2021 Q4 Form 10-K Financial Statement

#000181833122000037 Filed on March 14, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $57.80M $43.18M $47.02M
YoY Change -9.63% 11.84% 56.19%
Cost Of Revenue $60.61M $51.49M $48.18M
YoY Change -12.96% 51.33% 39.63%
Gross Profit -$2.806M -$8.309M -$1.164M
YoY Change -50.55% -281.18% -73.56%
Gross Profit Margin -4.85% -19.24% -2.48%
Selling, General & Admin $88.60M $61.28M $31.44M
YoY Change 4.17% 54.8% 71.95%
% of Gross Profit
Research & Development $22.25M $17.83M $11.95M
YoY Change -28.61% -6.56% 27.68%
% of Gross Profit
Depreciation & Amortization $5.795M $5.491M $5.619M
YoY Change 61.56% 79.03% 109.66%
% of Gross Profit
Operating Expenses $110.8M $79.11M $43.40M
YoY Change -4.62% 34.84% 56.96%
Operating Profit -$115.8M -$88.26M -$45.45M
YoY Change -7.41% 57.57% 33.04%
Interest Expense $75.55M $683.0K $722.0K
YoY Change -12383.74% 7.22% -233.7%
% of Operating Profit
Other Income/Expense, Net $75.60M $121.0M -$713.0K
YoY Change -11948.75% -20265.83% -133.79%
Pretax Income -$40.43M $31.39M -$46.16M
YoY Change -67.83% -155.45% 44.03%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$40.19M $32.73M -$46.16M
YoY Change -68.03% -157.81% 44.02%
Net Earnings / Revenue -69.52% 75.8% -98.18%
Basic Earnings Per Share $0.17 -$41.94
Diluted Earnings Per Share -$157.9K $0.15 -$41.94
COMMON SHARES
Basic Shares Outstanding 241.3M shares 185.7M shares 1.101M shares
Diluted Shares Outstanding 210.3M shares 1.101M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.6M $461.3M $26.50M
YoY Change 36492.34% 40363.52%
Cash & Equivalents $400.6M $461.3M $26.50M
Short-Term Investments
Other Short-Term Assets $3.802M $4.186M $18.38M
YoY Change -7.81% 1186.26%
Inventory $33.46M $31.17M $29.13M
Prepaid Expenses $19.15M $24.39M $18.38M
Receivables $26.51M $21.26M $24.57M
Other Receivables $54.00K $413.0K $437.0K
Total Short-Term Assets $483.5M $538.5M $99.01M
YoY Change 177.73% 36647.89%
LONG-TERM ASSETS
Property, Plant & Equipment $62.72M $60.33M $62.10M
YoY Change -0.62%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.930M $3.613M $3.596M
YoY Change 92.71% -99.18%
Total Long-Term Assets $70.55M $64.85M $76.52M
YoY Change -9.01% -85.35%
TOTAL ASSETS
Total Short-Term Assets $483.5M $538.5M $99.01M
Total Long-Term Assets $70.55M $64.85M $76.52M
Total Assets $554.1M $603.4M $175.5M
YoY Change 120.19% 35.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.69M $43.32M $45.23M
YoY Change 67.16%
Accrued Expenses $19.76M
YoY Change 66.68%
Deferred Revenue $500.0K $493.0K $1.341M
YoY Change -72.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $923.0K
YoY Change -100.0%
Total Short-Term Liabilities $101.3M $71.61M $72.61M
YoY Change 37.91% 161361.1%
LONG-TERM LIABILITIES
Long-Term Debt $11.00M $11.00M $18.03M
YoY Change -42.02%
Other Long-Term Liabilities $21.91M $21.70M $21.91M
YoY Change 956.27% 40.03%
Total Long-Term Liabilities $32.91M $32.70M $39.94M
YoY Change 56.36% 111.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.3M $71.61M $72.61M
Total Long-Term Liabilities $32.91M $32.70M $39.94M
Total Liabilities $166.0M $212.3M $407.6M
YoY Change -32.87% 1266.33%
SHAREHOLDERS EQUITY
Retained Earnings -$575.4M -$535.3M -$568.0M
YoY Change 74.35%
Common Stock $24.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $388.1M $391.0M -$566.5M
YoY Change
Total Liabilities & Shareholders Equity $554.1M $603.4M $175.5M
YoY Change 120.19% 35.82%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$40.19M $32.73M -$46.16M
YoY Change -68.03% -157.81% 44.02%
Depreciation, Depletion And Amortization $5.795M $5.491M $5.619M
YoY Change 61.56% 79.03% 109.66%
Cash From Operating Activities -$51.98M -$70.94M -$25.30M
YoY Change 183.56% -5.15% 7.34%
INVESTING ACTIVITIES
Capital Expenditures -$7.693M -$3.618M -$4.481M
YoY Change -33.1% -82.33% -144.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.693M -$3.618M -$4.481M
YoY Change -33.1% -82.33% -55.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.029M 499.4M -2.369M
YoY Change -111.29% 316.37% 141.73%
NET CHANGE
Cash From Operating Activities -51.98M -70.94M -25.30M
Cash From Investing Activities -7.693M -3.618M -4.481M
Cash From Financing Activities -1.029M 499.4M -2.369M
Net Change In Cash -60.71M 424.8M -32.15M
YoY Change 193.02% 1621.98% -7.4%
