Acorda Therapeutics (ACORQ) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Entity Registrant Name	ACORDA THERAPEUTICS, INC.
Entity Central Index Key	0001008848
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	ACORQ
Title of each class	Common Stock $0.001 par value per share
Entity Common Stock, Shares Outstanding		1,242,098
Entity File Number	001-31938
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3831168
Entity Address, Address Line One	2 Blue Hill Plaza
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	Pearl River
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10965
City Area Code	914
Local Phone Number	347-4300

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 9,364	$ 29,979
Restricted cash	718	381
Trade accounts receivable, net of allowances of $1,143 and $962, as of March 31, 2024 and December 31, 2023, respectively	9,188	17,298
Prepaid expenses	12,617	5,211
Inventory, net	14,119	16,155
Other current assets	2,447	5,770
Total current assets	48,453	74,794
Property and equipment, net of accumulated depreciation	1,893	2,079
Intangible assets, net of accumulated amortization	22,343	22,987
Right of use asset, net of accumulated amortization	3,941	4,221
Restricted cash	255	255
Other non-current assets	4,690	4,189
Total assets	81,575	108,525
Current liabilities:
Accounts payable	9,932	13,373
Accrued expenses and other current liabilities	17,665	24,310
Convertible senior notes	191,474	186,143
Current portion of lease liabilities	1,599	1,588
Current portion of acquired contingent consideration	2,972	2,132
Deferred revenue	294	227
Total current liabilities	223,936	227,773
Non-current portion of acquired contingent consideration	32,528	27,368
Non-current portion of lease liabilities	2,847	3,166
Deferred tax liability	0	0
Other non-current liabilities	8,035	8,174
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share. Authorized 1,000,000 shares at March 31,2024 and December 31, 2023; no shares issued as of March 31,2024 and December 31, 2023, respectively
Common stock, $0.001 par value per share. Authorized 3,083,333 shares at March 31,2024 and December 31, 2023; issued 1,242,376 shares,including those held in treasury, as of March 31, 2024 and December 31, 2023, respectively	1	1
Treasury stock at cost (278 shares at March 31, 2024 and December 31, 2023)	(638)	(638)
Additional paid-in capital	1,030,513	1,030,383
Accumulated deficit	(1,216,522)	(1,189,127)
Accumulated other comprehensive income (loss)	875	1,425
Total stockholders’ equity	(185,771)	(157,956)
Total liabilities and stockholders’ equity	$ 81,575	$ 108,525

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement Of Financial Position [Abstract]
Trade accounts receivable, allowances (in dollars)	$ 1,143	$ 962
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, Authorized shares	1,000,000	1,000,000
Preferred stock, issued shares	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, Authorized shares	3,083,333	3,083,333
Common stock, issued shares	1,242,376	1,242,376
Treasury stock, shares	278	278

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total net revenues	$ 20,289	$ 22,258
Costs and expenses:
Cost of sales	3,707	3,234
Research and development	954	1,386
Selling, general and administrative	28,371	22,514
Amortization of intangible assets	644	7,691
Changes in fair value of acquired contingent consideration	6,241	(1,091)
Total operating expenses	39,917	33,734
Operating loss	(19,628)	(11,476)
Other income (expense), net:
Interest and amortization of debt discount expense	(8,436)	(7,571)
Interest income	207	93
Other income	11	92
Realized loss on foreign currency transactions	565
Total other expense, net	(7,653)	(7,386)
Loss before taxes	(27,281)	(18,862)
(Provision for) benefit from income taxes	(114)	2,038
Net loss	$ (27,395)	$ (16,824)
Net loss per share—basic	$ (22.06)	$ (13.54)
Net loss per share—diluted	$ (22.06)	$ (13.54)
Weighted average common shares outstanding used in computing net loss per share—basic	1,242	1,242
Weighted average common shares outstanding used in computing net loss per share—diluted	1,242	1,242
Net Product Revenues
Revenues:
Total net revenues	$ 17,880	$ 18,719
Royalty Revenues
Revenues:
Total net revenues	2,386	3,528
License revenues
Revenues:
Total net revenues	$ 23	$ 11

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (27,395)	$ (16,824)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	(550)	91
Other comprehensive income (loss), net of tax	(550)	91
Comprehensive income (loss)	$ (27,945)	$ (16,733)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income
Balance at Dec. 31, 2022	$ 93,622	$ 24	$ (638)	$ 1,029,881	$ (936,273)	$ 628
Balance (in shares) at Dec. 31, 2022		1,242
Compensation expense for issuance of stock options to employees	71			71
Other comprehensive income (loss), net of tax	91					91
Net loss	(16,824)				(16,824)
Balance at Mar. 31, 2023	76,960	$ 24	(638)	1,029,952	(953,097)	719
Balance (in shares) at Mar. 31, 2023		1,242
Balance at Dec. 31, 2023	(157,956)	$ 1	(638)	1,030,383	(1,189,127)	1,425
Balance (in shares) at Dec. 31, 2023		1,242
Compensation expense for issuance of stock options to employees	130			130
Other comprehensive income (loss), net of tax	(550)					(550)
Net loss	(27,395)				(27,395)
Balance at Mar. 31, 2024	$ (185,771)	$ 1	$ (638)	$ 1,030,513	$ (1,216,522)	$ 875
Balance (in shares) at Mar. 31, 2024		1,242

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (27,395)	$ (16,824)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	130	71
Amortization of debt discount and debt issuance costs	5,331	4,465
Depreciation and amortization expense	882	7,913
Change in acquired contingent consideration obligation	6,241	(1,091)
Deferred tax (benefit) provision		(2,038)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	8,110	4,688
Decrease (increase) in prepaid expenses and other current assets	(4,119)	2,871
Decrease (increase) in inventory	2,036	(713)
Decrease (increase) in other assets	(540)	(1,251)
Increase (decrease) in accounts payable, accrued expenses, and other current liabilities	(10,260)	(4,676)
Increase (decrease) in other non-current liabilities	(601)	(433)
Net cash used in operating activities	(20,185)	(7,018)
Cash flows from financing activities:
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(93)	97
Net decrease in cash, cash equivalents and restricted cash	(20,278)	(6,921)
Cash, cash equivalents and restricted cash at beginning of period	30,615	44,675
Cash, cash equivalents and restricted cash at end of period	10,337	37,754
Supplemental disclosure:
Cash paid for taxes	$ 15	$ 6

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (27,395)	$ (16,824)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business Activ

