Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 09, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | ACORDA THERAPEUTICS, INC. | ||
Entity Central Index Key | 0001008848 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 52,234,372 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 13,250,296 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity File Number | 001-31938 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3831168 | ||
Entity Address, Address Line One | 420 Saw Mill River Road | ||
Entity Address, City or Town | Ardsley | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10502 | ||
City Area Code | 914 | ||
Local Phone Number | 347-4300 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Stamford, Connecticut | ||
Title of each class | Common Stock $0.001 par value per share | ||
Trading Symbol | ACOR | ||
Name of each exchange on which registered | NASDAQ | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE The registrant intends to file a proxy statement for its 2022 Annual Meeting of Stockholders pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2021. Portions of the proxy statement are incorporated herein by reference into the following parts of the Form 10-K: Part III, Item 10, Directors, Executive Officers and Corporate Governance. Part III, Item 11, Executive Compensation. Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Part III, Item 13, Certain Relationships and Related Transactions, and Director Independence. Part III, Item 14, Principal Accounting Fees and Services. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 45,634 | $ 71,369 |
Restricted cash | 13,400 | 12,917 |
Trade accounts receivable, net of allowances of $1,012 and $1,266, as of December 31, 2021 and 2020, respectively | 17,002 | 20,193 |
Prepaid expenses | 6,574 | 14,807 |
Inventory, net | 18,548 | 28,677 |
Assets held for sale | 71,795 | |
Other current assets | 999 | 1,577 |
Total current assets | 102,157 | 221,335 |
Property and equipment, net of accumulated depreciation | 4,382 | 7,263 |
Intangible assets, net of accumulated amortization | 335,980 | 366,981 |
Right of use asset, net of accumulated amortization | 6,751 | 18,481 |
Restricted cash | 6,189 | 18,609 |
Other assets | 11 | 11 |
Total assets | 455,470 | 632,680 |
Current liabilities: | ||
Accounts payable | 10,845 | 12,155 |
Accrued expenses and other current liabilities | 28,605 | 38,167 |
Current portion of loans payable | 68,631 | |
Current portion of liability related to sale of future royalties | 4,460 | 8,731 |
Current portion of lease liability | 8,186 | 7,944 |
Current portion of acquired contingent consideration | 1,929 | 1,624 |
Total current liabilities | 54,025 | 137,252 |
Convertible senior notes | 151,025 | 137,619 |
Derivative liability | 37 | 1,193 |
Non-current portion of acquired contingent consideration | 47,671 | 46,576 |
Non-current portion of loans payable | 27,645 | 28,555 |
Deferred tax liability | 13,930 | 19,116 |
Non-current portion of liability related to sale of future royalties | 6,526 | |
Non-current portion of lease liability | 4,086 | 17,200 |
Other non-current liabilities | 5,914 | 688 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value per share. Authorized 1,000,000 shares at December 31, 2021 and 2020; no shares issued as of December 31, 2021 and 2020 | ||
Common stock, $0.001 par value per share. Authorized 61,666,666 shares at December 31, 2021 and 2020; issued 13,249,802 and 9,475,631 shares, including those held in treasury, as of December 31, 2021 and 2020, respectively | 13 | 9 |
Treasury stock at cost (5,543 shares at December 31, 2021 and December 31, 2020) | (638) | (638) |
Additional paid-in capital | 1,023,136 | 1,007,790 |
Accumulated deficit | (870,357) | (766,403) |
Accumulated other comprehensive loss | (1,017) | (2,803) |
Total stockholders’ equity | 151,137 | 237,955 |
Total liabilities and stockholders’ equity | $ 455,470 | $ 632,680 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Trade accounts receivable, allowances (in dollars) | $ 1,012 | $ 1,266 |
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 | 61,666,666 | 61,666,666 |
Common stock, issued shares | 13,249,802 | 9,475,631 |
Treasury stock, shares | 5,543 | 5,543 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Total net revenues | $ 129,071 | $ 152,967 |
Costs and expenses: | ||
Cost of sales | 40,787 | 33,513 |
Research and development | 10,420 | 23,012 |
Selling, general and administrative | 124,399 | 152,576 |
Intangible asset impairments | 4,131 | |
Loss on assets held for sale | 57,896 | |
Amortization of intangible assets | 30,764 | 30,763 |
Changes in fair value of derivative liability | (1,156) | (39,959) |
Changes in fair value of acquired contingent consideration | 2,895 | (30,889) |
Total operating expenses | 208,109 | 231,043 |
Operating loss | (79,038) | (78,076) |
Other income (expense), net: | ||
Interest and amortization of debt discount expense | (30,035) | (30,574) |
Interest income | 5 | 816 |
Other income (expense) | (6) | 167 |
Total other income (expense), net | (30,036) | (29,591) |
Loss before taxes | (109,074) | (107,667) |
Benefit from income taxes | 5,120 | 8,073 |
Net loss | $ (103,954) | $ (99,594) |
Net loss per share—basic | $ (9.79) | $ (12.32) |
Net loss per share—diluted | $ (9.79) | $ (12.32) |
Weighted average common shares outstanding used in computing net loss per share—basic | 10,621 | 8,084 |
Weighted average common shares outstanding used in computing net loss per share—diluted | 10,621 | 8,084 |
Net Product Revenues | ||
Revenues: | ||
Total net revenues | $ 114,189 | $ 124,831 |
Milestone Revenues | ||
Revenues: | ||
Total net revenues | 15,000 | |
Royalty Revenues | ||
Revenues: | ||
Total net revenues | $ 14,882 | $ 13,136 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (103,954) | $ (99,594) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 1,786 | (1,607) |
Unrealized losses on available-for-sale securities, net of tax | (27) | |
Other comprehensive income (loss), net of tax | 1,786 | (1,634) |
Comprehensive loss | $ (102,168) | $ (101,228) |
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 income (loss) |
Balance at Dec. 31, 2019 | $ 310,820 | $ 8 | $ (638) | $ 979,428 | $ (666,809) | $ (1,169) |
Balance (in shares) at Dec. 31, 2019 | 7,964 | |||||
Compensation expense for issuance of stock options to employees | 5,468 | 5,468 | ||||
Compensation expense for issuance of restricted stock to employees | 2,632 | 2,632 | ||||
Compensation expense for issuance of restricted stock to employees (in shares) | 27 | |||||
Reclassification of derivative liability to equity, net of tax | 14,053 | 14,053 | ||||
Interest payment for convertible notes | 6,202 | $ 1 | 6,201 | |||
Interest payment for convertible notes (in shares) | 1,485 | |||||
Reverse stock split adjustment | 8 | 8 | ||||
Other comprehensive income (loss) | (1,634) | (1,634) | ||||
Net loss | (99,594) | (99,594) | ||||
Balance at Dec. 31, 2020 | 237,955 | $ 9 | (638) | 1,007,790 | (766,403) | (2,803) |
Balance (in shares) at Dec. 31, 2020 | 9,476 | |||||
Compensation expense for issuance of stock options to employees | 1,635 | 1,635 | ||||
Compensation expense for issuance of restricted stock to employees | 1,295 | 1,295 | ||||
Compensation expense for issuance of restricted stock to employees (in shares) | 89 | |||||
Interest payment for convertible notes | 12,420 | $ 4 | 12,416 | |||
Interest payment for convertible notes (in shares) | 3,685 | |||||
Other comprehensive income (loss) | 1,786 | 1,786 | ||||
Net loss | (103,954) | (103,954) | ||||
Balance at Dec. 31, 2021 | $ 151,137 | $ 13 | $ (638) | $ 1,023,136 | $ (870,357) | $ (1,017) |
Balance (in shares) at Dec. 31, 2021 | 13,250 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Reclassification of derivative liability to equity, net of tax amount | $ 4.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (103,954) | $ (99,594) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 2,995 | 8,100 |
Amortization of net premiums and discounts on investments | 562 | |
Amortization of debt discount and debt issuance costs | 16,276 | 16,422 |
Depreciation and amortization expense | 33,953 | 41,298 |
Intangible asset impairments | 4,131 | |
Loss on assets held for sale | 57,896 | |
Change in contingent consideration obligation | 2,895 | (30,889) |
Change in derivative liability | (1,156) | (39,959) |
Gain on disposal of property and equipment | (200) | |
Non-cash royalty revenue | (12,106) | (11,486) |
Deferred tax provision (benefit) | (5,186) | 4,667 |
Changes in assets and liabilities: | ||
Decrease in accounts receivable | 3,191 | 1,890 |
Decrease (increase) in prepaid expenses and other current assets | 8,419 | (1,237) |
Decrease (increase) in inventory | 7,860 | (3,456) |
Decrease in other assets | 19 | |
Increase (decrease) in accounts payable, accrued expenses and other current liabilities | 1,108 | (8,971) |
Increase (decrease) in other non-current liabilities | 4,357 | (199) |
Net cash (used) in operating activities | (41,348) | (61,006) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (165) | (4,390) |
Purchases of intangible assets | (26) | |
Proceeds from maturities of investments | 63,750 | |
Proceeds from sale of Chelsea facility, net | 73,969 | |
Net cash provided by investing activities | 73,778 | 59,360 |
Cash flows from financing activities: | ||
Repayment of Convertible Senior Notes Due 2021 | (69,000) | |
Debt issuance costs | 0 | (1,071) |
Repayment of loans payable | (655) | (597) |
Net cash (used) in financing activities | (69,655) | (1,668) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (447) | 1,018 |
Net (decrease) in cash and cash equivalents and restricted cash | (37,672) | (2,296) |
Cash, cash equivalents and restricted cash at beginning of period | 102,895 | 105,191 |
Cash, cash equivalents and restricted cash at end of period | 65,223 | 102,895 |
Supplemental disclosure: | ||
Cash paid for interest | 6 | 6,670 |
Cash paid for taxes | $ 50 | $ 251 |
Organization and Business Activ
Organization and Business Activities | 12 Months Ended |
Dec. 31, 2021 | |
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 management of the Company is responsible for the accompanying audited consolidated financial statements and the related information included in the notes to the consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) and include the results of operations of the Company and its majority owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Basis of Presentation On December 31, 2020, the Company filed an amendment to its Certificate of Incorporation which effected a 1-for-6 Use of Estimates The preparation of the consolidated financial statements requires management to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include share‑based compensation accounting, which are largely dependent on the fair value of the Company’s equity securities, measurement of changes in the fair value of acquired contingent consideration which is based on a probability weighted discounted cash flow valuation methodology, estimated deductions to determine net revenue such as allowances for customer credits, including estimated discounts, rebates, and chargebacks, which are estimated based on available information that will be adjusted to reflect known changes in the factors that impact such allowances, estimates of derivative liability associated with the exchange of the convertible senior secured notes due 2024, which is marked to market each quarter based on a binomial model, estimates of reserves for obsolete and excess inventory, and estimates of unrecognized tax benefits and valuation allowances on deferred tax assets which are based on an assessment of recoverability of the deferred tax assets against future taxable income. Actual results could differ from those estimates. Risks and Uncertainties The Company is subject to risks common to companies in the pharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, dependence on key customers and suppliers, and protection of intellectual property rights. Cash and Cash Equivalents The Company considers all highly liquid debt instruments with original maturities of three months or less from date of purchase to be cash equivalents. All cash and cash equivalents are held in highly rated securities including a Treasury money market fund which is unrestricted as to withdrawal or use. To date, the Company has not experienced any losses on its cash and cash equivalents. The carrying amount of cash and cash equivalents approximates its fair value due to its short-term and liquid nature. The Company maintains cash balances in excess of insured limits. The Company does not anticipate any losses with respect to such cash balances. Restricted Cash Restricted cash represents an escrow account with funds to maintain the interest payments for an amount equal to all remaining scheduled interest payments on the outstanding convertible senior secured notes due 2024 through the interest payment date of June 1, 2023; and a interest payments on the outstanding convertible senior secured notes due 2024 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: December 31, 2021 December 31, 2020 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 71,369 $ 45,634 $ 62,085 $ 71,369 Restricted cash 12,917 13,400 12,836 12,917 Restricted cash-non current 18,609 6,189 30,270 18,609 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 102,895 $ 65,223 $ 105,191 $ 102,895 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 December 31, 2021 or 2020. Other Comprehensive Income (Loss) The Company’s other comprehensive income (loss) consisted of unrealized gains and losses on available-for-sale securities and adjustments for foreign currency translation and is recorded and presented net of income tax. There was no income tax allocated to the foreign currency translation adjustment in Other Comprehensive Income (Loss) for the period ended December 31, 2021 and 2020. The cumulative foreign currency translation adjustment reported in Other Comprehensive Income (Loss) was $ 1.8 million and $ (1.6) million for the period ended December 31, 2021 and 2020, respectively . Inventory Inventory is stated at the lower of cost or net realizable value. The Company capitalizes inventory costs associated with the Company's products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Cost is determined using the first-in, first-out method (FIFO) for all inventories. The Company establishes reserves as necessary for obsolescence and excess inventory. The Company records a reserve for excess and obsolete inventory based on the expected future product sales volumes and the projected expiration of inventory and specifically identified obsolete inventory. The Company recorded an idle capacity charge related to the Chelsea manufacturing operations to cost of goods sold of $0.1 million and $6.3 million for the years ended The following table provides the major classes of inventory: (In thousands) December 31, 2021 December 31, 2020 Raw materials $ 3,338 $ 3,434 Work-in-progress — 6,602 Finished goods 15,210 18,641 Total $ 18,548 $ 28,677 Ampyra The cost of Ampyra inventory manufactured by Alkermes plc (Alkermes) is based on agreed upon pricing with Alkermes. In the event Alkermes does not manufacture the products, Alkermes is entitled to a compensating payment for the quantities of product provided by Patheon, the Company’s alternative manufacturer. This compensating payment is included in the Company’s inventory balances. No payments were made for the years ended December 31, 2021 and 2020. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation, except for assets acquired in a business combination, which are recorded at fair value as of the acquisition date. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which ranges from one to seven years. Leasehold improvements are recorded at cost, less accumulated amortization, which is computed on a straight-line basis over the shorter of the useful lives of the assets or the remaining lease term. Expenditures for maintenance and repairs are charged to expense as incurred. Intangible Assets In Process Research and Development The Company had indefinite lived intangible assets for the value of acquired in-process research and development. The Company recorded an impairment charge of $4.1 million for the year ended December 31, 2020 in the statement of operations and therefore, the indefinite-lived intangible asset was fully impaired. See Note 4 to the Company’s Consolidated Financial Statements included in this report for a discussion of intangible assets. Finite-Lived Intangible Assets The Company has finite lived intangible assets that are amortized on a straight line basis over the period in which the Company expects to receive economic benefit and are reviewed for impairment when facts and circumstances indicate that the carrying value of the asset may not be recoverable. The determination of the expected life will be dependent upon the use and underlying characteristics of the intangible asset. In the Company’s evaluation of the intangible assets, it considers the term of the underlying asset life and the expected life of the related product line. If impairment indicators are present or changes in circumstance suggest that impairment may exist, the Company performs a recoverability test by comparing the sum of the estimated undiscounted cash flows of each intangible asset to its carrying value on the consolidated balance sheet. If the undiscounted cash flows used in the recoverability test are less than the carrying value, the Company would determine the fair value of the intangible asset and recognize an impairment loss in the statement of operations if the carrying value of the intangible asset exceeds its fair value. Fair value is generally estimated based on either appraised value or other valuation techniques. Events that could result in an impairment, or trigger an interim impairment assessment, may include actions by regulatory authorities with respect to us or our competitors, new or better products entering the market, changes in market share or market pricing, changes in the economic lives of the assets, changes in the legal framework covering patents, rights or licenses, and other market changes which could have a negative effect on cash flows and which could result in an impairment. Contingent Consideration The Company may record contingent consideration as part of the cost of business acquisitions. Contingent consideration is recognized at fair value as of the date of acquisition and recorded as a liability on the consolidated balance sheet. The contingent consideration is re-valued on a quarterly basis using a probability weighted discounted cash-flow approach until fulfillment or expiration of the contingency. Changes in the fair value of the contingent consideration are recognized in the statement of operations. See Note 15 to our Consolidated Financial Statements included in this report for a discussion on the Alkermes ARCUS agreement. 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 decline in the trading price of the Company's common stock during the year-ended December 31, 2021, and related decrease in the Company's market capitalization, was determined to be a triggering event in connection with the Company's review of the recoverability of its long-lived assets for the year ended December 31, 2021. The Company performed a recoverability test as of December 31, 2021 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 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. 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 determined that there were relevant changes to the key assumptions that would negatively affect the value of the IPR&D asset for BTT-1023. The Company noted that it received a final read-out of the results of the BUTEO study on March 31, 2020 and noted that the study did not meet its primary or secondary endpoints. Based on conclusions drawn from these results, management determined that the Company would not continue further development of the asset on March 31, 2020. Management also conferred with its independent consultant in March 2020 to review and opine on the results of the BUTEO study to assess whether the asset was a candidate for potential out-licensing since the Company would no longer continue to develop the asset. Based on the assessment and review of the BUTEO study results with the consultant, management determined that the results of the clinical trial did not meet the primary or secondary end-points, and the clinical trial was not large enough or expansive enough to be persuasive to generate interest by third parties for a possible licensing arrangement. Management determined that this assessment was the triggering event that indicated that the asset was fully impaired as there was no potential value with an out-licensing arrangement. Based on the qualitative assessment, management determined that the fair value of the IPR&D asset was $0 and that the carrying value of the asset which was approximately $4.1 million at March 31, 2020 exceeded the fair value of the asset. As a result, the Company fully impaired the asset and recorded an impairment charge of $ 4.1 million in the three-month period ended March 31, 2020. Management determined that additional quantitative procedures were not relevant in this circumstance given the overwhelming qualitative evidence that indicated the asset was fully impaired . Non-Cash Interest Expense on Liability Related to Sale of Future Royalties As of October 1 , 2017, the Company completed a royalty purchase agreement with , or HCRP (“Royalty Agreement”). In exchange for the payment of $40 million to the Company, HCRP obtained the right to receive Fampyra royalties payable by Biogen under the Collaboration and Licensing Agreement between the Company and Biogen (the “Biogen Collaboration Agreement”), up to an agreed upon threshold of royalties. When this threshold is met, which we believe may occur in mid-2022, the Fampyra royalty revenue will revert back to the Company and the Company will continue to receive the Fampyra royalty revenue from Biogen until the revenue stream ends. The Royalty Agreement does not include potential future milestones to be paid by Biogen to Acorda. Since the Company maintained rights under the Biogen Collaboration Agreement, the Royalty Agreement has been accounted for as a liability that will be amortized using the effective interest method over the expected life of the arrangement, in accordance with the relevant accounting guidance. In order to determine the amortization of the liability, the Company is required to estimate the total amount of future net royalty payments to be made to HCRP over the term of the agreement up to the agreed upon threshold of royalties. The total threshold of net royalties to be paid, less the net proceeds received will be recorded as interest expense over the life of the liability. The Company imputes interest on the unamortized portion of the liability using the effective interest method and records interest expense based on the timing of the payments received over the term of the Royalty Agreement. The Company’s estimate of the interest rate under the arrangement is based on forecasted net royalty payments expected to be made to HCRP over the life of the Royalty Agreement. The Company estimated an effective annual interest rate of approximately 15%. Over the course of the Royalty Agreement, the actual interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, the Company will reassess the effective interest rate and adjust the rate prospectively as required. Non-cash royalty revenue is reflected as royalty revenue and non-cash interest expense is reflected as interest and amortization of debt discount expense in the Statement of Operations. Patent Costs Patent application and maintenance costs are expensed as incurred. Research and Development Research and development expenses include the costs associated with the Company’s internal research and development activities, including salaries and benefits, occupancy costs, and research and development conducted for it by third parties, such as contract research organizations (CROs), sponsored university-based research, clinical trials, contract manufacturing for its research and development programs, and regulatory expenses. In addition, research and development expenses include the cost of clinical trial drug supply shipped to the Company’s clinical study vendors. For those studies that the Company administers itself, the Company accounts for its clinical study costs by estimating the patient cost per visit in each clinical trial and recognizes this cost as visits occur, beginning when the patient enrolls in the trial. This estimated cost includes payments to the trial site and patient-related costs, including laboratory costs related to the conduct of the trial. Cost per patient varies based on the type of clinical trial, the site of the clinical trial, and the length of the treatment period for each patient. For those studies for which the Company uses a CRO, the Company accounts for its clinical study costs according to the terms of the CRO contract. These costs include upfront, milestone and monthly expenses as well as reimbursement for pass through costs. As actual costs become known to the Company, it adjusts the accrual; such changes in estimate may be a material change in its clinical study accrual, which could also materially affect its results of operations. All research and development costs are expensed as incurred except when accounting for nonrefundable advance payments for goods or services to be used in future research and development activities. These payments are capitalized at the time of payment and expensed ratably over the period the research and development activity is performed. Because of its limited financial resources, the Company previously suspended work on proprietary research and development programs, but it has been performing feasibility studies for potential collaborations with other companies that have expressed interest in formulating their novel molecules for pulmonary delivery using the Company’s proprietary ARCUS technology. Employee Retention Credit under the CARES Act The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136 to provide a quarterly per employee credit to eligible businesses based on a percentage of qualified wages and health insurance benefits paid to employees. In 2021, the Company classified the $4.2 million credit received as a reduction to payroll tax expense in the Consolidated Statement of Operations. Accounting for Income Taxes The Company provides for income taxes in accordance with ASC Topic 740 (ASC 740). Income taxes are accounted for under the asset and liability method with deferred tax assets and liabilities recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance for the amounts of any tax benefits which, more likely than not, will not be realized. In determining whether a tax position is recognized for financial statement purposes, a two-step process is utilized whereby the threshold for recognition is a more likely-than-not test that the tax position will be sustained upon examination and the tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Revenue Recognition ASC 606 outlines a five-step process for recognizing revenue from contracts with customers: i) identify the contract with the customer, ii) identify the performance obligations in the contract, (iii) determine the transaction price, iv) allocate the transaction price to the separate performance obligations in the contract, and (v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon receipt of the product by the customer. 