Antares Pharma (ATRS) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	ATRS
Entity Registrant Name	ANTARES PHARMA, INC.
Entity Central Index Key	1,016,169
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		155,926,051

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 23,677,111	$ 27,714,588
Accounts receivable	7,884,665	9,073,173
Inventories	6,852,386	5,326,962
Deferred costs	1,712,139	1,773,446
Prepaid expenses and other current assets	1,520,125	1,376,299
Total current assets	41,646,426	45,264,468
Equipment, molds, furniture and fixtures, net	17,607,938	17,867,412
Patent rights, net	1,924,619	2,044,608
Goodwill	1,095,355	1,095,355
Other assets	53,675	53,607
Total Assets	62,328,013	66,325,450
Current Liabilities:
Accounts payable	8,687,427	7,884,983
Accrued expenses and other liabilities	7,108,360	5,872,846
Deferred revenue	3,928,590	6,149,087
Total current liabilities	19,724,377	19,906,916
Deferred revenue – long term	1,200,000	1,200,000
Total liabilities	20,924,377	21,106,916
Stockholders’ Equity:
Preferred Stock: $0.01 par, authorized 3,000,000 shares, none outstanding
Common Stock: $0.01 par; 300,000,000 shares authorized; 155,447,871 and 155,167,677 issued and outstanding at March 31, 2017 and December 31, 2016, respectively	1,554,479	1,551,677
Additional paid-in capital	298,837,495	297,826,433
Accumulated deficit	(258,278,409)	(253,445,306)
Accumulated other comprehensive loss	(709,929)	(714,270)
Total Stockholders' Equity	41,403,636	45,218,534
Total Liabilities and Stockholders’ Equity	$ 62,328,013	$ 66,325,450

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	3,000,000	3,000,000
Preferred Stock, shares outstanding	0	0
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	300,000,000	300,000,000
Common Stock, shares issued	155,447,871	155,167,677
Common Stock, shares outstanding	155,447,871	155,167,677

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Product sales	$ 10,036,812	$ 10,841,047
Development revenue	1,621,877	1,098,374
Licensing revenue	18,678	50,701
Royalties	330,092	328,650
Total revenue	12,007,459	12,318,772
Cost of revenue:
Cost of product sales	5,448,291	6,247,556
Cost of development revenue	771,475	528,185
Total cost of revenue	6,219,766	6,775,741
Gross profit	5,787,693	5,543,031
Operating expenses:
Research and development	3,086,281	5,648,029
Selling, general and administrative	7,467,255	7,603,178
Total operating expenses	10,553,536	13,251,207
Operating loss	(4,765,843)	(7,708,176)
Other income	29,926	52,066
Net loss	$ (4,735,917)	$ (7,656,110)
Basic and diluted net loss per common share	$ (0.03)	$ (0.05)
Basic and diluted weighted average common shares outstanding	155,215,040	154,858,079

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (4,735,917)	$ (7,656,110)
Foreign currency translation adjustment	4,341	(4,697)
Comprehensive loss	$ (4,731,576)	$ (7,660,807)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (4,735,917)	$ (7,656,110)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	535,695	535,819
Depreciation and amortization	493,675	413,545
Amortization of premiums and discounts		3,225
Changes in operating assets and liabilities:
Accounts receivable	1,189,953	(37,737)
Inventories	(1,525,424)	454,348
Prepaid expenses and other assets	(143,668)	120,544
Deferred costs	61,307	(850,113)
Accounts payable	1,138,856	1,714,501
Accrued expenses and other current liabilities	1,225,433	1,249,595
Deferred revenue	(2,221,556)	88,577
Net cash used in operating activities	(3,981,646)	(3,963,806)
Cash flows from investing activities:
Purchases of equipment, molds, furniture and fixtures	(427,257)	(1,766,979)
Additions to patent rights	(8,605)	(32,517)
Proceeds from maturities of investment securities		3,000,000
Net cash provided by (used in) investing activities	(435,862)	1,200,504
Cash flows from financing activities:
Proceeds from exercise of stock options	380,983
Taxes paid related to net share settlement of equity awards		(34,476)
Net cash provided by (used in) financing activities	380,983	(34,476)
Effect of exchange rate changes on cash	(952)	1,246
Net decrease in cash	(4,037,477)	(2,796,532)
Cash and cash equivalents:
Beginning of period	27,714,588	32,898,676
End of period	23,677,111	30,102,144
Supplemental disclosure of non-cash investing activities:
Purchases of equipment, molds, furniture and fixtures recorded in accounts payable and accrued expenses	94,156	1,505,273
Additions to patent rights recorded in accounts payable and accrued expenses	$ 48,365	$ 6,501