FREE CASH FLOW
Cash From Operating Activities -$51.98M -$70.94M -$25.30M
Capital Expenditures -$7.693M -$3.618M -$4.481M
Free Cash Flow -$44.29M -$67.32M -$20.82M
YoY Change 548.11% 23.94% -38.29%

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CY2021 us-gaap Nature Of Operations
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Organization and Description of Business <div style="margin-bottom:9pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sema4 Holdings Corp., formerly Mount Sinai Genomics Inc., a Delaware corporation (“Legacy Sema4”), as discussed further below, provides genomics-related diagnostic and information services and pursues genomics medical research. Legacy Sema4 utilizes an integrated portfolio of laboratory processes, software tools and informatics capabilities to process DNA-containing samples, analyze information about patient-specific genetic variation and generate test reports for clinicians and their patients. Legacy Sema4 provides a variety of genetic diagnostic tests and information with a focus on reproductive health, including pediatric, oncology and other conditions. In 2020, the Legacy Sema4 began to provide diagnostic testing services in response to the outbreak of the coronavirus (“COVID-19”) pandemic. On December 15, 2021, it was announced that COVID-19 testing services would be discontinued by March 31, 2022. Legacy Sema4 primarily serves healthcare professionals who work with their patients and bills third-party payors across the United States, with a substantial portion of its diagnostic testing volume occurring in New York, California, Florida, Connecticut and New Jersey. </span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 22, 2021 (the “Closing Date”), CM Life Sciences, Inc. (“CMLS”) completed the acquisition of Legacy Sema4, pursuant to that certain Agreement and Plan of Merger (as amended, the “Merger Agreement”), dated February 9, 2021. On the Closing Date, S-IV Sub, Inc. (“Merger Sub”) merged with and into the Legacy Sema4, with Legacy Sema4 surviving the merger as a wholly-owned subsidiary of CMLS (the “Merger” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). In connection with the consummation of the Business Combination, CMLS changed its name to “Sema4 Holdings Corp.” (“Sema4 Holdings”) and Legacy Sema4 changed its name to “Sema4 OpCo, Inc.” All equity securities of Legacy Sema4 were converted into the right to receive the applicable portion of the merger consideration.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger was accounted for as a reverse recapitalization with Legacy Sema4 as the accounting acquirer and CMLS as the acquired company for accounting purposes. The shares and net loss per common share, prior to the Merger, have been retroactively restated as shares reflecting the exchange ratio established in the Merger (1 share of Legacy Sema4 Class A common stock for 123.8339 shares of Sema4 Holdings Class A common stock) (the “Conversion Ratio”).</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the Merger, shares of CMLS Class A common stock, CMLS’s public warrants, and CMLS’s public units were traded on the Nasdaq Capital Market under the ticker symbols “CMLF”, “CMFLW”, and “CMLFU” respectively. On July 23, 2021, shares of Sema4 Holdings Class A common stock and Sema4 Holdings’ public warrants began trading on the Nasdaq Global Select Market (the “Nasdaq”) under the ticker symbols “SMFR” and “SMFRW,” respectively. See Note 3, “Business Combination,” for additional details.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless otherwise stated herein or unless the context otherwise requires, references in these notes to the “Company,” or “Sema4” refer to (i) Legacy Sema4 prior to the consummation of the Business Combination; and (ii) Sema4 Holdings and its subsidiary following the consummation of the Business Combination.</span></div>
CY2021 us-gaap Prior Period Reclassification Adjustment Description
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Restatement – 2020 and 2019 annual statements of operations and comprehensive lossThe Company classifies expenses incurred that directly relate to the delivery of revenue as cost of services in its consolidated statements of operations and comprehensive loss.
