Antares Pharma (ATRS) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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		156,825,557

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 23,111	$ 26,562
Short-term investments	4,997	4,993
Accounts receivable	12,494	11,878
Inventories	9,929	9,275
Deferred costs	432	505
Prepaid expenses and other current assets	2,074	2,323
Total current assets	53,037	55,536
Equipment, molds, furniture and fixtures, net	15,892	16,158
Patent rights, net	1,267	1,401
Goodwill	1,095	1,095
Other assets	148	148
Total Assets	71,439	74,338
Current Liabilities:
Accounts payable	6,652	5,957
Accrued expenses and other liabilities	6,868	6,982
Deferred gain	2,750
Deferred revenue	1,797	2,794
Total current liabilities	18,067	15,733
Long-term debt	24,925	24,858
Deferred revenue – long term	200	200
Total liabilities	43,192	40,791
Stockholders’ Equity:
Preferred Stock: $0.01 par, authorized 3,000 shares, none outstanding
Common Stock: $0.01 par; 300,000 shares authorized; 156,821 and 156,675 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	1,568	1,567
Additional paid-in capital	303,847	302,965
Accumulated deficit	(276,478)	(270,285)
Accumulated other comprehensive loss	(690)	(700)
Total Stockholders' Equity	28,247	33,547
Total Liabilities and Stockholders’ Equity	$ 71,439	$ 74,338

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	156,821,000	156,675,000
Common Stock, shares outstanding	156,821,000	156,675,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Product sales	$ 10,949	$ 10,037
Licensing and development revenue	1,285	1,640
Royalties	469	330
Total revenue	12,703	12,007
Cost of revenue:
Cost of product sales	6,536	5,448
Cost of development revenue	650	771
Total cost of revenue	7,186	6,219
Gross profit	5,517	5,788
Operating expenses:
Research and development	3,320	3,087
Selling, general and administrative	7,816	7,467
Total operating expenses	11,136	10,554
Operating loss	(5,619)	(4,766)
Interest expense	(631)
Other income	57	30
Net loss	$ (6,193)	$ (4,736)
Basic and diluted net loss per common share	$ (0.04)	$ (0.03)
Basic and diluted weighted average common shares outstanding	156,724	155,215

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (6,193)	$ (4,736)
Foreign currency translation adjustment	10	4
Comprehensive loss	$ (6,183)	$ (4,732)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (6,193)	$ (4,736)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	985	536
Depreciation and amortization	604	494
Accretion of interest expense	52
Amortization of debt issuance costs	15
Amortization of premiums and discounts on investment securities	(4)
Changes in operating assets and liabilities:
Accounts receivable	(608)	1,190
Inventories	(655)	(1,525)
Prepaid expenses and other assets	250	(144)
Deferred costs	73	61
Accounts payable	550	1,139
Accrued expenses and other current liabilities	(99)	1,225
Deferred revenue	(999)	(2,222)
Net cash used in operating activities	(6,029)	(3,982)
Cash flows from investing activities:
Proceeds from sale of assets	2,750
Purchases of equipment, molds, furniture and fixtures	(61)	(427)
Additions to patent rights	(10)	(9)
Net cash provided by (used in) investing activities	2,679	(436)
Cash flows from financing activities:
Proceeds from exercise of stock options	28	381
Taxes paid related to net share settlement of equity awards	(130)
Net cash (used in) provided by financing activities	(102)	381
Effect of exchange rate changes on cash	1	(1)
Net decrease in cash and cash equivalents	(3,451)	(4,038)
Cash and cash equivalents:
Beginning of period	26,562	27,715
End of period	23,111	23,677
Supplemental disclosure of non-cash investing activities:
Purchases of equipment, molds, furniture and fixtures recorded in accounts payable and accrued expenses	173	94
Additions to patent rights recorded in accounts payable and accrued expenses	$ 6	$ 48