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 not 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 December 31, 2021, we had contract liabilities of $5.9 million, which is the upfront payment received as part of the Esteve Germany distribution agreement entered into in 2021. We did not have any contract liabilities as of December 31, 2020. We did not have any contract assets as of December 31, 2021 or 2020. Product Revenues, Net Inbrija is distributed in the U.S. primarily through: Alliancerx Walgreens Prime, or Walgreens, a specialty pharmacy that delivers the medication to patients by mail; and ASD Specialty healthcare, Inc. (an AmeriSource Bergen affiliate). During the three-month period ended December 31, 2020, we completed the transition from a network of several specialty pharmacies to Walgreens as the sole specialty pharmacy for U.S. sales of Inbrija. The Company recently initiated a pilot program to evaluate distribution of Inbrija through a specialty pharmacy that supports electronic prescriptions, and the Company intends to expand this into a national program in 2022. The Company believes the convenience of electronic prescribing may be preferred by some physicians and patients. Ampyra is distributed primarily through a network of specialty pharmacies, which deliver the medication to patients by mail. Net revenues from product sales is recognized at the transaction price when the customer obtains control of the Company’s products, which occurs at a point in time, typically upon receipt of the product by the customer. The Company’s payment terms are between 30 to 35 days. The Company’s net revenues represent total revenues adjusted for discounts and allowances, including estimated cash discounts, chargebacks, rebates, returns, Discounts and Allowances Revenues from product sales are recorded at the transaction price, which includes estimates for discounts and allowances for which reserves are established and includes cash discounts, chargebacks, rebates, returns, copay assistance, data fees and wholesaler fees for services. Actual discounts and allowances are recorded following shipment of product and the appropriate reserves are credited. These reserves are classified as reductions of accounts receivable (if the amount is payable to the customer and right of offset exists) or a current liability (if the amount is payable to a party other than a customer). These allowances are established by management as its best estimate based on historical experience and data points available and are adjusted to reflect known changes in the factors that impact such reserves. Allowances for customer credits, chargebacks, rebates, data fees and wholesaler fees for services, returns, and discounts are established based on contractual terms with customers and analyses of historical usage of these items. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. The nature of the Company’s allowances and accruals requiring critical estimates, and the specific considerations it uses in estimating their amounts are as follows: Government Chargebacks and Rebates: The Company contracts for Medicaid and other U.S. federal government programs to allow for our products to remain eligible for reimbursement under these programs. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. Based on the Company’s contracts and the most recent experience with respect to sales through each of these channels, the Company provides an allowance for chargebacks and rebates. The Company monitors the sales trends and adjust the chargeback and rebate percentages on a regular basis to reflect the most recent chargebacks and rebate experience. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. Managed Care Contract Rebates: The Company contracts with various managed care organizations including health insurance companies and pharmacy benefit managers. These contracts stipulate that rebates and, in some cases, administrative fees, are paid to these organizations provided our product is placed on a specific tier on the organization’s drug formulary. Based on the Company’s contracts and the most recent experience with respect to sales through managed care channels, the Company provides an allowance for managed care contract rebates. The Company monitors the sales trends and adjust the allowance on a regular basis to reflect the most recent rebate experience. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. Copay Mitigation Rebates: The Company offers copay mitigation to commercially insured patients who have coverage for our products (in accordance with applicable law) and are responsible for a cost share. Based on the Company’s contracts and the most recent experience with respect to actual copay assistance provided, the Companys provides an allowance for copay mitigation rebates. The Company monitors the sales trends and adjust the rebate percentages on a regular basis to reflect the most recent rebate experience. Cash Discounts: The Company sells directly to companies in our distribution network, which primarily includes specialty pharmacies, which deliver the medication to patients by mail, and ASD Specialty Healthcare, Inc. (an AmeriSourceBergen affiliate). The Company generally provides invoice discounts for prompt payment for our products. The Company estimates our cash discounts based on the terms offered to our customers. Discounts are estimated based on rates that are explicitly stated in the Company’s contracts as it is expected they will take the discount and are recorded as a reduction of revenue at the time of product shipment when product revenue is recognized. The Company adjusts estimates based on actual activity as necessary. Product Returns: The Company offers no right of return except for products damaged upon receipt to Ampyra and Inbrija customers or a limited right of return based on the product’s expiration date to previous Zanaflex and Qutenza customers. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using historical sales information and inventory remaining in the distribution channel. Data Fees and Fees for Services Payable to Specialty Pharmacies: The Company has contracted with certain specialty pharmacies to obtain transactional data related to our products in order to develop a better understanding of its selling channel as well as patient activity and utilization by the Medicaid program and other government agencies and managed care organizations. The Company pays a variable fee to the specialty pharmacies to provide the Company the data. The Company also pays the specialty pharmacies a fee in exchange for providing distribution and inventory management services, including the provision of inventory management data to the Company. The Company estimates its fee for service accruals and allowances based on sales to each specialty pharmacy and the applicable contracted rate. Royalty Revenues Royalty revenues recorded by the Company relates exclusively to the Company’s License and Collaboration agreement with Biogen which provides for ongoing royalties based on sales of Fampyra outside of the U.S. The Company recognizes revenue for royalties under ASC 606, which provides revenue recognition constraints by requiring the recognition of revenue at the later of the following: 1) sale or usage of the products or 2) satisfaction of the performance obligations. The Company has satisfied its performance obligations and therefore recognizes royalty revenue when the sales to which the royalties relate are completed. License Revenues License revenues relates to the Collaboration Agreement with Biogen which provides for milestone payments for the achievement of certain regulatory and sales milestones during the term of the agreement. Regulatory milestones are contingent upon the approval of Fampyra for new indications outside of the U.S. Sales milestones are contingent upon the achievement of certain net sales targets for Fampyra sales outside of the |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | (3) Leases In February 2016, the FASB issued ASU 2016-02, “Leases” Topic 842, which amends the guidance in former ASC Topic 840, Leases For lessees, leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted the new lease guidance effective January 1, 2019 using the modified retr , applying the new standard to all of its leases existing at the date of initial application Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. 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. 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 Company’s leases have remaining lease terms of 0.5 years to 5 years. The Company has elected the practical expedient The new standard also provides practical expedients and certain exemptions for an entity’s ongoing accounting. 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. 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. Ardsley, New York In June 2011, the Company entered into a 15-year lease for an aggregate of approximately 138,000 square feet of office and laboratory space in Ardsley, New York. In 2014, the Company exercised its option to expand into an additional 25,405 square feet of office space, which the Company occupied in January 2015. Our base rent is currently $5.0 million per year. In September 2021, the Company sent the landlord notice of exercise of the Company’s early termination option (the “Early Termination Option”) under the lease. Pursuant to the Early Termination Option, the lease will terminate on June 22, 2022 (the “Early Termination Date”), subject to the conditions that (a) on the last business day before the Early Termination Date, the Company pays an early termination fee of approximately $4.7 million, (b) on the day immediately prior to the Early Termination Date, the Company is not in “Default” under the lease beyond applicable cure periods, and (c) as of the Early Termination Date, the Company has complied with its end-of-term obligations. The Company is currently evaluating facility alternatives for its corporate operations after its departure from the Ardsley headquarters. Chelsea, Massachusetts The Company’s Civitas subsidiary leased a manufacturing facility in Chelsea, Massachusetts which it used to manufacture Inbrija through February 10, 2021. In 2018, the Company initiated a renovation and expansion of a building within the Chelsea manufacturing facility that increased the size of the facility to approximately 95,000 square feet. The project added a new size 7 spray dryer manufacturing production line for Inbrija and other ARCUS products that has greater capacity than the existing size 4 spray dryer manufacturing production line, and created additional warehousing space for manufactured product. All costs to renovate and expand the facility through the date of assignment to Catalent were borne by the Company. Since the February 10, 2021 sale of the manufacturing operations, Catalent has been responsible for finalizing the expansion, including obtaining needed regulatory approvals. However, given the potential importance of the expansion to the Company’s business, in December 2021 we agreed to fund $1.5 million of Catalent’s costs to complete the size 7 spray dryer expansion, which will be payable by the Company in four quarterly installments after the later of January 1, 2024 or FDA qualification and approval for use of the size 7 spray dryer. Additional Facilities 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, MA. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $1.1 million per year. The Company’s leases have remaining lease terms of 0.5 years to 5 years, which reflects the exercise of the early termination of the Company’s Ardsley, NY lease as described above. The weighted-average remaining lease term for our operating leases was 2.4 years at December 31, 2021. The weighted-average discount rate was 7.13% at December 31, 2021. ROU assets and lease liabilities related to the Company’s operating leases are as follows: (In thousands) Balance Sheet Classification December 31, 2021 December 31, 2020 Right-of-use assets Right of use assets $ 6,751 $ 18,481 Current lease liabilities Current portion of lease liabilities 8,186 7,944 Non-current lease liabilities Non-current portion of lease liabilities 4,086 17,200 The Company has lease agreements that contain both lease and non-lease components. the Company account for lease components together with non-lease components (e.g., common-area maintenance). The components of lease costs were as follows: Year ended December 31, Year ended December 31, (In thousands) 2021 2020 Operating lease cost $ 6,030 $ 7,066 Variable lease cost 4,156 3,636 Short-term lease cost 851 1,653 Total lease cost $ 11,037 $ 12,355 Future minimum commitments under all non-cancelable operating leases are as follows: (In thousands) 2022 $ 8,354 2023 1,216 2024 1,252 2025 1,290 Later years 1,327 Total lease payments 13,439 Less: Imputed interest (1,167 ) Present value of lease liabilities 12,272 Supplemental cash flow information activity related to the Company’s operating leases are as follows: (In thousands) December 31, 2021 December 31, 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 6,158 $ 7,769 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (4) Intangible Assets Intangible Assets Inbrija and ARCUS Technology In connection with the acquisition of Civitas in October 2014, the Company acquired global rights to Inbrija, a Phase 3 treatment candidate for Parkinson’s disease OFF periods, also known as OFF episodes. The acquisition of Civitas also included rights to Civitas’ proprietary ARCUS drug delivery technology, which the Company believes has potential to be used in the development of a variety of inhaled medicines. In December 2018, the FDA approved Inbrija for intermittent treatment of OFF episodes in people with Parkinson’s disease treated with carbidopa/levodopa. In accordance with the acquisition method of accounting, the Company allocated the acquisition cost for the transaction to the underlying assets acquired and liabilities assumed by the Company, based upon the estimated fair values of those assets and liabilities at the date of acquisition and classified the fair value of the acquired IPR&D as an indefinite-lived intangible asset until the successful completion of the associated research and development efforts. The value allocated to the indefinite lived intangible asset was $423 million. In December 2018, the Company received FDA approval for Inbrija and accordingly reclassified the indefinite lived intangible asset to a definite lived intangible asset with amortization commencing upon launch in February 2019. BTT1023 IPR&D In connection with the acquisition of Biotie, the Company acquired global rights to BTT1023 (timolumab). BTT1023 is a product candidate for the orphan disease Primary Sclerosing Cholangitis, or PSC, a chronic and progressive liver disease. In accordance with the acquisition method of accounting, the Company allocated the acquisition cost for the transaction to the underlying assets acquired and liabilities assumed, based upon the estimated fair values of those assets and liabilities at the date of acquisition. The Company classified the fair value of the acquired IPR&D as indefinite lived intangible assets until the successful completion or abandonment of the associated research and development efforts. In the three-month period ended March 31, 2020, the Company determined that there were relevant changes to the key assumptions that would negatively affect the value of the IPR&D asset for BTT-1023. The Company noted that it received a final read-out of the results of the BUTEO study on March 31, 2020 and noted that the study did not meet its primary or secondary endpoints. Based on conclusions drawn from these results, management determined that the Company would not continue further development of the asset on March 31, 2020. Management also conferred with its independent consultant in March 2020 to review and opine on the results of the BUTEO study to assess whether the asset was a candidate for potential out-licensing since the Company would no longer continue to develop the asset. Based on the assessment and review of the BUTEO study results with the consultant, management determined that the results of the clinical trial did not meet the primary or secondary end-points, and the clinical trial was not large enough or expansive enough to be persuasive to generate interest by third parties for a possible licensing arrangement. Management determined that this assessment was the triggering event that indicated that the asset was fully impaired as there was no potential value with an out-licensing arrangement. Based on the qualitative assessment, management determined that the fair value of the IPR&D asset was $0 and the carrying value of the asset which was approximately $4.1 million at March 31, 2020 exceeded the fair value of the asset. As a result, the Company fully impaired the asset and recorded an impairment charge of $4.1 million for the year ended December 31, 2020. Management determined that additional quantitative procedures were not relevant in this circumstance given the overwhelming qualitative evidence that indicated the asset was fully impaired. Websites Intangible assets also include certain website development costs which have been capitalized. The Company has developed several websites, each with its own purpose, including the general corporate website, product information websites and various other websites. The Company continually evaluates whether events or circumstances have occurred that indicate that the carrying value of the intangible assets may be impaired or that the estimated remaining useful lives of these assets may warrant revision. As of December 31, 2021, the Company determined that the intangible assets were not impaired and that there are no facts or circumstances that would indicate a need for changing the estimated remaining useful lives of these assets. Intangible assets consisted of the following: December 31, 2021 December 31, 2020 (Dollars In thousands) Estimated Remaining Useful Lives (Years) Cost Additions Accumulated Amortization Net Carrying Amount Cost Impairment Accumulated Amortization Foreign Currency Translation Net Carrying Amount In-process research & development (1) Indefinite-lived $ — $ — $ — $ — $ 4,212 $ (4,131 ) $ — $ (81 ) $ — Inbrija (2) 11 423,000 — (87,164 ) 335,836 423,000 — (56,400 ) — 366,600 Website development costs 1-3 14,559 26 (14,441 ) 144 14,559 — (14,178 ) — 381 $ 437,559 $ 26 $ (101,605 ) $ 335,980 $ 441,771 $ (4,131 ) $ (70,578 ) $ (81 ) $ 366,981 (1) Includes the fair value of BTT1023. (2) In December 2018, the Company received FDA approval for Inbrija and accordingly reclassified the indefinite lived intangible assets to definite lived intangible assets and began amortizating the assets upon launch in February 2019 The Company recorded amortization expense of $31.0 million of which $30.7 million pertained to the intangible asset related to Inbrija and $0.3 million related to the amortization of website development costs for the year ended December 31, 2021. The Company recorded amortization expense of $31.1 million of which $30.7 million pertained to the intangible asset related to Inbrija and $0.4 million related to the amortization of website development costs related to these intangible assets for the year ended December 31, 2020. Estimated future amortization expense for intangible assets subsequent to December 31, 2021 is as follows: (In thousands) 2022 $ 30,894 2023 30,772 2024 30,768 2025 30,764 2026 30,764 Thereafter 182,018 $ 335,980 The weighted-average remaining useful lives of all amortizable assets is approximately 11.0 years. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | (5) Investments Short-term investments with maturities of three months or less from date of purchase have been classified as cash equivalents, and amounted to approximately $12.2 million and $36.7 million as of December 31, 2021 and December 31, 2020, respectively. There were no short-term investments with original maturities of greater than 3 months but less than 1 year as of December 30, 2021 and December 31, 2020. Additionally, there were no short-term investments in an unrealized loss position as of December 30, 2021 and December 31, 2020, respectively. Long-term investments have original maturities of greater than one year. There were no investments classified as long-term at December 31, 2021 or December 31, 2020. The Company has determined that there were no other-than-temporary declines in the fair values of its investments as of December 31, 2021 as the Company does not have any short or long-term investments as of December 31, 2021. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (6) Property and Equipment In January 2021, the Company entered into an asset purchase agreement with Catalent Pharma Solutions to sell its Chelsea, Massachusetts manufacturing operations. The Company closed the transaction on February 10, 2021. The Company determined that the criterion to classify the property and equipment being transferred as part of the agreement as held for sale within the Company’s consolidated balance sheet as of December 31, 2020. Accordingly, the property and equipment being transferred as part of the agreement were classified as current assets and current liabilities held for sale at December 31, 2020. See Note 7 to our Consolidated Financial Statements included in this report for a discussion of Assets Held for Sale. Property and equipment consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Estimated useful lives used Machinery and equipment $ 2,315 $ 2,569 2-7 years Leasehold improvements 15,317 15,317 Lesser of useful life or remaining lease term Computer equipment 17,973 17,758 1-3 years Laboratory equipment 1,644 5,343 2-5 years Furniture and fixtures 2,130 2,129 4-7 years Construction in progress — 171 39,379 43,287 Less accumulated depreciation (34,997 ) (36,024 ) $ 4,382 $ 7,263 Depreciation and amortization expense on property and equipment was $2.9 million and $10.2 million for the years ended December 31, 2021 and 2020, respectively. |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Assets Held for Sale | (7) Assets Held for Sale On January 12, 2021, the Company and Catalent entered into an asset purchase agreement, pursuant to which the Company agreed to sell to Catalent certain assets related to the Company’s manufacturing activities located at the facilities situated in Chelsea, Massachusetts (the “Chelsea Facility”) and Waltham, Massachusetts (the “Waltham Facility”), for a purchase price of $80 million, plus an additional $2.3 million for raw materials transferred, and the assumption by Catalent of certain liabilities relating to such manufacturing activities. The Company closed the transaction on February 10, 2021. The Company determined that the criterion to classify the Chelsea manufacturing operations as assets held for sale within the Company’s consolidated balance sheet effective December 31, 2020 were met. Accordingly, the assets were classified as current assets held for sale at December 31, 2020 as the Company, at that time, expected to divest the Chelsea manufacturing operations within the next twelve months. The classification to assets held for sale impacted the net book value of the assets expected to be transferred upon sale. The estimated fair value of the Chelsea manufacturing operations was determined using the purchase price in the purchase agreement along with estimated broker, accounting, legal, and other selling expenses, which resulted in a fair value less costs to sell of approximately $71.8 million. The carrying value of the assets being classified as held for sale was approximately $129.7 million, which includes property and equipment of $129.6 million and prepaid expenses of $0.1 million. As a result, the Company recorded a loss on assets held for sale of $57.9 million against the Chelsea manufacturing operations. Upon completion of the divestiture, final net proceeds were $74.0 million. Additionally, the expected divestiture of the Chelsea Facility group was not deemed to represent a fundamental strategic shift that would have a major effect on the Company’s operations, and accordingly, the operating results of the Chelsea manufacturing operations were not reported as discontinued operations in the Company’s consolidated statement of income as of December 31, 2020. |
Common Stock Options and Restri
