SCYNEXIS (SCYX) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Entity Registrant Name	SCYNEXIS, Inc.
Trading Symbol	SCYX
Entity Central Index Key	0001178253
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		37,175,665
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-36365
Entity Tax Identification Number	56-2181648
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1 Evertrust Plaza
Entity Address, Address Line Two	13th Floor
Entity Address, City or Town	Jersey City
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07302-6548
City Area Code	201
Local Phone Number	884-5485
Document Quarterly Report	true
Document Transition Report	false
Title of Each Class	Common Stock, par value $0.001 per share
Name of Each Exchange on Which Registered	NASDAQ

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 57,905	$ 45,814
Short-term investments	27,637	27,689
Prepaid expenses and other current assets	2,669	2,503
License agreement receivable	25,000	0
License agreement contract asset	19,249	0
Accounts receivable, net	2,345	2,101
Inventory, net	10,290	899
Restricted cash	435	55
Total current assets	145,530	79,061
Investments	6,336	0
Other assets	64	5,511
Deferred offering costs	73	73
Restricted cash	163	163
Intangible assets, net	206	408
Operating lease right-of-use asset (See Note 8)	2,484	2,594
Total assets	154,856	87,810
Current liabilities:
Accounts payable	3,416	5,937
Accrued expenses	7,190	5,628
Deferred revenue, current portion	3,229	0
Other liabilities, current portion (See Note 7)	0	5,771
Operating lease liability, current portion (See Note 8)	310	282
Warrant liabilities	2,013	0
Total current liabilities	16,158	17,618
Warrant liabilities	30,090	18,644
Deferred revenue	1,140	0
Convertible debt and derivative liability (See Note 7)	11,630	11,001
Loan payable	0	34,393
Operating lease liability (See Note 8)	2,760	2,921
Total liabilities	61,778	84,577
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, authorized 5,000,000 shares as of June 30, 2023 and December 31, 2022; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value, 150,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 37,175,665 and 32,682,342 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	40	36
Additional paid-in capital	426,942	425,485
Accumulated deficit	(333,904)	(422,288)
Total stockholders' equity	93,078	3,233
Total liabilities and stockholders’ equity	$ 154,856	$ 87,810

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	37,175,665	32,682,342
Common stock, shares outstanding (in shares)	37,175,665	32,682,342

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 131,454	$ 1,323	$ 132,584	$ 2,010
Operating expenses:
Cost of product revenues	426	144	562	243
Research and development	7,040	7,131	13,875	12,980
Selling, general and administrative	7,474	15,786	12,314	30,262
Total operating expenses	14,940	23,061	26,751	43,485
Income (loss) from operations	116,514	(21,738)	105,833	(41,475)
Other (income) expense:
Amortization of debt issuance costs and discount	1,998	421	2,256	799
Interest income	(737)	(181)	(1,325)	(193)
Interest expense	1,249	1,231	2,695	2,291
Other income	0	0	0	(2)
Warrant liabilities fair value adjustment	(8,214)	(9,682)	13,459	(19,712)
Derivative liabilities fair value adjustment	(42)	(182)	364	(1,162)
Total other (income) expense	(5,746)	(8,393)	17,449	(17,979)
Income (loss) before taxes	122,260	(13,345)	88,384	(23,496)
Income tax benefit	0	0	0	(4,700)
Net income (loss)	$ 122,260	$ (13,345)	$ 88,384	$ (18,796)
Net income (loss) per share attributable to common stockholders - basic
Net income (loss) per share - basic	$ 2.56	$ (0.31)	$ 1.85	$ (0.50)
Net income (loss) per share attributable to common stockholders - diluted
Net income (loss) per share - diluted	$ 2.46	$ (0.31)	$ 1.82	$ (0.50)
Weighted average common shares outstanding – basic and diluted
Basic	47,837,393	43,285,232	47,797,731	37,647,535
Diluted	49,923,361	43,285,232	49,166,251	37,647,535
Product Revenue, Net
Revenue:
Total revenue	$ 468	$ 1,323	$ 1,598	$ 2,010
License agreement revenue
Revenue:
Total revenue	$ 130,986	$ 0	$ 130,986	$ 0

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 88,384	$ (18,796)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	304	301
Stock-based compensation expense	1,435	2,022
Accretion of investment discount	100	0
Amortization of debt issuance costs and discount	2,256	799
Change in fair value of warrant liabilities	13,459	(19,712)
Change in fair value of derivative liabilities	364	(1,162)
Noncash operating lease expense for right-of-use asset	110	104
Write off of deferred asset for commitment fees	514	0
Prepayment fee for loan payable payment	263
Changes in operating assets and liabilities:
Prepaid expenses, other assets, deferred costs, and other	(165)	(575)
License agreement receivable	(25,000)	0
License agreement contract asset	(19,249)	0
Accounts receivable	(243)	(1,350)
Inventory	(4,563)	(323)
Accounts payable, accrued expenses, deferred revenue, other liabilities, and other	(2,494)	4,123
Net cash provided by (used in) operating activities	55,475	(34,569)
Cash flows from investing activities:
Purchase of intangible assets	0	(9)
Purchase of investments	(26,941)	0
Maturity of investments	20,557	0
Net cash used in investing activities	(6,384)	(9)
Cash flows from financing activities:
Proceeds from common stock issued	4	47,153
Payments of offering costs and underwriting discounts and commissions	0	(3,352)
Proceeds from loan payable	0	5,000
Payments of loan payable issuance costs	0	(26)
Payments of loan payable	(36,383)	0
Payment of loan payable prepayment fee	(263)
Proceeds from employee stock purchase plan issuances	4	10
Repurchase of shares to satisfy tax withholdings	18	0
Net cash (used in) provided by financing activities	(36,620)	48,785
Net increase in cash, cash equivalents, and restricted cash	12,471	14,207
Cash, cash equivalents, and restricted cash at beginning of period	46,032	104,702
Cash, cash equivalents, and restricted cash at end of period	58,503	118,909
Supplemental cash flow information:
Cash paid for interest	2,828	1,930
Cash received for interest	1,434	194
Noncash financing and investing activities:
Deferred offering and issuance costs included in accounts payable and accrued expenses	0	286
Deferred offering costs reclassified to additional paid-in capital	0	77
Reclass of warrant liability to additional paid-in capital	0	71
Reclass of deferred asset associated with issuance of loan payable to debt discount	$ 0	$ 206

Description of Business and Bas

Description of Business and Basis of Preparation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Preparation	1. Description of Business and Basis of Preparation Organization SCYNEXIS, Inc. (“SCYNEXIS” or the “Company”) is a Delaware corporation formed on November 4, 1999. SCYNEXIS is a biotechnology company, headquartered in Jersey City, New Jersey, and is pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections. The Company is developing its proprietary class of enfumafungin-derived antifungal compounds (“fungerps") as broad-spectrum, systemic antifungal agents for multiple fungal indications. Ibrexafungerp is the first representative of this novel class of antifungals with additional assets from the “fungerp” family, including SCY-247, in pre-clinical stages of development. In June 2021, the U.S. Food and Drug Administration (“FDA”) approved BREXAFEMME® (ibrexafungerp tablets) for treatment of patients with vulvovaginal candidiasis (“VVC”), also known as vaginal yeast infection. In December 2022, the Company announced that the FDA approved a second indication for BREXAFEMME for the reduction in the incidence of recurrent vulvovaginal candidiasis ("RVVC"). In March 2023, the Company entered into a license agreement (the "License Agreement") with GlaxoSmithKline Intellectual Property (No. 3) Limited ("GSK") in which the Company granted GSK an exclusive (even as to the Company and its affiliates), royalty-bearing, sublicensable license for the development and commercialization of ibrexafungerp, including the approved product BREXAFEMME, for all indications, in all countries other than Greater China and certain other countries already licensed to third parties (See Note 12). The parties closed the transactions contemplated by the License Agreement in May 2023 and the Company received an upfront payment of $ 90.0 million. The Company was party to a Loan and Security Agreement, dated May 13, 2021, with Hercules Capital, Inc. ("Hercules Capital") and Silicon Valley Bridge Bank, N.A. (now a division of First Citizens Bank, “SVB”) (the "Loan Agreement"), pursuant to which Hercules Capital, SVB and each of the other lenders from time-to-time party to the Loan Agreement (collectively, the “Lenders”) loaned to the Company $ 35.0 million as of March 31, 2023. In connection with the entering into of the License Agreement, the Company entered into a First Amendment and Consent to Loan and Security Agreement with the Lenders pursuant to the Lenders consented to the Company entering into the License Agreement and the Company agreed to pay to the Lenders an amount equal to the sum of (i) all outstanding principal plus all accrued and unpaid interest with respect to the amounts loaned under the Loan Agreement, (ii) the prepayment fee payable under the Loan Agreement (approximately $ 0.3 million), (iii) the final payment payable under the Loan Agreement (approximately $ 1.4 million), and (iv) all other sums, if any, that shall have become due and payable with respect to loan advances under the Loan Agreement. Upon receipt by the Company of the $ 90.0 million upfront payment from GSK in May 2023, all amounts payable under the Loan Agreement were fully paid (see Note 7). The Company had an accumulated deficit of $ 333.9 million at June 30, 2023. The Company's capital resources primarily comprised cash and cash equivalents and investments of $ 91.9 million at June 30, 2023. While the Company believes its capital resources are sufficient to fund the Company’s on-going operations for a period of at least 12 months subsequent to the issuance of the accompanying unaudited condensed consolidated financial statements, the Company's liquidity could be materially affected over this period by: (1) its ability to raise additional capital through equity offerings, debt financings, or other non-dilutive third-party funding; (2) costs associated with new or existing strategic alliances, or licensing and collaboration arrangements; (3) negative regulatory events or unanticipated costs related to its development of ibrexafungerp; (4) its ability to successfully achieve the development, regulatory, and commercial milestones under its License Agreement with GSK and; (5) any other unanticipated material negative events or costs. One or more of these events or costs could materially affect the Company’s liquidity. If the Company is unable to meet its obligations when they become due, the Company may have to delay expenditures, reduce the scope of its research and development programs, or make significant changes to its operating plan. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and judgments include: revenue recognition including gross to net estimates and the identification of performance obligations in licensing arrangements; estimates for the relative standalone selling price and measure of progress under the input method for the License Agreement; the determination of the fair value of stock-based compensation grants; the estimate of services and effort expended by third-party research and development service providers used to recognize research and development expense; and the estimates and assumptions utilized in measuring the fair values of the warrant and derivative liabilities each reporting period. Unaudited Condensed Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”), as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or “ASC”) for interim financial information. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, and cash flows. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results for the full year or the results for any future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes set forth in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements and notes follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended December 31, 2022, except as described below. Allowance for Credit Losses The Company reviews its held-to-maturity investments for credit losses on a collective basis by major security type and in line with the Company's investment policy. As of June 30, 2023, the Company's held-to-maturity investments were in securities that are issued by the U.S. government and in corporate bonds, are highly rated, and have a history of zero credit losses. The Company reviews the credit quality of its accounts receivables by monitoring the aging of its accounts receivable, the history of write offs for uncollectible accounts, and the credit quality of its significant customers, the current economic environment/macroeconomic trends, supportable forecasts, and other relevant factors. The Company's accounts receivable are with customers that do not have a history of uncollectibility nor a history of significantly aged accounts receivables. As of June 30, 2023, the Company did no t recognize a credit loss allowance for its investments or accounts receivable. Basic and Diluted Net Income (Loss) per Share of Common Stock The Company calculates net income (loss) per common share in accordance with ASC 260, Earnings Per Share . Basic net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding during the period. Per ASC 260, Earnings Per Share, the weighted average number of common shares outstanding utilized for determining the basic net income (loss) per common share for the three and six months ended June 30, 2023 includes the outstanding pre-funded warrants to purchase 7,516,267 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering, respectively. The outstanding pre-funded warrants to purchase 11,666,667 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering were included in the three and six months ended June 30, 2022, respectively. Diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 122,260 $ ( 13,345 ) $ 88,384 $ ( 18,796 ) Dilutive effect of convertible debt 433 — 1,047 — Net income (loss) allocated to common shares $ 122,693 $ ( 13,345 ) $ 89,431 $ ( 18,796 ) Weighted average common shares outstanding – basic 47,837,393 43,285,232 47,797,731 37,647,535 Dilutive effect of convertible debt 1,138,200 — 1,138,200 — Dilutive effect of restricted stock units 947,768 — 230,320 — Weighted average common shares outstanding – diluted 49,923,361 43,285,232 49,166,251 37,647,535 Net income (loss) per share – diluted $ 2.46 $ ( 0.31 ) $ 1.82 $ ( 0.50 ) The following potentially dilutive shares of common stock and common shares that contain certain performance contingencies have not been included in the computation of diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022, as the result would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 1,970,536 2,129,002 1,970,536 2,129,002 Outstanding restricted stock units 400,000 1,024,929 400,000 1,024,929 Warrants to purchase common stock associated with March 2018 public offering – Series 2 — 798,810 — 798,810 Warrants to purchase common stock associated with December 2020 public offering - Series 2 6,800,000 6,800,000 6,800,000 6,800,000 Warrants to purchase common stock associated with April 2022 Public Offering 15,000,000 15,000,000 15,000,000 15,000,000 Warrants to purchase common stock associated with Loan Agreement 198,811 198,819 198,811 198,819 Common stock associated with March 2019 Notes — 1,138,200 — 1,138,200 Warrants to purchase common stock associated with Danforth 50,000 50,000 50,000 50,000 Total 24,419,347 27,139,760 24,419,347 27,139,760 Reclassification of Prior Year Amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”), which revised the effective dates for ASU 2016-13 for public business entities that meet the SEC definition of a smaller reporting company to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted . The Company adopted ASU 2016-13 during the three months ended March 31, 2023 and the adoption did no t materially impact the unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in and Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU 2020-06 reduce the number of accounting models for convertible debt instruments and revises certain guidance relating to the derivative scope exception and earnings per share. The amendments in ASU 2020-06 are effective for public business entities that meet the definition of a SEC filer and a smaller reporting company for fiscal years beginning after December 15, 2023, and interim periods within those years. As a smaller reporting company, the Company is currently evaluating the impact ASU 2020-06 will have on its unaudited condensed consolidated financial statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	3. Investments The following table summarizes the investments at June 30, 2023 (in thousands): Amortized Unrealized Unrealized Fair Value As of June 30, 2023 Maturities < 1 Year U.S. government securities $ 25,336 $ 3 $ ( 4 ) $ 25,335 Corporate bonds 2,301 — ( 4 ) 2,297 Total short-term investments $ 27,637 $ 3 $ ( 8 ) $ 27,632 Maturities > 1 Year Corporate bonds $ 6,336 $ — $ ( 15 ) $ 6,321 Total investments $ 6,336 $ — $ ( 15 ) $ 6,321 As of December 31, 2022 Maturities < 1 Year U.S. government securities $ 27,689 $ — $ ( 160 ) $ 27,529 Total short-term investments $ 27,689 $ — $ ( 160 ) $ 27,529 The Company carries investments at amortized cost. The fair value of the U.S. government securities investments is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The fair value of the corporate bonds is determined based on "Level 2" inputs, which consist of quoted prices for similar assets in active markets . The Company has evaluated the unrealized loss position in the U.S. government securities and corporate bonds as of the balance sheet date and did not consider it to be indicative of an other-than-temporary impairment as the securities are highly-rated and the Company expects to realize the full principal amount at maturity

