Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 157,541,269 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 28,160 | $ 26,562 |
Short-term investments | 0 | 4,993 |
Accounts receivable | 15,483 | 11,878 |
Inventories | 11,275 | 9,275 |
Deferred costs | 275 | 505 |
Prepaid expenses and other current assets | 1,806 | 2,323 |
Total current assets | 56,999 | 55,536 |
Equipment, molds, furniture and fixtures, net | 15,325 | 16,158 |
Patent rights, net | 998 | 1,401 |
Goodwill | 1,095 | 1,095 |
Other assets | 148 | 148 |
Total Assets | 74,565 | 74,338 |
Current Liabilities: | ||
Accounts payable | 7,497 | 5,957 |
Accrued expenses and other liabilities | 9,124 | 6,982 |
Deferred gain | 7,500 | |
Deferred revenue | 811 | 2,794 |
Total current liabilities | 24,932 | 15,733 |
Long-term debt | 25,059 | 24,858 |
Deferred revenue – long term | 200 | 200 |
Total liabilities | 50,191 | 40,791 |
Stockholders’ Equity: | ||
Preferred Stock: $0.01 par, authorized 3,000 shares, none outstanding | ||
Common Stock: $0.01 par; 300,000 shares authorized; 157,521 and 156,675 issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 1,575 | 1,567 |
Additional paid-in capital | 306,435 | 302,965 |
Accumulated deficit | (282,934) | (270,285) |
Accumulated other comprehensive loss | (702) | (700) |
Total Stockholders' Equity | 24,374 | 33,547 |
Total Liabilities and Stockholders’ Equity | $ 74,565 | $ 74,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 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 | 157,521,000 | 156,675,000 |
Common Stock, shares outstanding | 157,521,000 | 156,675,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue: | ||||
Total revenue | $ 17,868 | $ 15,052 | $ 44,733 | $ 40,476 |
Cost of revenue: | ||||
Total cost of revenue | 7,289 | 8,523 | 21,435 | 20,359 |
Gross profit | 10,579 | 6,529 | 23,298 | 20,117 |
Operating expenses: | ||||
Research and development | 3,611 | 3,289 | 10,581 | 9,535 |
Selling, general and administrative | 8,327 | 8,186 | 23,606 | 23,013 |
Total operating expenses | 11,938 | 11,475 | 34,187 | 32,548 |
Operating loss | (1,359) | (4,946) | (10,889) | (12,431) |
Interest expense | (674) | (626) | (1,959) | (794) |
Other income | 97 | 119 | 199 | 197 |
Net loss | $ (1,936) | $ (5,453) | $ (12,649) | $ (13,028) |
Basic and diluted net loss per common share | $ (0.01) | $ (0.03) | $ (0.08) | $ (0.08) |
Basic and diluted weighted average common shares outstanding | 157,471 | 156,401 | 157,076 | 155,852 |
Product sales [Member] | ||||
Revenue: | ||||
Total revenue | $ 11,597 | $ 13,328 | $ 33,641 | $ 30,709 |
Cost of revenue: | ||||
Total cost of revenue | 6,982 | 7,600 | 20,195 | 16,682 |
Licensing and Development Revenue [Member] | ||||
Revenue: | ||||
Total revenue | 2,554 | 1,504 | 5,624 | 8,952 |
Royalties [Member] | ||||
Revenue: | ||||
Total revenue | 3,717 | 220 | 5,468 | 815 |
Cost of development revenue [Member] | ||||
Cost of revenue: | ||||
Total cost of revenue | $ 307 | $ 923 | $ 1,240 | $ 3,677 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (1,936) | $ (5,453) | $ (12,649) | $ (13,028) |
Foreign currency translation adjustment | (2) | (4) | (2) | 13 |
Comprehensive loss | $ (1,938) | $ (5,457) | $ (12,651) | $ (13,015) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (12,649) | $ (13,028) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,655 | 2,371 |
Depreciation and amortization | 1,808 | 1,520 |
Accretion of interest expense | 157 | 66 |
Amortization of debt issuance costs | 43 | 18 |
Other | (7) | 52 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,606) | (1,069) |
Inventories | (2,000) | (2,615) |
Prepaid expenses and other assets | 517 | (300) |
Deferred costs | 230 | 560 |
Accounts payable | 1,518 | 702 |
Accrued expenses and other current liabilities | 2,157 | 550 |
Deferred revenue | (1,983) | (4,309) |
Net cash used in operating activities | (10,160) | (15,482) |
Cash flows from investing activities: | ||
Proceeds from sale of assets | 7,500 | |
Proceeds from maturities of investment securities | 5,000 | |
Purchases of investment securities | (9,964) | |
Purchases of equipment, molds, furniture and fixtures | (526) | (879) |
Additions to patent rights | (40) | (83) |
Net cash provided by (used in) investing activities | 11,934 | (10,926) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 25,000 | |
Payment of debt issuance costs | (293) | |
Proceeds from exercise of stock options | 366 | 1,670 |
Taxes paid related to net share settlement of equity awards | (543) | (249) |
Net cash (used in) provided by financing activities | (177) | 26,128 |
Effect of exchange rate changes on cash | 1 | (1) |
Net increase (decrease) in cash and cash equivalents | 1,598 | (281) |
Cash and cash equivalents: | ||
Beginning of period | 26,562 | 27,715 |