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CY2020Q1 us-gaap Gross Profit
GrossProfit
9517000 USD
CY2020Q2 us-gaap Gross Profit
GrossProfit
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CY2020Q3 us-gaap Gross Profit
GrossProfit
4586000 USD
CY2020Q4 us-gaap Gross Profit
GrossProfit
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CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13096000 USD
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9361000 USD
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19083000 USD
CY2020Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
31160000 USD
CY2020Q1 us-gaap Selling And Marketing Expense
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13834000 USD
CY2020Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10166000 USD
CY2020Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
15243000 USD
CY2020Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
23940000 USD
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7164000 USD
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8121000 USD
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
24342000 USD
CY2020Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
61115000 USD
CY2020Q1 us-gaap Costs And Expenses Related Party
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2195000 USD
CY2020Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
2111000 USD
CY2020Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1933000 USD
CY2020Q4 us-gaap Costs And Expenses Related Party
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3156000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2020Q2 us-gaap Operating Income Loss
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CY2020Q3 us-gaap Operating Income Loss
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CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2110000 USD
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-600000 USD
CY2020Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-638000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-26990000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-26990000 USD
CY2020Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-32052000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-32052000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-56615000 USD
CY2020Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-125683000 USD
CY2020Q4 us-gaap Net Income Loss
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-125683000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
58652000 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26501000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
461276000 USD
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
33340000 USD
CY2021Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
24568000 USD
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
21257000 USD
CY2021Q1 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
349000 USD
CY2021Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
437000 USD
CY2021Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
413000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
32969000 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
29128000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
31174000 USD
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
14931000 USD
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
18378000 USD
CY2021Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
24391000 USD
CY2021Q1 us-gaap Assets Current
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140241000 USD
CY2021Q2 us-gaap Assets Current
AssetsCurrent
99012000 USD
CY2021Q3 us-gaap Assets Current
AssetsCurrent
538511000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
64632000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62097000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60333000 USD
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
10828000 USD
CY2021Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
10828000 USD
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
900000 USD
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3596000 USD
CY2021Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3596000 USD
CY2021Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3613000 USD
CY2021Q1 us-gaap Assets
Assets
219297000 USD
CY2021Q2 us-gaap Assets
Assets
175533000 USD
CY2021Q3 us-gaap Assets
Assets
603357000 USD
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
42102000 USD
CY2021Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
45231000 USD
CY2021Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
43321000 USD
CY2021Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
797000 USD
CY2021Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
1278000 USD
CY2021Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
1425000 USD
CY2021Q1 us-gaap Contract With Customer Liability Current
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2810000 USD
CY2021Q2 us-gaap Contract With Customer Liability Current
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1341000 USD
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
493000 USD
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
22991000 USD
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
24764000 USD
CY2021Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
26369000 USD
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
68700000 USD
CY2021Q2 us-gaap Liabilities Current
LiabilitiesCurrent
72614000 USD
CY2021Q3 us-gaap Liabilities Current
LiabilitiesCurrent
71608000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
18502000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
18028000 USD
CY2021Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
11000000 USD
CY2021Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
296952000 USD
CY2021Q2 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
295049000 USD
CY2021Q3 us-gaap Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
0 USD
CY2021Q1 cmlf Warrant Liability
WarrantLiability
0 USD
CY2021Q2 cmlf Warrant Liability
WarrantLiability
0 USD
CY2021Q3 cmlf Warrant Liability
WarrantLiability
46629000 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
0 USD
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
0 USD
CY2021Q3 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
61400000 USD
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
22530000 USD
CY2021Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
21907000 USD
CY2021Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
21699000 USD
CY2021Q1 us-gaap Liabilities
Liabilities
406684000 USD
CY2021Q2 us-gaap Liabilities
Liabilities
407598000 USD
CY2021Q3 us-gaap Liabilities
Liabilities
212336000 USD
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
21995000 shares
CY2021Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
334439000 USD
CY2021Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
334439000 USD
CY2021Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2021Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2021Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2021Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
0 USD
CY2021Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1483000 USD
CY2021Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
926253000 USD
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-521826000 USD
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-567987000 USD
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-535256000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-521826000 USD
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-566504000 USD
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
391021000 USD
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
219297000 USD
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
21994972 shares
CY2021Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
175533000 USD
CY2021Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
603357000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. The Company bases these estimates on current facts, historical and anticipated results, trends and various other assumptions that it believes are reasonable in the circumstances, including assumptions as to future events. These estimates include, but are not limited to, the transaction price for certain contracts with customers, the capitalization of software costs and the valuation of stock-based awards, inventory, earn-out contingent liability and earn-out RSUs. Actual results could differ materially from those estimates, judgments and assumptions.</span></div>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Other Risks and Uncertainties </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s cash and cash equivalents are deposited with high-quality financial institutions. The Company has balances in financial institutions that exceed federal depository insurance limits. Management believes these financial institutions are financially sound and, accordingly, that minimal credit risk exists. The Company has not experienced any losses on its deposits of cash and cash equivalents. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company assesses both the customer and, if applicable, the third party payor that reimburses the Company on the customer’s behalf when evaluating concentration of credit risk. Significant customers and payors are those that represent more than 10% of the Company’s total annual revenues or accounts receivable balance at each respective balance sheet date. The significant concentrations of accounts receivable as of December 31, 2021 and 2020 were primarily from large managed care insurance companies and a reference laboratory. There was no individual customer that accounted for 10% or more of revenue or accounts receivable for any of the years presented. The Company does not require collateral as a means to mitigate customer credit risk.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For each significant payor, revenue as a percentage of total revenues and accounts receivable as a percentage of total accounts receivable are as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:26.303%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.761%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.845%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Revenue</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accounts Receivable</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2019</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payor A</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payor B</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payor C</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payor D</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">__________________</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">*</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:14pt">less than 10%</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to a concentration of risk from a limited number of suppliers for certain reagents and laboratory supplies. One supplier accounted for approximately 7%, 11% and 15% for the years ended December 31, 2021, 2020 and 2019, respectively. Another supplier accounted for approximately 11%, 10% and 12% for the years ended December 31, 2021, 2020 and 2019, respectively. This risk is managed by maintaining a target quantity of surplus stock.</span></div>
