Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 156,674,504 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 27,433,489 | $ 27,714,588 |
Short-term investments | 9,976,984 | 0 |
Accounts receivable | 10,146,966 | 9,073,173 |
Inventories | 7,942,376 | 5,326,962 |
Deferred costs | 1,213,507 | 1,773,446 |
Prepaid expenses and other current assets | 1,680,208 | 1,376,299 |
Total current assets | 58,393,530 | 45,264,468 |
Equipment, molds, furniture and fixtures, net | 17,296,719 | 17,867,412 |
Patent rights, net | 1,630,785 | 2,044,608 |
Goodwill | 1,095,355 | 1,095,355 |
Other assets | 53,778 | 53,607 |
Total Assets | 78,470,167 | 66,325,450 |
Current Liabilities: | ||
Accounts payable | 8,245,154 | 7,884,983 |
Accrued expenses and other liabilities | 6,394,379 | 5,872,846 |
Deferred revenue | 2,842,801 | 6,149,087 |
Total current liabilities | 17,482,334 | 19,906,916 |
Long-term debt | 24,791,214 | |
Deferred revenue – long term | 200,000 | 1,200,000 |
Total liabilities | 42,473,548 | 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; 156,425,904 and 155,167,677 issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 1,564,259 | 1,551,677 |
Additional paid-in capital | 301,703,929 | 297,826,433 |
Accumulated deficit | (266,570,874) | (253,445,306) |
Accumulated other comprehensive loss | (700,695) | (714,270) |
Total Stockholders' Equity | 35,996,619 | 45,218,534 |
Total Liabilities and Stockholders’ Equity | $ 78,470,167 | $ 66,325,450 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 156,425,904 | 155,167,677 |
Common Stock, shares outstanding | 156,425,904 | 155,167,677 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue: | ||||
Product sales | $ 13,327,525 | $ 11,049,840 | $ 30,708,750 | $ 30,580,889 |
Development revenue | 1,485,091 | 2,101,203 | 7,894,640 | 6,466,974 |
Licensing revenue | 19,486 | 38,618 | 1,057,204 | 128,040 |
Royalties | 220,295 | 289,102 | 815,421 | 850,022 |
Total revenue | 15,052,397 | 13,478,763 | 40,476,015 | 38,025,925 |
Cost of revenue: | ||||
Cost of product sales | 7,600,180 | 7,206,280 | 16,681,689 | 18,670,363 |
Cost of development revenue | 922,717 | 827,441 | 3,677,363 | 3,457,197 |
Total cost of revenue | 8,522,897 | 8,033,721 | 20,359,052 | 22,127,560 |
Gross profit | 6,529,500 | 5,445,042 | 20,116,963 | 15,898,365 |
Operating expenses: | ||||
Research and development | 3,289,445 | 5,958,550 | 9,535,089 | 15,554,599 |
Selling, general and administrative | 8,185,865 | 5,622,937 | 23,013,130 | 20,240,635 |
Total operating expenses | 11,475,310 | 11,581,487 | 32,548,219 | 35,795,234 |
Operating loss | (4,945,810) | (6,136,445) | (12,431,256) | (19,896,869) |
Interest expense | (625,938) | (794,129) | ||
Other income | 119,227 | 15,462 | 197,003 | 58,313 |
Net loss | $ (5,452,521) | $ (6,120,983) | $ (13,028,382) | $ (19,838,556) |
Basic and diluted net loss per common share | $ (0.03) | $ (0.04) | $ (0.08) | $ (0.13) |
Basic and diluted weighted average common shares outstanding | 156,400,702 | 155,060,811 | 155,851,639 | 154,952,060 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (5,452,521) | $ (6,120,983) | $ (13,028,382) | $ (19,838,556) |
Foreign currency translation adjustment | (3,621) | 2,632 | 13,575 | (7,820) |
Comprehensive loss | $ (5,456,142) | $ (6,118,351) | $ (13,014,807) | $ (19,846,376) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (13,028,382) | $ (19,838,556) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 2,371,453 | 1,886,823 |
Depreciation and amortization | 1,520,197 | 1,371,538 |
Loss on disposal of equipment | 22,600 | 17,785 |
Write-off of capitalized patent costs | 45,600 | |
Accretion of interest expense | 66,406 | |
Amortization of debt issuance costs | 18,347 | |
Amortization of premiums and discounts on investment securities | (16,638) | 10,913 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,069,614) | (624,232) |
Inventories | (2,615,414) | (999,158) |
Prepaid expenses and other assets | (299,825) | 2,922,527 |
Deferred costs | 559,939 | (762,413) |
Accounts payable | 701,704 | 3,308,607 |
Accrued expenses and other current liabilities | 549,929 | (146,376) |
Deferred revenue | (4,308,571) | 1,156,309 |
Net cash used in operating activities | (15,482,269) | (11,696,233) |
Cash flows from investing activities: | ||
Purchase of investment securities | (9,963,978) | |
Purchases of equipment, molds, furniture and fixtures | (878,855) | (4,278,643) |
Additions to patent rights | (83,592) | (103,788) |
Proceeds from maturities of investment securities | 12,000,000 | |
Net cash (used in) provided by investing activities | (10,926,425) | 7,617,569 |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 25,000,000 | |
Payment of debt issuance costs | (293,538) | |
Proceeds from exercise of stock options | 1,670,149 | 24,071 |
