Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 739.4 | ||
Entity Common Stock, Shares Outstanding | 170,106,346 | ||
Documents Incorporated by Reference | Portions of the definitive Proxy Statement to be filed within 120 days after the end of the period covered by this report for the registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001016169 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Auditor Location | Minneapolis, MN |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 65,913 | $ 53,137 |
Short-term investments | 1,245 | 0 |
Accounts receivable, net | 56,697 | 42,221 |
Other receivables | 26,311 | 0 |
Inventories, net | 11,544 | 18,216 |
Contract assets | 8,030 | 8,140 |
Prepaid expenses and other current assets | 4,532 | 4,877 |
Total current assets | 174,272 | 126,591 |
Deferred tax assets, net | 33,043 | 46,982 |
Property and equipment, net | 26,015 | 24,020 |
Operating lease right-of-use assets | 3,774 | 4,621 |
Intangibles, net | 17,879 | 7,693 |
Goodwill | 1,095 | 1,095 |
Other long-term assets | 1,427 | 1,529 |
Total assets | 257,505 | 212,531 |
Current liabilities | ||
Accounts payable | 17,056 | 16,194 |
Accrued expenses and other liabilities | 35,043 | 25,635 |
Current maturities of long-term debt, net | 1,500 | 16,230 |
Operating lease liabilities, current | 904 | 1,203 |
Deferred revenue | 4,427 | 3,943 |
Total current liabilities | 58,930 | 63,205 |
Long-term debt, less current maturities | 18,241 | 24,669 |
Operating lease liabilities, long-term | 4,576 | 4,816 |
Other long-term liabilities | 0 | 726 |
Total liabilities | 81,747 | 93,416 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Preferred Stock: $0.01 par; 3,000 shares authorized, none outstanding | 0 | 0 |
Common Stock: $0.01 par; 300,000 shares authorized; 170,072 and 166,836 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 1,701 | 1,668 |
Additional paid-in capital | 351,079 | 340,756 |
Accumulated deficit | (176,337) | (222,626) |
Accumulated other comprehensive loss | (685) | (683) |
Total stockholders’ equity | 175,758 | 119,115 |
Total liabilities and stockholders’ equity | $ 257,505 | $ 212,531 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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, issued (in shares) | 170,072,000 | 166,836,000 |
Common Stock, outstanding (in shares) | 170,072,000 | 166,836,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | |||
Total revenue, net | $ 183,982 | $ 149,599 | $ 123,864 |
Operating expenses | |||
Research and development | 14,502 | 10,121 | 10,624 |
Selling, general and administrative | 73,857 | 62,759 | 61,773 |
Total operating expenses | 156,640 | 135,980 | 122,872 |
Gain on sale of assets | 38,591 | 0 | 0 |
Operating income | 65,933 | 13,619 | 992 |
Other income (expense) | |||
Interest expense | (3,611) | (3,787) | (3,549) |
Other income (expense), net | (51) | 89 | 530 |
Total other expense, net | (3,662) | (3,698) | (3,019) |
Income (loss) before income taxes | 62,271 | 9,921 | (2,027) |
Income tax provision (benefit) | 15,982 | (46,280) | 0 |
Net income (loss) | $ 46,289 | $ 56,201 | $ (2,027) |
Earnings (loss) per common share | |||
Basic (in dollars per share) | $ 0.27 | $ 0.34 | $ (0.01) |
Diluted (in dollars per share) | $ 0.26 | $ 0.33 | $ (0.01) |
Weighted average common shares outstanding | |||
Basic (in shares) | 169,226 | 166,066 | 162,574 |
Diluted (in shares) | 174,733 | 170,155 | 162,574 |
Product sales, net | |||
Revenue | |||
Total revenue, net | $ 126,667 | $ 113,834 | $ 92,103 |
Operating expenses | |||
Cost of product sales | 54,418 | 53,960 | 46,267 |
Licensing and development revenue | |||
Revenue | |||
Total revenue, net | 19,623 | 14,466 | 7,529 |
Operating expenses | |||
Cost of product sales | 13,863 | 9,140 | 4,208 |
Royalties | |||
Revenue | |||
Total revenue, net | $ 37,692 | $ 21,299 | $ 24,232 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 46,289 | $ 56,201 | $ (2,027) |
Foreign currency translation adjustment | (2) | 19 | 1 |
Comprehensive income (loss) | $ 46,287 | $ 56,220 | $ (2,026) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2018 | $ 39,001 | $ 1,597 | $ 314,907 | $ (276,800) | $ (703) |
Balance (in shares) at Dec. 31, 2018 | 159,721 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock | 7,781 | $ 23 | 7,758 | ||
Issuance of common stock (in shares) | 2,307 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (1,131) | $ 7 | (1,138) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes (in shares) | 664 | ||||
Exercise of options | 4,405 | $ 25 | 4,380 | ||
Exercise of options (in shares) | 2,529 | ||||
Share-based compensation | 6,470 | 6,470 | |||
Net income (loss) | (2,027) | (2,027) | |||
Other comprehensive income (loss) | 1 | 1 | |||
Balance at Dec. 31, 2019 | 54,500 | $ 1,652 | 332,377 | (278,827) | (702) |
Balance (in shares) at Dec. 31, 2019 | 165,221 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (1,367) | $ 7 | (1,374) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes (in shares) | 676 | ||||
Exercise of options | 1,814 | $ 9 | 1,805 | ||
Exercise of options (in shares) | 939 | ||||
Share-based compensation | 7,948 | 7,948 | |||
Net income (loss) | 56,201 | 56,201 | |||
Other comprehensive income (loss) | 19 | 19 | |||
Balance at Dec. 31, 2020 | 119,115 | $ 1,668 | 340,756 | (222,626) | (683) |
Balance (in shares) at Dec. 31, 2020 | 166,836 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (2,841) | $ 10 | (2,851) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes (in shares) | 942 | ||||
Exercise of options | 5,182 | $ 23 | 5,159 | ||
Exercise of options (in shares) | 2,294 | ||||
Share-based compensation | 8,015 | 8,015 | |||
Net income (loss) | 46,289 | 46,289 | |||
Other comprehensive income (loss) | (2) | (2) | |||
Balance at Dec. 31, 2021 | $ 175,758 | $ 1,701 | $ 351,079 | $ (176,337) | $ (685) |
Balance (in shares) at Dec. 31, 2021 | 170,072 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 46,289 | $ 56,201 | $ (2,027) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Deferred taxes | 13,939 | (47,203) | (371) |
Stock-based compensation | 8,015 | 7,948 | 6,470 |
Depreciation and amortization | 3,901 | 2,627 | 2,557 |
Non-cash interest expense | 648 | 504 | 405 |
Increase in inventory reserve | 152 | 511 | 325 |
Gain on sale of assets | (38,591) | 0 | 0 |
Other | 671 | 42 | 12 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (14,476) | (7,128) | (16,095) |
Inventories, net | 2,748 | (2,728) | (4,975) |
Contract assets | 110 | 53 | (2,793) |
Prepaid expenses and other current assets | (1,056) | (1,460) | (655) |
Accounts payable | 2,189 | 2,594 | 926 |
Accrued expenses and other liabilities | 11,596 | 7,157 | 4,888 |
Deferred revenue | 484 | 2,202 | 718 |
Net cash provided by (used in) operating activities | 36,619 | 21,320 | (10,615) |
Cash Flows from Investing Activities | |||
Purchases of property and equipment | (6,617) | (9,615) | (2,350) |
Proceeds from sale of assets, net of transaction costs | 17,825 | 282 | 5,000 |
Purchase of intangibles, including transaction costs | (13,815) | (5,000) | 0 |
Purchases of investment securities | (1,245) | 0 | (22,645) |
Proceeds from maturities of investment securities | 0 | 22,500 | 0 |
Net cash provided by (used in) investing activities | (3,852) | 8,167 | (19,995) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt | 20,000 | 0 | 15,000 |
Principal payments of long-term debt | (40,000) | 0 | 0 |
Prepayment fees and end of term charge on long-term debt | (2,055) | 0 | 0 |
Payment of debt issuance costs for long-term debt | (276) | 0 | (136) |
Proceeds from issuance of common stock, net | 0 | 0 | 7,781 |
Proceeds from exercise of stock options | 5,182 | 1,814 | 4,405 |
Taxes paid related to net share settlement of equity awards | (2,841) | (1,367) | (1,131) |
Net cash provided by (used in) financing activities | (19,990) | 447 | 25,919 |
Effect of exchange rate changes on cash and cash equivalents | (1) | 2 | 0 |
Cash and cash equivalents | |||
Net increase (decrease) during the period | 12,776 | 29,936 | (4,691) |
Beginning of period | 53,137 | 23,201 | 27,892 |
End of period | 65,913 | 53,137 | 23,201 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 2,736 | 3,538 | 3,025 |
Cash paid for income taxes | 1,783 | 90 | 0 |
Supplemental disclosure of non-cash investing activities | |||
Purchases of property and equipment recorded in accounts payable and accrued expenses | 259 | 2,017 | 970 |
Purchase of intangible assets included in accrued liabilities | 0 | 2,500 | 0 |
Gain on sale of assets recognized in excess of cash received | $ 20,766 | $ 0 | $ 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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 partnership arrangements with several different industry leading pharmaceutical companies. 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, which was sold to Otter Pharmaceuticals, LLC (a subsidiary of Assertio Holdings, Inc., together with Assertio Holdings, Inc., as guarantor, individually and collectively referred to as “Otter”) in December 2021 as discussed in Note 12; 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 Pharmaceutical Industries, Ltd.’ ( “Teva”) 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 Pharmaceuticals, Inc. (“AMAG”), acquired by Covis Group S.a.r.l. (“CG”) (collectively CG and AMAG are herein after referred to as “Covis”) in November 2020, we developed a subcutaneous auto injector and are the exclusive supplier of devices and the final assembled and packaged commercial product of 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. • 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 U.S. Additionally, we are developing other devices in collaboration with various pharmaceutical partners and advancing other internal research and development programs. We also have a proprietary product, TLANDO ® (testosterone undecanoate) is a twice-day oral formulation of testosterone for TRT indicated for conditions associated with a deficiency or absence of endogenous testosterone, or hypogonadism in adult males, with tentative FDA approval. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Antares Pharma, Inc. and its two wholly-owned foreign subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Our most significant accounting estimates relate to revenue recognition and variable consideration, inventory valuation, the carrying value of deferred tax assets and the valuation of equity instruments used in the computation of share-based compensation. Actual results could differ from these estimates, and significant variances could materially impact our financial condition and results of operations. Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. As of and for the year ended December 31, 2020, the cost of product sales and the cost of development revenue were classified under the heading Operating expenses in the Consolidated Statements of Operations, and the corresponding prior period amount was reclassified to conform to this presentation. The reclassifications had no impact on our operating income (loss), net income (loss) or cash flows as previously reported. Accounting Pronouncements Recently Adopted We adopted FASB ASU No. 2018-15, Customers’ Accounting for Implementation Costs Incurred in Cloud Computing Arrangement that is a Service Contract, effective January 1, 2020, which provides new guidance on a customer’s accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor (i.e., a service contract). Under the new guidance, entities apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. Adoption of this standard did not have a material impact on our financial condition, results of operations or disclosures. We adopted FASB ASU No. 2018-18, Clarifying the Interaction Between Topic 808 and 606 , effective January 1, 2020, which clarifies that certain transactions between collaborative arrangement participants should be accounted for under the revenue guidance, adds unit of account guidance to the collaborative arrangement guidance to align with the revenue standard, and clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under the revenue standard. Adoption of this standard did not have a material impact on our financial condition, results of operations or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted as December 31, 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , followed by related amendments, which changes the accounting for credit losses on instruments measured at amortized cost by adding an impairment model that is based on expected losses rather than incurred losses. Any entity will recognize as an allowance its estimate of expected credit losses, which is believed to result in more timely recognition of such losses as the standard eliminates the probable initial recognition threshold. The new guidance is required to be adopted using a modified retrospective approach with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period of adoption. Adoption of the new guidance was originally required for annual periods beginning after December 15, 2019, including interim periods within the annual period. In October 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , which deferred the effective date of ASU 2016-13 for certain entities, including those that are eligible for smaller reporting company classification. Determination of eligibility for deferral was a one-time assessment as of November 15, 2019 based on the entity’s most recent smaller reporting company eligibility determination as of the last business day of its most recently completed second quarter. Based on this determination, we qualified as a smaller reporting entity and was therefore eligible for the adoption deferral resulting in a new effective date of January 1, 2023. The impact on our financial condition, results of operations and disclosures is being evaluated but is not expected to be significant as we have historically had minimal credit losses on financial instruments. In April 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. The standard can be applied immediately through December 31, 2022. We have not yet evaluated the impact the adoption of this guidance may have on our financial condition, results of operations or disclosures. Foreign Currency Translation The majority of our foreign subsidiaries’ revenues are denominated in U.S. dollars, and any required funding of the subsidiaries is provided by the U.S. parent. Nearly all operating expenses of our foreign subsidiaries are denominated in Swiss Francs. Additionally, bank accounts held by foreign subsidiaries are denominated in Swiss Francs, there is a low volume of intercompany transactions and there is not an extensive interrelationship between the operations of the subsidiaries and the parent company. As such, we have determined that the Swiss Franc is the functional currency for our foreign subsidiaries. Our reporting currency is the United States Dollar (“USD”). The financial statements of our foreign subsidiaries are translated into USD for consolidation purposes. All assets and liabilities are translated using period-end exchange rates. Statements of operations items are translated using average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity, comprising all of the accumulated other comprehensive income (loss). Sales to certain customers and purchases from certain vendors by the U.S. parent are in currencies other than USD and are subject to foreign currency exchange rate fluctuations. Foreign currency transaction gains and losses are included in other income (expense) in the Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents represent 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 and bank certificate of deposits, are remeasured and reported at fair value each reporting period 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 $26,889 and $36,133 as of December 31, 2021 and 2020, respectively. Investments From time to time, we also invest in bank certificates of deposit that are classified as held-to-maturity because of our intent and ability to hold securities to maturity. Investments with original maturities greater than three months but less than one year are classified as short-term investments on the Consolidated Balance Sheets. The investment securities are carried at their amortized cost and fair value is determined by quoted market prices for identical or similar securities. The carrying value of our short-term investments as of December 31, 2021 approximate fair value. Fair Value Measurements Financial assets and liabilities are required to be measured and reported at fair value each reporting period. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. When considering market participant assumptions in fair value measurement, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels. • Level 1: Unadjusted quoted prices which are available in active markets for identical assets or liabilities accessible to us at the measurement date. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The hierarchy gives the highest priority to Level 1, as this level provides the most reliable measure of fair value, while given the lowest priority to Level 3. Financial assets and liabilities that are not measured at fair value on a recurring basis include held-to-maturity investments and long-term debt as the carrying values of which approximate fair value. The estimated fair value of debt is based on Level 2 inputs, including our understanding of current market rates we could obtain for similar loans. The fair value of our cash and cash equivalents, accounts receivable, other receivables, contract assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. We measure certain financial instruments at fair value on a nonrecurring basis. These assets primarily include goodwill and intangible assets, as well as property and equipment and right-of-use lease assets. These assets were initially measured and recognized at amounts equal to the fair value determined as of the date of acquisition or purchase. Periodically, these assets are tested for impairment, by comparing their respective carrying values to the estimated fair value of the reporting unit or asset group in which they reside. In the event any of these assets were to become impaired, we would recognize an impairment loss equal to the amount by which the carrying value of the reporting unit, impaired asset or asset group exceeds its estimated fair value. Fair value measurement of the reporting unit associated with our goodwill balance is estimated at least annually in the fourth quarter of each calendar year for purposes of impairment testing if a quantitative analysis is performed. Fair value measurements associated with our intangible assets, other long-lived assets and property and equipment are estimated when events or changes in circumstances such as market value, asset utilization, physical change, legal factors or other matters indicate that the carrying value may not be recoverable. Accounts Receivable Trade accounts receivable represents amounts billed to customers and are stated at the amount we expect to collect. Customer creditworthiness, past transaction history with the customer and changes in customer payment terms are factors considered when determining collectability of specific customer accounts. As of December 31, 2021, our trade accounts receivable balance was due primarily from Teva and major wholesale distributors. Each of these customers have historically paid in a timely manner and demonstrated creditworthiness. Accordingly, we believe the risk of accounts being uncollectible is minimal and no significant allowances for doubtful accounts was established as of December 31, 2021 or 2020. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances may be required. We had no material write-offs to bad debt expense in the years ended December 31, 2021, 2020 or 2019. Royalties receivable from partners are included in accounts receivable and are typically payable to us within 45 to 60 days after the end of each quarter in which they were earned. 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-party suppliers 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. We record reserves for potentially excess, dated or obsolete inventories based on forecasted product demand estimates and the likelihood of consumption in the normal course of business, considering the expiration dates of the inventories on hand, planned production volumes and lead times required for restocking of customer inventories. Although every effort is made to ensure that forecasts and assessments are reasonable, changes to these assumptions are possible. In such cases, estimates may prove inaccurate and result in an understatement or overstatement of the reserves required to fairly state such inventories. Contract Assets Contract assets are recognized when control of goods or services has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract. Costs that have been incurred in connection with development services provided to partners for which the associated revenue has not yet been recognized are also recorded as contract assets and totaled $564 and $1,685 as of December 31, 2021 and 2020, respectively. 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 and internal-use software that are not yet ready for their intended use are capitalized and will be depreciated based on the above guidelines when placed in service. Costs associated with repairs and maintenance activities are expensed as incurred. Leases We recognize right-of-use (“ROU”) assets a nd lease liabilities when we obtain the right to control the asset under a leasing arrangement with an initial term greater than twelve months. We evaluate the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognize the ROU asset and lease liability based on the present value of future minimum lease payments over the expected lease term. Our leases do not generally contain an implicit interest rate; therefore, we use the incremental borrowing rate we would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of our lease payments. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Certain lease arrangements contain renewal options that have not been included in the determination of the lease term, as they are not reasonably certain of exercise. For contracts that contain lease and non-lease components, we account for both components as a single lease component. Variable lease payments are expensed as incurred. Intangible Assets We capitalize and include the costs of acquired product licenses and trademark rights as intangible assets. These intangible assets with finite useful lives are presented net of accumulated amortization. Amortization is computed on a straight-line basis over the shorter of the contractual or estimated economic life of the underlying contract, which generally ranges from five Impairment of Long-Lived Assets and Intangible Assets Long-lived assets and intangible assets are reviewed for impairment whenever events or changes in circumstances such as market value, asset utilization, physical change, legal factors or other matters indicate that the carrying value of an asset or asset group may not be recoverable. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset or asset group and its eventual disposition to the carrying value of the asset. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the Consolidated Statement of Operations. The determination of an asset’s fair value requires management to make certain estimates and judgements. Goodwill Goodwill is evaluated for impairment annually as of December 31, or more frequently if an event occurs or circumstances change such as market value, asset utilization, legal factors or other matters that indicate the carrying value may not be recoverable. Evaluating goodwill for impairment involves the determination of the fair value of each reporting unit in which goodwill is recorded using a qualitative or quantitative analysis. A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by management on a regular basis. As of December 31, 2021 and 2020, we have goodwill with a carrying value of $1,095, attributable to our single reporting unit. Based on the results of our qualitative analysis, we determined that goodwill was not impaired, and no impairment loss was recognized in the years ended December 31, 2021, 2020, and 2019, r espectively. 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 would 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 estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, 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 Balance Sheets. Reserves for returns, distributor fees, rebates and customer co-pay support programs are included within current liabilities in the Consolidated Balance Sheets. Wholesaler Distribution Fees – Distribution fees are paid to certain wholesalers based on contractually determined rates and units purchased. Since the fee paid to the customer is not for a distinct good or service, the consideration is recognized as a reduction of the transaction price of the goods delivered. We accrue the estimated fee due at the time of sale based on the contracted price and adjust the accrual at each reporting period, if necessary, to reflect actual experience. Prompt Pay D iscounts – We offer cash discounts to our customers, generally 2% of the sales price, as an incentive for prompt payment. Based on historical experience, customers take advantage of this discount and accordingly we accrue 100% of the ca sh discounts offered by reducing accounts receivable and recognizing the discount as a reduction of revenue in the same period the related sales are made. The accrual is reviewed at each reporting period and adjusted if actual experience differs from estimates. Chargebacks – We provide discounts primarily to authorized users of the Federal Supply Schedule (“FSS”) of the General Services Administration under an FSS contract negotiated by the Department of Veterans Affairs and various organizations under Medicaid contracts and regulations. These entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge us back the difference between the current wholesale acquisition cost and the price the entity paid for the product. We estimate and accrue chargebacks based on estimated wholesaler inventory levels, current contract prices and historical chargeback activity. Chargebacks are recognized as a reduction of revenue in the same period the related revenue is recognized. Rebates – We participate in certain government and insurance plan rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, we pay a rebate to the third-party administrators of the programs. The rebate payments are generally made in periods subsequent to the quarter in which prescriptions subject to the rebate are filled, generally on a two three Patient Discount Programs – We offer discount cards, co-pay coupons and free trial programs to off-set the cost of prescriptions to patients. We estimate the total amount that will be redeemed or used based on historical redemption experience and on levels of inventory in the distribution and retail channels, and recognize the discount as a reduction of revenue in the same period the related revenue is recognized. Product Returns – Consistent with industry practice, we generally offer wholesalers and specialty distributors a limited right to return products, generally within six months prior to an d 12 months following the product’s expiration date. Our proprietary products generally have expiration dates ranging from 24 to 33 months. Product returns are estimated and recorded at the time of sale based on historical return patterns. Actual return s are tracked by individual production lots and charged against reserves. Returns reserves may be adjusted, if necessary, if actual returns differ from historical estimates. We also monitor and take into consideration the amount of estimated product inventory in the distribution channel, product dating and any known or expected changes in the marketplace when establishing the estimated rate of returns. Changes in reserves for product returns and sales allowances are as follows: Rebates and Patient Returns Wholesaler Prompt Balance as of December 31, 2019 $ 6,308 $ 845 $ 370 $ 1,683 $ 320 Accruals and adjustments 34,947 12,422 2,657 11,619 2,494 Payments and other reserve reductions (34,068) (11,975) (2,569) (10,804) (2,378) Balance as of December 31, 2020 7,187 1,292 458 2,498 436 Accruals and adjustments 52,243 15,629 4,163 15,683 3,423 Payments and other reserve reductions (46,129) (13,971) (3,992) (14,498) (3,222) Balance as of December 31, 2021 $ 13,301 $ 2,950 $ 629 $ 3,683 $ 637 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 Covis and beginning in December 2021, OTREXUP ® to Otter . Because these products are custom manufactured for each customer 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 the 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 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 mark-up. 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 liability for cash received in advance of performance, which is presented within deferred revenue in the Consolidated Balance Sheets and recognized as revenue when the associated performance obligations have been satisfied. We recogniz ed $3,889 in licensing and development revenue in connection with contract liabilities that were outstanding as of December 31, 2020 and satisfied during the year ended December 31, 2021. License fees and milestones received in exchange for the grant of a license to our functional intellectual property (“IP”) 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 w ithin 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 estima ted 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 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 December 31, 2021, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, wa s $14,879. We expect to recognize revenue on the remaining performance obligations over the next three years, with the majority being recognized in the next twelve months . Share-Based Compensation We use share-based compensation in the form of stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). We record compensation expense associated with share-based awards granted to employees at the fair value of the award on the date of grant. Th e Black-Scho |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: December 31, 2021 December 31, 2020 Raw materials $ 325 $ 325 Work in process 6,784 7,120 Finished goods 4,435 10,771 Total inventories, net $ 11,544 $ 18,216 A reserve is recorded for potentially excess, dated or obsolete inventory based on an analysis of inventory on hand compared to forecasted future sales, which was $214 and $619 as of December 31, 2021 and 2020, respectively. In 2021, we wrote off $359 of inventory and reduced the reserve for excess, dated or obsolete inventory by $46. In 2020, we wrote off $356 of inventory and increased the reserve for excess, dated or obsolete inventory by $511. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net consisted of the following: December 31, 2021 December 31, 2020 Production molds, tooling and equipment $ 22,069 $ 20,260 Leasehold improvements 7,559 6,298 Furniture, fixtures and office equipment 907 865 Computer equipment and software 1,717 756 Construction and tooling in process 6,942 6,214 Total property and equipment 39,194 34,393 Less: Accumulated depreciation (13,179) (10,373) Total property and equipment, net $ 26,015 $ 24,020 Depreciation expense was $2,864, $2,341 and $2,205 for the years ended December 31, 2021, 2020 and 2019, respectively. In 2021 and 2020, we disposed of certain property and equipment that was fully depreciated and no longer used. We capitalized $52 and $231 of interest costs as sociated with construction of property and equipment during the years ended December 31, 2021 and 2020, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We are party to non-cancellable operating leases for our corporate headquarters facilities in Ewing, New Jersey, and two facilities in the suburbs of Minneapolis, Minnesota used for research and development, manufacturing and administrative functions. We have also entered into a master operating lease arrangement for a fleet of vehicles for use by our sales force and other operating leases for various office and warehouse equipment. Our lease agreements do not contain any material residual value guarantees, material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties. On November 1, 2021, January 1, 2022 and March 1, 2022, we entered into two-month lease extensions on our operating lease for our corporate headquarters in Ewing, New Jersey. The three extensions set new lease expiration dates of December 31, 2021, February 28, 2022 and April 30, 2022, respectively, and maintained the same conditions as the original lease. On July 1, 2019, we entered into an operating lease for approximately 75,000 square feet of office, laboratory, manufacturing and warehousing space in Minnetonka, Minnesota. The initial lease term is 12.5 years with an option to renew the lease for one additional renewal period of three years. The landlord delivered possession of the premises to us on July 1, 2019 and payment of rent commenced on January 1, 2020. The lease provides for the payment of fixed base rent and additional rent for operating expenses, insurance premiums and taxes. We are completing the build-out of the premises at our cost with an allowance for tenant improvement to be reimbursed by the landlord up to $1,200. The operating leases require payment of all executory costs such as maintenance and property taxes. Operating lease costs were $2,176, $2,174 and $1,391 for the years ended December 31, 2021, 2020 and 2019 respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $2,005, $1,884 and $1,401 and non-cash operating lease ROU assets obtained in exchange for operating lease obligations were $850, $778 and $6,511 for the years ended December 31, 2021, 2020 and 2019 respectively. As of and for the years ended December 31, 2021, 2020 and 2019 the weighted average discount rate was approximately 8.9%, 8.6% and 8.3% respectively, and the weighted average remaining lease term was 8.3 years, 8.3 years and 8.4 years resp ectively. Future lease payments under non-cancelable leases for the next five years and thereafter as of December 31, 2021 are as follows: Future Lease Payments 2022 $ 1,334 2023 969 2024 762 2025 676 2026 678 Thereafter 3,593 Total remaining lease payments 8,012 Less: Imputed interest (2,532) Present value of lease liabilities $ 5,480 As of December 31, 2021, we have no material additional operating leases that have not yet commenced. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets are as follows: December 31, 2021 December 31, 2020 Useful Life Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value TLANDO ® product rights 10 $ 11,315 $ — $ 11,315 $ — $ — $ — NOCDURNA ® product rights 10 7,500 (937) 6,563 7,500 (188) 7,312 Patents 1 5 - 10 1,048 (1,047) 1 3,995 (3,614) 381 Total intangibles, net $ 19,863 $ (1,984) $ 17,879 $ 11,495 $ (3,802) $ 7,693 1 Patents related to OTREXUP ® were sold as part of the Asset Purchase Agreement entered into with Otter in December 2021. See Note 12 for further discussion regarding the sale of assets. In October 2021, we entered into an exclusive license agreement (the “TLANDO ® License Agreement”) with Lipocine, Inc. (“Lipocine”) for the right to commercialize 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 in December 2020 and will be eligible for final approval and marketing in the U.S. upon expiration of the exclusivity period previously granted to Clarus for JATENZO ® on March 27, 2022. Under the terms of the TLANDO ® License Agreement, we paid Lipocine an upfront payment of $11,000 upon execution of agreement. Lipocine is eligible for additional milestone payments up to $10,000, minimum tiered royalty payments of $4,500 over the first three years after commercialization and commercial milestones potentially totaling up to $160,000 based on net sales of TLANDO ® in the U.S. We are also obligated to purchase $2,002 of TLANDO ® inventory from Lipocine of which $1,056 was purchased as of December 31, 2021. We accounted for the transaction as an asset purchase. Amortization of the product rights intangible asset, including direct transaction costs of $315, will commence and be included in selling, general and administrative expenses upon commercialization of TLANDO ® once final approval is obtained from the FDA after the exclusivity period previously granted to Clarus Therapeutics, Inc. (“Clarus”) for JATENZO ® expires on March 27, 2022. The additional milestone and commercial milestone payments associated with TLANDO ® are contingent on future events and will be accrued when they are both probable and estimable. Royalty payments will be accrued and included in costs of product sales as incurred. In connection with the NOCDURNA ® license and commercial supply agreement entered into with Ferring International Center S.A. and its affiliates (“Ferring”) in October 2020, we paid Ferring an upfront payment of $5,000 upon execution and an additional $2,500 in October 2021. Ferring is eligible for tiered royalties and additional commercial milestone payments potentially totaling up to $17,500 based on net sales of NOCDURNA ® in the U.S. We accounted for the transaction as an asset purchase. Amortization of the product rights intangible asset is included in selling, general and administrative expenses. The royalty payments are accrued and included in the cost of product sales as incurred. The commercial milestones were determined to be contingent liabilities and will be accrued when they are both probable and estimable. Amortization expense for the years ended December 31, 2021, 2020 and 2019 was $1,037, $286 and $352, res pectively, and is recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. Estimated future aggregate amortization expense is as follows: Estimated 2022 $ 1,600 2023 1,882 2024 1,882 2025 1,882 2026 1,882 Thereafter 8,751 Total future amortization expense $ 17,879 Future amortization amounts presented above are estimates. Actual future amortization expense may be different due to future acquisitions, impairments, changes in amortization periods or other factors. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other liabilities consisted of the following: December 31, 2021 December 31, 2020 Product returns and sales allowances $ 20,563 $ 11,435 Accrued employee compensation and benefits 5,648 4,555 License fees payable — 2,500 Other accrued expenses and liabilities 8,832 7,145 Total accrued expense and other liabilities $ 35,043 $ 25,635 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Term Loan On June 6, 2017, we entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., for a term loan of up to $35,000 (the “Term Loan”), under which we initially borrowed $25,000 (“Tranche I”), the proceeds of which are being used for working capital and general corporate purposes. The Term Loan was secured by substantially all of our assets, excluding intellectual property and accrued interest at a calculated prime-based variable rate with a maximum interest rate of 9.50%. The interest rate in effect as of December 31, 2020 was 8.50%. Payments under the loan were interest-only until the first principal payment was due. On June 26, 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. The interest only period could be further extended to August 1, 2022 if we achieved a certain loan extension milestone, requested such extension, 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; however, the Term Loan maturity date could be extended to July 1, 2024 contingent upon satisfaction of a certain loan extension milestone. We were eligible, but not obligated, to request one or more additional advances of at least $5,000, not to exceed $10,000 in the aggregate (“Tranche III”). Our option to request additional advances expired on October 31, 2020. We were 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 repayment of the Term Loan. The Loan Agreement also imposed a prepayment fee of 1.0% to 3.0% if any or all of the balance were prepaid prior to the maturity date. As of December 31, 2020, the carrying value of the Term Loan was $40,899, which consisted of the principal balance 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. The fair value of our debt was estimated to approximate the carrying value based on our understanding of cur rent market conditions and rates we could obtain for similar loans at that time. 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. In 2021, we made principal prepayments of $20,000 and paid a 1.0% prepayment fee. On November 1, 2021, we extinguished the Loan Agreement with Hercules Capital, Inc. and repaid the outstanding $20,000 principal on the Term Loan, along with the 1.0% prepayment fee of $200 and the End of Term Charge of $1,655. All remaining unamortized debt issuance costs associated with the Term Loan were immediately amortized to interest expense. Credit Facilities On November 1, 2021, we entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent for the lenders, (“Administrative Agent”) for credit facilities in an aggregate principal amount of up to $40,000 with a maturity date of November 1, 2024. The Credit Agreement provides for a $20,000 term loan facility (the “Term Loan Facility”) and a $20,000 revolving credit facility, $5,000 of which is available for the issuance of letters of credit and $1,000 of which is available for Swingline loans (the “Revolving Credit Facility”), (collectively the “Credit Facilities”), which are secured by substantially all of our assets. The Term Loan Facility was funded upon execution of the Credit Agreement with the proceeds used to repay our $20,000 Term Loan with Hercules Capital, Inc. and to pay fees and expenses incurred in connection with the early repayment. The Revolving Credit Facility remains available for future use and can be drawn upon for ongoing working capital requirements and other general corporate purposes as needed. As of December 31, 2021, we had $20,000 outstanding under our Term Loan Facility with a carrying value of $19,741 which consisted of the principal balance outstanding, less unamortized debt issuance costs that are being amortized/accrued to interest expense over the term of the Term Loan Facility using the effective interest rate method. The fair value of our debt is estimated to approximate the carrying value based on our understanding of current market conditions and rates we could obtain for similar loans. As of December 31, 2021, there were no outstanding borrowings under the Revolving Credit Facility, including no outstanding letters of credit drawn from the Revolving Credit Facility or Swingline loans. Commitment fees are payable on the unused portion of the Revolving Credit Facility at rates between 0.30% and 0.45% based on our Consolidated Total Leverage Ratio, as defined in the Credit Agreement and below, remeasured quarterly. For the year ended December 31, 2021, commitment fees incurred totaled $12. As defined in the Credit Agreement governing the Term Loan Facility, principal payments of the outstanding term loans are due in consecutive quarterly installments on the last business day of each of March, June, September and December, commencing on March 31, 2022. The Credit Agreement also requires prepayment of the outstanding loans under the Term Loan Facility, subject to certain exceptions, with (a) 100% of the net cash proceeds of (i) any incurrence or issuance of certain debt, other than debt permitted under the Credit Agreement; (ii) issuance of equity other than that associated with employee compensation; and (iii) certain asset sales and casualty and condemnation events, subject to reinvestment rights and certain other exceptions. We may voluntarily prepay outstanding loans under the Term Facility at any time without premium or penalty. All obligations under the Term Facility are secured, subject to certain exceptions, by substantially all of our assets and the assets of our subsidiaries. Borrowings made under the Credit Agreement bear interest at a rate per annum equal to either the Base Rate or LIBOR plus the Applicable Margin, as defined in the Credit Agreement. Swingline loans bear interest at a rate per annual equal to the Base Rate plus the Applicable Margin. The Applicable Margin is based on the Consolidated Total Leverage Ratio, as defined in the Credit Agreement and below, remeasured quarterly. Base Rate is defined as the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) LIBOR for an interest period of one month plus 1%. In the event of default, we no longer have the option to request LIBOR rate loans, Swingline Loans or Letters of Credit and all outstanding financial instruments will bear interest at a rate per annum of 2% in excess of the calculated interest rate. We have the option to select either the Base Rate or LIBOR as the rate of interest for the Term Loan and Revolving Credit Facilities, along with an interest period of either 1-month, 3-months or 6-months. Upon cessation of LIBOR on June 30, 2023, an appropriate benchmark replacement will be determined pursuant to the terms of the Credit Agreement. We have not yet evaluated the impact the cessation of LIBOR will have on our financial condition and results of operations. As of December 31, 2021, the Applicable Margin was 1.50% for Base Rate loans and 2.50% for LIBOR loans with a 1-month LIBOR selected as the rate of interest for the Term Loan Facility. The weighted average interest rate on the Term Loan Facility outstanding balance during the year ended December 31, 2021 was approximately 2.59%. Under the Credit Agreement, we are subject to customary affirmative and negative covenants, including, among others, restrictions on our ability to incur debt; create liens; make investments; merge, consolidate or dispose of assets or subsidiaries; enter into transactions with affiliates; modify accounting practices, our year end and organizational documents; pledge assets; revise nature of business; perform sale leasebacks; and enter into any restrictive agreements and customary events of default (including payment defaults, covenant defaults, change of control defaults and bankruptcy defaults). The Credit Agreement also contains financial covenants, including the ratio of consolidated total indebtedness to consolidated earnings before income, taxes, depreciation and amortization (“Consolidated EBITDA”) (“Consolidated Total Leverage Ratio”), as defined in the Credit Agreement” and the ratio of consolidated senior secured indebtedness to Consolidated EBITDA (“Consolidated Senior Secured Leverage Ratio”), as well as the ratio of Adjusted EBITDA to consolidated fixed charges (“Consolidated Fixed Charge Coverage Ratio”), as defined in the Credit Agreement. These covenants restrict our ability to purchase outstanding shares of our common stock. As of December 31, 2021, we were in compliance with all affirmative, negative and financial covenants. Future principal payments under the Term Loan Facility are as follows: Future Principal Payments 2022 $ 1,500 2023 1,500 2024 17,000 Total future principal payments $ 20,000 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity In August 2017, we entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) under which we could offer and sell, from time to time and at our sole discretion, shares of our common stock having an aggregate offering price of up to $30,000 through Cowen as our sales agent and/or as principal. Cowen could sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended (the “ATM Facility”). The Sales Agreement requires us to pay a commission of 3.0% of the gross sales proceeds of any common stock sold through Cowen. During year ended December 31, 2019, we sold 2,307 shares of common stock under the ATM Facility, resulting in net offering proceeds of $7,781. On June 26, 2019, the Company delivered written notice to Cowen that it was terminating the Sales Agreement effective July 6, 2019, and accordingly the ATM Facility is no longer available for use. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 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. The cumulative number of shares that have been authorized for issuance under the Plan to date is 50,200 shares and the maximum number of shares of stock that may be granted to any one participant during a calendar year is 4,000 shares. Options to purchase shares of common stock are granted at exercise prices not less than 100% of fair market value on the date of grant. The term of each option is ten years, and the options typically vest over a three-year period with a minimum vesting period of one year. As of December 31, 2021, the Plan had approximately 366 shares available for grant. Stock option exercises, and the vesting of restricted stock and performance stock awards, are satisfied through the issuance of new shares. Stock Options Stock option activity under the Plan is as follows: Number of Weighted Weighted Aggregate Intrinsic Outstanding as of December 31, 2018 14,079 $ 2.19 Granted 2,489 3.01 Exercised (2,572) 1.76 $ 6,477 Cancelled / Forfeited (135) 2.81 Outstanding as of December 31, 2019 13,861 2.41 6.7 31,713 Granted 3,335 2.73 Exercised (939) 1.93 1,072 Cancelled / Forfeited (736) 2.83 Outstanding as of December 31, 2020 15,521 2.49 6.6 23,407 Granted 2,660 4.37 Exercised (2,307) 2.27 5,052 Cancelled / Forfeited (297) 3.02 Outstanding as of December 31, 2021 15,577 2.83 6.5 13,839 Exercisable as of December 31, 2021 10,644 $ 2.46 5.4 $ 12,028 The per share weighted average fair value of options granted du ring 2021, 2020 and 2019 was estimated as $2.29, $1.42 and $1.54, respectively, on the date of grant using the Black-Scholes option pricing model based on the assumptions noted in the table below. Expected volatilities are based on the historical volatility of our stock. The weighted average expected life is based on both historical and anticipated employee behavior. Years Ended December 31, 2021 2020 2019 Risk-free interest rate 0.8 % 0.4 % 1.9 % Annualized volatility 59.3 % 59.4 % 55.7 % Weighted average expected life (in years) 5.4 5.5 5.5 Expected dividend yield 0.0 % 0.0 % 0.0 % Option exercises during 2021, 2020 and 2019 resulted in proceeds of $5,182, $1,814 and $4,405, respectively, and the issuance of shares of common stock of 2,294 in 2021, 939 in 2020 and 2,529 in 2019. In 2021 and 2019, certain options were net exercised, whereby we withheld 13 and 43 shares, respectively, the fair value of which was equivalent to the aggregate exercise price and tax withholding on the date of exercise. Long Term Incentive Program Our Board of Directors has approved a long-term incentive program (“LTIP”) for the benefit of our senior executives. Pursuant to the LTIP, our senior executives are awarded stock options, restricted stock units (“RSU”) and performance stock units (“PSU”) with targeted values based on similar award structures granted by our peer group. The stock options have a ten-year term, an exercise price equal to the closing price of our common stock on the date of grant, vest in quarterly installments over three years, were otherwise granted on the same standard terms and conditions as other stock options granted pursuant to the Plan and are included in the stock options table above. The RSUs generally vest in three equal annual installments, and the PSUs vest and convert into shares of our common stock based on our attainment of certain performance goals over a performance period, which is typically three years. PSUs and RSUs granted under the LTIP are summarized as follows: 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 as of December 31, 2018 1,842 $ 2.41 1,226 $ 2.44 Granted 593 2.99 789 2.92 Incremental shares earned 59 1.25 — — Vested / Settled (415) 1.18 (614) 2.19 Forfeited / Expired (238) 1.12 — — Outstanding as of December 31, 2019 1,841 3.00 1,401 2.82 Granted 605 2.00 1,078 2.73 Incremental shares earned 77 3.10 — — Vested / Settled (388) 3.11 (785) 2.80 Forfeited / Expired (494) 3.02 (127) 2.83 Outstanding as of December 31, 2020 1,641 2.61 1,567 2.77 Granted 243 5.55 769 4.42 Incremental shares earned 210 3.18 — — Vested / Settled (766) 2.86 (832) 2.76 Outstanding as of December 31, 2021 1,328 $ 3.04 1,504 $ 3.62 The outstanding balance of PSUs is stated at the target number of shares to be awarded upon attainment of certain performance goals. Depending on the outcome of the related performance goals, a recipient may ultimately earn a number of shares that is greater or less than the target number of units granted, ranging from 0% to 150%. The balance of PSUs outstanding as of December 31, 2021 included 308 units granted in 2019 with a performance period ended December 31, 2021 that were subsequently deemed to be achieved and approved for settlement in the first quarter of 2022 for a total of 304 shares. In each of the years in the three-year period ended December 31, 2021, the LTIP awards include PSUs that will be earned based on our total shareholder return (“TSR”) as compared to the Nasdaq Biotechnology Index ( “NBI”) at the end of the respective annual performance periods. The fair values of the TSR PSUs granted were determined using a Monte Carlo simulation and used the following inputs and assumptions: 2021 Award 2020 Award 2019 Award Closing stock price on grant date $ 4.42 $ 2.73 $ 2.92 Performance period starting price $ 3.70 $ 4.78 $ 3.01 Term of award (in years) 2.56 2.55 2.55 Volatility 54.4 % 57.5 % 63.7 % Risk-free interest rate 0.23 % 0.21 % 1.79 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 5.55 $ 2.00 $ 3.18 The performance period starting price is measured as the average closing price over the last 20 trading days prior to the performance period start. The Monte Carlo simulation model also assumed correlations of returns of the pr ices of our common stock and the common stocks of the NBI companies and stock price volatilities of the NBI companies. The fair value of the target number of shares that can be earned under the TSR PSUs is being recognized as compensation expense over the term of the award. Other P SUs that are not market-based awards are expensed using the grant date fair value of shares expected to vest over the remaining performance period when it becomes probable that the related performance goal will be achieved. LTIP awards are generally net-share settled such that we withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. Total shares withheld for net-settled awards were 626, 425 and 409 in 2021, 2020 and 2019, respectively, and were based on the value of the shares on their vesting date as determined by our closing stock price. Total payments for the employees’ tax obligations to the taxing authorities were $2,841, $1,367 and $1,131 in 2021, 2020 and 2019, respectively, and are reflected as a financing activity within the Consolidated Statements of Cash Flows. These net-share settlements reduced 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 one year from the date of grant. Certain Directors have elected to defer receipt of vested shares until retirement or separation from the Board of Directors, for which 30, 72 and no shares vested with deferral as of and for the years ended December 31, 2021, 2020 and 2019, respectively . Share-based Compensation Expense Compensation costs incurred in connection with share-based awards are as follows: Years Ended December 31, 2021 2020 2019 Stock options $ 4,102 $ 3,709 $ 3,436 Restricted stock units $ 2,620 2,239 1,830 Performance stock units $ 1,293 2,000 1,204 Total share-based compensation expense $ 8,015 $ 7,948 $ 6,470 As of December 31, 2021, there was $6,838 of total unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of approximately 1.95 years |
Employee 401(k) Savings Plan
Employee 401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee 401(k) Savings Plan | Employee 401(k) Savings PlanWe sponsor a 401(k) defined contribution retirement savings plan that covers all U.S. employees who have met minimum age and service requirements subject to the provisions of the Employee Retirement Income Security Act. Under the plan, eligible employees may contribute a portion of their annual compensation into the plan up to the IRS annual limits on a pre-tax or after- tax basis. We have elected to make matching contributions to the plan based on a percentage of employee contributions. The total amount contributed by us is determined by plan provisions for matching contributions, as well as at our discretion. Employer matching and discretionary contributions were $1,151, $1,097 and $993 for the years ended December 31, 2021, 2020 and 2019, res pectively. |
Sale of Assets
Sale of Assets | 12 Months Ended |
Dec. 31, 2021 | |
Sale Of Assets [Abstract] | |
Sale of Assets | Sale of Assets In December 2021, we entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Otter Pharmaceuticals, LLC (a subsidiary of Assertio Holdings, Inc., together with Assertio Holdings, Inc., as guarantor, individually and collectively referred to as “Otter”) to sell certain worldwide assets used in the operation of the OTREXUP ® product line for $44,021 of which we received a $18,000 at closing and will receive the remaining $26,021 in installments over a one-year period. As of December 31, 2021, we recorded an increase to the purchase price for estimated changes in closing inventory to be transferred. The Asset Purchase Agreement included the transfer of OTREXUP ® patents, trademark and intellectual property, product finished goods and sample inventory, and certain other contracts associated with the OTREXUP ® product line. Subject to the terms of the OTREXUP ® Asset Purchase Agreement, we generally retained ownership (and related liabilities) of assets not solely related to the OTREXUP ® product line. We also agreed via the execution of a separate supply agreement to continue to manufacture and supply OTREXUP ® and sample products to Otter at cost plus mark-up. Further, we entered into a license agreement with Otter pursuant to which we granted Otter a worldwide, exclusive, fully paid-up license to certain patents relating to OTREXUP ® that may relate to our other products. We recorded the entire $38,591 gain on sale of assets in the Consolidated Statements of Operations for the year ended December 31, 2021 as all requirements of the agreement were determined to have been met and it was probable that a significant reversal of the gain would not occur. The gain includes the purchase price of $44,021 adjusted for estimated changes in closing inventory to be transferred less the net book value of the assets sold and direct transaction costs. The remaining $26,311 purchase price to be received is classified as other receivables in the Consolidated Balance Sheets as of December 31, 2021, and we recognized $17,825 of net proceeds from the sale of assets in the Statements of Cash Flows for the year ended December 31, 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We were subject to taxes in both the U.S. and Switzerland in each of the years ended December 31, 2021, 2020 and 2019. Income (loss) before income taxes was derived from the following jurisdictions: Years Ended December 31, 2021 2020 2019 U.S. $ 62,626 $ 10,284 $ (1,734) Switzerland (355) (363) (293) Total income (loss) before income taxes $ 62,271 $ 9,921 $ (2,027) The income tax provision (benefit) was comprised of: Years Ended December 31, 2021 2020 2019 Current Federal $ — $ — $ — State 2,041 700 — Foreign 2 2 — Total current income tax provision (benefit) 2,043 702 — Deferred Federal 11,918 (39,542) — State 2,021 (7,440) — Foreign — — — Total deferred income tax provision (benefit) 13,939 (46,982) — Total income tax provision (benefit) $ 15,982 $ (46,280) $ — Effective tax rates differ from statutory income tax rates as follows: Years Ended December 31, 2021 2020 2019 Statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes 5.5 7.1 14.4 Effect of foreign operations 0.1 0.2 (1.0) Changes in valuation allowance (0.2) (516.5) (59.9) Change in unused net operating loss and credit carryforwards — — 24.7 Change in uncertain tax positions (0.1) 21.4 — Research and development credit (0.7) (6.0) — Stock-based compensation (2.0) 3.7 22.3 162(m) limitation 2.1 1.9 (18.2) Nondeductible items — 1.6 (1.8) Impact of Tax Cuts and Jobs Act — — (1.5) Other — (0.9) — Effective income tax rate 25.7 % (466.5) % — % Deferred tax assets (liabilities) consist of the following: December 31, 2021 December 31, 2020 Gross deferred tax assets Net operating loss carryforward – U.S. $ 24,738 $ 36,071 Net operating loss carryforward – Switzerland 162 106 Research and development tax credit carryforward 5,836 5,418 Deferred revenue 14 219 Stock-based compensation 3,423 2,954 Inventory reserve 56 159 Compensation accruals 1,426 1,304 Product reserves 5,235 2,820 Operating lease liabilities 1,436 1,546 Amortization 64 607 Other 188 145 Total deferred tax assets 42,578 51,349 Deferred tax liabilities Depreciation (1,753) (1,838) Operating lease right-of-use asset (1,048) (1,303) Installment sale (5,580) — Total deferred tax liabilities (8,381) (3,141) Net deferred tax asset before valuation allowance 34,197 48,208 Less: Valuation allowance (1,154) (1,226) Net deferred tax asset $ 33,043 $ 46,982 In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible or in which net operating loss or tax credit carryforwards can be used. As of each reporting date, we consider new evidence, both positive and negative, that could affect our view of the future realization of deferred tax assets. As of December 31, 2021 and 2020, there is sufficient positive evidence to conclude that it is more likely than not that our net U.S. deferred tax assets of $33,043 and $46,982, respectively, are realizable as a result of generating pretax earnings, utilizing net operating loss carryovers and projecting pre-tax earnings. For the year ended December 31, 2020, we recorded a net valuation allowance release of $53,383 based on our reassessment of the amount of our deferred tax assets that are more likely than not to be realized. The valuation allowances of $1,154 and $1,226 as of December 31, 2021 and 2020, respectively, relate to certain state and foreign carryovers for which projected income cannot support utilization. We have a U.S. federal net operating loss carryforward as of December 31, 2021 of $99,939, which, subject to limitations of Internal Revenue Code (“IRC”) Section 382, is available to reduce income taxes payable in future years. As of December 31, 2021, we have performed a full analysis of IRC Section 382 and concluded that net operating losses and credits will be able to be used without limitation. If not used, the portion of the carryforward generated before 2018 will expire in the years 2033 through 2037, and the net operating loss carryforward generated in 2018 and any future years will carry forward indefinitely. Additionally, we have U.S. Research Credit carryforwards of $7,328 which will expire in years 2022 through 2041 if unused. We also have a Swiss net operating loss carryforward as of December 31, 2021, of $1,130, which is available to reduce income taxes payable in future years. If not used, this carryforward will begin to expire in 2023. A summary of changes to our liability for unrecognized tax benefits is as follows: December 31, 2021 December 31, 2020 Beginning liability for unrecognized tax benefits $ 2,127 $ — Increase (decrease) due to tax positions related to prior years (70) 2,067 Increase due to tax positions related to the current year — 60 Ending liability for unrecognized tax benefits $ 2,057 $ 2,127 Included in the balance of unrecognized tax benefits as of December 31, 2021 and 2020, are $2,057 and $2,127, respectively, that if recognized would impact the effective tax rate. There is no interest or penalties charged or accrued in relation to unrecognized tax benefits. We will classify any future interest and penalties as a component of income tax expense. We do not anticipate that the total amount of unrecognized tax bene fits will change significantly in the nex t twelve months. We are subject to federal and state examinations for the years 2017 and thereafter. |
Revenues, Significant Customers
Revenues, Significant Customers and Concentrations of Risk | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues, Significant Customers and Concentrations of Risk | Revenues, Significant Customers and Concentrations of Risk We disaggregate our revenue by type of goods and services and customer location. Years Ended December 31, 2021 2020 2019 Types of Goods and Services Proprietary product sales, net $ 80,016 $ 62,878 $ 39,215 Partnered product sales 46,651 50,956 52,888 Total product revenue, net 126,667 113,834 92,103 Licensing and development revenue 19,623 14,466 7,529 Royalties 37,692 21,299 24,232 Total revenue, net $ 183,982 $ 149,599 $ 123,864 Customer Location U.S. $ 178,290 $ 145,789 $ 120,231 Europe 5,692 3,810 3,463 Other — — 170 Total revenue, net $ 183,982 $ 149,599 $ 123,864 Customers from which we derive 10% or more of our total revenue are as follows: Years Ended December 31, 2021 2020 2019 Teva 42% 40% 41% McKesson 1 13% 12% 10% AmerisourceBergen Corporation 1 12% 12% <10% Cardinal Health 1 11% 11% <10% Covis <10% <10% 20% 1 Revenue from sales to distributors, net of estimated sales returns and allowances based on shipments. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Earnings (Loss) per Share Basic earnings (loss) 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 (loss) 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 (loss) 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 (loss) per common share: Years Ended December 31, 2021 2020 2019 Net income (loss) $ 46,289 $ 56,201 $ (2,027) Weighted average common shares outstanding 169,226 166,066 162,574 Dilutive effects of stock options and share-based awards issuable under equity compensation plans 5,507 4,089 — Weighted average dilutive common shares outstanding 174,733 170,155 162,574 Earnings (loss) per common share Basic $ 0.27 $ 0.34 $ (0.01) Diluted $ 0.26 $ 0.33 $ (0.01) Anti-dilutive common stock equivalents 1 2,224 7,092 17,103 1 These common stock equivalents were outstanding for the period but were not included in the computation of diluted earnings (loss) per common share for those periods as their inclusion would have had an anti-dilutive effect. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingent Considerations In connection with the TLANDO ® exclusive license agreement and asset purchase entered into with Lipocine in October 2021, we paid Lipocine and upfront payment of $11,000 upon execution of agreement. Lipocine is eligible for additional milestone payments up to $10,000, minimum tiered royalty payments of $4,500 over the first three years after commercialization has occurred and commercial milestones up to $160,000 based on net sales of TLANDO ® in the U.S. The additional milestone and commercial milestone payments are contingent on future events and will be accrued when they are both probable and estimable. We also have the option to license and develop LPCN 1111 (TLANDO XR) for an additional $4,000 in license fees to be paid in two installments upon exercise of the option, if exercised. The option to license and develop LPCN 111 (TLANDO XR) will be accrued and expensed to research and development when and only if we decide to exercise our option. No decision had been made as of December 31, 2021 to exercise the option; therefore, no accrual was recorded. In connection with the NOCDURNA ® license agreement and asset purchase entered into with Ferring in October 2020, we paid Ferring an upfront payment of $5,000 upon execution and paid an additional $2,500 in October 2021. Ferring is eligible for additional commercial milestone payments potentially totaling up to $17,500 based on our net sales of NOCDURNA ® in the U.S. 