Antares Pharma (ATRS) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-32302
Entity Registrant Name	ANTARES PHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-1350192
Entity Address, Address Line One	100 Princeton South
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Ewing
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08628
City Area Code	609
Local Phone Number	359-3020
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ATRS
Security Exchange Name	NASDAQ
Entity Central Index Key	0001016169
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		170,042,479

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 57,365	$ 53,137
Accounts receivable, net	54,471	42,221
Inventories, net	16,493	18,216
Contract assets	2,942	8,140
Prepaid expenses and other current assets	2,162	4,877
Total current assets	133,433	126,591
Deferred tax assets, net	43,987	46,982
Property and equipment, net	25,832	24,020
Operating lease right-of-use assets	3,892	4,621
Intangibles, net	7,072	7,693
Other long-term assets	2,523	2,624
Total Assets	216,739	212,531
Current liabilities
Accounts payable	12,885	16,194
Accrued expenses and other liabilities	32,010	25,635
Current maturities of long-term debt, net	2,918	16,230
Operating lease liabilities, current	917	1,203
Deferred revenue	3,804	3,943
Total current liabilities	52,534	63,205
Long-term debt, less current maturities	18,401	24,669
Operating lease liabilities, long-term	4,613	4,816
Other long-term liabilities	363	726
Total liabilities	75,911	93,416
Stockholders’ Equity
Preferred Stock: $0.01 par; 3,000 shares authorized, none outstanding	0	0
Common Stock: $0.01 par; 300,000 shares authorized; 170,042 and 166,836 issued and outstanding at September 30, 2021 and December 31, 2020, respectively	1,700	1,668
Additional paid-in capital	348,834	340,756
Accumulated deficit	(209,020)	(222,626)
Accumulated other comprehensive loss	(686)	(683)
Total stockholders' equity	140,828	119,115
Total liabilities and stockholders’ equity	$ 216,739	$ 212,531

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, authorized (in shares)	3,000,000	3,000,000
Preferred Stock, outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	300,000,000	300,000,000
Common Stock, outstanding (in shares)	170,042,000	166,836,000
Common Stock, issued (in shares)	170,042,000	166,836,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 48,191	$ 40,003	$ 135,252	$ 105,466
Operating expenses
Research and development	3,923	2,405	10,610	7,803
Selling, general and administrative	19,874	15,231	55,185	46,101
Total operating expenses	40,226	34,153	115,109	97,945
Operating income	7,965	5,850	20,143	7,521
Other income (expense)
Interest expense	(750)	(782)	(2,847)	(2,810)
Other income (expense), net	6	(72)	(129)	104
Total other expense, net	(744)	(854)	(2,976)	(2,706)
Income before income taxes	7,221	4,996	17,167	4,815
Income tax expense	(1,828)	0	(3,561)	0
Net income	$ 5,393	$ 4,996	$ 13,606	$ 4,815
Earnings per common share
Basic (in usd per share)	$ 0.03	$ 0.03	$ 0.08	$ 0.03
Diluted (in usd per share)	$ 0.03	$ 0.03	$ 0.08	$ 0.03
Weighted average common shares outstanding
Basic (in shares)	169,953	166,375	168,947	165,838
Diluted (in shares)	175,128	169,655	174,937	169,759
Product sales, net
Revenue
Total revenue	$ 33,068	$ 28,947	$ 90,107	$ 80,709
Operating expenses
Cost of revenue	14,039	13,615	38,167	38,556
Licensing and development revenue
Revenue
Total revenue	3,682	4,321	15,833	8,763
Royalties
Revenue
Total revenue	11,441	6,735	29,312	15,994
Cost of development revenue
Operating expenses
Cost of revenue	$ 2,390	$ 2,902	$ 11,147	$ 5,485

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 5,393	$ 4,996	$ 13,606	$ 4,815
Foreign currency translation adjustment	0	5	(3)	11
Comprehensive income	$ 5,393	$ 5,001	$ 13,603	$ 4,826

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2019	$ 54,500	$ 1,652	$ 332,377	$ (278,827)	$ (702)
Balance (in shares) at Dec. 31, 2019		165,221,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under equity compensation plan, net of shares withheld for taxes (in shares)		676,000
Common stock issued under equity compensation plan, net of shares withheld for taxes	(1,366)	$ 7	(1,373)
Exercise of options (in shares)		775,000
Exercise of options	1,512	$ 8	1,504
Stock-based compensation	5,769		5,769
Net income	4,815			4,815
Other comprehensive loss	11				11
Balance at Sep. 30, 2020	65,241	$ 1,667	338,277	(274,012)	(691)
Balance (in shares) at Sep. 30, 2020		166,672,000
Balance at Jun. 30, 2020	57,329	$ 1,661	335,372	(279,008)	(696)
Balance (in shares) at Jun. 30, 2020		166,085,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under equity compensation plan, net of shares withheld for taxes (in shares)		7,000
Common stock issued under equity compensation plan, net of shares withheld for taxes	(16)	$ 0	(16)
Exercise of options (in shares)		580,000
Exercise of options	1,123	$ 6	1,117
Stock-based compensation	1,804		1,804
Net income	4,996			4,996
Other comprehensive loss	5				5
Balance at Sep. 30, 2020	65,241	$ 1,667	338,277	(274,012)	(691)
Balance (in shares) at Sep. 30, 2020		166,672,000
Balance at Dec. 31, 2020	119,115	$ 1,668	340,756	(222,626)	(683)
Balance (in shares) at Dec. 31, 2020		166,836,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under equity compensation plan, net of shares withheld for taxes (in shares)		942,000
Common stock issued under equity compensation plan, net of shares withheld for taxes	(2,841)	$ 10	(2,851)
Exercise of options (in shares)		2,264,000
Exercise of options	5,103	$ 22	5,081
Stock-based compensation	5,848		5,848
Net income	13,606			13,606
Other comprehensive loss	(3)				(3)
Balance at Sep. 30, 2021	140,828	$ 1,700	348,834	(209,020)	(686)
Balance (in shares) at Sep. 30, 2021		170,042,000
Balance at Jun. 30, 2021	132,028	$ 1,696	345,431	(214,413)	(686)
Balance (in shares) at Jun. 30, 2021		169,584,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options (in shares)		458,000
Exercise of options	1,225	$ 4	1,221
Stock-based compensation	2,182		2,182
Net income	5,393			5,393
Other comprehensive loss	0				0
Balance at Sep. 30, 2021	$ 140,828	$ 1,700	$ 348,834	$ (209,020)	$ (686)
Balance (in shares) at Sep. 30, 2021		170,042,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net income	$ 13,606	$ 4,815
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	5,848	5,769
Depreciation and amortization	2,761	1,730
Other	719	662
Changes in operating assets and liabilities:
Accounts receivable	(12,250)	(7,422)
Inventories, net	1,723	(3,809)
Contract assets	5,198	(549)
Prepaid expenses and other assets	2,715	1,345
Deferred taxes	2,995	0
Accounts payable	(2,251)	5,171
Accrued expenses and other liabilities	6,202	4,967
Deferred revenue	(139)	1,538
Net cash provided by operating activities	27,127	14,217
Cash Flows from Investing Activities
Purchases of property and equipment	(4,960)	(7,893)
Proceeds from maturities of investment securities	0	20,500
Net cash provided by (used in) investing activities	(4,960)	12,607
Cash Flows from Financing Activities
Principal payments on long-term debt	(20,000)	0
Prepayment fees on long-term debt	(200)	0
Proceeds from exercise of stock options	5,103	1,512
Taxes paid related to net share settlement of equity awards	(2,841)	(1,366)
Net cash provided by (used in) financing activities	(17,938)	146
Effect of exchange rate changes on cash and cash equivalents	(1)	1
Increase in cash and cash equivalents	4,228	26,971
Cash and cash equivalents
Beginning of period	53,137	23,201
End of period	57,365	50,172
Supplemental disclosure of cash flow information
Cash paid for interest	2,365	2,679
Cash paid for income taxes	1,224	0
Supplemental disclosure of non-cash investing activities
Purchases of property and equipment recorded in accounts payable and accrued expenses	$ 1,009	$ 1,577