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	1. Description of Business Antares Pharma, Inc. (“Antares” or the “Company”) is an emerging, specialty pharmaceutical company focused on the development and commercialization of self-administered parenteral pharmaceutical products and technologies. The Company develops and manufactures, for itself or with partners, novel therapeutic products using its advanced drug delivery technology to enhance the existing drug compounds and delivery methods. The subcutaneous injection technology platforms include the VIBEX ® The Company markets and sells its proprietary product OTREXUP ® ® ® The Company, with its commercialization partner Teva, launched Sumatriptan Injection USP, indicated in the U.S. for the acute treatment of migraine and cluster headache in adults, in June 2016. In December 2015, the Company received FDA approval for an Abbreviated New Drug Application (“ANDA”) for 4 mg/0.5 mL and 6 mg/0.5 mL single-dose prefilled syringe auto-injectors, a generic equivalent to Imitrex ® ® ® The Company is developing VIBEX ® ®

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of the Securities and Exchange Commission's Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Going Concern Management is responsible for evaluating whether there is substantial doubt about the Company’s ability to meet its obligations for a look-forward period of one year from the financial statement issuance date. As of March 31, 2017, the Company had cash and cash equivalents of $23,677,111 and no long-term debt obligations. Based on management’s evaluation, management concluded that the Company has sufficient cash to meet its obligations over the next year. The Company is currently exploring collaborations and potential financings to raise additional capital. If, however, the Company is not successful in raising additional capital, the Company may be required to defer or delay certain planned capital expenditures and other spending related to the potential approval and launch of QST, or curtail other controllable costs and discretionary spending for new research and development activities. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Certain components of the Company’s products are provided by a limited number of vendors, and the Company’s production, assembly, warehousing and distribution operations are outsourced to third-parties where substantially all of the Company’s inventory is located. Disruption of supply from key vendors or third-party suppliers may have a material adverse impact on the Company’s operations. The Company provides a reserve for potentially excess, dated or obsolete inventories based on an analysis of inventory on hand compared to forecasts of future sales, which was $890,000 and $900,000 at March 31, 2017 and December 31, 2016, respectively. Inventories consist of the following: March 31, December 31, 2017 2016 Inventories: Raw material $ 142,414 $ 142,491 Work in process 4,409,021 2,429,075 Finished goods 2,300,951 2,755,396 $ 6,852,386 $ 5,326,962 OTREXUP ® The Company began detailing OTREXUP ® ® Prior to the first quarter of 2017, the Company could not reliably estimate expected returns of OTREXUP ® ® In the first quarter of 2017, the Company determined it had developed sufficient historical information to reasonably estimate future returns of OTREXUP ® ® Product sales revenue for OTREXUP ® Product Sales Allowances The Company recognizes product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on amounts owed or to be claimed on the related sales. These estimates take into consideration the terms of our agreements with customers and third-party payors and the levels of inventory within the distribution channels that may result in future rebates or discounts taken. In certain cases, such as patient support programs, the Company recognizes the cost of patient discounts as a reduction of revenue based on estimated utilization. If actual future results vary, it may be necessary to adjust these estimates, which could have an effect on product revenue in the period of adjustment. Product sales allowances include: Wholesaler Distribution Fees . Distribution fees are paid to certain wholesale distributors based on contractually determined rates. The Company accrues the fee on shipment to the respective wholesale distributors and recognizes the fee as a reduction of revenue in the same period the related revenue is recognized. Prompt Pay Discounts . The Company offers cash discounts to its customers, generally 2% of the sales price, as an incentive for prompt payment. The Company accounts for cash discounts by reducing accounts receivable by the prompt pay discount amount and recognizes the discount as a reduction of revenue in the same period the related revenue is recognized. Chargebacks . The Company provides discounts 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 back to the Company the difference between the current wholesale acquisition cost and the price the entity paid for the product. The Company estimates and accrues 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 . The Company participates in certain rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, the Company will pay a rebate to the third-party administrator of the program, generally two to three months after the quarter in which prescriptions subject to the rebate are filled. The Company estimates and accrues for these rebates based on current contract prices, historical and estimated percentages of product sold to qualified patients. Rebates are recognized as a reduction of revenue in the same period the related revenue is recognized. Patient Discount Programs . The Company offers discount card programs to patients for OTREXUP ®