Taxes paid related to net share settlement of equity awards | (248,709) | (64,096) |
Net cash provided by (used in) financing activities | 26,127,902 | (40,025) |
Effect of exchange rate changes on cash | (307) | 1,440 |
Net decrease in cash and cash equivalents | (281,099) | (4,117,249) |
Cash and cash equivalents: | ||
Beginning of period | 27,714,588 | 32,898,676 |
End of period | 27,433,489 | 28,781,427 |
Supplemental disclosure of non-cash investing activities: | ||
Purchases of equipment, molds, furniture and fixtures recorded in accounts payable and accrued expenses | 92,674 | 552,556 |
Additions to patent rights recorded in accounts payable and accrued expenses | $ 6,160 | $ 23,369 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 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 XYOSTED TM TM |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Investments The primary objectives of the Company’s investment policy are to protect principal, maintain adequate liquidity and maximize returns. The Company’s investments consist of U.S. Treasury bills and government agency notes that are classified as held-to-maturity because the Company has the intent and ability to hold the securities to maturity. Investments with maturities of one year or less are classified as short-term. The securities are carried at their amortized cost and the fair value is determined by quoted market prices. At September 30, 2017, the Company’s investments had a carrying value of $9,976,984, which approximated fair value. The Company held no investments as of December 31, 2016. 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 $1,000,000 and $900,000 at September 30, 2017 and December 31, 2016, respectively. Inventories consist of the following: September 30, December 31, 2017 2016 Inventories: Raw material $ 126,070 $ 142,491 Work in process 4,357,554 2,429,075 Finished goods 3,458,752 2,755,396 $ 7,942,376 $ 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 ® Revenue Recognition — Sumatriptan Injection Under a license, supply and distribution agreement with Teva for an auto-injector product containing sumatriptan, the Company produces devices and assembles product for shipment to Teva, and Teva is responsible for commercial distribution and sale of the product. The Company is compensated, and recognizes revenue, at cost for shipments of product delivered to Teva. The Company is also entitled to receive 50 percent of the net profits from commercial sales made by Teva, payable to the Company within 45 days after the quarter in which the commercial sales are made by Teva. Sumatriptan Injection USP was launched for commercial sale in June 2016. Initially, given the limited access to sales data and the 45-day lag in reporting of the profit split from Teva, management was not able to estimate the profit margin the Company expected to receive from commercial sales made by Teva at the time of sale. Accordingly, prior to the third quarter of 2017, revenue from the profit sharing arrangement was recognized in the period following the commercial sales by Teva when amounts were reported and paid to the Company. Beginning in the third quarter of 2017, management determined it had developed sufficient history and is now able to obtain additional sales information in order to reasonably estimate and recognize revenue from the profit sharing arrangement when product is sold by Teva. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 3 . Long-Term Debt On June 6, 2017, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., for a term loan of up to $35,000,000 (the “Term Loan”), the proceeds of which are to be used for working capital and general corporate purposes. The first advance of $25,000,000 was funded upon execution of the Loan Agreement on June 6, 2017. Under the terms of the Loan Agreement, the Company may, but is not obligated to, request one or more additional advances of at least $5,000,000 not to exceed $10,000,000 in the aggregate, subject to the Company achieving certain corporate milestones and satisfying customary conditions. The Company must exercise its option to request additional advances prior to September 30, 2018. The Term Loan is secured by substantially all of the Company’s assets, excluding intellectual property, and will mature on July 1, 2022. The Term Loan accrues interest at a calculated prime-based variable rate with a maximum interest rate of 9.50%. As of September 30, 2017, the interest rate was 8.75%. Payments under the Loan Agreement are interest only until the first principal payment is due on August 1, 2019, provided that the interest only period may be extended to February 1, 2020 if the Company achieves certain corporate milestones. The Loan Agreement also requires the Company to pay a fee equal to 