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-8945-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. On January 25, 2022, the Third Circuit ruled in defendants’ favor affirming dismissal. If plaintiffs choose to appeal, they have ninety days to file a petition for writ of certiorari to the U.S. Supreme Court. We believe the claims in the Smith action lack merit and intend 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-11-18). 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-4-18). 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 notice of appeal was filed on March 29, 2021. On January 25, 2022, the Third Circuit ruled in defendants’ favor affirming dismissal of the securities fraud class action. If plaintiffs in the securities action choose to appeal, they have ninety days to file a petition for writ of certiorari to the U.S. Supreme Court. 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-703-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 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 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. On January 25, 2022, the Third Circuit ruled in defendants’ favor affirming dismissal of the securities fraud class action. If plaintiffs in the securities action choose to appeal, they have ninety days to file a petition for writ of certiorari to the U.S. Supreme Court. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Antares Pharma, Inc. and its two wholly-owned foreign subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Our most significant accounting estimates relate to revenue recognition and variable consideration, inventory valuation, the carrying value of deferred tax assets and the valuation of equity instruments used in the computation of share-based compensation. Actual results could differ from these estimates, and significant variances could materially impact our financial condition and results of operations. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. As of and for the year ended December 31, 2020, the cost of product sales and the cost of development revenue were classified under the heading Operating expenses in the Consolidated Statements of Operations, and the corresponding prior period amount was reclassified to conform to this presentation. The reclassifications had no impact on our operating income (loss), net income (loss) or cash flows as previously reported. |
Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Recently Adopted We adopted FASB ASU No. 2018-15, Customers’ Accounting for Implementation Costs Incurred in Cloud Computing Arrangement that is a Service Contract, effective January 1, 2020, which provides new guidance on a customer’s accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor (i.e., a service contract). Under the new guidance, entities apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. Adoption of this standard did not have a material impact on our financial condition, results of operations or disclosures. We adopted FASB ASU No. 2018-18, Clarifying the Interaction Between Topic 808 and 606 , effective January 1, 2020, which clarifies that certain transactions between collaborative arrangement participants should be accounted for under the revenue guidance, adds unit of account guidance to the collaborative arrangement guidance to align with the revenue standard, and clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under the revenue standard. Adoption of this standard did not have a material impact on our financial condition, results of operations or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted as December 31, 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , followed by related amendments, which changes the accounting for credit losses on instruments measured at amortized cost by adding an impairment model that is based on expected losses rather than incurred losses. Any entity will recognize as an allowance its estimate of expected credit losses, which is believed to result in more timely recognition of such losses as the standard eliminates the probable initial recognition threshold. The new guidance is required to be adopted using a modified retrospective approach with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period of adoption. Adoption of the new guidance was originally required for annual periods beginning after December 15, 2019, including interim periods within the annual period. In October 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , which deferred the effective date of ASU 2016-13 for certain entities, including those that are eligible for smaller reporting company classification. Determination of eligibility for deferral was a one-time assessment as of November 15, 2019 based on the entity’s most recent smaller reporting company eligibility determination as of the last business day of its most recently completed second quarter. Based on this determination, we qualified as a smaller reporting entity and was therefore eligible for the adoption deferral resulting in a new effective date of January 1, 2023. The impact on our financial condition, results of operations and disclosures is being evaluated but is not expected to be significant as we have historically had minimal credit losses on financial instruments. In April 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. The standard can be applied immediately through December 31, 2022. We have not yet evaluated the impact the adoption of this guidance may have on our financial condition, results of operations or disclosures. |
Foreign Currency Translation | Foreign Currency Translation The majority of our foreign subsidiaries’ revenues are denominated in U.S. dollars, and any required funding of the subsidiaries is provided by the U.S. parent. Nearly all operating expenses of our foreign subsidiaries are denominated in Swiss Francs. Additionally, bank accounts held by foreign subsidiaries are denominated in Swiss Francs, there is a low volume of intercompany transactions and there is not an extensive interrelationship between the operations of the subsidiaries and the parent company. As such, we have determined that the Swiss Franc is the functional currency for our foreign subsidiaries. Our reporting currency is the United States Dollar (“USD”). The financial statements of our foreign subsidiaries are translated into USD for consolidation purposes. All assets and liabilities are translated using period-end exchange rates. Statements of operations items are translated using average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity, comprising all of the accumulated other comprehensive income (loss). Sales to certain customers and purchases from certain vendors by the U.S. parent are in currencies other than USD and are subject to foreign currency exchange rate fluctuations. Foreign currency transaction gains and losses are included in other income (expense) in the Consolidated Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent 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 and bank certificate of deposits, are remeasured and reported at fair value each reporting period 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 $26,889 and $36,133 as of December 31, 2021 and 2020, respectively. |
Investments | Investments From time to time, we also invest in bank certificates of deposit that are classified as held-to-maturity because of our intent and ability to hold securities to maturity. Investments with original maturities greater than three months but less than one year are classified as short-term investments on the Consolidated Balance Sheets. The investment securities are carried at their amortized cost and fair value is determined by quoted market prices for identical or similar securities. The carrying value of our short-term investments as of December 31, 2021 approximate fair value. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are required to be measured and reported at fair value each reporting period. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. When considering market participant assumptions in fair value measurement, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels. • Level 1: Unadjusted quoted prices which are available in active markets for identical assets or liabilities accessible to us at the measurement date. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The hierarchy gives the highest priority to Level 1, as this level provides the most reliable measure of fair value, while given the lowest priority to Level 3. Financial assets and liabilities that are not measured at fair value on a recurring basis include held-to-maturity investments and long-term debt as the carrying values of which approximate fair value. The estimated fair value of debt is based on Level 2 inputs, including our understanding of current market rates we could obtain for similar loans. The fair value of our cash and cash equivalents, accounts receivable, other receivables, contract assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. We measure certain financial instruments at fair value on a nonrecurring basis. These assets primarily include goodwill and intangible assets, as well as property and equipment and right-of-use lease assets. These assets were initially measured and recognized at amounts equal to the fair value determined as of the date of acquisition or purchase. Periodically, these assets are tested for impairment, by comparing their respective carrying values to the estimated fair value of the reporting unit or asset group in which they reside. In the event any of these assets were to become impaired, we would recognize an impairment loss equal to the amount by which the carrying value of the reporting unit, impaired asset or asset group exceeds its estimated fair value. Fair value measurement of the reporting unit associated with our goodwill balance is estimated at least annually in the fourth quarter of each calendar year for purposes of impairment testing if a quantitative analysis is performed. Fair value measurements associated with our intangible assets, other long-lived assets and property and equipment are estimated when events or changes in circumstances such as market value, asset utilization, physical change, legal factors or other matters indicate that the carrying value may not be recoverable. |
Accounts Receivable | Accounts Receivable Trade accounts receivable represents amounts billed to customers and are stated at the amount we expect to collect. Customer creditworthiness, past transaction history with the customer and changes in customer payment terms are factors considered when determining collectability of specific customer accounts. As of December 31, 2021, our trade accounts receivable balance was due primarily from Teva and major wholesale distributors. Each of these customers have historically paid in a timely manner and demonstrated creditworthiness. Accordingly, we believe the risk of accounts being uncollectible is minimal and no significant allowances for doubtful accounts was established as of December 31, 2021 or 2020. If the financial condition of our customers were to deteriorate, adversely affecting their ability to make payments, additional allowances may be required. We had no material write-offs to bad debt expense in the years ended December 31, 2021, 2020 or 2019. Royalties receivable from partners are included in accounts receivable and are typically payable to us within 45 to 60 days after the end of each quarter in which they were earned. |
Inventories | 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-party suppliers 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. We record reserves for potentially excess, dated or obsolete inventories based on forecasted product demand estimates and the likelihood of consumption in the normal course of business, considering the expiration dates of the inventories on hand, planned production volumes and lead times required for restocking of customer inventories. Although every effort is made to ensure that forecasts and assessments are reasonable, changes to these assumptions are possible. In such cases, estimates may prove inaccurate and result in an understatement or overstatement of the reserves required to fairly state such inventories. |
Contract Assets | Contract Assets Contract assets are recognized when control of goods or services has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract. Costs that have been incurred in connection with development services provided to partners for which the associated revenue has not yet been recognized are also recorded as contract assets and totaled $564 and $1,685 as of December 31, 2021 and 2020, respectively. |
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 and internal-use software that are not yet ready for their intended use are capitalized and will be depreciated based on the above guidelines when placed in service. Costs associated with repairs and maintenance activities are expensed as incurred. |
Leases | Leases We recognize right-of-use (“ROU”) assets a nd lease liabilities when we obtain the right to control the asset under a leasing arrangement with an initial term greater than twelve months. We evaluate the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognize the ROU asset and lease liability based on the present value of future minimum lease payments over the expected lease term. Our leases do not generally contain an implicit interest rate; therefore, we use the incremental borrowing rate we would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of our lease payments. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Certain lease arrangements contain renewal options that have not been included in the determination of the lease term, as they are not reasonably certain of exercise. For contracts that contain lease and non-lease components, we account for both components as a single lease component. Variable lease payments are expensed as incurred. |
Intangible Assets | Intangible Assets We capitalize and include the costs of acquired product licenses and trademark rights as intangible assets. These intangible assets with finite useful lives are presented net of accumulated amortization. Amortization is computed on a straight-line basis over the shorter of the contractual or estimated economic life of the underlying contract, which generally ranges from five |
Impairment of Long-Lived Assets and Intangible Assets | Impairment of Long-Lived Assets and Intangible Assets Long-lived assets and intangible assets are reviewed for impairment whenever events or changes in circumstances such as market value, asset utilization, physical change, legal factors or other matters indicate that the carrying value of an asset or asset group may not be recoverable. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset or asset group and its eventual disposition to the carrying value of the asset. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the Consolidated Statement of Operations. The determination of an asset’s fair value requires management to make certain estimates and judgements. |
Goodwill | Goodwill Goodwill is evaluated for impairment annually as of December 31, or more frequently if an event occurs or circumstances change such as market value, asset utilization, legal factors or other matters that indicate the carrying value may not be recoverable. Evaluating goodwill for impairment involves the determination of the fair value of each reporting unit in which goodwill is recorded using a qualitative or quantitative analysis. A reporting unit is an operating segment or a component of an operating segment for which discrete financial information is available and reviewed by management on a regular basis. |
