Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ATRS | |
Entity Registrant Name | ANTARES PHARMA, INC. | |
Entity Central Index Key | 0001016169 | |
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 | 163,061,637 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 1-32302 | |
Entity Tax Identification Number | 411350192 | |
Entity Address, Address Line One | 100 Princeton South, Suite 300 | |
Entity Address, City or Town | Ewing | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08628 | |
City Area Code | 609 | |
Local Phone Number | 359-3020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 40,171 | $ 27,892 |
Accounts receivable | 24,629 | 18,976 |
Inventories | 15,235 | 11,350 |
Contract assets | 6,285 | 10,442 |
Prepaid expenses and other current assets | 2,781 | 2,648 |
Total current assets | 89,101 | 71,308 |
Equipment, molds, furniture and fixtures, net | 14,994 | 14,895 |
Operating lease right-of-use assets | 2,947 | |
Goodwill | 1,095 | 1,095 |
Intangibles, net | 556 | 831 |
Other assets | 519 | 148 |
Total Assets | 109,212 | 88,277 |
Current Liabilities: | ||
Accounts payable | 11,699 | 11,135 |
Accrued expenses and other liabilities | 12,571 | 11,997 |
Long-term debt, current portion | 3,043 | |
Lease liabilities, current portion | 961 | |
Deferred revenue | 547 | 1,018 |
Total current liabilities | 25,778 | 27,193 |
Long-term debt | 40,143 | 22,083 |
Lease liabilities, long-term | 1,739 | |
Total liabilities | 67,660 | 49,276 |
Stockholders’ Equity: | ||
Preferred Stock: $0.01 par, authorized 3,000 shares, none outstanding | ||
Common Stock: $0.01 par; 300,000 shares authorized; 163,053 and 159,721 issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 1,630 | 1,597 |
Additional paid-in capital | 325,075 | 314,907 |
Accumulated deficit | (284,449) | (276,800) |
Accumulated other comprehensive loss | (704) | (703) |
Total Stockholders' Equity | 41,552 | 39,001 |
Total Liabilities and Stockholders’ Equity | $ 109,212 | $ 88,277 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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 | 163,053,000 | 159,721,000 |
Common Stock, shares outstanding | 163,053,000 | 159,721,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Total revenue | $ 28,433 | $ 14,162 | $ 51,719 | $ 26,865 |
Cost of revenue: | ||||
Total cost of revenue | 12,441 | 6,960 | 23,387 | 14,146 |
Gross profit | 15,992 | 7,202 | 28,332 | 12,719 |
Operating expenses: | ||||
Research and development | 2,494 | 3,230 | 4,881 | 6,130 |
Selling, general and administrative | 15,087 | 7,883 | 30,022 | 16,119 |
Total operating expenses | 17,581 | 11,113 | 34,903 | 22,249 |
Operating loss | (1,589) | (3,911) | (6,571) | (9,530) |
Interest expense | (712) | (654) | (1,373) | (1,285) |
Other income | 75 | 45 | 179 | 102 |
Net loss | $ (2,226) | $ (4,520) | $ (7,765) | $ (10,713) |
Basic and diluted net loss per common share | $ (0.01) | $ (0.03) | $ (0.05) | $ (0.07) |
Basic and diluted weighted average common shares outstanding | 162,734 | 157,024 | 161,596 | 156,875 |
Product sales [Member] | ||||
Revenue: | ||||
Total revenue | $ 20,620 | $ 11,095 | $ 38,920 | $ 22,044 |
Cost of revenue: | ||||
Total cost of revenue | 10,713 | 6,677 | 21,281 | 13,213 |
Licensing and Development Revenue [Member] | ||||
Revenue: | ||||
Total revenue | 2,239 | 1,785 | 3,154 | 3,070 |
Royalties [Member] | ||||
Revenue: | ||||
Total revenue | 5,574 | 1,282 | 9,645 | 1,751 |
Cost of development revenue [Member] | ||||
Cost of revenue: | ||||
Total cost of revenue | $ 1,728 | $ 283 | $ 2,106 | $ 933 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (2,226) | $ (4,520) | $ (7,765) | $ (10,713) |
Foreign currency translation adjustment | 2 | (10) | (1) | |
Comprehensive loss | $ (2,224) | $ (4,530) | $ (7,766) | $ (10,713) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Dec. 31, 2017 | $ 33,547 | $ 1,567 | $ 302,965 | $ (270,285) | $ (700) |
Balance, shares at Dec. 31, 2017 | 156,675,000 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (130) | $ 1 | (131) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 114,000 | ||||
Exercise of options | 28 | 28 | |||
Exercise of options, shares | 32,000 | ||||
Share-based compensation | 985 | 985 | |||
Net loss | (6,193) | (6,193) | |||
Other comprehensive income (loss) | 10 | 10 | |||
Balance at Mar. 31, 2018 | 28,247 | $ 1,568 | 303,847 | (276,478) | (690) |
Balance, shares at Mar. 31, 2018 | 156,821,000 | ||||
Balance at Dec. 31, 2017 | 33,547 | $ 1,567 | 302,965 | (270,285) | (700) |
Balance, shares at Dec. 31, 2017 | 156,675,000 | ||||
Net loss | (10,713) | ||||
Balance at Jun. 30, 2018 | 24,646 | $ 1,574 | 304,770 | (280,998) | (700) |
Balance, shares at Jun. 30, 2018 | 157,437,000 | ||||
Balance at Mar. 31, 2018 | 28,247 | $ 1,568 | 303,847 | (276,478) | (690) |
Balance, shares at Mar. 31, 2018 | 156,821,000 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (399) | $ 3 | (402) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 339,000 | ||||
Exercise of options | 263 | $ 3 | 260 | ||
Exercise of options, shares | 277,000 | ||||
Share-based compensation | 1,065 | 1,065 | |||
Net loss | (4,520) | (4,520) | |||
Other comprehensive income (loss) | (10) | (10) | |||
Balance at Jun. 30, 2018 | 24,646 | $ 1,574 | 304,770 | (280,998) | (700) |
Balance, shares at Jun. 30, 2018 | 157,437,000 | ||||
Balance at Dec. 31, 2018 | 39,001 | $ 1,597 | 314,907 | (276,800) | (703) |
Balance, shares at Dec. 31, 2018 | 159,721,000 | ||||
Issuance of common stock, net of offering costs | 7,785 | $ 23 | 7,762 | ||
Issuance of common stock,net of offering costs, share | 2,307,000 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (408) | $ 3 | (411) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 288,000 | ||||
Exercise of options | 350 | $ 2 | 348 | ||
Exercise of options, shares | 212,000 | ||||
Share-based compensation | 1,366 | 1,366 | |||
Cumulative effect of change in accounting principle | 116 | 116 | |||
Net loss | (5,539) | (5,539) | |||
Other comprehensive income (loss) | (3) | (3) | |||
Balance at Mar. 31, 2019 | 42,668 | $ 1,625 | 323,972 | (282,223) | (706) |
Balance, shares at Mar. 31, 2019 | 162,528,000 | ||||
Balance at Dec. 31, 2018 | 39,001 | $ 1,597 | 314,907 | (276,800) | (703) |
Balance, shares at Dec. 31, 2018 | 159,721,000 | ||||
Net loss | (7,765) | ||||
Balance at Jun. 30, 2019 | 41,552 | $ 1,630 | 325,075 | (284,449) | (704) |
Balance, shares at Jun. 30, 2019 | 163,053,000 | ||||
Balance at Mar. 31, 2019 | 42,668 | $ 1,625 | 323,972 | (282,223) | (706) |
Balance, shares at Mar. 31, 2019 | 162,528,000 | ||||
Issuance of common stock, net of offering costs | (5) | (5) | |||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (655) | $ 4 | (659) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 366,000 | ||||
Exercise of options | 134 | $ 2 | 132 | ||
Exercise of options, shares | 159,000 | ||||
Share-based compensation | 1,635 | 1,635 | |||
Net loss | (2,226) | (2,226) | |||
Other comprehensive income (loss) | 2 | 2 | |||
Balance at Jun. 30, 2019 | $ 41,552 | $ 1,630 | $ 325,075 | $ (284,449) | $ (704) |
Balance, shares at Jun. 30, 2019 | 163,053,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (7,765) | $ (10,713) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,000 | 2,050 |
Depreciation and amortization | 1,338 | 1,207 |
Other | 154 | 126 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,654) | (2,193) |
Inventories | (3,885) | (1,405) |
Prepaid expenses and other assets | (506) | 408 |
Contract assets | 1,657 | 94 |
Accounts payable | 507 | 607 |
Accrued expenses and other liabilities | 443 | 1,704 |
Deferred revenue | (471) | (1,967) |
Net cash used in operating activities | (11,182) | (10,082) |
Cash flows from investing activities: | ||
Proceeds from sale of assets | 2,500 | 7,500 |
Purchases of equipment, molds, furniture and fixtures | (1,104) | (336) |
Additions to patent rights | (19) | |
Proceeds from maturities of investment securities | 5,000 | |
Net cash provided by investing activities | 1,396 | 12,145 |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 15,000 | |
Payment of debt issuance costs | (136) | |
Proceeds from issuance of common stock, net | 7,781 | |
Proceeds from exercise of stock options | 484 | 291 |