Organization and Business Activities	3 Months Ended
	Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Activities	(1) Organization and Business Activities Acorda Therapeutics, Inc. (“Acorda” or the “Company”) is a biopharmaceutical company focused on developing therapies that restore function and improve the lives of people with neurological disorders. The Company markets Inbrija (levodopa inhalation powder), which is approved in the U.S. for intermittent treatment of OFF episodes, also known as OFF periods, in people with Parkinson’s disease treated with carbidopa/levodopa. Inbrija is for as needed use and utilizes the Company’s ARCUS pulmonary delivery system, a technology platform designed to deliver medication through inhalation that the Company believes has potential to be used in the development of a variety of inhaled medicines. The Company has entered into agreements to commercialize Inbrija in Spain, Germany, Latin America, and China, and is in discussions with potential partners for commercialization of Inbrija in other jurisdictions outside of the U.S. The Company also markets branded Ampyra (dalfampridine) Extended Release Tablets, 10 mg to improve walking in adults with multiple sclerosis. Ampyra is marketed as Fampyra outside the U.S. by Biogen International GmbH, or Biogen, under a license and collaboration agreement that the Company entered into in June 2009. Fampyra has been approved in a number of countries across Europe, Asia, and the Americas. Voluntary Filing Under Chapter 11 Over the past several months, the Company, with the assistance of outside legal and financial advisors, engaged in a robust process to explore strategic alternatives and maximize value for the Company’s stakeholders in light of the upcoming maturity of its 6.00 % convertible senior secured notes that mature on December 1, 2024 (“2024 Notes”). During this process, the Company was, and continues to be, in regular communication with the holders of its 2024 Notes and their advisors. The Company evaluated every aspect of its business and has taken proactive steps to respond to the challenges the Company continues to face. Notwithstanding these measures, the Company engaged in an exhaustive process to find an appropriate strategic solution. The Company’s Board of Directors, after reviewing a number of alternatives, determined that it is in the best interests of the Company and its stakeholders to pursue a sale of assets under Chapter 11 of the United States Bankruptcy Code (the “Code”), which the Company believes will ensure the Company obtains the maximum value for the Company and most importantly, that the Company’s products will be provided on an uninterrupted basis to patients who will continue to benefit from these much needed medications. On April 1, 2024, the Company and certain of its subsidiaries commenced voluntary proceedings under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York (the “Court”) under the caption In re Acorda Therapeutics, Inc., et al. (the “Chapter 11 Proceedings”). The Company expects to continue to operate its business as a “debtor in possession” in accordance with the applicable provisions of the Code and orders of the Court. The Company requested approval from the Court for certain customary “first day” motions to continue its ordinary course operations after the filing date of the Chapter 11 Proceedings. Shortly following the commencement of the Chapter 11 Proceedings, the Company received written notice from the staff of the Nasdaq Global Select Market (“Nasdaq”) notifying it that, as a result of the Chapter 11 Proceedings, and in accordance with Nasdaq Listing Rules, the Company’s common stock would be delisted from the Nasdaq. The Company did not appeal the determination and, therefore, the Company’s common stock ceased trading on the Nasdaq on April 12, 2024 and began trading on the Pink Open Market under the symbol “ACORQ.” On April 25, 2024, Nasdaq filed a Form 25 with the U.S. Securities and Exchange Commission to delist the common stock from Nasdaq. The delisting of the common stock from Nasdaq became effective on May 5, 2024 and the Company expects that its common stock will be deregistered under Section 12(b) of the Exchange Act on or about July 24, 2024, which is the 90th day after the Form 25 filing. After the common stock is deregistered under Section 12(b), it will remain registered under Section 12(g) of the Exchange Act. Restructuring Support Agreement Prior to the commencement of the Chapter 11 Proceedings, on April 1, 2024 the Company entered into a Restructuring Support Agreement with the holders of a majority of its 2024 Notes (the “RSA Noteholders” and such agreement, the “Restructuring Support Agreement”). As contemplated in the Restructuring Support Agreement, the Company will seek to sell substantially all of its assets in a sale pursuant to Section 363. The Restructuring Support Agreement sets out certain milestones and conditions of the Company relating to the Section 363 sale process, subject to the terms and conditions contained therein. Asset Purchase Agreement Prior to the commencement of the Chapter 11 Proceedings, on March 31, 2024 the Company entered into a “stalking horse” Asset Purchase Agreement (the “Asset Purchase Agreement”) with Merz Pharmaceuticals, LLC a North Carolina limited liability company (the “Purchaser”), and, solely with respect to the guarantee of Purchaser’s obligations thereunder, Merz Pharma GmbH & Co. KGaA, a German partnership (the “Purchaser Parent”). The Asset Purchase Agreement provides for the sale of substantially all of the Company’s assets (the “Purchased Assets”) to the Purchaser for $ 185.0 million, subject to certain adjustments as specified in the Asset Purchase Agreement. The Asset Purchase Agreement is subject to Court approval and compliance with agreed-upon bidding procedures under Section 363 of the Code (“Section 363”) allowing for the submission of higher or otherwise better offers and satisfaction of other agreed-upon conditions. In accordance with the sale process under Section 363, notice of the proposed sale to the Purchaser will be given to third parties and competing bids will be being solicited over a specified period of time. The Company will manage the bidding process and evaluate the bids, in consultation with its advisors and as overseen by the Court. The Company cannot provide any assurance that it will be able to successfully complete a sale of the Purchased Assets or that it will be able to continue to fund its operations throughout the Chapter 11 Proceedings. DIP Credit Agreement In order to fund the continued operations of the Company during the pendency of the Chapter 11 Proceedings, the Company and certain of the RSA Noteholders agreed to the terms of a form of Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”) to be entered into by and among the Company, as borrower, and the lenders from time to time party thereto (collectively, the “DIP Lenders”, GLAS USA LLC, as administrative agent (the “DIP Administrative Agent”), and GLAS Americas, LLC, collateral agent (collectively, with the DIP Administrative Agent, the “DIP Agent”), pursuant to which the DIP Lenders would provide the Company with a senior secured, superpriority debtor-in-possession term loan facility in the maximum aggregate amount of $ 60.0 million (the “DIP Credit Facility,” and the commitments of the DIP Lenders thereunder, the “DIP Commitments” and, the loans thereunder, the “DIP Loans”), which, subject to the satisfaction of certain conditions precedent to drawing as set forth in the DIP Credit Agreement, including the approval of the Court, will be made available to the Company in multiple drawings as follows: (i) up to $ 10.0 million (“Interim DIP Loan Commitment”) will be made available for drawing upon entry by the Court of an interim order authorizing and approving the DIP Credit Facility on an interim basis (the “Interim DIP Order”), (ii) up to $ 10.0 million (“Final DIP Loan Commitments”) will be made available for drawing upon entry of the Court of a final order authorizing and approving the DIP Credit Facility on a final basis (the “Final DIP Order” and together with the Interim DIP Order, the “DIP Orders”), and (iii) upon subject to entry of the Final Order, a roll-up facility in the aggregate maximum principal amount of $ 40.0 million, representing a roll-up of obligations under the 2024 Notes on a two dollars to one dollar basis of the DIP Commitments under the DIP Facility made by the RSA Noteholders. In April 2024, the Company had drawn down approximately $ 10.0 million under the DIP Credit Facility.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Basis of Presentation On June 2, 2023, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to effect a 1-for-20 reverse stock split and a proportionate reduction in the number of authorized shares from 61,666,666 to 3,083,333 . The Company’s common stock began trading on a split-adjusted basis on the Nasdaq Global Select Market on June 5, 2023. The reverse stock split applied equally to all outstanding shares of the common stock and did not modify the rights or preferences of the common stock. All figures in this report relating to shares of the Company’s common stock (such as share amounts, per share amounts, and conversion rates and prices), including in the financial statements and accompanying notes to the financial statements, have been retroactively restated to reflect the reverse stock split. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information, Accounting Standards Codification (“ASC”) Topic 270-10, and with the instructions to Form 10-Q. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included in the interim periods presented and all adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of this filing. Operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. You should read these unaudited interim condensed consolidated financial statements in conjunction with the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2023. The Company’s significant accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s significant accounting policies have not changed materially from December 31, 2023. Restricted Cash At March 31, 2024, the Company held restricted cash consisting of $ 0.3 million related to cash collateralized standby letters of credit in connection with obligations under facility leases and $ 0.7 million to cover the Company’s self-funded employee health insurance. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows: Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 29,979 $ 9,364 $ 37,536 $ 30,255 Restricted cash 381 718 6,884 6,989 Restricted cash non-current 255 255 255 510 Total Cash, cash equivalents, and restricted cash per statement of cash flows $ 30,615 $ 10,337 $ 44,675 $ 37,754 Investments Short-term investments consist primarily of high-grade commercial paper and corporate bonds. The Company classifies marketable securities available to fund current operations as short-term investments in current assets on its consolidated balance sheets. Marketable securities are classified as long-term investments in long-term assets on the consolidated balance sheets if the Company has the ability and intent to hold them and such holding period is longer than one year. The Company classifies all its investments as available-for-sale. Available-for-sale securities are recorded at the fair value of the investments based on quoted market prices. Unrealized holding gains and losses on available-for-sale securities, which are determined to be temporary, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss. Premiums and discounts on investments are amortized over the life of the related available-for-sale security as an adjustment to yield using the effective‑interest method. Dividend and interest income are recognized when earned. Amortized premiums and discounts, dividend and interest income are included in interest income. Realized gains and losses are included in other income. There were no investments classified as short-term or long-term at March 31, 2024 or December 31, 2023. Inventory The following table provides the major classes of inventory: (In thousands) March 31, 2024 December 31, 2023 Raw materials $ 1,938 $ 4,178 Work-in-progress 2,491 2,491 Finished goods 9,690 9,486 Total $ 14,119 $ 16,155 The Company reviews inventory, including inventory purchase commitments, for slow moving or obsolete amounts based on expected product sales volume and provides reserves against the carrying amount of inventory as appropriate. Foreign Currency Translation The functional currency of operations outside the U.S. is deemed to be the currency of the local country, unless otherwise determined that the U.S. dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into U.S. dollars using the period-end exchange rate; and income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction gains and losses are charged to operations and reported in other income (expense) in consolidated statements of operations. Segment and Geographic Information The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer. The Company does not operate separate lines of business with respect to any of its products or product candidates, and the Company does not prepare discrete financial information to allocate resources to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported are substantially derived from the sales of Inbrija and Ampyra in the U.S. Impairment of Long-Lived Assets The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful lives of its long-lived assets, including identifiable intangible assets subject to amortization and property plant and equipment, may warrant revision or that the carrying value of the assets may be impaired. The Company evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related assets. Factors the Company considers important that could trigger an impairment review include significant changes in the use of any assets, changes in historical trends in operating performance, changes in projected operating performance, stock price, loss of a major customer, and significant negative economic trends. The impending maturity of the 2024 Notes that is scheduled to be repaid on December 1, 2024 was determined to be a triggering event in connection with the Company's review of the recoverability of its long-lived assets for the quarter ended March 31, 2024. The Company performed a recoverability test as of March 31, 2024 using the undiscounted cash flows, which are the sum of the future undiscounted cash flows expected to be derived from the direct use of the long-lived assets compared to the carrying value of the long-lived assets. Estimates of future cash flows were based on the Company’s own assumptions about its own use of the long-lived assets. The cash flow estimation period was based on the long-lived assets’ estimated remaining useful life to the Company. After performing the recoverability test, the Company determined that the undiscounted cash flows exceeded the carrying value and the long-lived assets were not impaired. Changes in these assumptions and resulting valuations could result in future long-lived asset impairment charges. During the three-month period ended March 31, 2024, no other impairment indicators were noted by the Company. Management will continue to monitor any changes in circumstances for indicators of impairment. Any write-downs are treated as permanent reductions in the carrying amount of the assets. The Company recognized an impairment for the year ended December 31, 2023 related to it’s intangible assets. Liquidity At March 3 1, 2024, the Company had $ 9.4 million of cash and cash equivalents, compared to $ 30.0 million at December 31, 2023. The Company’s March 31, 2024 cash and cash equivalents balance does not include $ 1.0 million of restricted cash, of which $ 0.7 million is related to self-funded employee health insurance, and $ 0.3 million is related to collateralized standby letters of credit. The Company incurred a net loss of $ 27.4 million for the three-month period ended March 31, 2024. The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Topic 205-40, “Presentation of Financial Statements—Going Concern” (“ASC Topic 205-40”), which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that its annual and interim consolidated financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting. Determining the extent, if any, to which conditions or events raise substantial doubt about the Company’s ability to continue as a going concern, or the extent to which mitigating plans sufficiently alleviate any such substantial doubt, as well as whether or not liquidation is imminent, requires significant judgment by management. The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements contained in this report are issued. The Company believes that its existing cash and cash equivalents are not sufficient to cover its cash flow requirements. The commencement of the Chapter 11 Proceedings constituted an event of default under the Indenture governing the 2024 Notes, which in turn resulted in the 2024 Notes becoming immediately due and payable, along with accrued and unpaid interest. At March 31, 2024, the principal balance outstanding under the 2024 Notes was $ 207.0 million. Additionally, for the duration of the Chapter 11 Proceedings, our operations and our ability to develop and execute our business plan, our financial condition, our liquidity and our continuation as a going concern will be subject to a high degree of risk and uncertainty associated with the Chapter 11 Proceedings. The company believes that, due to these circumstances and events, substantial doubt exists regarding its ability to continue as a going concern through one year from the date that these financial statements are issued. Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined there were subsequent events that required disclosure in these financial statements. See Note 11 to the Company’s Consolidated Financial Statements included in this report for a discussion of subsequent events. Accounting Pronouncements Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This update simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models which require separate accounting for embedded conversion features. This update also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions and requires the application of the if-converted method for calculating diluted earnings per share. ASU 2020-06 is effective for smaller reporting companies for fiscal periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company determined that this accounting pronouncement did not have an impact on the financial statements. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This update requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This update enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company is currently assessing the impact that this guidance may have on its consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue From Contract With Customer [Abstract]
Revenue	(3) Revenue In accordance with ASC 606, the Company recognizes revenue when the customer obtains control of a promised good or service, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the good or service. ASC 606 requires entities to record a contract asset when a performance obligation has been satisfied or partially satisfied, but the amount of consideration has no t yet been received because the receipt of the consideration is conditioned on something other than the passage of time. ASC 606 also requires an entity to present a revenue contract as a contract liability in instances when a customer pays consideration, or an entity has a right to an amount of consideration that is unconditional (e.g., receivable), before the entity transfers a good or service to the customer. As of March 31, 2024, and December 31, 2023 the Company had contract liabilities of $ 8.1 million, which consists of the upfront payment received as part of the Chance China distribution agreement entered into in May 2023, as well as the upfront payment received under the terms of the Company’s distribution agreement with Esteve Pharmaceuticals GmbH (“Esteve Germany”) entered into in 2021 related to the commercialization of Inbrija in Germany. As of March 31, 2024, approximately $ 0.3 million of the contract liability balance is expected to be recognized as revenue from the remaining performance obligations over the next 12 months for the Esteve Germany agreement as goods are shipped. The Company expects to recognize revenue of these remaining performance obligations over the next 8 years in Germany and 11 years in China with the balance recognized thereafter . The Company will re-evaluate the transaction price in each reporting period and as certain events are resolved or other changes in circumstances occur. The following table disaggregates the Company’s revenue by major source. The Company’s Royalty Revenue set forth below relates to Fampyra royalties payable under the Company’s License and Collaboration Agreement with Biogen (“Collaboration Agreement”). In January 2024, the Company received a written notice of termination from Biogen of the Collaboration Agreement. Accordingly, the Company will regain global commercialization rights to Fampyra. Biogen exercised its right to terminate the Collaboration Agreement in order to shift resources towards upcoming launches and programs that align with its priorities. The termination will be effective as of January 1, 2025. (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Revenues: Net product revenues: Ampyra $ 11,497 $ 12,606 Inbrija 4,720 5,587 Inbrija ex-U.S. 1,663 526 Total net product revenues 17,880 18,719 Royalty revenues 2,386 3,528 License Revenue 23 11 Total net revenues $ 20,289 $ 22,258