Common Stock Options and Restricted Stock | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock Options and Restricted Stock | (8) Common Stock Options and Restricted Stock On December 31, 2020, the Company filed an amendment to its Certificate of Incorporation which effected a 1-for-6 On January 12, 2006, the Company’s board of directors approved the adoption of the Acorda Therapeutics, Inc. 2006 Employee Incentive Plan (the 2006 Plan). The 2006 Plan served as the successor to the Company’s 1999 Plan, as amended, and no further option grants or stock issuances were to be made under the 1999 Plan after the effective date, as determined under Section 14 of the 2006 Plan. All employees of the Company were eligible to participate in the 2006 Plan, including executive officers, as well as directors, independent contractors, and agents of the Company. The 2006 Plan also covered the issuance of restricted stock. The 2006 Plan was administered by the Compensation Committee of the Board of Directors, which selected the individuals to be granted options and restricted stock, determined the time or times at which options and restricted stock were to be granted, determined the number of shares to be granted subject to any option or restricted stock and the duration of each option and restricted stock, and made any other determinations necessary, advisable, and/or appropriate to administer the 2006 Plan. Under the 2006 Plan, each option granted expires no later than the tenth anniversary of the date of its grant. The number of shares of common stock authorized for issuance under the 2006 Plan as of December 31, 2021 was 2,485,342 shares. On June 9, 2015, the Company’s stockholders approved the adoption of the Acorda Therapeutics, Inc. 2015 Omnibus Incentive Compensation Plan (the 2015 Plan). The 2015 Plan serves as the successor to the Company’s 2006 Plan, as amended, and no further option or stock grants were made under the 2006 Plan after the effective date of the 2015 Plan. All employees of the Company are eligible to participate in the 2015 Plan, including executive officers, as well as directors, consultants, advisors and other service providers of the Company or any of its subsidiaries. The 2015 Plan also covers the issuance of restricted stock. The 2015 Plan is administered by the Compensation Committee of the Board of Directors, which selects the individuals to be granted options, restricted stock, and restricted stock units, determines the time or times at which options, restricted stock, and restricted stock units are to be granted, determines the number of shares to be granted subject to any option, restricted stock or restricted stock unit and the duration of each option, restricted stock, and restricted stock unit, and makes any other determinations necessary, advisable, and/or appropriate to administer the 2015 Plan. Under the 2015 Plan, each option granted expires no later than the tenth anniversary of the date of its grant. Since inception, the number of shares of common stock authorized for issuance under the 2015 Plan as of December 31, 2021 is 1,350,000 shares, plus shares underlying cancelled awards under the 2006 plan after the adoption of the 2015 plan. As of December 31, 2021, the Company had granted an aggregate of 1,408,784 shares either as restricted stock or shares subject to issuance upon the exercise of stock options under the 2015 Plan, of which 701,976 shares remained subject to outstanding options. On April 14, 2016 the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the Acorda Therapeutics, Inc. 2016 Inducement Plan (the “2016 Plan”) to provide equity compensation to certain individuals of the Company (or its subsidiaries) in order to induce such individuals to enter into employment with the Company or its subsidiaries. Equity awards were issued under this plan to individuals employed by Biotie Therapies Ltd., formerly Biotie Therapies Corp., and its subsidiary Biotie Therapies, Inc. (collectively, “Biotie”) in connection with our 2016 acquisition of Biotie, however the last of these awards terminated in 2020. In 2021, 170,000 stock option awards were issued under this plan to newly-hired executive officers as an inducement for them to become employed by the Company, and On June 19, 2019, the Company’s stockholders approved the Company’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”) at the annual meeting of stockholders pursuant to which up to 250,000 shares of the Company’s common stock, par value $0.001 per share may be issued thereunder (the “Plan Shares). As of December 31, 2021, there were 250,000 shares of common stock remaining authorized for issuance under the 2019 ESPP. The fair value of each option granted is estimated on the date of grant using the Black‑Scholes option‑pricing model with the following weighted average assumptions: Year ended December 31, 2021 2020 Employees and directors: Estimated volatility% 84.26 % 80.28 % Expected life in years 6.25 6.31 Risk free interest rate% 1.36 % 0.69 % Dividend yield — — The Company estimated volatility for purposes of computing compensation expense on its employee and director options using the historic volatility of the Company’s stock price. The expected life used to estimate the fair value of employee and director options is based on the historical life of the Company’s options based on exercise data. The weighted average fair value per share of options granted to employees and directors for the years ended December 31, 2021 and 2020 amounted to approximately $2.57 and $3.95, During the year ended December 31, 2021, the Company granted 596,795 stock options to employees and directors under all plans. The stock options were issued with a weighted average exercise price of $3.72 per share. As a result of these grants, the total compensation charge to be recognized over the estimated service period is $2.0 million, of which $0.9 million was recognized during the year ended December 31, 2021. Compensation costs for options and restricted stock granted to employees and directors amounted to $3.0 million and $8.1 million, for the years ended December 31, 2021 and 2020, respectively. Of the total compensation cost, there was $0 and $0.3 million compensation cost capitalized in inventory balances for the years ended December 31, 2021 and December 31, 2020, repectively. Compensation expense for options and restricted stock granted to employees and directors are classified in inventory, research and development, selling, general and administrative, and cost of sales expense based on employee job function. The following table summarizes share-based compensation expense included within the Company’s consolidated statements of operations: Year ended December 31, (In thousands) 2021 2020 Research and development $ 694 $ 1,745 Selling, general and administrative 2,282 6,020 Cost of sales 19 335 Total $ 2,995 $ 8,100 A summary of share‑based compensation activity for the year ended December 31, 2021 is presented below: Stock Option Activity Number of Shares (In Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (In thousands) Balance at December 31, 2020 1,331 $ 127.13 Granted 336 3.72 Forfeited and expired (481 ) 121.78 Exercised — — Balance at December 31, 2021 1,186 $ 94.38 5.5 $ Vested and expected to vest at December 31, 2021 1,172 $ 95.42 5.5 $ Vested and exercisable at December 31, 2021 872 $ 125.89 4.0 — Options Outstanding Options Exercisable Range of exercise price Outstanding as of December 31, 2021 (In thousands) Weighted- average remaining contractual life (In years) Weighted- average exercise price Exercisable as of December 31, 2021 (In thousands) Weighted- average exercise price $3.16 - $3.74 276 9.8 $ 3.70 1 $ 3.18 $3.75 - $14.46 284 7.1 11.98 257 $ 12.77 $15.30 - $164.85 265 3.6 124.60 253 $ 126.67 $165.30 - $214.44 277 2.5 197.68 277 $ 197.70 $215.28 - $246.42 84 2.1 234.91 84 $ 234.91 1,186 5.5 $ 94.38 872 $ 125.89 Restricted Stock Activity Restricted Stock Number of Shares (In thousands) Nonvested at December 31, 2020 31 Granted 261 Vested (104 ) Forfeited (72 ) Nonvested at December 31, 2021 116 Unrecognized compensation cost for unvested stock options and restricted stock awards as of December 31, 2021 totaled $1.6 million and is expected to be recognized over a weighted average period of approximately 3.3 years. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | (9) Debt Convertible Senior Secured Notes Due 2024 On December 24, 2019, the Company completed the private exchange of $276.0 million aggregate principal amount of its outstanding 1.75% Convertible Senior Notes due 2021 (the “2021 Notes”) for a combination of newly-issued 6.00% Convertible Senior Secured Notes due 2024 (the “2024 Notes”) and cash. For each $1,000 principal amount of exchanged 2021 Notes, the Company issued $750 principal amount of the 2024 Notes and made a cash payment of $200 (the “Exchange”). In the aggregate, the Company issued approximately $207.0 million aggregate principal amount of the 2024 Notes and paid approximate $55.2 million in cash to participating holders. The Exchange was conducted with a limited number of institutional holders of the 2021 Notes pursuant to Exchange Agreements dated as of December 20, 2019. The 2021 Notes received by the Company in the Exchange were cancelled in accordance with their terms. Accordingly, upon completion of the Exchange, $69.0 million of the 2021 Notes remained outstanding. On June 15, 2021, the Company repaid the outstanding balance of the 2021 Notes at their maturity date using cash on hand. 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 2024 Notes will mature on December 1, 2024 unless earlier converted in accordance with their terms prior to such date. 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, beginning on June 1, 2020. The Company may elect to pay interest in cash or shares of the Company’s common stock, subject to the satisfaction of certain conditions. If the Company elects to pay interest in shares of common stock, such common stock will have a per share value equal to 95% of the daily volume-weighted average price for the 10 trading days ending on and including the trading day immediately preceding the relevant interest payment date. In June 2021, the Company issued 1,635,833 shares of common stock, and in December 2021, the Company issued 2,049,048 shares of common stock, in satisfaction of the interest payable to holders of the 2024 Notes on June 1, 2021 and December 1, 2021, respectively. In connection with these stock-based interest payments, in each of June and December, 2021, approximately $6.2 million (approximately $12.4 million in the aggregate) was released from restricted cash and became available to the Company for other purposes. 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. The adjusted conversion rate for the 2024 Notes is 47.6190 shares of the Company’s common stock per $1,000 principal amount of 2024 Notes, representing an adjusted conversion price of approximately $21.00 per share of common stock. The conversion rate was adjusted to reflect the 1-for-6 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. Holders who convert their 2024 Notes prior to June 1, 2023 (other than in connection with a make-whole fundamental change) will also be entitled to an interest make-whole payment equal to the sum of all regularly scheduled stated interest payments, if any, due on such 2024 Notes on each interest payment date occurring after the conversion date for such conversion and on or before June 1, 2023. 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. Holders of the 2024 Notes will have the right, at their option, to require the Company to purchase their 2024 Notes if a fundamental change (as defined in the 2024 Indenture) occurs, in each case, at a repurchase price equal to 100% of the principal amount of the 2024 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. If a make-whole fundamental change occurs, as described in the 2024 Indenture, and a holder elects to convert its 2024 Notes in connection with such make-whole fundamental change, such holder may be entitled to an increase in the adjusted conversion rate as described in the 2024 Indenture. 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, which includes, among other items, indebtedness incurred to refinance the 2021 Notes, (iv) create liens on their assets, (v) sell their assets, (vi) enter into certain transactions with affiliates or (vii) merge, consolidate or sell of 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 2024 Indenture provides that a number of events will constitute an event of default, including, among other things, (i) a failure to pay interest for 30 days, (ii) failure to pay the 2024 Notes when due at maturity, upon any required repurchase, upon declaration of acceleration or otherwise, (iii) failure to convert the 2024 Notes in accordance with the 2024 Indenture and the failure continues for five business days, (iv) not issuing certain notices required by the 2024 Indenture within a timely manner, (v) failure to comply with the other covenants or agreements in the 2024 Indenture for 60 days following the receipt of a notice of non-compliance, (vi) a default or other failure by the Company to make required payments under other indebtedness of the Company or certain subsidiaries having an outstanding principal amount of $30.0 million or more, (vii) failure by the Company or certain subsidiaries to pay final judgments aggregating in excess of $30.0 million, (viii) certain events of bankruptcy or insolvency and (ix) the commercial launch in the United States of a product determined by the U.S. FDA to be bioequivalent to Inbrija. In the case of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding 2024 Notes will become due and payable immediately without further action or notice. If any other event of default occurs and is continuing, the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding 2024 Notes may declare all the notes to be due and payable immediately. The Company determined that the exchange of the 2021 Notes for 2024 Notes qualified for a debt extinguishment and recognized a gain on extinguishment of $55.1 million for the year ended December 31, 2019, representing the difference between the fair value of the liability component immediately before the exchange and the carrying value of the debt. The Company assessed all terms and features of the 2024 2024 determined that the fair value of the derivative upon issuance of the 2024 Notes was $59.4 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 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. 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. negligible as of December 31, 2021. The outstanding 2024 Note balances as of December 31, 2021 and December 31, 2020 consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Liability component: Principal $ 207,000 $ 207,000 Less: debt discount and debt issuance costs, net (55,975 ) (69,381 ) Net carrying amount 151,025 137,619 Equity component 18,257 $ 18,257 Derivative liability-conversion Option $ 37 $ 1,193 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. 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 years ended December 31, 2021 and 2020: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Contractual interest expense $ 12,420 $ 12,420 Amortization of debt issuance costs 952 798 Amortization of debt discount 12,454 10,430 Total interest expense $ 25,826 $ 23,648 Convertible Senior Notes Due 2021 On June 17, 2014, the Company issued $345 million aggregate principal amount of 1.75% Convertible Senior Notes due 2021 (the “2021 Notes”). On December 24, 2019, the Company completed the private exchange of $276.0 million aggregate principal amount of its then-outstanding 2021 Notes for a combination of newly-issued 6.00% Convertible Senior Secured Notes due 2024 (the “2024 Notes”) and cash. The 2021 Notes received by the Company in the exchange were cancelled in accordance with their terms. Accordingly, upon completion of the exchange, $69.0 million of the 2021 Notes remained outstanding. In accounting for the issuance of the 2021 Notes, the Company separated the 2021 Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the 2021 Notes as a whole. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The outstanding 2021 Note balances as of December 31, 2021 and 2020 consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Liability component: Principal $ — $ 69,000 Less: debt discount and debt issuance costs , net — (1,029 ) Net carrying amount — $ 67,971 Equity component $ — $ 22,791 In connection with the issuance of the 2021 Notes, the Company incurred approximately $7.5 million of debt issuance costs, which primarily consisted of underwriting, legal and other professional fees, and allocated these costs to the liability and equity components based on the allocation of the proceeds. Of the total $7.5 million of debt issuance costs, $1.3 million were allocated to the equity component and recorded as a reduction to additional paid-in capital and $6.2 million were allocated 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 liability component is amortized to interest expense over the expected life of the 2021 Notes using the effective interest method. The Company wrote off $1.2 million of issuance cost associated with the exchange of the 2021 Notes. The following table sets forth total interest expense recognized related to the 2021 Notes for the years ended December 31, 2021 and 2020: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Contractual interest expense $ 428 $ 1,208 Amortization of debt issuance costs 95 201 Amortization of debt discount 934 1,968 Total interest expense $ 1,457 $ 3,377 Non-Convertible Capital Loan Prior to and subsequent to the acquisition of Biotie on April 18, 2016, Biotie held non-convertible capital loans granted by Business Finland (formerly Tekes) for research and development of specific drug candidates Research and Development Loans In addition to the non-convertible capital loans described above, Research and Development Loans (“R&D Loans”) were granted to Biotie by Business Finland with an acquisition-date fair value of $2.9 million (€2.6 million) and a carrying value of $0 as of December 31, 2021. These loans were repaid in equal annual installments from January 2017 through January 2021. Letters of Credit As of December 31, 2021, the Company has $0.3 million of cash collateralized standby letters of credit outstanding. See Note 2 to our Consolidated Financial Statements included in this report for a discussion of Restricted Cash. |
Liability Related to Sale of Fu
Liability Related to Sale of Future Royalties | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Revenue Disclosure [Abstract] | |
Liability Related to Sale of Future Royalties | (10) Liability Related to Sale of Future Royalties As of October 1, 2017, the Company completed a royalty purchase agreement with HealthCare Royalty Partners Since the Company maintained rights under the Biogen Collaboration Agreement, therefore, the Royalty Agreement has been accounted for as a liability that will be amortized using the effective interest method over the life of the arrangement, in accordance with the relevant accounting guidance. The Company recorded the receipt of the $40 million payment from HCRP and established a corresponding liability in the amount of $40 million, net of transaction costs of approximately $2.2 million. The net liability is classified between the current and non-current portion of liability related to sale of future royalties in the consolidated balance sheets based on the recognition of the interest and principal payments to be received by HCRP in the next 12 months from the financial statement reporting date. The total net royalties to be paid, less the net proceeds received will be recorded to interest expense using the effective interest method over the life of the Royalty Agreement. The Company will estimate the payments to be made to HCRP over the term of the Royalty Agreement based on forecasted royalties and will calculate the interest rate required to discount such payments back to the liability balance. Over the course of the Royalty Agreement, the actual interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, the Company will reassess the effective interest rate and adjust the rate prospectively as necessary. The following table shows the activity within the liability account for the years ended December 31, 2021 and December 2020. (In thousands) December 31, 2021 December 31, 2020 Liability related to sale of future royalties - beginning balance $ 15,257 $ 24,401 Deferred transaction costs amortized 234 401 Non-cash royalty revenue payable to HCRP (12,106 ) (11,486 ) Non-cash interest expense recognized 1,075 1,941 Liability related to sale of future royalties - ending balance $ 4,460 $ 15,257 The interest and debt discount amortization expense is reflected as interest and amortization of debt discount expense in the Statement of Operations. |
Corporate Restructuring
Corporate Restructuring | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Corporate Restructuring | (11 ) Corporate Restructuring In January 2021 and September 2021, the Company announced corporate restructurings to reduce costs, more closely align operating expenses with expected revenue, and focus its resources on Inbrija. As part of the January 2021 restructuring, the Company reduced headcount by approximately 16% through a reduction in force (excluding the employees that transferred to Catalent at the closing of the sale of our Chelsea manufacturing operations). All of the reduction in personnel in connection with the January 2021 restructuring took place during the three-month period ended March 31, 2021. As part of the September 2021 restructuring, the Company reduced headcount by approximately 15% through a reduction in force. Most of this reduction in force took place in September 2021, and it will be nearly complete in the first quarter of 2022. For the years ended December 31, 2021 and 2020, the Company incurred pre-tax severance and employee separation related expenses of approximately $6.0 million and $0.3 million, respectively, associated with the restructuring. Of the pre-tax severance and employee separation related expenses incurred, $0.6 million and $0.3 million were recorded in research and development expenses and $5.4 million and $0 were recorded in selling, general and administrative expenses for the years ended December 31, 2021 and 2020, respectively. A summary of the restructuring costs for the years ended December 31, 2021 and 2020 is as follows: (In thousands) Restructuring Costs Restructuring Liability as of December 31, 2019 $ 1,264 2020 Restructuring costs 343 2020 Payments (1,607 ) Restructuring Liability as of December 31, 2020 $ — 2021 Restructuring costs 6,000 2021 Payments (4,149 ) Restructuring Liability as of December 31, 2021 $ 1,851 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | (12) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Product allowances accruals $ 10,394 $ 14,969 Bonus payable 4,439 8,615 Accrued inventory — 1,678 Sales force commissions and incentive payments payable 727 1,109 Administrative expenses 757 1,028 Vacation accrual 1,505 1,969 Research and development expense accruals 702 926 Commercial and marketing expense accruals 728 1,005 Royalties payable 264 727 Restructuring liability 1,851 — Legal, accounting, and other professional services 1,325 564 Trade relations 706 697 Other accrued expenses 5,207 4,880 Total $ 28,605 $ 38,167 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (13) Commitments and Contingencies The Company’s long-term contractual obligations include commitments and estimated purchase obligations entered into in the normal course of business. Under certain supply agreements and other agreements with manufacturers and suppliers, the Company is required to make payments for the manufacture and supply of its clinical and approved products. The Company’s major outstanding contractual obligations are for payments related to its convertible notes, capital loans, operating leases and commitments to purchase inventory. The following table summarizes the contractual obligations at December 31, 2021 and the effect such obligations are expected to have on the Company’s liquidity and cash flow in future periods: Payments due by period (1) (3) (In thousands) Total Less than 1 year 1-3 years 4-5 years Convertible Senior Notes (2) $ 243,260 $ 12,420 $ 230,840 $ — Operating leases (4) 13,439 8,354 2,468 2,617 Inventory purchase commitments (5) (6) 100,594 27,094 37,500 36,000 Total 357,293 47,868 270,808 38,617 (1) Excludes a liability for uncertain tax positions totaling $6.4 million. This liability has been excluded because the Company cannot currently make a reliable estimate of the period in which the liability will be payable, if ever. (2) Represents the future payments of principal and interest to be made on the convertible senior secured notes due 2024 issued in December 2019. The notes will mature and will be payable on December 31, 2024 . Refer to Note 9. (3) Excludes a liability for the non-convertible capital loans totaling $27.6 million. The non-convertible capital loans have a stated maturity of less than one year. However, the repayment of the non-convertible capital loans and payment of accrued interest thereon are governed by a restrictive condition, according to which the loan principal may only be repaid if Biotie’s consolidated restricted equity is fully covered. Accrued interest may only be paid if Biotie, including its subsidiaries, has sufficient funds for profit distribution as of the most recently ended fiscal year. Interest accrues in the interim. This liability has been excluded because the Company cannot currently make a reliable estimate of the period in which the liability will be payable, if ever. (4) Represents payments for the operating leases of the Company’s Ardsley, NY headquarters, the Company’s lab and office space in Waltham, MA, and excludes field auto leases which are for a one year term. Refer to Note 3. (5) Represents Ampyra and Inbrija inventory purchase commitments. The Ampyra inventory commitment is an estimate as the price paid for Ampyra inventory is based on a percentage of the net product sales during the quarter Alkermes ships inventory to the Company. Under the Company’s supply agreement with Alkermes, it provides Alkermes with monthly written 18-month forecasts, and with annual written five-year (6) Represents minimum purchase commitment from Catalent for Inbrija under the manufacturing services (supply) agreement. An amendment to the agreement has been signed by the parties for the period July 1, 2021 through June 30, 2022, which eliminates the minimum purchase obligation by Acorda and states that payment shall only be required upon successful production and delivery of Inbrija by Catalent. The maximum payment amount Acorda shall be obligated to pay upon receipt of Inbrija product is $23.2 million less any payments previously made in 2021. Additionally, pursuant to the amendment, Acorda agreed that it would reimburse a portion of Catalent’s costs in completing the installation and qualification of a larger size 7 spray dryer at the Chelsea manufacturing facility, which Acorda believes will be beneficial to its future production needs, in the amount of $1.5 million. This amount will be paid quarterly over a one-year period commencing no sooner than January 1, 2024. License Agreements Under the Company’s various other research, license and collaboration agreements with other parties, it is obligated to make milestone payments of up to an aggregate of approximately $18.5 million over the life of the contracts. Under certain agreements, the Company is required to pay royalties for the use of technologies and products in its R&D activities and in the commercialization of products. The amount and timing of any of the foregoing payments are not known due to the uncertainty surrounding the successful research, development and commercialization of the products. See Note 15 to our Consolidated Financial Statements included in this report for a discussion on license, research, and collaboration agreements. Employment Agreements The Company has, or has agreed to enter into, employment agreements with all of its