Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ATRS | ||
Entity Registrant Name | ANTARES PHARMA, INC. | ||
Entity Central Index Key | 0001016169 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 168,161,177 | ||
Entity Public Float | $ 447.8 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 1-32302 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 41-1350192 | ||
Entity Address, Address Line One | 100 Princeton South | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Ewing | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08628 | ||
City Area Code | 609 | ||
Local Phone Number | 359-3020 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the registrant’s 2021 annual meeting of stockholders to be filed within 120 days after the end of the period covered by this annual report on Form 10-K are incorporated by reference into Part III of this annual report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 53,137 | $ 23,201 |
Short-term investments | 22,520 | |
Accounts receivable | 42,221 | 35,074 |
Inventories | 18,216 | 16,000 |
Contract assets | 8,140 | 8,235 |
Prepaid expenses and other current assets | 4,877 | 3,416 |
Total current assets | 126,591 | 108,446 |
Deferred tax assets, net | 46,982 | |
Property and equipment, net | 24,020 | 15,961 |
Operating lease right-of-use assets | 4,621 | 5,463 |
Intangibles, net | 7,693 | 478 |
Goodwill | 1,095 | 1,095 |
Other assets | 1,529 | 1,308 |
Total Assets | 212,531 | 132,751 |
Current Liabilities: | ||
Accounts payable | 16,194 | 12,905 |
Accrued expenses and other liabilities | 25,635 | 16,523 |
Long-term debt, current portion | 16,230 | |
Operating lease liabilities, current portion | 1,203 | 1,249 |
Deferred revenue | 3,943 | 1,738 |
Total current liabilities | 63,205 | 32,415 |
Long-term debt | 24,669 | 40,395 |
Operating lease liabilities, long-term | 4,816 | 5,441 |
Other long-term liabilities | 726 | |
Total liabilities | 93,416 | 78,251 |
Commitments and contingencies (Note 16) | ||
Stockholders’ Equity: | ||
Preferred Stock: $0.01 par, authorized 3,000 shares, none outstanding | ||
Common Stock: $0.01 par; authorized 300,000 shares; 166,836 and 165,221 issued and outstanding at December 31, 2020 and 2019, respectively | 1,668 | 1,652 |
Additional paid-in capital | 340,756 | 332,377 |
Accumulated deficit | (222,626) | (278,827) |
Accumulated other comprehensive loss | (683) | (702) |
Total Stockholders' Equity | 119,115 | 54,500 |
Total Liabilities and Stockholders’ Equity | $ 212,531 | $ 132,751 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 166,836,000 | 165,221,000 |
Common Stock, shares outstanding | 166,836,000 | 165,221,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Total revenue | $ 149,599 | $ 123,864 | $ 63,554 |
Operating expenses: | |||
Research and development | 10,121 | 10,624 | 12,328 |
Selling, general and administrative | 62,759 | 61,773 | 36,762 |
Total operating expenses | 135,980 | 122,872 | 80,155 |
Gain on sale of assets | (22) | 12,500 | |
Operating income (loss) | 13,619 | 992 | (4,101) |
Other income (expense): | |||
Interest expense | (3,787) | (3,549) | (2,675) |
Other, net | 89 | 530 | 261 |
Total other expense, net | (3,698) | (3,019) | (2,414) |
Net income (loss) before income taxes | 9,921 | (2,027) | (6,515) |
Income tax benefit | 46,280 | ||
Net income (loss) | $ 56,201 | $ (2,027) | $ (6,515) |
Net income (loss) per common share, basic | $ 0.34 | $ (0.01) | $ (0.04) |
Net income (loss) per common share, diluted | $ 0.33 | $ (0.01) | $ (0.04) |
Weighted average common shares outstanding | |||
Basic | 166,066 | 162,574 | 157,407 |
Diluted | 170,155 | 162,574 | 157,407 |
Product sales [Member] | |||
Revenue: | |||
Total revenue | $ 113,834 | $ 92,103 | $ 47,870 |
Operating expenses: | |||
Total cost of revenue | 53,960 | 46,267 | 29,094 |
Licensing and Development Revenue [Member] | |||
Revenue: | |||
Total revenue | 14,466 | 7,529 | 6,753 |
Royalties [Member] | |||
Revenue: | |||
Total revenue | 21,299 | 24,232 | 8,931 |
Cost of development revenue [Member] | |||
Operating expenses: | |||
Total cost of revenue | $ 9,140 | $ 4,208 | $ 1,971 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 56,201 | $ (2,027) | $ (6,515) |
Foreign currency translation adjustment | 19 | 1 | (3) |
Comprehensive income (loss) | $ 56,220 | $ (2,026) | $ (6,518) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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 | ||||
Issuance of common stock | 7,114 | $ 21 | 7,093 | ||
Issuance of common stock, shares | 2,137,000 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (543) | $ 5 | (548) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 462,000 | ||||
Exercise of options | 474 | $ 4 | 470 | ||
Exercise of options, shares | 447,000 | ||||
Share-based compensation | 4,927 | 4,927 | |||
Net income (loss) | (6,515) | (6,515) | |||
Other comprehensive income (loss) | (3) | (3) | |||
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 | 7,781 | $ 23 | 7,758 | ||
Issuance of common stock, shares | 2,307,000 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (1,131) | $ 7 | (1,138) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 664,000 | ||||
Exercise of options | 4,405 | $ 25 | 4,380 | ||
Exercise of options, shares | 2,529,000 | ||||
Share-based compensation | 6,470 | 6,470 | |||
Net income (loss) | (2,027) | (2,027) | |||
Other comprehensive income (loss) | 1 | 1 | |||
Balance at Dec. 31, 2019 | 54,500 | $ 1,652 | 332,377 | (278,827) | (702) |
Balance, shares at Dec. 31, 2019 | 165,221,000 | ||||
Common stock issued under equity compensation plan, net of shares withheld for taxes | (1,367) | $ 7 | (1,374) | ||
Common stock issued under equity compensation plan, net of shares withheld for taxes, shares | 676,000 | ||||
Exercise of options | 1,814 | $ 9 | 1,805 | ||
Exercise of options, shares | 939,000 | ||||
Share-based compensation | 7,948 | 7,948 | |||
Net income (loss) | 56,201 | 56,201 | |||
Other comprehensive income (loss) | 19 | 19 | |||
Balance at Dec. 31, 2020 | $ 119,115 | $ 1,668 | $ 340,756 | $ (222,626) | $ (683) |
Balance, shares at Dec. 31, 2020 | 166,836,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 56,201 | $ (2,027) | $ (6,515) |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||
Income tax benefit | (46,982) | ||
Share-based compensation expense | 7,948 | 6,470 | 4,927 |
Depreciation and amortization | 2,627 | 2,557 | 2,724 |
Non-cash interest expense | 504 | 405 | 268 |
Increase in inventory reserve | 511 | 325 | 592 |
Loss (gain) on sale or disposal of assets | 22 | (12,500) | |
Other | 20 | 12 | (7) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (7,128) | (16,095) | (7,099) |
Inventories | (2,728) | (4,975) | (2,667) |
Contract assets | 53 | (2,793) | (4,937) |
Prepaid expenses and other current assets | (1,460) | (655) | (324) |
Other assets | (221) | (371) | |
Accounts payable | 2,594 | 926 | 5,164 |
Accrued expenses and other liabilities | 7,157 | 4,888 | 5,029 |
Deferred revenue | 2,202 | 718 | (1,977) |
Net cash provided by (used in) operating activities | 21,320 | (10,615) | (17,322) |
Cash flows from investing activities: | |||
Proceeds from maturities of investment securities | 22,500 | 5,000 | |
Purchases of investment securities | (22,645) | ||
Purchases of property and equipment | (9,615) | (2,350) | (854) |
Proceeds from sale of assets | 282 | 5,000 | 7,500 |
Purchase of intangibles | (5,000) | (40) | |
Net cash provided by (used in) investing activities | 8,167 | (19,995) | 11,606 |
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 | 7,114 | |
Proceeds from exercise of stock options | 1,814 | 4,405 | 474 |
Taxes paid related to net share settlement of equity awards | (1,367) | (1,131) | (543) |
Net cash provided by financing activities | 447 | 25,919 | 7,045 |
Effect of exchange rate changes on cash | 2 | 1 | |
Net increase (decrease) in cash and cash equivalents | 29,936 | (4,691) | 1,330 |
Cash and cash equivalents: | |||
Beginning of year | 23,201 | 27,892 | 26,562 |
End of year | 53,137 | 23,201 | 27,892 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 3,538 | 3,025 | 2,353 |
Supplemental disclosure of non-cash investing activities: | |||
Purchase of intangible assets included in accrued liabilities | 2,500 | ||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ 2,017 | $ 970 | 49 |
Gain on sales of assets recognized in excess of cash received | $ 5,000 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Antares Pharma, Inc. (“Antares,” “we,” “our,” “us” or the “Company”) is a specialty pharmaceutical company focused primarily on the development and commercialization of pharmaceutical products and technologies in targeted therapeutic areas. We develop, manufacture and commercialize, for ourselves or with partners, novel therapeutic products using our advanced drug delivery systems that are designed to provide commercial or functional advantages, such as improved safety and efficacy, reduced side effects, and enhanced patient comfort and adherence. We also seek product opportunities that complement and leverage our commercial platform. We have a portfolio of proprietary and partnered commercial products and ongoing product development programs in various stages of development. We have formed significant strategic alliances and partnership arrangements with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (“Teva”), AMAG Pharmaceuticals, Inc. (“AMAG”), Pfizer Inc. (“Pfizer”) and Idorsia Pharmaceuticals Ltd (“Idorsia”). Our marketed proprietary products include: • XYOSTED ® • OTREXUP ® • NOCDURNA ® The Company is also party to various partnered product development and supply arrangements: • We developed and are the exclusive supplier of devices for Teva’s Epinephrine Injection USP products, the generic equivalent of EpiPen ® ® indicated for emergency treatment of severe allergic reactions including those that are life threatening (anaphylaxis) in adults and certain pediatric patients ; • Through our commercialization partner Teva, we sell Sumatriptan Injection USP, a generic equivalent to the Imitrex ® ® • In collaboration with AMAG, we developed a subcutaneous auto injector and are the exclusive supplier of devices and the final assembled and packaged commercial product of AMAG’s Makena ® • We developed and are the exclusive supplier of devices for Teva’s generic equivalent of Forsteo ® 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, a combination drug device product with Idorsia, and advancing other internal research and development programs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Antares Pharma, Inc. and its two wholly-owned foreign subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s most significant accounting estimates relate to revenue recognition and variable consideration , inventory valuation, the carrying value of deferred tax assets and the valuation of equity instruments used in the computation of stock-based compensation. Actual results could differ from these estimates. Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. As of and for the year ended December 31, 2020, the cost of product sales and the cost of development revenue are being classified under the heading Operating expenses Accounting Pronouncements Recently Adopted The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02 Leases (“Topic 842”) The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2018-15 Customers’ Accounting for Implementation Costs Incurred in Cloud Computing Arrangement that is a Service Contract, The Company adopted ASU No. 2018-18 Clarifying the Interaction Between Topic 808 and 606 Recent Accounting Pronouncements Not Yet Adopted as December 31, 2020 In 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments However, in October 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses, Derivatives and Hedging, and Leases: Effective Dates . Foreign Currency Translation The majority of the foreign subsidiaries’ revenues are denominated in U.S. dollars, and any required funding of the subsidiaries is provided by the U.S. parent. Nearly all operating expenses of the foreign subsidiaries are denominated in Swiss Francs. Additionally, bank accounts held by foreign subsidiaries are denominated in Swiss Francs, there is a low volume of intercompany transactions and there is not an extensive interrelationship between the operations of the subsidiaries and the parent company. As such, the Company has determined that the Swiss Franc is the functional currency for its foreign subsidiaries. The reporting currency for the Company is the United States Dollar (“USD”). The financial statements of the Company’s foreign subsidiaries are translated into USD for consolidation purposes. All assets and liabilities are translated using period-end exchange rates and statements of operations items are translated using average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity, comprising all of the accumulated other comprehensive income (loss). Sales to certain customers and purchases from certain vendors by the U.S. parent are in currencies other than the USD and are subject to foreign currency exchange rate fluctuations. Foreign currency transaction gains and losses are included in other income (expense) in the consolidated statements of operations. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits at commercial banks and highly liquid investments in money market funds with maturities of three months or less. Cash equivalents consisting of investments in money market funds, are remeasured and reported at fair value each reporting period, in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”) three-level valuation hierarchy for disclosure of fair value measurements, and totaled $36,133 and $11,153 as of December 31, 2020 and 2019, respectively Investments From time to time, the Company also invests in U.S. Treasury bills and government agency notes that are classified as held-to-maturity because of the Company’s intent and ability to hold the securities to maturity. Investments with maturities of one year or less are classified as short-term. The investment securities are carried at their amortized cost and fair value is determined by quoted market prices for identical or similar securities. The carrying value of the Company’s short-term investments as of December 31, 2019 approximated fair value. Fair Value Measurements The Company applies the provisions of ASC 820 for financial assets and liabilities that are required to be measured and reported at fair value each reporting period. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1: Level 2: Level 3: The Company’s financial assets and liabilities that are not measured at fair value on a recurring basis under ASC 820 include held-to-maturity investments and long-term debt, the carrying values of which approximate fair value. The estimated fair value of debt is based on Level 2 inputs, including management’s understanding of current market rates it could obtain for similar loans. The fair value of the Company’s cash and cash equivalents, accounts receivable, contract assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. Accounts Receivable Trade accounts receivable represents amounts billed to customers and are stated at the amount the Company expects to collect. The Company considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer and changes in customer payment terms. At December 31, 2020, the Company’s trade accounts receivable balance was due primarily from Teva and major wholesale distributors. Each of these customers have historically paid in a timely manner and demonstrated creditworthiness. Accordingly, the Company believes the risk of accounts being uncollectible is minimal and had no significant allowances for doubtful accounts established as of December 31, 2020 or 2019. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances may be required. The Company had no material write-offs to bad debt expense in 2020, 2019 or 2018. Royalties receivable from partners are included in accounts receivable and are typically payable to the Company within 45 to 60 days after the end of each quarter and or annual period in which they were earned. 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 and assembly operations are outsourced to third-party suppliers 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 reserves for potentially excess, dated or obsolete inventories based on estimates of forecasted product demand and the likelihood of consumption in the normal course of business, considering the expiration dates of the inventories on hand, planned production volumes and lead times required for restocking of customer inventories. Although every effort is made to ensure that forecasts and assessments are reasonable, changes to these assumptions are possible. In such cases, estimates may prove inaccurate and result in an understatement or overstatement of the reserves required to fairly state such inventories. Contract Assets Contract assets are recognized when control of goods or services has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract. Costs that have been incurred in connection with development services provided to partners for which the associated revenue has not yet been recognized are also recorded as contract assets, and totaled $1,685 and $1,534 as of December 31, 2020 and 2019, respectively. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Useful Life Computer equipment and software 3-5 Years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term Expenditures, including interest costs, for assets under construction that are not yet ready for their intended use are capitalized and will be depreciated based on the above guidelines when placed in service. Costs associated with repairs and maintenance activities are expensed as incurred. 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. Intangible assets The Company capitalizes and includes in intangible assets the costs of acquired product licenses and trademark rights and certain external legal costs associated with obtaining or defending patents. These intangible assets with finite useful lives are presented net of accumulated amortization. Amortization is computed on a straight-line basis over the shorter of the contractual or estimated economic life of the underlying contract or patent, which generally ranges from five to ten years. Impairment of Long-Lived Assets and Intangibles Long-lived assets and intangibles are reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset or asset group and its eventual disposition to the carrying value of the asset. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the statement of operations. The determination of an asset’s fair value requires management to make certain estimates and judgements . Goodwill Goodwill is evaluated for impairment annually at December 31, or more frequently if an event occurs or circumstances change that indicate that the carrying value may not be recoverable. In performing the annual impairment test, the Company compares the fair value of the reporting unit to the carrying amount and would recognize an impairment charge to goodwill for the amount by which the carrying amount exceeds the reporting unit’s fair value. At December 31, 2020 and 2019, the Company had goodwill with a carrying value of $1,095, attributable to its single reporting unit. Based on the results of its evaluations, the Company determined that goodwill was not impaired, and no impairment losses were recognized in the years ended December 31, 2020, 2019, and 2018, respectively. 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 reassess 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 product sales. Proprietary Product Sales The Company sells proprietary commercial products primarily to wholesale and specialty distributors. Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs described below. 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 estimated future percentage of rebates incurred on sales, historical and future insurance plan billings , 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, distributor fees, rebates and customer co-pay support programs are included within current liabilities in our consolidated balance sheets. Wholesaler Distribution Fees . Distribution fees are paid to certain wholesalers based on contractually determined rates and units purchased. S ince the fee paid to the customer is not for a distinct good or service, the consideration is recognized as a reduction of the transaction price of the goods delivered. The Company accrues the estimated fee due at the time of sale based on the contracted price and adjusts the accrual at each reporting period, if necessary, to reflect actual experience. Prompt Pay Discounts . The Company offers cash discounts to its customers, generally 2% of the sales price, as an incentive for prompt payment. Based on historical experience, customers take advantage of this discount and accordingly the Company accrues 100% of the cash discounts offered by reducing accounts receivable and recognizing the discount as a reduction of revenue in the same period the related sales are made. The accrual is reviewed at each reporting period and adjusted if actual experience differs from estimates. Chargebacks . The Company provides discounts primarily to authorized users of the Federal Supply Schedule (“FSS”) of the General Services Administration under an FSS contract negotiated by the Department of Veterans Affairs and various organizations under Medicaid contracts and regulations. These entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge back to the Company the difference between the current wholesale acquisition cost and the price the entity paid for the product. The Company will estimate and accrue chargebacks based on estimated wholesaler inventory levels, current contract prices and historical chargeback activity. Chargebacks are recognized as a reduction of revenue in the same period the related revenue is recognized. Rebates . The Company participates in certain government and insurance plan rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, the Company pays a rebate to the third-party administrators of the programs. The rebate payments are generally made in periods subsequent to the quarter in which prescriptions subject to the rebate are filled, generally on a two to three month lag for insurance plan rebates and three to six months lag for government plan rebates. The Company estimates and accrues for these rebates based on current contract prices, historical and estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, and any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates to be paid. Rebates are recognized as a reduction of revenue in the same period the related revenue is recognized. Patient Discount Programs. The Company also offers discount cards, co-pay coupons and free trial programs to off-set the cost of prescriptions to patients. The Company estimates the total amount that will be redeemed or utilized based on historical redemption experience and on levels of inventory in the distribution and retail channels and recognizes the discount as a reduction of revenue in the same period the related revenue is recognized. Product Returns. Consistent with industry practice, the Company generally offers wholesalers and specialty distributors a limited right to return products, generally within six months prior to and 12 months following the product’s expiration date. The Company’s proprietary products generally have expiration dates ranging from 24 to 33 months. Product returns are estimated and recorded at the time of sale based on historical return patterns. Actual returns are tracked by individual production lots and charged against reserves. Returns reserves may be adjusted, if necessary, if actual returns differ from historical estimates. Management also monitors and takes into consideration the amount of estimated product inventory in the distribution channel, product dating and any known or expected changes in the marketplace when establishing the estimated rate of returns. The following presents changes in reserves for product returns and sales allowances: Patient Wholesaler Prompt Rebates and Discount Distribution Payment Chargebacks Programs Returns Fees Discounts Balance at December 31, 2018 $ 2,694 $ 1,290 $ 1,153 $ 790 $ 216 Accruals and adjustments 15,383 6,716 2,520 6,393 1,491 Payments and other reserve reductions (11,769 ) (7,161 ) (3,303 ) (5,500 ) (1,387 ) Balance at December 31, 2019 6,308 845 370 1,683 320 Accruals and adjustments 34,947 12,422 2,657 11,619 2,494 Payments and other reserve reductions (34,068 ) (11,975 ) (2,569 ) (10,804 ) (2,378 ) Balance at December 31, 2020 $ 7,187 $ 1,292 $ 458 $ 2,498 $ 436 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 right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements or profit sharing arrangements, if any. 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. 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 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 December 31, 2020, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $17.8 million. The Company expects to recognize revenue on the remaining performance obligations over the next four years, with the majority being recognized in the next twelve months. Share-Based Compensation The Company utilizes share-based compensation in the form of stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). The Company records compensation expense associated with share-based awards granted to employees at the fair value of the award on the date of grant. The Company uses the Black-Scholes option valuation model to determine the fair value of stock options. The fair values of RSU and PSU grants containing service or performance conditions are based on the market value of the Company’s Common Stock on the date of grant. The fair value of PSUs containing a market condition are estimated using a Monte Carlo simulation. The value of the portion of the award that is ultimately expected to vest is expensed ratably over the requisite service period as compensation expense in the consolidated statements of operations. Forfeitures are recorded as incurred. Assumptions concerning the Company’s stock price volatility and projected employee exercise behavior over the contractual life of the award impact the estimated fair value of the stock option awards. Research and Development Research and development expenses include costs directly attributable to the conduct of research and development programs including personnel costs, materials and supplies associated with design work and prototype development, FDA filing fees and the cost of services provided by outside contractors such as expenses related to clinical trials. All costs associated with research and development activities are expensed as incurred. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”) Earnings or Loss Per Share Basic earnings or loss per common share is computed by dividing the net income or loss applicable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is computed in a similar manner, except that the weighted average number of shares outstanding is increased to reflect the potential dilution from the exercise or conversion of securities into common stock. Diluted earnings per share contemplate a complete conversion to common shares of all convertible instruments only if such instruments are dilutive in nature with respect to earnings per share. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker currently evaluates the Company’s operations as a whole from a number of different operational perspectives, including but not limited to, on a product-by-product, customer and partner basis. The Company derives all significant revenues from pharmaceutical products and development services, and has a single reportable operating segment of business. Going Concern Management is responsible for evaluating, and providing disclosure of uncertainties about, the Company’s ability to continue as a going concern. As of December 31, 2020, the Company had cash and cash equivalents of $53,137. Based on management’s evaluation, management concluded there is no substantial doubt or uncertainty about the Company’s ability to meet its obligations within one year from the date the consolidated financial statements were issued. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories consisted of the following: December 31, December 31, 2020 2019 Raw material $ 325 $ 325 Work in process 7,120 8,390 Finished goods 10,771 7,285 $ 18,216 $ 16,000 The Company’s reserve for excess, dated or obsolete inventory was $619 and $464 at December 31, 2020 and 2019, respectively. In 2020, the Company wrote off inventory of $356 and increased the reserve for excess, dated or obsolete inventory by $511. In 2019, the Company wrote off $708 of inventory and increased the reserve for excess, dated or obsolete inventory by $325. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4 . Property and Equipment The Company’s property and equipment consisted of the following: December 31, December 31, 2020 2019 Production molds, tooling and equipment $ 20,260 $ 20,749 Leasehold improvements 6,298 34 Furniture, fixtures and office equipment 865 812 Computer equipment and software 756 1,634 Construction and tooling in process 6,214 2,501 Less: accumulated depreciation (10,373 ) (9,769 ) $ 24,020 $ 15,961 Depreciation expense was $ 2,341, $2,205 and $2,125 for the years ended December 31, 2020, 2019 and 2018, respectively. The Company disposed of certain property and equipment in 2020 that was fully depreciated and no longer utilized. The Company capitalized $231 of interest costs associated with construction in process during the year ended December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 5 . Leases The Company is party to non-cancellable operating leases for its corporate headquarters facilities in Ewing, New Jersey, and two facilities in the suburbs of Minneapolis, Minnesota used for research and development, manufacturing and administrative functions. The Company has also entered into a master operating lease arrangement for a fleet of vehicles for use by its sales force and other operating leases for various office and warehouse equipment. In May 2019, the Company amended its existing lease of the Company’s corporate headquarters to extend the lease term for an additional two years. The lease extension period commenced on November 1, 2019 and expires on October 31, 2021. On July 1, 2019, the Company entered into the operating lease for approximately 75,000 square feet of office, laboratory, manufacturing and warehousing space in Minnetonka, Minnesota. The initial lease term is 12.5 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 and payment of rent commenced on January 1, 2020. The lease provides for the payment of fixed base rent and additional rent for operating expenses, insurance premiums and taxes. The Company is completing the build-out of the premises at the Company’s cost with an allowance for tenant improvement to be reimbursed by the landlord up to $1.2 million. The operating leases require payment of all executory costs such as maintenance and property taxes. Operating lease costs were $2,174 and $1,391 for the years ended December 31, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $1,884 and $1,401 and non-cash operating lease ROU assets obtained in exchange for operating lease obligations were $778 and $6,511 for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the weighted average discount rate was approximately 8.6% and 8.3%, respectively, and the weighted average remaining lease term was 8.3 years and 8.4 years, respectively. The following table summarizes the Company’s operating lease maturities as of December 31, 2020: 2021 $ 1,538 2022 1,064 2023 767 2024 668 2025 676 Thereafter 4,271 Total remaining lease payments 8,984 Less: imputed interest 2,965 Present value of lease liabilities $ 6,019 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The Company’s intangible assets consisted of the following: December 31, 2020 December 31, 2019 Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Nocdurna ® 10 $ 7,500 $ (188 ) $ 7,312 $ — $ — $ — Patents 5 - 10 3,995 (3,614 ) 381 3,661 (3,183 ) 478 Total $ 11,495 $ (3,802 ) $ 7,693 $ 3,661 $ (3,183 ) $ 478 In connection with the NOCDURNA ® ® Amortization expense for the years ended December 31, 2020, 2019 and 2018 was $286, $352 and $599, respectively, and is recorded in selling, general and administrative expenses in the consolidated statements of operations. The estimated future aggregate amortization expense is as follows: Estimated Amortization Expense 2021 $ 830 2022 825 2023 818 2024 801 2025 786 Thereafter 3,633 $ 7,693 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7 . Accrued Expenses and Other Current Liabilities Accrued expenses and other liabilities consisted of the following: December 31, December 31, 2020 2019 Product returns and sales allowances $ 11,435 $ 9,206 Accrued employee compensation and benefits 4,555 4,479 License fees payable 2,500 — Other accrued expenses and liabilities 7,145 2,838 $ 25,635 $ 16,523 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8 . Long-Term Debt On June 6, 2017, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., for a term loan of up to $35.0 million (the “Term Loan”), under which the Company initially borrowed $25.0 million (“Tranche I”), the proceeds of which are being used for working capital and general corporate purposes. The Term Loan is secured by substantially all of the Company’s assets, excluding intellectual property and accrues interest at a calculated prime-based variable rate with a maximum interest rate of 9.50%. The interest rate in effect as of December 31, 2020 and 2019 was 8.5% and 9.25%, respectively. Payments under the loan are interest-only until the first principal payment is due. O n 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 and extended the interest-only payment period of the Term Loan to August 1, 2021 . The interest only period may be further extended to August 1, 2022 if the Company achieves a certain loan extension milestone, requests such extension, and pays an extension fee equal to one half of one percent of the principal amount outstanding. Upon signing of the Amendment, an additional $ 15.0 million (“Tranche II”) was funded to the Company. The Term Loan maturity date remained July 1, 2022 , however which may be extended to July 1, 2024 contingent upon satisfaction of a certain loan extension milestone . The Company was eligible , but 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 expired on October 31 , 2020. 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, payable upon the earlier of July 1, 2022 or repayment of the loan. The Loan Agreement also imposes a prepayment fee of 1.0% to 3.0% if any or all of the balance is prepaid prior to the maturity date. As of December 31, 2020, and 2019, the carrying value of the Term Loan was $40,899 and $40,395, respectively, which consisted of the principal balance 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. The fair value of the Company’s debt is estimated to approximate the carrying value based on management’s understanding of current market conditions and rates it could obtain for similar loans. Future principal payments under the Term Loan, excluding the contractual End of Term Charge, are as follows: 2021 $ 16,230 2022 23,770 $ 40,000 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 9 . 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 could sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended (the “ATM Facility”.) The Sales Agreement required the Company to pay a commission of 3.0% of the gross sales proceeds of any common stock sold through Cowen. During year ended December 31, 2019, the Company sold 2,307 shares of common stock under the ATM Facility, resulting in net offering proceeds to the Company of $7,781. The Company sold 2,137 shares of common stock pursuant to the Offering and Sales Agreement during the year ended December 31, 2018 resulting in net offering proceeds to the Company of $7,114. On June 26, 2019, the Company delivered written notice to Cowen that it was terminating the Sales Agreement effective July 6, 2019, and accordingly the ATM Facility is no longer available for use. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation | 10 . Share-Based Compensation The Company has an Equity Compensation Plan (the “Plan”), which allows for grants in the form of incentive stock options, nonqualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards. The cumulative number of shares that have been authorized for issuance under the Plan to date is 40,200 and the maximum number of shares of stock that may be granted to any one participant during a calendar year is 4,000 shares. Options to purchase shares of common stock are granted at exercise prices not less than 100% of fair market value on the dates of grant. The term of each option is ten years and the options typically vest over a three-year approximately shares available for grant. Stock option exercises , and the vesting of restricted stock and performance stock awards, are satisfied through the issuance of new shares. Stock Options Stock option activity under the Plan as of and for the three years ended December 31, 2020 is as follows: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price ($) Term (Years) Value ($) Outstanding at December 31, 2017 12,149 2.04 Granted/Issued 2,693 2.72 Exercised (477 ) 1.14 768 Cancelled/Forfeited (286 ) 2.43 Outstanding at December 31, 2018 14,079 2.19 6.8 8,534 Granted/Issued 2,489 3.01 Exercised (2,572 ) 1.76 6,477 Cancelled/Forfeited (135 ) 2.81 Outstanding at December 31, 2019 13,861 2.41 6.7 31,713 Granted/Issued 3,335 2.73 Exercised (939 ) 1.93 1,072 Cancelled/Forfeited (736 ) 2.83 Outstanding at December 31, 2020 15,521 2.49 6.6 23,407 Exercisable at December 31, 2020 10,841 2.35 5.5 17,836 The per share weighted average fair value of options granted during 2020, 2019 and 2018 was estimated as $1.42, $1.54 and $1.45, respectively, on the date of grant using the Black-Scholes option pricing model based on the assumptions noted in the table below. Expected volatilities are based on the historical volatility of the Company’s stock. The weighted average expected life is based on both historical and anticipated employee behavior. December 31, 2020 2019 2018 Risk-free interest rate 0.4 % 1.9 % 2.8 % Annualized volatility 59.4 % 55.7 % 53.7 % Weighted average expected life, in years 5.5 5.5 6.0 Expected dividend yield 0.0 % 0.0 % 0.0 % Option exercises during 2020, 2019 and 2018 resulted in proceeds of $1,814, $4,405 and $474, respectively, and in the issuance of shares of common stock of 939 in 2020, 2,529 in 2019 and 447 in 2018. In 2019 and 2018, certain options were net exercised, whereby the Company withheld 43 and 30 shares, respectively, the fair value of which was equivalent to the aggregate exercise price and tax withholding on the date of exercise. Long Term Incentive Program The Company’s Board of Directors has approved a long-term incentive program (“LTIP”) for the benefit of the Company’s senior executives. Pursuant to the LTIP, the Company’s senior executives are awarded stock options, restricted stock units (“RSU”) and performance stock units (“PSU”) with targeted values based on similar award structures granted by the Company’s peer group. The stock options have a ten-year The performance stock unit awards and restricted stock unit awards granted under the long-term incentive program are summarized in the following table: Performance Stock Units Restricted Stock Units Number of Shares Weighted Average Date Fair Value ($) Number of Shares Weighted Average Grant Date Fair Value ($) Outstanding at December 31, 2017 1,455 2.20 1,157 2.12 Granted 611 2.89 611 2.70 Vested/settled (173 ) 2.18 (500 ) 1.99 Forfeited/expired (51 ) 3.01 (42 ) 2.68 Outstanding at December 31, 2018 1,842 2.41 1,226 2.44 Granted 593 2.99 789 2.92 Incremental shares earned 59 1.25 — — Vested/settled (415 ) 1.18 (614 ) 2.19 Forfeited/expired (238 ) 1.12 — — Outstanding at December 31, 2019 1,841 3.00 1,401 2.82 Granted 605 2.00 1,078 2.73 Incremental shares earned 77 3.10 — — Vested/settled (388 ) 3.11 (785 ) 2.80 Forfeited/expired (494 ) 3.02 (127 ) 2.83 Outstanding at December 31, 2020 1,641 2.61 1,567 2.77 The outstanding balance of PSU awards is stated at the target number of shares to be awarded upon attainment of certain performance goals. Depending on the outcome of the related performance goals, a recipient may ultimately earn a number of shares that is greater or less than the target number of units granted, ranging from 0% to 150%. The balance of PSU awards outstanding as of December 31, 2020 included 556 units granted in 2018 with a performance period ended December 31, 2020 that were subsequently deemed to be achieved and approved for settlement in the first quarter of 2021 for a total of 766 shares. In each of the years in the three-year period ended December 31, 2020, the LTIP awards include PSUs that will be earned based on the Company’s total shareholder return (“TSR”) as compared to the Nasdaq Biotechnology Index (“NBI”) at the end of the respective annual performance periods. The fair values of the TSR PSUs granted were determined using a Monte Carlo simulation and utilized the following inputs and assumptions: 2020 Award 2019 Award 2018 Award Closing stock price on grant date $ 2.73 $ 2.92 $ 2.70 Performance period starting price $ 4.78 $ 3.01 $ 1.92 Term of award (in years) 2.55 2.55 2.57 Volatility 57.5 % 63.7 % 64.9 % Risk-free interest rate 0.21 % 1.79 % 2.56 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 2.00 $ 3.18 $ 3.27 The performance period starting price is measured as the average closing price over the last 20 trading days prior to the performance period start. The Monte Carlo simulation model also assumed correlations of returns of the prices of the Company’s common stock and the common stocks of the NBI companies and stock price volatilities of the NBI companies. The fair value of the target number of shares that can be earned under the TSR PSUs is being recognized as compensation expense over the term of the award. Other PSU awards that are not market-based awards are expensed using the grant date fair value of shares expected to vest over the remaining performance period when it becomes probable that the related performance goal will be achieved. LTIP awards are generally net-share settled such that the Company withholds shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remits cash to the appropriate taxing authorities. Total shares withheld for net-settled awards were 425 , 409 and 211 in 2020 , 2019 and 2018 , respectively, and were based on the value of the shares on their vesting date as determined by the Company’s closing stock price. Total payments for the employees’ tax obligations to the taxing authorities were $ , $ 1,131 and $ in 2020 , 2019 and 2018 , respectively, and are reflected as a financing activity within the consolidated statements of cash flows. These net-share settlements reduced the number of shares that would have otherwise been issued as a result of the vesting. Members of the Company’s Board of Directors also receive grants of restricted stock units that vest in full one year from the date of grant. Certain directors have elected to defer receipt of vested shares until retirement or separation from the Board, for which 72 shares were vested with deferral as of and for the year ended December 31, 2020. Share-based Compensation Expense The Company incurred compensation costs in connection with share-based awards in each of the years in the three-year period ended December 31, 2020 as follows: December 31, 2020 2019 2018 Stock options $ 3,709 $ 3,436 $ 2,956 Restricted stock units 2,239 1,830 1,173 Performance stock units 2,000 1,204 798 Total share-based compensation expense $ 7,948 $ 6,470 $ 4,927 As of December 31, 2020, there was $5,273 of total unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of approximately 1.98 years |