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	(4) Share-Based Compensation During the three-month periods ended March 31, 2024 and 2023, the Company recognized share-based compensation expense of $ 0.1 million. Activity in options and restricted stock during the three-month period ended March 31, 2024 and related balances outstanding as of that date are reflected below. The weighted average fair value p er share of options granted to employees for the three-month periods ended March 31, 2024 and 2023 were approximately $ 12.48 an d $ 0.49 , respectively. The following table summarizes share-based compensation expense included within the Company’s consolidated statements of operations: For the Three-month period ended March 31, (In thousands) 2024 2023 Research and development expense $ 4 $ 1 Selling, general and administrative expense 126 70 Cost of Sales — — Total $ 130 $ 71 A summary of share-based compensation activity for the three-month period ended March 31, 2024 is presented below: Stock Option Activity Number of thousands) Weighted Weighted Intrinsic thousands) Balance at January 1, 2024 103 $ 568.85 — — Granted — 15.31 — — Cancelled ( 5 ) 3,021.18 — — Exercised — — — — Balance at March 31, 2024 98 $ 440.23 7.3 $ 69,129 Vested and expected to vest at 98 $ 440.23 7.3 $ 69,129 Vested and exercisable at 63 $ 669.71 6.7 $ 38,931 Unrecognized compensation cost for unvested stock options as of March 31, 2024 totaled $ 0.5 million and is expected to be recognized over a weighted average period of approximately 1.05 years. During the three-month period ended March 31, 2024, the Company did no t make any repurchases of shares .