End of period | 28,160 | 27,434 |
Supplemental disclosure of non-cash investing activities: | ||
Purchases of equipment, molds, furniture and fixtures recorded in accounts payable and accrued expenses | $ 56 | 93 |
Additions to patent rights recorded in accounts payable and accrued expenses | $ 6 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 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 commercializes, for itself or with partners, novel therapeutic products using its advanced drug delivery technology to enhance existing drug compounds and delivery methods. The Company’s intramuscular and subcutaneous injection technology platforms include the VIBEX ® ® ® The Company developed XYOSTED TM TM TM ® In collaboration with AMAG, the Company developed a subcutaneous auto injector for use with AMAG’s progestin hormone drug Makena ® ® Through a license, development and supply agreement with Teva, Antares developed and is the exclusive supplier of the device for an epinephrine auto injector product to be sold in the U.S. Teva’s epinephrine auto injector drug-device combination product, indicated for emergency treatment of severe allergic reactions in adults and certain pediatric patients, was approved by the FDA in August 2018. The Company is also developing two multi-dose pen injector products in collaboration with Teva, a combination drug device rescue pen in collaboration with Pfizer, and has other ongoing internal research and development programs. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 From time to time, the Company has invested in U.S. Treasury bills and government agency notes that are classified as held-to-maturity because of the Company’s intent and ability to hold the securities to maturity. Investments with maturities of one year or less are classified as short-term. These securities are carried at their amortized cost and fair value is determined by quoted market prices. At September 30, 2018, the Company had no short-term investments, and at December 31, 2017, the Company’s investments had a carrying value of $4,993, 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 $352 and $510 at September 30, 2018 and December 31, 2017, respectively. Inventories consist of the following: September 30, December 31, 2018 2017 Inventories: Raw material $ 117 $ 118 Work in process 8,140 6,223 Finished goods 3,018 2,934 $ 11,275 $ 9,275 Equipment, Molds, Furniture, and Fixtures Equipment, molds, furniture, and fixtures are stated at cost, net of accumulated depreciation, and are depreciated using the straight-line method over their estimated useful lives ranging from three to ten years. As of September 30, 2018 and December 31, 2017, the Company’s equipment, molds, furniture and fixtures totaled $15,325 and $16,158, respectively, which is presented net of accumulated depreciation of $6,820 and $5,445 as of September 30, 2018 and December 31, 2017, respectively. Depreciation expense was $1,376 and $1,068 for the nine months ended September 30, 2018 and 2017, respectively. Long-term debt The carrying value of the Company’s term loan was $25,059 and $24,858 as of September 30, 2018 and December 31, 2017, respectively, which is presented net of unamortized debt issuance costs. As of September 30, 2018, the prime-based variable interest rate was 9.50%. 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 at the transaction price, which is the 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 based on historical trends, inventory levels remaining in the distribution channel, the terms of contracts in place and other known factors or market expectations. 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 may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. 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 September 30, 2018, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $5.6 million. The Company expects to recognize revenue on the remaining performance obligations over the next twelve months. |
Sale of Assets
Sale of Assets | 9 Months Ended |
Sep. 30, 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 International Center S.A (together with Ferring Pharmaceuticals Inc. and Ferring B.V. individually and collectively referred to as “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 was agreed 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 received in May 2018 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 to be paid 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 nine months ended September 30, 2018, the Company satisfied certain conditions and received the second and third installments of $2.75 million and $4.75 million, respectively. These 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2018, the Plan had approximately 2,800 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, 