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Antares Pharma, Inc. (“Antares,” “we,” “our,” “us” or the “Company”) is a specialty pharmaceutical company focused primarily on the development and commercialization of pharmaceutical products and technologies in targeted therapeutic areas. We develop, manufacture and commercialize, for ourselves or with partners, novel therapeutic products using our advanced drug delivery systems that are designed to provide commercial or functional advantages, such as improved safety and efficacy, convenience, improved tolerability, and enhanced patient comfort and adherence. We also seek product opportunities that complement and leverage our commercial platform. We have a portfolio of proprietary and partnered commercial products and ongoing product development programs in various stages of development. We have formed significant strategic alliances and partnership arrangements with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (“Teva”), AMAG Pharmaceuticals, Inc. (“AMAG”), Pfizer Inc. (“Pfizer”) and Idorsia Pharmaceuticals Ltd (“Idorsia”). Our marketed proprietary products include: • XYOSTED ® (testosterone enanthate) injection, indicated for testosterone replacement therapy in adult males for conditions associated with a deficiency or absence of endogenous testosterone, and is the first and only subcutaneous testosterone enanthate product for once-weekly, at-home self-administration to be approved by the U.S. Food and Drug Administration (“FDA”); • OTREXUP ® (methotrexate) injection, indicated for adults with severe active rheumatoid arthritis, children with active polyarticular juvenile idiopathic arthritis and adults with severe recalcitrant psoriasis; and • NOCDURNA ® (desmopressin acetate), marketed in the U.S. for the treatment of nocturia due to nocturnal polyuria (“NP”) in adults who awaken at least two times per night to urinate. We are also party to various partnered product development and supply arrangements: • We developed and are the exclusive supplier of devices for Teva’s Epinephrine Injection USP products, the generic equivalent of EpiPen ® and EpiPen ® Jr., indicated for emergency treatment of severe allergic reactions including those that are life threatening (anaphylaxis) in adults and certain pediatric patients; • Through our commercialization partner Teva, we sell Sumatriptan Injection USP, a generic equivalent to the Imitrex ® STATdose Pen ® , in the U.S. indicated for the acute treatment of migraine headaches and cluster headache in adults; • In collaboration with AMAG, we developed a subcutaneous auto injector and are the exclusive supplier of devices and the final assembled and packaged commercial product of AMAG’s Makena ® (hydroxyprogesterone caproate injection) subcutaneous auto injector, which is a ready-to-administer treatment indicated to reduce the risk of preterm birth in women pregnant with one baby and who spontaneously delivered at least one preterm baby in the past; and • We developed and are the exclusive supplier of devices for Teva’s generic equivalent of Forsteo ® (Teriparatide Injection) which is approved and currently sold by Teva in various countries outside the United States.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission's Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements and condensed footnote disclosures thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. Beginning as of and for the year ended December 31, 2020, the cost of product sales and the cost of development revenue are being classified under the heading operating expenses in the accompanying Consolidated Statements of Operations, and the corresponding prior period amounts have been reclassified to conform to this presentation. The reclassifications have no impact on our operating income or net income as previously reported . Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits at commercial banks and highly liquid investments with an original maturity of three months or less. Cash equivalents, consisting of investments in money market funds, are remeasured and reported at fair value each reporting period, in accordance with ASC Topic 820, Fair Value Measurements based on quoted market prices, which is a Level 1 input within the three-level valuation hierarchy for disclosure of fair value measurements, and totaled $36,141 and $36,133 as of September 30, 2021 and December 31, 2020, respectively. Inventories Inventories are stated at the lower of cost or net realizable value with cost determined on a first-in, first-out basis. Certain components of our products are provided by a limited number of vendors, and our production, assembly, warehousing and distribution operations are outsourced to third-parties where substantially all of our inventory is located. Disruption of supply from key vendors or third-party suppliers may have a material adverse impact on our operations and financial results. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over an asset's estimated useful life as follows: Useful Life Computer equipment and software 3-5 years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term Expenditures, including interest costs, for assets under construction that are not yet ready for their intended use are capitalized and will be depreciated based on the above guidelines when placed in service. Revenue Recognition We generate revenue from proprietary and partnered product sales, license and development activities and royalty arrangements. Revenue is recognized when or as we transfer control of the promised goods or services to the customer at the transaction price, which is the amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. At inception of each contract, we identify the goods and services that have been promised to the customer and each of those that represent a distinct performance obligation, determine the transaction price including any variable consideration, allocate the transaction price to the distinct performance obligations and determine whether control transfers to the customer at a point in time or over time. Variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We reassess our reserves for variable consideration at each reporting date and make adjustments if necessary, which may affect revenue and earnings in periods in which any such changes become known. We have elected to recognize the cost for freight and shipping activities as a fulfillment cost. Amounts billed to customers for shipping and handling are included as part of the transaction price and recognized as revenue when control of underlying goods are transferred to the customer. The related shipping and freight charges incurred are included in cost of product sales in the Consolidated Statements of Operations. Proprietary Product Sales We sell our proprietary commercial products primarily to wholesale and specialty distributors. Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs. The determination of certain reserves and sales allowances requires us to make a number of judgements and estimates to reflect our best estimate of the transaction price and the amount of consideration to which we believe we will be ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and expected utilization rates, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. Reserves for prompt payment discounts are recorded as a reduction in accounts receivable in the Consolidated Statements of Operations. Reserves for returns, rebates and chargebacks, distributor fees and customer co-pay support programs are included within current liabilities in the Condensed Consolidated Balance Sheets. Partnered Product Sales We are party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which we produce and are the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as discussed below. We are the exclusive supplier of the Makena ® subcutaneous auto injector product to AMAG. Because the product is custom manufactured for AMAG with no alternative use and we have a contractual right to payment for performance completed to date, control is continuously transferred to the customer as product is produced pursuant to firm purchase orders. Revenue is recognized over time using the output method based on the contractual selling price and number of units produced. The amount of revenue recognized in excess of the amount shipped/billed to the customer, if any, is recorded as contract assets in the Condensed Consolidated Balance Sheets due to the short-term nature in which the amount is ultimately expected to be billed and collected from the customer. All other partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements or profit sharing arrangements, if any. We recognize revenue, including the estimated variable consideration we expect to receive for contract margin on future commercial sales, upon shipment of the goods to our partner. The estimated variable consideration is recognized at an amount we believe is not subject to significant reversal based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed. Licensing and Development Revenue We have entered into several license, development and supply arrangements with pharmaceutical partners under which we grant a license to our device technology and know-how and provide research and development services that often involve multiple performance obligations and highly customized deliverables. For such arrangements, we identify each of the promised goods and services within the contract and the distinct performance obligations at inception, and allocate consideration to each performance obligation based on relative standalone selling price, which is generally determined based on the expected cost plus margin. If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, we recognize revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control is transferred to the customer. Factors that may indicate that the transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets and we have a present right to payment. Our typical payment terms for development contracts may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. We record a contract liability for cash received in advance of performance, which is presented within deferred revenue in the Condensed Consolidated Balance Sheets and recognized as revenue in the Consolidated Statements of Operations when the associated performance obligations have been satisfied. We recognized $3,760 in licensing and development revenue in connection with contract liabilities that were outstanding as of December 31, 2020 and satisfied during the nine months ended September 30, 2021. License fees and milestones received in exchange for the grant of a license to our functional intellectual property such as patented technology and know-how in connection with a partnered development arrangement are generally recognized at inception of the arrangement, or over the development period depending on the facts and circumstances, as the license is generally not distinct from the non-licensed goods or services to be provided under the contract. Milestone payments that are contingent upon the occurrence of future events are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal will not occur when the associated uncertainty is resolved. Royalties We earn royalties in connection with licenses granted under license and development arrangements with partners. Royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digits to low double digits and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to us within 45 to 60 days of the end of the period in which the commercial sales are made. We base our estimates of royalties earned on actual sales information from our partners when available or estimated prescription sales from external sources and estimated net selling price. If actual royalties received are different than amounts estimated, we would adjust the royalty revenue in the period in which the adjustment becomes known. Remaining Performance Obligations Remaining performance obligations represent the allocation of transaction price of firm orders and development contract deliverables for which work has not been completed or orders fulfilled and excludes potential purchase orders under ordering-type supply contracts with indefinite delivery or quantity. As of September 30, 2021, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $16,034. We expect to recognize revenue on the remaining performance obligations over the next three years.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: September 30, December 31, Raw material $ 422 $ 325 Work in process 8,186 7,120 Finished goods 7,885 10,771 Total inventories, net $ 16,493 $ 18,216 A reserve is recorded for potentially excess, dated or obsolete inventories based on an analysis of inventory on hand compared to forecasted future sales, which was $1,094 and $619 as of September 30, 2021 and December 31, 2020, respectively.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following: September 30, December 31, Production molds, tooling and equipment $ 21,069 $ 20,260 Leasehold improvements 7,457 6,298 Furniture, fixtures and office equipment 907 865 Computer equipment and software 1,348 756 Construction and tooling in process 7,506 6,214 Total property and equipment 38,287 34,393 Less: Accumulated depreciation (12,455) (10,373) Total property and equipment, net $ 25,832 $ 24,020 Depreciation expense was $738 and $575 for the three months ended September 30, 2021 and 2020, respectively, and $2,140 and $1,654 for the nine months ended September 30, 2021 and 2020, respectively.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-term Debt In June 2017, we entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc. (the “Lender”), for a term loan of up to $35,000 (the “Term Loan”), under which we initially borrowed $25,000 (“Tranche I”.) The amortizing Term Loan is secured by substantially all of our assets, excluding intellectual property, accrues interest at a prime-based variable rate with a maximum of 9.5%, and initially provided for payments of interest-only until August 1, 2019 with a maturity date of July 1, 2022. In June 2019, we entered into a First Amendment (the “Amendment”) to the Loan Agreement, which increased the aggregate principal amount available under the Term Loan from $35,000 to $50,000 and extended the interest-only payment period of the Term Loan to August 1, 2021. Under the Amendment, the interest only period could be further extended to August 1, 2022 if we achieved a certain loan extension milestone, requested such extension by July 31, 2021, and paid an extension fee equal to one half of one percent of the principal amount outstanding. Upon signing of the Amendment, an additional $15,000 (“Tranche II”) was funded to us. The Term Loan maturity date remained July 1, 2022, which could be extended to July 1, 2024. We are required to pay an end of term fee (“End of Term Charge”) equal to 4.25% of Tranche I and 3.95% of the borrowings under Tranche II, payable upon the earlier of July 1, 2022 or full repayment of the loan. The Loan Agreement also imposes a prepayment fee of 1.0% to 3.0% if any or all of the balance is prepaid prior to the maturity date. In June and September 2021, we made principal prepayments of $15,000 and $5,000, respectively, and paid 1.0% prepayment fees. The carrying value of the Term Loan was $21,319 and $40,899 as of September 30, 2021 and December 31, 2020, respectively, which consisted of the principal amounts outstanding and the End of Term Charge accrual, less unamortized debt issuance costs that are being amortized/accrued to interest expense over the term of the Term Loan using the effective interest method. In July 2021, having previously met the loan extension milestone, we requested that the interest-only period be extended to August 1, 2022 and the maturity date be extended to July 1, 2024 in accordance with the terms of the Amendment. The Lender granted the extension of the interest-only period and maturity date and waived the extension fee. As of September 30, 2021, the future principal payments under the Term Loan consisted of nothing due in 2021, $3,878 due in 2022, $9,906 due in 2023 and $6,216 due in 2024, excluding the contractual End of Term Charges.