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Loss Per Share	(5) Loss Per Share The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2024 and 2023: (In thousands, except per share data) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Basic and diluted Net loss—basic $ ( 27,395 ) $ ( 16,824 ) Weighted average common shares outstanding used in 1,242 1,242 Plus: net effect of dilutive stock options and restricted — — Weighted average common shares outstanding used in 1,242 1,242 Net loss per share—basic $ ( 22.06 ) $ ( 13.54 ) Net loss per share—diluted $ ( 22.06 ) $ ( 13.54 ) Securities that could potentially be dilutive are excluded from the computation of diluted loss per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s common stock during the period, because their inclusion would result in an anti-dilutive effect on per share amounts. The following amounts were not included in the calculation of net loss per diluted share because their effects were anti-dilutive: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Denominator Stock options and restricted common shares 99 55 Performance share units are excluded from the calculation of net loss per diluted share as the performance criteria has not been met for the three-month periods ended March 31, 2024 and 2023. Additionally, the impact of the 2024 Notes was determined to be anti-dilutive and excluded from the calculation of net loss per diluted share for the three-month periods ended March 31, 2024 and 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	(6) Income Taxes The Company’s effective income tax rate differs from the U.S. statutory rate primarily due to an increase in the valuation allowance and expense recorded on the equity forfeiture. For the three-month periods ended March 31, 2024 and 2023, the Company recorded a provision of $ 0.1 million and a benefit of $ 2.0 million for income taxes, respectively. The effective income tax rates for the Company for the three-month periods ended March 31, 2024 and 2023 were 0.4 % and 10.8 %, respectively. The variances in the effective tax rates for the three-month period ended March 31, 2024, as compared to the three-month period ended March 31, 2023, was primarily due to an increase in the existing valuation allowance recorded on the Company’s deferred tax assets for which no tax benefit can be recognized, and the forfeitures of equity of which no tax deduction is recorded. The Company continues to evaluate the realizability of its deferred tax assets on a quarterly basis and will adjust such amounts in light of changing facts and circumstances including, but not limited to, future projections of taxable income, tax legislation, rulings by relevant tax authorities, the progress of ongoing tax audits, and the regulatory approval of products under development. Any changes to the valuation allowance or deferred tax assets and liabilities in the future would impact the Company’s income taxes.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. The Company bases fair value on the assumptions market participants would use when pricing the asset or liability. The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, exchange rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. The Company’s Level 1 assets consist of investments in a Treasury money market fund and U.S. government securities. The Company’s Level 3 liabilities represent acquired contingent consideration related to the acquisition of Civitas Therapeutics, Inc. (“Civitas”) which are valued using a probability weighted discounted cash flow valuation approach and derivative liabilities related to conversion options for the 2024 Notes which are valued using a binomial model. For assets and liabilities not accounted for at fair value, the carrying values of these accounts approximates their fair values at March 31, 2024, except for the fair value of the Company’s 2024 Notes, which was approximately $ 157.3 million as of March 31, 2024 and during the pendency of the Chapter 11 Proceedings. (In thousands) Level 1 Level 2 Level 3 March 31, 2024 Assets Carried at Fair Value: Money market funds $ — $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 35,500 December 31, 2023 Assets Carried at Fair Value: Money market funds $ — $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 29,500 The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. Acquired contingent consideration (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Acquired contingent consideration: Balance, beginning of period $ 29,500 $ 41,200 Fair value change to contingent consideration 6,241 ( 1,091 ) Royalty payments ( 241 ) ( 309 ) Balance, end of period $ 35,500 $ 39,800 The Company estimates the fair value of its acquired contingent consideration using a probability weighted discounted cash flow valuation approach based on estimated future sales expected from Inbrija (levodopa inhalation powder), a U.S. Food and Drug Administration (“FDA”) approved drug for the treatment of OFF periods in Parkinson’s disease. Using this approach, expected future cash flows are calculated over the expected life of the agreement and discounted to estimate the current value of the liability at the period end date. Some of the more significant assumptions made in the valuation include (i) the estimated revenue forecast for Inbrija, and (ii) discount period and rate. The milestone payments ranged from $ 0 million to $ 14.3 million f or Inbrija. The discount rate used in the valuation was 22.0 % for the three-month periods ended March 31, 2024 and March 31, 2023. The valuation is performed quarterly and changes in the fair value of the contingent consideration are included in the statement of operations. For the three-month periods ended March 31, 2024 and 2023, changes in the fair value of the acquired contingent consideration were primarily due to change in projected revenue and the recalculation of cash flows for the passage of time. The acquired contingent consideration is classified as a Level 3 liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for the various inputs to the valuation approach, including but not limited to, assumptions involving sales estimates for Inbrija and estimated discount rates, the estimated fair value could be significantly higher or lower than the fair value determined.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	(8) Debt Convertible Senior Secured Notes Due 2024 The 2024 Notes were issued pursuant to an Indenture, dated as of December 23, 2019, among the Company, its wholly owned subsidiary, Civitas Therapeutics, Inc. (along with any domestic subsidiaries acquired or formed after the date of issuance, the “Guarantors”), and Wilmington Trust, National Association, as trustee and collateral agent (the “2024 Indenture”). The 2024 Notes are senior obligations of the Company and the Guarantors, secured by a first priority security interest in substantially all of the assets of the Company and the Guarantors, subject to certain exceptions described in the Security Agreement, dated as of December 23, 2019, between the grantors party thereto and Wilmington Trust, National Association, as collateral agent. The commencement of the Chapter 11 Proceedings constituted an event of default under the 2024 Indenture, which in turn resulted in the 2024 Notes becoming immediately due and payable, along with accrued and unpaid interest. In addition, the Company’s common stock was delisted from Nasdaq following the consummation of the Chapter 11 Proceedings, which constituted a make-whole fundamental change that provides holders of the 2024 Notes with the right to require the Company to repurchase their notes at a repurchase price equal to 100 % of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any. The Company does not have the cash to make such a payment, which may complicate its ability to effectively complete the Chapter 11 Proceedings and may result in its liquidation under Chapter 7. Interest on the 2024 Notes is payable semi-annually in arrears at a rate of 6.00 % per annum on each June 1 and December 1. Following the June 1, 2023 interest payment, the Company no longer has the option to pay interest on the 2024 Notes in its common stock and the Company has fully utilized the restricted cash that was set aside for the payment of interest on the 2024 Notes. The 2024 Notes are convertible at the option of the holder into shares of common stock of the Company at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date as long as the holder thereof has not delivered a fundamental change repurchase notice. The adjusted conversion rate for the 2024 Notes is 2.3810 shares of the Company’s common stock per $ 1,000 principal amount of 2024 Notes, representing an adjusted conversion price of approximately $ 420.00 per share of common stock. The conversion rate was adjusted to reflect the 1-for-6 reverse stock split effected on December 31, 2020, and adjusted again to reflect the 1-for-20 reverse split effected on June 2, 2023 . As of March 31, 2024 the maximum number of shares that could be required to be issued would be 969,102 shares. However, as a result of the Chapter 11 Proceedings the Company believes it is highly unlikely that holders will convert the 2024 Notes. The Company may elect to settle conversions of the 2024 Notes in cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. In addition, the Company will have the right to cause all 2024 Notes then outstanding to be converted automatically if the volume-weighted average price per share of the Company’s common stock equals or exceeds 130 % of the adjusted conversion price for a specified period of time and certain other conditions are satisfied. Subject to a number of exceptions and qualifications, the 2024 Indenture restricts the ability of the Company and certain of its subsidiaries to, among other things, (i) pay dividends or make other payments or distributions on their capital stock, or purchase, redeem, defease or otherwise acquire or retire for value any capital stock, (ii) make certain investments, (iii) incur indebtedness or issue preferred stock, other than certain forms of permitted debt, (iv) create liens on their assets, (v) sell their assets, (vi) enter into certain transactions with affiliates or (vii) merge, consolidate, or sell all or substantially all of their assets. The 2024 Indenture also requires the Company to make an offer to repurchase the 2024 Notes upon the occurrence of certain asset sales. The Company assessed all terms and features of the 2024 Notes in order to identify any potential embedded features that would require bifurcation. As part of this analysis, the Company assessed the economic characteristics and risks of the 2024 Notes, including the conversion, put and call features. The Company concluded the conversion features required bifurcation as a derivative. The fair value of the conversion features derivative was determined based on the difference between the fair value of the 2024 Notes with the conversion options and the fair value of the 2024 Notes without the conversion options using a binomial model. The Company determined that the fair value of the derivative upon issuance of the 2024 Notes was $ 59.4 million and recorded this amount as a derivative liability with an offsetting amount as a debt discount as a reduction to the carrying value of the 2024 Notes on the closing date, or December 24, 2019. There are several embedded features within the 2024 Notes which, upon issuance, did not meet the conditions for equity classification. As a result, these features were aggregated together and recorded as the derivative liability conversion option. The conversion feature has had no value since Q2 2022 due to the extremely remote likelihood of these conversion features ever being exercised. The Company received stockholder approval on August 28, 2020 to increase the number of authorized shares of the Company’s common stock from 13,333,333 shares to 61,666,666 shares. As a result of the share approval, the Company determined that multiple embedded conversion options met the conditions for equity classification. The Company performed a valuation of these conversion options as of September 17, 2020, which was the date the Company completed certain securities registration obligations for the shares underlying the 2024 Notes. The resulting fair value of these conversion options was $ 18.3 million, which was reclassified to equity and presented in the statement of stockholder’s equity as of September 30, 2020, net of the $ 4.4 million tax impact. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The Company performed a valuation of the derivative liability related to certain embedded conversion features that are precluded from equity classification. The fair value of these conversion features was calculated to be negligible as of March 31, 2024. The outstanding 2024 Notes balances as of March 31, 2024 and December 31, 2023 consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Liability component: Principal 207,000 $ 207,000 Less: debt discount and debt issuance costs, net ( 15,526 ) ( 20,857 ) Net carrying amount $ 191,474 $ 186,143 Equity component $ 18,257 $ 18,257 Derivative liability-conversion option $ — $ — The Company determined that the expected life of the 2024 Notes was equal to the period through December 1, 2024 as this represents the point at which the 2024 Notes will mature unless earlier converted in accordance with their terms prior to such date. Accordingly, the total debt discount of $ 75.1 million, inclusive of the fair value of the embedded conversion feature derivative at issuance, is being amortized using the effective interest method through December 1, 2024. For the three-month period ended March 31, 2024, the Company recognized $ 8.4 million of interest expense related to the 2024 Notes at the effective interest rate of 18.13 %. The fair value of the Company’s 2024 Notes was approximately $ 157.3 million as of March 31, 2024. In connection with the issuance of the 2024 Notes, the Company incurred approximately $ 5.7 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the liability component and recorded as a reduction in the carrying amount of the debt liability on the balance sheet. The portion allocated to the 2024 Notes is amortized to interest expense over the expected life of the 2024 Notes using the effective interest method. The following table sets forth total interest expense recognized related to the 2024 Notes for the three-month periods ended March 31, 2023 and 2022: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Contractual interest expense $ 3,105 $ 3,105 Amortization of debt issuance costs 379 317 Amortization of debt discount 4,952 4,148 Total interest expense $ 8,436 $ 7,570