Taxes paid related to net share settlement of equity awards | (1,063) | (135) |
Net cash provided by financing activities | 22,066 | 156 |
Effect of exchange rate changes on cash | (1) | 1 |
Net increase in cash and cash equivalents | 12,279 | 2,220 |
Cash and cash equivalents: | ||
Beginning of period | 27,892 | 26,562 |
End of period | 40,171 | 28,782 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 1,201 | 1,148 |
Supplemental disclosure of non-cash investing activities: | ||
Purchases of equipment, molds, furniture and fixtures recorded in accounts payable and accrued expenses | $ 106 | 34 |
Additions to patent rights recorded in accounts payable and accrued expenses | 12 | |
Supplemental disclosure of non-cash financing activities: | ||
Tax withholding on net settled equity awards included in accrued liabilities | $ 392 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Antares Pharma, Inc. (“Antares” or the “Company”) is a combination drug device 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 markets and sells its proprietary product XYOSTED ® ® The Company also 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 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 Teva’s Epinephrine Injection USP, which is indicated for emergency treatment of severe allergic reactions in adults and certain pediatric patients. The product was approved by the FDA in August 2018 and launched for commercial sale in late fourth quarter of 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 | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Revisions of Prior Period Financial Statements During the preparation of the consolidated financial statements for the year ended December 31, 2018, management revised the presentation of certain regulatory fees between research and development expenses and selling, general and administrative expenses. As a result, the Company also made revisions to its prior period interim consolidated statements of operations as follows: Three months ended Six months ended June 30, June 30, 2018 2018 Research and development, as reported $ 3,650 $ 6,970 Research and development, as revised 3,230 6,130 Selling, general and administrative, as reported 7,463 15,279 Selling, general and administrative, as revised 7,883 16,119 These revisions had no impact on the Company’s total operating expenses or net loss. The revisions also had no impact on the consolidated balance sheets or the consolidated statements of comprehensive loss, stockholders’ equity or cash flows. Management evaluated the materiality of the revisions from a quantitative and qualitative perspective and concluded that the revisions are immaterial to the consolidated financial statements. Accounting Pronouncements Recently Adopted The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02 Leases (“Topic 842”) Recent Accounting Pronouncements Not Yet Adopted In 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In 2018, the FASB issued new guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor (i.e., a service contract). Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. This standard will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In 2018, the FASB issued new guidance to clarify the interaction between Collaborative Arrangements and Revenue from Contracts with Customers standards. The guidance clarifies that certain transactions between collaborative arrangement participants should be accounted for under revenue guidance, adds unit of account guidance to the collaborative arrangement guidance to align with the revenue standard, and clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under the revenue standard. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those annual reporting periods. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Certain components of the Company’s products are provided by a limited number of vendors, and the Company’s production, assembly, warehousing and distribution operations are outsourced to third-parties where substantially all of the Company’s inventory is located. Disruption of supply from key vendors or third-party suppliers may have a material adverse impact on the Company’s operations. The Company provides a reserve for potentially excess, dated or obsolete inventories based on an analysis of inventory on hand compared to forecasts of future sales, which was $1,200 and $847 at June 30, 2019 and December 31, 2018, respectively. Inventories consist of the following: June 30, December 31, 2019 2018 Inventories: Raw material $ 344 $ 26 Work in process 7,700 7,622 Finished goods 7,191 3,702 $ 15,235 $ 11,350 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 June 30, 2019 and December 31, 2018, the Company’s equipment, molds, furniture and fixtures totaled $14,994 and $14,895, respectively, which is presented net of accumulated depreciation of $8,633 and $7,570 as of June 30, 2019 and December 31, 2018, respectively. Leases The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the right-of-use asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. Certain of the Company’s lease arrangements contain renewal options that have not been included in the determination of the lease term, as they are not reasonably certain of exercise. For contracts that contain lease and non-lease components, the Company accounts for both components as a single lease component. Variable lease payments are expensed as incurred. Revenue Recognition The Company generates revenue from proprietary and partnered 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. At inception of each contract, the Company identifies the goods and services that have been promised to the customer and each of those that represent a distinct performance obligation, determines the transaction price including any variable consideration, allocates the transaction price to the distinct performance obligations and determines whether control transfers to the customer at a point in time or over time. Variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company reassesses its reserves for variable consideration at each reporting date and makes adjustments, if necessary, 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 goods are transferred to the customer. The related shipping and freight charges incurred by the Company are included in cost of revenue. Proprietary Product Sales The Company sells its proprietary products OTREXUP ® ® The determination of certain of these reserves and sales allowances require management to make a number of judgements and estimates to reflect the Company’s best estimate of the transaction price and the amount of consideration to which it believes it is ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and expected utilization rates, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. Reserves for prompt payment discounts are recorded as a reduction in accounts receivable. Reserves for returns, rebates and chargebacks, distributor fees and customer co-pay support programs are included within current liabilities in the consolidated balance sheets. Partnered Product Sales The Company is party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which the Company produces and is the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as follows: The Company is the exclusive supplier of the Makena ® All other partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no price protection or right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, if any. For example, the Company sells Sumatriptan Injection USP to Teva at cost and is entitled to receive 50 percent of the net profits from commercial sales made by Teva, payable to the Company within 45 days after the end of the quarter in which the commercial sales are made. 