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share Based Compensation	Share-based Compensation We have an Equity Compensation Plan (the “Plan”), which allows for grants in the form of incentive stock options, non-qualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards. The Plan was amended and restated in June 2021 to increase the total number of shares available for grant under the Plan by 10,000 shares. We also have a long-term incentive program (“LTIP”), pursuant to which our senior executives have been awarded stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”). The following is a summary of stock option activity under the Plan as of and for the nine months ended September 30, 2021: Number of Weighted Weighted Aggregate Outstanding at December 31, 2020 15,521 $ 2.49 Granted 2,591 4.39 Exercised (2,278) 2.26 Cancelled / Forfeited (229) 2.85 Outstanding at September 30, 2021 15,605 2.83 6.79 $ 14,768 Exercisable at September 30, 2021 10,633 $ 2.45 5.71 $ 12,773 The following is a summary of PSU and RSU award activity under the Plan as of and for the nine months ended September 30, 2021: Performance Stock Units Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 1,641 $ 2.61 1,567 $ 2.77 Granted 243 5.55 769 4.42 Incremental shares earned 209 3.18 — — Vested / Settled (766) 2.86 (832) 2.76 Outstanding at September 30, 2021 1,327 $ 3.04 1,504 $ 3.62 The LTIP awards that vested during the nine months ended September 30, 2021 and 2020 were net-share settled such that we withheld shares with a value equivalent to the employees’ tax obligations for applicable income and other employment taxes, and remitted cash to the appropriate taxing authorities. We withheld 626 and 425 shares during the nine months ended September 30, 2021 and 2020, respectively, to satisfy tax obligations, which was determined based on the fair value of the shares on their vesting date equal to our closing stock price on such date. We paid $2,841 and $1,366 during the nine months ended September 30, 2021 and 2020, respectively, to taxing authorities for the employees’ tax obligations, which is reflected as a cash outflow from financing activities within the Consolidated Statements of Cash Flows. Net-share settlements have the effect of share repurchases as they reduce the number of shares that would have otherwise been issued as a result of the vesting. Members of our Board of Directors also receive grants of RSUs that vest in full one year from the date of grant. Directors may elect to defer receipt of vested shares until retirement or separation from the Board. During the nine months ended September 30, 2021, 30 shares were vested and deferred under this election. In connection with Plan awards, we recognized share-based compensation expense for the three and nine months ended September 30, 2021 and 2020 as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 1,170 $ 1,045 $ 2,947 $ 2,801 Restricted stock units 724 579 1,896 1,661 Performance stock units 288 180 1,005 1,307 Total share-based compensation expense $ 2,182 $ 1,804 $ 5,848 $ 5,769