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Compensation	3 . Share-Based Compensation The Company’s 2008 Equity Compensation Plan (the “Plan”) allows for grants in the form of incentive stock options, nonqualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards. All of the Company’s officers, directors, employees, consultants and advisors are eligible to receive grants under the Plan. The maximum number of shares authorized for issuance under the amended and restated Plan is 32,200,000 and the maximum number of shares of stock that may be granted to any one employee for qualified performance-based compensation during a calendar year is 4,000,000 shares. Options to purchase shares of common stock are granted at exercise prices not less than 100% of fair market value on the dates of grant. The term of each option is ten years and the options typically vest in quarterly installments over a three-year period with a minimum vesting period of one year. As of March 31, 2017, the Plan had approximately 10,100,000 shares available for grant. Stock option exercises are satisfied through the issuance of new shares. Stock Options The following is a summary of stock option activity under the Plan as of and for the three months ended March 31, 2017: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (Years) Value Outstanding at December 31, 2016 11,313,909 $ 1.84 Granted 60,000 2.33 Exercised (280,194 ) 1.36 Cancelled/Forfeited (192,543 ) 1.58 Outstanding at March 31, 2017 10,901,172 1.86 6.9 $ 11,648,293 Exercisable at March 31, 2017 8,103,989 $ 2.01 6.1 $ 7,681,442 The per share weighted average fair values of all options granted during the three months ended March 31, 2017 and 2016 were estimated as $1.20 and $0.44, 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 the Company’s stock price. The weighted average expected life is based on both historical and anticipated employee behavior. March 31, 2017 2016 Risk-free interest rate 1.9 % 1.3 % Annualized volatility 53.1 % 50.2 % Weighted average expected life, in years 6.0 6.0 Expected dividend yield 0.0 % 0.0 % During the three months ended March 31, 2017, stock option exercises resulted in cash proceeds to the Company of $380,983 and the issuance of 280,194 shares of common stock. No stock options were exercised during the three months ended March 31, 2016. The Company recognized $467,400 and $562,200 of compensation expense related to stock options for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, there was approximately $1,600,000 of total unrecognized compensation cost related to non-vested outstanding stock options that is expected to be recognized over a weighted average period of approximately 1.8 years. Long Term Incentive Program The Company’s Board of Directors has approved a long term incentive program (“LTIP”) for the benefit of the Company’s senior executives. Pursuant to the LTIP, the Company’s senior executives have been awarded stock options, restricted stock units (“RSU”) and performance stock units (“PSU”) with targeted values based on values granted to similarly situated senior executives in the Company’s peer group. The stock options have a ten-year term, have an exercise price equal to the closing price of the Company’s 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 vest in three equal annual installments. The PSU awards made to the senior executives vest and convert into shares of the Company’s common stock based on the Company’s attainment of certain performance goals as established by the Company’s Board of Directors over a performance period, which is typically three to five years. The performance stock unit awards and restricted stock unit awards granted under the long term incentive program are summarized in the following table: Performance Stock Units Restricted Stock Units Number of Shares Weighted Average Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 1,347,289 $ 1.50 822,658 $ 1.39 Granted — — Vested/settled — — Forfeited/expired (502,308 ) 2.16 (67,464 ) 1.70 Outstanding at March 31, 2017 844,981 $ 1.45 755,194 $ 1.36 In connection with PSU awards, the Company recognized compensation expense of $7,900 for the three months ended March 31, 2017, and a net expense reduction of $95,100 for the three months ended March 31, 2016. Compensation expense recognized in connection with RSU awards was $60,400 and $68,700 for the three months ended March 31, 2017 and 2016, respectively.