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 2,633 2.72 Exercised (415 ) 1.05 Cancelled/Forfeited (143 ) 2.21 Outstanding at September 30, 2018 14,224 2.19 7.1 $ 16,971 Exercisable at September 30, 2018 9,932 $ 2.06 6.2 $ 13,240 The per share weighted average fair value of all options granted during the nine months ended September 30, 2018 and 2017 was $1.44 and $1.37, respectively, estimated 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. For the Nine Months Ended September 30, 2018 2017 Risk-free interest rate 2.8% 1.8% Annualized volatility 53.7% 53.3% Weighted average expected life, in years 6.0 6.0 Expected dividend yield 0.0% 0.0% During the nine months ended September 30, 2018, stock option exercises resulted in cash proceeds to the Company of $366 and the issuance of 385 shares of common stock. A portion of the stock options were net exercised, whereby the Company withheld 30 shares, the fair value of which was equivalent to the aggregate exercise price and tax withholding on the date of exercise. For the nine months ended September 30, 2017, stock option exercises resulted in proceeds of $1,670 and the issuance of 1,063 shares of common stock. The Company recognized $2,158 and $1,680 of compensation expense related to stock options for the nine months ended September 30, 2018 and 2017, respectively, and $811 and $693 for the three months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, there was $5,331 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 2.0 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 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 611 2.89 611 2.70 Vested/settled (173 ) 2.18 (500 ) 1.99 Forfeited/expired — — — — Outstanding at September 30, 2018 1,894 $ 2.48 1,268 $ 2.46 The LTIP awards granted in 2018 include PSUs that may be earned based on the Company’s achievement of certain corporate development goals, 2020 net revenue and total shareholder return (“TSR”) relative to the Nasdaq Biotechnology Index at the end of the performance period. The performance period is January 1, 2018 to December 31, 2020, and depending on the outcome of the individual performance goals, 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 value of the TSR PSUs is expensed over the performance period and was determined using a Monte Carlo simulation utilizing the following inputs and assumptions: 2018 Award Closing stock price on grant date $ 2.70 Performance period starting price $ 1.92 Term of award (in years) 2.57 Volatility 64.9 % Risk-free interest rate 2.6 % Expected dividend yield 0.0 % Fair value per TSR PSU $ 3.27 In connection with PSU awards, the Company recognized compensation expense of $456 and $152 for the three months ended September 30, 2018 and 2017, respectively and $636 and $240 for the nine months ended September 30, 2018 and 2017, respectively. Compensation expense recognized in connection with RSU awards was $338 and $243 for the three months ended September 30, 2018 and 2017, respectively, and $861 and $451 for the nine months ended September 30, 2018 and 2017, respectively. The LTIP awards that vested during the nine months ended September 30, 2018 and 2017 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 211 and 98 in the nine months ended September 30, 2018 and 2017, respectively, based on the fair value of the shares on the respective vesting date as determined by the Company’s closing stock price on such date. Total withholding for employees’ tax obligations to be paid to the taxing authorities were $543 and $249 for the nine months ended September 30, 2018 and 2017, respectively, which is 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. |
Revenues, Significant Customers
Revenues, Significant Customers and Concentrations of Risk | 9 Months Ended |
Sep. 30, 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 products and services and major product lines: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 OTREXUP ® $ 4,094 $ 4,624 $ 11,820 $ 13,111 Sumatriptan Injection USP 3,983 6,375 9,438 12,264 Auto injector and pen injector devices 1,829 1,571 7,925 2,225 Needle-free injector devices and components 1,691 758 4,458 3,109 Total product sales 11,597 13,328 33,641 30,709 Licensing and development revenue 2,554 1,504 5,624 8,952 Royalties 3,717 220 5,468 815 Total revenue $ 17,868 $ 15,052 $ 44,733 $ 40,476 Revenues disaggregated by customer location are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 United States of America $ 16,027 $ 14,174 $ 39,448 $ 37,009 Europe 1,830 750 5,044 3,018 Other 11 128 241 449 $ 17,868 $ 15,052 $ 44,733 $ 40,476 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, 2018 2017 2018 2017 Teva $ 6,099 $ 7,664 $ 14,582 $ 17,044 AMAG 5,321 1,768 12,046 6,338 McKesson 1,481 2,339 5,051 6,333 