4.25% of the total original principal amount of all term loan advances (“End of Term Charge”), which is due upon repayment of the Term Loan at either maturity or earlier repayment, and imposes a prepayment fee of 1.0% to 3.0% if any or all of the balance is prepaid prior to the maturity date. As of September 30, 2017, the carrying value of the Term Loan was $24,791,214, which consisted of the $25,000,000 principal balance outstanding and the End of Term Charge accrual of $66,406, less unamortized debt issuance costs of $275,192. The Company incurred debt issuance costs that, along with the End of Term Charge, are being amortized/accrued to interest expense over the term of the Term Loan using the effective interest method. Future principal payments under the term loan, including the End of Term Charge, are as follows: September 30, 2017 2017 $ — 2018 — 2019 3,075,781 2020 7,870,277 2021 8,602,959 Thereafter 6,513,483 $ 26,062,500 The Company believes that the carrying value of the Term Loan approximates its fair value based on the borrowing rates currently available for loans with similar terms. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 4. Stockholders’ Equity On August 11, 2017, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) under which the Company may offer and sell, from time to time and at its sole discretion, shares of its common stock having an aggregate offering price of up to $30,000,000 through Cowen as the Company’s sales agent and/or as principal defined in Rule 415 of the Securities Act of 1933, as amended. The Company will pay Cowen a commission of 3.0% of the gross sales proceeds of any common stock sold through Cowen under the Sales Agreement. The Company is not obligated to make any sales of common stock under the Sales Agreement and no sales of common stock were made pursuant to the Sales Agreement in the period ended September 30, 2017. |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation | 5 . 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 September 30, 2017, the Plan had approximately 6,400,000 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 nine months ended September 30, 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 2,975,667 2.67 Exercised (1,062,693 ) 1.57 Cancelled/Forfeited (833,033 ) 2.68 Outstanding at September 30, 2017 12,393,850 2.01 7.3 $ 15,631,780 Exercisable at September 30, 2017 8,043,282 $ 1.93 6.2 $ 10,880,581 The per share weighted average fair values of all options granted during the nine months ended September 30, 2017 and 2016 were estimated as $1.62 and $0.54, 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 the Company’s stock price. The weighted average expected life is based on both historical and anticipated employee behavior. September 30, 2017 2016 Risk-free interest rate 1.8% 1.3% Annualized volatility 53.4% 51.6% Weighted average expected life, in years 6.0 6.0 Expected dividend yield 0.0% 0.0% During the nine months ended September 30, 2017, stock option exercises resulted in cash proceeds to the Company of $1,670,149 and the issuance of 1,062,693 shares of common stock. Stock option exercises resulted in proceeds of $24,071 and the issuance of 21,492 shares of common stock in the nine months ended September 30, 2016. The Company recognized $1,680,437 and $1,572,710 of compensation expense related to stock options for the nine months ended September 30, 2017 and 2016, respectively, and $692,834 and $505,663 for the three months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, there was approximately $4,500,000 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 2.1 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 689,180 3.12 689,180 2.69 Vested/settled — (287,508 ) 1.49 Forfeited/expired (502,308 ) 2.16 (67,464 ) 1.70 Outstanding at September 30, 2017 1,534,161 $ 2.20 1,156,866 $ 2.12 In 2017, 2016 and 2015, the LTIP awards include PSUs that may be earned based on the Company’s total shareholder return (“TSR”) relative to the Nasdaq Biotechnology Index (“NBI”) at the end of the performance period. The performance period is January 1, 2015 to December 31, 2017 for the 2015 award, January 1, 2016 to December 31, 2018 for the 2016 award and January 1, 2017 to December 31, 2019 for the 2017 award. Depending on the outcome of the performance goal, a recipient may ultimately earn a number of shares greater or less than their target number of shares granted, ranging from 0% to 150% of the PSUs granted. The fair values of the TSR PSUs granted was determined using a Monte Carlo simulation and utilized the following inputs and assumptions: 2017 Award 2016 Award 2015 Award Closing stock price on grant date $ 2.66 $ 1.12 $ 2.18 Performance period starting price $ 2.17 $ 1.29 $ 2.52 Term of award (in years) 2.57 2.58 2.59 