Alimera Sciences (ALIM) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Transition Report	false
Entity File Number	001-34703
Entity Registrant Name	Alimera Sciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0028718
Entity Address, Address Line One	6310 Town Square
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Alpharetta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30005
City Area Code	678
Local Phone Number	990-5740
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ALIM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	false
Entity Shell Company	false
Entity common stock, shares outstanding (in shares)		7,002,961
Entity Central Index Key	0001267602
Amendment Flag	false
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 9,946	$ 16,510
Restricted cash	33	34
Accounts receivable, net	18,776	19,128
Prepaid expenses and other current assets	3,546	3,809
Inventory	2,452	2,679
Total current assets	34,753	42,160
NON-CURRENT ASSETS:
Property and equipment, net	2,719	2,783
Right of use assets, net	1,624	1,710
Intangible asset, net	10,419	10,897
Deferred tax asset	134	137
Warrant asset	282	833
TOTAL ASSETS	49,931	58,520
CURRENT LIABILITIES:
Accounts payable	6,604	8,706
Accrued expenses	3,046	3,617
Notes payable	7,105
Finance lease obligations	251	269
Total current liabilities	17,006	12,592
NON-CURRENT LIABILITIES:
Notes payable, net of discount	36,245	43,080
Other non-current liabilities	5,283	5,453
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ DEFICIT:
Common stock, $.01 par value — 150,000,000 shares authorized, 6,992,654 shares issued and outstanding at March 31, 2022 and 6,935,154 shares issued and outstanding at December 31, 2021	70	69
Additional paid-in capital	377,541	377,229
Accumulated deficit	(403,236)	(397,281)
Accumulated other comprehensive loss	(2,205)	(1,849)
TOTAL STOCKHOLDERS’ DEFICIT	(8,603)	(2,605)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	49,931	58,520
Series A convertible preferred stock [Member]
STOCKHOLDERS’ DEFICIT:
Preferred stock, $.01 par value — 10,000,000 shares authorized at March 31, 2022 and December 31, 2021: Series A Convertible Preferred Stock, 1,300,000 authorized and 600,000 issued and outstanding at March 31, 2022 and December 31, 2021; liquidation preference of $24,000 at March 31, 2022 and December 31, 2021	$ 19,227	$ 19,227

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	6,992,654	6,935,154
Common stock, shares outstanding (in shares)	6,992,654	6,935,154
Series A convertible preferred stock [Member]
Preferred stock, shares authorized (in shares)	1,300,000	1,300,000
Preferred stock, shares issued (in shares)	600,000	600,000
Preferred stock, shares outstanding (in shares)	600,000	600,000
Preferred stock, liquidation preference	$ 24,000	$ 24,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements Of Operations [Abstract]
PRODUCT REVENUE, NET	$ 11,898	$ 11,214
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION	(1,680)	(1,562)
GROSS PROFIT	10,218	9,652
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES	3,583	3,213
GENERAL AND ADMINISTRATIVE EXPENSES	3,240	3,413
SALES AND MARKETING EXPENSES	6,853	4,818
DEPRECIATION AND AMORTIZATION	689	638
OPERATING EXPENSES	14,365	12,082
LOSS FROM OPERATIONS	(4,147)	(2,430)
INTEREST EXPENSE AND OTHER	(1,364)	(1,343)
UNREALIZED FOREIGN CURRENCY GAIN, NET	108	125
CHANGE IN FAIR VALUE OF WARRANT ASSET	(552)
NET LOSS	$ (5,955)	$ (3,648)
NET LOSS PER SHARE — Basic and diluted	$ (0.85)	$ (0.63)
WEIGHTED AVERAGE SHARES OUTSTANDING — Basic and Diluted	6,990,737	5,755,424

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements Of Comprehensive Loss [Abstract]
NET LOSS	$ (5,955)	$ (3,648)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustments	(356)	(597)
TOTAL OTHER COMPREHENSIVE LOSS	(356)	(597)
COMPREHENSIVE LOSS	$ (6,311)	$ (4,245)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (5,955)	$ (3,648)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	689	638
Unrealized foreign currency transaction gain, net	(108)	(125)
Amortization of debt discount and deferred financing costs	271	240
Stock-based compensation expense	312	262
Change in fair value of warrant asset	552
Changes in assets and liabilities:
Accounts receivable	184	1,335
Prepaid expenses and other current assets	265	(35)
Inventory	203	106
Accounts payable	(1,992)	(1,003)
Accrued expenses and other current liabilities	(541)	(259)
Other long-term liabilities	(93)	(12)
Net cash used in operating activities	(6,213)	(2,501)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(149)	(84)
Net cash used in investing activities	(149)	(84)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance lease obligations	(62)	(57)
Net cash used in financing activities	(62)	(57)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(141)	(299)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(6,565)	(2,941)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	16,544	11,242
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — End of period	9,979	8,301
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	1,061	1,061
Cash paid for income taxes	18	4
Supplemental schedule of non-cash investing and financing activities:
Note payable end of term payment accrued but unpaid	$ 2,250	$ 2,250

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Changes in Shareholders' Deficit - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]Series A convertible preferred stock [Member]	Additional Paid-In Capital [Member]	Common Stock Warrants [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Beginning balance (in shares) at Dec. 31, 2020	5,719,367	600,000
Beginning balance at Dec. 31, 2020	$ 57	$ 19,227	$ 365,830	$ 370	$ (392,909)	$ (553)	$ (7,978)
Issuance of common stock, net of issuance costs (in shares)	45,000
Issuance of common stock, net of issuance costs	$ 1						$ 1
Stock option exercises (in shares)	58						58
Forfeitures of restricted stock (in shares)	(10,933)
Stock-based compensation expense			262				$ 262
Net loss					(3,648)		(3,648)
Foreign currency translation adjustments						(597)	(597)
Ending balance (in shares) at Mar. 31, 2021	5,753,492	600,000
Ending balance at Mar. 31, 2021	$ 58	$ 19,227	366,092	$ 370	(396,557)	(1,150)	(11,960)
Beginning balance (in shares) at Dec. 31, 2021	6,935,154	600,000
Beginning balance at Dec. 31, 2021	$ 69	$ 19,227	377,229		(397,281)	(1,849)	(2,605)
Issuance of common stock, net of issuance costs (in shares)	57,500
Issuance of common stock, net of issuance costs	$ 1						$ 1
Stock option exercises (in shares)
Stock-based compensation expense			312				$ 312
Net loss					(5,955)		(5,955)
Foreign currency translation adjustments						(356)	(356)
Ending balance (in shares) at Mar. 31, 2022	6,992,654	600,000
Ending balance at Mar. 31, 2022	$ 70	$ 19,227	$ 377,541		$ (403,236)	$ (2,205)	$ (8,603)

Nature Of Operations

Nature Of Operations	3 Months Ended
	Mar. 31, 2022
Nature Of Operations [Abstract]
Nature Of Operations	1. NATURE OF OPERATIONS Alimera Sciences, Inc., together with its wholly owned subsidiaries (the Company), is a pharmaceutical company that specializes in the commercialization and development of ophthalmic pharmaceuticals. The Company was formed on June 4, 2003 under the laws of the State of Delaware. The Company presently focuses on diseases affecting the retina, because the Company believes these diseases are not well treated with current therapies and affect millions of people globally. The Company’s only product is ILUVIEN ® (fluocinolone acetonide intravitreal implant) 0.19 mg, which has received marketing authorization and reimbursement in 24 countries for the treatment of diabetic macular edema (DME). In the U.S. and certain other countries outside Europe, ILUVIEN is indicated for the treatment of DME in patients who have been previously treated with a course of corticosteroids and did not have a clinically significant rise in intraocular pressure. In 17 countries in Europe, ILUVIEN is indicated for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies. In addition, ILUVIEN has received marketing authorization in 17 European countries and reimbursement in five countries for the prevention of relapse in recurrent non-infectious uveitis affecting the posterior segment (NIU-PS). The Company markets ILUVIEN directly in the U.S., Germany, the U.K., Portugal and Ireland, and has made ILUVIEN available in the Nordic Region (Denmark, Finland, Norway and Sweden) with the support of an exclusive wholesaler. In addition, the Company has entered into various agreements under which distributors are providing or will provide regulatory, reimbursement and sales and marketing support for ILUVIEN in Austria, Belgium, the Czech Republic, France, Italy, Luxembourg, the Netherlands, Spain, Australia, New Zealand and several countries in the Middle East. In addition, the Company has granted an exclusive license to Ocumension Therapeutics for the development and commercialization of the Company’s 0.19mg fluocinolone acetonide intravitreal injection in China, East Asia and the Western Pacific. Effects of the COVID-19 Pandemic The public health crisis caused by the COVID-19 pandemic and the measures being taken by governments, businesses, and the public at large to limit the COVID-19 pandemic’s spread have had, and the Company expects will continue to have to some degree, certain negative effects on, and present certain risks to, the Company’s business. These limitations and other effects of the COVID-19 pandemic have had an adverse impact on the Company’s revenues beginning late in the first quarter of 2020 and continuing through the date of this report. These factors may continue to adversely impact the Company’s revenue, and the extent and duration of that impact is uncertain, particularly in light of the emergence of COVID-19 variants that may increase the transmissibility of the coronavirus or be more deadly, or both. Depending on the duration of these limitations and the severity and duration of other effects of the COVID-19 pandemic, the Company’s liquidity and financial condition may be adversely affected in the future as well. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s quarterly financial results, including impairment of intangible assets, the income tax provision and realizability of certain receivables and the prospective compliance with the Company’s covenants in its loan agreement. In response to the COVID-19 pandemic, the Company has implemented measures to mitigate the impact of the pandemic on its financial position and operations. These measures include the following: • The Company is continuing to monitor the effects of the SARS-CoV-2 variants and to increase its engagement with its customers to mitigate any anticipated loss of revenue in those markets that may be affected. • The Company is investing in e-marketing and in enhancing its capabilities to conduct meetings virtually as well as in person.