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. Licensing and Development Revenue The Company has entered into several license, development and supply arrangements with pharmaceutical partners under which the Company grants a license to its device technology and know-how and provides research and development services that often involve multiple performance obligations and highly customized deliverables. For such arrangements, the Company identifies each of the promised goods and services within the contract and the distinct performance obligations at inception, and allocates consideration to each performance obligation based on relative standalone selling price, which is generally determined based on the expected cost plus margin. If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, the Company recognized revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control is transferred to the customer. Factors that may indicate that the transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets and the Company has a present right to payment. 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 cash received in advance of performance, which is presented within deferred revenue on the consolidated balance sheet and recognized as revenue when the associated performance obligations have been satisfied. The Company recognized $505 in licensing and development revenue in connection with contract liabilities that were outstanding as of December 31, 2018 and satisfied during the six months ended June 30, 2019. License fees and milestones 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. Milestone payments that are contingent upon the occurrence of future events, are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal will not occur when the associated uncertainty is resolved. Royalties The Company earns royalties in connection with licenses granted under license and development arrangements with partners. Royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digit to low double digit and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to the Company within 45 to 60 days of the end of the period in which the commercial sales are made. The Company bases its estimates of royalties earned on actual sales information from its partners when available or estimated prescription sales from external sources and estimated net selling price. If actual royalties received are different than amounts estimated, the Company would adjust the royalty revenue in the period in which the adjustment becomes known. Remaining Performance Obligations Remaining performance obligations represents the allocation of 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 June 30, 2019, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $9.9 million. The Company expects to recognize revenue on the remaining performance obligations over the next three years. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 3. Leases The Company leases its facilities under non-cancellable operating leases. In May 2019, the Company amended its existing lease of the Company’s corporate headquarters in Ewing, New Jersey to extend the lease term for an additional two years. The lease extension period commences on November 1, 2019 and expires on October 31, 2021. In the first quarter of 2019, the Company also entered into a master lease arrangement for a fleet of vehicles for use by its sales force. As of June 30, 2019, all of the Company’s leasing arrangements are classified as operating leases. Operating lease costs were $330 and $505 for the three and six months ended June 30, 2019. Cash paid for amounts included in the measurement of operating lease liabilities was $538 and $716 for the three and six months ended June 30, 2019. During the six months ended June 30, 2019, operating lease ROU assets obtained in exchange for operating lease obligations were $2,377, including the impact of the lease amendment for the corporate headquarters. As of June 30, 2019, the weighted average discount rate was approximately 9.5% and the weighted average remaining lease term was 2.7 years. The following table summarizes the Company’s operating lease maturities as of June 30, 2019: 2019 $ 526 2020 1,061 2021 1,042 2022 230 Total remaining lease payments 2,859 Less: interest accreted (159 ) Total lease liabilities $ 2,700 Under the prior leasing standard, future minimum payments under non-cancellable operating leases as of December 31, 2018 were as follows: 2019 $ 566 2020 233 2021 238 2022 60 2023 — Thereafter — Total future minimum lease payments $ 1,097 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4. Long-Term Debt In June 2017, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., for a term loan of up to $35.0 million (the “Term Loan”), under which the Company initially borrowed $25.0 million (“Tranche I”.) The amortizing Term Loan is secured by substantially all of the Company’s assets, excluding intellectual property, accrues interest at a prime-based variable rate with a maximum of 9.5%, provided for payments of interest-only until August 1, 2019 and matures on July 1, 2022. On June 26, 2019, the Company entered into a First Amendment (the “Amendment”) to the Loan Agreement, which increased the aggregate principal amount available under the Term Loan from $35.0 million to $50.0 million. Upon signing of the Amendment, an additional $15.0 million (“Tranche II”) was funded to the Company. The Company may, but is not obligated to, request one or more additional advances of at least $5.0 million, not to exceed $10.0 million in the aggregate (“Tranche III”). The Company’s option to request additional advances is available between January 1, 2020 and September 15, 2020. The Amendment extended the interest-only payment period of the Term Loan to August 1, 2021, which may be further extended to August 1, 2022 if the Company achieves a certain loan extension milestone. The Term Loan maturity date remains July 1, 2022, but may be extended to July 1, 2024 contingent upon satisfaction of a certain loan extension milestone. The Company is required to pay an end of term fee (“End of Term Charge”) equal to 4.25% of Tranche I and 3.95% of the borrowings under Tranche II and Tranche III, payable upon the earlier of July 1, 2022 or repayment of the loan. As of June 30, 2019 and December 31, 2018, the carrying value of the Term Loan was $40,143 and $25,126, respectively, which consisted of the principal amounts outstanding and the End of Term Charge accrual, less unamortized debt issuance costs that are being amortized/accrued to interest expense over the term of the Term Loan using the effective interest method. Future principal payments under the Term Loan, excluding the contractual End of Term Charges, are due in the following periods: 2019 $ — 2020 — 2021 16,179 2022 23,821 $ 40,000 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 5. Stockholders’ Equity In August 2017, the Company entered into a sales agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”) under which the Company could offer and sell, from time to time and at its sole discretion, shares of its common stock having an aggregate offering price of up to $30.0 million through Cowen as the Company’s sales agent and/or as principal. Cowen was permitted to sell the common stock through any method deemed an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended (the “ATM Facility”). During the three months ended June 30, 2019, the Company made no sales of its common stock under the ATM Facility. For the six months ended June 30, 2019, the Company sold 2.3 million shares of common stock under the ATM Facility. The sale of common stock resulted in aggregate gross proceeds of $8.1 million, less sales commission and payment of offering costs, resulting in net offering proceeds to the Company of $7.8 million. On June 26, 2019, the Company delivered written notice to Cowen that it was terminating its Sales Agreement effective July 6, 2019. With the provision of such notice, the ATM Facility is no longer available for use. The Company sold a total of 4.4 million shares in connection with the ATM Facility, representing gross proceeds of approximately $15.6 million to the Company. |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation | 6 . Share-Based Compensation The Company has an Equity Compensation Plan (the “Plan”), which was amended and restated pursuant to stockholder approval on June 13, 2019 in order to increase the number of shares available for issuance under the Plan, extend the term of the Plan and modify certain provisions. 