Volatility 54.6 % 70.1 % 60.5 % Risk-free interest rate 1.39 % 0.97 % 0.83 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 3.10 $ 1.25 $ 1.71 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 prices of the Company’s 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 performance period. In connection with PSU awards, the Company recognized compensation expense of $239,995 and $11,331 for the nine months ended September 30, 2017 and 2016, respectively. Compensation expense recognized in connection with RSU awards was $451,021 and $302,782 for the nine months ended September 30, 2017 and 2016, respectively. Shares issued in connection with LTIP awards that vested in the nine months ended September 30, 2017 and 2016 were net-share settled such that the Company withheld shares with a value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld to satisfy tax obligations were 97,586 and 65,575 in the nine months ended September 30, 2017 and 2016, respectively, and were based on the fair value of the shares on their vesting date as determined by the Company’s closing stock price. Total payments for the employees’ tax obligations to the taxing authorities were $248,709 and $64,096 in the nine months ended September 30, 2017 and 2016, respectively, and are reflected as a financing activity within the consolidated statements of cash flows. These net-share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting and did not represent an expense to the Company. |
Significant Customers and Conce
Significant Customers and Concentrations of Risk | 9 Months Ended |
Sep. 30, 2017 | |
Risks And Uncertainties [Abstract] | |
Significant Customers and Concentrations of Risk | 6 . Significant Customers and Concentrations of Risk Revenues by customer location are summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 United States of America $ 14,174,112 $ 12,036,590 $ 37,009,301 $ 33,631,332 Europe 750,470 1,215,218 3,018,099 3,829,809 Other 127,815 226,955 448,615 564,784 $ 15,052,397 $ 13,478,763 $ 40,476,015 $ 38,025,925 Significant customers from which the Company derived 10% or more of its total revenue in any of the periods presented are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Teva $ 7,663,701 $ 5,522,996 $ 17,043,954 $ 18,513,972 AMAG 1,767,702 2,369,950 6,338,275 3,275,832 McKesson 2,339,238 1,946,261 6,333,080 5,501,810 AmerisourceBergen 1,470,268 1,156,566 4,323,013 3,658,453 Ferring 723,502 1,246,300 3,018,098 3,960,689 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 7 . 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 15,084,877 and 14,100,835 at September 30, 2017 and 2016, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 8 . 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 (Topic 606), The Company continues to monitor and evaluate 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 certain 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. The Company anticipates recognizing a transition adjustment upon adoption, however the amount cannot currently be quantified, as the calculation of such will depend upon the open contracts and performance obligations as of the transition date. No significant changes to business processes or systems are currently expected to be necessary, as the processes and controls used in recording revenue transactions are largely manual. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting In May 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events ZOMAJET™ Asset Purchase Agreement On October 10, 2017, the Company entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Ferring to sell the worldwide rights, including certain assets, related to the ZOMAJET™ needle-free auto injector device (the “Product”) for a total purchase price of $14.5 million. The purchase price is to be paid in four installments consisting of the following: a $2.0 million upfront payment received upon entry into the Asset Purchase Agreement and the transfer of certain assets; a second installment of $2.75 million payable upon delivery of certain documentation and satisfaction of certain conditions primarily related to Product manufacturing; a third installment of $4.75 million payable upon satisfaction of certain conditions, including further document transfer, the successful completion of a regulatory audit by a notified body, and a pilot manufacturing run under Ferring’s supervision; and a final installment of $5.0 million upon Ferring’s receipt of the CE Mark needed to continue to commercialize the Product in certain territories and the final transfer of certain Product-related inventory, equipment and agreements to Ferring (the “Completion Date”), which is expected to occur by the end of 2018. The Company will continue to manufacture and supply ZOMAJET™ devices until the Completion Date and will receive payment for devices manufactured and supplied to its partners, and a royalty on net product sales, in accordance with the existing license and supply agreements. Litigation 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 TM TM |