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Mar. 31, 2022
Basis Of Presentation [Abstract]
Basis Of Presentation	2. BASIS OF PRESENTATION The Company has prepared the accompanying unaudited interim condensed consolidated financial statements and notes thereto (Interim Financial Statements) in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, these Interim Financial Statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying Interim Financial Statements reflect all adjustments, which include normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The accompanying Interim Financial Statements and related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 23, 2022 (the 2021 Form 10-K). The financial results for any interim period are not necessarily indicative of the expected financial results for the full year.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Financial Statements included in the 2021 Form 10-K. Adoption of New Accounting Standard In August 2020, the FASB issued Accounting Standards Update (ASU) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The standard requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. The standard became effective for the Company on January 1, 2022. The adoption of this guidance did not have a material impact on the Company’s financial statements. Accounting Standards Issued but Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments . This ASU replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. The standard becomes effective for the Company on January 1, 2023. The Company does not anticipate the adoption of this ASU will have a material impact on its financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is available until December 31, 2022. The Company does not anticipate the adoption of this ASU will have a material impact on the Company’s financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company does not anticipate the adoption of this ASU will have a material impact on its financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Revenue Recognition	4. REVENUE RECOGNITION Overview The Company recognizes revenue when a customer obtains control of the related good or service. The amount recognized reflects the consideration the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following steps as outlined in the guidance: (1) identify the contract with the customer, (2) identify the performance obligations within the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when the entity satisfies a performance obligation. At the inception of a contract, the contract is evaluated to determine if it falls within the scope of ASC 606, followed by the Company’s assessment of the goods or services promised within each contract, assessment of whether the promised good or service is distinct and determination of the performance obligations. The Company then recognizes revenue based on the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions related to the performance obligations. Net Product Sales The Company sells its products to major pharmaceutical distributors, pharmacies, hospitals and wholesalers (collectively, its Customers). In addition to distribution agreements with Customers, the Company enters into arrangements with healthcare providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. The Company recognizes revenues from product sales at a point in time when the Customer obtains control, typically upon delivery. The Company accrues for fulfillment costs when the related revenue is recognized. Taxes collected from Customers relating to product sales and remitted to governmental authorities are excluded from revenues. Estimates of Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for reserves related to statutory rebates to State Medicaid and other government agencies; commercial rebates and fees to Managed Care Organizations (MCOs), Group Purchasing Organizations (GPOs), distributors, and specialty pharmacies; product returns; sales discounts (including trade discounts); distributor costs; wholesaler chargebacks; and allowances for patient assistance programs relating to the Company’s sales of its products. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. Management’s estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends, industry data, and Customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration included in the net sales price is limited to the amount that is probable not to result in a significant reversal in the amount of the cumulative revenue recognized in a future period. If actual results vary, the Company may adjust these estimates, which could have an effect on earnings in the period of adjustment. With respect to the Company’s international contracts with third-party distributors, certain contracts have elements of variable consideration, and management reviews those contracts on a regular basis and makes estimates of revenue based on historical ordering patterns and known market trends and data. The amount of variable consideration included in net sales in each period could vary depending on the terms of these contracts and the probability of reversal in future periods. Consideration Payable to Customers Distribution service fees are payments issued to distributors for compliance with various contractually-defined inventory management practices or services provided to support patient access to a product. Distribution service fees reserves are based on the terms of each individual contract and are classified within accrued expenses and are recorded as a reduction of revenue. Product Returns The Company’s policies provide for product returns in the following circumstances: (a) expiration of shelf life on certain products; (b) product damaged while in the Customer’s possession; and (c) following product recalls. Generally, returns for expired product are accepted three months before and up to one year after the expiration date of the related product, and the related product is destroyed after it is returned. The Company may either refund the sales price paid by the Customer by issuing a credit or exchange the returned product for replacement inventory. The Company typically does not provide cash refunds. The Company estimates the proportion of recorded revenue that will result in a return by considering relevant factors, including historical returns experience, the estimated level of inventory in the distribution channel, the shelf life of products and product recalls, if any. The estimation process for product returns involves, in each case, several interrelating assumptions, which vary for each Customer. The Company estimates the amount of its product sales that may be returned by its Customers and records this estimate as a reduction of revenue from product sales in the period the related revenue is recognized, and because this returned product cannot be resold, there is no corresponding asset for product returns. To date, product returns have been minimal. License Revenue The Company enters into agreements in which it licenses certain rights to its products to partner companies that act as distributors. The terms of the license agreement may include payment to the Company of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer. The Company will recognize sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the expected value method. As such, the Company assesses each milestone to determine the probability of and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event. Customer Payment Obligations The Company receives payments from its Customers based on billing schedules established in each contract, which vary across the Company’s markets, but generally range between 30 to 120 days. Occasionally, the Company extends the timing of its receipt of payment from the Company’s international Customers. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation is that the Customer will pay for the product or services in one year or less of receiving those products or services.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	5. LEASES The Company evaluates all of its contracts to determine whether it is or contains a lease at inception. The Company reviews its contracts for options to extend, terminate or purchase any right of use assets and accounts for these, as applicable, at inception of the contract. Upon adoption of ASC 842 , the Company elected the transition package of three practical expedients permitted within the standard. In accordance with the package of practical expedients, the Company did not reassess initial direct costs, lease classification or whether its contracts contain or are leases. The Company made an accounting policy election not to recognize right of use assets and liabilities for leases with a term of 12 months or less, or those that do not meet the Company’s capitalization threshold, unless the leases include options to renew or purchase the underlying asset that are reasonably certain to be exercised. Lease costs associated with those leases are recognized as incurred. The Company has also chosen the practical expedient that allows it to combine lease and non-lease components as a single lease component. Lease renewal options are not recognized as part of the lease liability until the Company determines it is reasonably certain it will exercise any applicable renewal options. The Company has determined it is not reasonably certain it will exercise any applicable renewal options. The Company has not recorded any liability for renewal options in these consolidated financial statements. The useful lives of leased assets as well as leasehold improvements, if any, are limited by the expected lease term. Operating Leases The Company’s operating lease activities primarily consist of leases for office space in the U.S., the U.K., Ireland and Germany. Most of these leases include options to renew, with renewal terms generally ranging from one to eight years . The exercise of lease renewal options is at the Company’s sole discretion. Certain of the Company’s operating lease agreements include variable lease costs that are based on common area maintenance and property taxes. The Company expenses these payments as incurred. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information as of March 31, 2022 and December 31, 2021 for the Company’s operating leases is as follows: March 31, December 31, 2022 2021 (In thousands) NON-CURRENT ASSETS: Right of use assets, net $ 1,624 $ 1,710 Total lease assets $ 1,624 $ 1,710 CURRENT LIABILITIES: Accrued expenses $ 323 $ 220 NON-CURRENT LIABILITIES: Other non-current liabilities 2,618 2,735 Total lease liabilities $ 2,941 $ 2,955 The Company’s operating lease cost for the three months ended March 31, 2022 was $ 138,000 and is included in general and administrative expenses in its condensed consolidated statement of operations. The Company’s operating lease cost for the three months ended March 31, 2021 was $ 118,000 and is included in general and administrative expenses in its condensed consolidated statement of operations. As of March 31, 2022, a schedule of maturity of lease liabilities under all of the Company’s operating leases is as follows: Years Ending December 31 (In thousands) 2022 (remaining) $ 201 2023 716 2024 687 2025 474 2026 488 Thereafter 1,555 Total 4,121 Less amount representing interest ( 1,180 ) Present value of minimum lease payments 2,941 Less current portion (as a portion of accrued expenses) ( 323 ) Non-current portion (as a portion of other non-current liabilities) $ 2,618 Cash paid for operating leases was $ 68,000 during the three months ended March 31, 2022. No right-of-use assets were obtained in connection with operating leases for the three months ended March 31, 2022. Cash paid for operating leases was $ 149,000 during the three months ended March 31, 2021. No right-of-use assets were obtained in connection with operating leases for the three months ended March 31, 2021. As of March 31, 2022, the weighted average remaining lease terms of the Company’s operating leases was 6.9 years. The weighted average discount rate used to determine the lease liabilities was 9.5 %. Finance Leases The Company’s finance lease activities primarily consist of leases for office equipment and automobiles. Property and equipment leases are capitalized at the lesser of fair market value or the present value of the minimum lease payments at the inception of the leases using the Company’s incremental borrowing rate. The Company’s finance lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information as of March 31, 2022 and December 31, 2021 for the Company’s finance leases is as follows: March 31, December 31, 2022 2021 (In thousands) NON-CURRENT ASSETS: Property and equipment, net $ 302 $ 392 Total lease assets $ 302 $ 392 CURRENT LIABILITIES: Finance lease obligations $ 251 $ 269 NON-CURRENT LIABILITIES: Finance lease obligations — less current portion 181 225 Total lease liabilities $ 432 $ 494 Depreciation expense associated with property and equipment under finance leases was approximately $ 94,000 and $ 101,000 for the three months ended March 31, 2022 and 2021, respectively. Interest expense associated with finance leases was $ 14,000 for the three months ended March 31, 2022 and 2021. As of March 31, 2022, a schedule of maturity of lease liabilities under finance leases, together with the present value of minimum lease payments, is as follows: Years Ending December 31 (In thousands) 2022 (remaining) $ 279 2023 236 Total 515 Less amount representing interest ( 83 ) Present value of minimum lease payments 432 Less current portion ( 251 ) Non-current portion $ 181 Cash paid for finance leases was $ 98,000 during the three months ended March 31, 2022. No property or equipment was obtained in exchange for finance leases during the three months ended March 31, 2022. As of March 31, 2022, the weighted average remaining lease terms of the Company’s finance leases was 0.9 years. The weighted average discount rate used to determine the finance lease liabilities was 9.4 %.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2022
Going Concern [Abstract]
Going Concern	6. GOING CONCERN The accompanying Interim Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Interim Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. To date, the Company has incurred recurring losses and has accumulated a deficit of $ 403,236,000 from inception through March 31, 2022. As of March 31, 2022, the Company had approximately $ 9,946,000 in cash and cash equivalents. Further, the Company must maintain compliance with the debt covenants of its $ 45,000,000 Loan and Security Agreement dated December 31, 2019 with SLR Investment Corp., as amended (the 2019 Loan Agreement; see Note 10). In management’s opinion, the uncertainty regarding future revenues raises substantial doubt about the Company’s ability to continue as a going concern without access to additional debt and/or equity financing over the course of the next twelve months. The Company’s operations and thus its net product revenues have continued to be adversely affected by the COVID-19 pandemic. During the six months ended December 31, 2021 and September 30, 2021, the Company did not generate sufficient revenue to meet the trailing six-month revenue covenant included in the 2019 Loan Agreement. The lenders provided a consent that permitted the Company not to maintain the revenue covenant as of December 31, 2021 and September 30, 2021 and waived any event of default that has occurred or may be deemed to have occurred. The Company met the trailing six-month revenue covenant included in the 2019 Loan Agreement for the six-month period ended March 31, 2022 and expects to comply with the revenue covenant at the next reportable date, which is June 30, 2022, and through one year after the filing date of this Quarterly Report on Form 10-Q, although the Company can give no assurances in that regard. D ue to the remaining uncertainty surrounding the COVID-19 pandemic, it is possible that the Company will fail to comply with the revenue covenant. If the Company fails to comply with the revenue covenant and the lenders do not provide a consent and waiver, acceleration of the maturity of the loan is one of the remedies available to the lenders. If the lenders accelerate the maturity of the loan, the Company would be forced to find alternative financing or enter into an alternative agreement with the lenders. The Company cannot be sure that alternative financing will be available when needed or that, if available, the alternative financing could be obtained on terms that are not significantly detrimental to the Company or its stockholders. To meet the Company’s future working capital needs, the Company may need to raise additional debt or equity financing. While the Company from time to time has been able to raise additional capital through issuance of equity and/or debt financing, the Company cannot guarantee that it will be able to maintain debt compliance, raise additional equity, contain or reduce expenses, or increase revenue. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern within one year after these Interim Financial Statements are issued.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2022
Inventory [Abstract]
Inventory	7. INVENTORY Inventory consisted of the following: March 31, December 31, 2022 2021 (In thousands) Component parts (1) $ 157 $ 200 Work-in-process (2) 684 1,416 Finished goods 1,611 1,063 Total Inventory $ 2,452 $ 2,679 (1) Component parts inventory consists of manufactured components of the ILUVIEN applicator. (2) Work-in-process consists of completed units of ILUVIEN that are undergoing, but have not completed, quality assurance testing or stability testing as required by U.S. or EEA regulatory authorities.