AmerisourceBergen 1,887 1,470 4,703 4,323 Ferring 2,202 724 5,662 3,018 |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 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 17,386 and 15,085 at September 30, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 From time to time, the Company has invested in U.S. Treasury bills and government agency notes that are classified as held-to-maturity because of the Company’s intent and ability to hold the securities to maturity. Investments with maturities of one year or less are classified as short-term. These securities are carried at their amortized cost and fair value is determined by quoted market prices. At September 30, 2018, the Company had no short-term investments, and at December 31, 2017, the Company’s investments had a carrying value of $4,993, 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 $352 and $510 at September 30, 2018 and December 31, 2017, respectively. Inventories consist of the following: September 30, December 31, 2018 2017 Inventories: Raw material $ 117 $ 118 Work in process 8,140 6,223 Finished goods 3,018 2,934 $ 11,275 $ 9,275 |
Equipment, Molds, Furniture, and Fixtures | Equipment, Molds, Furniture, and Fixtures Equipment, molds, furniture, and fixtures are stated at cost, net of accumulated depreciation, and are depreciated using the straight-line method over their estimated useful lives ranging from three to ten years. As of September 30, 2018 and December 31, 2017, the Company’s equipment, molds, furniture and fixtures totaled $15,325 and $16,158, respectively, which is presented net of accumulated depreciation of $6,820 and $5,445 as of September 30, 2018 and December 31, 2017, respectively. Depreciation expense was $1,376 and $1,068 for the nine months ended September 30, 2018 and 2017, respectively. |
Long-Term Debt | Long-term debt The carrying value of the Company’s term loan was $25,059 and $24,858 as of September 30, 2018 and December 31, 2017, respectively, which is presented net of unamortized debt issuance costs. As of September 30, 2018, the prime-based variable interest rate was 9.50%. 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 at the transaction price, which is the 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 based on historical trends, inventory levels remaining in the distribution channel, the terms of contracts in place and other known factors or market expectations. 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 may include an upfront payment equal to a percentage of the total contract value with the remaining portion to be billed upon completion and transfer of the individual deliverables or satisfaction of the individual performance obligations. 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 September 30, 2018, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $5.6 million. The Company expects to recognize revenue on the remaining performance obligations over the next twelve months. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Inventories | Inventories consist of the following: September 30, December 31, 2018 2017 Inventories: Raw material $ 117 $ 118 Work in process 8,140 6,223 Finished goods 3,018 2,934 $ 11,275 $ 9,275 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 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 2,633 2.72 Exercised (415 ) 1.05 Cancelled/Forfeited (143 ) 2.21 Outstanding at September 30, 2018 14,224 2.19 7.1 $ 16,971 Exercisable at September 30, 2018 9,932 $ 2.06 6.2 $ 13,240 |
Assumptions Used in Fair Value Measurement of Options Granted | For the Nine Months Ended September 30, 2018 2017 Risk-free interest rate 2.8% 1.8% Annualized volatility 53.7% 53.3% 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 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 611 2.89 611 2.70 Vested/settled (173 ) 2.18 (500 ) 1.99 Forfeited/expired — — — — Outstanding at September 30, 2018 1,894 $ 2.48 1,268 $ 2.46 |
Performance Stock Units [Member] | |
Assumptions Used in Fair Value Measurement of Options Granted | The fair value of the TSR PSUs is expensed over the performance period and was determined using a Monte Carlo simulation utilizing the following inputs and assumptions: 2018 Award Closing stock price on grant date $ 2.70 Performance period starting price $ 1.92 Term of award (in years) 2.57 Volatility 64.9 % Risk-free interest rate 2.6 % Expected dividend yield 0.0 % Fair value per TSR PSU $ 3.27 |
Revenues, Significant Custome_2