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 would 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 estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, 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 Balance Sheets. Reserves for returns, distributor fees, rebates and customer co-pay support programs are included within current liabilities in the Consolidated Balance Sheets. Wholesaler Distribution Fees – Distribution fees are paid to certain wholesalers based on contractually determined rates and units purchased. Since the fee paid to the customer is not for a distinct good or service, the consideration is recognized as a reduction of the transaction price of the goods delivered. We accrue the estimated fee due at the time of sale based on the contracted price and adjust the accrual at each reporting period, if necessary, to reflect actual experience. Prompt Pay D iscounts – We offer cash discounts to our customers, generally 2% of the sales price, as an incentive for prompt payment. Based on historical experience, customers take advantage of this discount and accordingly we accrue 100% of the ca sh discounts offered by reducing accounts receivable and recognizing the discount as a reduction of revenue in the same period the related sales are made. The accrual is reviewed at each reporting period and adjusted if actual experience differs from estimates. Chargebacks – We provide discounts primarily to authorized users of the Federal Supply Schedule (“FSS”) of the General Services Administration under an FSS contract negotiated by the Department of Veterans Affairs and various organizations under Medicaid contracts and regulations. These entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge us back the difference between the current wholesale acquisition cost and the price the entity paid for the product. We estimate and accrue chargebacks based on estimated wholesaler inventory levels, current contract prices and historical chargeback activity. Chargebacks are recognized as a reduction of revenue in the same period the related revenue is recognized. Rebates – We participate in certain government and insurance plan rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, we pay a rebate to the third-party administrators of the programs. The rebate payments are generally made in periods subsequent to the quarter in which prescriptions subject to the rebate are filled, generally on a two three Patient Discount Programs – We offer discount cards, co-pay coupons and free trial programs to off-set the cost of prescriptions to patients. We estimate the total amount that will be redeemed or used based on historical redemption experience and on levels of inventory in the distribution and retail channels, and recognize the discount as a reduction of revenue in the same period the related revenue is recognized. Product Returns – Consistent with industry practice, we generally offer wholesalers and specialty distributors a limited right to return products, generally within six months prior to an d 12 months following the product’s expiration date. Our proprietary products generally have expiration dates ranging from 24 to 33 months. Product returns are estimated and recorded at the time of sale based on historical return patterns. Actual return s are tracked by individual production lots and charged against reserves. Returns reserves may be adjusted, if necessary, if actual returns differ from historical estimates. We also monitor and take into consideration the amount of estimated product inventory in the distribution channel, product dating and any known or expected changes in the marketplace when establishing the estimated rate of returns. 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 Covis and beginning in December 2021, OTREXUP ® to Otter . Because these products are custom manufactured for each customer 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 the 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 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 mark-up. 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 liability for cash received in advance of performance, which is presented within deferred revenue in the Consolidated Balance Sheets and recognized as revenue when the associated performance obligations have been satisfied. We recogniz ed $3,889 in licensing and development revenue in connection with contract liabilities that were outstanding as of December 31, 2020 and satisfied during the year ended December 31, 2021. License fees and milestones received in exchange for the grant of a license to our functional intellectual property (“IP”) 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 w ithin 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 estima ted 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 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 December 31, 2021, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, wa s $14,879. We expect to recognize revenue on the remaining performance obligations over the next three years, with the majority being recognized in the next twelve months . |
Share-Based Compensation | Share-Based Compensation We use share-based compensation in the form of stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). We record compensation expense associated with share-based awards granted to employees at the fair value of the award on the date of grant. Th e Black-Scholes option valuation model is used to determine the fair value of stock options. The fair values of RSU and PSU grants containing service or performance conditions are based on the market value of our common stock on the date of gr ant. The fair value of PSUs containing a market condition are estimated using a Monte Carlo simulation. The value of the portion of the award that is ultimately expected to vest is expensed ratably over the requisite service period as compensation expense in the Consolidated Statements of Operations. Forfeitures are recorded as incurred. Assumptions concerning our stock price volatility and projected employee exercise behavior over the contractual life of the award impact the estimated fair value of the stock option awards. |
Research and Development | Research and Development Research and development expenses include costs directly attributable to the conduct of research and development programs including personnel costs, materials and supplies associated with design work and prototype development, FDA filing fees and the cost of services provided by outside contractors such as expenses related to clinical trials. All costs associated with research and development activities are expensed as incurred. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. We account for uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”), which applies to all tax positions related to income taxes. Tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. Interest and penalties accrued related to uncertain tax benefits are recognized as a component of income tax expense in the Consolidated Statements of Operations. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per common share is computed by dividing the net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) 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 (loss) per common share contemplate a complete conversion to common shares of all convertible instruments only if such instruments are dilutive in nature with respect to earnings (loss) per common share. |
Segments | Segments Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Chief Operating Decision Maker (“CODM”), our Chief Executive Officer, in deciding how to allocate resources and assess performance. Our CODM currently evaluates our operations as a whole from a number of different operational perspectives, including but not limited to, on a product-by-product, customer and partner basis. We derive all significant revenues from pharmaceutical products and development services, and have a single reportable, operating segment of business. |
Going Concern | Going Concern We are responsible for evaluating, and providing disclosure of uncertainties about, our ability to continue as a going concern. As of December 31, 2021, we had cash and cash equivalents o f $65,913. Based on our evaluation, we concluded there is no substantial doubt or uncertainty about our ability to meet our obligations within one year from the date the Consolidated Financial Statements were issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Property and Equipment, Net | 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: December 31, 2021 December 31, 2020 Production molds, tooling and equipment $ 22,069 $ 20,260 Leasehold improvements 7,559 6,298 Furniture, fixtures and office equipment 907 865 Computer equipment and software 1,717 756 Construction and tooling in process 6,942 6,214 Total property and equipment 39,194 34,393 Less: Accumulated depreciation (13,179) (10,373) Total property and equipment, net $ 26,015 $ 24,020 |
Summary of Changes in Reserves for Product Returns and Sales Allowances | Changes in reserves for product returns and sales allowances are as follows: Rebates and Patient Returns Wholesaler Prompt Balance as of December 31, 2019 $ 6,308 $ 845 $ 370 $ 1,683 $ 320 Accruals and adjustments 34,947 12,422 2,657 11,619 2,494 Payments and other reserve reductions (34,068) (11,975) (2,569) (10,804) (2,378) Balance as of December 31, 2020 7,187 1,292 458 2,498 436 Accruals and adjustments 52,243 15,629 4,163 15,683 3,423 Payments and other reserve reductions (46,129) (13,971) (3,992) (14,498) (3,222) Balance as of December 31, 2021 $ 13,301 $ 2,950 $ 629 $ 3,683 $ 637 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following: December 31, 2021 December 31, 2020 Raw materials $ 325 $ 325 Work in process 6,784 7,120 Finished goods 4,435 10,771 Total inventories, net $ 11,544 $ 18,216 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | 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: December 31, 2021 December 31, 2020 Production molds, tooling and equipment $ 22,069 $ 20,260 Leasehold improvements 7,559 6,298 Furniture, fixtures and office equipment 907 865 Computer equipment and software 1,717 756 Construction and tooling in process 6,942 6,214 Total property and equipment 39,194 34,393 Less: Accumulated depreciation (13,179) (10,373) Total property and equipment, net $ 26,015 $ 24,020 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Operating Lease Maturities | Future lease payments under non-cancelable leases for the next five years and thereafter as of December 31, 2021 are as follows: Future Lease Payments 2022 $ 1,334 2023 969 2024 762 2025 676 2026 678 Thereafter 3,593 Total remaining lease payments 8,012 Less: Imputed interest (2,532) Present value of lease liabilities $ 5,480 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets are as follows: December 31, 2021 December 31, 2020 Useful Life Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value TLANDO ® product rights 10 $ 11,315 $ — $ 11,315 $ — $ — $ — NOCDURNA ® product rights 10 7,500 (937) 6,563 7,500 (188) 7,312 Patents 1 5 - 10 1,048 (1,047) 1 3,995 (3,614) 381 Total intangibles, net $ 19,863 $ (1,984) $ 17,879 $ 11,495 $ (3,802) $ 7,693 1 Patents related to OTREXUP ® were sold as part of the Asset Purchase Agreement entered into with Otter in December 2021. See Note 12 for further discussion regarding the sale of assets. |
Schedule of Estimated Future Aggregate Amortization Expense | Estimated future aggregate amortization expense is as follows: Estimated 2022 $ 1,600 2023 1,882 2024 1,882 2025 1,882 2026 1,882 Thereafter 8,751 Total future amortization expense $ 17,879 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following: December 31, 2021 December 31, 2020 Product returns and sales allowances $ 20,563 $ 11,435 Accrued employee compensation and benefits 5,648 4,555 License fees payable — 2,500 Other accrued expenses and liabilities 8,832 7,145 Total accrued expense and other liabilities $ 35,043 $ 25,635 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments under Term Loan, Excluding End of Term Charge | Future principal payments under the Term Loan Facility are as follows: Future Principal Payments 2022 $ 1,500 2023 1,500 2024 17,000 Total future principal payments $ 20,000 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Option Activity | Stock option activity under the Plan is as follows: Number of Weighted Weighted Aggregate Intrinsic Outstanding as of December 31, 2018 14,079 $ 2.19 Granted 2,489 3.01 Exercised (2,572) 1.76 $ 6,477 Cancelled / Forfeited (135) 2.81 Outstanding as of December 31, 2019 13,861 2.41 6.7 31,713 Granted 3,335 2.73 Exercised (939) 1.93 1,072 Cancelled / Forfeited (736) 2.83 Outstanding as of December 31, 2020 15,521 2.49 6.6 23,407 Granted 2,660 4.37 Exercised (2,307) 2.27 5,052 Cancelled / Forfeited (297) 3.02 Outstanding as of December 31, 2021 15,577 2.83 6.5 13,839 Exercisable as of December 31, 2021 10,644 $ 2.46 5.4 $ 12,028 |
Assumptions Used in Fair Value Measurement of Options Granted | Years Ended December 31, 2021 2020 2019 Risk-free interest rate 0.8 % 0.4 % 1.9 % Annualized volatility 59.3 % 59.4 % 55.7 % Weighted average expected life (in years) 5.4 5.5 5.5 Expected dividend yield 0.0 % 0.0 % 0.0 % |
Schedule of Performance Stock Unit Awards and Restricted Stock Granted Under Long-Term Incentive Program | PSUs and RSUs granted under the LTIP are summarized as follows: 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 as of December 31, 2018 1,842 $ 2.41 1,226 $ 2.44 Granted 593 2.99 789 2.92 Incremental shares earned 59 1.25 — — Vested / Settled (415) 1.18 (614) 2.19 Forfeited / Expired (238) 1.12 — — Outstanding as of December 31, 2019 1,841 3.00 1,401 2.82 Granted 605 2.00 1,078 2.73 Incremental shares earned 77 3.10 — — Vested / Settled (388) 3.11 (785) 2.80 Forfeited / Expired (494) 3.02 (127) 2.83 Outstanding as of December 31, 2020 1,641 2.61 1,567 2.77 Granted 243 5.55 769 4.42 Incremental shares earned 210 3.18 — — Vested / Settled (766) 2.86 (832) 2.76 Outstanding as of December 31, 2021 1,328 $ 3.04 1,504 $ 3.62 |
Summary of Share Based Compensation Allocation Expense | Compensation costs incurred in connection with share-based awards are as follows: Years Ended December 31, 2021 2020 2019 Stock options $ 4,102 $ 3,709 $ 3,436 Restricted stock units $ 2,620 2,239 1,830 Performance stock units $ 1,293 2,000 1,204 Total share-based compensation expense $ 8,015 $ 7,948 $ 6,470 |
Performance Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions Used in Fair Value Measurement of Options Granted | The fair values of the TSR PSUs granted were determined using a Monte Carlo simulation and used the following inputs and assumptions: 2021 Award 2020 Award 2019 Award Closing stock price on grant date $ 4.42 $ 2.73 $ 2.92 Performance period starting price $ 3.70 $ 4.78 $ 3.01 Term of award (in years) 2.56 2.55 2.55 Volatility 54.4 % 57.5 % 63.7 % Risk-free interest rate 0.23 % 0.21 % 1.79 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 5.55 $ 2.00 $ 3.18 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax Domestic and Foreign | We were subject to taxes in both the U.S. and Switzerland in each of the years ended December 31, 2021, 2020 and 2019. Income (loss) before income taxes was derived from the following jurisdictions: Years Ended December 31, 2021 2020 2019 U.S. $ 62,626 $ 10,284 $ (1,734) Switzerland (355) (363) (293) Total income (loss) before income taxes $ 62,271 $ 9,921 $ (2,027) |
Schedule of Income Tax Expense (Benefit) | The income tax provision (benefit) was comprised of: Years Ended December 31, 2021 2020 2019 Current Federal $ — $ — $ — State 2,041 700 — Foreign 2 2 — Total current income tax provision (benefit) 2,043 702 — Deferred Federal 11,918 (39,542) — State 2,021 (7,440) — Foreign — — — Total deferred income tax provision (benefit) 13,939 (46,982) — Total income tax provision (benefit) $ 15,982 $ (46,280) $ — |
Summary of Effective Tax Rates Differ from Statutory Income Tax Rates | Effective tax rates differ from statutory income tax rates as follows: Years Ended December 31, 2021 2020 2019 Statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes 5.5 7.1 14.4 Effect of foreign operations 0.1 0.2 (1.0) Changes in valuation allowance (0.2) (516.5) (59.9) Change in unused net operating loss and credit carryforwards — — 24.7 Change in uncertain tax positions (0.1) 21.4 — Research and development credit (0.7) (6.0) — Stock-based compensation (2.0) 3.7 22.3 162(m) limitation 2.1 1.9 (18.2) Nondeductible items — 1.6 (1.8) Impact of Tax Cuts and Jobs Act — — (1.5) Other — (0.9) — Effective income tax rate 25.7 % (466.5) % — % |
Summary of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following: December 31, 2021 December 31, 2020 Gross deferred tax assets Net operating loss carryforward – U.S. $ 24,738 $ 36,071 Net operating loss carryforward – Switzerland 162 106 Research and development tax credit carryforward 5,836 5,418 Deferred revenue 14 219 Stock-based compensation 3,423 2,954 Inventory reserve 56 159 Compensation accruals 1,426 1,304 Product reserves 5,235 2,820 Operating lease liabilities 1,436 1,546 Amortization 64 607 Other 188 145 Total deferred tax assets 42,578 51,349 Deferred tax liabilities Depreciation (1,753) (1,838) Operating lease right-of-use asset (1,048) (1,303) Installment sale (5,580) — Total deferred tax liabilities (8,381) (3,141) Net deferred tax asset before valuation allowance 34,197 48,208 Less: Valuation allowance (1,154) (1,226) Net deferred tax asset $ 33,043 $ 46,982 |