Intangible Asset

Intangible Asset	3 Months Ended
	Mar. 31, 2022
Intangible Asset [Abstract]
Intangible Asset	8. INTANGIBLE ASSET As a result of the approval of ILUVIEN by the U.S. Food and Drug Administration (FDA) in 2014, the Company was required to pay EyePoint Pharmaceuticals, Inc. (EyePoint) a milestone payment of $ 25,000,000 (see Note 9). The gross carrying amount of the intangible asset is $ 25,000,000 , which is being amortized over approximately 13 years from the payment date. The amortization expense related to the intangible asset was approximately $ 489,000 for both the three months ended March 31, 2022 and 2021, respectively. The net book value of the intangible asset was $ 10,419,000 and $ 10,897,000 as of March 31, 2022 and December 31, 2021, respectively. The estimated future amortization expense as of March 31, 2022 for the remaining periods in the next five years and thereafter is as follows: Years Ending December 31 (In thousands) 2022 (remaining) $ 1,462 2023 1,940 2024 1,946 2025 1,940 2026 1,940 Thereafter 1,191 Total $ 10,419

License Agreements

License Agreements	3 Months Ended
	Mar. 31, 2022
License Agreements [Abstract]
License Agreements	9. LICENSE AGREEMENTS EyePoint Agreement In February 2005, the Company entered into an agreement with EyePoint (formerly known as pSivida US, Inc.) for the use of fluocinolone acetonide (FAc) in EyePoint’s proprietary insert technology. This agreement was subsequently amended a number of times (as amended, the EyePoint Agreement). The EyePoint Agreement provides the Company with a worldwide exclusive license to utilize certain underlying technology used in the development and commercialization of ILUVIEN. In July 2017, the Company amended and restated its EyePoint license agreement, which was made effective July 1, 2017 (the New Collaboration Agreement). Under the New Collaboration Agreement, the Company has the right to the technology underlying ILUVIEN for the treatment of (a) human eye diseases, including uveitis, in Europe, the Middle East, and Africa, and (b) human eye diseases other than uveitis worldwide. The New Collaboration Agreement converted the Company’s previous profit share obligation to a royalty payable on global net revenues of ILUVIEN. Following the signing of the New Collaboration Agreement, the Company retained a right to recover up to $ 15,000,000 of commercialization costs that were incurred prior to profitability of ILUVIEN and to offset a portion of future payments owed to EyePoint with these accumulated commercialization costs, referred to as the Future Offset. Due to the uncertainty of future net profits, the Company has fully reserved the Future Offset in the accompanying Interim Financial Statements. In March 2019, pursuant to the New Collaboration Agreement, the Company forgave $ 5,000,000 of the Future Offset in connection with the approval of ILUVIEN for NIU-PS in the U.K. As of March 31, 2022, the balance of the Future Offset was approximately $ 7,324,000 . During each of the three months ended March 31, 2022 and 2021, the Company’s net royalty expense payable to EyePoint was 5.2 %, which was reduced from 6 % due to the recoverable balance of the Future Offset. The Company is required to pay an additional 2 % royalty on future global net revenues and other related consideration in excess of $ 75,000,000 in any year. During the three months ended March 31, 2022, the Company recognized approximately $ 617,000 of royalty expense, which is included in cost of goods sold, excluding depreciation and amortization. As of March 31, 2022, approximately $ 617,000 of this royalty expense was included in the Company’s accounts payable. During the three months ended March 31, 2021, the Company recognized approximately $ 584,000 of royalty expense, which is included in cost of goods sold, excluding depreciation and amortization. Ocumension License Agreement On April 14, 2021, the Company entered into an exclusive license agreement (the License Agreement) with Ocumension (Hong Kong) Limited (“Ocumension HK”), a wholly owned subsidiary of Ocumension Therapeutics, for the development and commercialization under Ocumension HK’s own brand name(s), either directly or through its affiliates or approved third-party sublicensees, of the Company’s 190 microgram fluocinolone acetonide intravitreal implant in applicator (the “Product”; currently marketed in the United States, Europe, and the Middle East as “ILUVIEN®”) for the treatment and prevention of eye diseases in humans, other than uveitis, in a specified territory. The “Territory” is defined as the People’s Republic of China, including Hong Kong SAR and Macau SAR, region of Taiwan, South Korea, Brunei, Cambodia, East Timor, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The Company received a nonrefundable upfront payment of $ 10,000,000 from Ocumension HK and may in the future receive additional sales-based milestone payments totaling up to $ 89,000,000 upon the achievement by Ocumension HK of certain specified sales milestones during the term of the License Agreement. The Company’s receipt of future milestone payments depends upon whether Ocumension HK is able to successfully complete product development and commercialization in the Territory, which requires, among other things, obtaining necessary regulatory approvals and appropriate reimbursement pricing in the various countries and jurisdictions in the Territory, a process that may take several years. During the year ended December 31, 2021, the Company recognized $ 11,048,000 in license revenue from the Ocumension transaction (including the value of a warrant subscription agreement, which Alimera received as consideration, for Alimera to purchase 1,000,000 shares of Ocumension Therapeutics during a period of four years ), in accordance with ASC 606, Revenue from Contracts with Customers, with the remaining approximate $ 300,000 in consideration classified as deferred revenue that will be recognized over the remaining term of the license agreement once Ocumension begins to sell products. The term of the License will continue (a) until the 10th anniversary of the latest first commercial sale of the Product in any country or jurisdiction in the Territory or (b) for as long as Ocumension HK is commercializing the Product in any part of the Territory, whichever is later. The term is subject to the Company’s right to partially terminate the Agreement beginning on the 10th anniversary of the effective date with respect to any country or jurisdiction in the Territory in which Ocumension has not achieved at the time of termination first commercial sale and is not continuing to commercialize the Product. Ocumension will purchase Product from the Company at a fixed transfer price without royalty obligation on future sale (other than milestone payments as described above). Ocumension HK is responsible for all costs of development and commercialization in the Territory. When the Company entered into the license agreement, it also entered into a share purchase agreement and a warrant subscription agreement (warrant agreement), which are discussed in Note 16.