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid research and development services $ 393 $ 635 Prepaid insurance 747 622 Other prepaid expenses 419 1,184 Other current assets 1,110 62 Total prepaid expenses and other current assets $ 2,669 $ 2,503

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventory	5. Inventory Inventory consisted of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 9,890 $ 5,093 Work in process 33 610 Finished goods 367 24 Total inventory $ 10,290 $ 5,727 As of June 30, 2023 and December 31, 2022, the Company’s inventory consisted of zero and $ 4.9 million, respectively, of raw materials that are not expected to be sold in one year. As of December 31, 2022, the raw materials that are not expected to be sold in one year is classified as long term within other assets on the accompanying unaudited condensed consolidated balance sheet.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2023 December 31, 2022 Accrued research and development expenses $ 1,604 $ 786 Accrued employee bonus compensation 996 1,628 Other accrued expenses 2,650 1,313 Accrued severance 20 688 Accrued co-pay rebates 832 595 Accrued other rebates 1,088 618 Total accrued expenses $ 7,190 $ 5,628

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Borrowings	7. Borrowings Loan Agreement On May 13, 2021 (the “Closing Date”), the Company entered into the Loan Agreement with Hercules and SVB for an aggregate principal amount of $ 60.0 million (the “Term Loan”). Pursuant to the Loan Agreement, the Term Loan was available to the Company in four tranches, subject to certain terms and conditions. In connection with the entering into of the License Agreement, the Company entered into a First Amendment and Consent to Loan and Security Agreement with the Lenders pursuant to which the Lenders consented to the Company entering into the License Agreement and the Company agreed to pay to the Lenders an amount equal to the sum of (i) all outstanding principal plus all accrued and unpaid interest with respect to the amounts loaned under the Loan Agreement (approximately $ 35.4 million), (ii) the prepayment fee payable under the Loan Agreement ($ 262,500 ), (iii) the final payment payable under the Loan Agreement ($ 1,382,500 ), and (iv) all other sums, if any, that shall have become due and payable with respect to loan advances under the Loan Agreement. Upon receipt by the Company of the $ 90.0 million upfront payment from GSK in May 2023, all amounts payable under the Loan Agreement were fully paid. In connection with the repayment of those amounts due, in May 2023, the Company and the Lenders executed a payoff letter confirming the amounts due under the Loan Agreement, and the Company’s confirmation that the Loan Agreement was terminated. Under the terms of the Loan Agreement, the Company received an initial tranche of $ 20.0 million from the Lenders on the closing date. The second tranche of the Term Loan, consisting of up to an additional $ 10.0 million, became available to the Company upon receipt of approval from the FDA of ibrexafungerp for the treatment of vaginal yeast infections (the “First Performance Milestone”) and was fully funded in June 2021. The third tranche of the Term Loan, consisting of an additional $ 5.0 million, became available to the Company upon (a) the First Performance Milestone and (b) the achievement of the primary endpoint from the Phase 3 study of ibrexafungerp in patients with recurrent vulvovaginal candidiasis, and was fully funded in March 2022. The Term Loan bore interest at a variable annual rate equal to the greater of (a) 9.05 % and (b) the Prime Rate (as reported in the Wall Street Journal) plus 5.80 % (the “Interest Rate”). As of December 31, 2022, the implied secured spread, risk free rate, and secured yield were 9.84 %, 4.37 %, and 14.21 %. At December 31, 2022, the fair value of the loan payable was $ 34.4 million. March 2019 Note Purchase Agreement On March 7, 2019 , the Company entered into a Senior Convertible Note Purchase Agreement (the “March 2019 Note Purchase Agreement”) with Puissance. Pursuant to the March 2019 Note Purchase Agreement, on March 7, 2019, the Company issued and sold to Puissance $ 16.0 million aggregate principal amount of its 6.0% Senior Convertible Notes due 2025 (“March 2019 Notes”), resulting in $ 14.7 million in net proceeds after deducting $ 1.3 million for an advisory fee and other issuance costs. As of June 30, 2023 and December 31, 2022, the Company’s March 2019 Notes consist of the convertible debt balance of $ 11.2 million and $ 11.0 million and the bifurcated embedded conversion option derivative liability of $ 0.4 million and $ 42,000 , respectively. In connection with the Company’s issuance of its March 2019 Notes, the Company bifurcated the embedded conversion option, inclusive of the interest make-whole provision and make-whole fundamental change provision, and recorded the embedded conversion option as a long-term derivative liability in the Company’s balance sheet in accordance with ASC 815, Derivatives and Hedging , at its initial fair value of $ 7.0 million as the interest make-whole provision is settled in shares of common stock. The convertible debt and derivative liability associated with the March 2019 Notes are presented in total on the accompanying unaudited condensed consolidated balance sheets as the convertible debt and derivative liability. The derivative liability will be remeasured at each reporting period using the binomial lattice model with changes in fair value recorded in the statements of operations in other (income) expense. For the three months ended June 30, 2023 and 2022, the Company recognized gains of $ 42,000 and $ 0.2 million, respectively, on the fair value adjustment for the derivative liability. For the six months ended June 30, 2023 and 2022, the Company recognized a loss of $ 0.4 million and a gain of $ 1.2 million, respectively, on the fair value adjustment for the derivative liability. For the three months ended June 30, 2023 and 2022, the Company recognized $ 0.3 million and $ 0.2 million in amortization of debt issuance costs and discount related to the March 2019 Notes, respectively. For the six months ended June 30, 2023 and 2022, the Company recognized $ 0.3 million and $ 0.4 million, respectively, in amortization of debt issuance costs and discount related to the March 2019 Notes. The Company estimated the fair value of the convertible debt and derivative liability for the March 2019 Notes using a binomial lattice valuation model and Level 3 inputs. At June 30, 2023 and December 31, 2022, the fair value of the convertible debt and derivative liability for the March 2019 Notes is $ 12.1 million and $ 10.8 million, respectively. The March 2019 Notes bear interest at a rate of 6.0 % per annum payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2019. The March 2019 Notes will mature on March 15, 2025 , unless earlier converted, redeemed or repurchased. The March 2019 Notes constitute general, senior unsecured obligations of the Company. Other Liabilities In February 2021, the Company partnered with Amplity for the commercial launch of BREXAFEMME for the treatment of VVC. Under the terms of the agreement with Amplity, the Company was to utilize Amplity’s commercial execution and resources for sales force, remote engagement, training, market access and select operations services. In October 2022, the Company announced that it was actively pursuing a U.S. commercialization partner to out-license BREXAFEMME in order to refocus the Company's resources on the further clinical development of ibrexafungerp for severe, hospital-based indications. As a result, the Company wound down its promotional activities associated with BREXAFEMME, while keeping BREXAFEMME on the market and available to patients. On November 30, 2022, the Company terminated the agreement with Amplity. Under the terms of the original agreement, Amplity deferred a portion of its direct service fees in the first two years (2021 and 2022) that accrued interest at an annual rate of 12.75 % (“Deferred Fees”). The Deferred Fees of $ 5.8 million as of December 31, 2022 were fully paid as of February 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Leases On March 1, 2018, the Company entered into a long-term lease agreement for approximately 19,275 square feet of office space in Jersey City, New Jersey, that the Company identified as an operating lease under ASC 842 (the “Lease”). The lease term is eleven years from August 1, 2018, the commencement date, with total lease payments of $ 7.3 million over the lease term. The Company has the option to renew for two consecutive five-year periods from the end of the first term and the Company is not reasonably certain that the option to renew the Lease will be exercised. Under the Lease, the Company furnished a security deposit in the form of a standby letter of credit in the amount of $ 0.3 million, which was reduced by fifty-five thousand dollars on the first anniversary of the commencement date. The security deposit will continue to be reduced by fifty-five thousand dollars every two years on the commencement date anniversary for eight years. The security deposit is classified as restricted cash in the accompanying unaudited condensed consolidated balance sheets. The following table summarizes certain quantitative information associated with the amounts recognized in the unaudited condensed consolidated financial statements for the Lease (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 166 $ 166 $ 332 $ 332 Variable lease cost 46 8 104 5 Total operating lease expense $ 212 $ 174 $ 436 $ 337 Cash paid for amounts included in the measurement of operating lease liability $ 177 $ 58 $ 355 $ 232 June 30, 2023 December 31, 2022 Remaining Lease term (years) 6.09 6.59 Discount rate 15 % 15 % Future minimum lease payments for the Lease as of June 30, 2023 are as follows (in thousands): June 30, 2023 2023 $ 360 2024 730 2025 744 2026 759 2027 774 Thereafter 1,256 Total $ 4,623 The presentations of the operating lease liability as of June 30, 2023 are as follows (in thousands): June 30, 2023 Present value of future minimum lease payments $ 3,070 Operating lease liability, current portion $ 310 Operating lease liability, long-term portion 2,760 Total operating lease liability $ 3,070 Difference between future minimum lease payments and discounted cash flows $ 1,553 License Arrangement with Potential Future Expenditures As of June 30, 2023, the Company had a license arrangement with Merck Sharp & Dohme Corp., or Merck, as amended, that involves potential future expenditures. Under the license arrangement, executed in May 2013, the Company exclusively licensed from Merck its rights to ibrexafungerp in the field of human health. In January 2014, Merck assigned the patents related to ibrexafungerp that it had exclusively licensed to the Company. Ibrexafungerp is the Company's lead product candidate. Pursuant to the terms of the license agreement, Merck was originally eligible to receive milestone payments from the Company that could total $ 19.0 million upon occurrence of specific events, including initiation of a Phase 2 clinical study, new drug application, and marketing approvals in each of the U.S., major European markets, and Japan. In addition, Merck is eligible to receive tiered royalties from the Company based on a percentage of worldwide net sales of ibrexafungerp. The aggregate royalties are mid- to high-single digits. In December 2014, the Company and Merck entered into an amendment to the license agreement that deferred the remittance of a milestone payment due to Merck, such that no amount would be due upon initiation of the first Phase 2 clinical trial of a product containing the ibrexafungerp compound (the “Deferred Milestone”). The amendment also increased, in an amount equal to the Deferred Milestone, the milestone payment that would be due upon initiation of the first Phase 3 clinical trial of a product containing the ibrexafungerp compound. In December 2016 and January 2018, the Company entered into second and third amendments to the license agreement with Merck which clarified what would constitute the initiation of a Phase 3 clinical trial for the purpose of milestone payment. In January 2019, a milestone payment became due to Merck as a result of the initiation of the VANISH Phase 3 VVC program and was paid in March 2019. On December 2, 2020, the Company entered into a fourth amendment to the license agreement with Merck. The amendment eliminates two cash milestone payments that the Company would have paid to Merck upon the first filing of an NDA, triggered by the FDA acceptance for filing of the Company’s NDA for ibrexafungerp for the treatment of VVC, and first marketing approval in the U.S. Such cash milestone payments would have been creditable against future royalties owed to Merck on net sales of ibrexafungerp. With the amendment, these milestones will not be paid in cash and, accordingly, credits will not accrue. Pursuant to the amendment, the Company will also forfeit the credits against future royalties that it had accrued from a prior milestone payment already paid to Merck. All other key terms of the license agreement are unchanged.