2024 Q1 Form 10-K Financial Statement

#000095017024034146 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.004M $7.227M $31.72M
YoY Change -5.91% -5.69% 9.88%
% of Gross Profit
Research & Development $24.32M $20.90M $94.32M
YoY Change 10.98% 22.48% 46.11%
% of Gross Profit
Depreciation & Amortization $900.0K $892.0K $3.492M
YoY Change 12.5% 41.14% 39.68%
% of Gross Profit
Operating Expenses $32.33M $28.12M $126.0M
YoY Change 6.26% 13.75% 34.92%
Operating Profit -$32.33M -$126.0M
YoY Change 6.26% 34.92%
Interest Expense $1.522M $1.863M $8.173M
YoY Change -23.48% 128.59% 517.3%
% of Operating Profit
Other Income/Expense, Net $1.522M $8.173M
YoY Change -23.48% 517.3%
Pretax Income -$30.80M -$26.26M -$117.9M
YoY Change 8.34% 9.83% 27.98%
Income Tax
% Of Pretax Income
Net Earnings -$30.80M -$26.26M -$117.9M
YoY Change 8.34% 9.83% 27.98%
Net Earnings / Revenue
Basic Earnings Per Share -$0.45 -$1.75
Diluted Earnings Per Share -$0.45 -$0.39 -$1.75
COMMON SHARES
Basic Shares Outstanding 68.17M 67.81M 67.19M
Diluted Shares Outstanding 68.03M 67.19M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.5M $137.2M $137.2M
YoY Change -48.87% -40.42% -40.42%
Cash & Equivalents $44.96M $31.36M $31.36M
Short-Term Investments $62.52M $105.8M $105.8M
Other Short-Term Assets $507.0K $475.0K $3.628M
YoY Change 10.46% -79.67% -45.89%
Inventory
Prepaid Expenses $3.831M $3.153M
Receivables
Other Receivables
Total Short-Term Assets $111.8M $140.8M $140.8M
YoY Change -48.45% -40.58% -40.58%
LONG-TERM ASSETS
Property, Plant & Equipment $9.165M $10.05M $50.10M
YoY Change -22.7% -20.45% -12.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.819M $4.812M $7.225M
YoY Change 72.66% 64.51% 35.35%
Total Long-Term Assets $55.21M $57.32M $57.32M
YoY Change -8.94% -8.16% -8.16%
TOTAL ASSETS
Total Short-Term Assets $111.8M $140.8M $140.8M
Total Long-Term Assets $55.21M $57.32M $57.32M
Total Assets $167.0M $198.1M $198.1M
YoY Change -39.82% -33.82% -33.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.325M $815.0K $815.0K
YoY Change -27.71% -54.01% -54.01%
Accrued Expenses $6.797M $10.88M $14.71M
YoY Change 23.92% 37.88% 31.77%
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 $13.21M $15.57M $15.57M
YoY Change 5.04% 18.7% 18.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.78M $31.83M $31.83M
YoY Change -11.39% -10.69% -10.69%
Total Long-Term Liabilities $30.78M $31.83M $31.83M
YoY Change -11.39% -10.69% -10.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.21M $15.57M $15.57M
Total Long-Term Liabilities $30.78M $31.83M $31.83M
Total Liabilities $44.00M $47.40M $47.40M
YoY Change -7.02% -2.78% -2.78%
SHAREHOLDERS EQUITY
Retained Earnings -$370.9M -$340.1M
YoY Change 47.97% 53.04%
Common Stock $494.0M $490.9M
YoY Change 2.7% 3.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $123.0M $150.7M $150.7M
YoY Change
Total Liabilities & Shareholders Equity $167.0M $198.1M $198.1M
YoY Change -39.82% -33.82% -33.82%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$30.80M -$26.26M -$117.9M
YoY Change 8.34% 9.83% 27.98%
Depreciation, Depletion And Amortization $900.0K $892.0K $3.492M
YoY Change 12.5% 41.14% 39.68%
Cash From Operating Activities -$30.47M -$24.03M -$100.3M
YoY Change 25.54% 30.96% 17.79%
INVESTING ACTIVITIES
Capital Expenditures $114.0K $111.0K $1.069M
YoY Change 21.28% -65.42% -87.37%
Acquisitions
YoY Change
Other Investing Activities $44.09M $10.45M $72.08M
YoY Change 568.8% -110.8% -184.17%
Cash From Investing Activities $43.97M $10.33M $71.01M
YoY Change 576.72% -110.65% -175.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.578M
YoY Change 2.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 96.00K 25.00K 2.938M
YoY Change -96.19% -99.98% -97.49%
NET CHANGE
Cash From Operating Activities -30.47M -24.03M -100.3M
Cash From Investing Activities 43.97M 10.33M 71.01M
Cash From Financing Activities 96.00K 25.00K 2.938M
Net Change In Cash 13.60M -13.67M -26.35M
YoY Change -189.2% 337.87% -57.57%
FREE CASH FLOW
Cash From Operating Activities -$30.47M -$24.03M -$100.3M
Capital Expenditures $114.0K $111.0K $1.069M
Free Cash Flow -$30.58M -$24.14M -$101.4M
YoY Change 25.52% 29.3% 8.28%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-62095000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
60119000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
122214000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33773000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
60119000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23376000
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
70000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
38000
CY2023 vor Financing Costs Associated With The Sale Of Common Stock Included In Accounts Payable And Accrued Expenses
FinancingCostsAssociatedWithTheSaleOfCommonStockIncludedInAccountsPayableAndAccruedExpenses
27000
CY2022 vor Financing Costs Associated With The Sale Of Common Stock Included In Accounts Payable And Accrued Expenses
FinancingCostsAssociatedWithTheSaleOfCommonStockIncludedInAccountsPayableAndAccruedExpenses
812000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31360000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
57706000
CY2023Q4 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
2413000
CY2022Q4 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
2413000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33773000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
60119000
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="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:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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-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-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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: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:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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, and the need to obtain additional financing.</span><span style="color:#000000;white-space:pre-wrap;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:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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 December 31, 2023 </span><span style="color:#000000;white-space:pre-wrap;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></p>
CY2023 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-12-30
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="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:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</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:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the 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 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 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 related research and development expenses.</span></p>
