Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

Archive  |  Search:

In the discussion about HR 4164 we’ve heard a lot about the ‘hardships’ faced by the ‘small, development stage companies’ who are ‘struggling’ to meet their XBRL requirement.

First of all, it’s our opinion that the benefits of being publically listed are equally great whether you are large or small, and therefore size should not be an factor in your reporting requirement.

But putting that aside for a moment, let’s take a look at just one of these “emerging growth” companies that would be exempted, if in fact a limit of $250 million in revenue were enacted.

Introducing Isis Pharmaceuticals (Nasdaq: ISIS)
Publicly traded for: 23 years
Market cap: $5.4 BILLION
Only 147.3 million in revenue in 2013
BUT $847 MILLION in assets
AND 656.8 MILLION in cash and short term investments

Does any of this sound like ‘emerging growth?’

But there’s more:

Isis raised $173.3 MILLION in the last year alone by issuing new stock on Nasdaq. In order to do that they happily paid $9.5 MILLION in fees to investment banks.

AND yet a few thousand a year to report financials back to those same generous investors in a much more efficient, machine readable format is too much to ask?

Clearly, it doesn’t add up!

Incidentally, this research took a grand total of 5 minutes because of, you guessed it, the magic of XBRL.

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