Revenues, Significant Customers and Concentrations of Risk (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated by Types of Products and Services and Major Product Lines and Customer Location | The following table presents the Company’s revenue on a disaggregated basis by types of products and services and major product lines: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 OTREXUP ® $ 4,094 $ 4,624 $ 11,820 $ 13,111 Sumatriptan Injection USP 3,983 6,375 9,438 12,264 Auto injector and pen injector devices 1,829 1,571 7,925 2,225 Needle-free injector devices and components 1,691 758 4,458 3,109 Total product sales 11,597 13,328 33,641 30,709 Licensing and development revenue 2,554 1,504 5,624 8,952 Royalties 3,717 220 5,468 815 Total revenue $ 17,868 $ 15,052 $ 44,733 $ 40,476 Revenues disaggregated by customer location are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 United States of America $ 16,027 $ 14,174 $ 39,448 $ 37,009 Europe 1,830 750 5,044 3,018 Other 11 128 241 449 $ 17,868 $ 15,052 $ 44,733 $ 40,476 |
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, 2018 2017 2018 2017 Teva $ 6,099 $ 7,664 $ 14,582 $ 17,044 AMAG 5,321 1,768 12,046 6,338 McKesson 1,481 2,339 5,051 6,333 AmerisourceBergen 1,887 1,470 4,703 4,323 Ferring 2,202 724 5,662 3,018 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Line Items] | |||
Carrying value of short-term investments | $ 0 | $ 4,993,000 | |
Inventory reserve | 352,000 | 510,000 | |
Equipment, molds, furniture and fixtures, net | 15,325,000 | 16,158,000 | |
Accumulated depreciation | 6,820,000 | 5,445,000 | |
Depreciation expense | 1,376,000 | $ 1,068,000 | |
Long-term debt | 25,059,000 | 24,858,000 | |
Remaining performance obligations | $ 5,600,000 | ||
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 | $ 25,059 | $ 24,858 | |
Term Loan [Member] | Prime Based Variable Rate [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Debt Instrument, variable interest rate | 9.50% | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 117 | $ 118 |
Work in process | 8,140 | 6,223 |
Finished goods | 3,018 | 2,934 |
Inventory, Total | $ 11,275 | $ 9,275 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017USD ($)Installment | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($) | May 31, 2018USD ($) | Feb. 28, 2018USD ($) | |
Sale of Assets [Line Items] | ||||||
Receipt of second and third installments | $ 7,500 | |||||
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 was agreed 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 received in May 2018 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 to be paid 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 received 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 and third installments | $ 2,750 | $ 4,750 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from the issuance of stock options | $ 366 | $ 1,670 | ||
Shares withheld to meet employees' minimum statutory income tax obligation | 211,000 | 98,000 | ||
Payments for the employees' minimum statutory income tax obligation | $ 543 | $ 249 | ||
Employees Tax Obligations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for the employees' minimum statutory income tax obligation | $ 543 | $ 249 | ||
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 | 2,800,000 | 2,800,000 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Per share weighted average fair value of options granted | $ 1.44 | $ 1.37 | ||
Proceeds from the issuance of stock options | $ 366 | $ 1,670 | ||
Exercise of options, shares | 385,000 | 1,063,000 | ||
Shares withheld to meet employees' minimum statutory income tax obligation | 30 | |||
Recognized compensation cost related to shares of stock granted | $ 811 | $ 693 | $ 2,158 | $ 1,680 |
Unrecognized compensation cost related to nonvested outstanding stock awards | 5,331 | $ 5,331 | ||
Weighted average period expected to be recognized | 2 years | |||
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 | 338 | 243 | $ 861 | 451 |
Performance 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 | $ 456 | $ 152 | $ 636 | $ 240 |
Performance Stock Units [Member] | Minimum [Member] | Long Term Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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] | ||||
Share based compensation award percentage | 150.00% |
Share Based Compensation - Summ
Share Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Stockholders Equity Note [Abstract] | |
Number of Shares Outstanding, Beginning Balance | shares | 12,149,000 |
Number of Shares Granted | shares | 2,633,000 |
Number of Shares Exercised | shares | (415,000) |
Number of Shares Cancelled/Forfeited | shares | (143,000) |
Number of Shares Outstanding, Ending Balance | shares | 14,224,000 |
Number of Shares Exercisable, Ending Balance | shares | 9,932,000 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 2.04 |
Weighted Average Exercise Price Granted | $ / shares | 2.72 |
Weighted Average Exercise Price Exercised | $ / shares | 1.05 |