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	1. Description of Business Antares Pharma, Inc. (“Antares” or the “Company”) is a specialty pharmaceutical company focused primarily 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 ® ® ® Through its commercialization partner Teva, the Company sells Sumatriptan Injection USP, indicated in the U.S. for the acute treatment of migraine and cluster headache in adults. 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 ® ® ® In collaboration with AMAG, the Company developed a subcutaneous auto injector for use with AMAG’s progestin hormone drug Makena ® ® The Company is developing XYOSTED TM TM TM

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue Recognition Revenue Recognition 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 In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Investments The Company’s investments consist of U.S. 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 March 31, 2018 and December 31, 2017, the Company’s investments had a carrying value of $4,997 and $4,993, respectively, which approximated fair value. 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 $522 and $510 at March 31, 2018 and December 31, 2017, respectively. Inventories consist of the following: March 31, December 31, 2018 2017 Inventories: Raw material $ 118 $ 118 Work in process 7,248 6,223 Finished goods 2,563 2,934 $ 9,929 $ 9,275 Long-term debt The carrying value of the Company’s term loan was $24,925 and $24,858 as of March 31, 2018 and December 31, 2017, respectively, which is presented net of unamortized debt issuance costs. As of March 31, 2018, the prime-based variable interest rate was 9.25%. 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. Revenue Recognition The Company generates revenue from product sales, license and development activities and royalty arrangements. Revenue is recognized when or as the Company transfers control of the promised goods or services to its customers in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. The Company sells its proprietary product OTREXUP ® ® The Company estimates returns and product sales allowances using the expected value method based on historical trends and other known factors. Rebates are estimated using the most likely method based on historical trends and the terms of contracts in place. The Company sells Sumatriptan Injection USP to Teva under a license, supply and distribution agreement. The Company is initially compensated at cost for shipments of product to Teva and is entitled to receive 50 percent of the net profits from commercial sales made by Teva. The Company recognizes revenue, including the estimated variable consideration it expects to receive for contract margin on future commercial sales, upon shipment of the goods to Teva. The estimated variable consideration is recognized at an amount the Company believes is not subject to significant reversal based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed. The Company is the exclusive supplier of the Makena ® The Company generally contracts with its partners/customers for license, development and supply arrangements involving highly-customized customer-specific deliverables and development activities that often span multiple phases of a product lifecycle and include multiple performance obligations. For such arrangements, the Company allocates consideration to each performance obligation at inception of the arrangement based on relative standalone selling price, which is generally determined based on the expected cost plus margin. License fees received in exchange for the grant of a license to the Company’s functional intellectual property (“IP”) such as patented technology and know-how in connection with a partnered development arrangement are generally recognized at inception of the arrangement or over the development period depending on the facts and circumstances, as the license is not generally distinct from the non-licensed goods or services to be provided under the contract. Sales or usage based royalties for which the license is the predominant item to which the royalties relate are recognized at the later of when sales or usage occurs. Other forms of variable consideration, such as milestone payments that are contingent upon the occurrence of future events, are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal will not occur when the associated uncertainty is resolved. The Company’s typical payment terms for development contracts include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. The Company records a liability for the cash received in advance of performance, which is presented within deferred revenue on the balance sheet and recognized as revenue when the associated performance obligations have been satisfied. The advance payment typically is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract. Revenues from development contracts and partnered product supply arrangements, other than the product supplied under the AMAG manufacturing agreement described above, are recognized at the point in time in which the performance obligation is satisfied and control of the good or service is transferred to the customer. Factors that may indicate that the transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets and the Company has a present right to payment. Most often, amendments or modifications to existing development contracts are for goods or services that are distinct from the initial contract and are accounted for as a separate contract. The Company has elected to recognize the cost for freight and shipping activities as fulfilment cost. Amounts billed to customers for shipping and handling are included as part of the transaction price and recognized as revenue when control of underlying products is transferred to the customer. The related shipping and freight charges incurred by the Company are included in cost of revenue. Remaining Performance Obligations Remaining performance obligations represents the transaction price of firm orders and development contract deliverables for which work has not been completed or orders fulfilled, and excludes potential purchase orders under ordering-type supply contracts with indefinite delivery or quantity. As of March 31, 2018, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $2.3 million. The Company expects to recognize revenue on the remaining performance obligations over the next twelve months.