Revenues, Significant Customers

Revenues, Significant Customers and Concentrations of Risk	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues, Significant Customers and Concentrations of Risk	Revenue, Significant Customers and Concentration of Risk We disaggregate our revenue by type of goods and services and customer location. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Types of goods and services Proprietary product sales, net $ 20,827 $ 15,765 $ 58,512 $ 43,177 Partnered product sales 12,241 13,182 31,595 37,532 Total product revenue, net 33,068 28,947 90,107 80,709 Licensing and development revenue 3,682 4,321 15,833 8,763 Royalties 11,441 6,735 29,312 15,994 Total revenue, net $ 48,191 $ 40,003 $ 135,252 $ 105,466 Customer location United States of America $ 47,881 $ 39,370 $ 132,520 $ 103,638 Europe 310 633 2,732 1,828 Total revenue, net $ 48,191 $ 40,003 $ 135,252 $ 105,466 Customers from which we derived 10% or more of our total net revenue are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Teva 47% 45% 45% 42% McKesson Corporation 13% 12% 13% 12% AmerisourceBergen Corporation 11% 11% 12% 12% Cardinal Health 10% 11% 11% 11% AMAG <10% <10% <10% 10%

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our gross unrecognized tax benefits as of September 30, 2021 was $2,127 with no material changes during the three and nine months then ended. Ther e are no inter est or penalties accrued in relation to unrecognized tax benefits. We will classify any future interest and penalties as a component of income tax expense. We are subject to federal and state examinations for the years 2017 and thereafter .