executive officers which provide for, among other benefits, certain severance, bonus and other payments and COBRA premium coverage, as well as certain rights relating to their equity compensation awards, if their employment is terminated for reasons other than cause or if they terminate their employment for good reason (as those terms are defined in the agreements). The agreements also provide for certain increased rights if their employment terminates following a change in control (as defined in the agreements). The Company’s contractual commitments table does not include these severance payment obligations. Other On November 9, 2020, Drug Royalty III, L.P., and LSRC III S.ar.l. (collectively, “DRI”) filed an arbitration claim against the Company with the American Arbitration Association under a September 26, 2003 License Agreement that it originally entered into with Rush-Presbyterian St. Luke’s Medical Center (“Rush”). DRI previously purchased license royalty rights under the license agreement from Rush. DRI alleges a dispute over the last-to-expire patent covering sales of the drug Ampyra under the license agreement, and is claiming damages based on unpaid license royalties of $6 million plus interest. The Company believe that it has valid defenses against this claim and intends to defend itself vigorously. While the Company is unable to determine the ultimate outcome of the dispute, the Company determined that it is probable that the Company may incur a liability related to the dispute which the Company estimated could be up to $2 million, inclusive of its legal costs. The Company recorded a liability of $2 million for the year ended December 31, 2020 in accrued expense and other current liabilities related to the dispute. However, the Company notes that depending upon the ultimate outcome of the dispute, the potential liability could be more or less than the amount recorded In addition to the arbitration described above, from time to time the Company is involved in litigation or other legal proceedings relating to claims arising out operations in the normal course of business. The Company has assessed all litigation and legal proceedings and does not believe that it is probable that a liability has been incurred or that the amount of any potential liability or range of losses can be reasonably estimated. As a result, the Company did not record any loss contingencies for these other matters. Litigation expenses are expensed as incurred. On February 10, 2021, the Company sold its Chelsea manufacturing operations to Catalent Pharma Solutions. In connection with the sale, we entered into a long-term, global manufacturing services (supply) agreement with a Catalent affiliate pursuant to which they have agreed to manufacture Inbrija for the Company at the Chelsea facility. The manufacturing services agreement provides that Catalent will manufacture Inbrija, to the Company’s specifications, and the Company will purchase Inbrija exclusively from Catalent during the term of the manufacturing services agreement; provided that such exclusivity requirement will not apply to Inbrija intended for sale in China. Under the Company’s agreement with Catalent, it is obligated to make minimum purchase commitments for Inbrija through the expiration of the agreement on December 31, 2030. Under the manufacturing services agreement, we agreed to purchase from Catalent at least $16 million of Inbrija in 2021 (pro-rated for a partial year) and $18 million of Inbrija each year from 2022 through 2030, subject to reduction in certain cases. In December 2021, we and Catalent amended the manufacturing services agreement to adjust the structure of the minimum payment terms the is replaced with payments to minimum , and with certain payments being made in the first half of 2022 instead of during the second half of 2021 We have submitted a binding forecast for Inbrija batches for the Adjustment Period, the total cost of which Additionally, pursuant to the amendment, we agreed that we would reimburse a portion of Catalent’s costs in completing the installation and qualification of a larger size 7 spray dryer at the Chelsea manufacturing facility, which we believe will be beneficial to our future production needs, in the amount of $1.5 million. This amount will be paid quarterly over a one-year period commencing no sooner than January 1, 2024. The manufacturing services agreement contains customary representations, warranties and covenants, including with respect to the ownership of any intellectual property created pursuant to the manufacturing services agreement, as well as provisions relating to ordering, payment and shipping terms, regulatory matters, reporting obligations, indemnity, confidentiality and other matters. During the year ended December 31, 2021, the Company incurred approximately $6.2 million of minimum purchase commitments with Catalent, which are recognized as cost of sales within the Company’s consolidated statement of operations for the year. As of December 31, 2021, the minimum remaining purchase commitment to Catalent was $ 0 million through December 31, 2021, $ 9 million for the year-ended December 31, 2022, and $ 18.0 million annually each year thereafter. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (14) 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 Company utilizes a fair value hierarchy which requires it to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company primarily applies the market approach for recurring fair value measurements. There were no changes in valuation techniques during the year ended December 31, 2021. • • • Recurring The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. (In thousands) Level 1 Level 2 Level 3 2021 Assets Carried at Fair Value: Money market funds $ 12,192 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 49,600 Derivative liability - conversion option — — 37 2020 Assets Carried at Fair Value: Money market funds $ 36,693 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 48,200 Derivative liability - conversion option — — 1,193 The following table presents additional information about assets and/or 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) Year ended December 31, 2021 Year ended December 31, 2020 Acquired contingent consideration: Balance, beginning of period $ 48,200 $ 80,300 Fair value change to contingent consideration (unrealized) included in the statement of operations 2,895 (30,889 ) Royalty payments (1,495 ) (1,211 ) Balance, end of period $ 49,600 $ 48,200 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), an FDA approved drug for the treatment of OFF periods of 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 and are included in the statement of operations. The acquired contingent consideration has been 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. Derivative Liability The following table represents a reconciliation of the derivative liability recorded in connection with the issuance of the convertible senior secured notes due 2024: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Derivative Liability-Conversion Option Balance, beginning of period $ 1,193 $ 59,409 Fair value recognized upon issuance of Convertible Senior Notes — — Fair value adjustment (1,156 ) (39,959 ) Fair value reclassification to shareholder's equity — (18,257 ) Balance, end of period $ 37 $ 1,193 During 2019, a derivative liability was initially recorded as a result of the issuance of the 6.00% Convertible Senior Secured Notes due 2024 (see Note 9). The fair value measurement of the derivative liability is classified as Level 3 under the fair value hierarchy as it has been valued using certain unobservable inputs. These inputs include: (1) share price as of the valuation date, (2) assumed timing of conversion of the Notes, (3) historical volatility of share price and (4) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. The fair value of the derivative liability was determined using a binomial model that calculates the fair value of the Notes with the conversion feature as compared to the fair value of the Notes without the conversion feature, with the difference representing the value of the conversion feature, or the derivative liability. There are several embedded features within the Notes which, upon issuance, did not meet the conditions for equity classification. As a result, these features were aggregated together and recorded as a derivative liability conversion option . The derivative liability conversion feature is measured at fair value on a quarterly basis and changes in the fair value will be recorded in the consolidated statement of operations. 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. 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 December 31, 2021. |
License, Research and Collabora
License, Research and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Collaborative Arrangement Disclosure [Abstract] | |
License, Research and Collaboration Agreements | (15) License, Research and Collaboration Agreements Alkermes plc The Company is a party to a 2003 amended and restated license agreement and a 2003 supply agreement with Alkermes for Ampyra. Under the license agreement, the Company has exclusive worldwide rights to Ampyra, as well as Alkermes’ formulation for any other mono or di-aminopyridines, for all indications, including multiple sclerosis and spinal cord injury. The Company is obligated to pay Alkermes milestone payments and royalties based on a percentage of net product sales and the quantity of product shipped by Alkermes to Acorda. Subject to early termination provisions, the Alkermes license terminates on a country by country basis on the latter to occur of fifteen years from the date of the agreement, the expiration of the last Alkermes patent to expire or the existence of competition in that country. Under the supply agreement, Alkermes has the right to manufacture for the Company, subject to certain exceptions, Ampyra and other products covered by these agreements at specified prices calculated as a percentage of net product sales of the product shipped by Alkermes to Acorda. In the event Alkermes does not manufacture 100% of the products, it is entitled to a compensating payment for the quantities of product provided by the alternative manufacturer. Supply Agreement The Company is a party to a 2003 supply agreement with Alkermes relating to the manufacture and supply of Ampyra by Alkermes. The Company is obligated to purchase at least 75% of its annual requirements of Ampyra from Alkermes, unless Alkermes is unable or unwilling to meet its requirements, for a percentage of net product sales and the quantity of product shipped by Alkermes to Acorda. In those circumstances, where the Company elects to purchase less than 100% of its requirements from Alkermes, the Company is obligated to make certain compensatory payments to Alkermes. Alkermes is required to assist the Company in qualifying a second manufacturer to manufacture and supply the Company with Ampyra subject to its obligations to Alkermes. As permitted by the agreement with Alkermes, the Company has designated Patheon, Inc. (Patheon) as a qualified second manufacturing source of Ampyra. In connection with that designation, the Company entered into a manufacturing agreement with Patheon, and Alkermes assisted the Company in transferring manufacturing technology to Patheon. The Company and Alkermes have agreed that a purchase of up to 25% of annual requirements from Patheon is allowed if compensatory payments are made to Alkermes. In addition, Patheon may supply the Company with Ampyra if Alkermes is unable or unwilling to meet the Company’s requirements. The Company did not make any compensatory payment in 2021. Biogen Inc. The Company has an exclusive collaboration and license agreement with Biogen Inc., (Biogen) to develop and commercialize Ampyra (known as Fampyra outside the U.S.) in markets outside the United States (the Collaboration Agreement). Under the Collaboration Agreement, Biogen was granted the exclusive right to commercialize Ampyra and other products containing aminopyridines developed under that agreement in all countries outside of the U.S., which grant includes a sublicense of the Company’s rights under an existing license agreement between the Company and Alkermes plc (Alkermes). Biogen has responsibility for regulatory activities and future clinical development of Fampyra in ex-U.S. markets worldwide. The Company also entered into a related supply agreement with Biogen (the Supply Agreement), pursuant to which the Company will supply Biogen with its requirements for the licensed products through the Company’s existing supply agreement with Alkermes. In 2020 Biogen paid the Company $15 million based on achievement of a specified sales milestone (all subject to the Company’s payment obligations to Alkermes under the Company’s license agreement with them). The Company is entitled to receive additional payments from Biogen that exceed $300 million in the aggregate based on achievement of future regulatory and sales milestones, although the Company does not anticipate achievement of any of those milestones in the foreseeable future. Alkermes (ARCUS products) In December 2010, Civitas, the Company’s wholly-owned subsidiary, entered into the Asset Purchase and License Agreement (“Alkermes Agreement”), in which Civitas licensed or acquired from Alkermes certain pulmonary development programs and INDs, underlying intellectual property and laboratory equipment associated with the pulmonary business of Alkermes. The assets acquired includes (i) patents, patent applications and related know-how and documentation; (ii) a formulation of inhaled L-dopa; (iii) several other pulmonary development programs and INDs, which are part of the platform device and formulation IP; (iv) instruments, laboratory equipment and apparatus; and (v) inhalers, inhaler molds, tools, and the associated assembled equipment. In addition, Civitas leased the facility where the Alkermes operations were previously housed in Chelsea, Massachusetts. Under the terms of the Alkermes Agreement, Civitas will also pay to Alkermes royalties for each licensed product as follows: (i) for all licensed products sold by Civitas, Civitas will pay Alkermes a mid-single digit percentage of net sales of such licensed products and (ii) for all licensed products sold by a collaboration partner, Civitas will pay Alkermes the lower of a mid-single digit percentage of net sales of such licensed products in a given calendar year or a percentage in the low-to-mid-double digits of all collaboration partner revenue received in such calendar year. Notwithstanding the foregoing, in no event shall the royalty paid be less than a low-single digit percentage of net sales of a licensed product in any calendar year. As consideration for the agreement with Alkermes, Civitas issued stock and also agreed to pay Alkermes royalties on future net product sales from products developed from licensed technology under the Alkermes Agreement. The fair value of the future royalties is classified as contingent consideration. The Company estimates the fair value of this contingent consideration based on future revenue projections and estimated probabilities of receiving regulatory approval and commercializing such products. Refer to Note 14 – Fair Value Measurements |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (16) Income Taxes The domestic and foreign components of (loss) income before income taxes were as follows: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Domestic $ (112,530 ) $ (112,371 ) Foreign 3,456 4,704 Total $ (109,074 ) $ (107,667 ) The benefit (expense) from income taxes in 2021 and 2020 consists of current and deferred federal, state and foreign taxes as follows: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Current: Federal $ 230 $ 11,770 State (182 ) (184 ) Foreign (113 ) (65 ) (65 ) 11,521 Deferred: Federal 4,412 (478 ) State 711 (3,896 ) Foreign 62 926 5,185 (3,448 ) Total benefit from income taxes $ 5,120 $ 8,073 As of December 31, 2021, Acorda’s U.S. consolidated tax return has a federal NOL carryforward of approximately $112.4 million which can be carried forward indefinitely and, under the Act, limited to 80% of taxable income in any year in which it will be utilized. Biotie Therapies, Inc. (“Biotie US”), which files a separate company federal income tax return has an NOL carryforward of approximately $121.6 million as of December 31, 2021. The Biotie US NOLs are offset entirely by a valuation allowance and are expected to begin to expire in 2026. The Company’s capital loss carryforward of approximately $471.0 million is fully offset with a valuation allowance. The Company had available state NOL carryforwards of approximately $304.8 million and $267.0 million as of December 31, 2021 and 2020, respectively. The state losses are expected to begin to expire in 2027, although not all states conform to the federal carryforward period and occasionally limit the use of net operating losses for a period of time. The Company has $48.2 million of net operating loss carryforwards outside of the U.S. as of December 31, 2021, that begin to expire in 2022 all of which are fully reserved with a valuation allowance. The Company’s U.S. Federal research and development and orphan drug credit carry-forwards of $35.3 million and $35.3 million as of December 31, 2021 and 2020, respectively, begin to expire in 2022. The Company does not expect to pay U.S. Federal or state cash taxes as they are in a current year taxable loss. The Company generated a tax liability for its operations in Puerto Rico. The Internal Revenue Code of 1986 contains certain provisions that can limit a taxpayer's ability to utilize net operating loss and tax credit carryforwards in any given year resulting from cumulative changes in ownership interests in excess of 50 percent over a three-year The temporary differences between the book and tax treatment of income and expenses results in deferred tax assets and liabilities, which are included within the consolidated balance sheet. The Company must assess the likelihood that any recorded deferred tax assets will be recovered against future taxable income. To the extent the Company believes it is more likely than not that any portion of the deferred tax asset will not be recoverable, a valuation allowance must be established. To the extent the Company establishes a valuation allowance or changes the allowance in a future period, income tax expense will be impacted. The Company continued to maintain a full valuation allowance against its net U.S. and net foreign deferred tax assets of Biotie at December 31, 2021. The Company had a net increase of $6.8 million of valuation allowance. The reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows: Year ended December 31, 2021 Year ended December 31, 2020 U.S. federal statutory tax rate 21.0 % 21.0 % State and local income taxes 0.4 % (3.0 )% Stock option compensation (0.1 )% 0.3 % Stock option shortfall (5.0 )% (5.8 )% Research and development and orphan drug credits — (0.4 )% Uncertain tax positions 0.5 % 0.1 % Other nondeductible and permanent differences (2.6 )% (2.5 )% Valuation allowance, net of foreign tax rate differential (9.5 )% (7.6 )% Tax effect of NOL carryback - CARES Act — 5.4 % Effective income tax rate 4.7 % 7.5 % The Company’s overall effective tax rate is affected by the increase in the valuation allowance and the forfeitures of equity of which no tax deduction is recorded. Provisions have been made for deferred taxes based on the differences between the basis of the assets and liabilities for financial statement purposes and the basis of the assets and liabilities for tax purposes using currently enacted tax rates and regulations that will be in effect when the differences are expected to be recovered or settled. The components of the deferred tax assets and liabilities are as follows: (In thousands) December 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforward $ 77,510 $ 61,774 Capital loss carryforward 116,717 106,371 Tax credits 34,332 33,577 Stock based compensation 12,257 17,454 Contingent consideration 12,730 11,975 Employee compensation 1,513 2,638 Rebate and returns reserve 2,290 3,339 Capitalized R&D 10,696 11,564 Derivative liability 9 296 Asset impairment — 14,384 Other 7,656 9,651 Total deferred tax assets $ 275,710 $ 273,023 Valuation allowance (193,253 ) (186,491 ) Total deferred tax assets net of valuation allowance $ 82,457 $ 86,532 Deferred tax liabilities: Intangible assets (83,930 ) (88,547 ) Convertible debt (12,842 ) (16,227 ) Depreciation 400 (803 ) Other (15 ) (72 ) Total deferred tax liabilities $ (96,387 ) $ (105,649 ) Net deferred tax liability $ (13,930 ) $ (19,117 ) The Company follows authoritative guidance regarding accounting for uncertainty in income taxes, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The beginning and ending amounts of unrecognized tax benefits reconciles as follows: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Beginning of period balance $ 7,093 $ 7,145 Increases for tax positions taken during a prior period — — Decreases for tax positions taken during a prior period (723 ) (52 ) Increases for tax positions taken during the current period — — $ 6,370 $ 7,093 Due to the amount of the Company’s tax credit carryforwards, it has not accrued interest relating to these unrecognized tax benefits. Accrued interest and penalties, however, would be disclosed within the related liabilities lines in the consolidated balance sheet and recorded as a component of income tax expense. All of its unrecognized tax benefits, if recognized, would impact the effective tax rate. The Company is no longer subject to federal income tax audits for tax years prior to 2018, however, such net operating losses utilized by the Company in years subsequent to 2002 are subject to review. The Company was notified during the first quarter of 2021 that it is being audited by the state of Minnesota and Massachusetts for the tax years 2018 and 2019. There have been no proposed adjustments at this stage of the examination. The Company also has an ongoing state examination in New Jersey for the tax periods, 2015 through 2018. There have been no proposed adjustments at this stage of the examination. The Minnesota examinations for 2016 and 2017 were closed during 2021 with no changes. The Company is subject to taxation in the United States and various state and foreign jurisdictions. The Company has operations in the United States and Puerto Rico, as well as filing obligations in Finland, Switzerland and Germany. Typically, the period for the statute of limitations ranges from 3 to 5 years, however, this could be extended due to the Company’s NOL carryforward position in a number of its jurisdictions. The tax authorities generally have the ability to review income tax returns for periods where the statute of limitations has previously expired and can subsequently adjust the NOL carryforward or tax credit amounts. Accordingly, the Company does not expect to reverse any portion of the unrecognized tax benefits within the next year. The beginning and ending amounts of valuation allowances reconcile as follows: Balance at Balance at (In thousands) Beginning of Period Additions Deductions End of Period Valuation allowance for deferred tax assets: Year ended December 31, 2020 $ 177,572 8,964 (45 ) $ 186,491 Year ended December 31, 2021 $ 186,491 10,028 (3,266 ) $ 193,253 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (17) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2021 and 2020: (In thousands, except per share data) Year ended December 31, 2021 Year ended December 31, 2020 Basic and diluted Net loss $ (103,954 ) $ (99,594 ) Weighted average common shares outstanding used in computing net loss per share—basic 10,621 8,084 Plus: net effect of dilutive stock options and unvested restricted common shares — — Weighted average common shares outstanding used in computing net loss per share—diluted 10,621 8,084 Net loss per share—basic $ (9.79 ) $ (12.32 ) Net loss per share—diluted $ (9.79 ) $ (12.32 ) The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. The Company’s stock options and unvested shares of restricted common stock could have the most significant impact on diluted shares. Securities that could potentially be dilutive are excluded from the computation of diluted earnings 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 income per diluted share because their effects were anti-dilutive: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Denominator Stock options and restricted common shares 1,199 1,356 Additionally, the impact of the convertible debt was determined to be anti-dilutive and excluded from the calculation of net income per diluted share for the years ended December 31, 2021 and 2020. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | (18) Employee Benefit Plan Effective September 1, 1999, the Company adopted a defined contribution 401(k) savings plan (the 401(k) plan) covering all employees of the Company. Participants may elect to defer a percentage of their annual pretax compensation to the 401(k) plan, subject to defined limitations. The plan includes an employer match contribution to employee deferrals. For each dollar an employee invests up to 6% of his or her earnings, the Company will contribute an additional 50 cents into the funds. The Company’s expense related to the plan was $0.9 million and $1.6 million for the years ended December 31, 2021 and 2020, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S.) and include the results of operations of the Company and its majority owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Basis of Presentation | Basis of Presentation On December 31, 2020, the Company filed an amendment to its Certificate of Incorporation which effected a 1-for-6 |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements requires management to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include share‑based compensation accounting, which are largely dependent on the fair value of the Company’s equity securities, measurement of changes in the fair value of acquired contingent consideration which is based on a probability weighted discounted cash flow valuation methodology, estimated deductions to determine net revenue such as allowances for customer credits, including estimated discounts, rebates, and chargebacks, which are estimated based on available information that will be adjusted to reflect known changes in the factors that impact such allowances, estimates of derivative liability associated with the exchange of the convertible senior secured notes due 2024, which is marked to market each quarter based on a binomial model, estimates of reserves for obsolete and excess inventory, and estimates of unrecognized tax benefits and valuation allowances on deferred tax assets which are based on an assessment of recoverability of the deferred tax assets against future taxable income. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks common to companies in the pharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key products, dependence on key customers and suppliers, and protection of intellectual property rights. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid debt instruments with original maturities of three months or less from date of purchase to be cash equivalents. All cash and cash equivalents are held in highly rated securities including a Treasury money market fund which is unrestricted as to withdrawal or use. To date, the Company has not experienced any losses on its cash and cash equivalents. The carrying amount of cash and cash equivalents approximates its fair value due to its short-term and liquid nature. The Company maintains cash balances in excess of insured limits. The Company does not anticipate any losses with respect to such cash balances. |