Sale of Assets

Sale of Assets	3 Months Ended
	Mar. 31, 2018
Sale Of Assets [Abstract]
Sales of Assets	3. Sale of Assets In October 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 needle-free auto injector device product line 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 non-refundable upfront payment, which was received upon entry into the Asset Purchase Agreement and the transfer of certain assets; a second installment of $2.75 million received in February 2018 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, Ferring’s 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, which the Company anticipates may occur by the end of 2018. In the fourth quarter of 2017, the Company recognized a gain on sale of assets upon receipt of the $2.0 million non-refundable upfront payment and transfer of certain manufacturing equipment and patents to Ferring. The second and third installments are refundable to Ferring under certain circumstances if completion of the transaction does not occur within a specified timeframe. Given the uncertainty about the payment and refundability of each subsequent milestone, under ASU 2017-05, the gain on the remaining milestone payments will be recognized when it becomes probable that a significant reversal of the gain will not occur, to be reviewed and updated at each reporting period. During the three months ended March 31, 2018, the Company satisfied certain conditions and received the second installment of $2.75 million. Cash proceeds received in excess of recognized gain have been recorded as deferred gain in the accompanying consolidated balance sheet.

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Compensation	4 . 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 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 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, 2018, the Plan had approximately 6,600 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, 2018: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (Years) Value Outstanding at December 31, 2017 12,149 $ 2.04 Granted — — Exercised (32 ) 0.85 Cancelled/Forfeited (76 ) 2.13 Outstanding at March 31, 2018 12,041 2.04 6.9 $ 5,275 Exercisable at March 31, 2018 9,032 $ 2.00 6.3 $ 4,240 During the three months ended March 31, 2018, stock option exercises resulted in cash proceeds to the Company of $28 and the issuance of 32 shares of common stock. Stock option exercises resulted in proceeds of $381 and the issuance of 280 shares of common stock in the three months ended March 31, 2017. The Company recognized $661 and $468 of compensation expense related to stock options for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, there was $3,068 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 PSU awards and RSU 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, 2017 1,456 $ 2.20 1,157 $ 2.12 Granted — — — — Vested/settled (173 ) 2.18 — — Forfeited/expired — — — — Outstanding at March 31, 2018 1,283 $ 2.21 1,157 $ 2.12 In connection with PSU awards, the Company recognized compensation expense of $79 and $8 for the three months ended March 31, 2018 and 2017, respectively. Compensation expense recognized in connection with RSU awards was $245 and $60 for the three months ended March 31, 2018 and 2017, respectively. The LTIP awards that vested during the three months ended March 31, 2018 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 Company withheld 59 shares to satisfy tax obligations, which was determined based on the fair value of the shares on their vesting date equal to the Company’s closing stock price on such date. Total payments for the employees’ tax obligations to the taxing authorities were $130 and are reflected as a financing activity within the consolidated statements of cash flows. Net-share settlements have the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued as a result of the vesting and do not represent an expense to the Company. There were no LTIP awards that vested or were settled during the three months ended March 31, 2017.

Revenues, Significant Customers

Revenues, Significant Customers and Concentrations of Risk	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Revenues, Significant Customers and Concentrations of Risk	5 . Revenues, Significant Customers and Concentrations of Risk The following table presents the Company’s revenue on a disaggregated basis by types of goods and services and major product lines: Three months ended March 31, 2018 2017 OTREXUP ® $ 3,971 $ 4,564 Sumatriptan Injection USP 2,792 3,593 Auto injector and pen injector devices 2,834 515 Needle-free injector devices and components 1,352 1,365 Total product sales 10,949 10,037 Licensing and development revenue 1,285 1,640 Royalties 469 330 Total revenue $ 12,703 $ 12,007 Revenues disaggregated by customer location are as follows: Three Months Ended March 31, 2018 2017 United States of America $ 11,201 $ 10,668 Europe 1,419 1,155 Other 83 184 $ 12,703 $ 12,007 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 March 31, 2018 2017 Teva $ 4,167 $ 4,963 AMAG 2,834 767 McKesson 1,843 2,224 AmerisourceBergen 1,423 1,408 Ferring 1,474 1,307