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 Plan is 40.2 million 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 four million 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 over a three-year period with a minimum vesting period of one year. As of June 30, 2019, the Plan had approximately 7.5 million shares available for grant. Stock option exercises are satisfied through the issuance of new shares. The Company’s Board of Directors has also approved a long-term incentive program (“LTIP”), pursuant to which the Company’s senior executives have been awarded stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”) 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 annual installments over three years, and are granted on the same standard terms and conditions as other stock options granted pursuant to the Plan. The RSU awards made to senior executives vest and convert into shares of the Company’s stock in three equal annual installments. The PSU awards 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. A portion of the compensation provided to non-employee members of the Company’s Board of Directors is awarded in the form of stock options and RSUs, which vest in full one year from the date of grant and are otherwise granted on the same standard terms and conditions as other awards granted under the Plan. The following is a summary of stock option activity under the Plan as of and for the six months ended June 30, 2019: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (Years) Value Outstanding at December 31, 2018 14,079 $ 2.19 Granted 2,371 2.93 Exercised (371 ) 1.30 Cancelled/Forfeited (71 ) 2.77 Outstanding at June 30, 2019 16,008 2.32 6.7 $ 15,923 Exercisable at June 30, 2019 11,515 $ 2.12 5.7 $ 13,793 The weighted average grant date fair value per share for options granted during the six months ended June 30, 2019 and 2018 was $1.50 and $1.44, respectively, which was estimated 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. June 30, 2019 2018 Risk-free interest rate 1.9% 2.8% Annualized volatility 55.8% 53.7% Weighted average expected life, in years 5.5 6.0 Expected dividend yield 0.0% 0.0% During the six months ended June 30, 2019, stock option exercises resulted in cash proceeds to the Company of $484 and the issuance of 371 shares of common stock. Stock option exercises resulted in proceeds of $291 and the issuance of 309 shares of common stock in the six months ended June 30, 2018. The Company recognized $1,666 and $1,347 of compensation expense related to stock options for the six months ended June 30, 2019 and 2018, respectively. The following is a summary of PSU and RSU award activity under the Plan as of and for the six months ended June 30, 2019: 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, 2018 1,842 $ 2.41 1,226 $ 2.44 Granted 593 2.99 789 2.92 Vested/settled (415 ) 1.18 (601 ) 2.17 Forfeited/expired (178 ) 1.12 — — Outstanding at June 30, 2019 1,842 $ 3.01 1,414 $ 2.83 The PSUs granted to senior executives under the LTIP may be earned based upon the Company’s achievement of certain corporate development goals, net revenue goals and total shareholder return (“TSR”) relative to the Nasdaq Biotechnology Index over the performance period, which is generally a three-year period. Depending on the outcome of the performance goals, a recipient may ultimately earn a number of shares greater or less than the target number of shares granted, ranging from 0% to 150%. In connection with PSU awards, the Company recognized compensation expense of $632 and $180 for the six months ended June 30, 2019 and 2018, respectively. The grant date fair value of PSUs that are not tied to market-based performance are expensed over the remaining performance period when it becomes probable that the related goal will be achieved. The fair value of the TSR PSUs are expensed over the performance period and determined using a Monte Carlo simulation utilizing the following inputs and assumptions: 2019 Award 2018 Award 2017 Award Closing stock price on grant date $ 2.92 $ 2.70 $ 2.66 Performance period starting price $ 3.01 $ 1.92 $ 2.17 Term of award (in years) 2.55 2.57 2.57 Volatility 63.7 % 64.9 % 54.6 % Risk-free interest rate 1.79 % 2.60 % 1.39 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 3.18 $ 3.27 $ 3.10 Compensation expense recognized in connection with RSU awards was $702 and $523 for the six months ended June 30, 2019 and 2018, respectively. The LTIP awards that vested during the six months ended June 30, 2019 and 2018 were net-share settled such that the Company withheld shares with a value equivalent to the employees’ tax obligations for applicable income and other employment taxes, and remitted cash to the appropriate taxing authorities. The Company withheld 362 and 208 shares during the six months ended June 30, 2019 and 2018, respectively, 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. The Company paid $1,063 and $527 during the six months ended June 30, 2019 and 2018, respectively, to taxing authorities for the employees’ tax obligations, which is reflected as a cash outflow from financing activities 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. |
Revenues, Significant Customers
Revenues, Significant Customers and Concentrations of Risk | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues, Significant Customers and Concentrations of Risk | 7 . 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 June 30, Six months ended June 30, 2019 2018 2019 2018 Proprietary product sales $ 8,984 $ 3,755 $ 13,755 $ 7,726 Partnered product sales 11,636 7,340 25,165 14,318 Total product revenue 20,620 11,095 38,920 22,044 Licensing and development revenue 2,239 1,785 3,154 3,070 Royalties 5,574 1,282 9,645 1,751 Total revenue $ 28,433 $ 14,162 $ 51,719 $ 26,865 Revenues disaggregated by customer location are as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 United States of America $ 27,542 $ 12,220 $ 48,727 $ 23,421 Europe 788 1,795 2,878 3,214 Other 103 147 114 230 $ 28,433 $ 14,162 $ 51,719 $ 26,865 The following table identifies customers from which the Company derived 10% or more of its total revenue in any of the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Teva 42% 30% 44% 32% AMAG 19% 27% 19% 25% McKesson <10% 12% <10% 13% AmerisourceBergen 11% 10% <10% 10% Ferring <10% 14% <10% 13% |
Sale of Assets
Sale of Assets | 6 Months Ended |
Jun. 30, 2019 | |
Sale Of Assets [Abstract] | |
Sale of Assets | 8. 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 to be paid in four installments consisting of the following: a $2.0 million 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 upon delivery of certain documentation and satisfaction of certain conditions primarily related to product manufacturing; a third installment of $4.75 million received upon satisfaction of certain conditions, including further document transfer, the successful completion of a regulatory audit by a notified body, and a pilot manufacturing run under Ferring’s supervision; and a final installment of $5.0 million due upon Ferring’s receipt of the CE Mark needed to continue to commercialize the product in certain territories and the final transfer of certain product-related inventory, equipment and agreements to Ferring (the “Completion Date”). On May 1, 2019, the Company and Ferring entered into the First Amendment of the Asset Purchase Agreement (the “First Amendment”) to extend the term of the agreement to the third anniversary, to provide for the manufacture and delivery of additional product by Antares to Ferring prior to the Completion Date, and to bifurcate the payment of the final installment of the purchase price such that $2.5 million was paid to the Company upon the First Amendment effective date, with the remaining $2.5 million to be paid at the Completion Date, which is expected to occur by the end of 2019. The Company will continue to manufacture and supply needle-free devices until the Completion Date, and will receive payment for devices manufactured and supplied to its partners, and a royalty on net product sales, in accordance with the existing license and supply agreements. The Company previously recorded the gain on sale of assets as it was determined that, based on the satisfaction of certain conditions and the status of remaining closing requirements, it was probable that a significant reversal of the gain will not occur. The receipt of the $2.5 million in the three months ended June 30, 2019 was recorded as a reduction in the related contract asset balance and a cash inflow from investing activities in the consolidated condensed statement of cash flows. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9 . 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 19,264 and 17,326 at June 30, 2019 and 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Pending Litigation From time to time, the Company may be involved in various legal matters generally incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, after discussion with legal counsel, management is not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on its consolidated financial condition, liquidity, or results of operations. On October 23, 2017, Randy Smith filed a complaint in the District of New Jersey, captioned Randy Smith, Individually and on Behalf of All Others Similarly Situated v. Antares Pharma, Inc., Robert F. Apple and Fred M. Powell Smith ® ® Smith 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. Vikram Rao, Derivatively on Behalf of Antares Pharma, Inc. v. Robert F. Apple, et al. 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 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On July 1, 2019, the Company entered into a lease agreement (the “Lease”) with Whitewater Properties I, LLC (the “Landlord”) for approximately 75,000 square feet of office, laboratory, manufacturing and warehousing space in the building known as 12500 Whitewater Drive, Minnetonka, Minnesota. The initial term of the Lease is 12 years and the Company may renew the Lease, at its option, for one additional renewal period of three years. The Landlord delivered possession of the premises to the Company on July 1, 2019 (the “Delivery Date”) and payment of rent will commence on January 1, 2020. The annual base rent is $180,372 in year one, $281,160 in year two, and $625,224 in year three, with annual increases of approximately 2% thereafter over the remaining initial lease term. The Company will also pay additional rent for operating expenses, insurance premiums and taxes. The Company is performing the build-out of the premises at the Company’s cost with an allowance provided by the Landlord of up to approximately $1.2 million, to be disbursed over four disbursement periods, all within 36 months after the Delivery Date. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Revisions of Prior Period Financial Statements | Revisions of Prior Period Financial Statements During the preparation of the consolidated financial statements for the year ended December 31, 2018, management revised the presentation of certain regulatory fees between research and development expenses and selling, general and administrative expenses. As a result, the Company also made revisions to its prior period interim consolidated statements of operations as follows: Three months ended Six months ended June 30, June 30, 2018 2018 Research and development, as reported $ 3,650 $ 6,970 Research and development, as revised 3,230 6,130 Selling, general and administrative, as reported 7,463 15,279 Selling, general and administrative, as revised 7,883 16,119 These revisions had no impact on the Company’s total operating expenses or net loss. The revisions also had no impact on the consolidated balance sheets or the consolidated statements of comprehensive loss, stockholders’ equity or cash flows. Management evaluated the materiality of the revisions from a quantitative and qualitative perspective and concluded that the revisions are immaterial to the consolidated financial statements. |
Recent Accounting Pronouncements | Accounting Pronouncements Recently Adopted The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02 Leases (“Topic 842”) Recent Accounting Pronouncements Not Yet Adopted In 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In 2018, the FASB issued new guidance on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor (i.e., a service contract). Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. This standard will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In 2018, the FASB issued new guidance to clarify the interaction between Collaborative Arrangements and Revenue from Contracts with Customers standards. The guidance clarifies that certain transactions between collaborative arrangement participants should be accounted for under revenue guidance, adds unit of account guidance to the collaborative arrangement guidance to align with the revenue standard, and clarifies presentation guidance for transactions with a collaborative arrangement participant that is not accounted for under the revenue standard. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those annual reporting periods. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. Certain components of the Company’s products are provided by a limited number of vendors, and the Company’s production, assembly, warehousing and distribution operations are outsourced to third-parties where substantially all of the Company’s inventory is located. Disruption of supply from key vendors or third-party suppliers may have a material adverse impact on the Company’s operations. The Company provides a reserve for potentially excess, dated or obsolete inventories based on an analysis of inventory on hand compared to forecasts of future sales, which was $1,200 and $847 at June 30, 2019 and December 31, 2018, respectively. Inventories consist of the following: June 30, December 31, 2019 2018 Inventories: Raw material $ 344 $ 26 Work in process 7,700 7,622 Finished goods 7,191 3,702 $ 15,235 $ 11,350 |
Equipment, Molds, Furniture, and Fixtures | Equipment, Molds, Furniture, and Fixtures |
Leases | Leases The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the right-of-use asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. Certain of the Company’s lease arrangements contain renewal options that have not been included in the determination of the lease term, as they are not reasonably certain of exercise. For contracts that contain lease and non-lease components, the Company accounts for both components as a single lease component. Variable lease payments are expensed as incurred. |
Revenue Recognition | Revenue Recognition The Company generates revenue from proprietary and partnered 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. At inception of each contract, the Company identifies the goods and services that have been promised to the customer and each of those that represent a distinct performance obligation, determines the transaction price including any variable consideration, allocates the transaction price to the distinct performance obligations and determines whether control transfers to the customer at a point in time or over time. Variable consideration is included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company reassesses its reserves for variable consideration at each reporting date and makes adjustments, if necessary, 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 goods are transferred to the customer. The related shipping and freight charges incurred by the Company are included in cost of revenue. Proprietary Product Sales The Company sells its proprietary products OTREXUP ® ® The determination of certain of these reserves and sales allowances require management to make a number of judgements and estimates to reflect the Company’s best estimate of the transaction price and the amount of consideration to which it believes it is ultimately entitled to receive. The expected value is determined based on unit sales data, contractual terms with customers and third-party payers, historical and expected utilization rates, any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates, customer purchasing patterns, product expiration dates and levels of inventory in the distribution channel. Reserves for prompt payment discounts are recorded as a reduction in accounts receivable. Reserves for returns, rebates and chargebacks, distributor fees and customer co-pay support programs are included within current liabilities in the consolidated balance sheets. Partnered Product Sales The Company is party to several license, development, supply and distribution arrangements with pharmaceutical partners, under which the Company produces and is the exclusive supplier of certain products, devices and/or components. Revenue is recognized when or as control of the goods transfers to the customer as follows: The Company is the exclusive supplier of the Makena ® All other partnered product sales are recognized at the point in time in which control is transferred to the customer, which is typically upon shipment. Sales terms and pricing are governed by the respective supply and distribution agreements, and there is generally no price protection or right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, if any. For example, the Company sells Sumatriptan Injection USP to Teva at cost and is entitled to receive 50 percent of the net profits from commercial sales made by Teva, payable to the Company within 45 days after the end of the quarter in which the commercial sales are made. 