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Authorized, Issued, and Outstanding Common Stock The Company’s authorized common stock has a par value of $ 0.001 per share and consists of 150,000,000 shares as of June 30, 2023, and December 31, 2022; 37,175,665 and 32,682,342 shares were issued and outstanding at June 30, 2023, and December 31, 2022, respectively. For the three and six months ended June 30, 2023, 3,787,400 and 4,150,400 of the prefunded warrants from the April 2022 public offering were exercised for total proceeds of $ 3,787 and $ 4,150 , respectively. The following table summarizes common stock share activity for the three and six months ended June 30, 2023 and 2022 (dollars in thousands): Three Months Ended June 30, 2023 Shares of Common Additional Accumulated Total Balance, March 31, 2023 33,327,627 $ 36 $ 426,214 $ ( 456,164 ) $ ( 29,914 ) Net income — — — 122,260 122,260 Stock-based compensation expense — — 728 — 728 Common stock issued, net of expenses 3,787,400 4 — — 4 Common stock issued for vested restricted stock units 60,638 — — — — Balance, June 30, 2023 37,175,665 $ 40 $ 426,942 $ ( 333,904 ) $ 93,078 Three Months Ended June 30, 2022 Shares of Common Additional Accumulated Total Balance, March 31, 2022 29,221,158 $ 32 $ 403,825 $ ( 364,930 ) $ 38,927 Net loss — — — ( 13,345 ) ( 13,345 ) Stock-based compensation expense — — 1,100 — 1,100 Common stock issued, net of expenses 3,358,333 4 18,794 — 18,798 Common stock issued for vested restricted stock units 16,912 — — — — Balance, June 30, 2022 32,596,403 $ 36 $ 423,719 $ ( 378,275 ) $ 45,480 Six Months Ended June 30, 2023 Shares of Common Additional Accumulated Total Balance, December 31, 2022 32,682,342 $ 36 $ 425,485 $ ( 422,288 ) $ 3,233 Net income — — — 88,384 88,384 Stock-based compensation expense — — 1,435 — 1,435 Common stock issued through employee stock purchase plan 2,662 — 4 — 4 Common stock issued, net of expenses 4,150,400 4 — — 4 Common stock issued for vested restricted stock units 340,261 — 18 — 18 Balance, June 30, 2023 37,175,665 $ 40 $ 426,942 $ ( 333,904 ) $ 93,078 Six Months Ended June 30, 2022 Shares of Common Additional Accumulated Total Balance, December 31, 2021 28,705,334 $ 32 $ 400,705 $ ( 359,479 ) $ 41,258 Net loss — — — ( 18,796 ) ( 18,796 ) Stock-based compensation expense — — 2,022 — 2,022 Common stock issued through employee stock purchase plan 3,120 — 10 — 10 Common stock issued, net of expenses 3,845,943 4 20,911 — 20,915 Common stock issued for vested restricted stock units 42,006 — — — — Vested Loan Agreement warrants — — 71 — 71 Balance, June 30, 2022 32,596,403 $ 36 $ 423,719 $ ( 378,275 ) $ 45,480 Shares Reserved for Future Issuance The Company had reserved shares of common stock for future issuance as follows: June 30, 2023 December 31, 2022 Outstanding stock options 1,970,536 1,740,308 Outstanding restricted stock units 2,194,251 633,270 Warrants to purchase common stock associated with March 2018 public offering – Series 2 — 798,810 Warrants to purchase common stock associated with December 2020 public offering - Series 2 6,800,000 6,800,000 Prefunded warrants to purchase common stock associated with December 2020 public offering 3,200,000 3,200,000 Warrants to purchase common stock associated with April 2022 Public Offering 15,000,000 15,000,000 Prefunded warrants to purchase common stock associated with April 2022 Public Offering 7,516,267 11,666,667 Warrants to purchase common stock associated with Loan Agreement 198,811 198,811 Warrant to purchase common stock associated with Danforth 50,000 50,000 For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance under 2014 Plan (Note 10) 504,074 712,020 For possible future issuance under employee stock purchase plan 279 — For possible future issuance under 2015 Plan (Note 10) 572,975 550,964 Total common shares reserved for future issuance 39,145,393 42,489,050 April 2022 Public Offering On April 22, 2022, the Company entered into an Equity Underwriting Agreement with Guggenheim Securities, LLC, as representative of the several underwriters, relating to the offering, issuance and sale (the “April 2022 Public Offering”) of (a) 3,333,333 shares of the Company’s common stock, par value $ 0.001 per share, (b) pre-funded warrants, in lieu of common stock, to purchase 11,666,667 shares of the Company’s common stock, par value $ 0.001 per share, and (c) warrants, which accompany the common stock or pre-funded warrants, to purchase up to an aggregate of 15,000,000 shares of the Company’s common stock. The price to the public in the April 2022 Public Offering was $ 3.00 per share of common stock and accompanying warrants, or in the case of pre-funded warrants, $ 2.999 per pre-funded warrant and accompanying warrants, which resulted in $ 41.8 million of net proceeds to the Company after deducting the underwriting discount and offering expenses. The prefunded warrants are classified as equity in accordance with ASC 815, Derivatives and Hedging , given the prefunded warrants are indexed to the Company’s own shares of common stock and meet the requirements to be classified in equity. The prefunded warrants were recorded at their relative fair value at issuance in the stockholders’ equity section of the balance sheet and the prefunded warrants are considered outstanding shares in the basic earnings per share calculation for the three and six months ended June 30, 2023 and 2022. Common Stock Purchase Agreement and Sales Agreements On April 10, 2020, the Company entered into the Common Stock Purchase Agreement with Aspire Capital (the “Common Stock Purchase Agreement”) pursuant to which the Company had the right to sell to Aspire Capital from time to time in its sole discretion up to $ 20.0 million in shares of the Company’s common stock, subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. The Common Stock Purchase Agreement expired in October 2022. During the three and six months ended June 30, 2022, the Company sold zero and 375,000 shares of its common stock and received net proceeds of zero and $ 1.5 million under the Company's Common Stock Purchase Agreement, respectively. During the three and six months ended June 30, 2023, the Company sold zero shares of its common stock under the Controlled Equity Offering SM Sales Agreements with Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co. Inc. (the “Sales Agreements”). During the three and six months ended June 30, 2022, the Company sold zero and 137,610 shares of its common stock and received net proceeds of zero and $ 0.7 million under the Company's Sales Agreements, respectively. Warrants Associated with the March 2018, December 2020, and April 2022 Public Offerings The outstanding warrants associated with the March 2018 and December 2020 public offerings contain a provision where the warrant holder has the option to receive cash, equal to the Black-Scholes fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity, requires that these warrants be classified as liabilities. The fair values of these warrants have been determined using the Black-Scholes valuation model, and the changes in the fair value are recorded in the accompanying unaudited condensed consolidated statements of operations. The outstanding warrants associated with the April 2022 public offering meet the definition of a derivative pursuant to ASC 815, Derivatives and Hedging , and do not meet the derivative scope exception given the warrants do not qualify under the indexation guidance. As a result, the April 2022 public offering warrants were initially recognized as liabilities and measured at fair value using the Black-Scholes valuation model. For the three months ended June 30, 2023 and 2022, the Company recognized gains of $ 8.2 million and $ 9.7 million , respectively, and for the six months ended June 30, 2023 and 2022, recognized a loss of $ 13.5 million and a gain of $ 19.7 million, respectively, on the warrant liabilities fair value adjustment. As of June 30, 2023 and December 31, 2022, the fair value of the warrant liabilities was $ 32.1 million and $ 18.6 million, respectively.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	10. Stock-based Compensation Pursuant to the terms of the Company’s 2014 Equity Incentive Plan (“2014 Plan”), on January 1, 2023 and 2022, the Company automatically added 1,901,960 and 1,148,213 shares to the total number shares of common stock available for future issuance under the 2014 Plan, respectively. As of June 30, 2023, there were 504,074 shares of common stock available for future issuance under the 2014 Plan. In July 2023, the Company’s board of directors amended the 2014 Employee Stock Purchase Plan (“ESPP Plan”), which was subsequently ratified by the Company’s stockholders and became effective on June 14, 2023. Common stock that may be issued under the ESPP Plan will not exceed 1,531,248 shares of common stock, which is the sum of: (i) the 4,779 shares of common stock originally approved; (ii) 26,469 shares of common stock that were added pursuant to the annual increase provision of the ESPP Plan between 2015 and 2023; and (iii) an additional 1,500,000 shares of common stock that were approved by our stockholders at the 2023 annual meeting of stockholders. 2015 Inducement Award Plan As of June 30, 2023, there were 572,975 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”). During the six months ended June 30, 2023 and 2022, there were options to purchase zero and 92,000 shares of the Company’s common stock granted under the 2015 Plan, respectively. The activity for the Company’s 2014 Plan and 2015 Plan, for the six months ended June 30, 2023, is summarized as follows: Number of Weighted- Weighted- Aggregate Outstanding — December 31, 2022 1,740,308 $ 12.21 6.16 $ — Granted 303,000 $ 1.87 Forfeited/Cancelled ( 72,772 ) $ 14.59 Outstanding — June 30, 2023 1,970,536 $ 10.53 6.42 $ 533 Exercisable — June 30, 2023 1,274,086 $ 14.48 4.99 $ 94 Vested or expected to vest — June 30, 2023 1,970,536 $ 10.53 6.42 $ 533 Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the six months ended June 30, 2023, is summarized as follows: Number of Weighted Non-vested at December 31, 2022 633,270 $ 5.29 Granted 1,929,575 $ 1.79 Vested ( 296,686 ) $ 5.06 Forfeited ( 71,908 ) $ 2.92 Non-vested at June 30, 2023 2,194,251 $ 2.32 The fair value of RSUs is based on the market price of the Company’s common stock on the date of grant. RSUs generally vest 25 % annually over a four-year period from the date of grant. Upon vesting, the RSUs generally are net share settled to cover the required withholding tax with the remaining shares issued to the holder. The Company recognizes compensation expense for such awards ratably over the corresponding vesting period. Compensation Cost The compensation cost that has been charged against income for stock awards under the 2014 Plan and the 2015 Plan was $ 0.7 million and $ 1.1 million for the three months ended June 30, 2023 and 2022, respectively, and was $1.4 million and $2.0 million for the six months ended June 30, 2023, and 2022, respectively. The total income tax benefit recognized in the statements of operations for share-based compensation arrangements was zero for each of the three and six months ended June 30, 2023 and 2022. Stock-based compensation expense related to stock options is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 301 $ 343 $ 675 $ 628 Selling, general and administrative 427 757 760 1,394 Total $ 728 $ 1,100 $ 1,435 $ 2,022