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
2400000
CY2023Q4 us-gaap Restricted Cash Equivalents Noncurrent
RestrictedCashEquivalentsNoncurrent
2400000
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;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;">Concentrations of Credit Risk</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash equivalents and marketable securities. The Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span></p><p style="text-indent:5.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s marketable securities may</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> consist of money market funds and marketable debt securities, including corporate bonds and U.S. Treasury securities. The Company’s investment policy limits instruments to investment grade securities with high credit quality issuers with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations.</span></p>
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
105892000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
18000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
95000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
105815000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
173309000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
770000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
172539000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
53447000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
95000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
53447000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
95000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
167546000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
770000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
167546000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
770000
CY2023 vor Debt Securities Available For Sale Change In Present Values Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValuesExpenseReversal
0
CY2022 vor Debt Securities Available For Sale Change In Present Values Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValuesExpenseReversal
0
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2023 vor Fair Value Assets Level1 To Level2 Transferred Amount
FairValueAssetsLevel1ToLevel2TransferredAmount
0
CY2023 vor Fair Value Assets Level2 To Level1 Transferred Amount
FairValueAssetsLevel2ToLevel1TransferredAmount
0
CY2022 vor Fair Value Assets Level1 To Level2 Transferred Amount
FairValueAssetsLevel1ToLevel2TransferredAmount
0
CY2022 vor Fair Value Assets Level2 To Level1 Transferred Amount
FairValueAssetsLevel2ToLevel1TransferredAmount
0
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18141000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17244000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8091000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4610000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10050000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12634000
CY2023 us-gaap Depreciation
Depreciation
3500000
CY2022 us-gaap Depreciation
Depreciation
2500000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5962000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4408000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1245000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1701000
CY2023Q4 vor Clinical Expenses Current
ClinicalExpensesCurrent
1495000
CY2022Q4 vor Clinical Expenses Current
ClinicalExpensesCurrent
532000
CY2023Q4 vor Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1059000
CY2022Q4 vor Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
569000
CY2023Q4 vor Manufacturing Expenses Current
ManufacturingExpensesCurrent
842000
CY2022Q4 vor Manufacturing Expenses Current
ManufacturingExpensesCurrent
328000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
274000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
351000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10877000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7889000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote
CY2023Q4 vor Number Of Common Stock Voting Rights
NumberOfCommonStockVotingRights
1
CY2023 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2023 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2022 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6471524
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.69
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M10D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
14949000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2347469
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.94
CY2023 vor Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercised In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisedInPeriod
94028
CY2023 vor Share Based Compensation Arrangements By Share Based Payment Award Options Vested And Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsVestedAndExercisedInPeriodWeightedAverageExercisePrice
1.85
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
358336
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.41
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
76552
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
12.09
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8290077
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.17
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M15D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
999000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4539019
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.19
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
880000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.56
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.10
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
14000000
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M18D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
10299
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
83459
CY2023Q4 vor Share Based Compensation Arrangement By Share Based Payment Award Option Unvested Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionUnvestedExercisedInPeriodWeightedAverageExercisePrice
4.90
CY2022Q4 vor Share Based Compensation Arrangement By Share Based Payment Award Option Unvested Exercised In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionUnvestedExercisedInPeriodWeightedAverageExercisePrice
2.23
CY2022Q4 vor Proceeds From Stock Unvested Option Exercised
ProceedsFromStockUnvestedOptionExercised
200000
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13362000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10695000
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
7802000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
6435000
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