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. Licensing and Development Revenue The Company has entered into several license, development and supply arrangements with pharmaceutical partners under which the Company grants a license to its device technology and know-how and provides research and development services that often involve multiple performance obligations and highly customized deliverables. For such arrangements, the Company identifies each of the promised goods and services within the contract and the distinct performance obligations at inception, and allocates consideration to each performance obligation based on relative standalone selling price, which is generally determined based on the expected cost plus margin. If the contract includes an enforceable right to payment for performance completed to date and performance obligations are satisfied over time, the Company recognized revenue over the development period using either the input or output method depending on which is most appropriate given the nature of the distinct deliverable. For other contracts that do not contain an enforceable right to payment for performance completed to date, revenue is recognized when control is transferred to the customer. Factors that may indicate that the transfer of control has occurred include the transfer of legal title, transfer of physical possession, the customer has obtained the significant risks and rewards of ownership of the assets and the Company has a present right to payment. 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 cash received in advance of performance, which is presented within deferred revenue on the consolidated balance sheet and recognized as revenue when the associated performance obligations have been satisfied. The Company recognized $505 in licensing and development revenue in connection with contract liabilities that were outstanding as of December 31, 2018 and satisfied during the six months ended June 30, 2019. License fees and milestones 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. Milestone payments that are contingent upon the occurrence of future events, are evaluated and recorded at the most likely amount, and to the extent that it is probable that a significant reversal will not occur when the associated uncertainty is resolved. Royalties The Company earns royalties in connection with licenses granted under license and development arrangements with partners. Royalties are based upon a percentage of commercial sales of partnered products with rates ranging from mid-single digit to low double digit and are tiered based on levels of net sales. These sales-based royalties, for which the license was deemed the predominant element to which the royalties relate, are estimated and recognized in the period in which the partners’ commercial sales occur. The royalties are generally reported and payable to the Company within 45 to 60 days of the end of the period in which the commercial sales are made. The Company bases its estimates of royalties earned on actual sales information from its partners when available or estimated prescription sales from external sources and estimated net selling price. If actual royalties received are different than amounts estimated, the Company would adjust the royalty revenue in the period in which the adjustment becomes known. Remaining Performance Obligations Remaining performance obligations represents the allocation of 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 June 30, 2019, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $9.9 million. The Company expects to recognize revenue on the remaining performance obligations over the next three years. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Revisions to Prior Period Interim Consolidated Statements of Operations | As a result, the Company also made revisions to its prior period interim consolidated statements of operations as follows: Three months ended Six months ended June 30, June 30, 2018 2018 Research and development, as reported $ 3,650 $ 6,970 Research and development, as revised 3,230 6,130 Selling, general and administrative, as reported 7,463 15,279 Selling, general and administrative, as revised 7,883 16,119 |
Inventories | Inventories consist of the following: June 30, December 31, 2019 2018 Inventories: Raw material $ 344 $ 26 Work in process 7,700 7,622 Finished goods 7,191 3,702 $ 15,235 $ 11,350 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Operating Lease Maturities | The following table summarizes the Company’s operating lease maturities as of June 30, 2019: 2019 $ 526 2020 1,061 2021 1,042 2022 230 Total remaining lease payments 2,859 Less: interest accreted (159 ) Total lease liabilities $ 2,700 |
Summary of Future Minimum Lease Payments Under Non - Cancellable Operating Leases | Under the prior leasing standard, future minimum payments under non-cancellable operating leases as of December 31, 2018 were as follows: 2019 $ 566 2020 233 2021 238 2022 60 2023 — Thereafter — Total future minimum lease payments $ 1,097 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments under Term Loan, Excluding End of Term Charges | Future principal payments under the Term Loan, excluding the contractual End of Term Charges, are due in the following periods: 2019 $ — 2020 — 2021 16,179 2022 23,821 $ 40,000 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Stock Option Activity | The following is a summary of stock option activity under the Plan as of and for the six months ended June 30, 2019: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (Years) Value Outstanding at December 31, 2018 14,079 $ 2.19 Granted 2,371 2.93 Exercised (371 ) 1.30 Cancelled/Forfeited (71 ) 2.77 Outstanding at June 30, 2019 16,008 2.32 6.7 $ 15,923 Exercisable at June 30, 2019 11,515 $ 2.12 5.7 $ 13,793 |
Assumptions Used in Fair Value Measurement of Options Granted | June 30, 2019 2018 Risk-free interest rate 1.9% 2.8% Annualized volatility 55.8% 53.7% Weighted average expected life, in years 5.5 6.0 Expected dividend yield 0.0% 0.0% |
Summary of PSU and RSU Award Activity Under Plan | The following is a summary of PSU and RSU award activity under the Plan as of and for the six months ended June 30, 2019: 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, 2018 1,842 $ 2.41 1,226 $ 2.44 Granted 593 2.99 789 2.92 Vested/settled (415 ) 1.18 (601 ) 2.17 Forfeited/expired (178 ) 1.12 — — Outstanding at June 30, 2019 1,842 $ 3.01 1,414 $ 2.83 |
Performance Stock Units [Member] | |
Assumptions Used in Fair Value Measurement of Options Granted | The fair value of the TSR PSUs are expensed over the performance period and determined using a Monte Carlo simulation utilizing the following inputs and assumptions: 2019 Award 2018 Award 2017 Award Closing stock price on grant date $ 2.92 $ 2.70 $ 2.66 Performance period starting price $ 3.01 $ 1.92 $ 2.17 Term of award (in years) 2.55 2.57 2.57 Volatility 63.7 % 64.9 % 54.6 % Risk-free interest rate 1.79 % 2.60 % 1.39 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 3.18 $ 3.27 $ 3.10 |
Revenues, Significant Custome_2