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	(9) Leases The Company adopted the lease guidance under ASU 2016-02, "Leases" Topic 842 effective January 1, 2019. Under the guidance for lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred, if any. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In calculating the present value of the lease payments, the Company elected to utilize its incremental borrowing rate based on the remaining lease terms as of the January 1, 2019 adoption date. The Company has elected the practical expedient to combine lease and non-lease components as a single component. The lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, current operating lease liabilities and non-current operating lease liabilities. Additionally, the Company has elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases where the initial lease term is one year or less or for which the ROU asset at inception is deemed immaterial, the Company will not recognize ROU assets or lease liabilities. Those leases are expensed on a straight-line basis over the term of the lease. As of March 31, 2024, the Company serves as the lessee for two operating leases. The Company's leases have remaining lease terms of 2.8 years to 4.3 years. Operating Leases The Company leases certain office space, manufacturing, and warehouse space under arrangements classified as leases under ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Pearl River, New York In June 2022, the Company entered into a 6 -year sublease for an aggregate of approximately 21,000 square feet of space in Pearl River, New York for its corporate headquarters. The Company has no opt ions to extend the term of the sublease. The Pearl River sublease provides for monthly payments of rent during the lease term. The base rent commencing on January 1, 2023 is $ 0.3 million per year, subject to an annual 2.0 % escalation factor in each subsequent year thereafter. Waltham, Massachusetts In October 2016, the Company entered into a 10 -year lease agreement with a term commencing January 1, 2017, for approximately 26,000 square feet of lab and office space in Waltham, Massachusetts. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $ 1.3 million per year. In July 2023, the Company sublet to a third party approximately 13,000 square feet (approximately 49 %) of its lab space at the Waltham, Massachusetts location. The sublease commenced on August 1, 2023, and will last for the remainder of the Company’s lease agreement through 2026. Under the terms of the head lease the Company is not relieved of its obligation as lessee and will continue to make monthly rent payments. The Company performed a recoverability test of the sublease agreement upon inception by comparing the rental income under the sublease to the Company’s obligations under the head lease and noted no impairment existed on the head lease. The Company recognized on a straight-line basis sublease rental income of $ 0.3 million in 2023 and will recognize $ 0.7 million per year beginning in 2024 until lease expiration in December 2026. The Company’s leases have remaining lease terms of 2.8 years to 4.3 years , which reflects the exercise of the early termination of the Company’s Ardsley, New York lease as described above. The weighted-average remaining lease term for the Company’s operating leases was 3.2 years at March 31, 2024. The weighted-average discount rate was 8.0 % at March 31, 2024. ROU assets and lease liabilities related to the Company’s operating leases are as follows: (In thousands) Balance Sheet Classification March 31, 2024 December 31, 2023 Right-of-use assets Right of use assets $ 3,941 $ 4,221 Current lease liabilities Current portion of lease liabilities 1,599 1,588 Non-current lease liabilities Non-current portion of lease liabilities 2,847 3,166 The Company has lease agreements that contain both lease and non-lease components. The Company accounts for lease components together with non-lease components (e.g., common-area maintenance). The components of lease costs were as follows: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Operating lease cost $ 214 $ 450 Variable lease cost 94 100 Short-term lease cost — — Total lease cost $ 308 $ 550 Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2024 (excluding the three months ended March 31, 2024) $ 1,191 2025 1,633 2026 1,678 2027 357 2028 182 Later years - Total lease payments 5,041 Less: Imputed interest ( 594 ) Present value of lease liabilities $ 4,447 Supplemental cash flow information related to the Company’s operating leases are as follows: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 397 $ 386