Significant Customers and Conce

Significant Customers and Concentrations of Risk	3 Months Ended
	Mar. 31, 2017
Risks And Uncertainties [Abstract]
Significant Customers and Concentrations of Risk	4 . Significant Customers and Concentrations of Risk Revenues by customer location are summarized as follows: Three Months Ended March 31, 2017 2016 United States of America $ 10,668,024 $ 10,570,606 Europe 1,155,444 1,567,341 Other 183,991 180,825 $ 12,007,459 $ 12,318,772 Significant customers from which the Company derived 10% or more of total revenue are as follows: Three Months Ended March 31, 2017 2016 Teva $ 4,963,074 $ 6,485,850 McKesson (1) 2,224,015 1,709,294 Ferring 1,307,494 1,658,622 AmerisourceBergen (1) 1,408,347 1,147,086 (1) Represents revenue based on OTREXUP ®

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Net Loss Per Share	5 . Net Loss Per Share Basic loss per common share is computed by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted loss per common share reflects the potential dilution from the exercise or conversion of securities into common stock. Potentially dilutive stock options and other share-based awards excluded from dilutive loss per share because their effect was anti-dilutive totaled 12,501,347 and 10,454,065 at March 31, 2017 and 2016, respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	6 . Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11, Simplifying the Measurement of Inventory In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting “ In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The Company is in the process of evaluating the impact the adoption of this standard will have on its consolidated financial statements and has performed an initial review of its major contracts with customers. Based on the initial reviews, the Company believes the adoption of the new standard may accelerate the timing of revenue recognition for product sales and development revenue under certain license, development and supply agreements, and will require management to estimate and potentially recognize certain variable revenue streams such as royalties and profit sharing arrangements earlier at an amount it believes will not be subject to significant reversal. The Company anticipates adopting the new revenue recognition standard on the effective date of January 1, 2018 utilizing the modified retrospective method of adoption, under which the cumulative effect of the change is recognized as an adjustment to the opening balance of the accumulated deficit within the consolidated balance sheet, and prior reporting periods are not retrospectively adjusted. No significant changes to business processes or systems are currently expected to be necessary. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)