Loan Agreements

Loan Agreements	3 Months Ended
	Mar. 31, 2022
Loan Agreements [Abstract]
Loan Agreements	10. LOAN AGREEMENTS Loan Agreements with SLR Investment Corp. (formerly named Solar Capital Ltd.) As of January 5, 2018, the Company entered into a $ 40,000,000 loan and security agreement with Solar Capital Ltd., as Collateral Agent, and the parties signatory thereto from time to time as Lenders, including Solar Capital Ltd. in its capacity as a Lender (the 2018 Loan Agreement). On December 31, 2019, the Company refinanced the 2018 Loan Agreement by entering into a $ 45,000,000 loan and security agreement (as amended, the 2019 Loan Agreement) with Solar Capital Ltd., as Collateral Agent, and the parties signing the Loan Agreement from time to time as Lenders, including Solar Capital Ltd. in its capacity as a Lender (collectively, the Lenders). Under the 2019 Loan Agreement, the Company borrowed $ 42,500,000 on December 31, 2019 and borrowed the remaining $ 2,500,000 on February 21, 2020. The two borrowings under the 2019 Loan Agreement totaled $ 45,000,000 and are referred to as the SLR Loan, given that Solar Capital Ltd. changed its name to SLR Investment Corp. (SLR) in February 2021. The SLR Loan matures on July 1, 2024. The Company used the initial proceeds of the SLR Loan to pay off the outstanding loan under the 2018 Loan Agreement, along with related prepayment, legal and other fees and expenses of approximately $ 2,300,000 , which included $ 2,200,000 in fees to SLR. 2018 Exit Fee Agreement Notwithstanding the repayment of the outstanding loan under the 2018 Loan Agreement with part of the SLR Loan, the Company remains obligated to pay additional fees under the Exit Fee Agreement (2018 Exit Fee Agreement) dated as of January 5, 2018 by and among the Company, SLR, as Agent, and the Lenders. The 2018 Exit Fee Agreement survived the termination of the 2018 Loan Agreement upon the repayment of the outstanding loan under the 2018 Loan Agreement and has a term of 10 years. The Company is obligated to pay up to, but no more than, $ 2,000,000 in fees under the 2018 Exit Fee Agreement. Specifically, the Company is obligated to pay an exit fee of $ 2,000,000 on a “change in control” (as defined in the 2018 Exit Fee Agreement). To the extent that the Company has not already paid the $ 2,000,000 fee, the Company is also obligated to pay a fee of $ 1,000,000 on achieving each of the following milestones: • first, if the Company achieves revenues of $ 80,000,000 or more from the sale of its ILUVIEN product in the ordinary course of business to third party customers, measured on a trailing 12 -month basis during the term of the agreement, tested at the end of each month; and • second, if the Company achieves revenues of $ 100,000,000 or more from the sale of its ILUVIEN product in the ordinary course of business to third party customers, measured in the same manner. 2019 Exit Fee Agreement The Company is also obligated to pay additional fees under the Exit Fee Agreement dated as of December 31, 2019 by and among the Company, SLR as Agent, and the Lenders (2019 Exit Fee Agreement). The 2019 Exit Fee Agreement will survive the termination of the 2019 Loan Agreement and has a term of 10 years. The Company will be obligated to pay a $ 675,000 exit fee upon the occurrence of an exit event, which generally means a change in control, as defined in the 2019 Exit Fee Agreement. First Amendment to 2019 Loan Agreement On May 1, 2020, the Company entered into a First Amendment (the First Amendment) to the 2019 Loan Agreement. The First Amendment also included revised covenants that applied to the Company’s financial performance during 2020, all of which were met. The First Amendment, among other things, required that a revenue covenant be measured at March 31, 2021 and at the last day of each quarter thereafter, with the minimum revenue amount equal to a percentage of the Company’s projected revenues in accordance with a plan the Company submitted to the Collateral Agent in February 2021, and with such plan to be approved by the Company’s board of directors (the Board) and SLR in its sole discretion. Second Amendment to 2019 Loan Agreement On March 30, 2021, the Company entered into a Second Amendment (the Second Amendment) to the 2019 Loan Agreement. The Second Amendment, among other things: (a) reflected the Collateral Agent’s consent to the Company’s delivery of Board-approved annual financial projections for 2021 by April 1, 2021 (which the Company delivered in a timely manner); (b) specified the minimum revenue amount, calculated on a trailing six-month basis and tested at the end of each calendar quarter in 2021, that the Company must achieve for each such period (the Revenue Covenant); (c) required that the Revenue Covenant be tested at March 31, 2022 and at the last day of each quarter thereafter, with the minimum revenue amount equal to a percentage of the Company’s projected revenues in accordance with an annual plan that the Company must submit to the Collateral Agent by January 15th of such year, such plan to be approved by the Board and the Collateral Agent in its sole discretion; and (d) provided that in future years the Company must deliver to the Collateral Agent and the Lenders as soon as available after approval thereof by the Board, but no later than the earlier of (x) 15 days after such approval and (y) February 28 of such year, the Company’s annual financial projections for the entire current fiscal year as approved by the Board; provided that any revisions to such projections approved by the Board shall be delivered to the Collateral Agent and the Lenders no later than seven days after such approval. Third Amendment to 2019 Loan Agreement On February 22, 2022, the Company entered into a Third Amendment to the 2019 Loan Agreement (the Third Amendment), which, among other things: (a) specified the minimum revenue amount, calculated on a trailing six-month basis and tested at the end of each calendar quarter in 2022, that the Company must achieve for each such period (the Revenue Covenant); (b) consented to maintaining a lower minimum revenue amount under the Revenue Covenant for the trailing six-month period ended December 31, 2021 than previously required under the 2019 Loan Agreement (and waived any event of default that may have occurred or may be deemed to have occurred as a result of the Company’s lower revenue amount for that period); and (c) required that the Revenue Covenant be tested at March 31, 2023 and at the last day of each quarter thereafter, with the minimum revenue amount equal to a percentage of the Company’s projected revenues in accordance with an annual plan that the Company must submit to the Collateral Agent by January 15 of such year, such plan to be thereafter approved by the Board and the Collateral Agent in its sole discretion no later than February 28 of such year. Interest on the 2019 Loan Agreement is payable at the greater of (i) one-month LIBOR or (ii) 1.78 %, in either case plus 7.65 % per annum. As of March 31, 2022, the interest rate under the 2019 Loan Agreement was 9.43 %. The 2019 Loan Agreement provides for interest only payments until January 1, 2023. If the Company meets certain revenue thresholds and no event of default shall have occurred and is continuing , the Company can extend the interest only period an additional six months, ending on June 30, 2023, followed by one year of monthly payments of principal and interest The Company’s operations and thus its net product revenues have continued to be adversely affected by the COVID-19 pandemic. During each of the six months ended September 30, 2021 and December 31, 2021, the Company did not generate sufficient revenue to meet the trailing six-month Revenue Covenant included in the 2019 Loan Agreement. For each such six-month period, the Lenders provided a consent that permitted the Company not to maintain the Revenue Covenant as of September 30, 2021 and December 31, 2021, respectively, and waived any event of default that may have occurred or may have been deemed to have occurred. The Company was in compliance with the Revenue Covenant as of March 31, 2022 and expects to comply with the Revenue Covenant at the next reportable date, which is June 30, 2022, and throughout 2022, although the Company can give no assurances in that regard. See Note 6. Modification of Debt In accordance with the guidance in ASC 470-50, Debt , the Company entered into and accounted for the First Amendment, the Second Amendment and the Third Amendment as modifications and expensed, as they were incurred, legal costs associated with third parties as costs of the modifications. The Company did not capitalize any additional costs associated with the Amendments. Paycheck Protection Program Loan On April 22, 2020, the Company received a $ 1,778,000 loan (the PPP Loan) under the Paycheck Protection Program established by the U.S. Small Business Administration as part of the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act. The PPP Loan was unsecured and was evidenced by a note in favor of HSBC Bank USA, National Association (HSBC) as the lender. On July 21, 2020, the Company submitted an application to HSBC for forgiveness of the PPP Loan. The PPP Loan was forgiven in its entirety, including interest, on April 16, 2021. As a result of forgiveness, the Company recognized a gain on extinguishment of debt of $ 1,792,000 during the year ended December 31, 2021. Fair Value of Debt The weighted average interest rates of the Company’s notes payable approximate the rate at which the Company could obtain alternative financing. Therefore, the carrying amount of the notes approximated their fair value at March 31, 2022 and December 31, 2021. Hercules Loan Agreement and Related Warrant In connection with the previous loan with Hercules Capital, Inc. (Hercules), on October 20, 2016, the Company issued a warrant to Hercules Capital, Inc. that granted Hercules the right to purchase up to 30,582 shares of the Company’s common stock at an exercise price of $ 16.35 per share. The right to exercise this warrant expired on October 20, 2021.