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies On December 31, 2022, the Company and Catalent Pharma Solutions (“Catalent”) entered into a termination letter, which was subsequently amended and restated in March 2023 (the “Termination Letter”), to terminate the long-term, global manufacturing services (supply) agreement for the manufacture of Inbrija (“2021 MSA”). In connection with the termination of the 2021 MSA, the Company is obligated to pay a $ 4 million termination fee to Catalent, payable in April 2024. The parties also entered into a Settlement and Release Agreement with respect to certain batches of Inbrija that were not delivered in 2022 as scheduled, and that were delivered in the first quarter of 2023. Effective January 1, 2023, the Company entered into a new manufacturing services agreement with Catalent, which was subsequently amended in March 2023 (as amended in March 2023, the “New MSA”). Under the New MSA, Catalent will continue to manufacture Inbrija through 2030, with reduced minimum annual commitments through 2024 and significantly lower pricing thereafter. The New MSA provides for the scale-up of new spray drying equipment (“PSD-7”), which will provide expanded capacity for the long-term world-wide manufacturing requirements of Inbrija. In 2023, the Company satisfied its purchase commitment under the New MSA and purchased 15 batches of Inbrija at a total cost of $ 10.5 million. The Company is subject to a purchase commitment in 2024 of 24 batches of Inbrija at a total cost of $ 15.5 million. Thereafter, in 2025, the Company will pay Catalent a fixed per capsule fee based on the amount of Inbrija that is delivered for sale in the U.S. and other markets . It is anticipated that by 2026, the PSD-7 equipment will be fully operational, which will significantly reduce the per capsule fees for all markets. The Company agreed to a minimum purchase requirement of at least three batches per year on the PSD-7 equipment and provide up to $ 1 million in each of 2023 and 2024 for capital expenditures to assist in the capacity expansion efforts. In addition, the Company was obligated to pay Catalent $ 2 million in 2023 in connection with certain activities relating to the operational readiness of the PSD-7. The New MSA, unless earlier terminated, will continue until December 31, 2030, and will be automatically extended for successive two-year periods unless either party provides the other with at least 18-months’ prior written notice of non-renewal. Either party may terminate the New MSA by written notice under certain circumstances, including material breach (subject to specified cure periods) or insolvency. The Company may also terminate the New MSA upon certain specified regulatory events and for convenience upon 180 days’ prior written notice.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	(11) Subsequent Events For a more in-depth analysis of the voluntary filing under Chapter 11, the restructuring support agreement, the asset purchase agreement, and the DIP Credit Agreement, refer to Note 1. Pre-petition Liabilities For the periods beginning with the second quarter of 2024, pre-petition unsecured and undersecured claims related to the Debtors that may be impacted by the bankruptcy reorganization process will be classified as Liabilities subject to compromise in the Consolidated Balance Sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation On June 2, 2023, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to effect a 1-for-20 reverse stock split and a proportionate reduction in the number of authorized shares from 61,666,666 to 3,083,333 . The Company’s common stock began trading on a split-adjusted basis on the Nasdaq Global Select Market on June 5, 2023. The reverse stock split applied equally to all outstanding shares of the common stock and did not modify the rights or preferences of the common stock. All figures in this report relating to shares of the Company’s common stock (such as share amounts, per share amounts, and conversion rates and prices), including in the financial statements and accompanying notes to the financial statements, have been retroactively restated to reflect the reverse stock split. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information, Accounting Standards Codification (“ASC”) Topic 270-10, and with the instructions to Form 10-Q. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included in the interim periods presented and all adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of this filing. Operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. You should read these unaudited interim condensed consolidated financial statements in conjunction with the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2023. The Company’s significant accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s significant accounting policies have not changed materially from December 31, 2023.
Restricted Cash	Restricted Cash At March 31, 2024, the Company held restricted cash consisting of $ 0.3 million related to cash collateralized standby letters of credit in connection with obligations under facility leases and $ 0.7 million to cover the Company’s self-funded employee health insurance. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows: Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 29,979 $ 9,364 $ 37,536 $ 30,255 Restricted cash 381 718 6,884 6,989 Restricted cash non-current 255 255 255 510 Total Cash, cash equivalents, and restricted cash per statement of cash flows $ 30,615 $ 10,337 $ 44,675 $ 37,754
Investments	Investments Short-term investments consist primarily of high-grade commercial paper and corporate bonds. The Company classifies marketable securities available to fund current operations as short-term investments in current assets on its consolidated balance sheets. Marketable securities are classified as long-term investments in long-term assets on the consolidated balance sheets if the Company has the ability and intent to hold them and such holding period is longer than one year. The Company classifies all its investments as available-for-sale. Available-for-sale securities are recorded at the fair value of the investments based on quoted market prices. Unrealized holding gains and losses on available-for-sale securities, which are determined to be temporary, are excluded from earnings and are reported as a separate component of accumulated other comprehensive loss. Premiums and discounts on investments are amortized over the life of the related available-for-sale security as an adjustment to yield using the effective‑interest method. Dividend and interest income are recognized when earned. Amortized premiums and discounts, dividend and interest income are included in interest income. Realized gains and losses are included in other income. There were no investments classified as short-term or long-term at March 31, 2024 or December 31, 2023.
Inventory	Inventory The following table provides the major classes of inventory: (In thousands) March 31, 2024 December 31, 2023 Raw materials $ 1,938 $ 4,178 Work-in-progress 2,491 2,491 Finished goods 9,690 9,486 Total $ 14,119 $ 16,155 The Company reviews inventory, including inventory purchase commitments, for slow moving or obsolete amounts based on expected product sales volume and provides reserves against the carrying amount of inventory as appropriate.
Foreign Currency Translation	Foreign Currency Translation The functional currency of operations outside the U.S. is deemed to be the currency of the local country, unless otherwise determined that the U.S. dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into U.S. dollars using the period-end exchange rate; and income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction gains and losses are charged to operations and reported in other income (expense) in consolidated statements of operations.
Segment and Geographic Information	Segment and Geographic Information The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer. The Company does not operate separate lines of business with respect to any of its products or product candidates, and the Company does not prepare discrete financial information to allocate resources to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported are substantially derived from the sales of Inbrija and Ampyra in the U.S.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful lives of its long-lived assets, including identifiable intangible assets subject to amortization and property plant and equipment, may warrant revision or that the carrying value of the assets may be impaired. The Company evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related assets. Factors the Company considers important that could trigger an impairment review include significant changes in the use of any assets, changes in historical trends in operating performance, changes in projected operating performance, stock price, loss of a major customer, and significant negative economic trends. The impending maturity of the 2024 Notes that is scheduled to be repaid on December 1, 2024 was determined to be a triggering event in connection with the Company's review of the recoverability of its long-lived assets for the quarter ended March 31, 2024. The Company performed a recoverability test as of March 31, 2024 using the undiscounted cash flows, which are the sum of the future undiscounted cash flows expected to be derived from the direct use of the long-lived assets compared to the carrying value of the long-lived assets. Estimates of future cash flows were based on the Company’s own assumptions about its own use of the long-lived assets. The cash flow estimation period was based on the long-lived assets’ estimated remaining useful life to the Company. After performing the recoverability test, the Company determined that the undiscounted cash flows exceeded the carrying value and the long-lived assets were not impaired. Changes in these assumptions and resulting valuations could result in future long-lived asset impairment charges. During the three-month period ended March 31, 2024, no other impairment indicators were noted by the Company. Management will continue to monitor any changes in circumstances for indicators of impairment. Any write-downs are treated as permanent reductions in the carrying amount of the assets. The Company recognized an impairment for the year ended December 31, 2023 related to it’s intangible assets.
Liquidity	Liquidity At March 3 1, 2024, the Company had $ 9.4 million of cash and cash equivalents, compared to $ 30.0 million at December 31, 2023. The Company’s March 31, 2024 cash and cash equivalents balance does not include $ 1.0 million of restricted cash, of which $ 0.7 million is related to self-funded employee health insurance, and $ 0.3 million is related to collateralized standby letters of credit. The Company incurred a net loss of $ 27.4 million for the three-month period ended March 31, 2024. The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Topic 205-40, “Presentation of Financial Statements—Going Concern” (“ASC Topic 205-40”), which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that its annual and interim consolidated financial statements are issued. Certain additional financial statement disclosures are required if such conditions or events are identified. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting. Determining the extent, if any, to which conditions or events raise substantial doubt about the Company’s ability to continue as a going concern, or the extent to which mitigating plans sufficiently alleviate any such substantial doubt, as well as whether or not liquidation is imminent, requires significant judgment by management. The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements contained in this report are issued. The Company believes that its existing cash and cash equivalents are not sufficient to cover its cash flow requirements. The commencement of the Chapter 11 Proceedings constituted an event of default under the Indenture governing the 2024 Notes, which in turn resulted in the 2024 Notes becoming immediately due and payable, along with accrued and unpaid interest. At March 31, 2024, the principal balance outstanding under the 2024 Notes was $ 207.0 million. Additionally, for the duration of the Chapter 11 Proceedings, our operations and our ability to develop and execute our business plan, our financial condition, our liquidity and our continuation as a going concern will be subject to a high degree of risk and uncertainty associated with the Chapter 11 Proceedings. The company believes that, due to these circumstances and events, substantial doubt exists regarding its ability to continue as a going concern through one year from the date that these financial statements are issued.
Subsequent Events	Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined there were subsequent events that required disclosure in these financial statements. See Note 11 to the Company’s Consolidated Financial Statements included in this report for a discussion of subsequent events.
Accounting Pronouncements Adopted	Accounting Pronouncements Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This update simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models which require separate accounting for embedded conversion features. This update also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions and requires the application of the if-converted method for calculating diluted earnings per share. ASU 2020-06 is effective for smaller reporting companies for fiscal periods beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company determined that this accounting pronouncement did not have an impact on the financial statements.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures. This update requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This update enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company is currently assessing the impact that this guidance may have on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows: Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 29,979 $ 9,364 $ 37,536 $ 30,255 Restricted cash 381 718 6,884 6,989 Restricted cash non-current 255 255 255 510 Total Cash, cash equivalents, and restricted cash per statement of cash flows $ 30,615 $ 10,337 $ 44,675 $ 37,754
Schedule of Major Classes of Inventory	The following table provides the major classes of inventory: (In thousands) March 31, 2024 December 31, 2023 Raw materials $ 1,938 $ 4,178 Work-in-progress 2,491 2,491 Finished goods 9,690 9,486 Total $ 14,119 $ 16,155

