combined company) for periods following the effectiveness of the Merger. </div></div></div> <div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Liquidity </div></div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The accompanying interim financial statements have been prepared assuming that the Company will continue as a going concern. Management has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Since its inception, the Company has incurred net losses and negative cash flows from operations. During the nine months ended September 30, 2023 and the year ended December 31, 2022, the Company incurred a net loss of $44.3 million and $73.9 million, respectively, and used $39.1 million and $60.9 million in cash for operations, respectively. In addition, as of September 30, 2023, the Company had an accumulated deficit of $209.0 <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;">million. The Company expects to continue to generate operating losses and negative cash flows for the foreseeable future. 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<div style="text-indent: 4%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div></div> <div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of financial statements, and the reported amounts of income and expense during the reporting period. The most significant estimates relate to the determination of the fair value of stock option grants and estimates related to the amount of prepaid and accrued research and development expenses as of the balance sheet date. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when the facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. </div>
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<div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company’s investment policy includes guidelines regarding the quality of the financial institutions and financial instruments and defines allowable investments that it believes minimizes the exposure to concentration of credit risk. The Company may invest in money market funds (minimum of $1 billion in assets), U.S. Treasury securities, corporate debt, bank debt, U.S. government-related agency securities, other sovereign debt, municipal debt and commercial paper. These deposits may exceed federally insured limits. The Company has not experienced any losses historically in these accounts and believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality. <br/></div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. On March 27, 2023, SVB was acquired by First-Citizen BancShares, Inc (“First-Citizen”). Similarly, on May 1, 2023, First Republic Bank (“FRB”) was closed by the California Department of Financial Protection and Innovation and the FDIC was appointed as receiver. JPMorgan Chase Bank, National Association (N.A.) acquired all of FRB’s deposit accounts and substantially all of its assets. The Company historically did not and currently does not have banking relationships with SVB or FRB. </div>
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69.2
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M4D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
42000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
118450
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
18.56
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
27686
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
55348
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
84.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
127789
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
69.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
-100
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
59.58
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
533900
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
60.2
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1506000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
240475
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
59.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
60.4
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
489000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
286000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2500000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1247000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3041000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6080000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8084000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-7015000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-19011000
us-gaap Net Income Loss
NetIncomeLoss
-44250000
us-gaap Net Income Loss
NetIncomeLoss
-55366000
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.64
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.64
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.59
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.59
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-10.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-10.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-13.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.45
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4271920
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4271920
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4137553
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4137553
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4221205
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4221205
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4114939
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4114939
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
599659
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
759791
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
CY2022Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000

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