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements The carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their respective fair values due to the short-term nature of such instruments. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached as of June 30, 2023 and December 31, 2022 for financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Hierarchy Classification Balance Quoted Significant Significant June 30, 2023 Cash $ 651 $ 651 — — Restricted cash 598 598 — — Money market funds 57,254 57,254 — — Total assets $ 58,503 $ 58,503 — — Warrant liabilities $ 32,103 — — $ 32,103 Derivative liability 406 — — 406 Total liabilities $ 32,509 — — $ 32,509 December 31, 2022 Cash $ 415 $ 415 — — Restricted cash 218 218 — — Money market funds 45,399 45,399 — — Total assets $ 46,032 $ 46,032 — — Warrant liabilities $ 18,644 — — $ 18,644 Derivative liability 42 — — 42 Total liabilities $ 18,686 — — $ 18,686 The Company measures cash equivalents at fair value on a recurring basis. The fair value of cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. As of June 30, 2023, the cash and cash equivalents of $ 57.9 million and the restricted cash balances of $ 0.4 million and $ 0.2 million within short and long term on the balance sheet, respectively, sum to the total of $ 58.5 million as shown in the statement of cash flows. Level 3 financial liabilities consist of the warrant liabilities for which there is no current market such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company uses the Black-Scholes option valuation model to value the Level 3 warrant liabilities at inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, as well as volatility. The unobservable input for all of the Level 3 warrant liabilities includes volatility. The historical and implied volatility of the Company, using its closing common stock prices and market data, is utilized to reflect future volatility over the expected term of the warrants. At June 30, 2023, the range and weighted average of the Level 3 volatilities utilized in the Black-Scholes model to fair value the warrant liabilities were 80.2 % to 92.1 and 80.9 %, respectively. The Company uses the binomial lattice valuation model to value the Level 3 derivative liabilities at inception and on subsequent valuation dates. This model incorporates transaction details such as the Company’s stock price, contractual terms, dividend yield, risk-free rate, adjusted equity volatility, credit rating, market credit spread, and estimated effective yield. The unobservable inputs associated with the Level 3 derivative liabilities are adjusted equity volatility, market credit spread, and estimated yield. As of June 30, 2023, these inputs were 87.6 %, 1,274 basis points, and 17.8 %, respectively. The senior convertible notes are initially fair valued using the binomial lattice model and with the straight debt fair value calculated using the discounted cash flow method. The residual difference represents the fair value of the embedded derivative liabilities and the fair value of the embedded derivative liabilities are reassessed using the binomial lattice valuation model on a quarterly basis. A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): Warrant Liabilities Balance – December 31, 2022 $ 18,644 Loss adjustment to fair value 13,459 Balance – June 30, 2023 $ 32,103 Derivative Liability Balance – December 31, 2022 $ 42 Loss adjustment to fair value 364 Balance – June 30, 2023 $ 406