Weighted Average Exercise Price Cancelled/Forfeited | $ / shares | 2.21 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares | 2.19 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 2.06 |
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance | 7 years 1 month 6 days |
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance | 6 years 2 months 12 days |
Aggregate Intrinsic Value Outstanding, Ending Balance | $ | $ 16,971 |
Aggregate Intrinsic Value Exercisable, Ending Balance | $ | $ 13,240 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value Measurement of Options Granted (Detail) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Stockholders Equity Note [Abstract] | ||
Risk-free interest rate | 2.80% | 1.80% |
Annualized volatility | 53.70% | 53.30% |
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, 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, Granted | shares | 611,000 |
Number of Shares, Vested/settled | shares | (173,000) |
Number of Shares, Ending Balance | shares | 1,894,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 2.20 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 2.89 |
Weighted Average Grant Date Fair Value, Vested/settled | $ / shares | 2.18 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.48 |
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, Granted | shares | 611,000 |
Number of Shares, Vested/settled | shares | (500,000) |
Number of Shares, Ending Balance | shares | 1,268,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 2.12 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 2.70 |
Weighted Average Grant Date Fair Value, Vested/settled | $ / shares | 1.99 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.46 |
Share Based Compensation - Fair
Share Based Compensation - Fair Value of PSUs Granted Determined Using Monte Carlo Simulation (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of award (in years) | 6 years | 6 years |
Volatility | 53.70% | 53.30% |
Risk-free interest rate | 2.80% | 1.80% |
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 | $ 2.70 | |
Performance period starting price | $ 1.92 | |
Term of award (in years) | 2 years 6 months 25 days | |
Volatility | 64.90% | |
Risk-free interest rate | 2.60% | |
Expected dividend yield | 0.00% | |
Fair value per TSR PSU | $ 3.27 |
Revenues, Significant Custome_3
Revenues, Significant Customers and Concentrations of Risk - Summary of Revenue Disaggregated by Types of Products and Services and Major Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 17,868 | $ 15,052 | $ 44,733 | $ 40,476 |
Total Product Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11,597 | 13,328 | 33,641 | 30,709 |
Total Product Sales [Member] | OTREXUP® [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 4,094 | 4,624 | 11,820 | 13,111 |
Total Product Sales [Member] | Sumatriptan Injection USP [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,983 | 6,375 | 9,438 | 12,264 |
Total Product Sales [Member] | Auto Injector and Pen Injector Devices [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,829 | 1,571 | 7,925 | 2,225 |
Total Product Sales [Member] | Needle-Free Injector Devices and Components [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 1,691 | 758 | 4,458 | 3,109 |
Licensing and Development Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,554 | 1,504 | 5,624 | 8,952 |
Royalties [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 3,717 | $ 220 | $ 5,468 | $ 815 |
Revenues, Significant Custome_4
Revenues, Significant Customers and Concentrations of Risk - Summary of Revenues Disaggregated by Customer Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 17,868 | $ 15,052 | $ 44,733 | $ 40,476 |
United States of America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 16,027 | 14,174 | 39,448 | 37,009 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,830 | 750 | 5,044 | 3,018 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 11 | $ 128 | $ 241 | $ 449 |
Revenues, Significant Custome_5
Revenues, Significant Customers and Concentrations of Risk - Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Concentration Risk [Line Items] | ||||
Total revenues | $ 17,868 | $ 15,052 | $ 44,733 | $ 40,476 |
Teva [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 6,099 | 7,664 | 14,582 | 17,044 |
AMAG [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 5,321 | 1,768 | 12,046 | 6,338 |
McKesson [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 1,481 | 2,339 | 5,051 | 6,333 |
AmerisourceBergen [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | 1,887 | 1,470 | 4,703 | 4,323 |
Ferring [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenues | $ 2,202 | $ 724 | $ 5,662 | $ 3,018 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive stock options and other share-based awards excluded from dilutive loss per share | 17,386,000 | 15,085,000 |