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per common share is computed by dividing net income applicable to common stockholders by the daily weighted-average number of common shares outstanding for the applicable period. Diluted earnings per common share is computed in a similar manner, except that the weighted average number of shares outstanding is increased to reflect the potential dilution from the exercise or conversion of securities into common stock. Diluted earnings per share contemplates a complete conversion to common shares of all convertible instruments only if such instruments are dilutive in nature with respect to earnings per common share. The following table sets forth the computation for basic and diluted earnings per common share for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 5,393 $ 4,996 $ 13,606 $ 4,815 Weighted average common shares outstanding 169,953 166,375 168,947 165,838 Dilutive effects of stock options and share-based awards issuable under equity compensation plans 5,175 3,280 5,990 3,921 Weighted average dilutive common shares outstanding 175,128 169,655 174,937 169,759 Earnings per common share Basic $ 0.03 $ 0.03 $ 0.08 $ 0.03 Diluted $ 0.03 $ 0.03 $ 0.08 $ 0.03 Anti-dilutive common stock equivalents (1) 3,696 8,596 1,639 6,719 (1) These common stock equivalents were outstanding for the period but were not included in the computation of diluted earnings per share for those periods as their inclusion would have had an anti-dilutive effect.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Pending Litigation From time to time, we may be involved in various legal matters generally incidental to our business. Although the results of litigation and claims cannot be predicted with certainty, after discussion with legal counsel, we are not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on our consolidated financial condition, liquidity, or results of operations. On October 23, 2017, Randy Smith filed a complaint in the District of New Jersey, captioned Randy Smith, Individually and on Behalf of All Others Similarly Situated v. Antares Pharma, Inc., Robert F. Apple and Fred M. Powell (“ Smith ”), Case No. 3:17-cv-08945-MAS-DEA, on behalf of a putative class of persons who purchased or otherwise acquired Antares securities between December 21, 2016 and October 12, 2017, inclusive, asserting claims for purported violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, against Antares, Robert F. Apple and Fred M. Powell. The Smith complaint contends that defendants made false and/or misleading statements and/or failed to disclose that: (i) Antares had provided insufficient data to the FDA in connection with the NDA for XYOSTED ® ; and (ii) accordingly, Antares had overstated the approval prospects for XYOSTED ® . On July 27, 2018, the court entered an order appointing Serghei Lungu as lead plaintiff, Pomerantz LLP as lead counsel, and Lite DePalma Greenberg, LLC as liaison counsel for plaintiff. On August 3, 2018, the parties submitted a stipulation and proposed order, setting forth an agreed-upon schedule for responding to the complaint, which the court granted. Pursuant to that order, plaintiff filed a Consolidated Amended Class Action Complaint on October 9, 2018. On November 26, 2018, defendants filed a motion to dismiss. Plaintiff filed an opposition to the motion on January 10, 2019 and defendants filed a reply in support of their motion on February 25, 2019. On July 2, 2019, the court dismissed the complaint in its entirety without prejudice. On July 29, 2019, plaintiff filed a Consolidated Second Amended Class Action Complaint against the same parties alleging substantially similar claims. On September 12, 2019, defendants filed a motion to dismiss the Consolidated Second Amended Class Action Complaint. Plaintiffs’ opposition was filed on October 28, 2019 and defendants’ reply in support of their motion was filed on November 27, 2019. On April 28, 2020, the court dismissed the Consolidated Second Amended Class Action Complaint in its entirety. The court further ordered that plaintiff may file an amended complaint by May 29, 2020 and provide the court with a form of the amended complaint that indicates in what respect(s) it differs from the complaint which it proposes to amend. On May 29, 2020, plaintiff filed a Consolidated Third Amended Class Action Complaint and defendants filed a motion to dismiss on July 10, 2020. Briefing on defendants’ motion was complete on August 25, 2020. On February 26, 2021, the court granted defendants’ motion to dismiss with prejudice, and on March 29, 2021 the plaintiff filed a notice of appeal. On June 21, 2021, plaintiff-appellant filed his opening brief. Defendants-appellees’ response brief was filed on August 4, 2021 and plaintiff-appellant’s reply was filed on September 8, 2021. We believe the claims in the Smith action lack merit and intends to continue to defend them vigorously. On January 12, 2018, a stockholder of the Company filed a derivative civil action, captioned Chiru Mackert, derivatively on behalf of Antares Pharma, Inc., v. Robert F. Apple, et al. , in the Superior Court of New Jersey Chancery Division, Mercer County (Case No. C-000011-18). On January 17, 2018, another stockholder filed a derivative action in the same court, captioned Vikram Rao, Derivatively on Behalf of Antares Pharma, Inc. v. Robert F. Apple, et al. (Case No. C-000004-18). Both complaints name Robert F. Apple, Fred M. Powell, Thomas J. Garrity, Jacques Gonella, Anton Gueth, Leonard S. Jacob, Marvin Samson and Robert P. Roche, Jr. as defendants, and the Company as nominal defendant, and they assert claims for breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets arising from the same facts underlying the Smith securities class action. The plaintiffs seek damages, corporate governance and internal procedure reforms and improvements, restitution, reasonable attorneys’ fees, experts’ fees, costs, and expenses. The parties have filed a stipulation and order consolidating the two actions and staying the proceedings pending the court’s decision on defendants’ motion to dismiss the Smith action; the motion to dismiss in Smith was granted on February 26, 2021 and a notice of appeal was filed on March 29, 2021. Plaintiff’s-appellant’s appeal in Smith is still pending. On January 17, 2018, a stockholder of the Company filed a derivative civil action, captioned Robert Clark, Derivatively on Behalf of Antares Pharma, Inc. v. Robert F. Apple, et al. (“ Clark ”) (Case No. 3:18-cv-00703-MAS-DEA), against Robert F. Apple, Thomas J. Garrity, Jacques Gonella, Leonard S. Jacob, Marvin Samson, Anton G. Gueth and Robert P. Roche, Jr. as defendants, and the Company as a nominal defendant. The action was filed in the U.S. District Court for the District of New Jersey and asserts claims for breach of fiduciary duties, unjust enrichment, abuse of control, waste of corporate assets, and a violation of Section 14(a) of the Securities Exchange Act of 1934. This complaint relates to the same facts underlying the Smith securities class action and the other derivative actions. The plaintiff in Clark seeks damages, corporate governance and internal procedure reforms and improvements, reasonable attorneys’ fees, accountants’ and experts’ fees, costs, and expenses. The parties have filed a stipulation and order staying the action pending the court’s decision on defendants’ motion to dismiss the Smith action; the motion to dismiss in Smith was granted on February 26, 2021 and a notice of appeal was filed on March 29, 2021. After the expiration of all appeals related to the Smith dismissal, the parties shall submit a proposed order regarding the derivative action. Plaintiff’s-appellant’s appeal in Smith is still pending.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events TLANDO ® Exclusive License Agreement In October 2021, we entered into an exclusive license agreement (the “Agreement”) with Lipocine Inc. (“Lipocine”) for the product TLANDO ® (testosterone undecanoate) in the U.S., a twice-daily oral formulation of testosterone for testosterone replacement therapy indicated for conditions associated with a deficiency or absence of endogenous testosterone, or hypogonadism in adult males. TLANDO ® was granted tentative approval from the FDA based upon an FDA conclusion at the time that TLANDO ® met all required efficacy, quality and safety standards. TLANDO ® may be eligible for final approval and marketing in the U.S. upon expiration of the exclusivity period previously granted to Clarus Therapeutics, Inc. for JATENZO ® on March 27, 2022; however, there is no assurance FDA approval will be received. Under the terms of the Agreement, we paid Lipocine an upfront payment of $11,000. Lipocine is eligible for additional milestone payments up to $10,000 and tiered royalty and commercial milestones based on net sales of TLANDO® in the U.S. We will be responsible for the manufacturing and commercialization of TLANDO ® .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission's Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements and condensed footnote disclosures thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. Beginning as of and for the year ended December 31, 2020, the cost of product sales and the cost of development revenue are being classified under the heading operating expenses in the accompanying Consolidated Statements of Operations, and the corresponding prior period amounts have been reclassified to conform to this presentation. The reclassifications have no impact on our operating income or net income as previously reported .
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits at commercial banks and highly liquid investments with an original maturity of three months or less. Cash equivalents, consisting of investments in money market funds, are remeasured and reported at fair value each reporting period, in accordance with ASC Topic 820, Fair Value Measurements based on quoted market prices, which is a Level 1 input within the three-level valuation hierarchy for disclosure of fair value measurements, and totaled $36,141 and $36,133 as of September 30, 2021 and December 31, 2020, respectively.
Inventories	InventoriesInventories are stated at the lower of cost or net realizable value with cost determined on a first-in, first-out basis. Certain components of our products are provided by a limited number of vendors, and our production, assembly, warehousing and distribution operations are outsourced to third-parties where substantially all of our inventory is located. Disruption of supply from key vendors or third-party suppliers may have a material adverse impact on our operations and financial results.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over an asset's estimated useful life as follows: Useful Life Computer equipment and software 3-5 years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term Expenditures, including interest costs, for assets under construction that are not yet ready for their intended use are capitalized and will be depreciated based on the above guidelines when placed in service.
Revenue Recognition	Revenue Recognition We generate revenue from proprietary and partnered product sales, license and development activities and royalty arrangements. Revenue is recognized when or as we transfer control of the promised goods or services to the customer at the transaction price, which is the amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. At inception of each contract, we identify the goods and services that have been promised to the customer and each of those that represent a distinct performance obligation, determine the transaction price including any variable consideration, allocate the transaction price to the distinct performance obligations and determine whether control transfers to the customer at a point in time or over time. Variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. We reassess our reserves for variable consideration at each reporting date and make adjustments if necessary, which may affect revenue and earnings in periods in which any such changes become known. We have elected to recognize the cost for freight and shipping activities as a fulfillment cost. Amounts billed to customers for shipping and handling are included as part of the transaction price and recognized as revenue when control of underlying goods are transferred to the customer. The related shipping and freight charges incurred are included in cost of product sales in the Consolidated Statements of Operations. Proprietary Product Sales We sell our proprietary commercial products primarily to wholesale and specialty distributors. Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs. The determination of certain reserves and sales allowances requires us to make a number of judgements and estimates to reflect our best estimate of the transaction price and the amount of consideration to which we believe we will be ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and expected utilization rates, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. Reserves for prompt payment discounts are recorded as a reduction in accounts receivable in the Consolidated Statements of Operations. Reserves for returns, rebates and chargebacks, distributor fees and customer co-pay support programs are included within current liabilities in the Condensed Consolidated Balance Sheets. Partnered Product Sales We are party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which we produce and are the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as discussed below. We are the exclusive supplier of the Makena ® subcutaneous auto injector product to AMAG. Because the product is custom manufactured for AMAG with no alternative use and we have a contractual right to payment for performance completed to date, control is continuously transferred to the customer as product is produced pursuant to firm purchase orders. Revenue is recognized over time using the output method based on the contractual selling price and number of units produced. The amount of revenue recognized in excess of the amount shipped/billed to the customer, if any, is recorded as contract assets in the Condensed Consolidated Balance Sheets due to the short-term nature in which the amount is ultimately expected to be billed and collected from the customer. All other partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements or profit sharing arrangements, if any. We recognize revenue, including the estimated variable consideration we expect to receive for contract margin on future commercial sales, upon shipment of the goods to our partner. The estimated variable consideration is recognized at an amount we believe is not subject to significant reversal based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed. Licensing and Development Revenue We have entered into several license, development and supply arrangements with pharmaceutical partners under which we grant a license to our device technology and know-how and provide research and development services that often involve multiple performance obligations and highly customized deliverables. For such arrangements, we identify each of the promised goods and services within the contract and the distinct performance obligations at inception, and allocate consideration to each performance obligation based on relative standalone selling price, which is generally determined based on the expected cost plus margin. If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, we recognize revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control is transferred to the customer. Factors that may indicate that the transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets and we have a present right to payment. Our typical payment terms for development contracts may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. We record a contract liability for cash received in advance of performance, which is presented within deferred revenue in the Condensed Consolidated Balance Sheets and recognized as revenue in the Consolidated Statements of Operations when the associated performance obligations have been satisfied. We recognized $3,760 in licensing and development revenue in connection with contract liabilities that were outstanding as of December 31, 2020 and satisfied during the nine months ended September 30, 2021. License fees and milestones received in exchange for the grant of a license to our functional intellectual property such as patented technology and know-how in connection with a partnered development arrangement are generally recognized at inception of the arrangement, or over the development period depending on the facts and circumstances, as the license is generally not distinct from the non-licensed goods or services to be provided under the contract. Milestone payments that are contingent upon the occurrence of future events are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal will not occur when the associated uncertainty is resolved. Royalties We earn royalties in connection with licenses granted under license and development arrangements with partners. Royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digits to low double digits and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to us within 45 to 60 days of the end of the period in which the commercial sales are made. We base our estimates of royalties earned on actual sales information from our partners when available or estimated prescription sales from external sources and estimated net selling price. If actual royalties received are different than amounts estimated, we would adjust the royalty revenue in the period in which the adjustment becomes known. Remaining Performance Obligations Remaining performance obligations represent the allocation of transaction price of firm orders and development contract deliverables for which work has not been completed or orders fulfilled and excludes potential purchase orders under ordering-type supply contracts with indefinite delivery or quantity. As of September 30, 2021, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $16,034. We expect to recognize revenue on the remaining performance obligations over the next three years.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Estimated Useful Lives of Property and Equipment	Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over an asset's estimated useful life as follows: Useful Life Computer equipment and software 3-5 years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term Property and equipment, net consisted of the following: September 30, December 31, Production molds, tooling and equipment $ 21,069 $ 20,260 Leasehold improvements 7,457 6,298 Furniture, fixtures and office equipment 907 865 Computer equipment and software 1,348 756 Construction and tooling in process 7,506 6,214 Total property and equipment 38,287 34,393 Less: Accumulated depreciation (12,455) (10,373) Total property and equipment, net $ 25,832 $ 24,020