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	12. Revenue Product Revenue, Net Net product revenue was $ 0.5 million and $ 1.3 million for the three months ended June 30, 2023 and 2022, respectively, and $ 1.6 million and $ 2.0 million for the six months ended June 30, 2023 and 2022, respectively. Products are sold primarily to wholesalers and specialty pharmacies. Revenue is reduced from wholesaler list price at the time of recognition for expected chargebacks, rebates, discounts, incentives, and returns, which are referred to as gross to net (“GTN”) adjustments. These reductions are currently attributed to various commercial arrangements. Chargebacks and discounts are recognized as a reduction in accounts receivable or as accrued expenses based on their nature and settled through the issuance of credits to the customer or through cash payments to the customer, respectively. All other returns, rebates, and incentives are reflected as accrued expenses and settled through cash payments to the customer. Revenue attributed to sales to three wholesalers comprised 46 %, 26 %, and 25 % of the Company’s gross revenue for the six months ended June 30, 2023. The following table summarizes activity in each of the Company’s product revenue provision and allowance categories as of June 30, 2023 and 2022 (in thousands): Discounts and Chargebacks (1) Product Returns (2) Rebates and Incentives (3) Total Balance as of December 31, 2022 $ 255 $ 73 $ 1,213 $ 1,541 Provision related to current period revenue 773 316 2,054 3,143 Changes in estimate related to prior period revenue — 693 — 693 Credit/payments ( 708 ) ( 74 ) ( 1,347 ) ( 2,129 ) Balance as of June 30, 2023 $ 320 $ 1,008 $ 1,920 $ 3,248 Discounts and Chargebacks (1) Product Returns (2) Rebates and Incentives (3) Total Balance as of December 31, 2021 $ 249 $ 21 $ 1,110 $ 1,380 Provision related to current period revenue 709 24 2,211 2,944 Changes in estimate related to prior period revenue — — — — Credit/payments ( 516 ) — ( 2,089 ) ( 2,605 ) Balance as of June 30, 2022 $ 442 $ 45 $ 1,232 $ 1,719 (1) Discounts and chargebacks include fees for wholesaler fees, prompt pay and other discounts, and chargebacks. Discounts and chargebacks are deducted from gross revenue at the time revenues are recognized and are included as a reduction in accounts receivable or as an accrued expense based on their nature on the Company’s unaudited condensed consolidated balance sheet. (2) Provisions for product returns are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses on the Company’s unaudited condensed consolidated balance sheet. (3) Rebates and incentives include rebates and co-pay program incentives. Provisions for rebates and incentives are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses on the Company’s unaudited condensed consolidated balance sheets. License Agreement with GSK On March 30, 2023, the Company entered into a License Agreement with GSK. Pursuant to the terms of the License Agreement, the Company granted GSK an exclusive (even as to the Company and its affiliates), royalty-bearing, sublicensable license for the development, manufacture, and commercialization of ibrexafungerp, including the approved product BREXAFEMME, for all indications, in all countries other than Greater China and certain other countries already licensed to third parties (the “GSK Territory”). If the existing licenses granted to or agreements with third parties are terminated with respect to any country, GSK will have an exclusive first right to negotiate with the Company to add those additional countries to the GSK Territory. The parties closed the transactions contemplated by the License Agreement in May 2023. The Company retains rights to all other assets, with GSK receiving a right of first negotiation (“ROFN”) to any other enfumafungin-derived compounds or products that the Company may control. Under the terms of the License Agreement, the Company was entitled to a nonrefundable upfront payment of $ 90 million in May 2023. The Company is also eligible to receive potential: • regulatory approval milestone payments of up to $ 70 million; • commercial milestone payments of up to $ 115 million based on first commercial sale in invasive candidiasis (U.S./EU); • and sales milestone payments of up to $ 242.5 million based on annual net sales, with a total of $ 77.5 million to be paid upon achievement of multiple thresholds up through $200 million; a total of $ 65 million to be paid upon achievement of multiple thresholds between $300 million and $500 million; and $ 50 million to be paid at each threshold of $750 million and $1 billion. The Company is responsible for the execution and costs of the ongoing clinical studies of ibrexafungerp but has the potential to receive up to $ 75.5 million in success-based development milestones, which are comprised of up to $ 65 million for the achievement of three interim milestones associated with the Company’s continued performance of the ongoing MARIO study and $ 10.5 million for the successful completion of the MARIO study. In June 2023 , the Company earned a $ 25.0 million performance-based development milestone under the License Agreement. This milestone payment follows a development goal for the Phase 3 MARIO study for ibrexafungerp in IC as the Company continues executing ongoing ibrexafungerp trials. In the case of each of the above milestones, such milestone events are defined in the License Agreement. GSK will also pay royalties based on cumulative annual sales to the Company in the mid-single digit to mid-teen range. These royalty rates are subject to reduction, including in the event of third-party licenses, entry of a generic product, or the expiration of licensed patents. A joint development committee was established between GSK and the Company to coordinate and review ongoing development activities of ibrexafungerp. Unless earlier terminated, the License Agreement will expire on a product-by-product and country-by-country basis at the end of the royalty term for such product in such country. The Company has the right to terminate the License Agreement upon an uncured material breach by, or bankruptcy of, GSK. GSK has the right to terminate the License Agreement at any time for convenience in its entirety or on a product-by-product and country-by-country basis, upon an uncured material breach by, or bankruptcy of, the Company, or for safety reasons. The Company evaluated the License Agreement in accordance with ASC 606 as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract. The Company assessed the terms of the License Agreement and identified the following performance obligations which include: (1) the license for the development, manufacture, and commercialization of ibrexafungerp, including the approved product BREXAFEMME, in the GSK Territory, (2) the research and development activities for the MARIO study, and (3) performance obligations for the remaining research and development activities for the ongoing clinical and preclinical studies of ibrexafungerp. For the three and six months ended June 30, 2023, the Company's product revenue, net comprised of sales of BREXAFEMME that the Company sold as principal given it maintains control of BREXAFEMME product until delivery to its wholesalers at which point control is transferred. The Company considers the future potential development, regulatory, and commercial milestone payments as well as sales-based milestone and royalties to be variable consideration. The Company constrains variable consideration to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. The Company will recognize consideration related to sales-based milestone and royalties when the subsequent sales occur pursuant to the royalty exception under ASC 606 because the license is the predominant item to which the royalties or sales-based milestone relate. The total transaction price is $ 136.1 million, which included the initial payment of $ 90.0 million and $ 45.0 million in success-based development milestones. Given the uncertain nature of these payments, the remaining potential development, regulatory, and commercial milestone payments from the License Agreement are not included in the transaction price as they are determined to be fully constrained as of June 30, 2023 under ASC 606. The Company will continue to reassess the transaction price, including estimated variable consideration included in the transaction price and all constrained amounts, in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The Company allocated the $ 136.1 million transaction price based on relative stand-alone selling prices of each of the performance obligations as $ 130.1 million for the license, $ 4.8 million for the research and development activities for the MARIO study and $ 1.2 million for the remaining ongoing clinical and preclinical studies of ibrexafungerp. The Company developed the estimated standalone selling price for the license using a Monte Carlo valuation analysis and for the research and development activities, the Company's utilized the estimate of costs to be incurred to fulfill its obligations associated with the performance of the research and development activities, plus a reasonable margin. In developing this estimate for the license, the Company applied significant judgment in the determination of the significant assumptions relating to forecasted future cash flows and discount rates. As of June 30, 2023, the Company provided all necessary information to GSK for it to benefit from the license under the license term. Accordingly, for the three months and six months ended June 30, 2023, the Company recognized $ 130.1 million in license revenue at a point in time upon the transfer of the license to GSK and completion of the initial technology transfer. As of June 30, 2023, the Company recognized a $ 25.0 million receivable and a $ 19.3 million contract asset associated with the success-based milestones associated with the ongoing clinical studies of ibrexafungerp. For a limited period of time, the Company continues to sell BREXAFEMME in the GSK Territory. The Company is the principal for these transactions under ASC 606 as the Company maintains control of the BREXAFEMME inventory that is then sells to its customers. The Company recognized the revenue associated with the MARIO study and the remaining ongoing clinical and preclinical studies of ibrexafungerp over time using an input method. The input method is based on the actual costs incurred as a percentage of total budgeted costs towards satisfying the performance obligation as this method provides the most faithful depiction of the Company’s performance in transferring control of the services promised to GSK and represents the Company’s best estimate of the period of the obligation. For the three months and six months ended June 30, 2023, the Company recognized $ 0.5 million and $ 0.4 million of revenue the research and development activities associated with the MARIO study and the remaining ongoing clinical and preclinical studies of ibrexafungerp, respectively. As of June 30, 2023, there is $ 3.2 million and $ 1.1 million of current and long-term deferred revenue, respectively, which is expected to be recognized by the end of 2024. License Agreement with Hansoh In February 2021, the Company entered into an Exclusive License and Collaboration Agreement (the “Agreement”) with Hansoh (Shanghai) Health Technology Co., Ltd., and Jiangsu Hansoh Pharmaceutical Group Company Limited (collectively, “Hansoh”), pursuant to which the Company granted to Hansoh an exclusive license to research, develop and commercialize ibrexafungerp in the Greater China region, including mainland China, Hong Kong, Macau, and Taiwan (the “Territory”). The Company also granted to Hansoh a non-exclusive license to manufacture ibrexafungerp solely for development and commercialization in the Territory. For the three and six months ended June 30, 2023 and 2022, there was no license agreement revenue recognized associated with the Agreement given the variable consideration was fully constrained as of June 30, 2023 and 2022, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses The Company reviews its held-to-maturity investments for credit losses on a collective basis by major security type and in line with the Company's investment policy. As of June 30, 2023, the Company's held-to-maturity investments were in securities that are issued by the U.S. government and in corporate bonds, are highly rated, and have a history of zero credit losses. The Company reviews the credit quality of its accounts receivables by monitoring the aging of its accounts receivable, the history of write offs for uncollectible accounts, and the credit quality of its significant customers, the current economic environment/macroeconomic trends, supportable forecasts, and other relevant factors. The Company's accounts receivable are with customers that do not have a history of uncollectibility nor a history of significantly aged accounts receivables. As of June 30, 2023, the Company did no t recognize a credit loss allowance for its investments or accounts receivable.
Basic and Diluted Net Income (Loss) per Share of Common Stock	Basic and Diluted Net Income (Loss) per Share of Common Stock The Company calculates net income (loss) per common share in accordance with ASC 260, Earnings Per Share . Basic net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding during the period. Per ASC 260, Earnings Per Share, the weighted average number of common shares outstanding utilized for determining the basic net income (loss) per common share for the three and six months ended June 30, 2023 includes the outstanding pre-funded warrants to purchase 7,516,267 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering, respectively. The outstanding pre-funded warrants to purchase 11,666,667 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering were included in the three and six months ended June 30, 2022, respectively. Diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 122,260 $ ( 13,345 ) $ 88,384 $ ( 18,796 ) Dilutive effect of convertible debt 433 — 1,047 — Net income (loss) allocated to common shares $ 122,693 $ ( 13,345 ) $ 89,431 $ ( 18,796 ) Weighted average common shares outstanding – basic 47,837,393 43,285,232 47,797,731 37,647,535 Dilutive effect of convertible debt 1,138,200 — 1,138,200 — Dilutive effect of restricted stock units 947,768 — 230,320 — Weighted average common shares outstanding – diluted 49,923,361 43,285,232 49,166,251 37,647,535 Net income (loss) per share – diluted $ 2.46 $ ( 0.31 ) $ 1.82 $ ( 0.50 ) The following potentially dilutive shares of common stock and common shares that contain certain performance contingencies have not been included in the computation of diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022, as the result would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 1,970,536 2,129,002 1,970,536 2,129,002 Outstanding restricted stock units 400,000 1,024,929 400,000 1,024,929 Warrants to purchase common stock associated with March 2018 public offering – Series 2 — 798,810 — 798,810 Warrants to purchase common stock associated with December 2020 public offering - Series 2 6,800,000 6,800,000 6,800,000 6,800,000 Warrants to purchase common stock associated with April 2022 Public Offering 15,000,000 15,000,000 15,000,000 15,000,000 Warrants to purchase common stock associated with Loan Agreement 198,811 198,819 198,811 198,819 Common stock associated with March 2019 Notes — 1,138,200 — 1,138,200 Warrants to purchase common stock associated with Danforth 50,000 50,000 50,000 50,000 Total 24,419,347 27,139,760 24,419,347 27,139,760
Reclassification of Prior Year Amounts	Reclassification of Prior Year Amounts Certain prior year amounts have been reclassified for consistency with the current year presentation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) (“ASU 2019-10”), which revised the effective dates for ASU 2016-13 for public business entities that meet the SEC definition of a smaller reporting company to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted . The Company adopted ASU 2016-13 during the three months ended March 31, 2023 and the adoption did no t materially impact the unaudited condensed consolidated financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in and Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU 2020-06 reduce the number of accounting models for convertible debt instruments and revises certain guidance relating to the derivative scope exception and earnings per share. The amendments in ASU 2020-06 are effective for public business entities that meet the definition of a SEC filer and a smaller reporting company for fiscal years beginning after December 15, 2023, and interim periods within those years. As a smaller reporting company, the Company is currently evaluating the impact ASU 2020-06 will have on its unaudited condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Diluted Net Income (Loss) Per Common Share	The Company calculates net income (loss) per common share in accordance with ASC 260, Earnings Per Share . Basic net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding during the period. Per ASC 260, Earnings Per Share, the weighted average number of common shares outstanding utilized for determining the basic net income (loss) per common share for the three and six months ended June 30, 2023 includes the outstanding pre-funded warrants to purchase 7,516,267 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering, respectively. The outstanding pre-funded warrants to purchase 11,666,667 and 3,200,000 shares of common stock issued in the April 2022 public offering and December 2020 public offering were included in the three and six months ended June 30, 2022, respectively. Diluted net income (loss) per common share for the three and six months ended June 30, 2023 and 2022 was determined as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 122,260 $ ( 13,345 ) $ 88,384 $ ( 18,796 ) Dilutive effect of convertible debt 433 — 1,047 — Net income (loss) allocated to common shares $ 122,693 $ ( 13,345 ) $ 89,431 $ ( 18,796 ) Weighted average common shares outstanding – basic 47,837,393 43,285,232 47,797,731 37,647,535 Dilutive effect of convertible debt 1,138,200 — 1,138,200 — Dilutive effect of restricted stock units 947,768 — 230,320 — Weighted average common shares outstanding – diluted 49,923,361 43,285,232 49,166,251 37,647,535 Net income (loss) per share – diluted $ 2.46 $ ( 0.31 ) $ 1.82 $ ( 0.50 )
Summary of Antidilutive Securities Excluded from Computation of Weighted Average Common Stock Outstanding	The following potentially dilutive shares of common stock and common shares that contain certain performance contingencies have not been included in the computation of diluted net income (loss) per share for the three and six months ended June 30, 2023 and 2022, as the result would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 1,970,536 2,129,002 1,970,536 2,129,002 Outstanding restricted stock units 400,000 1,024,929 400,000 1,024,929 Warrants to purchase common stock associated with March 2018 public offering – Series 2 — 798,810 — 798,810 Warrants to purchase common stock associated with December 2020 public offering - Series 2 6,800,000 6,800,000 6,800,000 6,800,000 Warrants to purchase common stock associated with April 2022 Public Offering 15,000,000 15,000,000 15,000,000 15,000,000 Warrants to purchase common stock associated with Loan Agreement 198,811 198,819 198,811 198,819 Common stock associated with March 2019 Notes — 1,138,200 — 1,138,200 Warrants to purchase common stock associated with Danforth 50,000 50,000 50,000 50,000 Total 24,419,347 27,139,760 24,419,347 27,139,760

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
summary of investments	The following table summarizes the investments at June 30, 2023 (in thousands): Amortized Unrealized Unrealized Fair Value As of June 30, 2023 Maturities < 1 Year U.S. government securities $ 25,336 $ 3 $ ( 4 ) $ 25,335 Corporate bonds 2,301 — ( 4 ) 2,297 Total short-term investments $ 27,637 $ 3 $ ( 8 ) $ 27,632 Maturities > 1 Year Corporate bonds $ 6,336 $ — $ ( 15 ) $ 6,321 Total investments $ 6,336 $ — $ ( 15 ) $ 6,321 As of December 31, 2022 Maturities < 1 Year U.S. government securities $ 27,689 $ — $ ( 160 ) $ 27,529 Total short-term investments $ 27,689 $ — $ ( 160 ) $ 27,529

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid research and development services $ 393 $ 635 Prepaid insurance 747 622 Other prepaid expenses 419 1,184 Other current assets 1,110 62 Total prepaid expenses and other current assets $ 2,669 $ 2,503

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 9,890 $ 5,093 Work in process 33 610 Finished goods 367 24 Total inventory $ 10,290 $ 5,727

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, 2023 December 31, 2022 Accrued research and development expenses $ 1,604 $ 786 Accrued employee bonus compensation 996 1,628 Other accrued expenses 2,650 1,313 Accrued severance 20 688 Accrued co-pay rebates 832 595 Accrued other rebates 1,088 618 Total accrued expenses $ 7,190 $ 5,628

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Quantitative Information Associated with Amounts Recognized in Unaudited Condensed Consolidated Financial Statements for Lease	The following table summarizes certain quantitative information associated with the amounts recognized in the unaudited condensed consolidated financial statements for the Lease (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 166 $ 166 $ 332 $ 332 Variable lease cost 46 8 104 5 Total operating lease expense $ 212 $ 174 $ 436 $ 337 Cash paid for amounts included in the measurement of operating lease liability $ 177 $ 58 $ 355 $ 232 June 30, 2023 December 31, 2022 Remaining Lease term (years) 6.09 6.59 Discount rate 15 % 15 %
Future Minimum Lease Payments	Future minimum lease payments for the Lease as of June 30, 2023 are as follows (in thousands): June 30, 2023 2023 $ 360 2024 730 2025 744 2026 759 2027 774 Thereafter 1,256 Total $ 4,623
Presentation of Operating Lease Liability	The presentations of the operating lease liability as of June 30, 2023 are as follows (in thousands): June 30, 2023 Present value of future minimum lease payments $ 3,070 Operating lease liability, current portion $ 310 Operating lease liability, long-term portion 2,760 Total operating lease liability $ 3,070 Difference between future minimum lease payments and discounted cash flows $ 1,553