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Loss Per Share	6 . 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 14,481 and 12,501 at March 31, 2018 and 2017, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Pending 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 On January 12, 2018, a stockholder of the Company filed a derivative civil action, captioned Chiru Mackert, derivatively on behalf of Antares Pharma, Inc., v. Robert F. Apple, et al. Mackert Vikram Rao, Derivatively on Behalf of Antares Pharma, Inc. v. Robert F. Apple, et al. Rao Smith Smith On January 17, 2018, a stockholder of the Company filed a derivative civil action, captioned Robert Clark, Derivatively on Behalf of Antares Pharma, Inc. v. Robert F. Apple, et al. Clark Smith Clark Smith

Basis of Presentation and Sig14

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Accounting Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue Recognition Revenue Recognition 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 In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)
Investments	Investments The Company’s investments consist of U.S. 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 March 31, 2018 and December 31, 2017, the Company’s investments had a carrying value of $4,997 and $4,993, respectively, which approximated fair value.
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 $522 and $510 at March 31, 2018 and December 31, 2017, respectively. Inventories consist of the following: March 31, December 31, 2018 2017 Inventories: Raw material $ 118 $ 118 Work in process 7,248 6,223 Finished goods 2,563 2,934 $ 9,929 $ 9,275
Long-Term Debt	Long-term debt The carrying value of the Company’s term loan was $24,925 and $24,858 as of March 31, 2018 and December 31, 2017, respectively, which is presented net of unamortized debt issuance costs. As of March 31, 2018, the prime-based variable interest rate was 9.25%. 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.
Revenue Recognition	Revenue Recognition The Company generates revenue from product sales, license and development activities and royalty arrangements. Revenue is recognized when or as the Company transfers control of the promised goods or services to its customers in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. The Company sells its proprietary product OTREXUP ® ® The Company estimates returns and product sales allowances using the expected value method based on historical trends and other known factors. Rebates are estimated using the most likely method based on historical trends and the terms of contracts in place. The Company sells Sumatriptan Injection USP to Teva under a license, supply and distribution agreement. The Company is initially compensated at cost for shipments of product to Teva and is entitled to receive 50 percent of the net profits from commercial sales made by Teva. The Company recognizes revenue, including the estimated variable consideration it expects to receive for contract margin on future commercial sales, upon shipment of the goods to Teva. The estimated variable consideration is recognized at an amount the Company believes is not subject to significant reversal based on historical experience and is adjusted at each reporting period if the most likely amount of expected consideration changes or becomes fixed. The Company is the exclusive supplier of the Makena ® The Company generally contracts with its partners/customers for license, development and supply arrangements involving highly-customized customer-specific deliverables and development activities that often span multiple phases of a product lifecycle and include multiple performance obligations. For such arrangements, the Company allocates consideration to each performance obligation at inception of the arrangement based on relative standalone selling price, which is generally determined based on the expected cost plus margin. License fees received in exchange for the grant of a license to the Company’s functional intellectual property (“IP”) such as patented technology and know-how in connection with a partnered development arrangement are generally recognized at inception of the arrangement or over the development period depending on the facts and circumstances, as the license is not generally distinct from the non-licensed goods or services to be provided under the contract. Sales or usage based royalties for which the license is the predominant item to which the royalties relate are recognized at the later of when sales or usage occurs. Other forms of variable consideration, such as milestone payments that are contingent upon the occurrence of future events, are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal will not occur when the associated uncertainty is resolved. The Company’s typical payment terms for development contracts include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. The Company records a liability for the cash received in advance of performance, which is presented within deferred revenue on the balance sheet and recognized as revenue when the associated performance obligations have been satisfied. The advance payment typically is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract. Revenues from development contracts and partnered product supply arrangements, other than the product supplied under the AMAG manufacturing agreement described above, are recognized at the point in time in which the performance obligation is satisfied and control of the good or service is transferred to the customer. Factors that may indicate that the transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets and the Company has a present right to payment. Most often, amendments or modifications to existing development contracts are for goods or services that are distinct from the initial contract and are accounted for as a separate contract. The Company has elected to recognize the cost for freight and shipping activities as fulfilment cost. Amounts billed to customers for shipping and handling are included as part of the transaction price and recognized as revenue when control of underlying products is transferred to the customer. The related shipping and freight charges incurred by the Company are included in cost of revenue. Remaining Performance Obligations Remaining performance obligations represents the transaction price of firm orders and development contract deliverables for which work has not been completed or orders fulfilled, and excludes potential purchase orders under ordering-type supply contracts with indefinite delivery or quantity. As of March 31, 2018, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $2.3 million. The Company expects to recognize revenue on the remaining performance obligations over the next twelve months.