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: September 30, December 31, Raw material $ 422 $ 325 Work in process 8,186 7,120 Finished goods 7,885 10,771 Total inventories, net $ 16,493 $ 18,216

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Summary of Estimated Useful Lives of Property and Equipment	Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over an asset's estimated useful life as follows: Useful Life Computer equipment and software 3-5 years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term Property and equipment, net consisted of the following: September 30, December 31, Production molds, tooling and equipment $ 21,069 $ 20,260 Leasehold improvements 7,457 6,298 Furniture, fixtures and office equipment 907 865 Computer equipment and software 1,348 756 Construction and tooling in process 7,506 6,214 Total property and equipment 38,287 34,393 Less: Accumulated depreciation (12,455) (10,373) Total property and equipment, net $ 25,832 $ 24,020

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following is a summary of stock option activity under the Plan as of and for the nine months ended September 30, 2021: Number of Weighted Weighted Aggregate Outstanding at December 31, 2020 15,521 $ 2.49 Granted 2,591 4.39 Exercised (2,278) 2.26 Cancelled / Forfeited (229) 2.85 Outstanding at September 30, 2021 15,605 2.83 6.79 $ 14,768 Exercisable at September 30, 2021 10,633 $ 2.45 5.71 $ 12,773 The following is a summary of PSU and RSU award activity under the Plan as of and for the nine months ended September 30, 2021: Performance Stock Units Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2020 1,641 $ 2.61 1,567 $ 2.77 Granted 243 5.55 769 4.42 Incremental shares earned 209 3.18 — — Vested / Settled (766) 2.86 (832) 2.76 Outstanding at September 30, 2021 1,327 $ 3.04 1,504 $ 3.62
Summary of Share Based Compensation Allocation Expense	In connection with Plan awards, we recognized share-based compensation expense for the three and nine months ended September 30, 2021 and 2020 as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 1,170 $ 1,045 $ 2,947 $ 2,801 Restricted stock units 724 579 1,896 1,661 Performance stock units 288 180 1,005 1,307 Total share-based compensation expense $ 2,182 $ 1,804 $ 5,848 $ 5,769