Employee 401(k) Savings Plan
Employee 401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee 401(k) Savings Plan | 11 . Employee 401(k) Savings Plan The Company sponsors a 401(k) defined contribution retirement savings plan that covers all U.S. employees who have met minimum age and service requirements. Under the plan, eligible employees may contribute a portion of their annual compensation into the plan up to the IRS annual limits. The Company has elected to make matching contributions to the plan based on a percentage of employee contributions. |
Sale of Assets
Sale of Assets | 12 Months Ended |
Dec. 31, 2020 | |
Sale Of Assets [Abstract] | |
Sale of Assets | 12 . 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, with 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 final $2.5 million to be paid at the Completion Date, which occurred in October 2019. The Company previously recorded the gain on sale of assets when 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 would not occur. The final installments received w ere recorded as a reduction to the related contr act asset balance and a cash inflow from investing activities in the consolidated statement of cash flows for the year ended December 31, 2019 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 3 . Income Taxes The Company was subject to taxes in both the U.S. and Switzerland in each of the years in the three-year 2020 2019 2018 U.S. $ 10,284 $ (1,734 ) $ (6,696 ) Switzerland (363 ) (293 ) 181 $ 9,921 $ (2,027 ) $ (6,515 ) The income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 was comprised of: 2020 2019 2018 Current: Federal $ — $ — $ — State 700 — — Foreign 2 — — Total current 702 — — Deferred: Federal (39,542 ) — — State (7,440 ) — — Foreign — — Total deferred (46,982 ) — — Total income tax benefit $ (46,280 ) $ — $ — Effective tax rates differ from statutory income tax rates in the years ended December 31, 2020, 2019 and 2018 as follows: 2020 2019 2018 Statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes 7.1 14.4 3.8 Effect of foreign operations 0.2 (1.0 ) 0.2 Changes in valuation allowance (516.5 ) (59.9 ) (20.8 ) Change in unused net operating loss and credit carryforwards — 24.7 3.9 Change in uncertain tax positions 21.4 — — Research and development credit (6.0 ) — — Stock-based compensation 3.7 22.3 0.2 162(m) limitation 1.9 (18.2 ) (2.9 ) Nondeductible items 1.6 (1.8 ) (3.2 ) Impact of Tax Cuts and Jobs Act — (1.5 ) (2.2 ) Other (0.9 ) — — Effective income tax rate (466.5 )% 0.0 % 0.0 % Deferred tax assets (liabilities) as of December 31, 2020 and 2019 consist of the following: 2020 2019 Gross deferred tax assets: Net operating loss carryforward – U.S. $ 36,071 $ 41,780 Net operating loss carryforward – Switzerland 106 52 Research and development tax credit carryforward 5,418 7,559 Deferred revenue 219 — Stock-based compensation 2,954 1,999 Inventory reserve 159 307 Compensation accruals 1,304 1,154 Product reserves 2,820 2,329 Operating lease liabilities 1,546 1,763 163j interest expense limitation — 475 Amortization 607 585 Other 145 61 Total deferred tax assets 51,349 58,064 Deferred tax liabilities: Depreciation (1,838 ) (1,807 ) Right-of-use asset, operating leases (1,303 ) (1,648 ) Total deferred tax liabilities (3,141 ) (3,455 ) Net deferred tax asset before valuation allowance 48,208 54,609 Less valuation allowance (1,226 ) (54,609 ) Net deferred tax asset $ 46,982 $ — In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible or in which net operating loss or tax credit carryforwards can be utilized. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. After considering both positive and negative evidence with respect to the U.S. deferred tax assets, management determined that as of December 31, 2019, it was more likely than not that the U.S. deferred tax assets would not be realized and recorded a full valuation allowance against all U.S. deferred tax assets. As of December 31, 2020, management determined that, as a result of generating pretax earnings, utilization of net operating loss carryovers and projected pre-tax earnings, there is sufficient positive evidence to conclude that it is more likely than not that its U.S. deferred tax assets of $46,982 are realizable. For the year ended December 31, 2020, the Company recorded a net valuation allowance release of $53,383 based on management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. The remaining valuation allowance of $1,226 as of December 31, 2020 relates to certain state and foreign carryovers for which projected income cannot support utilization. The Company has a U.S. federal net operating loss carryforward at December 31, 2020 of $148,318, which, subject to limitations of Internal Revenue Code (“IRC”) Section 382, is available to reduce income taxes payable in future years. As of December 31, 2020, the Company has performed a full analysis of IRC Section 382 and concluded that net operating losses and credits will be able to be utilized without limitation. If not used, the portion of the carryforward generated before 2018 will expire in the years 2025 through 2037, and the net operating loss carryforward generated in 2018 and any future years will carry forward indefinitely. Additionally, the Company has U.S. Research Credit carryforwards of $6,985. These credits expire in years 2021 through 2040. The Company also has a Swiss net operating loss carryforward at December 31, 2020, of $735, which is available to reduce income taxes payable in future years. If not used, this carryforward will begin to expire in 2023. The reconciliation of the Company’s gross unrecognized tax benefits as of December 31, 2020 includes increases to prior year tax positions of $ 2,067 and current year positions of $ 60 . The balance of gross unrecognized tax benefits at December 31, 2019 was $ 0 . Included in the balance of unrecognized tax benefit s a s of December 31, 2020 and 2019 , a re $ and $ 0 , respectively, that if r ecognized would impact the effective tax rate. There is no interest or penalties charged or accrued in relation to unrecognized tax benefits. The Company will classify any future interest and penalties as a component of income tax expense. The Company does not anticipate that the total amount of unrecognized tax benefits will change significantly in the next twelve months . The Company is subject to federal and state examinations for the years 201 6 and thereafter . |
Revenues, Significant Customers
Revenues, Significant Customers and Concentrations of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues, Significant Customers and Concentrations of Risk | 1 4 . Revenues, Significant Customers and Concentrations of Risk The following table presents the Company’s revenue on a disaggregated basis by major types and sources: For the Years Ended December 31, 2020 2019 2018 Proprietary product sales $ 62,878 $ 39,215 $ 17,532 Partnered product sales 50,956 52,888 30,338 Total product revenue 113,834 92,103 47,870 Licensing and development revenue 14,466 7,529 6,753 Royalties 21,299 24,232 8,931 Total revenue $ 149,599 $ 123,864 $ 63,554 Revenues disaggregated by customer geographic location are summarized as follows: For the Years Ended December 31, 2020 2019 2018 United States of America $ 145,789 $ 120,231 $ 57,033 Europe 3,810 3,463 6,157 Other — 170 364 $ 149,599 $ 123,864 $ 63,554 Significant customers from which the Company derived 10% or more of its total revenue in any of the periods presented are as follows: For the Years Ended December 31, 2020 2019 2018 Teva 40% 41% 31% AMAG <10% 20% 29% McKesson (1) 12% 10% 11% AmerisourceBergen (1) 12% <10% 12% Cardinal Health (1) 11% <10% 11% (1) Revenue from sales to distributors, net of estimated sales returns and allowances based on shipments. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 1 5 . Earnings per Share The following table sets forth the computation for basic and diluted net earnings (loss) per share: December 31, 2020 2019 2018 Numerator Numerator for basic and diluted earnings (loss) per share $ 56,201 $ (2,027 ) $ (6,515 ) Denominator Basic weighted average common shares outstanding 166,066 162,574 157,407 Dilutive effects of stock options and share-based awards issuable under equity compensation plans 4,089 — — Diluted weighted average common shares outstanding 170,155 162,574 157,407 Computation of: Basic net earnings (loss) per share $ 0.34 $ (0.01 ) $ (0.04 ) Diluted net earnings (loss) per share $ 0.33 $ (0.01 ) $ (0.04 ) Anti-dilutive common stock equivalents (1) 7,092 17,103 17,147 (1) These common stock equivalents were outstanding for the period but were not included in the computation of diluted EPS for those periods as their inclusion would have had an anti-dilutive effect. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 6 . Commitments and Contingencies Contingent Consideration In connection with the NOCDURNA ® ® 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 ® ® Amended Class Action Complaint and defendants filed a motion to dismiss on July 10, 2020. Briefing on defendants’ motion was complete on August 25, 2020. On February 26, 2021, the court granted defendants’ motion to dismiss with prejudice. If plaintiff chooses to file an appeal, it would be due on March 29, 2021. The Company believes that the claims in the Smith action lack merit and intends to continue to defend them vigorously to the extent an appeal is filed . 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 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 Smith Smith |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 1 7 . Quarterly Financial Data (unaudited) First Second Third Fourth 2020 Total revenues $ 33,079 $ 32,384 $ 40,003 $ 44,133 Net income (loss) (2,356 ) 2,175 4,996 51,386 Net income (loss) per common share, basic (0.01 ) 0.01 0.03 0.31 Net income (loss) per common share, diluted (0.01 ) 0.01 0.03 0.30 Weighted average shares, basic 165,429 165,703 166,375 166,744 Weighted average shares, diluted 165,429 169,228 169,655 171,412 2019 Total revenues $ 23,286 $ 28,433 $ 34,306 $ 37,839 Net income (loss) (5,539 ) (2,226 ) 1,043 4,695 Net income (loss) per common share, basic and diluted (0.03 ) (0.01 ) 0.01 0.03 Weighted average shares, basic 160,446 162,734 163,119 163,952 Weighted average shares, diluted 160,446 162,734 168,503 171,238 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Antares Pharma, Inc. and its two wholly-owned foreign subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s most significant accounting estimates relate to revenue recognition and variable consideration , inventory valuation, the carrying value of deferred tax assets and the valuation of equity instruments used in the computation of stock-based compensation. Actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts to conform with the current year presentation. As of and for the year ended December 31, 2020, the cost of product sales and the cost of development revenue are being classified under the heading Operating expenses |
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”) The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2018-15 Customers’ Accounting for Implementation Costs Incurred in Cloud Computing Arrangement that is a Service Contract, The Company adopted ASU No. 2018-18 Clarifying the Interaction Between Topic 808 and 606 Recent Accounting Pronouncements Not Yet Adopted as December 31, 2020 In 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments However, in October 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses, Derivatives and Hedging, and Leases: Effective Dates . |
Foreign Currency Translation | Foreign Currency Translation The majority of the foreign subsidiaries’ revenues are denominated in U.S. dollars, and any required funding of the subsidiaries is provided by the U.S. parent. Nearly all operating expenses of the foreign subsidiaries are denominated in Swiss Francs. Additionally, bank accounts held by foreign subsidiaries are denominated in Swiss Francs, there is a low volume of intercompany transactions and there is not an extensive interrelationship between the operations of the subsidiaries and the parent company. As such, the Company has determined that the Swiss Franc is the functional currency for its foreign subsidiaries. The reporting currency for the Company is the United States Dollar (“USD”). The financial statements of the Company’s foreign subsidiaries are translated into USD for consolidation purposes. All assets and liabilities are translated using period-end exchange rates and statements of operations items are translated using average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity, comprising all of the accumulated other comprehensive income (loss). Sales to certain customers and purchases from certain vendors by the U.S. parent are in currencies other than the USD and are subject to foreign currency exchange rate fluctuations. Foreign currency transaction gains and losses are included in other income (expense) in the consolidated statements of operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits at commercial banks and highly liquid investments in money market funds with maturities of three months or less. Cash equivalents consisting of investments in money market funds, are remeasured and reported at fair value each reporting period, in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements (“ASC 820”) three-level valuation hierarchy for disclosure of fair value measurements, and totaled $36,133 and $11,153 as of December 31, 2020 and 2019, respectively |