Basis of Presentation and Sig16
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Investments | Investments The primary objectives of the Company’s investment policy are to protect principal, maintain adequate liquidity and maximize returns. The Company’s investments consist of U.S. Treasury bills and government agency notes that are classified as held-to-maturity because the Company has the intent and ability to hold the securities to maturity. Investments with maturities of one year or less are classified as short-term. The securities are carried at their amortized cost and the fair value is determined by quoted market prices. At September 30, 2017, the Company’s investments had a carrying value of $9,976,984, which approximated fair value. The Company held no investments as of December 31, 2016. |
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 $1,000,000 and $900,000 at September 30, 2017 and December 31, 2016, respectively. Inventories consist of the following: September 30, December 31, 2017 2016 Inventories: Raw material $ 126,070 $ 142,491 Work in process 4,357,554 2,429,075 Finished goods 3,458,752 2,755,396 $ 7,942,376 $ 5,326,962 |
Revenue Recognition | 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 ® Revenue Recognition — Sumatriptan Injection Under a license, supply and distribution agreement with Teva for an auto-injector product containing sumatriptan, the Company produces devices and assembles product for shipment to Teva, and Teva is responsible for commercial distribution and sale of the product. The Company is compensated, and recognizes revenue, at cost for shipments of product delivered to Teva. The Company is also entitled to receive 50 percent of the net profits from commercial sales made by Teva, payable to the Company within 45 days after the quarter in which the commercial sales are made by Teva. Sumatriptan Injection USP was launched for commercial sale in June 2016. Initially, given the limited access to sales data and the 45-day lag in reporting of the profit split from Teva, management was not able to estimate the profit margin the Company expected to receive from commercial sales made by Teva at the time of sale. Accordingly, prior to the third quarter of 2017, revenue from the profit sharing arrangement was recognized in the period following the commercial sales by Teva when amounts were reported and paid to the Company. Beginning in the third quarter of 2017, management determined it had developed sufficient history and is now able to obtain additional sales information in order to reasonably estimate and recognize revenue from the profit sharing arrangement when product is sold by Teva. |
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 (Topic 606), The Company continues to monitor and evaluate 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 certain 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. The Company anticipates recognizing a transition adjustment upon adoption, however the amount cannot currently be quantified, as the calculation of such will depend upon the open contracts and performance obligations as of the transition date. No significant changes to business processes or systems are currently expected to be necessary, as the processes and controls used in recording revenue transactions are largely manual. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting In May 2017, the FASB issued ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets |
Basis of Presentation and Sig17
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Inventories | Inventories consist of the following: September 30, December 31, 2017 2016 Inventories: Raw material $ 126,070 $ 142,491 Work in process 4,357,554 2,429,075 Finished goods 3,458,752 2,755,396 $ 7,942,376 $ 5,326,962 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments under Term Loan, Including End of Term Charge | Future principal payments under the term loan, including the End of Term Charge, are as follows: September 30, 2017 2017 $ — 2018 — 2019 3,075,781 2020 7,870,277 2021 8,602,959 Thereafter 6,513,483 $ 26,062,500 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Stock Option Activity | The following is a summary of stock option activity under the Plan as of and for the nine months ended September 30, 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 2,975,667 2.67 Exercised (1,062,693 ) 1.57 Cancelled/Forfeited (833,033 ) 2.68 Outstanding at September 30, 2017 12,393,850 2.01 7.3 $ 15,631,780 Exercisable at September 30, 2017 8,043,282 $ 1.93 6.2 $ 10,880,581 |
