2023 Q4 Form 10-Q Financial Statement

#000095017023060200 Filed on November 07, 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 $7.227M $7.710M
YoY Change -5.69% 6.7%
% of Gross Profit
Research & Development $20.90M $27.61M
YoY Change 22.48% 63.59%
% of Gross Profit
Depreciation & Amortization $892.0K $900.0K
YoY Change 41.14% 0.0%
% of Gross Profit
Operating Expenses $28.12M $35.32M
YoY Change 13.75% 46.53%
Operating Profit -$35.32M
YoY Change 46.53%
Interest Expense $1.863M $2.130M
YoY Change 128.59% 580.51%
% of Operating Profit
Other Income/Expense, Net $2.126M
YoY Change 579.23%
Pretax Income -$26.26M -$33.19M
YoY Change 9.83% 39.52%
Income Tax
% Of Pretax Income
Net Earnings -$26.26M -$33.19M
YoY Change 9.83% 39.52%
Net Earnings / Revenue
Basic Earnings Per Share -$0.49
Diluted Earnings Per Share -$0.39 -$0.49
COMMON SHARES
Basic Shares Outstanding 67.81M 67.54M
Diluted Shares Outstanding 67.61M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.2M $160.1M
YoY Change -40.42% 17.66%
Cash & Equivalents $31.36M $45.03M
Short-Term Investments $105.8M $115.1M
Other Short-Term Assets $475.0K $667.0K
YoY Change -79.67% -62.34%
Inventory
Prepaid Expenses $3.153M $3.673M
Receivables
Other Receivables
Total Short-Term Assets $140.8M $164.4M
YoY Change -40.58% 15.21%
LONG-TERM ASSETS
Property, Plant & Equipment $10.05M $10.82M
YoY Change -20.45% -16.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.812M $4.086M
YoY Change 64.51% 41.97%
Total Long-Term Assets $57.32M $58.59M
YoY Change -8.16% -7.95%
TOTAL ASSETS
Total Short-Term Assets $140.8M $164.4M
Total Long-Term Assets $57.32M $58.59M
Total Assets $198.1M $223.0M
YoY Change -33.82% 8.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $815.0K $1.309M
YoY Change -54.01% 58.86%
Accrued Expenses $10.88M $10.27M
YoY Change 37.88% 63.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.57M $15.39M
YoY Change 18.7% 38.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.83M $32.90M
YoY Change -10.69% -9.95%
Total Long-Term Liabilities $31.83M $32.90M
YoY Change -10.69% -9.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.57M $15.39M
Total Long-Term Liabilities $31.83M $32.90M
Total Liabilities $47.40M $48.24M
YoY Change -2.78% 1.27%
SHAREHOLDERS EQUITY
Retained Earnings -$340.1M -$313.8M
YoY Change 53.04% 58.25%
Common Stock $490.9M $488.9M
YoY Change 3.65% 36.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $150.7M $174.8M
YoY Change
Total Liabilities & Shareholders Equity $198.1M $223.0M
YoY Change -33.82% 8.07%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$26.26M -$33.19M
YoY Change 9.83% 39.52%
Depreciation, Depletion And Amortization $892.0K $900.0K
YoY Change 41.14% 0.0%
Cash From Operating Activities -$24.03M -$27.90M
YoY Change 30.96% 47.6%
INVESTING ACTIVITIES
Capital Expenditures $111.0K $470.0K
YoY Change -65.42% -257.72%
Acquisitions
YoY Change
Other Investing Activities $10.45M $41.00M
YoY Change -110.8% 215.38%
Cash From Investing Activities $10.33M $40.53M
YoY Change -110.65% 219.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.00K 170.0K
YoY Change -99.98% -95.83%
NET CHANGE
Cash From Operating Activities -24.03M -27.90M
Cash From Investing Activities 10.33M 40.53M
Cash From Financing Activities 25.00K 170.0K
Net Change In Cash -13.67M 12.80M
YoY Change 337.87% -702.35%
FREE CASH FLOW
Cash From Operating Activities -$24.03M -$27.90M
Capital Expenditures $111.0K $470.0K
Free Cash Flow -$24.14M -$28.37M
YoY Change 29.3% 52.49%

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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
60673000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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vor Payment Of Issuance Costs Related To Underwritten Public Offering And Concurrent Private Placement
PaymentOfIssuanceCostsRelatedToUnderwrittenPublicOfferingAndConcurrentPrivatePlacement
717000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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vor Proceeds From Stock Option Exercises And The Issuance Of Shares Under Espp
ProceedsFromStockOptionExercisesAndTheIssuanceOfSharesUnderEspp
202000
vor Proceeds From Stock Option Exercises And The Issuance Of Shares Under Espp
ProceedsFromStockOptionExercisesAndTheIssuanceOfSharesUnderEspp
534000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2913000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4879000
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
37000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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vor Financing Costs Associated With The Sale Of Common Stock Included In Accounts Payable And Accrued Expenses
FinancingCostsAssociatedWithTheSaleOfCommonStockIncludedInAccountsPayableAndAccruedExpenses
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
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CY2022Q3 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 30, 2015</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Risks and Uncertainties</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, geopolitical tensions, adverse macroeconomic conditions and the need to obtain additional financing.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:5.733%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-12-30
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and research and development expenses.</span></p>
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AvailableForSaleDebtSecuritiesAmortizedCostBasis
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vor Debt Securities Available For Sale Change In Present Values Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValuesExpenseReversal
0
vor Debt Securities Available For Sale Change In Present Values Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValuesExpenseReversal
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vor Fair Value Assets Level1 To Level2 Transferred Amount
FairValueAssetsLevel1ToLevel2TransferredAmount
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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vor Fair Value Assets Level2 To Level1 Transferred Amount
FairValueAssetsLevel2ToLevel1TransferredAmount
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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Depreciation
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us-gaap Depreciation
Depreciation
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Depreciation
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us-gaap Depreciation
Depreciation
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ClinicalExpensesCurrent
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ClinicalExpensesCurrent
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AccruedResearchAndDevelopmentExpensesCurrent
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AccruedResearchAndDevelopmentExpensesCurrent
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ManufacturingExpensesCurrent
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ManufacturingExpensesCurrent
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CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2023Q3 us-gaap Accrued Liabilities Current
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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CY2023Q3 vor Share Based Compensation Arrangement By Share Based Payment Award Option Unvested Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionUnvestedExercisedInPeriodWeightedAverageExercisePrice
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CY2023Q3 vor Proceeds From Stock Unvested Option Exercised
ProceedsFromStockUnvestedOptionExercised
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2023Q3 us-gaap Variable Lease Cost
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CY2022Q3 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
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CY2023Q3 us-gaap Lease Cost
LeaseCost
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CY2022Q3 us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
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CY2023Q3 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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OperatingLeaseWeightedAverageDiscountRatePercent
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OperatingLeaseWeightedAverageDiscountRatePercent
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OperatingLeasePayments
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OperatingLeasePayments
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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EarningsPerShareBasic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.81
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.81

Files In Submission

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