Investments | Investments From time to time, the Company also invests in U.S. Treasury bills and government agency notes that are classified as held-to-maturity because of the Company’s intent and ability to hold the securities to maturity. Investments with maturities of one year or less are classified as short-term. The investment securities are carried at their amortized cost and fair value is determined by quoted market prices for identical or similar securities. The carrying value of the Company’s short-term investments as of December 31, 2019 approximated fair value. |
Fair Value Measurements | Fair Value Measurements The Company applies the provisions of ASC 820 for financial assets and liabilities that are required to be measured and reported at fair value each reporting period. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1: Level 2: Level 3: The Company’s financial assets and liabilities that are not measured at fair value on a recurring basis under ASC 820 include held-to-maturity investments and long-term debt, the carrying values of which approximate fair value. The estimated fair value of debt is based on Level 2 inputs, including management’s understanding of current market rates it could obtain for similar loans. The fair value of the Company’s cash and cash equivalents, accounts receivable, contract assets, accounts payable and accrued liabilities approximate fair value due to their short-term nature. |
Accounts Receivable | Accounts Receivable Trade accounts receivable represents amounts billed to customers and are stated at the amount the Company expects to collect. The Company considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer and changes in customer payment terms. At December 31, 2020, the Company’s trade accounts receivable balance was due primarily from Teva and major wholesale distributors. Each of these customers have historically paid in a timely manner and demonstrated creditworthiness. Accordingly, the Company believes the risk of accounts being uncollectible is minimal and had no significant allowances for doubtful accounts established as of December 31, 2020 or 2019. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances may be required. The Company had no material write-offs to bad debt expense in 2020, 2019 or 2018. Royalties receivable from partners are included in accounts receivable and are typically payable to the Company within 45 to 60 days after the end of each quarter and or annual period in which they were earned. |
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 and assembly operations are outsourced to third-party suppliers 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 reserves for potentially excess, dated or obsolete inventories based on estimates of forecasted product demand and the likelihood of consumption in the normal course of business, considering the expiration dates of the inventories on hand, planned production volumes and lead times required for restocking of customer inventories. Although every effort is made to ensure that forecasts and assessments are reasonable, changes to these assumptions are possible. In such cases, estimates may prove inaccurate and result in an understatement or overstatement of the reserves required to fairly state such inventories. |
Contract Assets | Contract Assets Contract assets are recognized when control of goods or services has transferred to the customer, and corresponding revenue is recognized on an over time basis but is not yet billable to the customer in accordance with the terms of the contract. Costs that have been incurred in connection with development services provided to partners for which the associated revenue has not yet been recognized are also recorded as contract assets, and totaled $1,685 and $1,534 as of December 31, 2020 and 2019, respectively. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Useful Life Computer equipment and software 3-5 Years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term Expenditures, including interest costs, for assets under construction that are not yet ready for their intended use are capitalized and will be depreciated based on the above guidelines when placed in service. Costs associated with repairs and maintenance activities are expensed as incurred. |
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. |
Intangible assets | Intangible assets The Company capitalizes and includes in intangible assets the costs of acquired product licenses and trademark rights and certain external legal costs associated with obtaining or defending patents. These intangible assets with finite useful lives are presented net of accumulated amortization. Amortization is computed on a straight-line basis over the shorter of the contractual or estimated economic life of the underlying contract or patent, which generally ranges from five to ten years. |
Impairment of Long-Lived Assets and Intangibles | Impairment of Long-Lived Assets and Intangibles Long-lived assets and intangibles are reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset or asset group and its eventual disposition to the carrying value of the asset. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the statement of operations. The determination of an asset’s fair value requires management to make certain estimates and judgements . |
Goodwill | Goodwill Goodwill is evaluated for impairment annually at December 31, or more frequently if an event occurs or circumstances change that indicate that the carrying value may not be recoverable. In performing the annual impairment test, the Company compares the fair value of the reporting unit to the carrying amount and would recognize an impairment charge to goodwill for the amount by which the carrying amount exceeds the reporting unit’s fair value. At December 31, 2020 and 2019, the Company had goodwill with a carrying value of $1,095, attributable to its single reporting unit. Based on the results of its evaluations, the Company determined that goodwill was not impaired, and no impairment losses were recognized in the years ended December 31, 2020, 2019, and 2018, respectively. |
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 reassess 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 product sales. Proprietary Product Sales The Company sells proprietary commercial products primarily to wholesale and specialty distributors. Revenue is recognized when control has transferred to the customer, which is typically upon delivery, at the net selling price, which reflects the variable consideration for which reserves and sales allowances are established for estimated returns, wholesale distribution fees, prompt payment discounts, government rebates and chargebacks, plan rebate arrangements and patient discount and support programs described below. 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 estimated future percentage of rebates incurred on sales, historical and future insurance plan billings , 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, distributor fees, rebates and customer co-pay support programs are included within current liabilities in our consolidated balance sheets. Wholesaler Distribution Fees . Distribution fees are paid to certain wholesalers based on contractually determined rates and units purchased. S ince the fee paid to the customer is not for a distinct good or service, the consideration is recognized as a reduction of the transaction price of the goods delivered. The Company accrues the estimated fee due at the time of sale based on the contracted price and adjusts the accrual at each reporting period, if necessary, to reflect actual experience. Prompt Pay Discounts . The Company offers cash discounts to its customers, generally 2% of the sales price, as an incentive for prompt payment. Based on historical experience, customers take advantage of this discount and accordingly the Company accrues 100% of the cash discounts offered by reducing accounts receivable and recognizing the discount as a reduction of revenue in the same period the related sales are made. The accrual is reviewed at each reporting period and adjusted if actual experience differs from estimates. Chargebacks . The Company provides discounts primarily to authorized users of the Federal Supply Schedule (“FSS”) of the General Services Administration under an FSS contract negotiated by the Department of Veterans Affairs and various organizations under Medicaid contracts and regulations. These entities purchase products from the wholesale distributors at a discounted price, and the wholesale distributors then charge back to the Company the difference between the current wholesale acquisition cost and the price the entity paid for the product. The Company will estimate and accrue chargebacks based on estimated wholesaler inventory levels, current contract prices and historical chargeback activity. Chargebacks are recognized as a reduction of revenue in the same period the related revenue is recognized. Rebates . The Company participates in certain government and insurance plan rebate programs, which provide discounted prescriptions to qualified insured patients. Under these rebate programs, the Company pays a rebate to the third-party administrators of the programs. The rebate payments are generally made in periods subsequent to the quarter in which prescriptions subject to the rebate are filled, generally on a two to three month lag for insurance plan rebates and three to six months lag for government plan rebates. The Company estimates and accrues for these rebates based on current contract prices, historical and estimated future percentage of rebates incurred on sales, historical and future insurance plan billings, and any new or anticipated changes in programs or regulations that would impact the amount of the actual rebates to be paid. Rebates are recognized as a reduction of revenue in the same period the related revenue is recognized. Patient Discount Programs. The Company also offers discount cards, co-pay coupons and free trial programs to off-set the cost of prescriptions to patients. The Company estimates the total amount that will be redeemed or utilized based on historical redemption experience and on levels of inventory in the distribution and retail channels and recognizes the discount as a reduction of revenue in the same period the related revenue is recognized. Product Returns. Consistent with industry practice, the Company generally offers wholesalers and specialty distributors a limited right to return products, generally within six months prior to and 12 months following the product’s expiration date. The Company’s proprietary products generally have expiration dates ranging from 24 to 33 months. Product returns are estimated and recorded at the time of sale based on historical return patterns. Actual returns are tracked by individual production lots and charged against reserves. Returns reserves may be adjusted, if necessary, if actual returns differ from historical estimates. Management also monitors and takes into consideration the amount of estimated product inventory in the distribution channel, product dating and any known or expected changes in the marketplace when establishing the estimated rate of returns. The following presents changes in reserves for product returns and sales allowances: Patient Wholesaler Prompt Rebates and Discount Distribution Payment Chargebacks Programs Returns Fees Discounts Balance at December 31, 2018 $ 2,694 $ 1,290 $ 1,153 $ 790 $ 216 Accruals and adjustments 15,383 6,716 2,520 6,393 1,491 Payments and other reserve reductions (11,769 ) (7,161 ) (3,303 ) (5,500 ) (1,387 ) Balance at December 31, 2019 6,308 845 370 1,683 320 Accruals and adjustments 34,947 12,422 2,657 11,619 2,494 Payments and other reserve reductions (34,068 ) (11,975 ) (2,569 ) (10,804 ) (2,378 ) Balance at December 31, 2020 $ 7,187 $ 1,292 $ 458 $ 2,498 $ 436 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 right of return. Revenue is recognized at the transaction price, which includes the contractual per unit selling price and estimated variable consideration, such as volume-based pricing arrangements or profit sharing arrangements, if any. 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. 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 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 December 31, 2020, the aggregate value of remaining performance obligations, excluding contracts with an original expected length of one year or less, was $17.8 million. The Company expects to recognize revenue on the remaining performance obligations over the next four years, with the majority being recognized in the next twelve months. |
Share-Based Compensation | Share-Based Compensation The Company utilizes share-based compensation in the form of stock options, restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). The Company records compensation expense associated with share-based awards granted to employees at the fair value of the award on the date of grant. The Company uses the Black-Scholes option valuation model to determine the fair value of stock options. The fair values of RSU and PSU grants containing service or performance conditions are based on the market value of the Company’s Common Stock on the date of grant. The fair value of PSUs containing a market condition are estimated using a Monte Carlo simulation. The value of the portion of the award that is ultimately expected to vest is expensed ratably over the requisite service period as compensation expense in the consolidated statements of operations. Forfeitures are recorded as incurred. Assumptions concerning the Company’s stock price volatility and projected employee exercise behavior over the contractual life of the award impact the estimated fair value of the stock option awards. |
