XML 17 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Pay vs Performance Disclosure - USD ($)
5 Months Ended 7 Months Ended 12 Months Ended
May 20, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]          
Pay vs Performance [Table Text Block]    
Pay Versus Performance Disclosure
As required by Item 402(v) of Regulation
S-K,
this section discusses the relationship between executive compensation and the Company’s financial performance for each of the last three completed calendar years. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted
values
required in this section for each of the fiscal years ended December 31, 2020, 2021 and 2022. Note that for our NEOs other than our current and prior principal executive officers (each, a “PEO”), compensation is reported as an average.
 
                                       
Value of Initial Fixed
$100 Investment
Based On:
             
Year
 
Summary
Compensation
Table Total
for PEO
(1)

($)
   
Summary
Compensation
Table Total
for Prior
PEO
(1)

($)
   
Compensation
Actually Paid
to PEO
(1)(2)

($)
   
Compensation
Actually Paid
to Prior
PEO
(1)(2)

($)
   
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
(1)

($)
   
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(1)(2)

($)
   
Total
Shareholder
Return
(3)

($)
   
Peer Group
Total
Shareholder
Return
(3)

($)
   
Net Income
(Loss)
(4)

($)
   
Basic
EPS
(5)

($)
 
2022
    1,798,966       —         7,127       —         665,254       497,932       94       114       220,262,000       3.07  
2021
    1,271,138       —         1,246,717       —         614,262       561,101       122       126       368,837,000       3.24  
2020
    1,943,968       716,242       (8,215     489,274       558,869       395,696       88       126       293,814,000       2.21  
 
(1)
The dollar amounts reported for our prior PEO for fiscal year 2020 reflect amounts for Geoffrey L. Hulme, who served as our interim Principal Executive Officer until May 20, 2020, at which time Mr. Raifeld was appointed to serve as our Chief Executive Officer. Mr. Raifeld has served as our Chief Executive Officer since May 20, 2020, and the dollar amounts reported for our PEO for fiscal years 2020, 2021 and 2022 reflect amounts for Mr. Raifeld.
The dollar amounts reported for our
Non-PEO
NEOs for fiscal years 2020 and 2021 reflect the amounts for Ms. Zhen, our only
non-PEO
NEO for such fiscal years. The dollar amount reported for our
non-PEO
NEOs for fiscal year 2022 is the average of the amounts for Ms. Zhen and Mr. Edwards. Mr. Edwards became an NEO on August 22, 2022 and the amount takes into consideration only compensation paid by the registrant following such date.
 
(2)
The dollar amounts reported in these columns represent the amount of “compensation actually paid” to our NEOs as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned by or paid to our NEOs during the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to the total compensation reported for our NEOs in the “Total” column of the Summary Compensation Table to determine the amount of “compensation actually paid” for each year. NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below.
 
    
Year
    
Summary Compensation
Table Total
($)

(a)
    
Reported Value of
Equity Awards
(a)

($)

(b)
    
Equity Award
Adjustment
(b)

($)

(c)
   
Compensation
Actually Paid
($)

(a – b + c)
 
Pavel Raifeld
     2022        1,798,966        1,044,300        (747,539     7,127  
     2021        1,271,138        580,330        555,909       1,246,717  
     2020        1,943,968        1,570,000        (382,183     (8,215
Geoffrey Hulme
     2020        716,242        224,996        (1,972     489,274  
Non-PEO
NEOs
     2022        665,254        240,922        (93,721     497,932  
     2021        614,262        152,086        98,925       561,101  
     2020        558,869        124,996        (38,177     395,696  
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns, as applicable, in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustment for each applicable year include the addition (or subtraction, as applicable) of the amounts set forth in the table below in accordance with Item 402(v) of Regulation
S-K.
The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
    
Year
    
Year End
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted in
the Year
($)
   
Year over
Year
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Prior Years
($)
   
Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year
($)
    
Year
over
Year
Change
in Fair
Value of
Equity
Awards
Granted
in Prior
Years
that
Vested
in the
Year
($)
   
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year
($)
    
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
    
Total
Equity
Award
Adjustment
($)
 
Pavel Raifeld
     2022        (340,558     (435,147     —          28,166       —          —          (747,539
     2021        224,504       405,433       —          (74,028     —          —          555,909  
     2020        (382,183     —         —          —         —          —          (382,183
Geoffrey Hulme
     2020        —         —         —          (1,972     —          —          (1,972
Non-PEO
NEOs
     2022        (89,766     (44,131     —          40,176       —          —          (93,721
     2021        67,900       38,700       —          (7,675     —          —          98,925  
     2020        (16,695     (12,532     —          (8,950     —          —          (38,177
 
(3)
The dollar amounts disclosed in these columns assume $100 was invested for the cumulative period through the end of the list fiscal year, in either the Company or the NASDAQ Biotechnology Index (weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated), as applicable, and reinvestment of the
pre-tax
value of dividends paid. Historical stock performance is not necessarily indicative of future stock performance.
(4)
The dollar amounts reported in this column represent the amount of net income (loss) previously disclosed in our consolidated audited financial statements for the applicable year, as required by Regulation
S-X.
(5)
While the Company uses a number of financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that basic earnings per share (EPS) is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance.
   
