Marinus Pharmaceuticals (MRNS) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-36576
Entity Registrant Name	MARINUS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0198082
Entity Address, Address Line One	5 Radnor Corporate Center, Suite 500
Entity Address, Address Line Two	100 Matsonford Rd
Entity Address, City or Town	Radnor
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	484
Local Phone Number	801-4670
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MRNS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,766,355
Entity Central Index Key	0001267813
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 145,101	$ 138,509
Short-term investments		1,474
Accounts receivable	2,473	1,646
Contract asset	1,059
Prepaid expenses and other current assets	4,858	4,638
Total current assets	153,491	146,267
Property and equipment, net	2,650	1,945
Other assets	2,732	2,250
Total assets	158,873	150,462
Current liabilities:
Accounts payable	693	2,211
Refund liability	21,828
Accrued expenses	15,155	8,518
Total current liabilities	37,676	10,729
Notes payable, net of deferred financing costs	40,579
Other long-term liabilities	2,124	2,534
Total liabilities	80,379	13,263
Stockholders' equity:
Series A convertible preferred stock, $0.001 par value; 25,000,000 shares authorized, 4,575 shares issued and outstanding at September 30, 2021 and 4,753 issued and outstanding at December 31, 2020	4,302	4,469
Common stock, $0.001 par value; 150,000,000 shares authorized, 36,758,508 issued and 36,751,201 outstanding at September 30, 2021 and 36,585,767 issued and 36,578,460 outstanding at December 31, 2020	37	37
Additional paid-in capital	456,555	444,622
Treasury stock at cost, 7,307 shares at September 30, 2021 and December 31, 2020
Accumulated deficit	(382,400)	(311,929)
Total stockholders' equity	78,494	137,199
Total liabilities and stockholders' equity	$ 158,873	$ 150,462

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	36,758,508	36,585,767
Common stock, shares outstanding	36,751,201	36,578,460
Treasury stock, shares	7,307	7,307
Series A Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	4,575	4,753
Preferred stock, shares outstanding	4,575	4,753

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Federal contract revenue	$ 1,127	$ 171	$ 4,838	$ 171
Collaboration revenue	8,987		8,987
Total revenue	10,114	171	13,825	171
Expenses:
Research and development	18,353	11,306	55,506	38,062
General and administrative	9,452	4,564	26,656	12,543
Cost of collaboration revenue	1,478		1,478
Loss from operations	(19,169)	(15,699)	(69,815)	(50,434)
Interest income	17	79	57	459
Interest expense	(678)		(1,029)
Other income (expense), net	323	(39)	316	(31)
Net loss and comprehensive loss	(19,507)	(15,659)	(70,471)	(50,006)
Deemed dividends on convertible preferred stock				(8,880)
Net loss applicable to common shareholders	$ (19,507)	$ (15,659)	$ (70,471)	$ (58,886)
Per share information:
Net loss per share of common stock-basic	$ (0.53)	$ (0.51)	$ (1.92)	$ (2.29)
Net loss per share of common stock-diluted	$ (0.54)	$ (0.51)	$ (1.93)	$ (2.29)
Basic weighted average shares outstanding	36,744,591	30,552,947	36,667,472	25,737,981
Diluted weighted average shares outstanding	36,744,591	30,552,947	36,667,472	25,737,981
Net loss	$ (19,507)	$ (15,659)	$ (70,471)	$ (50,006)
Other comprehensive (loss) income:
Unrealized (loss) gain on available-for-sale securities		(15)		11
Total comprehensive loss	$ (19,507)	$ (15,674)	$ (70,471)	$ (49,995)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net loss	$ (70,471)	$ (50,006)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	262	243
Amortization of debt issuance costs	319
Stock-based compensation expense	10,867	5,521
Noncash contract asset	(41)
Noncash lease expense	232	194
Noncash lease liability	237	276
Changes in operating assets and liabilities:
Refund Liability	21,828
Contract asset	(1,018)
Prepaid expenses and other current assets, non-current assets, and accounts receivable	(453)	(1,496)
Accounts payable, accrued expenses and other long term-liabilities	4,511	754
Net cash used in operating activities	(33,727)	(44,514)
Cash flows from investing activities
Maturities of short-term investments	1,474	5,711
Purchases of short-term investments		(8,931)
Deposit on property and equipment	(1,329)
Purchases of property and equipment	(839)
Net cash used in investing activities	(694)	(3,220)
Cash flows from financing activities
Proceeds from exercise of stock options	902	616
Proceeds from notes payable, net of issuance costs	40,259
Financing costs, paid	(148)
Proceeds from equity offerings, net of offering costs		43,512
Net cash provided by financing activities	41,013	44,128
Net increase (decrease) in cash and cash equivalents	6,592	(3,606)
Cash and cash equivalents-beginning of period	138,509	90,943
Cash and cash equivalents-end of period	145,101	87,337
Supplemental disclosure of cash flow information
Contractual exit fee included in notes payable	900
Property and equipment in accrued expenses	$ 107
Conversion of preferred stock to common stock		$ 17