Research and Development | Research and Development Research and development expenses include costs directly attributable to the conduct of research and development programs including personnel costs, materials and supplies associated with design work and prototype development, FDA filing fees and the cost of services provided by outside contractors such as expenses related to clinical trials. All costs associated with research and development activities are expensed as incurred. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”) |
Earnings or Loss Per Share | Earnings or Loss Per Share Basic earnings or loss per common share is computed by dividing the net income or loss applicable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is computed in a similar manner, except that the weighted average number of shares outstanding is increased to reflect the potential dilution from the exercise or conversion of securities into common stock. Diluted earnings per share contemplate a complete conversion to common shares of all convertible instruments only if such instruments are dilutive in nature with respect to earnings per share. |
Segment Information | Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker currently evaluates the Company’s operations as a whole from a number of different operational perspectives, including but not limited to, on a product-by-product, customer and partner basis. The Company derives all significant revenues from pharmaceutical products and development services, and has a single reportable operating segment of business. |
Going Concern | Going Concern Management is responsible for evaluating, and providing disclosure of uncertainties about, the Company’s ability to continue as a going concern. As of December 31, 2020, the Company had cash and cash equivalents of $53,137. Based on management’s evaluation, management concluded there is no substantial doubt or uncertainty about the Company’s ability to meet its obligations within one year from the date the consolidated financial statements were issued. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Property and Equipment | Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Useful Life Computer equipment and software 3-5 Years Furniture, fixtures and office equipment 5-7 years Production molds, tooling and equipment 3-10 years Leasehold improvements Lesser of useful life or lease term |
Summary of Changes in Reserves for Product Returns and Sales Allowances | The following presents changes in reserves for product returns and sales allowances: Patient Wholesaler Prompt Rebates and Discount Distribution Payment Chargebacks Programs Returns Fees Discounts Balance at December 31, 2018 $ 2,694 $ 1,290 $ 1,153 $ 790 $ 216 Accruals and adjustments 15,383 6,716 2,520 6,393 1,491 Payments and other reserve reductions (11,769 ) (7,161 ) (3,303 ) (5,500 ) (1,387 ) Balance at December 31, 2019 6,308 845 370 1,683 320 Accruals and adjustments 34,947 12,422 2,657 11,619 2,494 Payments and other reserve reductions (34,068 ) (11,975 ) (2,569 ) (10,804 ) (2,378 ) Balance at December 31, 2020 $ 7,187 $ 1,292 $ 458 $ 2,498 $ 436 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following: December 31, December 31, 2020 2019 Raw material $ 325 $ 325 Work in process 7,120 8,390 Finished goods 10,771 7,285 $ 18,216 $ 16,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | The Company’s property and equipment consisted of the following: December 31, December 31, 2020 2019 Production molds, tooling and equipment $ 20,260 $ 20,749 Leasehold improvements 6,298 34 Furniture, fixtures and office equipment 865 812 Computer equipment and software 756 1,634 Construction and tooling in process 6,214 2,501 Less: accumulated depreciation (10,373 ) (9,769 ) $ 24,020 $ 15,961 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Operating Lease Maturities | The following table summarizes the Company’s operating lease maturities as of December 31, 2020: 2021 $ 1,538 2022 1,064 2023 767 2024 668 2025 676 Thereafter 4,271 Total remaining lease payments 8,984 Less: imputed interest 2,965 Present value of lease liabilities $ 6,019 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The Company’s intangible assets consisted of the following: December 31, 2020 December 31, 2019 Useful Life (in Years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Nocdurna ® 10 $ 7,500 $ (188 ) $ 7,312 $ — $ — $ — Patents 5 - 10 3,995 (3,614 ) 381 3,661 (3,183 ) 478 Total $ 11,495 $ (3,802 ) $ 7,693 $ 3,661 $ (3,183 ) $ 478 |
Schedule of Estimated Future Aggregate Amortization Expense | The estimated future aggregate amortization expense is as follows: Estimated Amortization Expense 2021 $ 830 2022 825 2023 818 2024 801 2025 786 Thereafter 3,633 $ 7,693 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following: December 31, December 31, 2020 2019 Product returns and sales allowances $ 11,435 $ 9,206 Accrued employee compensation and benefits 4,555 4,479 License fees payable 2,500 — Other accrued expenses and liabilities 7,145 2,838 $ 25,635 $ 16,523 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal Payments under Term Loan, Excluding End of Term Charge | Future principal payments under the Term Loan, excluding the contractual End of Term Charge, are as follows: 2021 $ 16,230 2022 23,770 $ 40,000 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Stock Option Activity | Stock option activity under the Plan as of and for the three years ended December 31, 2020 is as follows: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price ($) Term (Years) Value ($) Outstanding at December 31, 2017 12,149 2.04 Granted/Issued 2,693 2.72 Exercised (477 ) 1.14 768 Cancelled/Forfeited (286 ) 2.43 Outstanding at December 31, 2018 14,079 2.19 6.8 8,534 Granted/Issued 2,489 3.01 Exercised (2,572 ) 1.76 6,477 Cancelled/Forfeited (135 ) 2.81 Outstanding at December 31, 2019 13,861 2.41 6.7 31,713 Granted/Issued 3,335 2.73 Exercised (939 ) 1.93 1,072 Cancelled/Forfeited (736 ) 2.83 Outstanding at December 31, 2020 15,521 2.49 6.6 23,407 Exercisable at December 31, 2020 10,841 2.35 5.5 17,836 |
Assumptions Used in Fair Value Measurement of Options Granted | December 31, 2020 2019 2018 Risk-free interest rate 0.4 % 1.9 % 2.8 % Annualized volatility 59.4 % 55.7 % 53.7 % Weighted average expected life, in years 5.5 5.5 6.0 Expected dividend yield 0.0 % 0.0 % 0.0 % |
Schedule of Performance Stock Unit Awards and Restricted Stock Granted Under Long-Term Incentive Program | The performance stock unit awards and restricted stock unit awards granted under the long-term incentive program are summarized in the following table: Performance Stock Units Restricted Stock Units Number of Shares Weighted Average Date Fair Value ($) Number of Shares Weighted Average Grant Date Fair Value ($) Outstanding at December 31, 2017 1,455 2.20 1,157 2.12 Granted 611 2.89 611 2.70 Vested/settled (173 ) 2.18 (500 ) 1.99 Forfeited/expired (51 ) 3.01 (42 ) 2.68 Outstanding at December 31, 2018 1,842 2.41 1,226 2.44 Granted 593 2.99 789 2.92 Incremental shares earned 59 1.25 — — Vested/settled (415 ) 1.18 (614 ) 2.19 Forfeited/expired (238 ) 1.12 — — Outstanding at December 31, 2019 1,841 3.00 1,401 2.82 Granted 605 2.00 1,078 2.73 Incremental shares earned 77 3.10 — — Vested/settled (388 ) 3.11 (785 ) 2.80 Forfeited/expired (494 ) 3.02 (127 ) 2.83 Outstanding at December 31, 2020 1,641 2.61 1,567 2.77 |
Summary of Share Based Compensation Allocation Expense | The Company incurred compensation costs in connection with share-based awards in each of the years in the three-year period ended December 31, 2020 as follows: December 31, 2020 2019 2018 Stock options $ 3,709 $ 3,436 $ 2,956 Restricted stock units 2,239 1,830 1,173 Performance stock units 2,000 1,204 798 Total share-based compensation expense $ 7,948 $ 6,470 $ 4,927 |
Performance Stock Units [Member] | |
Assumptions Used in Fair Value Measurement of Options Granted | The fair values of the TSR PSUs granted were determined using a Monte Carlo simulation and utilized the following inputs and assumptions: 2020 Award 2019 Award 2018 Award Closing stock price on grant date $ 2.73 $ 2.92 $ 2.70 Performance period starting price $ 4.78 $ 3.01 $ 1.92 Term of award (in years) 2.55 2.55 2.57 Volatility 57.5 % 63.7 % 64.9 % Risk-free interest rate 0.21 % 1.79 % 2.56 % Expected dividend yield 0.00 % 0.00 % 0.00 % Fair value per TSR PSU $ 2.00 $ 3.18 $ 3.27 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax Domestic and Foreign | Income (loss) before income taxes was derived from the following jurisdictions: 2020 2019 2018 U.S. $ 10,284 $ (1,734 ) $ (6,696 ) Switzerland (363 ) (293 ) 181 $ 9,921 $ (2,027 ) $ (6,515 ) |
Schedule of Income Tax Expense (Benefit) | The income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 was comprised of: 2020 2019 2018 Current: Federal $ — $ — $ — State 700 — — Foreign 2 — — Total current 702 — — Deferred: Federal (39,542 ) — — State (7,440 ) — — Foreign — — Total deferred (46,982 ) — — Total income tax benefit $ (46,280 ) $ — $ — |
Summary of Effective Tax Rates Differ from Statutory Income Tax Rates | Effective tax rates differ from statutory income tax rates in the years ended December 31, 2020, 2019 and 2018 as follows: 2020 2019 2018 Statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes 7.1 14.4 3.8 Effect of foreign operations 0.2 (1.0 ) 0.2 Changes in valuation allowance (516.5 ) (59.9 ) (20.8 ) Change in unused net operating loss and credit carryforwards — 24.7 3.9 Change in uncertain tax positions 21.4 — — Research and development credit (6.0 ) — — Stock-based compensation 3.7 22.3 0.2 162(m) limitation 1.9 (18.2 ) (2.9 ) Nondeductible items 1.6 (1.8 ) (3.2 ) Impact of Tax Cuts and Jobs Act — (1.5 ) (2.2 ) Other (0.9 ) — — Effective income tax rate (466.5 )% 0.0 % 0.0 % |
Summary of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) as of December 31, 2020 and 2019 consist of the following: 2020 2019 Gross deferred tax assets: Net operating loss carryforward – U.S. $ 36,071 $ 41,780 Net operating loss carryforward – Switzerland 106 52 Research and development tax credit carryforward 5,418 7,559 Deferred revenue 219 — Stock-based compensation 2,954 1,999 Inventory reserve 159 307 Compensation accruals 1,304 1,154 Product reserves 2,820 2,329 Operating lease liabilities 1,546 1,763 163j interest expense limitation — 475 Amortization 607 585 Other 145 61 Total deferred tax assets 51,349 58,064 Deferred tax liabilities: Depreciation (1,838 ) (1,807 ) Right-of-use asset, operating leases (1,303 ) (1,648 ) Total deferred tax liabilities (3,141 ) (3,455 ) Net deferred tax asset before valuation allowance 48,208 54,609 Less valuation allowance (1,226 ) (54,609 ) Net deferred tax asset $ 46,982 $ — |
Revenues, Significant Custome_2
Revenues, Significant Customers and Concentrations of Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated by Major Types and Sources and Customer Geographic Location | The following table presents the Company’s revenue on a disaggregated basis by major types and sources: For the Years Ended December 31, 2020 2019 2018 Proprietary product sales $ 62,878 $ 39,215 $ 17,532 Partnered product sales 50,956 52,888 30,338 Total product revenue 113,834 92,103 47,870 Licensing and development revenue 14,466 7,529 6,753 Royalties 21,299 24,232 8,931 Total revenue $ 149,599 $ 123,864 $ 63,554 Revenues disaggregated by customer geographic location are summarized as follows: For the Years Ended December 31, 2020 2019 2018 United States of America $ 145,789 $ 120,231 $ 57,033 Europe 3,810 3,463 6,157 Other — 170 364 $ 149,599 $ 123,864 $ 63,554 |
Summary of Significant Customers from which the Company Derived 10% or More of Total Revenue | Significant customers from which the Company derived 10% or more of its total revenue in any of the periods presented are as follows: For the Years Ended December 31, 2020 2019 2018 Teva 40% 41% 31% AMAG <10% 20% 29% McKesson (1) 12% 10% 11% AmerisourceBergen (1) 12% <10% 12% Cardinal Health (1) 11% <10% 11% (1) Revenue from sales to distributors, net of estimated sales returns and allowances based on shipments. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation for Basic and Diluted Net Earnings (Loss) per Share | The following table sets forth the computation for basic and diluted net earnings (loss) per share: December 31, 2020 2019 2018 Numerator Numerator for basic and diluted earnings (loss) per share $ 56,201 $ (2,027 ) $ (6,515 ) Denominator Basic weighted average common shares outstanding 166,066 162,574 157,407 Dilutive effects of stock options and share-based awards issuable under equity compensation plans 4,089 — — Diluted weighted average common shares outstanding 170,155 162,574 157,407 Computation of: Basic net earnings (loss) per share $ 0.34 $ (0.01 ) $ (0.04 ) Diluted net earnings (loss) per share $ 0.33 $ (0.01 ) $ (0.04 ) Anti-dilutive common stock equivalents (1) 7,092 17,103 17,147 (1) These common stock equivalents were outstanding for the period but were not included in the computation of diluted EPS for those periods as their inclusion would have had an anti-dilutive effect. |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | First Second Third Fourth 2020 Total revenues $ 33,079 $ 32,384 $ 40,003 $ 44,133 Net income (loss) (2,356 ) 2,175 4,996 51,386 Net income (loss) per common share, basic (0.01 ) 0.01 0.03 0.31 Net income (loss) per common share, diluted (0.01 ) 0.01 0.03 0.30 Weighted average shares, basic 165,429 165,703 166,375 166,744 Weighted average shares, diluted 165,429 169,228 169,655 171,412 2019 Total revenues $ 23,286 $ 28,433 $ 34,306 $ 37,839 Net income (loss) (5,539 ) (2,226 ) 1,043 4,695 Net income (loss) per common share, basic and diluted (0.03 ) (0.01 ) 0.01 0.03 Weighted average shares, basic 160,446 162,734 163,119 163,952 Weighted average shares, diluted 160,446 162,734 168,503 171,238 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)Subsidiary | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||||
Wholly-owned subsidiaries of Antares Pharma | Subsidiary | 2 | |||
Right-of-use assets | $ 4,621,000 | $ 5,463,000 | ||
Lease liability | 6,019,000 | |||
Write-offs to bad debt expense | 0 | 0 | $ 0 | |
Allowance for doubtful accounts balance | 0 | 0 | ||
Revenue not yet recognized recorded in contract assets | $ 1,685,000 | 1,534,000 | ||
Finite-lived intangible assets, amortization method | straight-line basis | |||