Restricted Cash | Restricted Cash Restricted cash represents an escrow account with funds to maintain the interest payments for an amount equal to all remaining scheduled interest payments on the outstanding convertible senior secured notes due 2024 through the interest payment date of June 1, 2023; and a interest payments on the outstanding convertible senior secured notes due 2024 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: December 31, 2021 December 31, 2020 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 71,369 $ 45,634 $ 62,085 $ 71,369 Restricted cash 12,917 13,400 12,836 12,917 Restricted cash-non current 18,609 6,189 30,270 18,609 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 102,895 $ 65,223 $ 105,191 $ 102,895 |
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 December 31, 2021 or 2020. |
Other Comprehensive Loss | Other Comprehensive Income (Loss) The Company’s other comprehensive income (loss) consisted of unrealized gains and losses on available-for-sale securities and adjustments for foreign currency translation and is recorded and presented net of income tax. There was no income tax allocated to the foreign currency translation adjustment in Other Comprehensive Income (Loss) for the period ended December 31, 2021 and 2020. The cumulative foreign currency translation adjustment reported in Other Comprehensive Income (Loss) was $ 1.8 million and $ (1.6) million for the period ended December 31, 2021 and 2020, respectively . |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value. The Company capitalizes inventory costs associated with the Company's products prior to regulatory approval when, based on management's judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Cost is determined using the first-in, first-out method (FIFO) for all inventories. The Company establishes reserves as necessary for obsolescence and excess inventory. The Company records a reserve for excess and obsolete inventory based on the expected future product sales volumes and the projected expiration of inventory and specifically identified obsolete inventory. The Company recorded an idle capacity charge related to the Chelsea manufacturing operations to cost of goods sold of $0.1 million and $6.3 million for the years ended The following table provides the major classes of inventory: (In thousands) December 31, 2021 December 31, 2020 Raw materials $ 3,338 $ 3,434 Work-in-progress — 6,602 Finished goods 15,210 18,641 Total $ 18,548 $ 28,677 Ampyra The cost of Ampyra inventory manufactured by Alkermes plc (Alkermes) is based on agreed upon pricing with Alkermes. In the event Alkermes does not manufacture the products, Alkermes is entitled to a compensating payment for the quantities of product provided by Patheon, the Company’s alternative manufacturer. This compensating payment is included in the Company’s inventory balances. No payments were made for the years ended December 31, 2021 and 2020. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation, except for assets acquired in a business combination, which are recorded at fair value as of the acquisition date. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, which ranges from one to seven years. Leasehold improvements are recorded at cost, less accumulated amortization, which is computed on a straight-line basis over the shorter of the useful lives of the assets or the remaining lease term. Expenditures for maintenance and repairs are charged to expense as incurred. |
Intangible Assets | Intangible Assets In Process Research and Development The Company had indefinite lived intangible assets for the value of acquired in-process research and development. The Company recorded an impairment charge of $4.1 million for the year ended December 31, 2020 in the statement of operations and therefore, the indefinite-lived intangible asset was fully impaired. See Note 4 to the Company’s Consolidated Financial Statements included in this report for a discussion of intangible assets. Finite-Lived Intangible Assets The Company has finite lived intangible assets that are amortized on a straight line basis over the period in which the Company expects to receive economic benefit and are reviewed for impairment when facts and circumstances indicate that the carrying value of the asset may not be recoverable. The determination of the expected life will be dependent upon the use and underlying characteristics of the intangible asset. In the Company’s evaluation of the intangible assets, it considers the term of the underlying asset life and the expected life of the related product line. If impairment indicators are present or changes in circumstance suggest that impairment may exist, the Company performs a recoverability test by comparing the sum of the estimated undiscounted cash flows of each intangible asset to its carrying value on the consolidated balance sheet. If the undiscounted cash flows used in the recoverability test are less than the carrying value, the Company would determine the fair value of the intangible asset and recognize an impairment loss in the statement of operations if the carrying value of the intangible asset exceeds its fair value. Fair value is generally estimated based on either appraised value or other valuation techniques. Events that could result in an impairment, or trigger an interim impairment assessment, may include actions by regulatory authorities with respect to us or our competitors, new or better products entering the market, changes in market share or market pricing, changes in the economic lives of the assets, changes in the legal framework covering patents, rights or licenses, and other market changes which could have a negative effect on cash flows and which could result in an impairment. |
Contingent Consideration | Contingent Consideration The Company may record contingent consideration as part of the cost of business acquisitions. Contingent consideration is recognized at fair value as of the date of acquisition and recorded as a liability on the consolidated balance sheet. The contingent consideration is re-valued on a quarterly basis using a probability weighted discounted cash-flow approach until fulfillment or expiration of the contingency. Changes in the fair value of the contingent consideration are recognized in the statement of operations. See Note 15 to our Consolidated Financial Statements included in this report for a discussion on the Alkermes ARCUS agreement. |
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 decline in the trading price of the Company's common stock during the year-ended December 31, 2021, and related decrease in the Company's market capitalization, was determined to be a triggering event in connection with the Company's review of the recoverability of its long-lived assets for the year ended December 31, 2021. The Company performed a recoverability test as of December 31, 2021 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 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. 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 determined that there were relevant changes to the key assumptions that would negatively affect the value of the IPR&D asset for BTT-1023. The Company noted that it received a final read-out of the results of the BUTEO study on March 31, 2020 and noted that the study did not meet its primary or secondary endpoints. Based on conclusions drawn from these results, management determined that the Company would not continue further development of the asset on March 31, 2020. Management also conferred with its independent consultant in March 2020 to review and opine on the results of the BUTEO study to assess whether the asset was a candidate for potential out-licensing since the Company would no longer continue to develop the asset. Based on the assessment and review of the BUTEO study results with the consultant, management determined that the results of the clinical trial did not meet the primary or secondary end-points, and the clinical trial was not large enough or expansive enough to be persuasive to generate interest by third parties for a possible licensing arrangement. Management determined that this assessment was the triggering event that indicated that the asset was fully impaired as there was no potential value with an out-licensing arrangement. Based on the qualitative assessment, management determined that the fair value of the IPR&D asset was $0 and that the carrying value of the asset which was approximately $4.1 million at March 31, 2020 exceeded the fair value of the asset. As a result, the Company fully impaired the asset and recorded an impairment charge of $ 4.1 million in the three-month period ended March 31, 2020. Management determined that additional quantitative procedures were not relevant in this circumstance given the overwhelming qualitative evidence that indicated the asset was fully impaired . |
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | Non-Cash Interest Expense on Liability Related to Sale of Future Royalties As of October 1 , 2017, the Company completed a royalty purchase agreement with , or HCRP (“Royalty Agreement”). In exchange for the payment of $40 million to the Company, HCRP obtained the right to receive Fampyra royalties payable by Biogen under the Collaboration and Licensing Agreement between the Company and Biogen (the “Biogen Collaboration Agreement”), up to an agreed upon threshold of royalties. When this threshold is met, which we believe may occur in mid-2022, the Fampyra royalty revenue will revert back to the Company and the Company will continue to receive the Fampyra royalty revenue from Biogen until the revenue stream ends. The Royalty Agreement does not include potential future milestones to be paid by Biogen to Acorda. Since the Company maintained rights under the Biogen Collaboration Agreement, the Royalty Agreement has been accounted for as a liability that will be amortized using the effective interest method over the expected life of the arrangement, in accordance with the relevant accounting guidance. In order to determine the amortization of the liability, the Company is required to estimate the total amount of future net royalty payments to be made to HCRP over the term of the agreement up to the agreed upon threshold of royalties. The total threshold of net royalties to be paid, less the net proceeds received will be recorded as interest expense over the life of the liability. The Company imputes interest on the unamortized portion of the liability using the effective interest method and records interest expense based on the timing of the payments received over the term of the Royalty Agreement. The Company’s estimate of the interest rate under the arrangement is based on forecasted net royalty payments expected to be made to HCRP over the life of the Royalty Agreement. The Company estimated an effective annual interest rate of approximately 15%. Over the course of the Royalty Agreement, the actual interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, the Company will reassess the effective interest rate and adjust the rate prospectively as required. Non-cash royalty revenue is reflected as royalty revenue and non-cash interest expense is reflected as interest and amortization of debt discount expense in the Statement of Operations. |
Patent Costs | Patent Costs Patent application and maintenance costs are expensed as incurred. |
Research and Development | Research and Development Research and development expenses include the costs associated with the Company’s internal research and development activities, including salaries and benefits, occupancy costs, and research and development conducted for it by third parties, such as contract research organizations (CROs), sponsored university-based research, clinical trials, contract manufacturing for its research and development programs, and regulatory expenses. In addition, research and development expenses include the cost of clinical trial drug supply shipped to the Company’s clinical study vendors. For those studies that the Company administers itself, the Company accounts for its clinical study costs by estimating the patient cost per visit in each clinical trial and recognizes this cost as visits occur, beginning when the patient enrolls in the trial. This estimated cost includes payments to the trial site and patient-related costs, including laboratory costs related to the conduct of the trial. Cost per patient varies based on the type of clinical trial, the site of the clinical trial, and the length of the treatment period for each patient. For those studies for which the Company uses a CRO, the Company accounts for its clinical study costs according to the terms of the CRO contract. These costs include upfront, milestone and monthly expenses as well as reimbursement for pass through costs. As actual costs become known to the Company, it adjusts the accrual; such changes in estimate may be a material change in its clinical study accrual, which could also materially affect its results of operations. All research and development costs are expensed as incurred except when accounting for nonrefundable advance payments for goods or services to be used in future research and development activities. These payments are capitalized at the time of payment and expensed ratably over the period the research and development activity is performed. Because of its limited financial resources, the Company previously suspended work on proprietary research and development programs, but it has been performing feasibility studies for potential collaborations with other companies that have expressed interest in formulating their novel molecules for pulmonary delivery using the Company’s proprietary ARCUS technology. |
Employee Retention Credit under the CARES Act | Employee Retention Credit under the CARES Act The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136 to provide a quarterly per employee credit to eligible businesses based on a percentage of qualified wages and health insurance benefits paid to employees. In 2021, the Company classified the $4.2 million credit received as a reduction to payroll tax expense in the Consolidated Statement of Operations. |
Accounting for Income Taxes | Accounting for Income Taxes The Company provides for income taxes in accordance with ASC Topic 740 (ASC 740). Income taxes are accounted for under the asset and liability method with deferred tax assets and liabilities recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance for the amounts of any tax benefits which, more likely than not, will not be realized. In determining whether a tax position is recognized for financial statement purposes, a two-step process is utilized whereby the threshold for recognition is a more likely-than-not test that the tax position will be sustained upon examination and the tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. |
Revenue Recognition | Revenue Recognition ASC 606 outlines a five-step process for recognizing revenue from contracts with customers: i) identify the contract with the customer, ii) identify the performance obligations in the contract, (iii) determine the transaction price, iv) allocate the transaction price to the separate performance obligations in the contract, and (v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company's performance obligations are transferred to customers at a point in time, typically upon receipt of the product by the customer. 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 not 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 December 31, 2021, we had contract liabilities of $5.9 million, which is the upfront payment received as part of the Esteve Germany distribution agreement entered into in 2021. We did not have any contract liabilities as of December 31, 2020. We did not have any contract assets as of December 31, 2021 or 2020. Product Revenues, Net Inbrija is distributed in the U.S. primarily through: Alliancerx Walgreens Prime, or Walgreens, a specialty pharmacy that delivers the medication to patients by mail; and ASD Specialty healthcare, Inc. (an AmeriSource Bergen affiliate). During the three-month period ended December 31, 2020, we completed the transition from a network of several specialty pharmacies to Walgreens as the sole specialty pharmacy for U.S. sales of Inbrija. The Company recently initiated a pilot program to evaluate distribution of Inbrija through a specialty pharmacy that supports electronic prescriptions, and the Company intends to expand this into a national program in 2022. The Company believes the convenience of electronic prescribing may be preferred by some physicians and patients. Ampyra is distributed primarily through a network of specialty pharmacies, which deliver the medication to patients by mail. Net revenues from product sales is recognized at the transaction price when the customer obtains control of the Company’s products, which occurs at a point in time, typically upon receipt of the product by the customer. The Company’s payment terms are between 30 to 35 days. The Company’s net revenues represent total revenues adjusted for discounts and allowances, including estimated cash discounts, chargebacks, rebates, returns, Discounts and Allowances Revenues from product sales are recorded at the transaction price, which includes estimates for discounts and allowances for which reserves are established and includes cash discounts, chargebacks, rebates, returns, copay assistance, data fees and wholesaler fees for services. Actual discounts and allowances are recorded following shipment of product and the appropriate reserves are credited. These reserves are classified as reductions of accounts receivable (if the amount is payable to the customer and right of offset exists) or a current liability (if the amount is payable to a party other than a customer). These allowances are established by management as its best estimate based on historical experience and data points available and are adjusted to reflect known changes in the factors that impact such reserves. Allowances for customer credits, chargebacks, rebates, data fees and wholesaler fees for services, returns, and discounts are established based on contractual terms with customers and analyses of historical usage of these items. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. The nature of the Company’s allowances and accruals requiring critical estimates, and the specific considerations it uses in estimating their amounts are as follows: Government Chargebacks and Rebates: The Company contracts for Medicaid and other U.S. federal government programs to allow for our products to remain eligible for reimbursement under these programs. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. Based on the Company’s contracts and the most recent experience with respect to sales through each of these channels, the Company provides an allowance for chargebacks and rebates. The Company monitors the sales trends and adjust the chargeback and rebate percentages on a regular basis to reflect the most recent chargebacks and rebate experience. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. Managed Care Contract Rebates: The Company contracts with various managed care organizations including health insurance companies and pharmacy benefit managers. These contracts stipulate that rebates and, in some cases, administrative fees, are paid to these organizations provided our product is placed on a specific tier on the organization’s drug formulary. Based on the Company’s contracts and the most recent experience with respect to sales through managed care channels, the Company provides an allowance for managed care contract rebates. The Company monitors the sales trends and adjust the allowance on a regular basis to reflect the most recent rebate experience. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. Copay Mitigation Rebates: The Company offers copay mitigation to commercially insured patients who have coverage for our products (in accordance with applicable law) and are responsible for a cost share. Based on the Company’s contracts and the most recent experience with respect to actual copay assistance provided, the Companys provides an allowance for copay mitigation rebates. The Company monitors the sales trends and adjust the rebate percentages on a regular basis to reflect the most recent rebate experience. Cash Discounts: The Company sells directly to companies in our distribution network, which primarily includes specialty pharmacies, which deliver the medication to patients by mail, and ASD Specialty Healthcare, Inc. (an AmeriSourceBergen affiliate). The Company generally provides invoice discounts for prompt payment for our products. The Company estimates our cash discounts based on the terms offered to our customers. Discounts are estimated based on rates that are explicitly stated in the Company’s contracts as it is expected they will take the discount and are recorded as a reduction of revenue at the time of product shipment when product revenue is recognized. The Company adjusts estimates based on actual activity as necessary. Product Returns: The Company offers no right of return except for products damaged upon receipt to Ampyra and Inbrija customers or a limited right of return based on the product’s expiration date to previous Zanaflex and Qutenza customers. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using historical sales information and inventory remaining in the distribution channel. Data Fees and Fees for Services Payable to Specialty Pharmacies: The Company has contracted with certain specialty pharmacies to obtain transactional data related to our products in order to develop a better understanding of its selling channel as well as patient activity and utilization by the Medicaid program and other government agencies and managed care organizations. The Company pays a variable fee to the specialty pharmacies to provide the Company the data. The Company also pays the specialty pharmacies a fee in exchange for providing distribution and inventory management services, including the provision of inventory management data to the Company. The Company estimates its fee for service accruals and allowances based on sales to each specialty pharmacy and the applicable contracted rate. Royalty Revenues Royalty revenues recorded by the Company relates exclusively to the Company’s License and Collaboration agreement with Biogen which provides for ongoing royalties based on sales of Fampyra outside of the U.S. The Company recognizes revenue for royalties under ASC 606, which provides revenue recognition constraints by requiring the recognition of revenue at the later of the following: 1) sale or usage of the products or 2) satisfaction of the performance obligations. The Company has satisfied its performance obligations and therefore recognizes royalty revenue when the sales to which the royalties relate are completed. License Revenues License revenues relates to the Collaboration Agreement with Biogen which provides for milestone payments for the achievement of certain regulatory and sales milestones during the term of the agreement. Regulatory milestones are contingent upon the approval of Fampyra for new indications outside of the U.S. Sales milestones are contingent upon the achievement of certain net sales targets for Fampyra sales outside of the U.S. The Company recognizes license revenues under ASC 606, which provides constraints for entities to recognize license revenues which is deemed to be variable by requiring the Company to estimate the amount of consideration to which it is entitled in exchange for transferring the promised goods or services to a customer. The Company recognizes an estimate of revenues to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the milestone is achieved. For regulatory milestones, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from upfront license fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other rights and obligations, the Company determines whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, the Company uses its judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Esteve Germany Distribution and Supply Agreement In November 2021, the Company entered into distribution and supply agreements with Esteve to commercialize Inbrija in Germany. Under the terms of the distribution agreement, the Company received a $5.9 million upfront payment, and is entitled to receive additional sales-based milestones. Under the terms of the supply agreement, the Company is entitled to receive a significant double-digit percent of the selling price of Inbrija in exchange for supply of the product. Esteve expects to launch Inbrija in Germany in mid-2022. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Esteve, is a customer. The Company identified the following promises in the arrangement: the trademark license and marketing and distribution rights and the supply of minimum purchase commitments. The Company further determined that the promise for additional supply exceeding minimum purchase commitments represented a customer option, which would create an obligation for the Company if exercised by Esteve. No additional or material upfront consideration is owed to the Company by Esteve upon exercise of the customer option for the right to additional supply and it is offered at the same percent of selling price as the supply of minimum purchase commitments. Accordingly, it was assessed as a material right and, therefore, a separate performance obligation in the arrangement. The Company then determined that the trademark license and marketing and distribution rights and the supply of minimum purchase commitments were not distinct from one another and must be combined as a performance obligation. Based on this determination, as well as the considerations noted above with respect to the material right for additional supply, the Company identified two distinct performance obligations at the inception of the contract: (i) the combined performance obligation, (ii) the material right for additional supply. The Company did not recognize any revenues during the year ended December 31, 2021 from its distribution agreement with Esteve. At December 31, 2021, other current and non-current liabilities related to the unsatisfied performance obligations were $5.9 million in aggregate. The Company will recognize the $5.9 million upfront payment ratably in proportion to sales. The Company will re-evaluate the transaction price in each reporting period and as certain events are resolved or other changes in circumstances occur. Additionally, the Company is eligible to receive additional payments based on the achievement by Esteve of sales-based milestones. Variable consideration related these sales-based milestones was fully constrained due to the fact that it was probable that a significant reversal of cumulative revenue would occur, given the inherent uncertainty of success with these future milestones. The following table disaggregates the Company’s revenues by major source (in thousands): Year ended December 31, Year ended December 31, (In thousands) 2021 2020 Revenues: Net product revenues: Ampyra $ 84,555 $ 98,887 Inbrija 29,634 24,233 Other — 1,711 Total net product revenues 114,189 124,831 Milestone revenues — 15,000 Royalty revenues 14,882 13,136 Total net revenues $ 129,071 $ 152,967 |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of investments in cash, cash equivalents, restricted cash, short-term investments and accounts receivable. The Company does not require any collateral for its accounts receivable. The Company maintains cash, cash equivalents and restricted cash with approved financial institutions. The Company is exposed to credit risks and liquidity in the event of default by the financial institutions or issuers of investments in excess of FDIC insured limits. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any institution. The Company does not own or operate, and currently does not plan to own or operate, facilities for production and packaging of its product Ampyra. It relies and expects to continue to rely on third parties for the production and packaging of its commercial products and clinical trial materials for all of its products except Inbrija. Prior to the sale of the facility in February 2021, the Company leased a manufacturing facility in Chelsea, Massachusetts which produced Inbrija for clinical trials and commercial supply. The Company relies primarily on Alkermes for its supply of Ampyra. Under its supply agreement with Alkermes, the Company is obligated to purchase at least 75% of its yearly supply of Ampyra from Alkermes, and it is required to make compensatory payments if it does not purchase 100% of its requirements from Alkermes, subject to certain specified exceptions. The Company and Alkermes have agreed that the Company may purchase up to 25% of its annual requirements from Patheon, a mutually agreed-upon second manufacturing source, with compensatory payment. The Company and Alkermes also rely on a single third-party manufacturer, Regis, to supply dalfampridine, the active pharmaceutical ingredient, or API, in Ampyra. The Company’s principal direct customers for the year ended December 31, 2021 were a network of specialty pharmacies and ASD Specialty Healthcare, Inc. (an AmeriSource Bergen affiliate) for Inbrija and a network of specialty pharmacies for Ampyra. The Company periodically assesses the financial strength of these customers and establishes allowances for anticipated losses, if necessary. Four customers individually accounted for more than 10% of the Company’s revenues and approximately 91% of total revenues in 2021, and approximately 90% of total revenues in 2020. Four |