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Summary of Common Stock Shares Activity	The following table summarizes common stock share activity for the three and six months ended June 30, 2023 and 2022 (dollars in thousands): Three Months Ended June 30, 2023 Shares of Common Additional Accumulated Total Balance, March 31, 2023 33,327,627 $ 36 $ 426,214 $ ( 456,164 ) $ ( 29,914 ) Net income — — — 122,260 122,260 Stock-based compensation expense — — 728 — 728 Common stock issued, net of expenses 3,787,400 4 — — 4 Common stock issued for vested restricted stock units 60,638 — — — — Balance, June 30, 2023 37,175,665 $ 40 $ 426,942 $ ( 333,904 ) $ 93,078 Three Months Ended June 30, 2022 Shares of Common Additional Accumulated Total Balance, March 31, 2022 29,221,158 $ 32 $ 403,825 $ ( 364,930 ) $ 38,927 Net loss — — — ( 13,345 ) ( 13,345 ) Stock-based compensation expense — — 1,100 — 1,100 Common stock issued, net of expenses 3,358,333 4 18,794 — 18,798 Common stock issued for vested restricted stock units 16,912 — — — — Balance, June 30, 2022 32,596,403 $ 36 $ 423,719 $ ( 378,275 ) $ 45,480 Six Months Ended June 30, 2023 Shares of Common Additional Accumulated Total Balance, December 31, 2022 32,682,342 $ 36 $ 425,485 $ ( 422,288 ) $ 3,233 Net income — — — 88,384 88,384 Stock-based compensation expense — — 1,435 — 1,435 Common stock issued through employee stock purchase plan 2,662 — 4 — 4 Common stock issued, net of expenses 4,150,400 4 — — 4 Common stock issued for vested restricted stock units 340,261 — 18 — 18 Balance, June 30, 2023 37,175,665 $ 40 $ 426,942 $ ( 333,904 ) $ 93,078 Six Months Ended June 30, 2022 Shares of Common Additional Accumulated Total Balance, December 31, 2021 28,705,334 $ 32 $ 400,705 $ ( 359,479 ) $ 41,258 Net loss — — — ( 18,796 ) ( 18,796 ) Stock-based compensation expense — — 2,022 — 2,022 Common stock issued through employee stock purchase plan 3,120 — 10 — 10 Common stock issued, net of expenses 3,845,943 4 20,911 — 20,915 Common stock issued for vested restricted stock units 42,006 — — — — Vested Loan Agreement warrants — — 71 — 71 Balance, June 30, 2022 32,596,403 $ 36 $ 423,719 $ ( 378,275 ) $ 45,480
Common Stock Reserved For Future Issuances	The Company had reserved shares of common stock for future issuance as follows: June 30, 2023 December 31, 2022 Outstanding stock options 1,970,536 1,740,308 Outstanding restricted stock units 2,194,251 633,270 Warrants to purchase common stock associated with March 2018 public offering – Series 2 — 798,810 Warrants to purchase common stock associated with December 2020 public offering - Series 2 6,800,000 6,800,000 Prefunded warrants to purchase common stock associated with December 2020 public offering 3,200,000 3,200,000 Warrants to purchase common stock associated with April 2022 Public Offering 15,000,000 15,000,000 Prefunded warrants to purchase common stock associated with April 2022 Public Offering 7,516,267 11,666,667 Warrants to purchase common stock associated with Loan Agreement 198,811 198,811 Warrant to purchase common stock associated with Danforth 50,000 50,000 For possible future issuance for the conversion of the March 2019 Notes 1,138,200 1,138,200 For possible future issuance under 2014 Plan (Note 10) 504,074 712,020 For possible future issuance under employee stock purchase plan 279 — For possible future issuance under 2015 Plan (Note 10) 572,975 550,964 Total common shares reserved for future issuance 39,145,393 42,489,050

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock Option Activity	The activity for the Company’s 2014 Plan and 2015 Plan, for the six months ended June 30, 2023, is summarized as follows: Number of Weighted- Weighted- Aggregate Outstanding — December 31, 2022 1,740,308 $ 12.21 6.16 $ — Granted 303,000 $ 1.87 Forfeited/Cancelled ( 72,772 ) $ 14.59 Outstanding — June 30, 2023 1,970,536 $ 10.53 6.42 $ 533 Exercisable — June 30, 2023 1,274,086 $ 14.48 4.99 $ 94 Vested or expected to vest — June 30, 2023 1,970,536 $ 10.53 6.42 $ 533
Schedule of Restricted Stock Units ("RSU") Activity	Restricted stock unit (“RSU”) activity under the 2014 Plan and 2015 Plan for the six months ended June 30, 2023, is summarized as follows: Number of Weighted Non-vested at December 31, 2022 633,270 $ 5.29 Granted 1,929,575 $ 1.79 Vested ( 296,686 ) $ 5.06 Forfeited ( 71,908 ) $ 2.92 Non-vested at June 30, 2023 2,194,251 $ 2.32
Stock-Based Compensation Expense Related to Stock Options	Stock-based compensation expense related to stock options is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 301 $ 343 $ 675 $ 628 Selling, general and administrative 427 757 760 1,394 Total $ 728 $ 1,100 $ 1,435 $ 2,022

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Instruments Measured on a Recurring Basis	The following table summarizes the conclusions reached as of June 30, 2023 and December 31, 2022 for financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Hierarchy Classification Balance Quoted Significant Significant June 30, 2023 Cash $ 651 $ 651 — — Restricted cash 598 598 — — Money market funds 57,254 57,254 — — Total assets $ 58,503 $ 58,503 — — Warrant liabilities $ 32,103 — — $ 32,103 Derivative liability 406 — — 406 Total liabilities $ 32,509 — — $ 32,509 December 31, 2022 Cash $ 415 $ 415 — — Restricted cash 218 218 — — Money market funds 45,399 45,399 — — Total assets $ 46,032 $ 46,032 — — Warrant liabilities $ 18,644 — — $ 18,644 Derivative liability 42 — — 42 Total liabilities $ 18,686 — — $ 18,686
Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis	A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): Warrant Liabilities Balance – December 31, 2022 $ 18,644 Loss adjustment to fair value 13,459 Balance – June 30, 2023 $ 32,103 Derivative Liability Balance – December 31, 2022 $ 42 Loss adjustment to fair value 364 Balance – June 30, 2023 $ 406

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Activity in Each of Product Revenue Provision and Allowance Categories	The following table summarizes activity in each of the Company’s product revenue provision and allowance categories as of June 30, 2023 and 2022 (in thousands): Discounts and Chargebacks (1) Product Returns (2) Rebates and Incentives (3) Total Balance as of December 31, 2022 $ 255 $ 73 $ 1,213 $ 1,541 Provision related to current period revenue 773 316 2,054 3,143 Changes in estimate related to prior period revenue — 693 — 693 Credit/payments ( 708 ) ( 74 ) ( 1,347 ) ( 2,129 ) Balance as of June 30, 2023 $ 320 $ 1,008 $ 1,920 $ 3,248 Discounts and Chargebacks (1) Product Returns (2) Rebates and Incentives (3) Total Balance as of December 31, 2021 $ 249 $ 21 $ 1,110 $ 1,380 Provision related to current period revenue 709 24 2,211 2,944 Changes in estimate related to prior period revenue — — — — Credit/payments ( 516 ) — ( 2,089 ) ( 2,605 ) Balance as of June 30, 2022 $ 442 $ 45 $ 1,232 $ 1,719 (1) Discounts and chargebacks include fees for wholesaler fees, prompt pay and other discounts, and chargebacks. Discounts and chargebacks are deducted from gross revenue at the time revenues are recognized and are included as a reduction in accounts receivable or as an accrued expense based on their nature on the Company’s unaudited condensed consolidated balance sheet. (2) Provisions for product returns are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses on the Company’s unaudited condensed consolidated balance sheet. (3) Rebates and incentives include rebates and co-pay program incentives. Provisions for rebates and incentives are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses on the Company’s unaudited condensed consolidated balance sheets.

Description of Business and B_2

Description of Business and Basis of Preparation - Additional Information (Detail) - USD ($)	Jun. 30, 2023	May 31, 2023	Mar. 31, 2023	Mar. 30, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Accumulated deficit	$ (333,904,000)				$ (422,288,000)
Cash and cash equivalents and short-term investments	91,900,000
Loan Agreement Amendment
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Prepayment fee payable				$ 262,500
Upfront fee received		$ 90,000,000
Hercules Capital and Silicon Valley Bridge Bank [Member] | Loan Agreement Amendment
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Prepayment fee payable	300,000		$ 35,000,000
Final payment payable under loan agreement	$ 1,400,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Apr. 22, 2022
Subsidiary Sale Of Stock [Line Items]
Credit loss allowance of short-term investments	$ 0
Credit loss allowance of accounts receivable	$ 0
ASU 2016-13
Subsidiary Sale Of Stock [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Mar. 31, 2023
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
December 2020 Public Offering | Pre-funded Warrants
Subsidiary Sale Of Stock [Line Items]
Number of outstanding warrants issued to purchase common stock (in shares)	3,200,000	3,200,000
April 2022 Public Offering | Pre-funded Warrants
Subsidiary Sale Of Stock [Line Items]
Number of outstanding warrants issued to purchase common stock (in shares)	7,516,267	11,666,667	11,666,667

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Net income (loss)	$ 122,260	$ (13,345)	$ 88,384	$ (18,796)
Dilutive effect of convertible debt	433	0	1,047	0
Net income (loss) allocated to common shares	$ 122,693	$ (13,345)	$ 89,431	$ (18,796)
Weighted average common shares outstanding – basic	47,837,393	43,285,232	47,797,731	37,647,535
Dilutive effect of convertible debt	1,138,200	0	1,138,200	0
Dilutive effect of restricted stock units	947,768	0	230,320	0
Weighted average common shares outstanding – diluted	49,923,361	43,285,232	49,166,251	37,647,535
Net income (loss) per share - diluted	$ 2.46	$ (0.31)	$ 1.82	$ (0.50)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	24,419,347	27,139,760	24,419,347	27,139,760
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	1,970,536	2,129,002	1,970,536	2,129,002
Outstanding restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	400,000	1,024,929	400,000	1,024,929
March 2018 Public Offering Series 2 | Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	798,810	0	798,810
December 2020 Public Offering Series 2 | Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	6,800,000	6,800,000	6,800,000	6,800,000
April 2022 Public Offering | Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	15,000,000	15,000,000	15,000,000	15,000,000
Warrants to purchase common stock associated with Loan Agreement | Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	198,811	198,819	198,811	198,819
Common stock associated with March 2019 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	1,138,200	0	1,138,200
Warrants to purchase common stock associated with Danforth | Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	50,000	50,000	50,000	50,000

Investments - Summary of Short-

Investments - Summary of Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturities Less than 1 Year
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 27,637	$ 27,689
Unrealized Gains	3	0
Unrealized Losses	(8)	(160)
Fair Value	27,632	27,529
Maturities Greater than 1 Year
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	6,336
Unrealized Gains	0
Unrealized Losses	(15)
Fair Value	6,321
U.S. government securities | Maturities Less than 1 Year
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	25,336	27,689
Unrealized Gains	3	0
Unrealized Losses	(4)	(160)
Fair Value	25,335	$ 27,529
Corporate bonds
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	6,336
Unrealized Gains	0
Unrealized Losses	(15)
Fair Value	6,321
Corporate bonds | Maturities Less than 1 Year
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	2,301
Unrealized Gains	0
Unrealized Losses	(4)
Fair Value	$ 2,297