Schedule of Unrecognized Tax Benefits | A summary of changes to our liability for unrecognized tax benefits is as follows: December 31, 2021 December 31, 2020 Beginning liability for unrecognized tax benefits $ 2,127 $ — Increase (decrease) due to tax positions related to prior years (70) 2,067 Increase due to tax positions related to the current year — 60 Ending liability for unrecognized tax benefits $ 2,057 $ 2,127 |
Revenues, Significant Custome_2
Revenues, Significant Customers and Concentrations of Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Disaggregated by Major Types and Sources and Customer Geographic Location | We disaggregate our revenue by type of goods and services and customer location. Years Ended December 31, 2021 2020 2019 Types of Goods and Services Proprietary product sales, net $ 80,016 $ 62,878 $ 39,215 Partnered product sales 46,651 50,956 52,888 Total product revenue, net 126,667 113,834 92,103 Licensing and development revenue 19,623 14,466 7,529 Royalties 37,692 21,299 24,232 Total revenue, net $ 183,982 $ 149,599 $ 123,864 Customer Location U.S. $ 178,290 $ 145,789 $ 120,231 Europe 5,692 3,810 3,463 Other — — 170 Total revenue, net $ 183,982 $ 149,599 $ 123,864 |
Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue | Customers from which we derive 10% or more of our total revenue are as follows: Years Ended December 31, 2021 2020 2019 Teva 42% 40% 41% McKesson 1 13% 12% 10% AmerisourceBergen Corporation 1 12% 12% <10% Cardinal Health 1 11% 11% <10% Covis <10% <10% 20% 1 Revenue from sales to distributors, net of estimated sales returns and allowances based on shipments. |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation for Basic and Diluted Earnings (Loss) per Common Share | The following table sets forth the computation for basic and diluted earnings (loss) per common share: Years Ended December 31, 2021 2020 2019 Net income (loss) $ 46,289 $ 56,201 $ (2,027) Weighted average common shares outstanding 169,226 166,066 162,574 Dilutive effects of stock options and share-based awards issuable under equity compensation plans 5,507 4,089 — Weighted average dilutive common shares outstanding 174,733 170,155 162,574 Earnings (loss) per common share Basic $ 0.27 $ 0.34 $ (0.01) Diluted $ 0.26 $ 0.33 $ (0.01) Anti-dilutive common stock equivalents 1 2,224 7,092 17,103 1 These common stock equivalents were outstanding for the period but were not included in the computation of diluted earnings (loss) per common 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) | 12 Months Ended | ||
Dec. 31, 2021USD ($)subsidiary | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||
Wholly-owned subsidiaries of Antares Pharma | subsidiary | 2 | ||
Allowance for doubtful accounts balance | $ 0 | $ 0 | |
Write-offs to bad debt expense | 0 | 0 | $ 0 |
Revenue not yet recognized recorded in contract assets | $ 564,000 | 1,685,000 | |
Finite-lived intangible assets, amortization method | straight-line basis | ||
Goodwill | $ 1,095,000 | 1,095,000 | |
Goodwill impairment loss | $ 0 | 0 | $ 0 |
Cash discount to incentive for prompt payment | 2.00% | ||
Cash discounts offered by reducing accounts receivable | 100.00% | ||
Limited rights for product return, period before product expiration | 6 months | ||
Product Return Policy, Limited Rights, Period After Product Expiration | 12 months | ||
Remaining performance obligations | $ 14,879,000 | ||
Cash, cash equivalents and investments | 65,913,000 | ||
Licensing and development revenue | |||
Summary of Significant Accounting Policies [Line Items] | |||
Revenue recognized | $ 3,889,000 | ||
Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Royalty payment period | 45 days | ||
Useful Life (in Years) | 5 years | ||
Product expiration period | 24 months | ||
Minimum | Insurance plans | |||
Summary of Significant Accounting Policies [Line Items] | |||
Rebate payment period | 2 months | ||
Minimum | Government | |||
Summary of Significant Accounting Policies [Line Items] | |||
Rebate payment period | 3 months | ||
Maximum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Royalty payment period | 60 days | ||
Useful Life (in Years) | 10 years | ||
Product expiration period | 33 months | ||
Maximum | Insurance plans | |||
Summary of Significant Accounting Policies [Line Items] | |||
Rebate payment period | 3 months | ||
Maximum | Government | |||
Summary of Significant Accounting Policies [Line Items] | |||
Rebate payment period | 6 months | ||
Level 1 Input | |||
Summary of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents, remeasured and reported at fair value | $ 26,889,000 | $ 36,133,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Remaining Performance Obligations (Detail) | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Summary of Significant Accounting Policies [Line Items] | |
Remaining performance obligation, expected to recognize, period | 3 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 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 |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | Lesser of useful life or lease term |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Changes in Reserves for Product Returns and Sales Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Rebates and Chargebacks | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | $ 7,187 | $ 6,308 |
Accruals and adjustments | 52,243 | 34,947 |
Payments and other reserve reductions | (46,129) | (34,068) |
Balance at end of year | 13,301 | 7,187 |
Patient Discount Programs | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 1,292 | 845 |
Accruals and adjustments | 15,629 | 12,422 |
Payments and other reserve reductions | (13,971) | (11,975) |
Balance at end of year | 2,950 | 1,292 |
Returns | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 458 | 370 |
Accruals and adjustments | 4,163 | 2,657 |
Payments and other reserve reductions | (3,992) | (2,569) |
Balance at end of year | 629 | 458 |
Wholesaler Distribution Fees | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 2,498 | 1,683 |
Accruals and adjustments | 15,683 | 11,619 |
Payments and other reserve reductions | (14,498) | (10,804) |
Balance at end of year | 3,683 | 2,498 |
Prompt Payment Discounts | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 436 | 320 |
Accruals and adjustments | 3,423 | 2,494 |
Payments and other reserve reductions | (3,222) | (2,378) |
Balance at end of year | $ 637 | $ 436 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 325 | $ 325 |
Work in process | 6,784 | 7,120 |
Finished goods | 4,435 | 10,771 |
Total inventories, net | $ 11,544 | $ 18,216 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory reserve | $ 214 | $ 619 |
Inventory written-off | 359 | 356 |
Increase in inventory reserve | $ (46) | $ 511 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 39,194 | $ 34,393 |
Less: Accumulated depreciation | (13,179) | (10,373) |
Total property and equipment, net | 26,015 | 24,020 |
Production molds, tooling and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 22,069 | 20,260 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 7,559 | 6,298 |
Furniture, fixtures and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 907 | 865 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,717 | 756 |
Construction and tooling in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 6,942 | $ 6,214 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 2,864 | $ 2,341 | $ 2,205 |
Interest costs capitalized | $ 52 | $ 231 |
Leases - Additional Information
Leases - Additional Information (Detail) ft² in Thousands | Jul. 01, 2019USD ($)ft²renewal_option | Mar. 01, 2022extension | Dec. 31, 2021USD ($)renewal_option | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 01, 2021 |
Regulatory Assets [Line Items] | ||||||
Lease renewal term | 3 years | 2 months | ||||
Leased area | ft² | 75 | |||||
Lease term | 12 years 6 months | |||||
Number of renewal options | renewal_option | 1 | |||||
Operating lease, allowance (up to) | $ 1,200,000 | |||||
Operating lease costs | $ 2,176,000 | $ 2,174,000 | $ 1,391,000 | |||
Cash paid for operating lease liabilities | 2,005,000 | 1,884,000 | 1,401,000 | |||
Non-cash operating lease ROU assets obtained in exchange for operating lease obligations | $ 850,000 | $ 778,000 | $ 6,511,000 | |||
Weighted average discount rate | 8.90% | 8.60% | 8.30% | |||
Weighted average remaining lease term | 8 years 3 months 18 days | 8 years 3 months 18 days | 8 years 4 months 24 days | |||
Subsequent Event | ||||||
Regulatory Assets [Line Items] | ||||||
Number of extensions | extension | 3 | |||||
Suburbs of Minneapolis | ||||||
Regulatory Assets [Line Items] | ||||||
Leased facilities | renewal_option | 2 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Maturities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Future Lease Payments | |
2022 | $ 1,334 |
2023 | 969 |
2024 | 762 |
2025 | 676 |
2026 | 678 |
Thereafter | 3,593 |
Total remaining lease payments | 8,012 |
Less: Imputed interest | (2,532) |
Lease liability | $ 5,480 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,863 | $ 11,495 |
Accumulated Amortization | (1,984) | (3,802) |
Net Book Value | $ 17,879 | 7,693 |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in Years) | 5 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in Years) | 10 years | |
TLANDO® product rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in Years) | 10 years | |
Gross Carrying Amount | $ 11,315 | 0 |
Accumulated Amortization | 0 | 0 |
Net Book Value | $ 11,315 | 0 |
NOCDURNA® product rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in Years) | 10 years | |
Gross Carrying Amount | $ 7,500 | 7,500 |
Accumulated Amortization | (937) | (188) |
Net Book Value | 6,563 | 7,312 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,048 | 3,995 |
Accumulated Amortization | (1,047) | (3,614) |
Net Book Value | $ 1 | $ 381 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in Years) | 5 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life (in Years) | 10 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, General and Administrative Expenses | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization expense | $ 1,037,000 | $ 286,000 | $ 352,000 | |||
Lipocine Inc. | License Agreement | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Upfront payment paid | $ 11,000,000 | |||||
Additional milestone payment | 10,000,000 | |||||
Minimum royalty payments | $ 4,500,000 | |||||
Royalty payment period | 3 years | |||||
Tiered royalties and additional commercial milestone payments | $ 160,000,000 | |||||
Purchase obligation | $ 2,002,000 | 2,002,000 | ||||
Purchases under license agreement | $ 1,056,000 | |||||
Amortization expense | $ 315,000 | |||||
Ferring International Center S.A. and its Affiliates | License Agreement | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Upfront payment paid | 5,000,000 | $ 5,000,000 | ||||
Tiered royalties and additional commercial milestone payments | $ 17,500,000 | |||||
Additional upfront payment made at one year from execution | $ 2,500,000 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Future Aggregate Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Estimated Amortization Expense | ||
2022 | $ 1,600 | |
2023 | 1,882 | |
2024 | 1,882 | |
2025 | 1,882 | |
2026 | 1,882 | |
Thereafter | 8,751 | |
Net Book Value | $ 17,879 | $ 7,693 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Product returns and sales allowances | $ 20,563 | $ 11,435 |
Accrued employee compensation and benefits | 5,648 | 4,555 |
License fees payable | 0 | 2,500 |
Other accrued expenses and liabilities | 8,832 | 7,145 |
Total accrued expense and other liabilities | $ 35,043 | $ 25,635 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Nov. 01, 2021 | Jun. 26, 2019 | Jun. 16, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 25, 2019 | Jun. 06, 2017 |
Debt Instrument [Line Items] | ||||||||
Carrying value of long term debt | $ 18,241,000 | $ 24,669,000 | ||||||
Repayments of long-term debt | 40,000,000 | $ 0 | $ 0 | |||||
Carrying value of debt excluding unamortized issuance costs | 20,000,000 | |||||||
Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 40,000,000 | |||||||
Commitment fees incurred amount | $ 12 | |||||||
Debt, weighted average interest rate | 2.59% | |||||||
Credit Agreement | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument subject to certain exceptions percentage | 100.00% | |||||||
Credit Agreement | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 20,000,000 | |||||||
Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 20,000,000 | |||||||
Outstanding debt | $ 20,000,000 | |||||||
Carrying value of debt excluding unamortized issuance costs | 19,741 | |||||||
Amount outstanding | 0 | |||||||
Credit Agreement | Line of Credit | Letters of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 5,000,000 | |||||||
Amount outstanding | 0 | |||||||
Credit Agreement | Line of Credit | Swingline Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,000,000 | |||||||
Amount outstanding | $ 0 | |||||||
Credit Agreement | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, variable interest rate | 2.50% | |||||||
Credit Agreement | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, variable interest rate | 1.50% | |||||||
Credit Agreement | Minimum | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee on unused capacity (percent) | 0.30% | |||||||
Credit Agreement | Minimum | Federal funds rate | Letters of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, variable interest rate | 0.50% | |||||||
Credit Agreement | Minimum | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, variable interest rate | 1.00% | |||||||
Credit Agreement | Minimum | London Interbank Offered Rate (LIBOR) | Letters of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, spread on effective percentage | 2.00% | |||||||
Credit Agreement | Maximum | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee on unused capacity (percent) | 0.45% | |||||||
Hercules Capital, Inc | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, effective interest rate | 8.50% | |||||||
Debt instrument, payment terms | Payments under the loan were interest-only until the first principal payment was due. | |||||||
Prepayment fee percentage on principal loan prepaid | 1.00% | 1.00% | ||||||
Carrying value of long term debt | $ 20,000,000 | $ 40,899,000 | ||||||
Prepayment of principal | $ 20,000,000 | |||||||
Debt prepayment fee | 200,000 | |||||||
Debt instrument, end of term fee | 1,655,000 | |||||||
Hercules Capital, Inc | Term Loan | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ 20,000,000 | |||||||
Hercules Capital, Inc | Term Loan | First Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, face amount | $ 50,000,000 | $ 35,000,000 | ||||||
Interest only period extension fee as a percentage of principal (percent) | 1.00% | |||||||
Hercules Capital, Inc | Term Loan | Prime Based Variable Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, variable interest rate | 9.50% | |||||||
Hercules Capital, Inc | Term Loan | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment fee percentage on principal loan prepaid | 1.00% | |||||||
Hercules Capital, Inc | Term Loan | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, face amount | $ 35,000,000 | |||||||
Prepayment fee percentage on principal loan prepaid | 3.00% | |||||||
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 | Tranche III | Minimum | First Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, available option to request additional advance amount | 5,000,000 | |||||||
Hercules Capital, Inc | Tranche III | Maximum | First Amendment | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, available option to request additional advance amount | $ 10,000,000 |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Principal Payments under Term Loan, Excluding End of Term Charge (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Future Principal Payments | |
2022 | $ 1,500 |
2023 | 1,500 |
2024 | 17,000 |
Total future principal payments | $ 20,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate offering price of common stock | $ 7,781,000 | |||
Proceeds from sale of common stock | $ 0 | $ 0 | $ 7,781,000 | |
Sales Agreement | Cowen and Company, LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of commission on proceeds from gross sales of common stock | 3.00% | |||
Sales Agreement | Cowen and Company, LLC | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate offering price of common stock | $ 30,000,000 | |||
ATM Facility | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of common stock (in shares) | 2,307,000 | |||