Allowance for Cash Discounts | Allowance for Cash Discounts An allowance for cash discounts is accrued based on historical usage rates at the time of product shipment. The Company adjusts accruals based on actual activity as necessary. Cash discounts are typically settled with customers within 34 days after the end of each calendar month. The Company provided cash discount allowances of $2.0 million and $1.0 million for the years ended December 31, 2021 and 2020, respectively. The Company’s reserve for cash discount allowances was $0.8 million and (in thousands) Cash discounts Balance at December 31, 2019 $ 412 Allowances for sales $ 954 Actual credits $ (791 ) Balance at December 31, 2020 $ 575 Allowances for sales 1,992 Actual credits (1,787 ) Balance at December 31, 2021 $ 780 |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts A portion of the Company’s accounts receivable may not be collected. The Company provides reserves based on an evaluation of the aging of its trade receivable portfolio and an analysis of high-risk customers. The Company has not historically experienced material losses related to credit risk. The Company recognized an allowance for doubtful accounts of $0.2 million as of December 31, 2021 and had no recognized allowance for doubtful accounts as of December 31, 2020. There were provisions and write-offs of $0.2 million for the year ended December 31, 2021 and no provisions and write-offs for the years ended December 31, 2020. |
Allowance for Chargebacks | Allowance for Chargebacks Based upon the Company’s contracts and the most recent experience with respect to sales with the U.S. government, the Company provides an allowance for chargebacks. The Company monitors the sales trends and adjusts the chargebacks on a regular basis to reflect the most recent chargebacks experience. The Company recorded a charge of $1.0 million and $2.3 million for the years ended December 31, 2021 and December 31, 2020, respectively. The Company made a payment of $1.5 million and $2.0 million related to the chargebacks allowances for the years ended December 31, 2021 and December 31, 2020, respectively. The Company’s reserve for chargebacks allowance was negligible as of December 31, 2021 and $0.5 million as of December 31, 2020. |
Contingencies | Contingencies The Company accrues for amounts related to legal matters if it is probable that a liability has been incurred and the amount is reasonably estimable. Litigation expenses are expensed as incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. Significant differences can arise between the fair value and carrying amounts of financial instruments that are recognized at historical cost amounts. The Company considers that fair value should be based on the assumptions market participants would use when pricing the asset or liability. The following methods are used to estimate the fair value of the Company’s financial instruments: (a) Cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these instruments; (b) Short-term investments are recorded based primarily on quoted market prices; (c) Acquired contingent consideration related to the Civitas acquisition is measured at fair value using a probability weighted, discounted cash flow approach; (d) Capital and R&D loans were measured at fair value based on a discounted cash flow approach; (e) Convertible senior secured notes due 2024 were measured at fair value based on market quoted prices of the debt securities; and (f) Derivate liability related to conversion options of the convertible senior secured notes due 2024 is measured at fair value using a binomial model. |
Earnings per Share | Earnings per Share Basic net income (loss) per share and diluted net income per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method), the vesting of restricted stock and the potential dilutive effects of the conversion options on the Company’s convertible debt. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The dilutive effect of outstanding shares is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable, at each reporting period. See Note 17 to our Consolidated Financial Statements included in this report for a discussion on earnings (loss) per share. |
Share-based Compensation | Share‑based Compensation The Company has various share‑based employee and non-employee compensation plans. See Note 8 to our Consolidated Financial Statements included in this report for a discussion of share-based compensation. The Company accounts for stock options and restricted stock granted to employees and non-employees by recognizing the costs resulting from all share-based payment transactions in the consolidated financial statements at their fair values. The Company estimates the fair value of each option on the date of grant using the Black‑Scholes closed-form option‑pricing model based on assumptions of expected volatility of its common stock, prevailing interest rates, an estimated forfeiture rate, and the expected term of the stock options, and the Company recognizes that cost as an expense ratably over the associated service period. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States 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 United States 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 to date are derived from the sales of Ampyra and Inbrija in the U.S. for the year ended December 31, 2021 and December 31, 2020. |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Unrealized gains (losses) from the Company’s investment securities and adjustments for foreign currency translation are included in accumulated other comprehensive income within the consolidated balance sheet. |
Liquidity | Liquidity The Company’s ability to meet its future operating requirements, repay its liabilities, and meet its other obligations are dependent upon a number of factors, including its ability to generate cash from product sales, reduce planned expenditures, and obtain additional financing. If the Company is unable to generate sufficient cash flow from the sale of its products, the Company will be required to adopt one or more alternatives, subject to the restrictions contained in the indenture governing its convertible senior secured notes due 2024, such as further reducing expenses, selling assets, restructuring debt, or obtaining additional equity capital on terms that may be onerous and which are likely to be highly dilutive. Also, the Company’s ability to raise additional capital and repay or restructure its indebtedness will depend on the capital markets and its financial condition at such time, among other factors. In addition, financing may not be available when needed, at all, on terms acceptable to the Company or in accordance with the restrictions described above . As a result of these factors, the Company may not be able to engage in any of the alternative activities, or engage in such activities on desirable terms, which could harm the Company’s business, financial condition and results of operations, as well as result in a default on the Company’s debt obligations. If the Company is unable to take these actions, it may be forced to significantly alter its business strategy, substantially curtail its current operations, or cease operations altogether. At December 31, 2021, the Company had $45.6 million of cash and cash equivalents, compared to $71.4 million at December 31, 2020. The Company’s December 31, 2021 cash and cash equivalents balance includes approximately $5.3 million associated with a December 2021 amendment to the Company’s Catalent manufacturing services agreement that modified the Company’s payment schedule. The Company’s December 31, 2021 cash and cash equivalents balance does not include restricted cash, currently held in escrow under the terms of its convertible senior secured notes due 2024, which may potentially be released from escrow if the Company pays interest on those notes using shares of its common stock. The Company incurred net losses of $104.0 million and $99.6 million for the years ended December 31, 2021 and 2020, respectively. Based on the Company’s cash and cash equivalents at December 31, 2021 |
Recent Accounting Pronouncements - Adopted | Recent Accounting Pronouncements - Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU enhances and simplifies various aspects of the income tax accounting guidance in ASC 740 and removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. The Company adopted this guidance effective January 1, 2021. The adoption of this guidance did not have a significant impact on the consolidated financial statements. |
Recent Accounting Pronouncements - Not Yet Adopted | Recent Accounting Pronouncements - Not Yet Adopted In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments”: The amendments in this update are to clarify, correct errors in, or make minor improvements to a variety of ASC topics. The changes in ASU 2020-03 are not expected to have a significant effect on current accounting practices. The ASU improves various financial instrument topics in the Codification to increase stakeholder awareness of the amendments and to expedite the improvement process by making the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. The ASU is effective for smaller reporting companies for fiscal years beginning after December 15, 2022 with early application permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In August 2020, the FASB issued 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 is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The FASB is issuing this update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. |
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 no subsequent events that required disclosure in our financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: December 31, 2021 December 31, 2020 (In thousands) Beginning of period End of period Beginning of period End of period Cash and cash equivalents $ 71,369 $ 45,634 $ 62,085 $ 71,369 Restricted cash 12,917 13,400 12,836 12,917 Restricted cash-non current 18,609 6,189 30,270 18,609 Total Cash, cash equivalents and restricted cash per statement of cash flows $ 102,895 $ 65,223 $ 105,191 $ 102,895 |
Schedule of Major Classes of Inventory | The following table provides the major classes of inventory: (In thousands) December 31, 2021 December 31, 2020 Raw materials $ 3,338 $ 3,434 Work-in-progress — 6,602 Finished goods 15,210 18,641 Total $ 18,548 $ 28,677 |
Disaggregation of Revenue | The following table disaggregates the Company’s revenues by major source (in thousands): Year ended December 31, Year ended December 31, (In thousands) 2021 2020 Revenues: Net product revenues: Ampyra $ 84,555 $ 98,887 Inbrija 29,634 24,233 Other — 1,711 Total net product revenues 114,189 124,831 Milestone revenues — 15,000 Royalty revenues 14,882 13,136 Total net revenues $ 129,071 $ 152,967 |
Summary of Allowance for Cash Discounts | (in thousands) Cash discounts Balance at December 31, 2019 $ 412 Allowances for sales $ 954 Actual credits $ (791 ) Balance at December 31, 2020 $ 575 Allowances for sales 1,992 Actual credits (1,787 ) Balance at December 31, 2021 $ 780 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 December 31, 2020 Right-of-use assets Right of use assets $ 6,751 $ 18,481 Current lease liabilities Current portion of lease liabilities 8,186 7,944 Non-current lease liabilities Non-current portion of lease liabilities 4,086 17,200 |
Components of Lease Costs | The components of lease costs were as follows: Year ended December 31, Year ended December 31, (In thousands) 2021 2020 Operating lease cost $ 6,030 $ 7,066 Variable lease cost 4,156 3,636 Short-term lease cost 851 1,653 Total lease cost $ 11,037 $ 12,355 |
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) 2022 $ 8,354 2023 1,216 2024 1,252 2025 1,290 Later years 1,327 Total lease payments 13,439 Less: Imputed interest (1,167 ) Present value of lease liabilities 12,272 |
Summary of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases | Supplemental cash flow information activity related to the Company’s operating leases are as follows: (In thousands) December 31, 2021 December 31, 2020 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 6,158 $ 7,769 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | December 31, 2021 December 31, 2020 (Dollars In thousands) Estimated Remaining Useful Lives (Years) Cost Additions Accumulated Amortization Net Carrying Amount Cost Impairment Accumulated Amortization Foreign Currency Translation Net Carrying Amount In-process research & development (1) Indefinite-lived $ — $ — $ — $ — $ 4,212 $ (4,131 ) $ — $ (81 ) $ — Inbrija (2) 11 423,000 — (87,164 ) 335,836 423,000 — (56,400 ) — 366,600 Website development costs 1-3 14,559 26 (14,441 ) 144 14,559 — (14,178 ) — 381 $ 437,559 $ 26 $ (101,605 ) $ 335,980 $ 441,771 $ (4,131 ) $ (70,578 ) $ (81 ) $ 366,981 (1) Includes the fair value of BTT1023. (2) In December 2018, the Company received FDA approval for Inbrija and accordingly reclassified the indefinite lived intangible assets to definite lived intangible assets and began amortizating the assets upon launch in February 2019 |
Schedule of Estimated Future Amortization Expense for Intangible Assets | Estimated future amortization expense for intangible assets subsequent to December 31, 2021 is as follows: (In thousands) 2022 $ 30,894 2023 30,772 2024 30,768 2025 30,764 2026 30,764 Thereafter 182,018 $ 335,980 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Estimated useful lives used Machinery and equipment $ 2,315 $ 2,569 2-7 years Leasehold improvements 15,317 15,317 Lesser of useful life or remaining lease term Computer equipment 17,973 17,758 1-3 years Laboratory equipment 1,644 5,343 2-5 years Furniture and fixtures 2,130 2,129 4-7 years Construction in progress — 171 39,379 43,287 Less accumulated depreciation (34,997 ) (36,024 ) $ 4,382 $ 7,263 |
Common Stock Options and Rest_2
Common Stock Options and Restricted Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Weighted Average Assumptions Using the Black-Scholes Option Pricing Model | The fair value of each option granted is estimated on the date of grant using the Black‑Scholes option‑pricing model with the following weighted average assumptions: Year ended December 31, 2021 2020 Employees and directors: Estimated volatility% 84.26 % 80.28 % Expected life in years 6.25 6.31 Risk free interest rate% 1.36 % 0.69 % Dividend yield — — |
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense included within the Company’s consolidated statements of operations: Year ended December 31, (In thousands) 2021 2020 Research and development $ 694 $ 1,745 Selling, general and administrative 2,282 6,020 Cost of sales 19 335 Total $ 2,995 $ 8,100 |
Schedule of Stock Option Activity | A summary of share‑based compensation activity for the year ended December 31, 2021 is presented below: Number of Shares (In Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (In thousands) Balance at December 31, 2020 1,331 $ 127.13 Granted 336 3.72 Forfeited and expired (481 ) 121.78 Exercised — — Balance at December 31, 2021 1,186 $ 94.38 5.5 $ Vested and expected to vest at December 31, 2021 1,172 $ 95.42 5.5 $ Vested and exercisable at December 31, 2021 872 $ 125.89 4.0 — |
Schedule of Stock Options Activity, By Exercise Price Range | Options Outstanding Options Exercisable Range of exercise price Outstanding as of December 31, 2021 (In thousands) Weighted- average remaining contractual life (In years) Weighted- average exercise price Exercisable as of December 31, 2021 (In thousands) Weighted- average exercise price $3.16 - $3.74 276 9.8 $ 3.70 1 $ 3.18 $3.75 - $14.46 284 7.1 11.98 257 $ 12.77 $15.30 - $164.85 265 3.6 124.60 253 $ 126.67 $165.30 - $214.44 277 2.5 197.68 277 $ 197.70 $215.28 - $246.42 84 2.1 234.91 84 $ 234.91 1,186 5.5 $ 94.38 872 $ 125.89 |
Schedule of Restricted Stock Activity | Restricted Stock Number of Shares (In thousands) Nonvested at December 31, 2020 31 Granted 261 Vested (104 ) Forfeited (72 ) Nonvested at December 31, 2021 116 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Senior Secured Notes due 2024 | |
Summary of Outstanding Note Balances | The outstanding 2024 Note balances as of December 31, 2021 and December 31, 2020 consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Liability component: Principal $ 207,000 $ 207,000 Less: debt discount and debt issuance costs, net (55,975 ) (69,381 ) Net carrying amount 151,025 137,619 Equity component 18,257 $ 18,257 Derivative liability-conversion Option $ 37 $ 1,193 |
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 years ended December 31, 2021 and 2020: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Contractual interest expense $ 12,420 $ 12,420 Amortization of debt issuance costs 952 798 Amortization of debt discount 12,454 10,430 Total interest expense $ 25,826 $ 23,648 |
Convertible Senior Notes due 2021 | |
Summary of Outstanding Note Balances | The outstanding 2021 Note balances as of December 31, 2021 and 2020 consisted of the following: (In thousands) December 31, 2021 December 31, 2020 Liability component: Principal $ — $ 69,000 Less: debt discount and debt issuance costs , net — (1,029 ) Net carrying amount — $ 67,971 Equity component $ — $ 22,791 |
Schedule of Interest Expense Recognized Related to the Notes | The following table sets forth total interest expense recognized related to the 2021 Notes for the years ended December 31, 2021 and 2020: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Contractual interest expense $ 428 $ 1,208 Amortization of debt issuance costs 95 201 Amortization of debt discount 934 1,968 Total interest expense $ 1,457 $ 3,377 |
Liability Related to Sale of _2
Liability Related to Sale of Future Royalties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Activity Within Liability Related to Sale of Future Royalties | The following table shows the activity within the liability account for the years ended December 31, 2021 and December 2020. (In thousands) December 31, 2021 December 31, 2020 Liability related to sale of future royalties - beginning balance $ 15,257 $ 24,401 Deferred transaction costs amortized 234 401 Non-cash royalty revenue payable to HCRP (12,106 ) (11,486 ) Non-cash interest expense recognized 1,075 1,941 Liability related to sale of future royalties - ending balance $ 4,460 $ 15,257 |
Corporate Restructuring (Tables
Corporate Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Costs | A summary of the restructuring costs for the years ended December 31, 2021 and 2020 is as follows: (In thousands) Restructuring Costs Restructuring Liability as of December 31, 2019 $ 1,264 2020 Restructuring costs 343 2020 Payments (1,607 ) Restructuring Liability as of December 31, 2020 $ — 2021 Restructuring costs 6,000 2021 Payments (4,149 ) Restructuring Liability as of December 31, 2021 $ 1,851 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses and Other Current liabilities | (In thousands) December 31, 2021 December 31, 2020 Product allowances accruals $ 10,394 $ 14,969 Bonus payable 4,439 8,615 Accrued inventory — 1,678 Sales force commissions and incentive payments payable 727 1,109 Administrative expenses 757 1,028 Vacation accrual 1,505 1,969 Research and development expense accruals 702 926 Commercial and marketing expense accruals 728 1,005 Royalties payable 264 727 Restructuring liability 1,851 — Legal, accounting, and other professional services 1,325 564 Trade relations 706 697 Other accrued expenses 5,207 4,880 Total $ 28,605 $ 38,167 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Minimum Significant Contractual Obligations | Payments due by period (1) (3) (In thousands) Total Less than 1 year 1-3 years 4-5 years Convertible Senior Notes (2) $ 243,260 $ 12,420 $ 230,840 $ — Operating leases (4) 13,439 8,354 2,468 2,617 Inventory purchase commitments (5) (6) 100,594 27,094 37,500 36,000 Total 357,293 47,868 270,808 38,617 (1) Excludes a liability for uncertain tax positions totaling $6.4 million. This liability has been excluded because the Company cannot currently make a reliable estimate of the period in which the liability will be payable, if ever. (2) Represents the future payments of principal and interest to be made on the convertible senior secured notes due 2024 issued in December 2019. The notes will mature and will be payable on December 31, 2024 . Refer to Note 9. (3) Excludes a liability for the non-convertible capital loans totaling $27.6 million. The non-convertible capital loans have a stated maturity of less than one year. However, the repayment of the non-convertible capital loans and payment of accrued interest thereon are governed by a restrictive condition, according to which the loan principal may only be repaid if Biotie’s consolidated restricted equity is fully covered. Accrued interest may only be paid if Biotie, including its subsidiaries, has sufficient funds for profit distribution as of the most recently ended fiscal year. Interest accrues in the interim. This liability has been excluded because the Company cannot currently make a reliable estimate of the period in which the liability will be payable, if ever. (4) Represents payments for the operating leases of the Company’s Ardsley, NY headquarters, the Company’s lab and office space in Waltham, MA, and excludes field auto leases which are for a one year term. Refer to Note 3. (5) Represents Ampyra and Inbrija inventory purchase commitments. The Ampyra inventory commitment is an estimate as the price paid for Ampyra inventory is based on a percentage of the net product sales during the quarter Alkermes ships inventory to the Company. Under the Company’s supply agreement with Alkermes, it provides Alkermes with monthly written 18-month forecasts, and with annual written five-year (6) Represents minimum purchase commitment from Catalent for Inbrija under the manufacturing services (supply) agreement. An amendment to the agreement has been signed by the parties for the period July 1, 2021 through June 30, 2022, which eliminates the minimum purchase obligation by Acorda and states that payment shall only be required upon successful production and delivery of Inbrija by Catalent. The maximum payment amount Acorda shall be obligated to pay upon receipt of Inbrija product is $23.2 million less any payments previously made in 2021. Additionally, pursuant to the amendment, Acorda agreed that it would reimburse a portion of Catalent’s costs in completing the installation and qualification of a larger size 7 spray dryer at the Chelsea manufacturing facility, which Acorda believes will be beneficial to its future production needs, in the amount of $1.5 million. This amount will be paid quarterly over a one-year period commencing no sooner than January 1, 2024. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. (In thousands) Level 1 Level 2 Level 3 2021 Assets Carried at Fair Value: Money market funds $ 12,192 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 49,600 Derivative liability - conversion option — — 37 2020 Assets Carried at Fair Value: Money market funds $ 36,693 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 48,200 Derivative liability - conversion option — — 1,193 |