Earnings (Loss) Per Share (EPS)

Earnings (Loss) Per Share (EPS)	3 Months Ended
	Mar. 31, 2022
Earnings (Loss) Per Share (EPS) [Abstract]
Earnings (Loss) Per Share (EPS)	11. EARNINGS (LOSS) PER SHARE (EPS) The Company follows ASC 260, Earnings Per Share (ASC 260), which requires the reporting of both basic and diluted earnings per share. Because the Company’s preferred stockholders participate in dividends equally with common stockholders (if the Company were to declare and pay dividends), the Company uses the two-class method to calculate EPS. However, the Company’s preferred stockholders are not contractually obligated to share in losses. Basic EPS is computed by dividing net income or loss available to stockholders by the weighted average number of shares outstanding for the period. Diluted EPS is calculated in accordance with ASC 260 by adjusting weighted average shares outstanding for the dilutive effect of common stock options, restricted stock units and warrants. In periods where a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be anti-dilutive. Common stock equivalent securities that would potentially dilute basic EPS in the future, but were not included in the computation of diluted EPS because they were either not classified as participating or would have been anti-dilutive, were as follows: March 31, 2022 2021 Series A convertible preferred stock 601,504 601,504 Common stock warrants — 30,582 Stock options 1,315,161 1,083,124 Total 1,916,665 1,715,210

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2022
Preferred Stock [Abstract]
Preferred Stock	12. PREFERRED STOCK Series A Convertible Preferred Stock As of March 31, 2022, there were 600,000 shares of Series A Convertible Preferred Stock issued and outstanding.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2022
Equity Incentive Plans [Abstract]
Equity Incentive Plans	13. EQUITY INCENTIVE PLANS Under the Company’s 2019 Omnibus Incentive Plan (the 2019 Plan), the Compensation Committee of the Board is authorized to grant equity-based incentive awards that include stock options, restricted stock units (RSUs) and shares of restricted stock to officers, directors, employees and contractors. Equity-based awards are also outstanding under the Company’s 2010 Equity Incentive Plan, although no new awards can be granted under that plan. The Company also has an employee stock purchase plan. Stock Options During the three months ended March 31, 2022 and 2021, the Company recorded compensation expense related to stock options of approximately $ 258,000 and $ 235,000 , respectively. As of March 31, 2022, the total unrecognized compensation cost related to non-vested stock options granted was $ 1,723,000 and is expected to be recognized over a weighted average period of 2.88 years. The following table presents a summary of stock option activity for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Exercise Exercise Options Price ($) Options Price ($) Options outstanding at beginning of period 1,075,795 23.35 939,379 26.72 Grants 283,550 4.84 187,150 5.02 Forfeitures and expirations ( 44,184 ) 22.36 ( 43,347 ) 7.80 Exercises — — ( 58 ) 6.75 Options outstanding at period end 1,315,161 19.39 1,083,124 23.73 Options exercisable at period end 810,201 27.92 739,466 31.30 Weighted average per share fair value of options granted during the period $ 3.32 $ 3.22 The following table provides additional information related to outstanding stock options as of March 31, 2022: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price ($) Term Value ($) (In thousands) Outstanding 1,315,161 19.39 6.42 years 312 Exercisable 810,201 27.92 4.74 years 36 Outstanding, vested and expected to vest 1,247,294 20.15 6.26 years 277 The following table provides additional information related to outstanding stock options as of December 31, 2021: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price ($) Term Value ($) (In thousands) Outstanding 1,075,795 23.35 5.56 years 21 Exercisable 809,837 28.76 4.57 years 5 Outstanding, vested and expected to vest 1,043,347 23.88 5.46 years 19 As of March 31, 2022, 686,603 shares remain available for grant under the 2019 Plan. Restricted Stock and Restricted Stock Units A summary of restricted stock and restricted stock units (RSU) transactions under the plans are as follows: Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Restricted Grant Date Restricted Grant Date Stock & RSUs Fair Value ($) Stock & RSUs Fair Value ($) Restricted stock & RSUs outstanding at beginning of period 46,250 5.65 30,086 3.12 Grants 57,500 4.96 45,000 5.01 Vested units ( 9,687 ) 5.01 ( 25,403 ) 3.12 Forfeitures — — ( 10,933 ) 4.20 Restricted stock & RSUs outstanding at period end 94,063 5.29 38,750 5.01 Employee stock-based compensation expense related to restricted stock and RSUs recognized in accordance with ASC 718, Compensation - Stock Compensation (ASC 718) was $ 46,000 and $ 19,000 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the total unrecognized compensation cost related to restricted stock was $ 429,000 and is expected to be recognized over a weighted average period of 3.29 years. Employee Stock Purchase Plan During the three months ended March 31, 2022 and 2021, the Company recorded compensation expense related to its employee stock purchase plan of approximately $ 8,000 and $ 8,000 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Income Taxes	14. INCOME TAXES In accordance with ASC 740, Income Taxes, the Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of its assets and liabilities at the enacted tax rates in effect for the year in which the differences are expected to reverse. The Company records a valuation allowance against its net deferred tax asset to reduce the net carrying value to an amount that is more likely than not to be realized. At the end of each interim period, the Company makes its best estimate of the effective tax rate expected to be applicable for the full fiscal year. This estimate reflects, among other items, the Company’s best estimate of operating results and foreign currency exchange rates. The Company also applies the provisions for income taxes related to, among other things, accounting for uncertain tax positions and disclosure requirements. There has been no change to the Company’s policy that recognizes potential interest and penalties related to uncertain tax positions. The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. For the three months ended March 31, 2022, the Company has not recorded income tax expense or benefit. The Company has incurred losses in all material jurisdictions for the current quarter. No tax benefit is expected to be realized for the losses in the United States and the United Kingdom due to the ongoing losses and valuation allowances in these jurisdictions. Tax expense or benefit for income and losses in other jurisdictions (Ireland, Germany, and Portugal) are immaterial for the quarter. At December 31, 2021, the Company had U.S. federal NOL carry-forwards of approximately $ 143,200,000 and state NOL carry-forwards of approximately $ 106,700,000 available to reduce future taxable income. The Company’s U.S. federal NOL carry-forwards remain fully reserved as of March 31, 2022. Except for the NOLs generated after 2017, the U.S. federal NOLs not fully utilized will expire at various dates between 2029 and 2038; most state NOL carry-forwards will expire at various dates between 2021 and 2041. Under the Tax Cuts and Jobs Act of 2017, U.S. federal NOLs and some state NOLs generated after 2017 will carryforward indefinitely. As of December 31, 2021, the Company’s U.K. subsidiary is in a net deferred tax asset position primarily due to the step up in tax basis for intangible assets created by the transfer of intellectual property from the Netherlands to the U.K. Based upon the expected pattern of reversal of deferred taxes, it is not more likely than not that these deferred tax assets will be realized. As such, a full valuation allowance is placed against the net deferred tax assets of the U.K. subsidiary. The Company’s Irish subsidiary has a deferred tax asset for net operating loss carryforwards. The Company expects this net operating loss carryforward to be fully realizable in the future based upon the Company’s control of the transfer pricing arrangements. A valuation allowance is not recorded on the deferred tax assets of the Ireland subsidiary. Deferred tax considerations for all other foreign entities are immaterial to the financial statements. The Company anticipates that its foreign subsidiaries will be profitable and have earnings in the future. Once the foreign subsidiaries have earnings, the Company intends to indefinitely reinvest in its foreign subsidiaries all undistributed earnings and original investments in such subsidiaries. As a result, the Company does not expect to record deferred tax liabilities in the future related to excesses of book over tax basis in the stock of its foreign subsidiaries in accordance with ASC 740-30-25. Tax years from 2018 to 2020 remain subject to examination in California, Georgia, Kentucky, Tennessee, Texas and on the federal level, with the exception of the assessment of NOL carry-forwards available for utilization, which can be examined for all years since 2009. The statute of limitations on these years will close when the NOLs expire or when the statute closes on the years in which the NOLs are utilized.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Information [Abstract]
Segment Information	15. SEGMENT INFORMATION During the three months ended March 31, 2022 and 2021, two customers within the U.S. segment that are large pharmaceutical distributors accounted for 58 % and 50 %, respectively, of the Company’s consolidated product revenues. These same two customers within the U.S. segment accounted for approximately 58 % and 68 % of the Company’s consolidated accounts receivable at March 31, 2022 and at December 31, 2021, respectively. During the first quarter of 2021, the Chief Executive Officer (CEO), who is the chief operating decision maker (CODM), changed the manner in which the CODM monitors performance, aligns strategies and allocates resources, which resulted in a change in the operating segments. The Company’s operations are now managed as three operating segments: U.S., International and Operating Cost. The Company determined that each of these operating segments represented a reportable segment. Previously, the Company was managed as two operating segments: U.S. and International. In monitoring performance, aligning strategies and allocating resources, the CODM manages and evaluates the Company’s U.S., International and Operating Cost segments based on segment income or loss from operations adjusted for certain non-cash items, such as stock-based compensation expense and depreciation and amortization. Therefore, the Company classifies within Other (a) the non-cash expenses included in research, development and medical affairs expenses; general and administrative expenses; and sales and marketing expenses; and (b) depreciation and amortization. The Company’s U.S. and International segments represent the sales and marketing, general and administrative and research and development activities dedicated to the respective geographies. The Operating Cost segment primarily represents the general and administrative and research and development activities not specifically associated with the U.S. or International segments and includes expenses such as executive management; information technology administration and support; legal; compliance; clinical studies; and business development. Each of the Company’s U.S., International and Operating Cost segments is separately managed and is evaluated primarily upon segment income or loss from operations. Other is presented to reconcile to the Company’s consolidated totals. The Company does not report balance sheet information by segment because the CODM does not review that information. The Company allocates certain operating expenses among its reporting segments based on activity-based costing methods. These activity-based costing methods require the Company to make estimates that affect the amount of each expense category that is attributed to each segment. Changes in these estimates will directly affect the amount of expense allocated to each segment and therefore the operating profit of each reporting segment. The following tables present a summary of the Company’s reporting segments for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 U.S. International Operating Cost Other Consolidated (In thousands) REVENUE: PRODUCT REVENUE, NET $ 6,919 $ 4,979 $ — $ — $ 11,898 COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION ( 815 ) ( 865 ) — — ( 1,680 ) GROSS PROFIT 6,104 4,114 — — 10,218 RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES 1,170 916 1,461 36 3,583 GENERAL AND ADMINISTRATIVE EXPENSES 317 422 2,283 218 3,240 SALES AND MARKETING EXPENSES 4,674 2,004 117 58 6,853 DEPRECIATION AND AMORTIZATION — — — 689 689 OPERATING EXPENSES 6,161 3,342 3,861 1,001 14,365 SEGMENT INCOME (LOSS) FROM OPERATIONS ( 57 ) 772 ( 3,861 ) ( 1,001 ) ( 4,147 ) OTHER INCOME AND EXPENSES, NET — — — ( 1,808 ) ( 1,808 ) NET LOSS $ ( 5,955 ) Three Months Ended March 31, 2021 U.S. International Operating Cost Other Consolidated (In thousands) REVENUE: PRODUCT REVENUE, NET $ 5,647 $ 5,567 $ — $ — $ 11,214 COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION ( 751 ) ( 811 ) — — ( 1,562 ) GROSS PROFIT 4,896 4,756 — — 9,652 RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES 725 941 1,538 9 3,213 GENERAL AND ADMINISTRATIVE EXPENSES 241 587 2,396 189 3,413 SALES AND MARKETING EXPENSES 3,278 1,334 143 63 4,818 DEPRECIATION AND AMORTIZATION — — — 638 638 OPERATING EXPENSES 4,244 2,862 4,077 899 12,082 SEGMENT INCOME (LOSS) FROM OPERATIONS 652 1,894 ( 4,077 ) ( 899 ) ( 2,430 ) OTHER INCOME AND EXPENSES, NET — — — ( 1,218 ) ( 1,218 ) NET LOSS $ ( 3,648 )