Company Selected Measure Name     BasicEPS    
Named Executive Officers, Footnote [Text Block]     The dollar amounts reported for our
Non-PEO
NEOs for fiscal years 2020 and 2021 reflect the amounts for Ms. Zhen, our only
non-PEO
NEO for such fiscal years. The dollar amount reported for our
non-PEO
NEOs for fiscal year 2022 is the average of the amounts for Ms. Zhen and Mr. Edwards. Mr. Edwards became an NEO on August 22, 2022 and the amount takes into consideration only compensation paid by the registrant following such date.
   
Peer Group Issuers, Footnote [Text Block]     The dollar amounts disclosed in these columns assume $100 was invested for the cumulative period through the end of the list fiscal year, in either the Company or the NASDAQ Biotechnology Index (weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated), as applicable, and reinvestment of the
pre-tax
value of dividends paid. Historical stock performance is not necessarily indicative of future stock performance.
   
Adjustment To PEO Compensation, Footnote [Text Block]    
(2)
The dollar amounts reported in these columns represent the amount of “compensation actually paid” to our NEOs as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned by or paid to our NEOs during the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to the total compensation reported for our NEOs in the “Total” column of the Summary Compensation Table to determine the amount of “compensation actually paid” for each year. NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below.
 
    
Year
    
Summary Compensation
Table Total
($)

(a)
    
Reported Value of
Equity Awards
(a)

($)

(b)
    
Equity Award
Adjustment
(b)

($)

(c)
   
Compensation
Actually Paid
($)

(a – b + c)
 
Pavel Raifeld
     2022        1,798,966        1,044,300        (747,539     7,127  
     2021        1,271,138        580,330        555,909       1,246,717  
     2020        1,943,968        1,570,000        (382,183     (8,215
Geoffrey Hulme
     2020        716,242        224,996        (1,972     489,274  
Non-PEO
NEOs
     2022        665,254        240,922        (93,721     497,932  
     2021        614,262        152,086        98,925       561,101  
     2020        558,869        124,996        (38,177     395,696  
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns, as applicable, in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustment for each applicable year include the addition (or subtraction, as applicable) of the amounts set forth in the table below in accordance with Item 402(v) of Regulation
S-K.
The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
    
Year
    
Year End
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted in
the Year
($)
   
Year over
Year
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Prior Years
($)
   
Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year
($)
    
Year
over
Year
Change
in Fair
Value of
Equity
Awards
Granted
in Prior
Years
that
Vested
in the
Year
($)
   
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year
($)
    
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
    
Total
Equity
Award
Adjustment
($)
 
Pavel Raifeld
     2022        (340,558     (435,147     —          28,166       —          —          (747,539
     2021        224,504       405,433       —          (74,028     —          —          555,909  
     2020        (382,183     —         —          —         —          —          (382,183
Geoffrey Hulme
     2020        —         —         —          (1,972     —          —          (1,972
Non-PEO
NEOs
     2022        (89,766     (44,131     —          40,176       —          —          (93,721
     2021        67,900       38,700       —          (7,675     —          —          98,925  
     2020        (16,695     (12,532     —          (8,950     —          —          (38,177
   
Non-PEO NEO Average Total Compensation Amount     $ 665,254 $ 614,262 $ 558,869
Non-PEO NEO Average Compensation Actually Paid Amount     $ 497,932 561,101 395,696
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]    
(2)
The dollar amounts reported in these columns represent the amount of “compensation actually paid” to our NEOs as computed in accordance with Item 402(v) of Regulation
S-K.
The dollar amounts do not reflect the actual amount of compensation earned by or paid to our NEOs during the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the following adjustments were made to the total compensation reported for our NEOs in the “Total” column of the Summary Compensation Table to determine the amount of “compensation actually paid” for each year. NEOs do not participate in a defined benefit plan so no adjustment for pension benefits is included in the table below.
 