CY2020 cmlf Proceeds From Government Assistance
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5400000 USD
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3800000 USD
CY2021Q4 cmlf Payment Of Deferred Payroll Taxes
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1900000 USD
CY2021Q4 us-gaap Accrued Payroll Taxes Current And Noncurrent
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1900000 USD
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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108132000 USD
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900000 USD
CY2020Q4 us-gaap Restricted Cash Noncurrent
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10828000 USD
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118960000 USD
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0 USD
CY2020 us-gaap Provision For Doubtful Accounts
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200000 USD
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2100000 USD
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0 USD
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CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
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14758305 shares
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18.00
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0.01
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30 D
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30 D
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P60D
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2300000 USD
CY2021 us-gaap Hosting Arrangement Service Contract Implementation Cost Impairment
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2300000 USD
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212195000 USD
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179322000 USD
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196174000 USD
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P3Y3M18D
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2028000 USD
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3811000 USD
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1163000 USD
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0 USD
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2223000 USD
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105000 USD
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2265000 USD
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3296000 USD
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3769000 USD
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500000 USD
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500000 USD
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1800000 USD
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1800000 USD
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1800000 USD
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1800000 USD
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3000000 USD
CY2020Q4 us-gaap Capitalized Contract Cost Net
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3000000 USD
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1400000 USD
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900000 USD
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700000 USD
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93209000 USD
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51906000 USD
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30099000 USD
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62719000 USD
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63110000 USD
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21800000 USD
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11700000 USD
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6400000 USD
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5600000 USD
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3000000 USD
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1200000 USD
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21807000 USD
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11734000 USD
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6407000 USD
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55000000 USD
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55000000 USD
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1300000 USD
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100000 USD
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0 USD
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875000 USD
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2131000 USD
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2174000 USD
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2218000 USD
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3602000 USD
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11000000 USD
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11000000 USD
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P325M
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P196M
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0.25
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4383000 USD
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4474000 USD
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4562000 USD
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4684000 USD
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4775000 USD
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68341000 USD
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5700000 USD
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5300000 USD
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800000 USD
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1200000 USD
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3200000 USD
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2800000 USD
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27700000 USD
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0.131
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27000000 USD
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13600000 USD
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9700000 USD
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4890000 USD
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3584000 USD
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2763000 USD
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2451000 USD
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2003000 USD
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49883000 USD
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65574000 USD
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43728000 USD
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21846000 USD
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4000000 USD
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3419000 USD
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18427000 USD
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600000 USD
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7500000 USD
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9800000 USD
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2300000 USD
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2200000 USD
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700000 USD
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16647000 USD
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5165000 USD
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1279000 USD
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23091000 USD
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8000000 USD
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5500000 USD
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400000 USD
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P7Y9M25D
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159899000 USD
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30905543 shares
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1.24
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P6Y9M18D
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109887000 USD
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92974000 USD
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7975234 shares
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8.38
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4.97
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44600000 USD
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10.52
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17100000 USD
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600000 USD
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0.0 USD
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100000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid
300000 USD
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1000000.0 USD
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0.6580
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0.6000
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0.6615
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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0.6580
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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0.6000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0010
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0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
9900000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
3500000 USD
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1 employee
CY2021 cmlf Share Based Payment Arrangement Number Of Individuals Granted
ShareBasedPaymentArrangementNumberOfIndividualsGranted
1 consultant
CY2021 us-gaap Allocated Share Based Compensation Expense
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219421000 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
120231000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5482000 USD
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
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0 shares
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
186554160 shares
CY2020Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
171535213 shares
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
171535213 shares
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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334439000 USD
CY2020Q4 us-gaap Temporary Equity Liquidation Preference
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430041000 USD
CY2021Q3 us-gaap Payments For Repurchase Of Other Equity
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230000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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0 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
0 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
0 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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