Assumptions Used in Fair Value Measurement of Options Granted | September 30, 2017 2016 Risk-free interest rate 1.8% 1.3% Annualized volatility 53.4% 51.6% 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 689,180 3.12 689,180 2.69 Vested/settled — (287,508 ) 1.49 Forfeited/expired (502,308 ) 2.16 (67,464 ) 1.70 Outstanding at September 30, 2017 1,534,161 $ 2.20 1,156,866 $ 2.12 |
Performance Stock Units [Member] | |
Assumptions Used in Fair Value Measurement of Options Granted | The fair values of the TSR PSUs granted was determined using a Monte Carlo simulation and utilized the following inputs and assumptions: 2017 Award 2016 Award 2015 Award Closing stock price on grant date $ 2.66 $ 1.12 $ 2.18 Performance period starting price $ 2.17 $ 1.29 $ 2.52 Term of award (in years) 2.57 2.58 2.59 Volatility 54.6 % 70.1 % 60.5 % Risk-free interest rate 1.39 % 0.97 % 0.83 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 3.10 $ 1.25 $ 1.71 |
Significant Customers and Con20
Significant Customers and Concentrations of Risk (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Risks And Uncertainties [Abstract] | |
Summary of Revenues by Customer Location | Revenues by customer location are summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 United States of America $ 14,174,112 $ 12,036,590 $ 37,009,301 $ 33,631,332 Europe 750,470 1,215,218 3,018,099 3,829,809 Other 127,815 226,955 448,615 564,784 $ 15,052,397 $ 13,478,763 $ 40,476,015 $ 38,025,925 |
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 its total revenue in any of the periods presented are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Teva $ 7,663,701 $ 5,522,996 $ 17,043,954 $ 18,513,972 AMAG 1,767,702 2,369,950 6,338,275 3,275,832 McKesson 2,339,238 1,946,261 6,333,080 5,501,810 AmerisourceBergen 1,470,268 1,156,566 4,323,013 3,658,453 Ferring 723,502 1,246,300 3,018,098 3,960,689 |
Basis of Presentation and Sig21
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Carrying value of investments | $ 0 | $ 9,976,984 | ||
Inventory reserve | 900,000 | $ 1,000,000 | ||
Cash discount to incentive for prompt payment | 2.00% | |||
Teva [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Future net profits from commercial sales percent | 50.00% | |||
OTREXUP [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Additional revenue recognized, not previously recognized | $ 1,297,054 | |||
Related product costs recognized | $ 254,425 | |||
Revenue Recognition, decrease in net loss | $ 1,042,629 | |||
Estimated product returns reserve | 0 | 650,000 | ||
Product sales allowances | $ 1,540,488 | $ 1,986,553 | ||
OTREXUP [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue Recognition, decrease in net loss per share | $ 0.01 |
Basis of Presentation and Sig22
Basis of Presentation and Significant Accounting Policies - Inventories (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Inventories: | ||
Raw material | $ 126,070 | $ 142,491 |
Work in process | 4,357,554 | 2,429,075 |
Finished goods | 3,458,752 | 2,755,396 |
Inventory, Total | $ 7,942,376 | $ 5,326,962 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 06, 2017 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||
Advance of funded upon execution of loan agreement | $ 25,000,000 | |
Carrying value of long term debt | $ 24,791,214 | |
Hercules Capital, Inc [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-tem debt, face amount | $ 35,000,000 | |
Advance of funded upon execution of loan agreement | $ 25,000,000 | |
Debt Instrument, covenant description | Under the terms of the Loan Agreement, the Company may, but is not obligated to, request one or more additional advances of at least $5,000,000 not to exceed $10,000,000 in the aggregate, subject to the Company achieving certain corporate milestones and satisfying customary conditions. | |
Debt instrument, maturity date Description | The Term Loan is secured by substantially all of the Company’s assets, excluding intellectual property, and will mature on July 1, 2022 | |
Debt instrument, maturity date | Jul. 1, 2022 | |
Debt Instrument, interest rate | 8.75% | |
Debt instrument, payment terms | Payments under the Loan Agreement are interest only until the first principal payment is due on August 1, 2019, provided that the interest only period may be extended to February 1, 2020 if the Company achieves certain corporate milestones. | |
Debt instrument, first pricipal payment due date | Aug. 1, 2019 | |
Debt instrument, first pricipal payment may be extended date | Feb. 1, 2020 | |
Percentage of loan fee on original principal amount | 4.25% | |
Carrying value of long term debt | $ 24,791,214 | |
Principal balance outstanding | 25,000,000 | |
Term charge accrual | 66,406 | |