Revenues, Significant Customers and Concentrations of Risk (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, Six months ended June 30, 2019 2018 2019 2018 Proprietary product sales $ 8,984 $ 3,755 $ 13,755 $ 7,726 Partnered product sales 11,636 7,340 25,165 14,318 Total product revenue 20,620 11,095 38,920 22,044 Licensing and development revenue 2,239 1,785 3,154 3,070 Royalties 5,574 1,282 9,645 1,751 Total revenue $ 28,433 $ 14,162 $ 51,719 $ 26,865 Revenues disaggregated by customer location are as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 United States of America $ 27,542 $ 12,220 $ 48,727 $ 23,421 Europe 788 1,795 2,878 3,214 Other 103 147 114 230 $ 28,433 $ 14,162 $ 51,719 $ 26,865 |
Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue | The following table identifies customers from which the Company derived 10% or more of its total revenue in any of the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Teva 42% 30% 44% 32% AMAG 19% 27% 19% 25% McKesson <10% 12% <10% 13% AmerisourceBergen 11% 10% <10% 10% Ferring <10% 14% <10% 13% |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Summary of Revisions to Prior Period Interim Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Research and development | $ 2,494 | $ 3,230 | $ 4,881 | $ 6,130 |
Selling, general and administrative | $ 15,087 | 7,883 | $ 30,022 | 16,119 |
As Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Research and development | 3,650 | 6,970 | ||
Selling, general and administrative | $ 7,463 | $ 15,279 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Line Items] | |||
Right-of-use assets | $ 2,947 | ||
Lease liability | 2,700 | ||
Inventory reserve | 1,200 | $ 847 | |
Equipment, molds, furniture and fixtures, net | 14,994 | 14,895 | |
Accumulated depreciation | 8,633 | $ 7,570 | |
Remaining performance obligations | $ 9,900 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | The Company expects to recognize revenue on the remaining performance obligations over the next three years. | ||
Licensing and Development Revenue [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Revenue recognized | $ 505 | ||
Teva [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Future net profits from commercial sales percent | 50.00% | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Royalty payment period | 45 days | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Royalty payment period | 60 days | ||
ASU 2016-02 [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Right-of-use assets | $ 1,000 | ||
Lease liability | $ 1,000 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 344 | $ 26 |
Work in process | 7,700 | 7,622 |
Finished goods | 7,191 | 3,702 |
Inventory, Total | $ 15,235 | $ 11,350 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Regulatory Assets [Abstract] | ||
Lessee, operating lease, extension term | 2 years | 2 years |
Lessee, operating lease, existence of option to extend | true | |
Description of operating lease extension period | In May 2019, the Company amended its existing lease of the Company’s corporate headquarters in Ewing, New Jersey to extend the lease term for an additional two years. The lease extension period commences on November 1, 2019 and expires on October 31, 2021. | |
Operating lease costs | $ 330 | $ 505 |
Cash paid for operating lease liabilities | $ 538 | 716 |
Operating lease ROU assets obtained in exchange for operating lease obligations | $ 2,377 | |
Weighted average discount rate | 9.50% | 9.50% |
Weighted average remaining lease term | 2 years 8 months 12 days | 2 years 8 months 12 days |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Maturities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2019 | $ 526 |
2020 | 1,061 |
2021 | 1,042 |
2022 | 230 |
Total remaining lease payments | 2,859 |
Less: interest accreted | (159) |
Total lease liabilities | $ 2,700 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Non - Cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 566 |
2020 | 233 |
2021 | 238 |
2022 | 60 |
Total future minimum lease payments | $ 1,097 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 26, 2019 | Jun. 30, 2017 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 15,000,000 | |||
Carrying value of long term debt | $ 40,143,000 | $ 22,083,000 | ||
Hercules Capital, Inc [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-tem debt, face amount | $ 50,000,000 | |||
Debt instrument, maturity date Description | The amortizing Term Loan is secured by substantially all of the Company’s assets, excluding intellectual property, accrues interest at a prime-based variable rate with a maximum of 9.5%, provided for payments of interest-only until August 1, 2019 and matures on July 1, 2022. | |||
Debt instrument, maturity date | Jul. 1, 2022 | |||
Debt instrument, payment terms | The Amendment extended the interest-only payment period of the Term Loan to August 1, 2021, which may be further extended to August 1, 2022 if the Company achieves a certain loan extension milestone. | |||
Carrying value of long term debt | $ 40,143,000 | $ 25,126,000 | ||
Hercules Capital, Inc [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-tem debt, face amount | $ 35,000,000 | |||
Hercules Capital, Inc [Member] | Term Loan [Member] | Tranche I [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 25,000,000 | |||
Hercules Capital, Inc [Member] | Term Loan [Member] | Prime Based Variable Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, variable interest rate | 9.50% | |||
Hercules Capital, Inc [Member] | Tranche II [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, increase in face amount | 15,000,000 | |||
Percentage of loan fee on original principal amount | 3.95% | |||
Hercules Capital, Inc [Member] | Tranche III [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of loan fee on original principal amount | 3.95% | |||
Hercules Capital, Inc [Member] | Tranche III [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, available option to request addditional advance amount | 10,000,000 | |||
Hercules Capital, Inc [Member] | Tranche III [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, available option to request addditional advance amount | $ 5,000,000 | |||
Hercules Capital, Inc [Member] | Tranche I Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of loan fee on original principal amount | 4.25% |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Principal Payments under Term Loan, Excluding End of Term Charges (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 16,179 |
2022 | 23,821 |
Long-term debt | $ 40,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Jul. 06, 2019 | Aug. 31, 2017 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 |
Stockholders Equity [Line Items] | |||||
Aggregate offering price of common stock | $ (5,000) | $ 7,785,000 | |||
Proceeds from sale of common stock | $ 7,781,000 | ||||
Sales Agreement [Member] | Cowen and Company, LLC [Member] | Maximum [Member] | |||||
Stockholders Equity [Line Items] | |||||
Aggregate offering price of common stock | $ 30,000,000 | ||||
ATM Facility [Member] | |||||
Stockholders Equity [Line Items] | |||||
Issuance of common stock, shares | 2,300,000 | ||||
Gross proceeds from sale of common stock | $ 8,100,000 | ||||
Proceeds from sale of common stock | $ 0 | $ 7,800,000 | |||
ATM Facility [Member] | Subsequent Event [Member] | |||||
Stockholders Equity [Line Items] | |||||
Issuance of common stock, shares | 4,400,000 | ||||
Gross proceeds from sale of common stock | $ 15,600,000 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from the issuance of stock options | $ 484 | $ 291 |
Shares withheld to meet employees' statutory income tax obligation | 362,000 | 208,000 |
Amounts paid to taxing authorities for employees’ tax obligations | $ 1,063 | $ 135 |
Employees Tax Obligations [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amounts paid to taxing authorities for employees’ tax obligations | $ 1,063 | $ 527 |
Amended and Restated 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 | 40,200,000 | |
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 | 7,500 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant date fair value per share for options granted | $ 1.50 | $ 1.44 |
Proceeds from the issuance of stock options | $ 484 | $ 291 |
Exercise of options, shares | 371,000 | 309,000 |