Contingent Consideration Liability | |
Schedule of Contingent Liabilities | The following table presents additional information about assets and/or liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Acquired contingent consideration: Balance, beginning of period $ 48,200 $ 80,300 Fair value change to contingent consideration (unrealized) included in the statement of operations 2,895 (30,889 ) Royalty payments (1,495 ) (1,211 ) Balance, end of period $ 49,600 $ 48,200 |
Derivative Liability-Conversion Option | |
Schedule of Fair Value Reconciliation of Derivative Liabilities | The following table represents a reconciliation of the derivative liability recorded in connection with the issuance of the convertible senior secured notes due 2024: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Derivative Liability-Conversion Option Balance, beginning of period $ 1,193 $ 59,409 Fair value recognized upon issuance of Convertible Senior Notes — — Fair value adjustment (1,156 ) (39,959 ) Fair value reclassification to shareholder's equity — (18,257 ) Balance, end of period $ 37 $ 1,193 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes | The domestic and foreign components of (loss) income before income taxes were as follows: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Domestic $ (112,530 ) $ (112,371 ) Foreign 3,456 4,704 Total $ (109,074 ) $ (107,667 ) |
Schedule of Benefit from Income Taxes | The benefit (expense) from income taxes in 2021 and 2020 consists of current and deferred federal, state and foreign taxes as follows: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Current: Federal $ 230 $ 11,770 State (182 ) (184 ) Foreign (113 ) (65 ) (65 ) 11,521 Deferred: Federal 4,412 (478 ) State 711 (3,896 ) Foreign 62 926 5,185 (3,448 ) Total benefit from income taxes $ 5,120 $ 8,073 |
Schedule of Reconciliation of the Statutory U.S. Federal Income Tax Rate to the Entity's Effective Income Tax Rate | The reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows: Year ended December 31, 2021 Year ended December 31, 2020 U.S. federal statutory tax rate 21.0 % 21.0 % State and local income taxes 0.4 % (3.0 )% Stock option compensation (0.1 )% 0.3 % Stock option shortfall (5.0 )% (5.8 )% Research and development and orphan drug credits — (0.4 )% Uncertain tax positions 0.5 % 0.1 % Other nondeductible and permanent differences (2.6 )% (2.5 )% Valuation allowance, net of foreign tax rate differential (9.5 )% (7.6 )% Tax effect of NOL carryback - CARES Act — 5.4 % Effective income tax rate 4.7 % 7.5 % |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities are as follows: (In thousands) December 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforward $ 77,510 $ 61,774 Capital loss carryforward 116,717 106,371 Tax credits 34,332 33,577 Stock based compensation 12,257 17,454 Contingent consideration 12,730 11,975 Employee compensation 1,513 2,638 Rebate and returns reserve 2,290 3,339 Capitalized R&D 10,696 11,564 Derivative liability 9 296 Asset impairment — 14,384 Other 7,656 9,651 Total deferred tax assets $ 275,710 $ 273,023 Valuation allowance (193,253 ) (186,491 ) Total deferred tax assets net of valuation allowance $ 82,457 $ 86,532 Deferred tax liabilities: Intangible assets (83,930 ) (88,547 ) Convertible debt (12,842 ) (16,227 ) Depreciation 400 (803 ) Other (15 ) (72 ) Total deferred tax liabilities $ (96,387 ) $ (105,649 ) Net deferred tax liability $ (13,930 ) $ (19,117 ) |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | The beginning and ending amounts of unrecognized tax benefits reconciles as follows: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Beginning of period balance $ 7,093 $ 7,145 Increases for tax positions taken during a prior period — — Decreases for tax positions taken during a prior period (723 ) (52 ) Increases for tax positions taken during the current period — — $ 6,370 $ 7,093 |
Reconciliation of Beginning and Ending Amounts of Valuation Allowances | The beginning and ending amounts of valuation allowances reconcile as follows: Balance at Balance at (In thousands) Beginning of Period Additions Deductions End of Period Valuation allowance for deferred tax assets: Year ended December 31, 2020 $ 177,572 8,964 (45 ) $ 186,491 Year ended December 31, 2021 $ 186,491 10,028 (3,266 ) $ 193,253 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2021 and 2020: (In thousands, except per share data) Year ended December 31, 2021 Year ended December 31, 2020 Basic and diluted Net loss $ (103,954 ) $ (99,594 ) Weighted average common shares outstanding used in computing net loss per share—basic 10,621 8,084 Plus: net effect of dilutive stock options and unvested restricted common shares — — Weighted average common shares outstanding used in computing net loss per share—diluted 10,621 8,084 Net loss per share—basic $ (9.79 ) $ (12.32 ) Net loss per share—diluted $ (9.79 ) $ (12.32 ) |
Schedule of Anti-dilutive Securities Excluded from Calculation of Net Income per Diluted Share | The following amounts were not included in the calculation of net income per diluted share because their effects were anti-dilutive: (In thousands) Year ended December 31, 2021 Year ended December 31, 2020 Denominator Stock options and restricted common shares 1,199 1,356 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Oct. 01, 2017USD ($) | Nov. 30, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)CustomerSegmentshares | Dec. 31, 2020USD ($)Segmentshares | Sep. 30, 2020shares | Sep. 17, 2020shares | Dec. 31, 2019shares |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||
Reverse stock split, description | 1-for-6 reverse stock split | ||||||||
Stockholders' equity note, stock split, conversion ratio | 0.167 | ||||||||
Common stock, Authorized shares | shares | 61,666,666 | 61,666,666 | 61,666,666 | 13,333,333 | |||||
Restricted Cash | |||||||||
Investments | $ 0 | $ 0 | |||||||
Other Comprehensive Income (Loss) | |||||||||
Foreign currency translation adjustment, Tax | 0 | 0 | |||||||
Foreign currency translation adjustment | 1,786,000 | (1,607,000) | |||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Credit received as reduction to payroll tax expense | 4,200,000 | ||||||||
Contract Liabilities | 5,900,000 | 0 | |||||||
Contract Assets | $ 0 | 0 | |||||||
Allowance for Cash Discounts | |||||||||
Time period needed typically to settle cash discounts | 34 days | ||||||||
Allowance for cash discounts | $ 2,000,000 | 1,000,000 | |||||||
Reserve for allowance for cash discounts | 800,000 | 600,000 | |||||||
Allowance for Doubtful Accounts | |||||||||
Allowance for doubtful accounts, provisions | 200,000 | 0 | |||||||
Allowance for doubtful accounts, write-offs | 200,000 | 0 | |||||||
Allowance related to chargebacks | 1,000,000 | 2,300,000 | |||||||
Payment related to chargebacks | $ 1,500,000 | 2,000,000 | |||||||
Reserve for chargebacks allowance | $ 500,000 | ||||||||
Segment and Geographic Information | |||||||||
Number of operating segments | Segment | 1 | 1 | |||||||
Number of reportable operating segments | Segment | 1 | 1 | |||||||
Cash and cash equivalents | $ 45,600,000 | $ 71,400,000 | |||||||
Net loss | (103,954,000) | $ (99,594,000) | |||||||
Cash And Cash Equivalents Not Obligated To Pay | $ 5,300 | ||||||||
Product revenue | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Number of customers | Customer | 4 | ||||||||
Accounts receivable | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Number of customers | Customer | 4 | ||||||||
Esteve Germany [Member] | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Upfront Payment Received | $ 5,900,000 | $ 5,900 | |||||||
Deferred Revenue | 0 | ||||||||
Deferred Revenue Related To Unsatisfied Performance Obligations | 5,900 | ||||||||
Upfront Payment Recognized | $ 5,900,000 | $ 5,900 | |||||||
Royalty Agreement | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Non cash royalty payment received | $ 40,000,000 | ||||||||
Estimated effective annual interest rate | 15.00% | ||||||||
IPR&D | |||||||||
Property and Equipment | |||||||||
Impairment Charges | $ 4,100,000 | ||||||||
Fair value of the IPR&D asset | $ 0 | 0 | |||||||
Carrying value of the asset | $ 4,100,000 | $ 4,100,000 | |||||||
Minimum | |||||||||
Property and Equipment | |||||||||
Estimated useful lives | 1 year | ||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Product revenue payment term | 30 days | ||||||||
Minimum | Supply agreement | Alkermes License Agreement | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Compensatory Payments Purchase Requirements Threshold Percentage | 75.00% | ||||||||
Maximum | |||||||||
Property and Equipment | |||||||||
Estimated useful lives | 7 years | ||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Product revenue payment term | 35 days | ||||||||
Maximum | Supply agreement | Alkermes License Agreement | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Compensatory Payments Purchase Requirements Threshold Percentage | 100.00% | ||||||||
Maximum | Supply agreement | Patheon Inc Second Manufacturing agreement | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Compensatory Payments Purchase Requirements Threshold Percentage | 25.00% | ||||||||
UNITED STATES | Customers | Product revenue | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Concentration risk, percentage | 91.00% | 90.00% | |||||||
UNITED STATES | Customers | Accounts receivable | |||||||||
Non-Cash Interest Expense on Liability Related to Sale of Future Royalties | |||||||||
Concentration risk, percentage | 92.00% | 84.00% | |||||||
Cost of Goods Sold | Chelsea, Massachusetts | |||||||||
Other Comprehensive Income (Loss) | |||||||||
Idle capacity charge | $ 100,000 | $ 6,300,000 | |||||||
Research And Development [Member] | |||||||||
Property and Equipment | |||||||||
Impairment Charges | $ 4,100 | ||||||||
Letters of Credit | |||||||||
Restricted Cash | |||||||||
Restricted Cash and Cash Equivalents | 300,000 | ||||||||
Restricted Cash - Non Current | |||||||||
Restricted Cash | |||||||||
Escrow account for interest payments | $ 5,900,000 | ||||||||
Previously Reported | |||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||
Common stock, Authorized shares | shares | 370,000,000 | 80,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 45,634 | $ 71,369 | $ 62,085 |
Restricted cash | 13,400 | 12,917 | 12,836 |
Restricted cash-non current | 6,189 | 18,609 | 30,270 |
Total Cash, cash equivalents and restricted cash per statement of cash flows | $ 65,223 | $ 102,895 | $ 105,191 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Major Classes of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,338 | $ 3,434 |
Work-in-progress | 6,602 | |
Finished goods | 15,210 | 18,641 |
Total | $ 18,548 | $ 28,677 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | $ 129,071 | $ 152,967 |
Ampyra | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | 84,555 | 98,887 |
Inbrija | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | 29,634 | 24,233 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | 1,711 | |
Net Product Revenues | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | 114,189 | 124,831 |
Milestone Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | 15,000 | |
Royalty Revenues | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenues | $ 14,882 | $ 13,136 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Allowance for Cash Discounts (Details) - Cash discounts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ 575 | $ 412 |
Allowances for sales | 1,992 | 954 |
Actual credits | (1,787) | (791) |
Ending balance | $ 780 | $ 575 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018ft² | Oct. 31, 2016USD ($)ft² | Dec. 31, 2014ft² | Jun. 30, 2011ft² | |
Operating Lease Information | ||||||
ROU assets | $ 6,751 | $ 18,481 | ||||
Lease liabilities | $ 12,272 | |||||
Operating lease description | 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 Company’s leases have remaining lease terms of 0.5 years to 5 years. The Company has exercised the option to terminate the Ardsley lease with a termination date of June 22, 2022. | |||||
Operating lease renewal option | true | |||||
Operating lease termination option | true | |||||
Operating lease termination date | Jun. 22, 2022 | |||||
Operating lease weighted-average remaining lease term | 2 years 4 months 24 days | |||||
Operating lease weighted-average discount rate | 7.13% | |||||
Ardsley, New York | Office and Laboratory Space | ||||||
Operating Lease Information | ||||||
Operating lease renewal option | true | |||||
Operating lease termination option | true | |||||
Lease term | 15 years | |||||
Area of leased property | ft² | 138,000 | |||||
Additional Lease Option Rights Exercised (In Square Feet) | ft² | 25,405 | |||||
Termination Option Date | --06-22 | |||||
Base Rent | $ 5,000 | |||||
Termination Fee | 4,700 | |||||
Chelsea, Massachusetts | Manufacturing Facility | ||||||
Operating Lease Information | ||||||
Area of leased property | ft² | 95,000 | |||||
Contribution Of Fund Agreed | $ 1,500 | |||||
Waltham, MA | Office and Laboratory Space | ||||||
Operating Lease Information | ||||||
Lease term | 10 years | |||||
Area of leased property | ft² | 26,000 | |||||
Base Rent | $ 1,100 | |||||
Minimum | ||||||
Operating Lease Information | ||||||
Operating lease remaining lease term | 6 months | |||||
Maximum | ||||||
Operating Lease Information | ||||||
Operating lease remaining lease term | 5 years |
Leases - Schedule of ROU Assets
Leases - Schedule of ROU Assets and Lease Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right-of-use assets | $ 6,751 | $ 18,481 |
Current lease liabilities | 8,186 | 7,944 |
Non-current lease liabilities | $ 4,086 | $ 17,200 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 6,030 | $ 7,066 |
Variable lease cost | 4,156 | 3,636 |
Short-term lease cost | 851 | 1,653 |
Total lease cost | $ 11,037 | $ 12,355 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Commitments under all Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 8,354 |
2023 | 1,216 |
2024 | 1,252 |
2025 | 1,290 |
Later years | 1,327 |
Total lease payments | 13,439 |
Less: Imputed interest | (1,167) |
Present value of lease liabilities | $ 12,272 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating cash flow information: | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 6,158 | $ 7,769 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Intangible Assets | |||||
Amortization expense of intangible assets including website development | $ 31,000 | $ 31,100 | |||
Amortization expense of intangible assets | 30,764 | 30,763 | |||
Amortization expense of website development | $ 300 | 400 | |||
Weighted-average remaining useful lives of all amortizable assets | 11 years | ||||
IPR&D | |||||
Intangible Assets | |||||
Indefinite-lived intangible asset, Cost | 4,212 | ||||
Fair value of the IPR&D asset | $ 0 | $ 0 | |||
Carrying value of the asset | $ 4,100 | 4,100 | |||
Impairment Charges | $ 4,100 | ||||
Inbrija | |||||
Intangible Assets | |||||
Amortization expense of intangible assets | $ 30,700 | $ 30,700 | |||
Inbrija | IPR&D | |||||
Intangible Assets | |||||
Indefinite-lived intangible asset, Cost | $ 423,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Intangible Assets | ||
Finite-lived intangible asset, Accumulated Amortization | $ (70,578) | $ (101,605) |
Indefinite-lived intangible asset, Impairment | (4,131) | |
Finite-lived intangible asset, Net Carrying Amount | 335,980 | |
Intangible asset, Cost | 441,771 | 437,559 |
Intangible asset, Additions | 26 | |
Intangible asset, Foreign Currency Translation Adjustments | (81) | |
Intangible asset, Net Carrying Amount | 366,981 | 335,980 |
Inbrija | ||
Intangible Assets | ||
Finite-lived intangible asset, Accumulated Amortization | $ (56,400) | (87,164) |
Estimated Remaining Useful Lives (Years) | 11 years | |
Finite-lived intangible asset, Cost | $ 423,000 | 423,000 |
Finite-lived intangible asset, Net Carrying Amount | 366,600 | 335,836 |
Website Development Costs | Minimum | ||
Intangible Assets | ||
Finite-lived intangible asset, Accumulated Amortization | $ (14,178) | (14,441) |
Estimated Remaining Useful Lives (Years) | 1 year | |
Finite-lived intangible asset, Cost | $ 14,559 | 14,559 |
Finite-lived intangible asset, Additions | 26 | |
Finite-lived intangible asset, Net Carrying Amount | $ 381 | $ 144 |
Website Development Costs | Maximum | ||
Intangible Assets | ||
Estimated Remaining Useful Lives (Years) | 3 years | |
IPR&D | ||
Intangible Assets | ||
Indefinite-lived intangible asset, Cost | $ 4,212 | |
Indefinite-lived intangible assets, Foreign Currency Translation | (81) | |
Indefinite-lived intangible asset, Impairment | $ (4,131) |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Estimated future amortization expense | |
2022 | $ 30,894 |
2023 | 30,772 |
2024 | 30,768 |
2025 | 30,764 |
2026 | 30,764 |
Thereafter | 182,018 |
Finite-lived intangible asset, Net Carrying Amount | $ 335,980 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Long-term investments | $ 0 | $ 0 |
Short-term investments | 0 | 0 |
Cash and cash equivalents | 45,600,000 | 71,400,000 |
Short Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cash and cash equivalents | $ 12,200,000 | $ 36,700,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property and Equipment | ||
Property and equipment | $ 39,379 | $ 43,287 |
Less accumulated depreciation | (34,997) | (36,024) |
Property and equipment, net | $ 4,382 | 7,263 |
Minimum | ||
Property and Equipment | ||
Estimated useful lives used | 1 year | |
Maximum | ||
Property and Equipment | ||
Estimated useful lives used | 7 years | |
Machinery and equipment | ||
Property and Equipment | ||
Property and equipment | $ 2,315 | 2,569 |
Machinery and equipment | Minimum | ||
Property and Equipment | ||
Estimated useful lives used | 2 years | |
Machinery and equipment | Maximum | ||
Property and Equipment | ||
Estimated useful lives used | 7 years | |
Leasehold improvements | ||
Property and Equipment | ||
Property and equipment | $ 15,317 | 15,317 |
Estimated useful lives used | Lesser of useful life or remaining lease term | |
Computer equipment | ||
Property and Equipment | ||
Property and equipment | $ 17,973 | 17,758 |
Computer equipment | Minimum | ||
Property and Equipment | ||
Estimated useful lives used | 1 year | |
Computer equipment | Maximum | ||
Property and Equipment | ||
Estimated useful lives used | 3 years | |
Laboratory equipment | ||
Property and Equipment | ||
Property and equipment | $ 1,644 | 5,343 |
Laboratory equipment | Minimum | ||
Property and Equipment | ||
Estimated useful lives used | 2 years | |
Laboratory equipment | Maximum | ||
Property and Equipment | ||
Estimated useful lives used | 5 years | |
Furniture and fixtures | ||
Property and Equipment | ||
Property and equipment | $ 2,130 | 2,129 |
Furniture and fixtures | Minimum | ||
Property and Equipment | ||
Estimated useful lives used | 4 years | |
Furniture and fixtures | Maximum | ||
Property and Equipment | ||
Estimated useful lives used | 7 years | |
Construction In Progress | ||
Property and Equipment | ||
Property and equipment | $ 171 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization expense | $ 2.9 | $ 10.2 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jan. 12, 2021 | Dec. 31, 2021 | |
Long Lived Assets Held For Sale [Line Items] | ||
Transaction Closed Date | Feb. 10, 2021 | |
estimated fair value of assets held for sale | $ 71,800,000 | |
Carrying Value of the Assets Held For Sale | 129,700,000 | |
Prepaid Expenses | ||
Long Lived Assets Held For Sale [Line Items] | ||
Carrying Value of the Assets Held For Sale | 100,000 | |
Property and Equipment | ||
Long Lived Assets Held For Sale [Line Items] | ||
Carrying Value of the Assets Held For Sale | 129,600,000 | |
Chelsea, Massachusetts | Catalent Member | ||
Long Lived Assets Held For Sale [Line Items] | ||
Purchase price of assets related to manufacturing activities | $ 80,000,000 | |
Additional raw materials purchase price | $ 2,300,000 | |
Manufacturing Facility | ||
Long Lived Assets Held For Sale [Line Items] | ||
loss on assets held for sale | $ 57,900 |
Common Stock Options and Rest_3
Common Stock Options and Restricted Stock - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020shares | Sep. 17, 2020shares | Dec. 31, 2019shares | Jun. 19, 2019$ / sharesshares | |
Share-based compensation expense | ||||||
Reverse stock split, description | 1-for-6 reverse stock split | |||||
Stockholders' equity note, stock split, conversion ratio | 0.167 | |||||
Common stock, Authorized shares | 61,666,666 | 61,666,666 | 61,666,666 | 13,333,333 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||
Options granted (in shares) | 336,000 | |||||
Weighted average exercise price | $ / shares | $ 94.38 | $ 127.13 | ||||
Share-based compensation expense recognized | $ | $ 2,995 | $ 8,100 | ||||
Total unrecognized compensation costs related to unvested stock options and restricted stock awards that the company expects to recognize | $ | $ 1,600 | |||||
Weighted average period | 3 years 3 months 18 days | |||||
Stock Options | Employees and Directors | ||||||
Share-based compensation expense | ||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 2.57 | $ 3.95 | ||||
Options granted (in shares) | 596,795 | |||||
Weighted average exercise price | $ / shares | $ 3.72 | |||||
Total compensation charge to be recognized over service period | $ | $ 2,000 | |||||
Share-based compensation expense recognized | $ | $ 900 | |||||
Stock Options | Non Employee | ||||||
Share-based compensation expense | ||||||
Options granted (in shares) | 0 | 0 | ||||
Stock Options and Restricted Stock Awards | ||||||
Share-based compensation expense | ||||||
Compensation costs capitalized in inventory balances | $ | $ 0 | $ 300 | ||||
Stock Options and Restricted Stock Awards | Employees and Directors | ||||||
Share-based compensation expense | ||||||
Share-based compensation expense recognized | $ | $ 3,000 | $ 8,100 | ||||
The 2006 Plan | ||||||
Share-based compensation expense | ||||||
Expiration period | 10 years | |||||
Number of shares authorized for issuance | 2,485,342 | |||||
Aggregate restricted stock granted (in shares) | 1,955,881 | |||||
Remaining restricted stock subject to outstanding options (in shares) | 313,569 | |||||
The 2015 Plan | ||||||
Share-based compensation expense | ||||||
Expiration period | 10 years | |||||
Number of shares authorized for issuance | 1,350,000 | |||||
Aggregate restricted stock granted (in shares) | 1,408,784 | |||||
Remaining restricted stock subject to outstanding options (in shares) | 701,976 | |||||
The 2016 Plan | ||||||
Share-based compensation expense | ||||||
Options Issued | 170,000 | |||||
The 2019 ESPP Plan | ||||||
Share-based compensation expense | ||||||
Common stock, Authorized shares | 250,000 | 250,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | |||||
Previously Reported | ||||||
Share-based compensation expense | ||||||
Common stock, Authorized shares | 370,000,000 | 80,000,000 |
Common Stock Options and Rest_4
Common Stock Options and Restricted Stock - Schedule of Weighted Average Assumptions Using the Black-Scholes Option Pricing Model (Details) - Stock Options | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Estimated volatility (as a percent) | 84.26% | 80.28% |
Expected life | 6 years 3 months | 6 years 3 months 21 days |
Risk free interest rate (as a percent) | 1.36% | 0.69% |
Common Stock Options and Rest_5
Common Stock Options and Restricted Stock - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense recognized | $ 2,995 | $ 8,100 |
Research And Development [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense recognized | 694 | 1,745 |
Selling, general and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense recognized | 2,282 | 6,020 |
Cost of sales | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense recognized | $ 19 | $ 335 |
Common Stock Options and Rest_6
Common Stock Options and Restricted Stock - Schedule of Stock Options Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Stock Option Activity | |
Beginning balance (in shares) | shares | 1,331 |
Granted (in shares) | shares | 336 |
Forfeited and expired (in shares) | shares | (481) |
Ending balance (in shares) | shares | 1,186 |
Vested and expected to vest at the end of the period | shares | 1,172 |
Vested and exercisable at the end of the period | shares | 872 |
Weighted Average Exercise Price | |
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 127.13 |
Granted (in dollars per share) | $ / shares | 3.72 |
Forfeited and expired (in dollars per share) | $ / shares | 121.78 |
Balance at the end of the period (in dollars per share) | $ / shares | 94.38 |
Vested and expected to vest at the end of the period (in dollars per share) | $ / shares | 95.42 |
Vested and exercisable at the end of the period (in dollars per share) | $ / shares | $ 125.89 |
Weighted Average Remaining Contractual Term | |
Balance at the end of the period | 5 years 6 months |
Vested and expected to vest at the end of the period | 5 years 6 months |
Vested and exercisable at the end of the period | 4 years |
Common Stock Options and Rest_7
Common Stock Options and Restricted Stock - Schedule of Stock Options Activity, By Exercise Price Range (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Options Outstanding | |
Outstanding ending balance (in shares) | shares | 1,186 |
Weighted-average remaining contractual life | 5 years 6 months |
Weighted-average exercise price (in dollars per share) | $ 94.38 |
Options Exercisable | |
Exercisable ending balance (in shares) | shares | 872 |
Weighted-average exercise price (In dollars per share) | $ 125.89 |
Range $3.16 - $3.74 | |
Range of Exercise Price | |
Stock option, exercise price range, lower limit (in dollars per share) | 3.16 |
Stock option, exercise price range, upper limit (in dollars per share) | $ 3.74 |
Options Outstanding | |
Outstanding ending balance (in shares) | shares | 276 |
Weighted-average remaining contractual life | 9 years 9 months 18 days |
Weighted-average exercise price (in dollars per share) | $ 3.70 |
Options Exercisable | |
Exercisable ending balance (in shares) | shares | 1 |
Weighted-average exercise price (In dollars per share) | $ 3.18 |
Range $3.75 - $14.46 | |
Range of Exercise Price | |
Stock option, exercise price range, lower limit (in dollars per share) | 3.75 |
Stock option, exercise price range, upper limit (in dollars per share) | $ 14.46 |
Options Outstanding | |
Outstanding ending balance (in shares) | shares | 284 |