Goodwill | $ 1,095,000 | 1,095,000 | ||
Goodwill impairment loss | $ 0 | 0 | $ 0 | |
Cash discount to incentive for prompt payment | 2.00% | |||
Cash discounts offered by reducing accounts receivable | 100.00% | |||
Remaining performance obligations | $ 17,800,000 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | The Company expects to recognize revenue on the remaining performance obligations over the next four years, with the majority being recognized in the next twelve months | |||
Method used for fair value assumption | Black-Scholes option valuation model | |||
Cash, cash equivalents and investments | $ 53,137,000 | |||
Licensing and Development Revenue [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Revenue recognized | $ 791,000 | |||
Minimum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Capitalized cost being amortized over periods | 5 years | |||
Royalty payment period | 45 days | |||
Maximum [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Capitalized cost being amortized over periods | 10 years | |||
Royalty payment period | 60 days | |||
Level 1 Input [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents, remeasured and reported at fair value | $ 36,133,000 | $ 11,153,000 | ||
ASU 2016-02 [Member] | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 1,000,000 | |||
Lease liability | $ 1,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer Equipment and Software [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer Equipment and Software [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Furniture, Fixtures and Office Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Furniture, Fixtures and Office Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Production Molds, Tooling and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Production Molds, Tooling and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | Lesser of useful life or lease term |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Changes in Reserves for Product Returns and Sales Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Rebates and Chargebacks [Member] | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | $ 6,308 | $ 2,694 |
Accruals and adjustments | 34,947 | 15,383 |
Payments and other reserve reductions | (34,068) | (11,769) |
Balance at end of year | 7,187 | 6,308 |
Patient Discount Programs [Member] | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 845 | 1,290 |
Accruals and adjustments | 12,422 | 6,716 |
Payments and other reserve reductions | (11,975) | (7,161) |
Balance at end of year | 1,292 | 845 |
Returns [Member] | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 370 | 1,153 |
Accruals and adjustments | 2,657 | 2,520 |
Payments and other reserve reductions | (2,569) | (3,303) |
Balance at end of year | 458 | 370 |
Wholesaler Distribution Fees [Member] | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 1,683 | 790 |
Accruals and adjustments | 11,619 | 6,393 |
Payments and other reserve reductions | (10,804) | (5,500) |
Balance at end of year | 2,498 | 1,683 |
Prompt Payment Discounts [Member] | ||
Revenue From Contract With Customer Contractual Adjustments [Line Items] | ||
Balance at beginning of year | 320 | 216 |
Accruals and adjustments | 2,494 | 1,491 |
Payments and other reserve reductions | (2,378) | (1,387) |
Balance at end of year | $ 436 | $ 320 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Detail1) | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Summary of Significant Accounting Policies [Line Items] | |
Remaining performance obligation, expected to recognize, period | 4 years |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 325 | $ 325 |
Work in process | 7,120 | 8,390 |
Finished goods | 10,771 | 7,285 |
Inventory, Total | $ 18,216 | $ 16,000 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||
Inventory reserve | $ 619 | $ 464 | |
Inventory written-off | 356 | 708 | |
Increase in inventory reserve | $ 511 | $ 325 | $ 592 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Less: accumulated depreciation | $ (10,373) | $ (9,769) |
Property and equipment, net | 24,020 | 15,961 |
Production Molds, Tooling and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 20,260 | 20,749 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 6,298 | 34 |
Furniture, Fixtures and Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 865 | 812 |
Computer Equipment and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 756 | 1,634 |
Construction And Tooling In Process | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 6,214 | $ 2,501 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 2,341 | $ 2,205 | $ 2,125 |
Interest costs capitalized | $ 231 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jul. 01, 2019USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Regulatory Assets [Line Items] | |||
Lease renewal term | 3 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 to extend the lease term for an additional two years. The lease extension period commenced on November 1, 2019 and expires on October 31, 2021. | ||
Leased area | ft² | 75,000 | ||
Lease term | 12 years 6 months | ||
Operating lease costs | $ 2,174,000 | $ 1,391,000 | |
Cash paid for operating lease liabilities | 1,884,000 | 1,401,000 | |
Non-cash operating lease ROU assets obtained in exchange for operating lease obligations | $ 778,000 | $ 6,511,000 | |
Weighted average discount rate | 8.60% | 8.30% | |
Weighted average remaining lease term | 8 years 3 months 18 days | 8 years 4 months 24 days | |
Maximum [Member] | |||
Regulatory Assets [Line Items] | |||
Operating lease, allowance | $ 1,200,000 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Maturities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2021 | $ 1,538 |
2022 | 1,064 |
2023 | 767 |
2024 | 668 |
2025 | 676 |
Thereafter | 4,271 |
Total remaining lease payments | 8,984 |
Less: imputed interest | 2,965 |
Present value of lease liabilities | $ 6,019 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 11,495 | $ 3,661 |
Accumulated Amortization | (3,802) | (3,183) |
Net Book Value | $ 7,693 | 478 |
Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Capitalized cost being amortized over periods | 5 years | |
Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Capitalized cost being amortized over periods | 10 years | |
Nocdurna Product Rights [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Capitalized cost being amortized over periods | 10 years | |
Gross Carrying Amount | $ 7,500 | |
Accumulated Amortization | (188) | |
Net Book Value | 7,312 | |
Patents | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,995 | 3,661 |
Accumulated Amortization | (3,614) | (3,183) |
Net Book Value | $ 381 | $ 478 |
Patents | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Capitalized cost being amortized over periods | 5 years | |
Patents | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Capitalized cost being amortized over periods | 10 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selling, General and Administrative Expenses [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 286,000 | $ 352,000 | $ 599,000 | |
License Agreement [Member] | Ferring International Center S.A. and its Affiliates [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Upfront payment paid | $ 5,000,000 | |||
Additional upfront payment made at one year from execution | 2,500,000 | |||
License Agreement [Member] | Ferring International Center S.A. and its Affiliates [Member] | Maximum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Tiered royalties and additional commercial milestone payments | $ 17,500,000 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Future Aggregate Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | ||
2021 | $ 830 | |
2022 | 825 | |
2023 | 818 | |
2024 | 801 | |
2025 | 786 | |
Thereafter | 3,633 | |
Net Book Value | $ 7,693 | $ 478 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Product returns and sales allowances | $ 11,435 | $ 9,206 |
Accrued employee compensation and benefits | 4,555 | 4,479 |
License fees payable | 2,500 | |
Other accrued expenses and liabilities | 7,145 | 2,838 |
Accrued expenses and other liabilities | $ 25,635 | $ 16,523 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 26, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 25, 2019 | Jun. 06, 2017 |
Debt Instrument [Line Items] | |||||
Carrying value of long term debt | $ 24,669,000 | $ 40,395,000 | |||
Hercules Capital, Inc [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 8.50% | 9.25% | |||
Debt instrument, payment terms | Payments under the loan are interest-only until the first principal payment is due. | ||||
Carrying value of long term debt | $ 40,899,000 | $ 40,395,000 | |||
Hercules Capital, Inc [Member] | Term Loan [Member] | First Amendment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, face amount | $ 50,000,000 | $ 35,000,000 | |||
Debt instrument, payment terms | extended the interest-only payment period of the Term Loan to August 1, 2021. The interest only period may be further extended to August 1, 2022 if the Company achieves a certain loan extension milestone, requests such extension, and pays an extension fee equal to one half of one percent of the principal amount outstanding. | ||||
Hercules Capital, Inc [Member] | Term Loan [Member] | Prime Based Variable Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, variable interest rate | 9.50% | ||||
Hercules Capital, Inc [Member] | Term Loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, face amount | $ 35,000,000 | ||||
Prepayment fee percentage on principal loan prepaid | 3.00% | ||||
Hercules Capital, Inc [Member] | Term Loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Prepayment fee percentage on principal loan prepaid | 1.00% | ||||
Hercules Capital, Inc [Member] | Tranche I Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, borrowed amount | $ 25,000,000 | ||||
Percentage of loan fee on original principal amount | 4.25% | ||||
Hercules Capital, Inc [Member] | Tranche II [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of loan fee on original principal amount | 3.95% | ||||
Hercules Capital, Inc [Member] | Tranche II [Member] | First Amendment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, increase in face amount | 15,000,000 | ||||
Hercules Capital, Inc [Member] | Tranche III [Member] | Maximum [Member] | First Amendment [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, available option to request additional advance amount | 10,000,000 | ||||
Hercules Capital, Inc [Member] | Tranche III [Member] | Minimum [Member] | First Amendment [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, available option to request additional advance amount | $ 5,000,000 |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Principal Payments under Term Loan, Excluding End of Term Charge (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 16,230 |
2022 | 23,770 |
Long-term debt | $ 40,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity [Line Items] | |||
Aggregate offering price of common stock | $ 7,781,000 | $ 7,114,000 | |
Proceeds from sale of common stock | $ 7,781,000 | $ 7,114,000 | |
Sales Agreement [Member] | Cowen and Company, LLC [Member] | |||
Stockholders Equity [Line Items] | |||
Percentage of commission on proceeds from gross sales of common stock | 3.00% | ||
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 | 2,307,000 | ||
Proceeds from sale of common stock | $ 7,781,000 | ||
Offering and Sales Agreement [Member] | |||
Stockholders Equity [Line Items] | |||
Issuance of common stock, shares | 2,137,000 | ||
Proceeds from sale of common stock | $ 7,114,000 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from the issuance of stock options | $ 1,814 | $ 4,405 | $ 474 | |
Shares withheld to meet employees' minimum statutory income tax obligation | 425,000 | 409,000 | 211,000 | |
Payments for the employees' minimum statutory income tax obligation | $ 1,367 | $ 1,131 | $ 543 | |
Board of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares vested with deferral | 72 | |||
Employees Tax Obligations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for the employees' minimum statutory income tax obligation | $ 1,367 | $ 1,131 | $ 543 | |
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 | 3,742,000 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Per share weighted average fair value of options granted | $ 1.42 | $ 1.54 | $ 1.45 | |
Proceeds from the issuance of stock options | $ 1,814 | $ 4,405 | $ 474 | |
Exercise of options, shares | 939,000 | 2,529,000 | 447,000 | |
Shares withheld to meet employees' minimum statutory income tax obligation | 43,000 | 30,000 | ||
Unrecognized compensation cost related to non-vested outstanding stock awards | $ 5,273 | |||
Weighted average period expected to be recognized | 1 year 11 months 23 days | |||
Stock Options [Member] | Long Term Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual term of options granted | 10 years | |||
Vesting period | 3 years | |||
Stock Options [Member] | Amended and Restated 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] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted in 2017 | 1,078,000 | 789,000 | 611,000 | |
Number of shares vested with deferral | 785,000 | 614,000 | 500,000 | |
Restricted Stock Units [Member] | Long Term Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted in 2017 | 605,000 | 593,000 | 611,000 | |
Number of shares vested with deferral | 388,000 | 415,000 | 173,000 | |
Performance Stock Units [Member] | Long Term Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Number of shares granted in 2017 | 556,000 | |||
Performance Stock Units [Member] | Long Term Incentive Program [Member] | Scenario, Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares approved for settlement | 766,000 | |||
Performance Stock Units [Member] | Minimum [Member] | Long Term Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation award percentage | 0.00% | |||
Performance Stock Units [Member] | Maximum [Member] | Long Term Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation award percentage | 150.00% |
Share Based Compensation - Summ
Share Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 13,861,000 | 14,079,000 | 12,149,000 |
Number of Shares Granted/Issued | 3,335,000 | 2,489,000 | 2,693,000 |