Other Agreements With Ocumensio

Other Agreements With Ocumension	3 Months Ended
	Mar. 31, 2022
Other Agreements With Ocumension [Abstract]
Other Agreements With Ocumension	16. OTHER AGREEMENTS WITH OCUMENSION Share Purchase Agreement On April 14, 2021, the Company entered into a Share Purchase Agreement with Ocumension Therapeutics, pursuant to which the Company offered and sold to Ocumension 1,144,945 shares of common stock (the “Shares”), at a purchase price of $ 8.734044 per Share. The number of Shares sold was equal to 19.9 % of the number of shares of common stock outstanding immediately before the closing. The aggregate gross proceeds from the sale of the Shares were $ 10,000,000 . The Company intends to use the net proceeds from the sale of the Shares to continue to commercialize ILUVIEN® and for general corporate purposes, which may include working capital, capital expenditures, other clinical trial expenditures, acquisitions of new technologies, products or businesses in ophthalmology, and investments. Pursuant to the Share Purchase Agreement and subject to certain limited exceptions, Ocumension is prohibited from selling, transferring, or otherwise disposing of the Shares for a year following the closing date. Ocumension is entitled to certain purchase rights if the Company elects to offer or sell new securities in either a private or public offering. Warrant Subscription Agreement On April 14, 2021, the Company entered into the warrant agreement with Ocumension Therapeutics pursuant to which Ocumension agreed to issue to the Company 1,000,000 non-transferable warrants granting the Company the right for a period of four years to subscribe to up to an aggregate of 1,000,000 shares of Ocumension stock at the subscription price of HK$ 23.88 per warrant share (or US$ 3.07 per warrant share as converted to U.S. Dollars at the exchange rate on April 9, 2021 of 0.12853 U.S. Dollars per HK$), subject to adjustment. (The converted rate is for illustrative purposes only; if the Company exercises the warrants, it will pay the subscription price of HK$ 23.88 per warrant share in HK$.) The warrants were issued on August 13, 2021, pursuant to the terms of the warrant agreement. The warrants are not and will not be listed on any stock exchange.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Fair Value	17. FAIR VALUE The Company applies ASC 820, Fair Value Measurements, in determining the fair value of certain assets and liabilities. Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. The hierarchy of those valuation approaches is broken down into three levels based on the reliability of inputs as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability, (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures. Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The following fair value tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis: March 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Warrant asset (1) $ — $ 282 $ — $ 282 Assets measured at fair value $ — $ 282 $ — $ 282 December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Warrant asset (1) $ — $ 833 $ — $ 833 Assets measured at fair value $ — $ 833 $ — $ 833 (1) The Company uses the Black-Scholes pricing model and assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. Changes in this value each reporting period are reported in the condensed consolidated statement of operations.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2022
Summary Of Significant Accounting Policies [Abstract]
Adoption Of New Accounting Standard And Accounting Standards Issued But Not Yet Effective	Adoption of New Accounting Standard In August 2020, the FASB issued Accounting Standards Update (ASU) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The standard requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. The standard became effective for the Company on January 1, 2022. The adoption of this guidance did not have a material impact on the Company’s financial statements. Accounting Standards Issued but Not Yet Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments . This ASU replaces the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. The standard becomes effective for the Company on January 1, 2023. The Company does not anticipate the adoption of this ASU will have a material impact on its financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is available until December 31, 2022. The Company does not anticipate the adoption of this ASU will have a material impact on the Company’s financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company does not anticipate the adoption of this ASU will have a material impact on its financial statements.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Operating Leases Supplemental Balance Sheet Information	March 31, December 31, 2022 2021 (In thousands) NON-CURRENT ASSETS: Right of use assets, net $ 1,624 $ 1,710 Total lease assets $ 1,624 $ 1,710 CURRENT LIABILITIES: Accrued expenses $ 323 $ 220 NON-CURRENT LIABILITIES: Other non-current liabilities 2,618 2,735 Total lease liabilities $ 2,941 $ 2,955
Schedule of Future Minimum Operating Lease Payments	Years Ending December 31 (In thousands) 2022 (remaining) $ 201 2023 716 2024 687 2025 474 2026 488 Thereafter 1,555 Total 4,121 Less amount representing interest ( 1,180 ) Present value of minimum lease payments 2,941 Less current portion (as a portion of accrued expenses) ( 323 ) Non-current portion (as a portion of other non-current liabilities) $ 2,618
Summary of Finance Leases Supplemental Balance Sheet Information	March 31, December 31, 2022 2021 (In thousands) NON-CURRENT ASSETS: Property and equipment, net $ 302 $ 392 Total lease assets $ 302 $ 392 CURRENT LIABILITIES: Finance lease obligations $ 251 $ 269 NON-CURRENT LIABILITIES: Finance lease obligations — less current portion 181 225 Total lease liabilities $ 432 $ 494
Schedule of Future Minimum Finance Lease Payments	Years Ending December 31 (In thousands) 2022 (remaining) $ 279 2023 236 Total 515 Less amount representing interest ( 83 ) Present value of minimum lease payments 432 Less current portion ( 251 ) Non-current portion $ 181

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory [Abstract]
Schedule of Inventory	March 31, December 31, 2022 2021 (In thousands) Component parts (1) $ 157 $ 200 Work-in-process (2) 684 1,416 Finished goods 1,611 1,063 Total Inventory $ 2,452 $ 2,679 (1) Component parts inventory consists of manufactured components of the ILUVIEN applicator. (2) Work-in-process consists of completed units of ILUVIEN that are undergoing, but have not completed, quality assurance testing or stability testing as required by U.S. or EEA regulatory authorities.

Intangible Asset (Tables)

Intangible Asset (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Asset [Abstract]
Future Amortization	Years Ending December 31 (In thousands) 2022 (remaining) $ 1,462 2023 1,940 2024 1,946 2025 1,940 2026 1,940 Thereafter 1,191 Total $ 10,419

Earnings (Loss) Per Share (EP_2

Earnings (Loss) Per Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings (Loss) Per Share (EPS) [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	March 31, 2022 2021 Series A convertible preferred stock 601,504 601,504 Common stock warrants — 30,582 Stock options 1,315,161 1,083,124 Total 1,916,665 1,715,210

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Incentive Plans [Abstract]
Summary of Stock Option Transactions	The following table presents a summary of stock option activity for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Exercise Exercise Options Price ($) Options Price ($) Options outstanding at beginning of period 1,075,795 23.35 939,379 26.72 Grants 283,550 4.84 187,150 5.02 Forfeitures and expirations ( 44,184 ) 22.36 ( 43,347 ) 7.80 Exercises — — ( 58 ) 6.75 Options outstanding at period end 1,315,161 19.39 1,083,124 23.73 Options exercisable at period end 810,201 27.92 739,466 31.30 Weighted average per share fair value of options granted during the period $ 3.32 $ 3.22
Summary of Additional Stock Option Transactions	The following table provides additional information related to outstanding stock options as of March 31, 2022: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price ($) Term Value ($) (In thousands) Outstanding 1,315,161 19.39 6.42 years 312 Exercisable 810,201 27.92 4.74 years 36 Outstanding, vested and expected to vest 1,247,294 20.15 6.26 years 277 The following table provides additional information related to outstanding stock options as of December 31, 2021: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price ($) Term Value ($) (In thousands) Outstanding 1,075,795 23.35 5.56 years 21 Exercisable 809,837 28.76 4.57 years 5 Outstanding, vested and expected to vest 1,043,347 23.88 5.46 years 19
Summary of Restricted Stock and Restricted Stock Unit Transactions	A summary of restricted stock and restricted stock units (RSU) transactions under the plans are as follows: Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Restricted Grant Date Restricted Grant Date Stock & RSUs Fair Value ($) Stock & RSUs Fair Value ($) Restricted stock & RSUs outstanding at beginning of period 46,250 5.65 30,086 3.12 Grants 57,500 4.96 45,000 5.01 Vested units ( 9,687 ) 5.01 ( 25,403 ) 3.12 Forfeitures — — ( 10,933 ) 4.20 Restricted stock & RSUs outstanding at period end 94,063 5.29 38,750 5.01