Basis of Presentation and Sig13

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Going Concern	Going Concern Management is responsible for evaluating whether there is substantial doubt about the Company’s ability to meet its obligations for a look-forward period of one year from the financial statement issuance date. As of March 31, 2017, the Company had cash and cash equivalents of $23,677,111 and no long-term debt obligations. Based on management’s evaluation, management concluded that the Company has sufficient cash to meet its obligations over the next year. The Company is currently exploring collaborations and potential financings to raise additional capital. If, however, the Company is not successful in raising additional capital, the Company may be required to defer or delay certain planned capital expenditures and other spending related to the potential approval and launch of QST, or curtail other controllable costs and discretionary spending for new research and development activities.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Certain components of the Company’s products are provided by a limited number of vendors, and the Company’s production, assembly, warehousing and distribution operations are outsourced to third-parties where substantially all of the Company’s inventory is located. Disruption of supply from key vendors or third-party suppliers may have a material adverse impact on the Company’s operations. The Company provides a reserve for potentially excess, dated or obsolete inventories based on an analysis of inventory on hand compared to forecasts of future sales, which was $890,000 and $900,000 at March 31, 2017 and December 31, 2016, respectively. Inventories consist of the following: March 31, December 31, 2017 2016 Inventories: Raw material $ 142,414 $ 142,491 Work in process 4,409,021 2,429,075 Finished goods 2,300,951 2,755,396 $ 6,852,386 $ 5,326,962
Revenue Recognition	OTREXUP ® The Company began detailing OTREXUP ® ® Prior to the first quarter of 2017, the Company could not reliably estimate expected returns of OTREXUP ® ® In the first quarter of 2017, the Company determined it had developed sufficient historical information to reasonably estimate future returns of OTREXUP ® ® Product sales revenue for OTREXUP ® Product Sales Allowances The Company recognizes product sales allowances as a reduction of product sales in the same period the related revenue is recognized. Product sales allowances are based on amounts owed or to be claimed on the related sales. These estimates take into consideration the terms of our agreements with customers and third-party payors and the levels of inventory within the distribution channels that may result in future rebates or discounts taken. In certain cases, such as patient support programs, the Company recognizes the cost of patient discounts as a reduction of revenue based on estimated utilization. If actual future results vary, it may be necessary to adjust these estimates, which could have an effect on product revenue in the period of adjustment. Product sales allowances include: Wholesaler Distribution Fees . Distribution fees are paid to certain wholesale distributors based on contractually determined rates. The Company accrues the fee on shipment to the respective wholesale distributors and recognizes the fee as a reduction of revenue in the same period the related revenue is recognized. Prompt Pay Discounts . The Company offers cash discounts to its customers, generally 2% of the sales price, as an incentive for prompt payment. The Company accounts for cash discounts by reducing accounts receivable by the prompt pay discount amount and recognizes the discount as a reduction of revenue in the same period the related revenue is recognized. Chargebacks . The Company provides discounts 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 back to the Company the difference between the current wholesale acquisition cost and the price the entity paid for the product. The Company estimates and accrues 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 . The Company participates in certain rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, the Company will pay a rebate to the third-party administrator of the program, generally two to three months after the quarter in which prescriptions subject to the rebate are filled. The Company estimates and accrues for these rebates based on current contract prices, historical and estimated percentages of product sold to qualified patients. Rebates are recognized as a reduction of revenue in the same period the related revenue is recognized. Patient Discount Programs . The Company offers discount card programs to patients for OTREXUP ®
Recent Accounting Pronouncements	Accounting Pronouncements Recently Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11, Simplifying the Measurement of Inventory In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting “ In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The Company is in the process of evaluating the impact the adoption of this standard will have on its consolidated financial statements and has performed an initial review of its major contracts with customers. Based on the initial reviews, the Company believes the adoption of the new standard may accelerate the timing of revenue recognition for product sales and development revenue under certain license, development and supply agreements, and will require management to estimate and potentially recognize certain variable revenue streams such as royalties and profit sharing arrangements earlier at an amount it believes will not be subject to significant reversal. The Company anticipates adopting the new revenue recognition standard on the effective date of January 1, 2018 utilizing the modified retrospective method of adoption, under which the cumulative effect of the change is recognized as an adjustment to the opening balance of the accumulated deficit within the consolidated balance sheet, and prior reporting periods are not retrospectively adjusted. No significant changes to business processes or systems are currently expected to be necessary. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)

Basis of Presentation and Sig14

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Inventories	Inventories consist of the following: March 31, December 31, 2017 2016 Inventories: Raw material $ 142,414 $ 142,491 Work in process 4,409,021 2,429,075 Finished goods 2,300,951 2,755,396 $ 6,852,386 $ 5,326,962