Basis of Presentation and Sig15

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Inventories	Inventories consist of the following: March 31, December 31, 2018 2017 Inventories: Raw material $ 118 $ 118 Work in process 7,248 6,223 Finished goods 2,563 2,934 $ 9,929 $ 9,275

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (Years) Value Outstanding at December 31, 2017 12,149 $ 2.04 Granted — — Exercised (32 ) 0.85 Cancelled/Forfeited (76 ) 2.13 Outstanding at March 31, 2018 12,041 2.04 6.9 $ 5,275 Exercisable at March 31, 2018 9,032 $ 2.00 6.3 $ 4,240
Schedule of Performance Stock Unit Awards and Restricted Stock Granted Under Long Term Incentive Program	The PSU awards and RSU 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, 2017 1,456 $ 2.20 1,157 $ 2.12 Granted — — — — Vested/settled (173 ) 2.18 — — Forfeited/expired — — — — Outstanding at March 31, 2018 1,283 $ 2.21 1,157 $ 2.12

Revenues, Significant Custome17

Revenues, Significant Customers and Concentrations of Risk (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Summary of Revenues Disaggregated by Types of Goods and Services and Major Product and Customer Location	The following table presents the Company’s revenue on a disaggregated basis by types of goods and services and major product lines: Three months ended March 31, 2018 2017 OTREXUP ® $ 3,971 $ 4,564 Sumatriptan Injection USP 2,792 3,593 Auto injector and pen injector devices 2,834 515 Needle-free injector devices and components 1,352 1,365 Total product sales 10,949 10,037 Licensing and development revenue 1,285 1,640 Royalties 469 330 Total revenue $ 12,703 $ 12,007 Revenues disaggregated by customer location are as follows: Three Months Ended March 31, 2018 2017 United States of America $ 11,201 $ 10,668 Europe 1,419 1,155 Other 83 184 $ 12,703 $ 12,007
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 March 31, 2018 2017 Teva $ 4,167 $ 4,963 AMAG 2,834 767 McKesson 1,843 2,224 AmerisourceBergen 1,423 1,408 Ferring 1,474 1,307

Basis of Presentation and Sig18

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Carrying value of investments	$ 4,997,000	$ 4,993,000
Inventory reserve	522,000	510,000
Long-term debt	24,925,000	24,858,000
Remaining performance obligations	$ 2,300,000
Remaining performance obligation, expected to recognize, period	12 months
Teva [Member]
Summary Of Significant Accounting Policies [Line Items]
Future net profits from commercial sales percent	50.00%
Term Loan [Member]
Summary Of Significant Accounting Policies [Line Items]
Long-term debt	$ 24,925	$ 24,858
Term Loan [Member] | Prime Based Variable Rate [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Instrument, variable interest rate	9.25%

Basis of Presentation and Sig19

Basis of Presentation and Significant Accounting Policies - Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw material	$ 118	$ 118
Work in process	7,248	6,223
Finished goods	2,563	2,934
Inventory, Total	$ 9,929	$ 9,275