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenue by major source. The Company’s Royalty Revenue set forth below relates to Fampyra royalties payable under the Company’s License and Collaboration Agreement with Biogen (“Collaboration Agreement”). In January 2024, the Company received a written notice of termination from Biogen of the Collaboration Agreement. Accordingly, the Company will regain global commercialization rights to Fampyra. Biogen exercised its right to terminate the Collaboration Agreement in order to shift resources towards upcoming launches and programs that align with its priorities. The termination will be effective as of January 1, 2025. (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Revenues: Net product revenues: Ampyra $ 11,497 $ 12,606 Inbrija 4,720 5,587 Inbrija ex-U.S. 1,663 526 Total net product revenues 17,880 18,719 Royalty revenues 2,386 3,528 License Revenue 23 11 Total net revenues $ 20,289 $ 22,258

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Share-based Compensation Expense	The following table summarizes share-based compensation expense included within the Company’s consolidated statements of operations: For the Three-month period ended March 31, (In thousands) 2024 2023 Research and development expense $ 4 $ 1 Selling, general and administrative expense 126 70 Cost of Sales — — Total $ 130 $ 71
Schedule of Stock Option Activity	A summary of share-based compensation activity for the three-month period ended March 31, 2024 is presented below: Number of thousands) Weighted Weighted Intrinsic thousands) Balance at January 1, 2024 103 $ 568.85 — — Granted — 15.31 — — Cancelled ( 5 ) 3,021.18 — — Exercised — — — — Balance at March 31, 2024 98 $ 440.23 7.3 $ 69,129 Vested and expected to vest at 98 $ 440.23 7.3 $ 69,129 Vested and exercisable at 63 $ 669.71 6.7 $ 38,931

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Loss per Share	The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2024 and 2023: (In thousands, except per share data) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Basic and diluted Net loss—basic $ ( 27,395 ) $ ( 16,824 ) Weighted average common shares outstanding used in 1,242 1,242 Plus: net effect of dilutive stock options and restricted — — Weighted average common shares outstanding used in 1,242 1,242 Net loss per share—basic $ ( 22.06 ) $ ( 13.54 ) Net loss per share—diluted $ ( 22.06 ) $ ( 13.54 )
Schedule of Anti-dilutive Securities Excluded from Calculation of Net Loss per Diluted Share	The following amounts were not included in the calculation of net loss per diluted share because their effects were anti-dilutive: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Denominator Stock options and restricted common shares 99 55

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	(In thousands) Level 1 Level 2 Level 3 March 31, 2024 Assets Carried at Fair Value: Money market funds $ — $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 35,500 December 31, 2023 Assets Carried at Fair Value: Money market funds $ — $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 29,500
Contingent Consideration Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Schedule of Contingent Liabilities	The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Acquired contingent consideration: Balance, beginning of period $ 29,500 $ 41,200 Fair value change to contingent consideration 6,241 ( 1,091 ) Royalty payments ( 241 ) ( 309 ) Balance, end of period $ 35,500 $ 39,800

Debt (Tables)

Debt (Tables) - Convertible Senior Secured Notes due 2024	3 Months Ended
	Mar. 31, 2024
Summary of Outstanding Note Balances	The outstanding 2024 Notes balances as of March 31, 2024 and December 31, 2023 consisted of the following: (In thousands) March 31, 2024 December 31, 2023 Liability component: Principal 207,000 $ 207,000 Less: debt discount and debt issuance costs, net ( 15,526 ) ( 20,857 ) Net carrying amount $ 191,474 $ 186,143 Equity component $ 18,257 $ 18,257 Derivative liability-conversion option $ — $ —
Schedule of Interest Expense Recognized Related to the Notes	The following table sets forth total interest expense recognized related to the 2024 Notes for the three-month periods ended March 31, 2023 and 2022: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Contractual interest expense $ 3,105 $ 3,105 Amortization of debt issuance costs 379 317 Amortization of debt discount 4,952 4,148 Total interest expense $ 8,436 $ 7,570

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of ROU Assets and Lease Liabilities Related to Operating Leases	ROU assets and lease liabilities related to the Company’s operating leases are as follows: (In thousands) Balance Sheet Classification March 31, 2024 December 31, 2023 Right-of-use assets Right of use assets $ 3,941 $ 4,221 Current lease liabilities Current portion of lease liabilities 1,599 1,588 Non-current lease liabilities Non-current portion of lease liabilities 2,847 3,166
Components of Lease Costs	The components of lease costs were as follows: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Operating lease cost $ 214 $ 450 Variable lease cost 94 100 Short-term lease cost — — Total lease cost $ 308 $ 550
Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases	Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2024 (excluding the three months ended March 31, 2024) $ 1,191 2025 1,633 2026 1,678 2027 357 2028 182 Later years - Total lease payments 5,041 Less: Imputed interest ( 594 ) Present value of lease liabilities $ 4,447
Summary of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to the Company’s operating leases are as follows: (In thousands) Three-month period ended March 31, 2024 Three-month period ended March 31, 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 397 $ 386

Organization and Business Act_2

Organization and Business Activities - Additional Information (Details) - USD ($)			3 Months Ended
	Mar. 31, 2024	Dec. 24, 2019	Mar. 31, 2024	Apr. 30, 2024
Organization and Business Activities [Line Items]
Sale of purchased assets	$ 185,000,000
DIP Credit Facility
Organization and Business Activities [Line Items]
Debtor-in-Possession Financing, Borrowings Outstanding				$ 10,000,000
DIP Credit Facility | Maximum
Organization and Business Activities [Line Items]
Debtor-in-possession term loan facility, maximum aggregate amount	60,000,000		$ 60,000,000
Interim DIP Loan Commitment | Maximum
Organization and Business Activities [Line Items]
Debtor-in-Possession Financing, Borrowings Outstanding	10,000,000		10,000,000
Final DIP Loan Commitment | Maximum
Organization and Business Activities [Line Items]
Debtor-in-possession term loan facility, maximum aggregate amount	40,000,000		40,000,000
Debtor-in-Possession Financing, Borrowings Outstanding	$ 10,000,000		$ 10,000,000
Convertible Senior Secured Notes due 2024
Organization and Business Activities [Line Items]
Interest rate (as a percent)	6%	6%	6%
Notes maturity date		Dec. 01, 2024	Dec. 01, 2024

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)			3 Months Ended		12 Months Ended
	Jun. 02, 2023 shares	Dec. 24, 2019	Mar. 31, 2024 USD ($) Segment shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2020	Dec. 31, 2023 USD ($) shares	Sep. 17, 2020 shares	Aug. 28, 2020 shares
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Investments			$ 0			$ 0
Reverse stock split, description	1-for-20 reverse stock split
Common stock, Authorized shares | shares			3,083,333			3,083,333	61,666,666	13,333,333
Segment and Geographic Information
Number of operating segments | Segment			1
Number of reportable operating segments | Segment			1
Net loss			$ (27,395,000)	$ (16,824,000)
Convertible Senior Secured Notes due 2024
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Interest rate (as a percent)		6%	6%
Reverse stock split, description					1-for-6
Segment and Geographic Information
Notes maturity date		Dec. 01, 2024	Dec. 01, 2024
Principal			$ 207,000,000
VERSION A
Segment and Geographic Information
Cash and cash equivalents			9,400,000			$ 30,000,000
Restricted cash			1,000,000
Net loss			(27,400,000)
Self-Funded Employee Health Insurance
Segment and Geographic Information
Restricted cash			700,000
Self-Funded Employee Health Insurance | VERSION A
Segment and Geographic Information
Restricted cash			700,000
Letters of Credit
Segment and Geographic Information
Restricted cash			300,000
Letters of Credit | VERSION A
Segment and Geographic Information
Restricted cash			$ 300,000
Previously Reported
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Common stock, Authorized shares | shares	3,083,333			61,666,666

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,364	$ 29,979	$ 30,255	$ 37,536
Restricted cash	718	381	6,989	6,884
Restricted cash non-current	255	255	510	255
Total Cash, cash equivalents and restricted cash per statement of cash flows	$ 10,337	$ 30,615	$ 37,754	$ 44,675

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Major Classes of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,938	$ 4,178
Work-in-progress	2,491	2,491
Finished goods	9,690	9,486
Total	$ 14,119	$ 16,155

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Contract assets	$ 0
Revenues	20,289	$ 22,258
Esteve Pharmaceuticals [Member]
Disaggregation Of Revenue [Line Items]
Contract Liabilities	8,100		$ 8,100
Revenue from remaining performance obligations	$ 300
Esteve Pharmaceuticals [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation Of Revenue [Line Items]
Revenue from the remaining performance obligations term	8 years
Chance China [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation Of Revenue [Line Items]
Revenue from the remaining performance obligations term	11 years