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development services	$ 393	$ 635
Prepaid insurance	747	622
Other prepaid expenses	419	1,184
Other current assets	1,110	62
Total prepaid expenses and other current assets	$ 2,669	$ 2,503

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 9,890	$ 5,093
Work in process	33	610
Finished goods	367	24
Total inventory	$ 10,290	$ 5,727

Inventory - Additional Informat

Inventory - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Assets
Inventory [Line Items]
Raw material classified as long term	$ 0	$ 4.9

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 1,604	$ 786
Accrued employee bonus compensation	996	1,628
Other accrued expenses	2,650	1,313
Accrued severance	20	688
Accrued co-pay rebates	832	595
Accrued other rebates	1,088	618
Total accrued expenses	$ 7,190	$ 5,628

Borrowings - Additional Informa

Borrowings - Additional Information (Detail)			1 Months Ended	3 Months Ended		6 Months Ended
	May 13, 2021 USD ($) Tranche	Mar. 07, 2019 USD ($)	Feb. 28, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding principal plus all accrued and unpaid interest amount payable to lenders				$ 0		$ 0			$ 34,393,000
Amortization of debt issuance costs and discount				1,998,000	$ 421,000	2,256,000	$ 799,000
Deferred fees, fully paid			$ 5,800,000
Other Liabilities
Debt Instrument [Line Items]
Interest rate, deferred fees									12.75%	12.75%
Loan and Security Agreement
Debt Instrument [Line Items]
Fair value of loan payable									$ 34,400,000
Loan and Security Agreement | Level 3 Inputs | Secured Spread
Debt Instrument [Line Items]
Debt instrument, measurement input									9.84
Loan and Security Agreement | Level 3 Inputs | Risk Free Rate
Debt Instrument [Line Items]
Debt instrument, measurement input									4.37
Loan and Security Agreement | Level 3 Inputs | Secured Yield
Debt Instrument [Line Items]
Debt instrument, measurement input									14.21
Loan Agreement Amendment
Debt Instrument [Line Items]
Prepayment fee payable								$ 262,500
Final payment payable under loan agreement								1,382,500
Loan Agreement Amendment | GlaxoSmithKline Intellectual Property
Debt Instrument [Line Items]
Upfront payment	$ 90,000,000
Loan Agreement Amendment | Hercules Capital Incorporated And Silicon Valley Bank And Other Lenders
Debt Instrument [Line Items]
Outstanding principal plus all accrued and unpaid interest amount payable to lenders								$ 35,400,000
Term Loan | Loan and Security Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	9.05%
Term Loan | Loan and Security Agreement | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	5.80%
Term Loan | Loan and Security Agreement | Hercules Capital Inc. and Silicon Valley Bank
Debt Instrument [Line Items]
Number of available tranches | Tranche	4
Term Loan | Loan Agreement Amendment
Debt Instrument [Line Items]
Face amount	$ 60,000,000
Initial Tranche of Term Loan | Loan and Security Agreement
Debt Instrument [Line Items]
Additional borrowing amount available	20,000,000
Second Tranche of Term Loan | Loan and Security Agreement
Debt Instrument [Line Items]
Additional borrowing amount available	10,000,000
Third Tranche of Term Loan | Loan and Security Agreement
Debt Instrument [Line Items]
Additional borrowing amount available	$ 5,000,000
Senior Convertible Note Purchase Agreement
Debt Instrument [Line Items]
Face amount		$ 16,000,000
Notes maturity date		Mar. 15, 2025
Date of issuance and sale of notes		Mar. 07, 2019
Proceeds from debt, net of issuance costs		$ 14,700,000
Payment of debt issuance costs		$ 1,300,000
Senior convertible notes				11,200,000		11,200,000			$ 11,000,000
Bifurcated embedded conversion option derivative liability				400,000		400,000			42,000,000
Derivative, fair value				7,000,000		7,000,000
Gain (loss) on fair value adjustment of derivative liability				42,000,000	200,000	(400,000)	1,200,000
Amortization of debt issuance costs and discount				300,000	$ 200,000	300,000	$ 400,000
Fair value of convertible debt and derivative liability				$ 12,100,000		$ 12,100,000			$ 10,800,000
Interest rate		6%
Payment terms						The March 2019 Notes bear interest at a rate of 6.0% per annum payable semiannually in arrears on March 15 and September 15 of each year, beginning September 15, 2019. The March 2019 Notes will mature on March 15, 2025, unless earlier converted, redeemed or repurchased.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)		3 Months Ended		6 Months Ended
	Mar. 01, 2018 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Commitment And Contingencies [Line Items]
Long-term lease agreement, area of office space | ft²	19,275
Lease term	11 years
Total lease payments	$ 7,300,000	$ 177,000	$ 58,000	$ 355,000	$ 232,000
Lessee, operating lease, existence of option to extend	true
Renewal term	5 years
Renewal term, description				The Company has the option to renew for two consecutive five-year periods from the end of the first term and the Company is not reasonably certain that the option to renew the Lease will be exercised. Under the Lease, the Company furnished a security deposit in the form of a standby letter of credit in the amount of $0.3 million, which was reduced by fifty-five thousand dollars on the first anniversary of the commencement date. The security deposit will continue to be reduced by fifty-five thousand dollars every two years on the commencement date anniversary for eight years.
Security deposit in the form of a standby letter of credit	$ 300,000
Decrease in security deposit	$ 55,000
Maximum
Commitment And Contingencies [Line Items]
Milestone payments from the Company				$ 19,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Quantitative Information Associated with Amounts Recognized in Unaudited Condensed Consolidated Financial Statements for Lease (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 01, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost		$ 166	$ 166	$ 332	$ 332
Variable lease cost		46	8	104	5
Total operating lease expense		212	174	436	337
Total lease payments	$ 7,300	$ 177	$ 58	$ 355	$ 232
Remaining Lease term (years)		6 years 1 month 2 days		6 years 1 month 2 days		6 years 7 months 2 days
Discount rate		15%		15%		15%

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Lease Payments (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 360
2024	730
2025	744
2026	759
2027	774
Thereafter	1,256
Total	$ 4,623

Commitments and Contingencies_4

Commitments and Contingencies - Presentation of Operating Lease Liability (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Present value of future minimum lease payments	$ 3,070
Operating lease liability, current portion	310	$ 282
Operating lease liability, long-term portion	2,760	$ 2,921
Total operating lease liability	3,070
Difference between future minimum lease payments and discounted cash flows	$ 1,553

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)			3 Months Ended		6 Months Ended
	Apr. 22, 2022	Apr. 10, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Capitalization Equity [Line Items]
Common stock, par value (in dollars per share)			$ 0.001		$ 0.001			$ 0.001
Common stock, shares authorized (in shares)			150,000,000		150,000,000			150,000,000
Common stock, shares issued (in shares)			37,175,665		37,175,665			32,682,342
Common stock, shares outstanding (in shares)			37,175,665		37,175,665			32,682,342
Proceeds from common stock issued					$ 4,000	$ 47,153,000
Warrant liabilities fair value adjustment			$ (8,214,000)	$ (9,682,000)	13,459,000	$ (19,712,000)
Warrant liabilities			$ 32,100,000		$ 32,100,000			$ 18,600,000
Common Stock
Schedule Of Capitalization Equity [Line Items]
Common stock, shares outstanding (in shares)			37,175,665	32,596,403	37,175,665	32,596,403	33,327,627	32,682,342	29,221,158	28,705,334
Common stock issued, net of expenses (in shares)			3,787,400	3,358,333	4,150,400	3,845,943
Cantor Fitzgerald & Co. and Ladenburg Thalmann & Co. Inc. | Sales Agreement
Schedule Of Capitalization Equity [Line Items]
Common stock issued, net of expenses (in shares)			0	0	0	137,610
Proceeds from common stock issued				$ 0		$ 700,000
Aspire Capital | Common Stock Purchase Agreement
Schedule Of Capitalization Equity [Line Items]
Common stock issued, net of expenses (in shares)				0		375,000
Proceeds from common stock issued				$ 0		$ 1,500,000
Maximum | Aspire Capital | Common Stock Purchase Agreement
Schedule Of Capitalization Equity [Line Items]
Sale of common stock at sole discretion		$ 20,000,000
April 2022 Public Offering
Schedule Of Capitalization Equity [Line Items]
Common stock issued, net of expenses (in shares)	3,333,333
Pre-funded warrants were exercised for proceeds			$ 3,787,000		$ 4,150,000
Proceeds from common stock issued	$ 41,800,000
April 2022 Public Offering | Pre-funded Warrants
Schedule Of Capitalization Equity [Line Items]
Common stock, par value (in dollars per share)	$ 0.001
Common stock issued, net of expenses (in shares)			3,787,400		4,150,400
Number of warrants issued to purchase common stock (in shares)	11,666,667		7,516,267	11,666,667	7,516,267	11,666,667
Public offering price	$ 2.999
April 2022 Public Offering | Common Stock
Schedule Of Capitalization Equity [Line Items]
Public offering price	$ 3
April 2022 Public Offering | Maximum | Warrant [Member]
Schedule Of Capitalization Equity [Line Items]
Number of warrants issued to purchase common stock (in shares)	15,000,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Shares Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock Outstanding Roll Forward [Roll Forward]
Beginning balance	$ (29,914)	$ 38,927	$ 3,233	$ 41,258
Beginning balance (in shares)			32,682,342
Net income (loss)	122,260	(13,345)	$ 88,384	(18,796)
Stock-based compensation expense	728	1,100	1,435	2,022
Common stock issued through employee stock purchase plan			4	10
Common stock issued, net of expenses	4	18,798	4	20,915
Common stock issued for vested restricted stock units	0	0	18	0
Vested Loan Agreement warrants				71
Ending balance	$ 93,078	45,480	$ 93,078	45,480
Ending balance (in shares)	37,175,665		37,175,665
Common Stock
Common Stock Outstanding Roll Forward [Roll Forward]
Beginning balance	$ 36	$ 32	$ 36	$ 32
Beginning balance (in shares)	33,327,627	29,221,158	32,682,342	28,705,334
Net income (loss)	$ 0	$ 0	$ 0	$ 0
Stock-based compensation expense	0	0	0	0
Common stock issued through employee stock purchase plan			$ 0	$ 0
Common stock issued through employee stock purchase (in shares)			2,662	3,120
Common stock issued, net of expenses	$ 4	$ 4	$ 4	$ 4
Common stock issued, net of expenses (in shares)	3,787,400	3,358,333	4,150,400	3,845,943
Common stock issued for vested restricted stock units	$ 0	$ 0	$ 0	$ 0
Common stock issued for vested restricted stock units (in shares)	60,638	16,912	340,261	42,006
Vested Loan Agreement warrants				$ 0
Ending balance	$ 40	$ 36	$ 40	$ 36
Ending balance (in shares)	37,175,665	32,596,403	37,175,665	32,596,403
Additional Paid-in Capital
Common Stock Outstanding Roll Forward [Roll Forward]
Beginning balance	$ 426,214	$ 403,825	$ 425,485	$ 400,705
Net income (loss)	0	0	0	0
Stock-based compensation expense	728	1,100	1,435	2,022
Common stock issued through employee stock purchase plan			4	10
Common stock issued, net of expenses	0	18,794	0	20,911
Common stock issued for vested restricted stock units	0	0	18	0
Vested Loan Agreement warrants				71
Ending balance	426,942	423,719	426,942	423,719
Accumulated Deficit
Common Stock Outstanding Roll Forward [Roll Forward]
Beginning balance	(456,164)	(364,930)	(422,288)	(359,479)
Net income (loss)	122,260	(13,345)	88,384	(18,796)
Stock-based compensation expense	0	0	0	0
Common stock issued through employee stock purchase plan			0	0
Common stock issued, net of expenses	0	0	0	0
Common stock issued for vested restricted stock units	0	0	0	0
Vested Loan Agreement warrants				0
Ending balance	$ (333,904)	$ (378,275)	$ (333,904)	$ (378,275)