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Information [Abstract]
Summary of Operations by Segment	Three Months Ended March 31, 2022 U.S. International Operating Cost Other Consolidated (In thousands) REVENUE: PRODUCT REVENUE, NET $ 6,919 $ 4,979 $ — $ — $ 11,898 COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION ( 815 ) ( 865 ) — — ( 1,680 ) GROSS PROFIT 6,104 4,114 — — 10,218 RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES 1,170 916 1,461 36 3,583 GENERAL AND ADMINISTRATIVE EXPENSES 317 422 2,283 218 3,240 SALES AND MARKETING EXPENSES 4,674 2,004 117 58 6,853 DEPRECIATION AND AMORTIZATION — — — 689 689 OPERATING EXPENSES 6,161 3,342 3,861 1,001 14,365 SEGMENT INCOME (LOSS) FROM OPERATIONS ( 57 ) 772 ( 3,861 ) ( 1,001 ) ( 4,147 ) OTHER INCOME AND EXPENSES, NET — — — ( 1,808 ) ( 1,808 ) NET LOSS $ ( 5,955 ) Three Months Ended March 31, 2021 U.S. International Operating Cost Other Consolidated (In thousands) REVENUE: PRODUCT REVENUE, NET $ 5,647 $ 5,567 $ — $ — $ 11,214 COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION ( 751 ) ( 811 ) — — ( 1,562 ) GROSS PROFIT 4,896 4,756 — — 9,652 RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES 725 941 1,538 9 3,213 GENERAL AND ADMINISTRATIVE EXPENSES 241 587 2,396 189 3,413 SALES AND MARKETING EXPENSES 3,278 1,334 143 63 4,818 DEPRECIATION AND AMORTIZATION — — — 638 638 OPERATING EXPENSES 4,244 2,862 4,077 899 12,082 SEGMENT INCOME (LOSS) FROM OPERATIONS 652 1,894 ( 4,077 ) ( 899 ) ( 2,430 ) OTHER INCOME AND EXPENSES, NET — — — ( 1,218 ) ( 1,218 ) NET LOSS $ ( 3,648 )

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value [Abstract]
Fair Value Of Assets And Liabilities	The following fair value tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis: March 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Warrant asset (1) $ — $ 282 $ — $ 282 Assets measured at fair value $ — $ 282 $ — $ 282 December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Warrant asset (1) $ — $ 833 $ — $ 833 Assets measured at fair value $ — $ 833 $ — $ 833 (1) The Company uses the Black-Scholes pricing model and assumptions that consider, among other variables, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. Changes in this value each reporting period are reported in the condensed consolidated statement of operations.

Nature Of Operations (Narrative

Nature Of Operations (Narrative) (Details) - ILUVIEN [Member]	Mar. 31, 2022country
Nature Of Operations [Line Items]
Number of countries in which product has received marketing authorization and reimbursement for the treatment of diabetic macular edema	24
Number of countries in which product is indicated for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies	17
Number of countries authorized for marketing	17
Number of countries with reimbursement approval	5

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022
Summary Of Significant Accounting Policies [Abstract]
Useful life (in years)	13 years

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Period before expiration date returns are accepted	3 months
Period after expiration date returns are accepted	1 year

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 138,000	$ 118,000
Cash paid for leases	68,000	149,000
Right-of-use asset obtained in exchange for operating lease liability	$ 0	0
Weighted average remaining lease term	6 years 10 months 24 days
Weighted average discount rate, leases	9.50%
Depreciation expense property and equipment under finance leases	$ 94,000	101,000
Finance lease interest expense	14,000	$ 14,000
Cash paid for finance leases	98,000
Property and equipment acquired under finance leases	$ 0
Finance lease, weighted average remaining term	10 months 24 days
Finance lease, weighted average discount rate	9.40%
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease renewal term	8 years

Leases (Summary of Operating Le

Leases (Summary of Operating Leases Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
NON-CURRENT ASSETS:
Total lease assets	$ 1,624	$ 1,710
CURRENT LIABILITIES:
Current liabilities	323	220
NON-CURRENT LIABILITIES:
Non-current liabilities	2,618	2,735
Present value of minimum lease payments	$ 2,941	$ 2,955

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Operating Lease Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining)	$ 201
2023	716
2024	687
2025	474
2026	488
Thereafter	1,555
Total	4,121
Less amount representing interest	(1,180)
Present value of minimum lease payments	2,941	$ 2,955
Less current portion (as a portion of accrued expenses)	(323)	(220)
Non-current portion (as a portion of other non-current liabilities)	$ 2,618	$ 2,735

Leases (Summary of Finance Leas

Leases (Summary of Finance Leases Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
NON-CURRENT ASSETS:
Total lease assets	$ 302	$ 392
CURRENT LIABILITIES:
Finance lease obligations	251	269
NON-CURRENT LIABILITIES:
Finance lease obligations — less current portion	181	225
Total lease liabilities	432	494
Property, Plant and Equipment [Member]
NON-CURRENT ASSETS:
Total lease assets	302	$ 392
CURRENT LIABILITIES:
Finance lease obligations	251
NON-CURRENT LIABILITIES:
Finance lease obligations — less current portion	181
Total lease liabilities	$ 432

Leases (Schedule of Future Mi_2

Leases (Schedule of Future Minimum Finance Lease Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total lease liabilities	$ 432	$ 494
Less current portion	(251)	(269)
Non-current portion	181	$ 225
Property, Plant and Equipment [Member]
2022 (remaining)	279
2023	236
Total	515
Less amount representing interest	(83)
Total lease liabilities	432
Less current portion	(251)
Non-current portion	$ 181

Going Concern (Narrative) (Deta

Going Concern (Narrative) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Accumulated deficit	$ 403,236,000	$ 397,281,000
Cash and cash equivalents	$ 9,946,000	$ 16,510,000
2019 Solar Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 45,000,000

Inventory (Schedule of Inventor

Inventory (Schedule of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory
Component parts	$ 157	$ 200
Work-in-process	684	1,416
Finished goods	1,611	1,063
Total inventory	$ 2,452	$ 2,679

Intangible Asset (Narrative) (D

Intangible Asset (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2014	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross intangible assets	$ 25,000
Useful life (in years)	13 years
Amortization of intangible assets	$ 489	$ 489
Net intangible assets	$ 10,419			$ 10,897
EyePoint [Member]
Finite-Lived Intangible Assets [Line Items]
Milestone payment after the first product approved by the FDA			$ 25,000

Intangible Asset (Future Amorti

Intangible Asset (Future Amortization) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022 (remaining)	$ 1,462
2023	1,940
2024	1,946
2025	1,940
2026	1,940
Thereafter	1,191
Total	$ 10,419	$ 10,897

License Agreements (Narrative)

License Agreements (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Mar. 31, 2019	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Aug. 01, 2017
Collaborative Arrangement, Co-promotion [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, royalty payable on net revenue, percentage		5.20%		5.20%
Collaborative arrangement, increase in royalty payable on net revenue (as a percentage)		6.00%	6.00%	6.00%	6.00%
Collaborative arrangement, royalty payable on net revenue over threshold, percentage		2.00%
Collaborative arrangement, royalty payable on net revenue, revenue threshold		$ 75,000
Royalty expense		617		$ 584
Accrued royalty expense		617
EyePoint [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, forgiveness of future offset, additional amount	$ 5,000
EyePoint [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Recoverable amount to offset future royalty payments		7,324				$ 15,000
Ocumension [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment from related party		10,000
Revenue from related party		$ 11,048
License agreement, shares purchased		1,000,000
License agreement, share purchase duration		4 years
Deferred revenue related party		$ 300
Ocumension [Member] | Milestone One [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment from related party		$ 89,000

Loan Agreements (Solar Capital

Loan Agreements (Solar Capital Loan Agreement) (Narrative) (Details) - Solar Capital Ltd. - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2019	Feb. 21, 2020	Jan. 05, 2018
2018 Solar Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 45,000
Debt instrument, exit fee	$ 2,000
Debt instrument, exit fee agreement, term	10 years
2018 Solar Term Loan [Member] | Tranche One
Debt Instrument [Line Items]
Milestone revenue requirement	$ 80,000
Milestone period requirement	12 months
2018 Solar Term Loan [Member] | Tranche Two
Debt Instrument [Line Items]
Milestone revenue requirement	$ 100,000
2019 Solar Loan Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		45,000		$ 40,000
Line of credit		42,500	$ 2,500
Debt instrument prepayment fee paid		2,300
Debt instrument repayment fee amount, paid		$ 2,200
Second Amendment 2019 Solar Capital Loan Agreement [Member]
Debt Instrument [Line Items]
Loan amendment, minimum revenue amount trailing period	6 months
Loan amendment, period for approval	15 days
Third Amendment 2019 Solar Capital Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.65%
Interest rate effective percentage	9.43%
Third Amendment 2019 Solar Capital Loan Agreement [Member] | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.78%
2018 Exit Fee Agreement | 2018 Solar Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, exit fee	$ 2,000
2019 Exit Fee Agreement [Member] | 2019 Solar Loan Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, exit fee	$ 675
Debt instrument, exit fee agreement, term	10 years
Achievement Of Milestone [Member] | 2018 Solar Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, exit fee	$ 1,000