Sale of Assets - Additional Inf

Sale of Assets - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2017USD ($)Installment	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Feb. 28, 2018USD ($)
Sale Of Assets [Line Items]
Receipt of second installment		$ 2,750
Asset Purchase Agreement [Member] | Ferring [Member]
Sale Of Assets [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 non-refundable upfront payment, which was received upon entry into the Asset Purchase Agreement and the transfer of certain assets; a second installment of $2.75 million received in February 2018 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, Ferring’s 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, which the Company anticipates may occur by the end of 2018.
Non-refundable 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
Non-refundable upfront payment received			$ 2,000
Receipt of second installment		$ 2,750

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the issuance of stock options	$ 28	$ 381
Shares withheld to meet employees' minimum statutory income tax obligation	59,000
Payments for the employees' minimum statutory income tax obligation	$ 130
Long Term Incentive Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested/settled		0
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	6,600,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from the issuance of stock options	$ 28	$ 381
Exercise of options, shares	32,000	280,000
Recognized compensation cost related to shares of stock granted	$ 661	$ 468
Unrecognized compensation cost related to nonvested outstanding stock awards	$ 3,068
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	$ 245	60
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Vested/settled	173,000
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	$ 79	$ 8
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) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Stockholders Equity Note [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	12,149,000
Number of Shares Exercised | shares	(32,000)
Number of Shares Cancelled/Forfeited | shares	(76,000)
Number of Shares Outstanding, Ending Balance | shares	12,041,000
Number of Shares Exercisable, Ending Balance | shares	9,032,000
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares	$ 2.04
Weighted Average Exercise Price Exercised | $ / shares	0.85
Weighted Average Exercise Price Cancelled/Forfeited | $ / shares	2.13
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares	2.04
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares	$ 2
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 3 months 18 days
Aggregate Intrinsic Value Outstanding, Ending Balance | $	$ 5,275
Aggregate Intrinsic Value Exercisable, Ending Balance | $	$ 4,240

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, 2018$ / sharesshares
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	1,456,000
Number of Shares, Vested/settled | shares	(173,000)
Number of Shares, Ending Balance | shares	1,283,000
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 2.20
Weighted Average Grant Date Fair Value, Vested/settled | $ / shares	2.18
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 2.21
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	1,157,000
Number of Shares, Ending Balance | shares	1,157,000
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 2.12
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 2.12

Revenues, Significant Custome24

Revenues, Significant Customers and Concentrations of Risk - Summary of Revenue Disaggregated by Types of Goods and Services and Major Product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Line Items]
Total revenue	$ 12,703	$ 12,007
Total Product Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	10,949	10,037
Total Product Sales [Member] | OTREXUP® [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	3,971	4,564
Total Product Sales [Member] | Sumatriptan Injection USP [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,792	3,593
Total Product Sales [Member] | Auto Injector And Pen Injector Devices [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	2,834	515
Total Product Sales [Member] | Needle-Free Injector Devices And Components [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,352	1,365
Licensing And Development Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	1,285	1,640
Royalties [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 469	$ 330

Revenues, Significant Custome25

Revenues, Significant Customers and Concentrations of Risk - Summary of Revenues Disaggregated by Customer Location (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Line Items]
Total revenues	$ 12,703	$ 12,007
United States of America [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	11,201	10,668
Europe [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	1,419	1,155
Other [Member]
Disaggregation Of Revenue [Line Items]
Total revenues	$ 83	$ 184

Revenues, Significant Custome26

Revenues, Significant Customers and Concentrations of Risk - Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Concentration Risk [Line Items]
Total revenues	$ 12,703	$ 12,007
Teva [Member]
Concentration Risk [Line Items]
Total revenues	4,167	4,963
AMAG [Member]
Concentration Risk [Line Items]
Total revenues	2,834	767
McKesson [Member]
Concentration Risk [Line Items]
Total revenues	1,843	2,224
AmerisourceBergen [Member]
Concentration Risk [Line Items]
Total revenues	1,423	1,408
Ferring [Member]
Concentration Risk [Line Items]
Total revenues	$ 1,474	$ 1,307

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Potentially dilutive stock options and other share-based awards excluded from dilutive loss per share	14,481,000	12,501,000