Weighted-average remaining contractual life | 7 years 1 month 6 days |
Weighted-average exercise price (in dollars per share) | $ 11.98 |
Options Exercisable | |
Exercisable ending balance (in shares) | shares | 257 |
Weighted-average exercise price (In dollars per share) | $ 12.77 |
Range $15.30 - $164.85 | |
Range of Exercise Price | |
Stock option, exercise price range, lower limit (in dollars per share) | 15.30 |
Stock option, exercise price range, upper limit (in dollars per share) | $ 164.85 |
Options Outstanding | |
Outstanding ending balance (in shares) | shares | 265 |
Weighted-average remaining contractual life | 3 years 7 months 6 days |
Weighted-average exercise price (in dollars per share) | $ 124.60 |
Options Exercisable | |
Exercisable ending balance (in shares) | shares | 253 |
Weighted-average exercise price (In dollars per share) | $ 126.67 |
Range $165.30 - $214.44 | |
Range of Exercise Price | |
Stock option, exercise price range, lower limit (in dollars per share) | 165.30 |
Stock option, exercise price range, upper limit (in dollars per share) | $ 214.44 |
Options Outstanding | |
Outstanding ending balance (in shares) | shares | 277 |
Weighted-average remaining contractual life | 2 years 6 months |
Weighted-average exercise price (in dollars per share) | $ 197.68 |
Options Exercisable | |
Exercisable ending balance (in shares) | shares | 277 |
Weighted-average exercise price (In dollars per share) | $ 197.70 |
Range $215.28 - $246.42 | |
Range of Exercise Price | |
Stock option, exercise price range, lower limit (in dollars per share) | 215.28 |
Stock option, exercise price range, upper limit (in dollars per share) | $ 246.42 |
Options Outstanding | |
Outstanding ending balance (in shares) | shares | 84 |
Weighted-average remaining contractual life | 2 years 1 month 6 days |
Weighted-average exercise price (in dollars per share) | $ 234.91 |
Options Exercisable | |
Exercisable ending balance (in shares) | shares | 84 |
Weighted-average exercise price (In dollars per share) | $ 234.91 |
Common Stock Options and Rest_8
Common Stock Options and Restricted Stock - Schedule of Restricted Stock Activity (Details) - Restricted Stock shares in Thousands | 12 Months Ended |
Dec. 31, 2021shares | |
Restricted Stock Activity | |
Nonvested at the beginning of the period (in shares) | 31 |
Granted (in shares) | 261 |
Vested (in shares) | (104) |
Forfeited (in shares) | (72) |
Nonvested at the end of the period (in shares) | 116 |
Debt - Additional Information (
Debt - Additional Information (Details) $ / shares in Units, € in Millions | Sep. 17, 2020USD ($)shares | Dec. 24, 2019USD ($)TradingDay | Dec. 31, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)Loan$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Apr. 18, 2016USD ($) | Apr. 18, 2016EUR (€) | Jun. 17, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||
Cash payment made for exchange of notes | $ 200 | |||||||||
Aggregate payment on debt exchange | 55,200,000 | $ 69,000,000 | ||||||||
Debt instrument, principal amount outstanding | $ 207,000,000 | 207,000,000 | ||||||||
Reverse stock split, description | 1-for-6 reverse stock split | |||||||||
Gain on debt extinguishment | 55,100,000 | |||||||||
Adjusted equity component of convertible notes exchange | 38,400,000 | |||||||||
Fair value of derivative liability | $ 37,000 | $ 37,000 | ||||||||
Common stock, Authorized shares | shares | 61,666,666 | 61,666,666 | 61,666,666 | 61,666,666 | 13,333,333 | |||||
Derivative liability reclassified to equity | $ 18,300,000 | |||||||||
Income tax effects on equity transactions | $ 4,400,000 | $ 4,400,000 | ||||||||
Interest expense | 30,035,000 | $ 30,574,000 | ||||||||
Debt Issuance Costs, Gross | $ 5,700,000 | 5,700,000 | ||||||||
Reclassification of derivative liability to equity, net of tax | 14,053,000 | |||||||||
Cash | 5,300,000 | 5,300,000 | ||||||||
Letters of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents | 300,000 | 300,000 | ||||||||
Research and development loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal | 0 | $ 0 | ||||||||
Fair value of debt | $ 2,900,000 | € 2.6 | ||||||||
Finland's Ministry of Finance | Research and development loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loan repayment ending period | 2021-01 | |||||||||
Non-Convertible Capital Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal | $ 27,600,000 | $ 27,600,000 | ||||||||
Fair value of debt | $ 20,500,000 | € 18.2 | ||||||||
Number of loans | Loan | 14 | |||||||||
Non-Convertible Capital Loan | Finland's Ministry of Finance | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis Spread to be reduced (as a percent) | 1.00% | |||||||||
Minimum | Non-Convertible Capital Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | 8 years | |||||||||
Minimum | Non-Convertible Capital Loan | Finland's Ministry of Finance | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate on liability component (as a percent) | 3.00% | 3.00% | ||||||||
Minimum | Non-Convertible Capital Loan | Finland's Ministry of Finance | Biotie U S | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash | $ 14,800,000 | $ 14,800,000 | ||||||||
Maximum | Non-Convertible Capital Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity date | 10 years | |||||||||
Convertible Senior Notes due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt exchanged | $ 276,000,000 | |||||||||
Interest rate (as a percent) | 1.75% | |||||||||
Principal amount denomination for debt conversion | $ 1,000 | |||||||||
Principal | $ 345,000,000 | |||||||||
Debt instrument, principal amount outstanding | 69,000,000 | $ 69,000,000 | 69,000,000 | $ 69,000,000 | ||||||
Interest expense | 1,457,000 | 3,377,000 | ||||||||
Debt Issuance Costs, Gross | $ 7,500,000 | 7,500,000 | ||||||||
Reclassification of derivative liability to equity, net of tax | 1,300,000 | |||||||||
Debt issuance costs allocated to liability component | 6,200,000 | |||||||||
Debt issuance cost associated with exchange, written off | $ 1,200,000 | |||||||||
Convertible Senior Secured Notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 6.00% | 6.00% | ||||||||
Principal amount of debt issued for exchange | $ 750 | |||||||||
Principal | $ 207,000,000 | |||||||||
Debt instrument, principal amount outstanding | $ 207,000,000 | |||||||||
Notes maturity date | Dec. 1, 2024 | |||||||||
Interest payment in shares, percentage of daily volume-weighted average price | 95.00% | |||||||||
Notes frequency of periodic payment | semi-annually in arrears | |||||||||
Interest in shares of common stock, threshold trading days | TradingDay | 10 | |||||||||
Initial conversion rate of common stock | 47.6190 | |||||||||
Initial conversion price of convertible notes into common stock (in dollars per share) | $ / shares | $ 21 | $ 21 | ||||||||
Principal amount of Notes or an integral multiple thereof in which holder may repurchase the Notes | $ 1,000 | $ 1,000 | ||||||||
Reverse stock split, description | 1-for-6 | |||||||||
Debt instrument conversion threshold stock price percentage | 130.00% | |||||||||
Debt repurchase price percentage on principal amount | 100.00% | |||||||||
Debt default, nonpayment of interest, period | 30 days | |||||||||
Debt default, failure to convert notes, period | 5 days | |||||||||
Debt default, non-compliance with covenants, period | 60 days | |||||||||
Fair value of derivative liability | $ 59,400,000 | $ 1,193,000 | ||||||||
Debt discount | 75,100,000 | |||||||||
Interest expense | $ 25,800,000 | $ 25,826,000 | $ 23,648,000 | |||||||
Effective interest rate on liability component (as a percent) | 18.13% | |||||||||
Debt fair value amount | $ 142,600,000 | |||||||||
Convertible Senior Secured Notes due 2024 | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt default, non-payment of outstanding principal | 30,000,000 | |||||||||
Debt default, failure to pay final judgements | $ 30,000,000 | |||||||||
Debt default, percentage of principal outstanding required for immediate payment | 25.00% | |||||||||
Convertible Senior Secured Notes due 2024 | Interest Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest payable to holders | shares | 2,049,048 | |||||||||
Stock based interest payment | $ 6,200,000 | $ 12,400,000 |
Debt - Summary of Outstanding N
Debt - Summary of Outstanding Note Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 24, 2019 |
Debt Instrument [Line Items] | ||||
Principal | $ 207,000 | |||
Less: debt discount and debt issuance costs, net | (55,975) | |||
Net carrying amount | 151,025 | |||
Equity component | 18,257 | |||
Derivative liability-conversion Option | 37 | |||
Convertible Senior Secured Notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 207,000 | |||
Less: debt discount and debt issuance costs, net | (69,381) | |||
Net carrying amount | 137,619 | |||
Equity component | 18,257 | |||
Derivative liability-conversion Option | 1,193 | $ 59,400 | ||
Convertible Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 69,000 | 69,000 | $ 69,000 | |
Less: debt discount and debt issuance costs, net | (1,029) | |||
Net carrying amount | 67,971 | |||
Equity component | $ 22,791 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense Recognized Related to the Notes (Details) - USD ($) $ in Thousands | Dec. 24, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Total interest expense | $ 30,035 | $ 30,574 | |
Convertible Senior Secured Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 12,420 | 12,420 | |
Amortization of debt issuance costs | 952 | 798 | |
Amortization of debt discount | 12,454 | 10,430 | |
Total interest expense | $ 25,800 | 25,826 | 23,648 |
Convertible Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Contractual interest expense | 428 | 1,208 | |
Amortization of debt issuance costs | 95 | 201 | |
Amortization of debt discount | 934 | 1,968 | |
Total interest expense | $ 1,457 | $ 3,377 |
Liability Related to Sale of _3
Liability Related to Sale of Future Royalties - Additional Information (Details) - Royalty Purchase Agreement $ in Millions | Oct. 01, 2017USD ($) |
Liability Related to Sale of Future Royalties [Line Items] | |
Payment from royalties | $ 40 |
Royalty liability | 40 |
Net of transaction costs | $ 2.2 |
Liability Related to Sale of _4
Liability Related to Sale of Future Royalties - Schedule of Activity Within Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liability Related to Sale of Future Royalties [Line Items] | ||
Non-cash royalty revenue payable to HCRP | $ (12,106) | $ (11,486) |
Royalty Purchase Agreement | ||
Liability Related to Sale of Future Royalties [Line Items] | ||
Liability related to sale of future royalties - beginning balance | 15,257 | 24,401 |
Deferred transaction costs amortized | 234 | 401 |
Non-cash royalty revenue payable to HCRP | (12,106) | (11,486) |
Non-cash interest expense recognized | 1,075 | 1,941 |
Liability related to sale of future royalties - ending balance | $ 4,460 | $ 15,257 |
Corporate Restructuring - Addit
Corporate Restructuring - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost And Reserve [Line Items] | ||||
Approximate percentage of headcount reduction | 16.00% | 15.00% | ||
Pre-tax charges for severance and employee separation related costs | $ 6 | $ 0.3 | ||
Research and Development Expense | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Pre-tax charges for severance and employee separation related costs | 0.6 | 0.3 | ||
Selling, General and Administrative Expenses | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Pre-tax charges for severance and employee separation related costs | $ 5.4 | $ 0 |
Corporate Restructuring - Summa
Corporate Restructuring - Summary of Restructuring Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |||
Restructuring Liability | $ 1,851 | $ 1,264 | |
Restructuring costs | 6,000 | $ 343 | |
Payments | $ (4,149) | $ (1,607) |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Product allowances accruals | $ 10,394 | $ 14,969 |
Bonus payable | 4,439 | 8,615 |
Accrued inventory | 1,678 | |
Sales force commissions and incentive payments payable | 727 | 1,109 |
Administrative expenses | 757 | 1,028 |
Vacation accrual | 1,505 | 1,969 |
Research and development expense accruals | 702 | 926 |
Commercial and marketing expense accruals | 728 | 1,005 |
Royalties payable | 264 | 727 |
Restructuring liability | 1,851 | |
Legal, accounting, and other professional services | 1,325 | 564 |
Trade relations | 706 | 697 |
Other accrued expenses | 5,207 | 4,880 |
Total | $ 28,605 | $ 38,167 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Minimum Significant Contractual Obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Long term debt | |
Net carrying amount | $ 151,025 |
Operating leases | |
Total lease payments | 13,439 |
Less than 1 year | 8,354 |
1-3 years | 2,468 |
4-5 years | 2,617 |
Inventory purchase commitments | |
Total | 100,594 |
Less than 1 year | 27,094 |
1-3 years | 37,500 |
4-5 years | 36,000 |
Total | |
Total | 357,293 |
Less than 1 year | 47,868 |
1-3 years | 270,808 |
4-5 years | 38,617 |
Convertible Senior Notes | |
Long term debt | |
Net carrying amount | 243,260 |
Less than 1 year | 12,420 |
1-3 years | $ 230,840 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Minimum Significant Contractual Obligations (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 10, 2021 | Dec. 31, 2021 | |
Commitment And Contingencies [Line Items] | ||
Liability for uncertain tax position | $ 6,400 | |
Long-term liability | $ 151,025 | |
Alkermes | Ampyra | ||
Commitment And Contingencies [Line Items] | ||
Monthly written forecasts (in months) | 18 months | |
Annual written forecasts (in years) | 5 years | |
Period for obligation to purchase quantity specified in forecasts (in months) | 3 months | |
Minimum agreed percentage of annual requirements for purchase | 75.00% | |
Catalent Member | ||
Commitment And Contingencies [Line Items] | ||
Purchase Commitment, Description | The manufacturing services agreement provides that Catalent will manufacture Inbrija, to the Company’s specifications, and the Company will purchase Inbrija exclusively from Catalent during the term of the manufacturing services agreement; provided that such exclusivity requirement will not apply to Inbrija intended for sale in China. Under the Company’s agreement with Catalent, it is obligated to make minimum purchase commitments for Inbrija through the expiration of the agreement on December 31, 2030 | |
Reimbursement Amount | $ 1,500 | |
Catalent Member | Inbrija | ||
Commitment And Contingencies [Line Items] | ||
Purchase Commitment, Description | An amendment to the agreement has been signed by the parties for the period July 1, 2021 through June 30, 2022, which eliminates the minimum purchase obligation by Acorda and states that payment shall only be required upon successful production and delivery of Inbrija by Catalent | |
Long Term Maximum Purchase Commitment Amount | $ 23,200 | |
Convertible Senior Notes | ||
Commitment And Contingencies [Line Items] | ||
Notes maturity date | Dec. 31, 2024 | |
Long-term liability | $ 243,260 | |
New Convertible Senior Notes | ||
Commitment And Contingencies [Line Items] | ||
Notes maturity date | Dec. 31, 2024 | |
Non-convertible Capital Loans | ||
Commitment And Contingencies [Line Items] | ||
Long-term liability | $ 27,600 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 10, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Commitment And Contingencies [Line Items] | ||||
Commitments and contingencies | ||||
Purchase Obligation | 100,594,000 | |||
Cash | 5,300,000 | |||
Cost of sales | 40,787,000 | 33,513,000 | ||
Catalent Member | ||||
Commitment And Contingencies [Line Items] | ||||
Purchase Commitment, Description | The manufacturing services agreement provides that Catalent will manufacture Inbrija, to the Company’s specifications, and the Company will purchase Inbrija exclusively from Catalent during the term of the manufacturing services agreement; provided that such exclusivity requirement will not apply to Inbrija intended for sale in China. Under the Company’s agreement with Catalent, it is obligated to make minimum purchase commitments for Inbrija through the expiration of the agreement on December 31, 2030 | |||
Cost of sales | 6,200,000 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 0 | $ 9,000,000 | ||
Purchase Commitment Remaining Minimum Amount Committed There After | $ 18,000,000 | |||
Catalent Member | Inbrija | ||||
Commitment And Contingencies [Line Items] | ||||
Purchase Commitment, Description | An amendment to the agreement has been signed by the parties for the period July 1, 2021 through June 30, 2022, which eliminates the minimum purchase obligation by Acorda and states that payment shall only be required upon successful production and delivery of Inbrija by Catalent | |||
Purchase Obligation | $ 16,000,000 | |||
Purchase Obligation from 2022 through 2030 | 18,000,000 | |||
Licensing Agreements | ||||
Commitment And Contingencies [Line Items] | ||||
Unpaid license royalties | 6,000,000 | |||
Commitment legal cost | 2,000,000 | |||
Commitments and contingencies | $ 2,000,000 | |||
Maximum | ||||
Commitment And Contingencies [Line Items] | ||||
Maximum milestone payments | 18,500,000 | |||
Minimum | Catalent Member | Inbrija | ||||
Commitment And Contingencies [Line Items] | ||||
Original Purchase Obligation | $ 17,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities Carried at Fair Value: | ||
Derivative liability - conversion option | $ 37 | $ 1,193 |
Derivative liability | 37 | 1,193 |
Level 1 | Recurring basis | Money Market Funds | ||
Assets Carried at Fair Value: | ||
Assets, Fair Value | 12,192 | 36,693 |
Level 3 | Recurring basis | ||
Liabilities Carried at Fair Value: | ||
Acquired contingent consideration | 49,600 | 48,200 |
Derivative liability - conversion option | 37 | 1,193 |
Derivative liability | $ 37 | $ 1,193 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Contingent Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assets and liabilities measured at fair value on a recurring basis utilizing Level 3 inputs | ||
Balance, beginning of period | $ 48,200 | $ 80,300 |
Fair value change to contingent consideration (unrealized) included in the statement of operations | 2,895 | (30,889) |
Royalty payments | (1,495) | (1,211) |
Balance, end of period | $ 49,600 | $ 48,200 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 17, 2020 | Dec. 24, 2019 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Common stock, Authorized shares | 61,666,666 | 61,666,666 | 61,666,666 | 13,333,333 | ||
Income tax effects on equity transactions | $ 4,400,000 | $ 4,400,000 | ||||
Derivative liability reclassified to equity | $ 18,300,000 | |||||
Convertible Senior Secured Notes due 2024 | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Notes, interest rate | 6.00% | 6.00% | ||||
Notes, maturity date | Dec. 1, 2024 | |||||
Inbrija | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Milestone payment, minimum | 0 | |||||
Milestone payment, maximum | $ 24,000,000 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value Reconciliation of Derivative Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Reconciliation Of Derivative Liability [Line Items] | ||
Balance, beginning of period | $ 1,193 | |
Fair value reclassification to shareholder's equity | $ (18,257) | |
Balance, end of period | 37 | 1,193 |
Convertible Senior Secured Notes due 2024 | ||
Fair Value Reconciliation Of Derivative Liability [Line Items] | ||
Balance, beginning of period | 1,193 | 59,409 |
Fair value adjustment | (1,156) | (39,959) |
Balance, end of period | $ 37 | $ 1,193 |
License, Research and Collabo_2
License, Research and Collaboration Agreements - Alkermes License - Additional Information (Details) - Alkermes License Agreement | Dec. 31, 2003 | Dec. 31, 2021 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
License termination period | 15 years | |
Percentage of products under supply agreement | 100.00% |
License, Research and Collabo_3
License, Research and Collaboration Agreements - Supply Agreement - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Ampyra | Alkermes | ||
Supply Agreement | ||
Minimum agreed percentage of annual requirements for purchase | 75.00% | |
Supply agreement | ||
Supply Agreement | ||
Compensatory payment | $ 0 | $ 0 |
Supply agreement | Maximum | Patheon Inc Second Manufacturing agreement | ||
Supply Agreement | ||
Purchase requirements threshold percentage | 25.00% | |
Supply agreement | Alkermes License Agreement | Ampyra | Alkermes | ||
Supply Agreement | ||
Minimum agreed percentage of annual requirements for purchase | 75.00% | |
Supply agreement | Alkermes License Agreement | Maximum | ||
Supply Agreement | ||
Purchase requirements threshold percentage | 100.00% |
License, Research and Collabo_4
License, Research and Collaboration Agreements - Biogen Agreement - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Biogen | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Additional payments based on the successful achievement of future regulatory or sales milestones | $ 300 |
Alkermes License Agreement | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Cost Of License Payable | $ 15 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Change Of Control Ownership Percentage Threshold | 50.00% | ||
Change Of Control Ownership Measurement Period | 3 years | ||
Deferred tax assets, valuation allowance | $ 193,253 | $ 186,491 | $ 177,572 |
US federal corporate tax rate | 21.00% | 21.00% | |
Tax Deduction | 0.00% | ||
Minimum | |||
Recent Accounting Pronouncements | |||
Expiration term for statute of limitations | 3 years | ||
Maximum | |||
Recent Accounting Pronouncements | |||
Expiration term for statute of limitations | 5 years | ||
Federal | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 112,400 | ||
Percentage of taxable income will be utilized in any year | 80.00% | ||
Operating loss carryforwards additional | $ 471,000 | ||
Biotie U S | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 121,600 | ||
Operating loss, expected expiration beginning year | 2026 | ||
State | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 304,800 | $ 267,000 | |
Operating loss, expected expiration beginning year | 2027 | ||
Outside U.S. | |||
Income Tax [Line Items] | |||
Operating loss carryforwards | $ 48,200 | ||
Operating loss, expected expiration beginning year | 2022 | ||
Research [Member] | |||
Income Tax [Line Items] | |||
Tax credit carry-forwards | $ 35,300 | $ 35,300 | |
Tax credit carry-forward, expiration beginning year | 2022 | ||
Capital Loss Carryforward | State | |||
Income Tax [Line Items] | |||
Deferred tax assets, valuation allowance | $ 6,800 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | ||
(Loss) income before taxes | $ (109,074) | $ (107,667) |
Domestic | ||
Income Tax [Line Items] | ||
(Loss) income before taxes | (112,530) | (112,371) |
Foreign | ||
Income Tax [Line Items] | ||
(Loss) income before taxes | $ 3,456 | $ 4,704 |
Income Taxes - Schedule of Bene
Income Taxes - Schedule of Benefit from Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | $ 230 | $ 11,770 |
State | (182) | (184) |
Foreign | (113) | (65) |
Total | (65) | 11,521 |
Deferred: | ||
Federal | 4,412 | (478) |
State | 711 | (3,896) |
Foreign | 62 | 926 |
Total | 5,185 | (3,448) |
Total benefit from income taxes | $ 5,120 | $ 8,073 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Statutory U.S. Federal Income Tax Rate to the Entity's Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of statutory federal income tax rate to effective income tax rate | ||
U.S. federal statutory tax rate | 21.00% | 21.00% |
State and local income taxes | 0.40% | (3.00%) |
Stock option compensation | (0.10%) | 0.30% |
Stock option shortfall | (5.00%) | (5.80%) |
Research and development and orphan drug credits | (0.40%) | |
Uncertain tax positions | 0.50% | 0.10% |
Other nondeductible and permanent differences | (2.60%) | (2.50%) |
Valuation allowance, net of foreign tax rate differential | (9.50%) | (7.60%) |
Tax effect of NOL carryback - CARES Act | 5.40% | |
Effective income tax rate | 4.70% | 7.50% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | |||
Net operating loss carryforward | $ 77,510 | $ 61,774 | |
Tax credits | 34,332 | 33,577 | |
Stock based compensation | 12,257 | 17,454 | |
Contingent consideration | 12,730 | 11,975 | |
Employee compensation | 1,513 | 2,638 | |
Rebate and returns reserve | 2,290 | 3,339 | |
Capitalized R&D | 10,696 | 11,564 | |
Other | 7,656 | 9,651 | |
Total deferred tax assets | 275,710 | 273,023 | |
Valuation allowance | (193,253) | (186,491) | $ (177,572) |
Total deferred tax assets net of valuation allowance | 82,457 | 86,532 | |
Capital loss carryforward | 116,717 | 106,371 | |
Derivative liability | 9 | 296 | |
Asset impairment | 14,384 | ||
Deferred tax liabilities: | |||
Intangible assets | (83,930) | (88,547) | |
Convertible debt | (12,842) | (16,227) | |
Depreciation | 400 | (803) | |
Other | (15) | (72) | |
Total deferred tax liabilities | (96,387) | (105,649) | |
Net deferred tax liability | $ (13,930) | $ (19,117) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of unrecognized tax benefits | ||
Beginning of period balance | $ 7,093 | $ 7,145 |
Decreases for tax positions taken during a prior period | (723) | (52) |
Ending period balance | $ 6,370 | $ 7,093 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amounts of Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance for deferred tax assets, Balance at Beginning of Period | $ 186,491 | $ 177,572 |
Valuation allowance for deferred tax assets, Additions | 10,028 | 8,964 |
Valuation allowance for deferred tax assets, Deductions | (3,266) | (45) |
Valuation allowance for deferred tax assets, Balance at End of Period | $ 193,253 | $ 186,491 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Basic and diluted | ||
Net loss | $ (103,954) | $ (99,594) |
Weighted average common shares outstanding used in computing net loss per share—basic | 10,621 | 8,084 |
Weighted average common shares outstanding used in computing net loss per share—diluted | 10,621 | 8,084 |
Net loss per share—basic | $ (9.79) | $ (12.32) |
Net loss per share—diluted | $ (9.79) | $ (12.32) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Income Per Diluted Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock options and restricted common shares | ||
Antidilutive Securities | ||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 1,199 | 1,356 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - 401(k) plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Percentage of employee earnings eligible for additional company contribution | 6.00% | |
Additional company contribution for each dollar of employee contribution (as a percent) | 50.00% | |
Company expense related to the defined contribution plan | $ 0.9 | $ 1.6 |