Loan Agreements (Modification o

Loan Agreements (Modification of Debt) (Narrative) (Details) - Solar Capital Ltd. - 2019 Solar Loan Agreement [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Debt instrument repayment fee amount, paid	$ 2,200
Debt instrument prepayment fee paid	$ 2,300

Loan Agreements (Paycheck Prote

Loan Agreements (Paycheck Protection Program) (Narrative) (Details) - PPP Loan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Apr. 22, 2020
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,778,000
Gain on extinguishment of debt	$ 1,792,000

Loan Agreements (Hercules Loan

Loan Agreements (Hercules Loan Agreement And Related Warrant) (Narrative) (Details) - Hercules Technology Growth Capital, Inc. - Warrants 2016 [Member]	Oct. 20, 2016$ / sharesshares
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares	30,582
Class of warrant or right, exercise price of warrants or rights (per share) | $ / shares	$ 16.35

Earnings (Loss) Per Share (EP_3

Earnings (Loss) Per Share (EPS) (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,916,665	1,715,210
Series A convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	601,504	601,504
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		30,582
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,315,161	1,083,124

Preferred Stock (Narrative) (De

Preferred Stock (Narrative) (Details) - Series A convertible preferred stock [Member] - shares	Mar. 31, 2022	Dec. 31, 2021
Conversion of Stock [Line Items]
Preferred stock, shares issued (in shares)	600,000	600,000
Preferred stock, shares outstanding (in shares)	600,000	600,000

Equity Incentive Plans (Narrati

Equity Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 312	$ 262
Weighted average contractual term	4 years 8 months 26 days		4 years 6 months 25 days
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 258	235
Share-based compensation not yet recognized	$ 1,723
Weighted average contractual term	2 years 10 months 17 days
Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	686,603
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 8	8
Restricted Stock and RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	46	$ 19
Share-based compensation not yet recognized	$ 429
Weighted average period	3 years 3 months 14 days

Equity Incentive Plans (Summary

Equity Incentive Plans (Summary of Stock Option Transactions) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Options
Options outstanding at beginning of period (in shares)	1,075,795	939,379
Grants (in shares)	283,550	187,150
Forfeitures and expirations (in shares)	(44,184)	(43,347)
Exercises (in shares)		(58)
Options outstanding at end of period (in shares)	1,315,161	1,083,124
Options exercisable at year end (in shares)	810,201	739,466	809,837
Weighted average per share fair value of options granted during the period (in dollars per share)	$ 3.32	$ 3.22
Weighted Average Exercise Price ($)
Options outstanding at beginning of period (usd per share)	23.35	26.72
Grants (usd per share)	4.84	5.02
Forfeitures and expirations (usd per share)	22.36	7.80
Exercises (usd per share)		6.75
Options outstanding at end of period (usd per share)	19.39	23.73
Options exercisable at year end (usd per share)	$ 27.92	$ 31.30	$ 28.76

Equity Incentive Plans (Summa_2

Equity Incentive Plans (Summary of Additional Stock Option Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Outstanding Stock Options
Outstanding, shares (in shares)	1,315,161	1,075,795	1,083,124	939,379
Outstanding, weighted average exercise price (usd per share)	$ 19.39	$ 23.35	$ 23.73	$ 26.72
Outstanding, weighted average remaining contractual term	6 years 5 months 1 day	5 years 6 months 21 days
Outstanding, aggregate intrinsic value	$ 312	$ 21
Exercisable Stock Options
Exercisable, shares (in shares)	810,201	809,837	739,466
Exercisable, weighted average exercise price (usd per share)	$ 27.92	$ 28.76	$ 31.30
Exercisable, weighted average remaining contractual term	4 years 8 months 26 days	4 years 6 months 25 days
Exercisable, aggregate intrinsic value	$ 36	$ 5
Exercisable and expected to vest
Outstanding, vested and expected to vest, shares (in shares)	1,247,294	1,043,347
Outstanding, vested and expected to vest, weighted average exercise price (usd per share)	$ 20.15	$ 23.88
Outstanding, vested and expected to vest, weighted average remaining contractual term	6 years 3 months 3 days	5 years 5 months 15 days
Outstanding, vested and expected to vest, aggregate intrinsic value	$ 277	$ 19

Equity Incentive Plans (Summa_3

Equity Incentive Plans (Summary of Restricted Stock and Restricted Stock Unit Transactions) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock & RSUs
Restricted stock units & RSUs outstanding at beginning of period (in shares)	46,250	30,086
Grants (in shares)	57,500	45,000
Vested units (in shares)	(9,687)	(25,403)
Forfeitures (in shares)		(10,933)
Restricted stock units outstanding at end of period (in shares)	94,063	38,750
Weighted Average Grant Date Fair Value ($)
Restricted stock units outstanding at beginning of period (usd per share)	$ 5.65	$ 3.12
Grants (usd per share)	4.96	5.01
Vested units (usd per share)	5.01	3.12
Forfeitures (usd per share)		4.20
Restricted stock units & RSUs outstanding end of period (usd per share)	$ 5.29	$ 5.01

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	$ 143,200
State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	$ 106,700

Segment Information (Narrative)

Segment Information (Narrative) (Details) - United States Segment [Member] - Customer Concentration Risk [Member] - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Sales [Member]
Segment Reporting Information [Line Items]
Number of customers	2	2
Concentration risk percentage	58.00%	50.00%
Accounts Receivable [Member]
Segment Reporting Information [Line Items]
Number of customers	2		2
Concentration risk percentage	58.00%		68.00%

Segment Information (Summary of

Segment Information (Summary of Operations by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
PRODUCT REVENUE, NET	$ 11,898	$ 11,214
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION	(1,680)	(1,562)
GROSS PROFIT	10,218	9,652
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES	3,583	3,213
GENERAL AND ADMINISTRATIVE EXPENSES	3,240	3,413
SALES AND MARKETING EXPENSES	6,853	4,818
DEPRECIATION AND AMORTIZATION	689	638
OPERATING EXPENSES	14,365	12,082
LOSS FROM OPERATIONS	(4,147)	(2,430)
OTHER INCOME AND EXPENSES, NET	(1,808)	(1,218)
NET LOSS	(5,955)	(3,648)
United States Segment [Member]
Segment Reporting Information [Line Items]
PRODUCT REVENUE, NET	6,919	5,647
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION	(815)	(751)
GROSS PROFIT	6,104	4,896
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES	1,170	725
GENERAL AND ADMINISTRATIVE EXPENSES	317	241
SALES AND MARKETING EXPENSES	4,674	3,278
OPERATING EXPENSES	6,161	4,244
LOSS FROM OPERATIONS	(57)	652
International Segment [Member]
Segment Reporting Information [Line Items]
PRODUCT REVENUE, NET	4,979	5,567
COST OF GOODS SOLD, EXCLUDING DEPRECIATION AND AMORTIZATION	(865)	(811)
GROSS PROFIT	4,114	4,756
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES	916	941
GENERAL AND ADMINISTRATIVE EXPENSES	422	587
SALES AND MARKETING EXPENSES	2,004	1,334
OPERATING EXPENSES	3,342	2,862
LOSS FROM OPERATIONS	772	1,894
Operating Cost [Member]
Segment Reporting Information [Line Items]
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES	1,461	1,538
GENERAL AND ADMINISTRATIVE EXPENSES	2,283	2,396
SALES AND MARKETING EXPENSES	117	143
OPERATING EXPENSES	3,861	4,077
LOSS FROM OPERATIONS	(3,861)	(4,077)
Other Segments [Member]
Segment Reporting Information [Line Items]
RESEARCH, DEVELOPMENT AND MEDICAL AFFAIRS EXPENSES	36	9
GENERAL AND ADMINISTRATIVE EXPENSES	218	189
SALES AND MARKETING EXPENSES	58	63
DEPRECIATION AND AMORTIZATION	689	638
OPERATING EXPENSES	1,001	899
LOSS FROM OPERATIONS	(1,001)	(899)
OTHER INCOME AND EXPENSES, NET	$ (1,808)	$ (1,218)

Other Agreements With Ocumens_2

Other Agreements With Ocumension (Narrative) (Details) - Ocumension [Member] $ / shares in Units, $ in Thousands	Apr. 14, 2021USD ($)$ / sharesshares	Apr. 14, 2021$ / sharesshares	Apr. 09, 2021
Related Party Transaction [Line Items]
Partnership agreement, shares sold	1,144,945
Partnership agreement, price per share | $ / shares	$ 8.734044
Partnership agreement, percentage of shares outstanding before closing	19.90%
Partnership agreement, consideration received | $	$ 10,000
Partnership agreement, warrant or rights period	4 years
Shares called by warrants	1,000,000	1,000,000
Exchange rate			0.12853
Class of warrant or right, exercise price of warrants or rights (per share) | (per share)	$ 3.07	$ 23.88

Fair Value (Fair Value Of Asset

Fair Value (Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant asset	$ 282
Assets measured at fair value	282
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant asset		$ 833
Assets measured at fair value		833
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant asset	282	833
Assets measured at fair value	$ 282	$ 833