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following is a summary of stock option activity under the Plan as of and for the three months ended March 31, 2017: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (Years) Value Outstanding at December 31, 2016 11,313,909 $ 1.84 Granted 60,000 2.33 Exercised (280,194 ) 1.36 Cancelled/Forfeited (192,543 ) 1.58 Outstanding at March 31, 2017 10,901,172 1.86 6.9 $ 11,648,293 Exercisable at March 31, 2017 8,103,989 $ 2.01 6.1 $ 7,681,442
Assumptions Used in Fair Value Measurement of Options Granted	March 31, 2017 2016 Risk-free interest rate 1.9 % 1.3 % Annualized volatility 53.1 % 50.2 % Weighted average expected life, in years 6.0 6.0 Expected dividend yield 0.0 % 0.0 %
Schedule of Performance Stock Unit Awards and Restricted Stock Granted Under Long Term Incentive Program	The performance stock unit awards and restricted stock unit awards granted under the long term incentive program are summarized in the following table: Performance Stock Units Restricted Stock Units Number of Shares Weighted Average Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 1,347,289 $ 1.50 822,658 $ 1.39 Granted — — Vested/settled — — Forfeited/expired (502,308 ) 2.16 (67,464 ) 1.70 Outstanding at March 31, 2017 844,981 $ 1.45 755,194 $ 1.36

Significant Customers and Con16

Significant Customers and Concentrations of Risk (Tables)	3 Months Ended
	Mar. 31, 2017
Risks And Uncertainties [Abstract]
Summary of Revenues by Customer Location	Revenues by customer location are summarized as follows: Three Months Ended March 31, 2017 2016 United States of America $ 10,668,024 $ 10,570,606 Europe 1,155,444 1,567,341 Other 183,991 180,825 $ 12,007,459 $ 12,318,772
Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue	Significant customers from which the Company derived 10% or more of total revenue are as follows: Three Months Ended March 31, 2017 2016 Teva $ 4,963,074 $ 6,485,850 McKesson (1) 2,224,015 1,709,294 Ferring 1,307,494 1,658,622 AmerisourceBergen (1) 1,408,347 1,147,086 (1) Represents revenue based on OTREXUP ®

Basis of Presentation and Sig17

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 23,677,111	$ 27,714,588	$ 23,677,111
Debt obligations	0		0
Inventory reserve	890,000	900,000	890,000
Product revenue			10,036,812	$ 10,841,047
Cash discount to incentive for prompt payment					2.00%
OTREXUP [Member]
Summary Of Significant Accounting Policies [Line Items]
Product revenue			4,564,121
Revenue recognized, not recognized previously			1,297,054
Product costs recognized			254,425
Revenue Recognition, decrease in net loss			$ 1,042,629
Revenue Recognition, decrease in net loss per share			$ 0.01
Initial establishment of an allowance for product returns	307,000
Product returns and sales allowances	$ 1,951,593	$ 1,540,488

Basis of Presentation and Sig18

Basis of Presentation and Significant Accounting Policies - Inventories (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Inventories:
Raw material	$ 142,414	$ 142,491
Work in process	4,409,021	2,429,075
Finished goods	2,300,951	2,755,396
Inventory, Total	$ 6,852,386	$ 5,326,962

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the issuance of stock options	$ 380,983
Amended and Restated 2008 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized	32,200,000
Maximum number of shares of stock granted to one participant	4,000,000
Minimum percentage of exercise price	100.00%
Shares available for grant under the plan	10,100,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per share weighted average fair values of options granted	$ 1.20	$ 0.44
Proceeds from the issuance of stock options	$ 380,983
Exercise of options, shares	280,194	0
Recognized compensation cost related to shares of stock granted	$ 467,400	$ 562,200
Unrecognized compensation cost related to nonvested outstanding stock awards	$ 1,600,000
Weighted average period expected to be recognized	1 year 9 months 18 days
Stock Options [Member] | Long Term Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of options granted	10 years
Vesting period	3 years
Stock Options [Member] | Amended and Restated 2008 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of options granted	10 years
Vesting period	3 years
Stock Options [Member] | Minimum [Member] | Amended and Restated 2008 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units [Member] | Long Term Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Recognized compensation cost related to shares of stock granted	$ 60,400	68,700
Performance Stock Units [Member] | Long Term Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized compensation cost related to shares of stock granted	$ 7,900
Reduction in recognized stock unit awards compensation expenses		$ 95,100
Performance Stock Units [Member] | Minimum [Member] | Long Term Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance Stock Units [Member] | Maximum [Member] | Long Term Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