Revenues, Significant Custome_2

Revenues, Significant Customers and Concentrations of Risk (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Revenues Disaggregated by Types of Goods and Services and Major Product and Customer Location	We disaggregate our revenue by type of goods and services and customer location. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Types of goods and services Proprietary product sales, net $ 20,827 $ 15,765 $ 58,512 $ 43,177 Partnered product sales 12,241 13,182 31,595 37,532 Total product revenue, net 33,068 28,947 90,107 80,709 Licensing and development revenue 3,682 4,321 15,833 8,763 Royalties 11,441 6,735 29,312 15,994 Total revenue, net $ 48,191 $ 40,003 $ 135,252 $ 105,466 Customer location United States of America $ 47,881 $ 39,370 $ 132,520 $ 103,638 Europe 310 633 2,732 1,828 Total revenue, net $ 48,191 $ 40,003 $ 135,252 $ 105,466
Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue	Customers from which we derived 10% or more of our total net revenue are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Teva 47% 45% 45% 42% McKesson Corporation 13% 12% 13% 12% AmerisourceBergen Corporation 11% 11% 12% 12% Cardinal Health 10% 11% 11% 11% AMAG <10% <10% <10% 10%

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Computation for Basic and Diluted Net Earnings (Loss) per Share	The following table sets forth the computation for basic and diluted earnings per common share for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 5,393 $ 4,996 $ 13,606 $ 4,815 Weighted average common shares outstanding 169,953 166,375 168,947 165,838 Dilutive effects of stock options and share-based awards issuable under equity compensation plans 5,175 3,280 5,990 3,921 Weighted average dilutive common shares outstanding 175,128 169,655 174,937 169,759 Earnings per common share Basic $ 0.03 $ 0.03 $ 0.08 $ 0.03 Diluted $ 0.03 $ 0.03 $ 0.08 $ 0.03 Anti-dilutive common stock equivalents (1) 3,696 8,596 1,639 6,719 (1) These common stock equivalents were outstanding for the period but were not included in the computation of diluted earnings per share for those periods as their inclusion would have had an anti-dilutive effect.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Remaining performance obligations	$ 16,034
Minimum
Summary of Significant Accounting Policies [Line Items]
Royalty payment period	45 days
Maximum
Summary of Significant Accounting Policies [Line Items]
Royalty payment period	60 days
Licensing and development revenue
Summary of Significant Accounting Policies [Line Items]
Revenue recognized	$ 3,760
Level 1 Input
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents, remeasured and reported at fair value	$ 36,141	$ 36,133

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2021
Computer equipment and software | Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer equipment and software | Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture, fixtures and office equipment | Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture, fixtures and office equipment | Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Production molds, tooling and equipment | Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Production molds, tooling and equipment | Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw material	$ 422	$ 325
Work in process	8,186	7,120
Finished goods	7,885	10,771
Total inventories, net	$ 16,493	$ 18,216

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory reserve	$ 1,094	$ 619

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment	$ 38,287		$ 38,287		$ 34,393
Less: Accumulated depreciation	(12,455)		(12,455)		(10,373)
Total property and equipment, net	25,832		25,832		24,020
Depreciation	738	$ 575	2,140	$ 1,654
Production molds, tooling and equipment
Property Plant And Equipment [Line Items]
Property and equipment	21,069		21,069		20,260
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment	7,457		7,457		6,298
Furniture, fixtures and office equipment
Property Plant And Equipment [Line Items]
Property and equipment	907		907		865
Computer equipment and software
Property Plant And Equipment [Line Items]
Property and equipment	1,348		1,348		756
Construction and tooling in process
Property Plant And Equipment [Line Items]
Property and equipment	$ 7,506		$ 7,506		$ 6,214

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Nov. 01, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	May 30, 2019USD ($)
Debt Instrument [Line Items]
Carrying value of long term debt		$ 18,401,000				$ 18,401,000		$ 24,669,000
Future principal payments due in 2023		9,906,000				9,906,000
Future principal payments due in 2024		6,216,000				6,216,000
Repayments of long-term debt						$ 20,000,000	$ 0
Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Leverage ratio, maximum	0.0150
Credit Agreement | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000,000
Repayments of long-term debt	20,000,000
Credit Agreement | Revolving Credit Facility | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	20,000,000
Credit Agreement | Letter of Credit | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Remaining borrowing capacity	5,000,000
Credit Agreement | Bridge Loan | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 1,000,000
Hercules Capital, Inc | Term Loan
Debt Instrument [Line Items]
Prepayment fee percentage on principal loan prepaid						1.00%
Prepayment of principal		5,000,000	$ 15,000,000
Carrying value of long term debt		21,319,000				$ 21,319,000		$ 40,899,000
Future principal payments due in 2021		0				0
Future principal payments due in 2022		$ 3,878,000				$ 3,878,000
Hercules Capital, Inc | Term Loan | First Amendment
Debt Instrument [Line Items]
Long-term debt, face amount				$ 50,000,000					$ 35,000,000
Hercules Capital, Inc | Tranche I Loan
Debt Instrument [Line Items]
Long-term debt, borrowed amount					$ 25,000,000
Percentage of loan fee on original principal amount						4.25%
Hercules Capital, Inc | Tranche II
Debt Instrument [Line Items]
Percentage of loan fee on original principal amount						3.95%
Hercules Capital, Inc | Tranche II | First Amendment
Debt Instrument [Line Items]
Long-term debt, increase in face amount				$ 15,000,000
Hercules Capital, Inc | Maximum | Term Loan
Debt Instrument [Line Items]
Long-term debt, face amount					$ 35,000,000
Prepayment fee percentage on principal loan prepaid						3.00%
Hercules Capital, Inc | Minimum | Term Loan
Debt Instrument [Line Items]
Prepayment fee percentage on principal loan prepaid						1.00%
Prime Based Variable Rate | Hercules Capital, Inc | Term Loan
Debt Instrument [Line Items]
Debt Instrument, variable interest rate					9.50%
London Interbank Offered Rate (LIBOR) | Credit Agreement | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, variable interest rate	2.50%