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 20,289	$ 22,258
Ampyra
Disaggregation Of Revenue [Line Items]
Total net revenues	11,497	12,606
Inbrija
Disaggregation Of Revenue [Line Items]
Total net revenues	4,720	5,587
Inbrija ex-U.S.
Disaggregation Of Revenue [Line Items]
Total net revenues	1,663	526
Net Product Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	17,880	18,719
Royalty Revenues
Disaggregation Of Revenue [Line Items]
Total net revenues	2,386	3,528
License Revenue
Disaggregation Of Revenue [Line Items]
Total net revenues	$ 23	$ 11

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense recognized	$ 130	$ 71
Weighted average fair value of options granted (in dollars per share)	$ 12.48	$ 0.49
Unrecognized compensation cost for unvested stock options	$ 500
Weighted average period	1 year 18 days
Purchase of Treasury Stock ,Shares	0

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 130	$ 71
Research and development expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	4	1
Selling, general, and administrative expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 126	$ 70

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Stock Option Activity
Beginning balance (in shares) | shares	103
Cancelled (in shares) | shares	(5)
Ending balance (in shares) | shares	98
Vested and expected to vest at the end of the period | shares	98
Vested and exercisable at the end of the period | shares	63
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 568.85
Granted (in dollars per share)	15.31
Cancelled (in dollars per share)	3,021.18
Balance at the end of the period (in dollars per share)	440.23
Vested and expected to vest at the end of the period (in dollars per share)	440.23
Vested and exercisable at the end of the period (in dollars per share)	$ 669.71
Weighted Average Remaining Contractual Term
Balance at the end of the period	7 years 3 months 18 days
Vested and expected to vest at the end of the period	7 years 3 months 18 days
Vested and exercisable at the end of the period	6 years 8 months 12 days
Intrinsic Value
Balance at the end of the period | $	$ 69,129
Vested and expected to vest at the end of the period | $	69,129
Vested and exercisable at the end of the period | $	$ 38,931

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic and diluted
Net loss—basic	$ (27,395)	$ (16,824)
Weighted average common shares outstanding used in computing net loss per share—basic	1,242	1,242
Weighted average common shares outstanding used in computing net loss per share—diluted	1,242	1,242
Net loss per share—basic	$ (22.06)	$ (13.54)
Net loss per share—diluted	$ (22.06)	$ (13.54)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Loss Per Diluted Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options and restricted common shares
Antidilutive Securities
Anti-dilutive securities excluded from computation of loss per share (in shares)	99	55

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) from income taxes	$ 114	$ (2,038)
Effective income tax rate (as a percent)	0.40%	10.80%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2023
Inbrija
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Milestone payment, minimum	$ 0
Milestone payment, maximum	14.3
Convertible Senior Secured Notes due 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt fair value amount	$ 157.3
Level 3 | Weighted Discounted Cash Flow Valuation Approach | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Acquired contingent consideration, measurement input	22	22

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 3 | Recurring basis
Liabilities Carried at Fair Value:
Acquired contingent consideration	$ 35,500	$ 29,500

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Assets and liabilities measured at fair value on a recurring basis utilizing Level 3 inputs
Balance, beginning of period	$ 29,500	$ 41,200
Fair value change to contingent consideration included in the statement of operations	6,241	(1,091)
Royalty payments	(241)	(309)
Balance, end of period	$ 35,500	$ 39,800

Debt - Additional Information (

Debt - Additional Information (Details)				3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 02, 2023	Sep. 17, 2020 USD ($) shares	Dec. 24, 2019 USD ($)	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020	Dec. 31, 2023 USD ($) shares	Aug. 28, 2020 shares
Debt Instrument [Line Items]
Reverse stock split, description	1-for-20 reverse stock split
Maximum number of shares issued | shares				969,102
Common stock, Authorized shares | shares		61,666,666		3,083,333				3,083,333	13,333,333
Derivative liability reclassified to equity		$ 18,300,000
Income tax effects on equity transactions						$ 4,400,000
Interest expense				$ 8,436,000	$ 7,571,000
Convertible Senior Secured Notes due 2024
Debt Instrument [Line Items]
Interest rate (as a percent)			6%	6%
Principal				$ 207,000,000
Debt instrument, principal amount outstanding				$ 207,000,000				$ 207,000,000
Notes maturity date			Dec. 01, 2024	Dec. 01, 2024
Notes frequency of periodic payment				semi-annually in arrears
Initial conversion rate of common stock				0.00023810
Initial conversion price of convertible notes into common stock (in dollars per share) | $ / shares				$ 420
Principal amount of Notes or an integral multiple thereof in which holder may repurchase the Notes				$ 1,000
Reverse stock split, description							1-for-6
Debt instrument conversion threshold stock price percentage			130%
Debt repurchase price percentage on principal amount			100%
Fair value of derivative liability			$ 59,400,000
Debt discount			$ 75,100,000
Interest expense				$ 8,400,000
Effective interest rate on liability component (as a percent)				18.13%
Debt fair value amount				$ 157,300,000
Debt Issuance Costs, Gross				$ 5,700,000

Debt - Summary of Outstanding N

Debt - Summary of Outstanding Note Balances (Details) - Convertible Senior Secured Notes due 2024 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 207,000	$ 207,000
Less: debt discount and debt issuance costs, net	(15,526)	(20,857)
Net carrying amount	191,474	186,143
Equity component	$ 18,257	$ 18,257

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense Recognized Related to the Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Total interest expense	$ 8,436	$ 7,571
Convertible Senior Secured Notes due December 2024
Debt Instrument [Line Items]
Contractual interest expense	3,105	3,105
Amortization of debt issuance costs	379	317
Amortization of debt discount	4,952	4,148
Total interest expense	$ 8,436	$ 7,570

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) OperatingLease	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2023 ft²	Jun. 30, 2022 ft²	Oct. 31, 2016 USD ($) ft²
Operating Lease Information
Operating lease description	As of March 31, 2024, the Company serves as the lessee for two operating leases. The Company's leases have remaining lease terms of 2.8 years to 4.3 years.
Operating lease renewal option	true
Operating lease termination option	true
Operating lease weighted-average remaining lease term	3 years 2 months 12 days
Operating lease weighted-average discount rate	8%
Sublease rental income recognized			$ 0.3
Number of operating leases | OperatingLease	2
Forecast [Member]
Operating Lease Information
Sublease rental income recognized		$ 0.7
Pearl River, New York
Operating Lease Information
Lease term					6 years
Area of leased property | ft²					21,000
Operating sublease, existence of option to extend	false
Base rent payment commencing on January 1, 2023	$ 0.3
Base rent subject to annual escalation percentage	2%
Waltham, MA
Operating Lease Information
Area of space sublet to third party under operating lease | ft²				13,000
Percentage of area of space sublet to third party under operating lease	49%
Waltham, MA | Office and Laboratory Space
Operating Lease Information
Lease term						10 years
Area of leased property | ft²						26,000
Base Rent						$ 1.3
Minimum
Operating Lease Information
Operating lease remaining lease term	2 years 9 months 18 days
Maximum
Operating Lease Information
Operating lease remaining lease term	4 years 3 months 18 days

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Lease Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 3,941	$ 4,221
Current lease liabilities	1,599	1,588
Non-current lease liabilities	$ 2,847	$ 3,166

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 214	$ 450
Variable lease cost	94	100
Total lease cost	$ 308	$ 550

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 31, 2024)	$ 1,191
2025	1,633
2026	1,678
2027	357
2028	182
Total lease payments	5,041
Less: Imputed interest	(594)
Present value of lease liabilities	$ 4,447

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 397	$ 386

Disposal of Assets - Additional

Disposal of Assets - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Long Lived Assets Held For Sale [Line Items]
Purchase price of assets related to manufacturing activities	$ 185

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Catalent
Loss Contingencies [Line Items]
Termination fee payment	$ 4
Contribution of fund agreed	2
Catalent | Inbrija
Loss Contingencies [Line Items]
Purchase commitment met in 2023	10.5
Purchase commitments in 2024	15.5
Maximum
Loss Contingencies [Line Items]
Capital expenditure provision in 2023	1
Capital expenditure provision in 2024	$ 1