Recognized compensation cost related to shares of stock granted | $ 1,666 | $ 1,347 |
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 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 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 | $ 702 | 523 |
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 | $ 632 | $ 180 |
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% | |
Stock Options and RSUs [Member] | Long Term Incentive Program [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year |
Share Based Compensation - Summ
Share Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Stockholders Equity Note [Abstract] | |
Number of Shares Outstanding, Beginning Balance | shares | 14,079,000 |
Number of Shares Granted | shares | 2,371,000 |
Number of Shares Exercised | shares | (371,000) |
Number of Shares Cancelled/Forfeited | shares | (71,000) |
Number of Shares Outstanding, Ending Balance | shares | 16,008,000 |
Number of Shares Exercisable, Ending Balance | shares | 11,515,000 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 2.19 |
Weighted Average Exercise Price Granted | $ / shares | 2.93 |
Weighted Average Exercise Price Exercised | $ / shares | 1.30 |
Weighted Average Exercise Price Cancelled/Forfeited | $ / shares | 2.77 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares | 2.32 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 2.12 |
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance | 5 years 8 months 12 days |
Aggregate Intrinsic Value Outstanding, Ending Balance | $ | $ 15,923 |
Aggregate Intrinsic Value Exercisable, Ending Balance | $ | $ 13,793 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value Measurement of Options Granted (Detail) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stockholders Equity Note [Abstract] | ||
Risk-free interest rate | 1.90% | 2.80% |
Annualized volatility | 55.80% | 53.70% |
Weighted average expected life, in years | 5 years 6 months | 6 years |
Expected dividend yield | 0.00% | 0.00% |
Share Based Compensation - Su_2
Share Based Compensation - Summary of PSU and RSU Award Activity Under Plan (Detail) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Performance Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 1,842,000 |
Number of Shares, Granted | shares | 593,000 |
Number of Shares, Vested/settled | shares | (415,000) |
Number of Shares, Forfeited/expired | shares | (178,000) |
Number of Shares, Ending Balance | shares | 1,842,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 2.41 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 2.99 |
Weighted Average Grant Date Fair Value, Vested/settled | $ / shares | 1.18 |
Weighted Average Grant Date Fair Value, Forfeited/expired | $ / shares | 1.12 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 3.01 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 1,226,000 |
Number of Shares, Granted | shares | 789,000 |
Number of Shares, Vested/settled | shares | (601,000) |
Number of Shares, Ending Balance | shares | 1,414,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 2.44 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 2.92 |
Weighted Average Grant Date Fair Value, Vested/settled | $ / shares | 2.17 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 2.83 |
Share Based Compensation - Fair
Share Based Compensation - Fair Value of PSUs Granted Determined Using Monte Carlo Simulation (Detail) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of award (in years) | 5 years 6 months | 6 years | ||
Volatility | 55.80% | 53.70% | ||
Risk-free interest rate | 1.90% | 2.80% | ||
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 | $ 2.92 | $ 2.70 | $ 2.66 | |
Performance period starting price | $ 3.01 | $ 1.92 | $ 2.17 | |
Term of award (in years) | 2 years 6 months 18 days | 2 years 6 months 25 days | 2 years 6 months 25 days | |
Volatility | 63.70% | 64.90% | 54.60% | |
Risk-free interest rate | 1.79% | 2.60% | 1.39% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Fair value per TSR PSU | $ 3.18 | $ 3.27 | $ 3.10 |
Revenues, Significant Custome_3
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 28,433 | $ 14,162 | $ 51,719 | $ 26,865 |
Total Product Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 20,620 | 11,095 | 38,920 | 22,044 |
Total Product Revenue [Member] | Proprietary Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 8,984 | 3,755 | 13,755 | 7,726 |
Total Product Revenue [Member] | Partnered Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11,636 | 7,340 | 25,165 | 14,318 |
Licensing and Development Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,239 | 1,785 | 3,154 | 3,070 |
Royalties [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 5,574 | $ 1,282 | $ 9,645 | $ 1,751 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 28,433 | $ 14,162 | $ 51,719 | $ 26,865 |
United States of America [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 27,542 | 12,220 | 48,727 | 23,421 |
Europe [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 788 | 1,795 | 2,878 | 3,214 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 103 | $ 147 | $ 114 | $ 230 |
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) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Teva [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 42.00% | 30.00% | 44.00% | 32.00% |
AMAG [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 19.00% | 27.00% | 19.00% | 25.00% |
McKesson [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 12.00% | 13.00% | ||
McKesson [Member] | Maximum [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 10.00% | 10.00% | ||
AmerisourceBergen [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 11.00% | 10.00% | 10.00% | |
AmerisourceBergen [Member] | Maximum [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 10.00% | |||
Ferring [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 14.00% | 13.00% | ||
Ferring [Member] | Maximum [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 10.00% | 10.00% |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) $ in Thousands | May 01, 2019USD ($) | Oct. 31, 2017USD ($)Installment | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Sale Of Assets [Line Items] | |||||
Gain on sale of assets | $ 2,500 | $ 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 to be paid in four installments consisting of the following: a $2.0 million 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 upon delivery of certain documentation and satisfaction of certain conditions primarily related to product manufacturing; a third installment of $4.75 million received upon satisfaction of certain conditions, including further document transfer, the successful completion of a regulatory audit by a notified body, and a pilot manufacturing run under Ferring’s supervision; and a final installment of $5.0 million due upon Ferring’s receipt of the CE Mark needed to continue to commercialize the product in certain territories and the final transfer of certain product-related inventory, equipment and agreements to Ferring (the “Completion Date”). | ||||
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 | ||||
Payment of final installment purchase price | $ 2,500 | ||||
Remaining payment in completion date | $ 2,500 | ||||
Gain on sale of assets | $ 2,500 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive stock options and other share-based awards excluded from dilutive loss per share | 19,264,000 | 17,326,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jul. 01, 2019USD ($)ft²Period | Jun. 30, 2019 |
Subsequent Event [Line Items] | ||
Lease renewal term | 2 years | |
Subsequent Event [Member] | Whitewater Properties I, LLC [Member] | ||
Subsequent Event [Line Items] | ||
Leased area | ft² | 75,000 | |
Lease term | 12 years | |
Lease renewal term | 3 years | |
Annual base rent, year one | $ 180,372,000 | |
Annual base rent, year two | 281,160,000 | |
Annual base rent, year three | $ 625,224,000 | |
Percentage of annual increase in base rent | 2.00% | |
Number of disbursement periods | Period | 4 | |
Number of months after the delivery date | 36 months | |
Subsequent Event [Member] | Whitewater Properties I, LLC [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Operating lease, allowance | $ 1,200,000 |