Share Based Compensation - Summ

Share Based Compensation - Summary of Stock Option Activity (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Stockholders Equity Note [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	11,313,909
Number of Shares Granted | shares	60,000
Number of Shares Exercised | shares	(280,194)
Number of Shares Cancelled/Forfeited | shares	(192,543)
Number of Shares Outstanding, Ending Balance | shares	10,901,172
Number of Shares Exercisable, Ending Balance | shares	8,103,989
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares	$ 1.84
Weighted Average Exercise Price Granted | $ / shares	2.33
Weighted Average Exercise Price Exercised | $ / shares	1.36
Weighted Average Exercise Price Cancelled/Forfeited | $ / shares	1.58
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares	1.86
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares	$ 2.01
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance	6 years 10 months 24 days
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance	6 years 1 month 6 days
Aggregate Intrinsic Value Outstanding, Ending Balance | $	$ 11,648,293
Aggregate Intrinsic Value Exercisable, Ending Balance | $	$ 7,681,442

Share Based Compensation - Assu

Share Based Compensation - Assumptions Used in Fair Value Measurement of Options Granted (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stockholders Equity Note [Abstract]
Risk-free interest rate	1.90%	1.30%
Annualized volatility	53.10%	50.20%
Weighted average expected life, in years	6 years	6 years
Expected dividend yield	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)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	1,347,289
Number of Shares, Forfeited/expired | shares	(502,308)
Number of Shares, Ending Balance | shares	844,981
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 1.50
Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	2.16
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 1.45
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	822,658
Number of Shares, Forfeited/expired | shares	(67,464)
Number of Shares, Ending Balance | shares	755,194
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 1.39
Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares	1.70
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 1.36

Significant Customers and Con23

Significant Customers and Concentrations of Risk - Summary of Revenues by Customer Location (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Concentration Risk [Line Items]
Total revenues	$ 12,007,459	$ 12,318,772
United States of America [Member]
Concentration Risk [Line Items]
Total revenues	10,668,024	10,570,606
Europe [Member]
Concentration Risk [Line Items]
Total revenues	1,155,444	1,567,341
Other [Member]
Concentration Risk [Line Items]
Total revenues	$ 183,991	$ 180,825

Significant Customers and Con24

Significant Customers and Concentrations of Risk - Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Concentration Risk [Line Items]
Total revenues		$ 12,007,459	$ 12,318,772
Teva [Member]
Concentration Risk [Line Items]
Total revenues		4,963,074	6,485,850
McKesson [Member]
Concentration Risk [Line Items]
Total revenues	[1]	2,224,015	1,709,294
Ferring [Member]
Concentration Risk [Line Items]
Total revenues		1,307,494	1,658,622
AmerisourceBergen [Member]
Concentration Risk [Line Items]
Total revenues	[1]	$ 1,408,347	$ 1,147,086
[1]	Represents revenue based on OTREXUP® shipments to the distributors, net of estimated returns, deferrals and product sales allowances as discussed in Note 2 to the Consolidated Financial Statements. The amounts presented for the three months ended March 31, 2017 include revenues recognized for shipments in prior periods that were previously deferred.

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Potentially dilutive stock options and other share-based awards excluded from dilutive loss per share	12,501,347	10,454,065

Recent Accounting Pronounceme26

Recent Accounting Pronouncements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)
ASU 2016-09 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to accumulated deficit and additional paid-in capital	$ 97,000