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	10,000,000
Shares withheld to meet employees' statutory income tax obligation	626,000	425,000
Amounts paid to taxing authorities for employees' tax obligations	$ 2,841	$ 1,366
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested and deferred	30
Employees Tax Obligations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amounts paid to taxing authorities for employees' tax obligations	$ 2,841	$ 1,366

Share Based Compensation - Summ

Share Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Number of Shares
Beginning balance, outstanding (in shares) | shares	15,521,000
Granted (in shares) | shares	2,591,000
Exercised (in shares) | shares	(2,278,000)
Cancelled / Forfeitures (in shares) | shares	(229,000)
Ending balance, outstanding (in shares) | shares	15,605,000
Weighted Average Exercise Price
Beginning balance, outstanding (in usd per share) | $ / shares	$ 2.49
Granted (in usd per share) | $ / shares	4.39
Exercised (in usd per share) | $ / shares	2.26
Cancelled / Forfeited (in usd per share) | $ / shares	2.85
Ending balance, outstanding (in usd per share) | $ / shares	$ 2.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Ending balance, exercisable (in shares) | shares	10,633,000
Ending balance, exercisable (in usd per share) | $ / shares	$ 2.45
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance	6 years 9 months 14 days
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance	5 years 8 months 15 days
Aggregate Intrinsic Value Outstanding, Ending Balance | $	$ 14,768
Aggregate Intrinsic Value Exercisable, Ending Balance | $	$ 12,773

Share Based Compensation - Su_2

Share Based Compensation - Summary of PSU and RSU Award Activity Under Plan (Detail)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Performance Stock Units
Number of Shares
Beginning balance, outstanding (in shares) | shares	1,641,000
Granted (in shares) | shares	243,000
Incremental shares entered (in shares) | shares	209,000
Vested / Settled (in shares) | shares	(766,000)
Ending balance, outstanding (in shares) | shares	1,327,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance, outstanding (in usd per share) | $ / shares	$ 2.61
Granted (in usd per share) | $ / shares	5.55
Incremental shares earned (in usd per share) | $ / shares	3.18
Vested / Settled (in usd per share) | $ / shares	2.86
Ending balance, outstanding (in usd per share) | $ / shares	$ 3.04
Restricted Stock Units
Number of Shares
Beginning balance, outstanding (in shares) | shares	1,567,000
Granted (in shares) | shares	769,000
Incremental shares entered (in shares) | shares	0
Vested / Settled (in shares) | shares	(832,000)
Ending balance, outstanding (in shares) | shares	1,504,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance, outstanding (in usd per share) | $ / shares	$ 2.77
Granted (in usd per share) | $ / shares	4.42
Incremental shares earned (in usd per share) | $ / shares	0
Vested / Settled (in usd per share) | $ / shares	2.76
Ending balance, outstanding (in usd per share) | $ / shares	$ 3.62

Share Based Compensation - Su_3

Share Based Compensation - Summary of Share Based Compensation Allocation Expense (Detail) - Long Term Incentive Program - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,182	$ 1,804	$ 5,848	$ 5,769
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,170	1,045	2,947	2,801
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	724	579	1,896	1,661
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 288	$ 180	$ 1,005	$ 1,307

Revenues, Significant Custome_3

Revenues, Significant Customers and Concentrations of Risk - Summary of Revenue Disaggregated by Types of Goods and Services and Major Product (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 48,191	$ 40,003	$ 135,252	$ 105,466
Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenue	33,068	28,947	90,107	80,709
Total product revenue, net | Proprietary product sales, net
Disaggregation Of Revenue [Line Items]
Total revenue	20,827	15,765	58,512	43,177
Total product revenue, net | Partnered product sales
Disaggregation Of Revenue [Line Items]
Total revenue	12,241	13,182	31,595	37,532
Total product revenue, net | Product sales, net
Disaggregation Of Revenue [Line Items]
Total revenue	33,068	28,947	90,107	80,709
Licensing and development revenue
Disaggregation Of Revenue [Line Items]
Total revenue	3,682	4,321	15,833	8,763
Royalties
Disaggregation Of Revenue [Line Items]
Total revenue	$ 11,441	$ 6,735	$ 29,312	$ 15,994

Revenues, Significant Custome_4

Revenues, Significant Customers and Concentrations of Risk - Summary of Revenues Disaggregated by Customer Location (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenues	$ 48,191	$ 40,003	$ 135,252	$ 105,466
United States of America
Disaggregation Of Revenue [Line Items]
Total revenues	47,881	39,370	132,520	103,638
Europe
Disaggregation Of Revenue [Line Items]
Total revenues	$ 310	$ 633	$ 2,732	$ 1,828

Revenues, Significant Custome_5

Revenues, Significant Customers and Concentrations of Risk - Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue (Detail) - Customer Concentration Risk - Revenue Benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Teva
Concentration Risk [Line Items]
Total revenue by customer, percentage	47.00%	45.00%	45.00%	42.00%
McKesson Corporation
Concentration Risk [Line Items]
Total revenue by customer, percentage	13.00%	12.00%	13.00%	12.00%
AmerisourceBergen Corporation
Concentration Risk [Line Items]
Total revenue by customer, percentage	11.00%	11.00%	12.00%	12.00%
Cardinal Health
Concentration Risk [Line Items]
Total revenue by customer, percentage	10.00%	11.00%	11.00%	11.00%
AMAG
Concentration Risk [Line Items]
Total revenue by customer, percentage				10.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	Sep. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 2,127,000
Unrecognized tax benefits, income tax penalties and interest accrued	$ 0

Earnings per Share - Summary of

Earnings per Share - Summary of Computation for Basic and Diluted Net Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income	$ 5,393	$ 4,996	$ 13,606	$ 4,815
Denominator
Weighted average common shares outstanding (in shares)	169,953	166,375	168,947	165,838
Dilutive effects of stock options and share-based awards issuable under equity compensation plans (in shares)	5,175	3,280	5,990	3,921
Weighted average dilutive common shares outstanding (in shares)	175,128	169,655	174,937	169,759
Earnings per common share
Basic (in usd per share)	$ 0.03	$ 0.03	$ 0.08	$ 0.03
Diluted (in usd per share)	$ 0.03	$ 0.03	$ 0.08	$ 0.03
Anti-dilutive common stock equivalents	3,696	8,596	1,639	6,719

Subsequent Events (Details)

Subsequent Events (Details) - Lipocine Inc. - Subsequent Event $ in Thousands	1 Months Ended
	Oct. 31, 2021USD ($)
Subsequent Event [Line Items]
Upfront payment paid	$ 11
Additional milestone payment	10
License fee	$ 4