Proceeds from sale of common stock | $ 7,781,000 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021shares | Mar. 31, 2022shares | Dec. 31, 2021USD ($)installment$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in shares authorized for issuance (shares) | 10,000,000 | |||||
Proceeds from the issuance of stock options | $ | $ 5,182 | $ 1,814 | $ 4,405 | |||
Shares withheld to meet employees' minimum statutory income tax obligation (in shares) | 626 | 425 | 409 | |||
Payments for the employees' minimum statutory income tax obligation | $ | $ 2,841 | $ 1,367 | $ 1,131 | |||
Board of Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares vested with deferral (in shares) | 30 | 72 | 0 | |||
Employees Tax Obligations | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payments for the employees' minimum statutory income tax obligation | $ | $ 2,841 | $ 1,367 | $ 1,131 | |||
Amended and Restated Equity Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | 50,200,000 | |||||
Maximum number of shares of stock granted to one participant (in shares) | 4,000,000 | |||||
Minimum percentage of exercise price | 100.00% | |||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 2.29 | $ 1.42 | $ 1.54 | |||
Proceeds from the issuance of stock options | $ | $ 5,182 | $ 1,814 | $ 4,405 | |||
Exercise of options (in shares) | 2,294,000 | 939 | 2,529 | |||
Shares withheld to meet employees' minimum statutory income tax obligation (in shares) | 13,000 | 43,000 | ||||
Unrecognized compensation cost related to non-vested outstanding stock awards | $ | $ 6,838 | |||||
Weighted average period expected to be recognized | 1 year 11 months 12 days | |||||
Stock options | Long Term Incentive Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Contractual term of options granted | 10 years | |||||
Vesting period | 3 years | |||||
Stock options | Amended and Restated Equity Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Contractual term of options granted | 10 years | |||||
Vesting period | 3 years | |||||
Shares available for grant under the plan (in shares) | 366,000 | |||||
Stock options | Minimum | Amended and Restated Equity Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Performance Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted in 2019 (in shares) | 1,328,000 | 1,641,000 | 1,841,000 | 1,842,000 | ||
Number of trading days prior to performance start | 20 days | |||||
Number of shares vested with deferral (in shares) | 766,000 | 388,000 | 415,000 | |||
Performance Stock Units | Long Term Incentive Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Annual vesting installments | installment | 3 | |||||
Performance Stock Units | Long Term Incentive Program | Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares approved for settlement (in shares) | 304 | |||||
Performance Stock Units | Minimum | Long Term Incentive Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation award percentage | 0.00% | |||||
Performance Stock Units | Maximum | Long Term Incentive Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation award percentage | 150.00% | |||||
Performance Stock Units | 2019 | Long Term Incentive Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted in 2019 (in shares) | 308 | |||||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted in 2019 (in shares) | 1,504,000 | 1,567,000 | 1,401,000 | 1,226,000 | ||
Number of shares vested with deferral (in shares) | 832,000 | 785,000 | 614,000 | |||
Restricted Stock Units | Board of Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Restricted Stock Units | Long Term Incentive Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years |
Share Based Compensation - Summ
Share Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares Outstanding, Beginning Balance (in shares) | 15,521 | 13,861 | 14,079 |
Number of Shares Granted (in shares) | 2,660 | 3,335 | 2,489 |
Number of Shares Exercised (in shares) | (2,307) | (939) | (2,572) |
Number of Shares Cancelled / Forfeited (in shares) | (297) | (736) | (135) |
Number of Shares Outstanding, Ending Balance (in shares) | 15,577 | 15,521 | 13,861 |
Number of Shares Exercisable, Ending Balance | 10,644 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price Outstanding, Beginning Balance (in dollars per share) | $ 2.49 | $ 2.41 | $ 2.19 |
Weighted Average Exercise Price Granted (in dollars per share) | 4.37 | 2.73 | 3.01 |
Weighted Average Exercise Price Exercised (in dollars per share) | 2.27 | 1.93 | 1.76 |
Weighted Average Exercise Price Cancelled/Forfeited (in dollars per share) | 3.02 | 2.83 | 2.81 |
Weighted Average Exercise Price Outstanding, Ending Balance (in dollars per share) | 2.83 | $ 2.49 | $ 2.41 |
Weighted Average Exercise Price Exercisable, Ending Balance (in dollars per share) | $ 2.46 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Weighted Average Remaining Contractual Term [Abstract] | |||
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance | 6 years 6 months | 6 years 7 months 6 days | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance | 5 years 4 months 24 days | ||
Aggregate Intrinsic Value, Exercised | $ 5,052 | $ 1,072 | $ 6,477 |
Aggregate Intrinsic Value Outstanding, Ending Balance | 13,839 | $ 23,407 | $ 31,713 |
Aggregate Intrinsic Value Exercisable, Ending Balance | $ 12,028 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value Measurement of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Risk-free interest rate | 0.80% | 0.40% | 1.90% |
Annualized volatility | 59.30% | 59.40% | 55.70% |
Weighted average expected life (in years) | 5 years 4 months 24 days | 5 years 6 months | 5 years 6 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Performance Stock Unit Awards and Restricted Stock Granted Under Long-Term Incentive Program (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Beginning Balance (in shares) | 1,641 | 1,841 | 1,842 |
Number of Shares, Granted (in shares) | 243 | 605 | 593 |
Number of Shares, Incremental shares earned (in shares) | 210 | 77 | 59 |
Number of Shares, Vested / Settled (in shares) | (766) | (388) | (415) |
Number of Shares, Forfeited / Expired (in shares) | (494) | (238) | |
Number of Shares, Ending Balance (in shares) | 1,328 | 1,641 | 1,841 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 2.61 | $ 3 | $ 2.41 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 5.55 | 2 | 2.99 |
Weighted Average Grant Date Fair Value, Incremental shares earned (in dollars per share) | 3.18 | 3.10 | 1.25 |
Weighted Average Grant Date Fair Value, Vested / Settled (in dollars per share) | 2.86 | 3.11 | 1.18 |
Weighted Average Grant Date Fair Value, Forfeited / Expired (in dollars per share) | 3.02 | 1.12 | |
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 3.04 | $ 2.61 | $ 3 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Beginning Balance (in shares) | 1,567 | 1,401 | 1,226 |
Number of Shares, Granted (in shares) | 769 | 1,078 | 789 |
Number of Shares, Incremental shares earned (in shares) | 0 | 0 | 0 |
Number of Shares, Vested / Settled (in shares) | (832) | (785) | (614) |
Number of Shares, Forfeited / Expired (in shares) | (127) | 0 | |
Number of Shares, Ending Balance (in shares) | 1,504 | 1,567 | 1,401 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 2.77 | $ 2.82 | $ 2.44 |
Weighted Average Grant Date Fair Value, Granted (in dollars per share) | 4.42 | 2.73 | 2.92 |
Weighted Average Grant Date Fair Value, Incremental shares earned (in dollars per share) | 0 | 0 | 0 |
Weighted Average Grant Date Fair Value, Vested / Settled (in dollars per share) | 2.76 | 2.80 | 2.19 |
Weighted Average Grant Date Fair Value, Forfeited / Expired (in dollars per share) | 2.83 | 0 | |
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 3.62 | $ 2.77 | $ 2.82 |
Share Based Compensation - Fair
Share Based Compensation - Fair Value of PSUs Granted Determined Using Monte Carlo Simulation (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of award (in years) | 5 years 4 months 24 days | 5 years 6 months | 5 years 6 months |
Volatility | 59.30% | 59.40% | 55.70% |
Risk-free interest rate | 0.80% | 0.40% | 1.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing stock price on grant date (in dollars per share) | $ 4.42 | $ 2.73 | $ 2.92 |
Performance period starting price (in dollars per share) | $ 3.70 | $ 4.78 | $ 3.01 |
Term of award (in years) | 2 years 6 months 21 days | 2 years 6 months 18 days | 2 years 6 months 18 days |
Volatility | 54.40% | 57.50% | 63.70% |
Risk-free interest rate | 0.23% | 0.21% | 1.79% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Fair value per TSR PSU (in dollars per share) | $ 5.55 | $ 2 | $ 3.18 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Share Based Compensation Allocation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 8,015 | $ 7,948 | $ 6,470 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 4,102 | 3,709 | 3,436 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,620 | 2,239 | 1,830 |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 1,293 | $ 2,000 | $ 1,204 |
Employee 401(k) Savings Plan -
Employee 401(k) Savings Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Contributions to plan amount | $ 1,151 | $ 1,097 | $ 993 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sale of Assets [Line Items] | ||||
Gain on sale of assets | $ 38,591,000 | $ 0 | $ 0 | |
Proceeds from sale of assets, net of transaction costs | 17,825,000 | $ 282,000 | $ 5,000,000 | |
OTREXUP Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Sale of Assets [Line Items] | ||||
Product line | $ 44,021 | 44,021 | ||
Proceeds from divestiture of businesses | 18,000 | |||
Asset sale of remaining | $ 26,021 | 26,021 | ||
Period over which remaining installments will be received | 1 year | |||
Remaining purchase price | $ 26,311 | $ 26,311 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Tax Domestic and Foreign (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ 62,626 | $ 10,284 | $ (1,734) |
Switzerland | (355) | (363) | (293) |
Income (loss) before income taxes | $ 62,271 | $ 9,921 | $ (2,027) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 2,041 | 700 | 0 |
Foreign | 2 | 2 | 0 |
Total current income tax provision (benefit) | 2,043 | 702 | 0 |
Deferred | |||
Federal | 11,918 | (39,542) | 0 |
State | 2,021 | (7,440) | 0 |
Foreign | 0 | 0 | 0 |
Total deferred income tax provision (benefit) | 13,939 | (46,982) | 0 |
Total income tax provision (benefit) | $ 15,982 | $ (46,280) | $ 0 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rates Differ from Statutory Income Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes | 5.50% | 7.10% | 14.40% |
Effect of foreign operations | 0.10% | 0.20% | (1.00%) |
Changes in valuation allowance | (0.20%) | (516.50%) | (59.90%) |
Change in unused net operating loss and credit carryforwards | 0.00% | 0.00% | 24.70% |
Change in uncertain tax positions | (0.10%) | 21.40% | 0.00% |
Research and development credit | (0.70%) | (6.00%) | 0.00% |
Stock-based compensation | (2.00%) | 3.70% | 22.30% |
162(m) limitation | 2.10% | 1.90% | (18.20%) |
Nondeductible items | 0.00% | 1.60% | (1.80%) |
Impact of Tax Cuts and Jobs Act | 0.00% | 0.00% | (1.50%) |
Other | 0.00% | (0.90%) | 0.00% |
Effective income tax rate | 25.70% | (466.50%) | 0.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross deferred tax assets | ||
Net operating loss carryforward – U.S. | $ 24,738 | $ 36,071 |
Net operating loss carryforward – Switzerland | 162 | 106 |
Research and development tax credit carryforward | 5,836 | 5,418 |
Deferred revenue | 14 | 219 |
Stock-based compensation | 3,423 | 2,954 |
Inventory reserve | 56 | 159 |
Compensation accruals | 1,426 | 1,304 |
Product reserves | 5,235 | 2,820 |
Operating lease liabilities | 1,436 | 1,546 |
Amortization | 64 | 607 |
Other | 188 | 145 |
Total deferred tax assets | 42,578 | 51,349 |
Deferred tax liabilities | ||
Depreciation | (1,753) | (1,838) |
Operating lease right-of-use asset | (1,048) | (1,303) |
Installment sale | (5,580) | 0 |
Total deferred tax liabilities | (8,381) | (3,141) |
Net deferred tax asset before valuation allowance | 34,197 | 48,208 |
Less: Valuation allowance | (1,154) | (1,226) |
Net deferred tax asset | $ 33,043 | $ 46,982 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets | $ 33,043,000 | $ 46,982,000 | |
Net valuation allowance releases | 53,383,000 | ||
Valuation allowance for deferred tax assets | 1,154,000 | 1,226,000 | |
Unrecognized tax benefits | 2,057,000 | $ 2,127,000 | $ 0 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | ||
Total unrecognized tax benefits changing period | 12 months | ||
U.S Federal Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carry forward | $ 99,939,000 | ||
Research credit carryforward | 7,328,000 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carry forward | $ 1,130,000 | ||
Tax credit carryforward expiration year | 2023 | ||
Minimum | U.S Federal Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward expiration year | 2018 | ||
Net operating loss carryforward expiration year | 2033 | ||
Maximum | U.S Federal Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward expiration year | 2037 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning liability for unrecognized tax benefits | $ 2,127 | $ 0 |
Increase (decrease) due to tax positions related to prior years | 2,067 | |
Increase (decrease) due to tax positions related to prior years | (70) | |
Increase due to tax positions related to the current year | 0 | 60 |
Ending liability for unrecognized tax benefits | $ 2,057 | $ 2,127 |
Revenues, Significant Custome_3
Revenues, Significant Customers and Concentrations of Risk - Summary of Revenue Disaggregated by Major Types and Sources (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | $ 183,982 | $ 149,599 | $ 123,864 |
U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 178,290 | 145,789 | 120,231 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 5,692 | 3,810 | 3,463 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 0 | 0 | 170 |
Total product revenue, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 126,667 | 113,834 | 92,103 |
Licensing and development revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 19,623 | 14,466 | 7,529 |
Royalties | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 37,692 | 21,299 | 24,232 |
Proprietary product sales, net | Total product revenue, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | 80,016 | 62,878 | 39,215 |
Partnered product sales | Total product revenue, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue, net | $ 46,651 | $ 50,956 | $ 52,888 |
Revenues, Significant Custome_4
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 from Contract with Customer Benchmark | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Teva | |||
Concentration Risk [Line Items] | |||
Total revenue by customer, percentage | 42.00% | 40.00% | 41.00% |
McKesson | |||
Concentration Risk [Line Items] | |||
Total revenue by customer, percentage | 13.00% | 12.00% | 10.00% |
AmerisourceBergen Corporation | |||
Concentration Risk [Line Items] | |||
Total revenue by customer, percentage | 12.00% | 12.00% | |
Cardinal Health | |||
Concentration Risk [Line Items] | |||
Total revenue by customer, percentage | 11.00% | 11.00% | |
Covis | |||
Concentration Risk [Line Items] | |||
Total revenue by customer, percentage | 20.00% |
Earnings (Loss) per Share - Sum
Earnings (Loss) per Share - Summary of Computation for Basic and Diluted Net Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 46,289 | $ 56,201 | $ (2,027) |
Weighted average common shares outstanding (in shares) | 169,226 | 166,066 | 162,574 |
Dilutive effects of stock options and share-based awards issuable under equity compensation plans (in shares) | 5,507 | 4,089 | 0 |
Weighted average dilutive common shares outstanding (in shares) | 174,733 | 170,155 | 162,574 |
Earnings (loss) per common share | |||
Basic (in dollars per share) | $ 0.27 | $ 0.34 | $ (0.01) |
Diluted (in dollars per share) | $ 0.26 | $ 0.33 | $ (0.01) |
Anti-dilutive common stock equivalents (in shares) | 2,224 | 7,092 | 17,103 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | |
Oct. 31, 2021USD ($)installment | Oct. 31, 2020USD ($) | |
Lipocine Inc. | ||
Loss Contingencies [Line Items] | ||
License fee | $ 4,000,000 | |
Number of installments | installment | 2 | |
License Agreement | Lipocine Inc. | ||
Loss Contingencies [Line Items] | ||
Upfront payment paid | $ 11,000,000 | |
Additional milestone payment | 10,000,000 | |
Minimum royalty payments | $ 4,500,000 | |
Minimum royalty payment period | 3 years | |
Tiered royalties and additional commercial milestone payments | $ 160,000,000 | |
License Agreement | Ferring International Center S.A. and its Affiliates | ||
Loss Contingencies [Line Items] | ||
Upfront payment paid | 5,000,000 | $ 5,000,000 |
Tiered royalties and additional commercial milestone payments | $ 17,500,000 | |
Additional upfront payment made at one year from execution | $ 2,500,000 |