    
Year
    
Summary Compensation
Table Total
($)

(a)
    
Reported Value of
Equity Awards
(a)

($)

(b)
    
Equity Award
Adjustment
(b)

($)

(c)
   
Compensation
Actually Paid
($)

(a – b + c)
 
Pavel Raifeld
     2022        1,798,966        1,044,300        (747,539     7,127  
     2021        1,271,138        580,330        555,909       1,246,717  
     2020        1,943,968        1,570,000        (382,183     (8,215
Geoffrey Hulme
     2020        716,242        224,996        (1,972     489,274  
Non-PEO
NEOs
     2022        665,254        240,922        (93,721     497,932  
     2021        614,262        152,086        98,925       561,101  
     2020        558,869        124,996        (38,177     395,696  
(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns, as applicable, in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustment for each applicable year include the addition (or subtraction, as applicable) of the amounts set forth in the table below in accordance with Item 402(v) of Regulation
S-K.
The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
 
    
Year
    
Year End
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted in
the Year
($)
   
Year over
Year
Change in
Fair Value
of
Outstanding
and
Unvested
Equity
Awards
Granted in
Prior Years
($)
   
Fair
Value
as of
Vesting
Date of
Equity
Awards
Granted
and
Vested
in the
Year
($)
    
Year
over
Year
Change
in Fair
Value of
Equity
Awards
Granted
in Prior
Years
that
Vested
in the
Year
($)
   
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the
Year
($)
    
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
    
Total
Equity
Award
Adjustment
($)
 
Pavel Raifeld
     2022        (340,558     (435,147     —          28,166       —          —          (747,539
     2021        224,504       405,433       —          (74,028     —          —          555,909  
     2020        (382,183     —         —          —         —          —          (382,183
Geoffrey Hulme
     2020        —         —         —          (1,972     —          —          (1,972
Non-PEO
NEOs
     2022        (89,766     (44,131     —          40,176       —          —          (93,721
     2021        67,900       38,700       —          (7,675     —          —          98,925  
     2020        (16,695     (12,532     —          (8,950     —          —          (38,177
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]     LOGO    
Compensation Actually Paid vs. Net Income [Text Block]     LOGO    
Compensation Actually Paid vs. Company Selected Measure [Text Block]     LOGO    
Total Shareholder Return Vs Peer Group [Text Block]     LOGO    
Tabular List [Table Text Block]    
Performance Measures
The following list includes the financial performance measures used by the Company to link compensation actually paid to our NEOs to the performance of the Company for the fiscal year ended December 31, 2022. These measures are not ranked.
 
   
Basic EPS
 
   
Gross Revenue
 
   
Amount of Capital Allocation Activities
   
Total Shareholder Return Amount     $ 94 122 88
Peer Group Total Shareholder Return Amount     114 126 126
Net Income (Loss)     $ 220,262,000 $ 368,837,000 $ 293,814,000
Company Selected Measure Amount     3.07 3.24 2.21
PEO Name Geoffrey L. Hulme Mr. Raifeld Mr. Raifeld Mr. Raifeld  
Measure [Axis]: 1          
Pay vs Performance Disclosure [Table]          
Measure Name     Basic EPS    
Measure [Axis]: 2          
Pay vs Performance Disclosure [Table]          
Measure Name     Gross Revenue    
Measure [Axis]: 3          
Pay vs Performance Disclosure [Table]          
Measure Name     Amount of Capital Allocation Activities    
Pavel Raifeld [Member]          
Pay vs Performance Disclosure [Table]          
PEO Total Compensation Amount     $ 1,798,966 $ 1,271,138 $ 1,943,968
PEO Actually Paid Compensation Amount     7,127 1,246,717 (8,215)
Geoffrey Hulme [Member]          
Pay vs Performance Disclosure [Table]          
PEO Total Compensation Amount         716,242
PEO Actually Paid Compensation Amount         489,274
PEO [Member] | Pavel Raifeld [Member] | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     1,044,300 580,330 1,570,000
PEO [Member] | Pavel Raifeld [Member] | Equity Award Adjustment [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (747,539) 555,909 (382,183)
PEO [Member] | Pavel Raifeld [Member] | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (340,558) 224,504 (382,183)
PEO [Member] | Pavel Raifeld [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (435,147) 405,433  
PEO [Member] | Pavel Raifeld [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     28,166 (74,028)  
PEO [Member] | Geoffrey Hulme [Member] | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         224,996
PEO [Member] | Geoffrey Hulme [Member] | Equity Award Adjustment [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         (1,972)
PEO [Member] | Geoffrey Hulme [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount         (1,972)
Non-PEO NEO [Member] | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     240,922 152,086 124,996
Non-PEO NEO [Member] | Equity Award Adjustment [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (93,721) 98,925 (38,177)
Non-PEO NEO [Member] | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (89,766) 67,900 (16,695)
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     (44,131) 38,700 (12,532)
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount     $ 40,176 $ (7,675) $ (8,950)