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Reserved Shares of Common Stock for Future Issuance (Detail) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common shares reserved for future issuance	39,145,393	42,489,050
Stock options
Class of Stock [Line Items]
Common shares reserved for future issuance	1,970,536	1,740,308
Restricted Stock Units
Class of Stock [Line Items]
Common shares reserved for future issuance	2,194,251	633,270
Warrant | March 2018 Public Offering
Class of Stock [Line Items]
Common shares reserved for future issuance	0	798,810
Warrant | December 2020 Public Offering Series 2
Class of Stock [Line Items]
Common shares reserved for future issuance	6,800,000	6,800,000
Warrant | Prefunded Warrants to Purchase Common Stock Associated with December 2020 Public Offering
Class of Stock [Line Items]
Common shares reserved for future issuance	3,200,000	3,200,000
Warrant | Warrants to Purchase Common Stock Associated With April 2022 Public Offering
Class of Stock [Line Items]
Common shares reserved for future issuance	15,000,000	15,000,000
Warrant | April 2022 Public Offering
Class of Stock [Line Items]
Common shares reserved for future issuance	7,516,267	11,666,667
Warrant | Warrant to purchase common stock associated with Danforth
Class of Stock [Line Items]
Common shares reserved for future issuance	50,000	50,000
Warrant | Warrants to purchase common stock associated with Loan Agreement
Class of Stock [Line Items]
Common shares reserved for future issuance	198,811	198,811
March 2019 Notes
Class of Stock [Line Items]
Common shares reserved for future issuance	1,138,200	1,138,200
2014 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common shares reserved for future issuance	279	0
2014 Plan
Class of Stock [Line Items]
Common shares reserved for future issuance	504,074	712,020
2015 Plan
Class of Stock [Line Items]
Common shares reserved for future issuance	572,975	550,964

Stock-based Compensation - 2014

Stock-based Compensation - 2014 Equity Incentive Plan (Detail) - 2014 Equity Incentive Plan - shares	Jan. 01, 2023	Jan. 01, 2022	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	1,901,960	1,148,213
Possible future issuance under equity compensation plan (in shares)			504,074

Stock-based Compensation - 20_2

Stock-based Compensation - 2014 Employee Stock Purchase Plan (Details) - Subsequent Event - 2014 Employee Stock Purchase Plan	1 Months Ended
	Jul. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized under the plan (in shares)	1,531,248
Number of shares increase in annual provision	26,469
Share-based compensation arrangement by share-based payment award, number of additional shares authorized	1,500,000
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized under the plan (in shares)	4,779

Stock-based Compensation - 2015

Stock-based Compensation - 2015 Inducement Award Plan (Detail) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option to purchase (shares)	303,000
2015 Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Possible future issuance under equity compensation plan (in shares)	572,975
Option to purchase (shares)	0	92,000

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2023
Number of Shares
Beginning balance - Outstanding (shares)	1,740,308
Granted (shares)	303,000
Forfeited/Cancelled (shares)	(72,772)
Ending balance - Outstanding (shares)	1,970,536	1,740,308
Exercisable (shares)	1,274,086
Vested or expected to vest (shares)			1,970,536
Weighted- Average Exercise Price
Beginning balance - Outstanding (in dollars per share)	$ 12.21
Granted (in dollars per share)	1.87
Forfeited/Cancelled (in dollars per share)	14.59
Ending balance - Outstanding (in dollars per share)	10.53	$ 12.21
Exercisable (in dollars per share)	14.48
Vested or expected to vest (in dollars per share)	$ 10.53
Weighted- Average Remaining Contractual Life (in years)
Balance - Outstanding	6 years 5 months 1 day	6 years 1 month 28 days
Exercisable	4 years 11 months 26 days
Vested or expected to vest	6 years 5 months 1 day
Aggregate Intrinsic Value ($000)
Balance - Outstanding	$ 533	$ 0
Exercisable	94
Vested and expected to vest	$ 533

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Restricted Stock Units ("RSU") Activity (Detail) - Outstanding restricted stock units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Beginning balance - Outstanding (shares) | shares	633,270
Options granted in period (shares) | shares	1,929,575
Vested (shares) | shares	(296,686)
Forfeited (shares) | shares	(71,908)
Ending balance - Outstanding (shares) | shares	2,194,251
Weighted Average Grant Date Fair Value Per Share
Beginning balance - Outstanding (in dollars per share) | $ / shares	$ 5.29
Granted (in dollars per share) | $ / shares	1.79
Vested (in dollars per share) | $ / shares	5.06
Forfeited (in dollars per share) | $ / shares	2.92
Ending balance - Outstanding (in dollars per share) | $ / shares	$ 2.32
Vesting percentage	25%
Vesting period of options	4 years

Stock-based Compensation - Comp

Stock-based Compensation - Compensation Cost (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 728,000	$ 1,100,000	$ 1,435,000	$ 2,022,000
Tax benefit from compensation expense	$ 0			$ 0

Stock-based Compensation - St_2

Stock-based Compensation - Stock-Based Compensation Expense Related to Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 728	$ 1,100	$ 1,435	$ 2,022
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	301	343	675	628
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 427	$ 757	$ 760	$ 1,394

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Measured on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	$ 58,503	$ 46,032
Fair value of financial liabilities	32,509	18,686
Warrant liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	32,103	18,644
Derivative liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	406	42
Cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	651	415
Restricted cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	598	218
Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	57,254	45,399
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	58,503	46,032
Fair value of financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Warrant liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	651	415
Quoted Prices in Active Markets for Identical Assets (Level 1) | Restricted cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	598	218
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	57,254	45,399
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Fair value of financial liabilities	0	0
Significant Other Observable Inputs (Level 2) | Warrant liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	0	0
Significant Other Observable Inputs (Level 2) | Derivative liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	0	0
Significant Other Observable Inputs (Level 2) | Cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Significant Other Observable Inputs (Level 2) | Restricted cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Significant Other Observable Inputs (Level 2) | Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Fair value of financial liabilities	32,509	18,686
Significant Unobservable Inputs (Level 3) | Warrant liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	32,103	18,644
Significant Unobservable Inputs (Level 3) | Derivative liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial liabilities	406	42
Significant Unobservable Inputs (Level 3) | Cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Significant Unobservable Inputs (Level 3) | Restricted cash
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	0	0
Significant Unobservable Inputs (Level 3) | Money market funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Measurements, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	$ 58,503	$ 46,032
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	57,900
Short term restricted cash balance	400
Long term restricted cash balance	200
Fair value of financial assets	$ 58,503	46,032
Significant Unobservable Inputs (Level 3) | Stock Price Volatility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative liabilities, unobservable inputs rate	87.6
Significant Unobservable Inputs (Level 3) | Stock Price Volatility | Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Warrant liabilities, stock price volatility rate	80.2
Significant Unobservable Inputs (Level 3) | Stock Price Volatility | Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Warrant liabilities, stock price volatility rate	92.1
Significant Unobservable Inputs (Level 3) | Stock Price Volatility | Weighted Average
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Warrant liabilities, stock price volatility rate	80.9
Significant Unobservable Inputs (Level 3) | Market Credit Spread
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative liabilities, unobservable inputs rate	1,274
Significant Unobservable Inputs (Level 3) | Estimated Yield
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative liabilities, unobservable inputs rate	17.8
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of financial assets	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Warrant
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 18,644
Loss adjustment to fair value	13,459
Ending balance	32,103
Derivative liabilities
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	42
Loss adjustment to fair value	364
Ending balance	$ 406

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Net product revenue			$ 131,454,000	$ 1,323,000	$ 132,584,000	$ 2,010,000
License agreement receivable		$ 25,000,000	25,000,000		25,000,000		$ 0
Deferred revenue, current portion		3,229,000	3,229,000		3,229,000		0
Deferred revenue, long term		1,140,000	1,140,000		1,140,000		$ 0
Product Revenue, Net
Disaggregation Of Revenue [Line Items]
Net product revenue			468,000	1,323,000	1,598,000	$ 2,010,000
GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
License agreement receivable		25,000,000	25,000,000		25,000,000
License agreement contract asset		19,300,000	19,300,000		19,300,000
License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Success-based development milestones receivable	$ 45,000,000
Revenue recognized			500,000
Non refundable upfront payment received	90,000,000
Total transaction price	136,100,000
Payment of transaction price	90,000,000
License transfer performance obligation revenue	130,100,000		130,100,000		130,100,000
Research and development activity	4,800,000
Ongoing clinical and preclinical studies	1,200,000
License Agreement | GlaxoSmithKline Intellectual Property | License Transfer
Disaggregation Of Revenue [Line Items]
Revenue recognized					$ 400,000
Exclusive License And Collaboration Agreement
Disaggregation Of Revenue [Line Items]
Revenue recognized			$ 0	$ 0
Achivement of Threshold Upto 200 Million | License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Sales milestone payable upon achievement of threshold limit	77,500,000
Achivement of Threshold Upto 300 million to 500 Million | License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Sales milestone payable upon achievement of threshold limit	65,000,000
Achivement of Threshold Upto 750 million to 1 Billion | License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Sales milestone payable upon achievement of threshold limit	50,000,000
Successful Completion of Mario Study | License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Success-based development milestones receivable	10,500,000
Performance-based development milestones receivable		$ 25,000,000
Maximum | License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Regulatory milestone payments receivable	70,000,000
Commercial milestones payments receivable	115,000,000
Sales milestone payments receivable	242,500,000
Success-based development milestones receivable	75,500,000
Maximum | Achivement of Three Interim Milestone of Ongoing Mario Study | License Agreement | GlaxoSmithKline Intellectual Property
Disaggregation Of Revenue [Line Items]
Success-based development milestones receivable	$ 65,000,000
Sales Revenue Net | Customer Concentration Risk | Wholesaler One
Disaggregation Of Revenue [Line Items]
Percentage of gross revenue					46%
Sales Revenue Net | Customer Concentration Risk | Wholesaler Two
Disaggregation Of Revenue [Line Items]
Percentage of gross revenue					26%
Sales Revenue Net | Customer Concentration Risk | Wholesaler Three
Disaggregation Of Revenue [Line Items]
Percentage of gross revenue					25%

Revenue - Summary of Activity i

Revenue - Summary of Activity in Each of Product Revenue Provision and Allowance Categories (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Balance	$ 1,541	$ 1,380
Provision related to current period revenue	3,143	2,944
Changes in estimate related to prior period revenue	693	0
Credit/payments	(2,129)	(2,605)
Balance	3,248	1,719
Discounts and Chargebacks
Disaggregation Of Revenue [Line Items]
Balance	255	249
Provision related to current period revenue	773	709
Changes in estimate related to prior period revenue	0	0
Credit/payments	(708)	(516)
Balance	320	442
Product Returns
Disaggregation Of Revenue [Line Items]
Balance	73	21
Provision related to current period revenue	316	24
Changes in estimate related to prior period revenue	693	0
Credit/payments	(74)	0
Balance	1,008	45
Rebates and Incentives
Disaggregation Of Revenue [Line Items]
Balance	1,213	1,110
Provision related to current period revenue	2,054	2,211
Changes in estimate related to prior period revenue	0	0
Credit/payments	(1,347)	(2,089)
Balance	$ 1,920	$ 1,232