Number of Shares Exercised | (939,000) | (2,572,000) | (477,000) |
Number of Shares Cancelled/Forfeited | (736,000) | (135,000) | (286,000) |
Number of Shares Outstanding, Ending Balance | 15,521,000 | 13,861,000 | 14,079,000 |
Number of Shares Exercisable, Ending Balance | 10,841,000 | ||
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 2.41 | $ 2.19 | $ 2.04 |
Weighted Average Exercise Price Granted/Issued | 2.73 | 3.01 | 2.72 |
Weighted Average Exercise Price Exercised | 1.93 | 1.76 | 1.14 |
Weighted Average Exercise Price Cancelled/Forfeited | 2.83 | 2.81 | 2.43 |
Weighted Average Exercise Price Outstanding, Ending Balance | 2.49 | $ 2.41 | $ 2.19 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ 2.35 | ||
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending Balance | 6 years 7 months 6 days | 6 years 8 months 12 days | 6 years 9 months 18 days |
Weighted Average Remaining Contractual Term (Years) Exercisable, Ending Balance | 5 years 6 months | ||
Aggregate Intrinsic Value, Exercised | $ 1,072 | $ 6,477 | $ 768 |
Aggregate Intrinsic Value Outstanding, Ending Balance | 23,407 | $ 31,713 | $ 8,534 |
Aggregate Intrinsic Value Exercisable, Ending Balance | $ 17,836 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value Measurement of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Abstract] | |||
Risk-free interest rate | 0.40% | 1.90% | 2.80% |
Annualized volatility | 59.40% | 55.70% | 53.70% |
Weighted average expected life, in years | 5 years 6 months | 5 years 6 months | 6 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Performance Stock Unit Awards and Restricted Stock Granted Under Long-Term Incentive Program (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning Balance | 1,841,000 | 1,842,000 | 1,455,000 |
Number of Shares, Granted | 605,000 | 593,000 | 611,000 |
Number of Shares, Incremental shares earned | 77,000 | 59,000 | |
Number of Shares, Vested/settled | (388,000) | (415,000) | (173,000) |
Number of Shares, Forfeited/expired | (494,000) | (238,000) | (51,000) |
Number of Shares, Ending Balance | 1,641,000 | 1,841,000 | 1,842,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 3 | $ 2.41 | $ 2.20 |
Weighted Average Grant Date Fair Value, Granted | 2 | 2.99 | 2.89 |
Weighted Average Grant Date Fair Value, Incremental shares earned | 3.10 | 1.25 | |
Weighted Average Grant Date Fair Value, Vested/settled | 3.11 | 1.18 | 2.18 |
Weighted Average Grant Date Fair Value, Forfeited/expired | 3.02 | 1.12 | 3.01 |
Weighted Average Grant Date Fair Value, Ending Balance | $ 2.61 | $ 3 | $ 2.41 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Beginning Balance | 1,401,000 | 1,226,000 | 1,157,000 |
Number of Shares, Granted | 1,078,000 | 789,000 | 611,000 |
Number of Shares, Vested/settled | (785,000) | (614,000) | (500,000) |
Number of Shares, Forfeited/expired | (127,000) | (42,000) | |
Number of Shares, Ending Balance | 1,567,000 | 1,401,000 | 1,226,000 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 2.82 | $ 2.44 | $ 2.12 |
Weighted Average Grant Date Fair Value, Granted | 2.73 | 2.92 | 2.70 |
Weighted Average Grant Date Fair Value, Vested/settled | 2.80 | 2.19 | 1.99 |
Weighted Average Grant Date Fair Value, Forfeited/expired | 2.83 | 2.68 | |
Weighted Average Grant Date Fair Value, Ending Balance | $ 2.77 | $ 2.82 | $ 2.44 |
Share Based Compensation - Fair
Share Based Compensation - Fair Value of PSUs Granted Determined Using Monte Carlo Simulation (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of award (in years) | 5 years 6 months | 5 years 6 months | 6 years |
Volatility | 59.40% | 55.70% | 53.70% |
Risk-free interest rate | 0.40% | 1.90% | 2.80% |
Expected dividend yield | 0.00% | 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 | $ 2.73 | $ 2.92 | $ 2.70 |
Performance period starting price | $ 4.78 | $ 3.01 | $ 1.92 |
Term of award (in years) | 2 years 6 months 18 days | 2 years 6 months 18 days | 2 years 6 months 25 days |
Volatility | 57.50% | 63.70% | 64.90% |
Risk-free interest rate | 0.21% | 1.79% | 2.56% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Fair value per TSR PSU | $ 2 | $ 3.18 | $ 3.27 |
Share Based Compensation - Su_2
Share Based Compensation - Summary of Share Based Compensation Allocation Expense (Detail) - Long Term Incentive Program [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 7,948 | $ 6,470 | $ 4,927 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 3,709 | 3,436 | 2,956 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 2,239 | 1,830 | 1,173 |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 2,000 | $ 1,204 | $ 798 |
Employee 401(k) Savings Plan -
Employee 401(k) Savings Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Plan Name | 401(k) | ||
Company plan contributions | $ 1,097 | $ 993 | $ 814 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) - Asset Purchase Agreement [Member] - Ferring [Member] $ in Millions | May 01, 2019USD ($) | Oct. 31, 2019USD ($) | Dec. 31, 2020 | Oct. 31, 2017USD ($)Installment |
Sale of Assets [Line Items] | ||||
Total purchase price | $ 14.5 | |||
Number of installments paid for purchase price | Installment | 4 | |||
Description of purchase price payment | The purchase price was to be paid in four installments, with 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”). | |||
Consideration receivable on criteria completion related to Product commercialization | $ 5 | |||
Payment of final installment purchase price | $ 2.5 | |||
Final remaining payment received in completion date | $ 2.5 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Period of incurred losses for both book and tax purposes | 3 years | |
Deferred tax assets | $ 46,982,000 | |
Deferred tax assets, net of valuation allowances | 53,383,000 | |
Valuation allowance for deferred tax assets | 1,226,000 | $ 54,609,000 |
Unrecognized tax benefits, increases resulting from prior period tax positions | 2,067,000 | |
Unrecognized tax benefits, increase resulting from current period tax positions | 60,000 | |
Unrecognized tax benefits | 2,127,000 | $ 0 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | |
Total unrecognized tax benefits changing period | 12 months | |
U.S Federal Tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forward | $ 148,318,000 | |
Research credit carryforward | 6,985,000 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry forward | $ 735,000 | |
Tax credit carryforward expiration year | 2023 | |
Minimum [Member] | U.S Federal Tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforward expiration year | 2025 | |
Tax credit carryforward expiration year | 2021 | |
Maximum [Member] | U.S Federal Tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforward expiration year | 2037 | |
Tax credit carryforward expiration year | 2040 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Tax Domestic and Foreign (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Income (loss) before income taxes, US | $ 10,284 | $ (1,734) | $ (6,696) |
Income (loss) before income taxes, Switzerland | (363) | (293) | 181 |
Net income (loss) before income taxes | $ 9,921 | $ (2,027) | $ (6,515) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Current: | |
State | $ 700 |
Foreign | 2 |
Total current | 702 |
Deferred: | |
Federal | (39,542) |
State | (7,440) |
Total deferred | (46,982) |
Total income tax benefit | $ (46,280) |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rates Differ from Statutory Income Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes | 7.10% | 14.40% | 3.80% |
Effect of foreign operations | 0.20% | (1.00%) | 0.20% |
Changes in valuation allowance | (516.50%) | (59.90%) | (20.80%) |
Change in unused net operating loss and credit carryforwards | 24.70% | 3.90% | |
Change in uncertain tax positions | 21.40% | ||
Research and development credit | (6.00%) | ||
Stock-based compensation | 3.70% | 22.30% | 0.20% |
162(m) limitation | 1.90% | (18.20%) | (2.90%) |
Nondeductible items | 1.60% | (1.80%) | (3.20%) |
Impact of Tax Cuts and Jobs Act | (1.50%) | (2.20%) | |
Other | (0.90%) | ||
Effective income tax rate | (466.50%) | (0.00%) | (0.00%) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Gross deferred tax assets: | ||
Net operating loss carryforward – U.S. | $ 36,071 | $ 41,780 |
Net operating loss carryforward – Switzerland | 106 | 52 |
Research and development tax credit carryforward | 5,418 | 7,559 |
Deferred revenue | 219 | |
Stock-based compensation | 2,954 | 1,999 |
Inventory reserve | 159 | 307 |
Compensation accruals | 1,304 | 1,154 |
Product reserves | 2,820 | 2,329 |
Operating lease liabilities | 1,546 | 1,763 |
163j interest expense limitation | 475 | |
Amortization | 607 | 585 |
Other | 145 | 61 |
Total deferred tax assets | 51,349 | 58,064 |
Deferred tax liabilities: | ||
Depreciation | (1,838) | (1,807) |
Right-of-use asset, operating leases | (1,303) | (1,648) |
Total deferred tax liabilities | (3,141) | (3,455) |
Net deferred tax asset before valuation allowance | 48,208 | 54,609 |
Less valuation allowance | (1,226) | $ (54,609) |
Net deferred tax asset | $ 46,982 |
Revenues, Significant Custome_3
Revenues, Significant Customers and Concentrations of Risk - Summary of Revenue Disaggregated by Major Types and Sources (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 44,133 | $ 40,003 | $ 32,384 | $ 33,079 | $ 37,839 | $ 34,306 | $ 28,433 | $ 23,286 | $ 149,599 | $ 123,864 | $ 63,554 |
Total Product Revenue [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 113,834 | 92,103 | 47,870 | ||||||||
Total Product Revenue [Member] | Proprietary Product [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 62,878 | 39,215 | 17,532 | ||||||||
Total Product Revenue [Member] | Partnered Product [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 50,956 | 52,888 | 30,338 | ||||||||
Licensing and Development Revenue [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | 14,466 | 7,529 | 6,753 | ||||||||
Royalties [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenue | $ 21,299 | $ 24,232 | $ 8,931 |
Revenues, Significant Custome_4
Revenues, Significant Customers and Concentrations of Risk - Summary of Revenues Disaggregated by Customer Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | $ 44,133 | $ 40,003 | $ 32,384 | $ 33,079 | $ 37,839 | $ 34,306 | $ 28,433 | $ 23,286 | $ 149,599 | $ 123,864 | $ 63,554 |
United States of America [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 145,789 | 120,231 | 57,033 | ||||||||
Europe [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | $ 3,810 | 3,463 | 6,157 | ||||||||
Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | $ 170 | $ 364 |
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] | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Teva [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 40.00% | 41.00% | 31.00% | |
AMAG [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 20.00% | 29.00% | ||
AMAG [Member] | Maximum [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | 10.00% | |||
McKesson [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | [1] | 12.00% | 10.00% | 11.00% |
AmerisourceBergen [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | [1] | 12.00% | 12.00% | |
AmerisourceBergen [Member] | Maximum [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | [1] | 10.00% | ||
Cardinal Health [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | [1] | 11.00% | 11.00% | |
Cardinal Health [Member] | Maximum [Member] | ||||
Concentration Risk [Line Items] | ||||
Total revenue by customer, percentage | [1] | 10.00% | ||
[1] | Revenue from sales to distributors, net of estimated sales returns and allowances based on shipments. |
Earnings per Share - Summary of
Earnings per Share - Summary of Computation for Basic and Diluted Net Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Numerator | ||||||||||||
Numerator for basic and diluted earnings (loss) per share | $ 51,386 | $ 4,996 | $ 2,175 | $ (2,356) | $ 4,695 | $ 1,043 | $ (2,226) | $ (5,539) | $ 56,201 | $ (2,027) | $ (6,515) | |
Denominator | ||||||||||||
Basic weighted average common shares outstanding | 166,744 | 166,375 | 165,703 | 165,429 | 163,952 | 163,119 | 162,734 | 160,446 | 166,066 | 162,574 | 157,407 | |
Dilutive effects of stock options and share-based awards issuable under equity compensation plans | 4,089 | |||||||||||
Diluted weighted average common shares outstanding | 171,412 | 169,655 | 169,228 | 165,429 | 171,238 | 168,503 | 162,734 | 160,446 | 170,155 | 162,574 | 157,407 | |
Computation of: | ||||||||||||
Basic net earnings (loss) per share | $ 0.34 | $ (0.01) | $ (0.04) | |||||||||
Diluted net earnings (loss) per share | $ 0.33 | $ (0.01) | $ (0.04) | |||||||||
Anti-dilutive common stock equivalents | [1] | 7,092 | 17,103 | 17,147 | ||||||||
[1] | These common stock equivalents were outstanding for the period but were not included in the computation of diluted EPS for those periods as their inclusion would have had an anti-dilutive effect. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - License Agreement [Member] - Ferring International Center S.A. and its Affiliates [Member] | 1 Months Ended |
Oct. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |
Upfront payment paid | $ 5,000,000 |
Additional upfront payment made at one year from execution | 2,500,000 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Tiered royalties and additional commercial milestone payments | $ 17,500,000 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenues | $ 44,133 | $ 40,003 | $ 32,384 | $ 33,079 | $ 37,839 | $ 34,306 | $ 28,433 | $ 23,286 | $ 149,599 | $ 123,864 | $ 63,554 |
Net income (loss) | $ 51,386 | $ 4,996 | $ 2,175 | $ (2,356) | $ 4,695 | $ 1,043 | $ (2,226) | $ (5,539) | $ 56,201 | $ (2,027) | $ (6,515) |
Net income (loss) per common share, basic | $ 0.31 | $ 0.03 | $ 0.01 | $ (0.01) | $ 0.34 | $ (0.01) | $ (0.04) | ||||
Net income (loss) per common share, diluted | $ 0.30 | $ 0.03 | $ 0.01 | $ (0.01) | $ 0.33 | $ (0.01) | $ (0.04) | ||||
Net income (loss) per common share, basic and diluted | $ 0.03 | $ 0.01 | $ (0.01) | $ (0.03) | |||||||
Weighted average shares, basic | 166,744 | 166,375 | 165,703 | 165,429 | 163,952 | 163,119 | 162,734 | 160,446 | 166,066 | 162,574 | 157,407 |
Weighted average shares, diluted | 171,412 | 169,655 | 169,228 | 165,429 | 171,238 | 168,503 | 162,734 | 160,446 | 170,155 | 162,574 | 157,407 |