Unamortized debt issuance costs | $ 275,192 | |
Hercules Capital, Inc [Member] | Term Loan [Member] | Prime Based Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, variable interest rate | 9.50% | |
Hercules Capital, Inc [Member] | Term Loan [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Prepayment fee percentage on principal loan prepaid | 1.00% | |
Hercules Capital, Inc [Member] | Term Loan [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Prepayment fee percentage on principal loan prepaid | 3.00% | |
Hercules Capital, Inc [Member] | Term Loan [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Amount of additional advances Company may request | $ 5,000,000 | |
Hercules Capital, Inc [Member] | Term Loan [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Amount of additional advances Company may request | $ 10,000,000 |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Principal Payments under Term Loan, Including End of Term Charge (Detail) | Sep. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 3,075,781 |
2,020 | 7,870,277 |
2,021 | 8,602,959 |
Thereafter | 6,513,483 |
Long-term debt | $ 26,062,500 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - Sales Agreement [Member] - Cowen and Company, LLC [Member] | Aug. 11, 2017USD ($) |
Stockholders Equity [Line Items] | |
Percentage of commission on proceeds from gross sales of common stock | 3.00% |
Proceeds from sale of common stock | $ 0 |
Maximum [Member] | |
Stockholders Equity [Line Items] | |
Aggregate offering price of common stock | $ 30,000,000 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from the issuance of stock options | $ 1,670,149 | $ 24,071 | ||
Shares withheld to meet employees' minimum statutory income tax obligation | 97,586 | 65,575 | ||
Payments for the employees' minimum statutory income tax obligation | $ 248,709 | $ 64,096 | ||
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 | 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 | 6,400,000 | 6,400,000 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Per share weighted average fair values of options granted | $ 1.62 | $ 0.54 | ||
Proceeds from the issuance of stock options | $ 1,670,149 | $ 24,071 | ||
Exercise of options, shares | 1,062,693 | 21,492 | ||
Recognized compensation cost related to shares of stock granted | $ 692,834 | $ 505,663 | $ 1,680,437 | $ 1,572,710 |
Unrecognized compensation cost related to nonvested outstanding stock awards | $ 4,500,000 | $ 4,500,000 | ||
Weighted average period expected to be recognized | 2 years 1 month 6 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 | $ 451,021 | 302,782 | ||
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 | $ 239,995 | $ 11,331 | ||
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 | |||
Share based compensation award percentage | 0.00% | |||
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 award percentage | 150.00% |
Share Based Compensation - Summ
Share Based Compensation - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Stockholders Equity Note [Abstract] | |
Number of Shares Outstanding, Beginning Balance | shares | 11,313,909 |
Number of Shares Granted | shares | 2,975,667 |
Number of Shares Exercised | shares | (1,062,693) |
Number of Shares Cancelled/Forfeited | shares | (833,033) |
Number of Shares Outstanding, Ending Balance | shares | 12,393,850 |
Number of Shares Exercisable, Ending Balance | shares | 8,043,282 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 1.84 |
Weighted Average Exercise Price Granted | $ / shares | 2.67 |
Weighted Average Exercise Price Exercised | $ / shares | 1.57 |
Weighted Average Exercise Price Cancelled/Forfeited | $ / shares | 2.68 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares | 2.01 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 1.93 |
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance | 7 years 3 months 18 days |
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance | 6 years 2 months 12 days |
Aggregate Intrinsic Value Outstanding, Ending Balance | $ | $ 15,631,780 |
Aggregate Intrinsic Value Exercisable, Ending Balance | $ | $ 10,880,581 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value Measurement of Options Granted (Detail) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Stockholders Equity Note [Abstract] | ||
Risk-free interest rate | 1.80% | 1.30% |
Annualized volatility | 53.40% | 51.60% |
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) | 9 Months Ended |
Sep. 30, 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, Granted | shares | 689,180 |
Number of Shares, Forfeited/expired | shares | (502,308) |
Number of Shares, Ending Balance | shares | 1,534,161 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 1.50 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 3.12 |
Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 2.16 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.20 |
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, Granted | shares | 689,180 |
Number of Shares, Vested/settled | shares | (287,508) |
Number of Shares, Forfeited/expired | shares | (67,464) |
Number of Shares, Ending Balance | shares | 1,156,866 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 1.39 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 2.69 |
Weighted Average Grant Date Fair Value, Vested/settled | $ / shares | 1.49 |
Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 1.70 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.12 |
Share Based Compensation - Fair
Share Based Compensation - Fair Value of PSUs Granted Determined Using Monte Carlo Simulation (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of award (in years) | 6 years | 6 years | |
Volatility | 53.40% | 51.60% | |
Risk-free interest rate | 1.80% | 1.30% | |
Expected dividend yield | 0.00% | 0.00% | |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing stock price on grant date | $ 2.66 | $ 1.12 | $ 2.18 |
Performance period starting price | $ 2.17 | $ 1.29 | $ 2.52 |
Term of award (in years) | 2 years 6 months 25 days | 2 years 6 months 29 days | 2 years 7 months 2 days |
Volatility | 54.60% | 70.10% | 60.50% |
Risk-free interest rate | 1.39% | 0.97% | 0.83% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Fair value per TSR PSU | $ 3.10 | $ 1.25 | $ 1.71 |
Significant Customers and Con31
Significant Customers and Concentrations of Risk - Summary of Revenues by Customer Location (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Concentration Risk [Line Items] | ||||
Total revenues | $ 15,052,397 | $ 13,478,763 | $ 40,476,015 | $ 38,025,925 |
United States of America [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 14,174,112 | 12,036,590 | 37,009,301 | 33,631,332 |
Europe [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 750,470 | 1,215,218 | 3,018,099 | 3,829,809 |
Other [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | $ 127,815 | $ 226,955 | $ 448,615 | $ 564,784 |
Significant Customers and Con32
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Concentration Risk [Line Items] | ||||
Total revenues | $ 15,052,397 | $ 13,478,763 | $ 40,476,015 | $ 38,025,925 |
Teva [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 7,663,701 | 5,522,996 | 17,043,954 | 18,513,972 |
AMAG [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 1,767,702 | 2,369,950 | 6,338,275 | 3,275,832 |
McKesson [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 2,339,238 | 1,946,261 | 6,333,080 | 5,501,810 |
AmerisourceBergen [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 1,470,268 | 1,156,566 | 4,323,013 | 3,658,453 |
Ferring [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | $ 723,502 | $ 1,246,300 | $ 3,018,098 | $ 3,960,689 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive stock options and other share-based awards excluded from dilutive loss per share | 15,084,877 | 14,100,835 |
Recent Accounting Pronounceme34
Recent Accounting Pronouncements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Asset Purchase Agreement [Member] - Ferring [Member] - ZOMAJET [Member] - Subsequent Event [Member] $ in Thousands | Oct. 10, 2017USD ($)Installment |
Subsequent Event [Line Items] | |
Total purchase price | $ 14,500 |
Number of installments paid for purchase price | Installment | 4 |
Description of purchase price payment | The purchase price is to be paid in four installments consisting of the following: a $2.0 million upfront payment received upon entry into the Asset Purchase Agreement and the transfer of certain assets; a second installment of $2.75 million payable upon delivery of certain documentation and satisfaction of certain conditions primarily related to Product manufacturing; a third installment of $4.75 million payable upon satisfaction of certain conditions, including further document transfer, the successful completion of a regulatory audit by a notified body, and a pilot manufacturing run under Ferring’s supervision; and a final installment of $5.0 million upon Ferring’s receipt of the CE Mark needed to continue to commercialize the Product in certain territories and the final transfer of certain Product-related inventory, equipment and agreements to Ferring (the “Completion Date”), which is expected to occur by the end of 2018. |
Upfront payment received upon transfer of assets | $ 2,000 |
Consideration receivable on criteria completion related to product manufacturing | 2,750 |
Consideration receivable on criteria completion related to Audit and pilot manufacturing | 4,750 |
Consideration receivable on criteria completion related to Product commercialization | $ 5,000 |