2618000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
1798000
CY2023 us-gaap Lease Cost
LeaseCost
10420000
CY2022 us-gaap Lease Cost
LeaseCost
8233000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
40048000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
44444000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3830000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3272000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
31830000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
35640000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
35660000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
38912000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
6658000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
13311000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23376000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6591000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6651000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6681000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6882000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7088000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
12902000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
46795000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11135000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
35660000
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
1
CY2021 vor Defined Contribution Plan First Percentage
DefinedContributionPlanFirstPercentage
0.01
CY2021 vor Defined Contribution Plan Additional Percentage
DefinedContributionPlanAdditionalPercentage
0.50
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Definedcontributionplanminimumannualcontributionsperemployeepercent
0.01
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DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.06
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1000000
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
800000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.061
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.058
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.009
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.004
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.057
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.055
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.004
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.004
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.315
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.315
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1428000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1224000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
39934000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
32262000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
11423000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
8919000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
17062000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
10712000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1545000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1248000
CY2023Q4 vor Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Research And Development Capitalization
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsResearchAndDevelopmentCapitalization
33503000
CY2022Q4 vor Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Research And Development Capitalization
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsResearchAndDevelopmentCapitalization
14881000
CY2023Q4 vor Deferred Tax Assets Amortization
DeferredTaxAssetsAmortization
1464000
CY2022Q4 vor Deferred Tax Assets Amortization
DeferredTaxAssetsAmortization
429000
CY2023Q4 vor Deferred Tax Assets Lease Liability
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9746000
CY2022Q4 vor Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
10445000
CY2023Q4 us-gaap Deferred Tax Assets Gross
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116105000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
80120000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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104403000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
68348000
CY2023Q4 us-gaap Deferred Tax Assets Net
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11702000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
11772000
CY2023Q4 vor Deferred Tax Liabilities Lease Right Of Use Asset
DeferredTaxLiabilitiesLeaseRightOfUseAsset
10945000
CY2022Q4 vor Deferred Tax Liabilities Lease Right Of Use Asset
DeferredTaxLiabilitiesLeaseRightOfUseAsset
11951000
CY2023Q4 vor Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
-757000
CY2022Q4 vor Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
179000
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
11702000
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
11772000
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
104400000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
68300000
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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36100000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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28900000
CY2023 vor Considered Period Of Ownership For Annual Limitation Of Net Operating Loss And Tax Credit Carryforwards
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P3Y
CY2023Q4 vor Considered Percentage Of Ownership For Annual Limitation Of Net Operating Loss And Tax Credit Carryforwards
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0.50
CY2023Q4 us-gaap Unrecognized Tax Benefits
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0
CY2022Q4 us-gaap Unrecognized Tax Benefits
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0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
As of December 31, 2023, there were no income tax examinations in progress
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
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-117863000
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-92094000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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67191973
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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67191973
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39551420
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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39551420
CY2023 us-gaap Earnings Per Share Basic
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-1.75
CY2023 us-gaap Earnings Per Share Diluted
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-1.75
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.33
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.33

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