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Follow-on Public Offering, OneCommon Stock	Follow-on Public Offering, OneAdditional Paid-in Capital	Follow-on Public Offering, One	Series A Convertible Preferred StockPreferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Balance at Dec. 31, 2019					$ 22,000	$ 295,121,000			$ (235,574,000)	$ 59,569,000
Balance (in shares) at Dec. 31, 2019					21,625,088		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation expense						1,876,000				1,876,000
Exercise of stock options						312,000				312,000
Exercise of stock options (in shares)					59,978
Issuance of restricted stock (in shares)					5,250
Deemed dividend on beneficial conversion feature - Series A convertible preferred stock						8,880,000			(8,880,000)
Unrealized gain (loss) on investments								$ 27,000		27,000
Net loss									(18,672,000)	(18,672,000)
Balance at Mar. 31, 2020					$ 22,000	306,189,000		27,000	(263,126,000)	43,112,000
Balance (in shares) at Mar. 31, 2020					21,690,316		7,307
Balance at Dec. 31, 2019					$ 22,000	295,121,000			(235,574,000)	59,569,000
Balance (in shares) at Dec. 31, 2019					21,625,088		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss										(50,006,000)
Balance at Sep. 30, 2020				$ 8,698,000	$ 31,000	373,143,000		11,000	(294,461,000)	87,423,000
Balance (in shares) at Sep. 30, 2020				9,253	30,582,625		7,307
Balance at Mar. 31, 2020					$ 22,000	306,189,000		27,000	(263,126,000)	43,112,000
Balance (in shares) at Mar. 31, 2020					21,690,316		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation expense						1,796,000				1,796,000
Exercise of stock options						200,000				200,000
Exercise of stock options (in shares)					47,455
Issuance of common stock	$ 5,000	$ 42,905,000	$ 42,910,000
Issuance of common stock (in shares)	4,600,000
Issuance of common stock under equity distribution agreement						602,000				602,000
Issuance of common stock under equity distribution agreement (in shares)					78,807
Transfer of convertible preferred stock into permanent equity				$ 8,745,000						8,745,000
Transfer of convertible preferred stock into permanent equity (in shares)				9,303
Conversion of convertible preferred stock to common stock					$ 4,000	19,451,000				19,455,000
Conversion of convertible preferred stock to common stock (in shares)					4,139,400
Net loss									(15,675,000)	(15,675,000)
Balance at Jun. 30, 2020				$ 8,745,000	$ 31,000	371,143,000		27,000	(278,801,000)	101,145,000
Balance (in shares) at Jun. 30, 2020				9,303	30,555,978		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation expense						1,849,000				1,849,000
Exercise of stock options						104,000				104,000
Exercise of stock options (in shares)					16,647
Conversion of convertible preferred stock to common stock				$ (47,000)		47,000
Conversion of convertible preferred stock to common stock (in shares)				(50)	10,000
Unrealized gain (loss) on investments								(16,000)		(16,000)
Net loss									(15,659,000)	(15,659,000)
Balance at Sep. 30, 2020				$ 8,698,000	$ 31,000	373,143,000		$ 11,000	(294,461,000)	87,423,000
Balance (in shares) at Sep. 30, 2020				9,253	30,582,625		7,307
Balance at Dec. 31, 2020				$ 4,469,000	$ 37,000	444,622,000			(311,929,000)	137,199,000
Balance (in shares) at Dec. 31, 2020				4,753	36,585,767		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation expense						5,035,000				5,035,000
Exercise of stock options						244,000				244,000
Exercise of stock options (in shares)					55,030
Financing costs						(3,000)				(3,000)
Net loss									(27,141,000)	(27,141,000)
Balance at Mar. 31, 2021				$ 4,469,000	$ 37,000	449,898,000			(339,070,000)	115,334,000
Balance (in shares) at Mar. 31, 2021				4,753	36,640,797		7,307
Balance at Dec. 31, 2020				$ 4,469,000	$ 37,000	444,622,000			(311,929,000)	137,199,000
Balance (in shares) at Dec. 31, 2020				4,753	36,585,767		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss										(70,471,000)
Balance at Sep. 30, 2021				$ 4,302,000	$ 37,000	456,555,000			(382,400,000)	78,494,000
Balance (in shares) at Sep. 30, 2021				4,575	36,758,508		7,307
Balance at Mar. 31, 2021				$ 4,469,000	$ 37,000	449,898,000			(339,070,000)	115,334,000
Balance (in shares) at Mar. 31, 2021				4,753	36,640,797		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation expense						2,991,000				2,991,000
Exercise of stock options						557,000				557,000
Exercise of stock options (in shares)					63,312
Conversion of convertible preferred stock to common stock				$ (167,000)		167,000
Conversion of convertible preferred stock to common stock (in shares)				(178)	35,600
Net loss									(23,823,000)	(23,823,000)
Balance at Jun. 30, 2021				$ 4,302,000	$ 37,000	453,613,000			(362,893,000)	95,059,000
Balance (in shares) at Jun. 30, 2021				4,575	36,739,709		7,307
Increase (Decrease) in Stockholders' Equity (Deficit)
Stock-based compensation expense						2,841,000				2,841,000
Exercise of stock options					$ 18,799	101,000				101,000
Net loss									(19,507,000)	(19,507,000)
Balance at Sep. 30, 2021				$ 4,302,000	$ 37,000	$ 456,555,000			$ (382,400,000)	$ 78,494,000
Balance (in shares) at Sep. 30, 2021				4,575	36,758,508		7,307

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)$ / shares
Follow-on Public Offering, One
Share Price (in dollars per share) | $ / shares	$ 2.50
Stock issuance costs	$ 3,090
2017 Equity Distribution Agreement
Stock issuance costs	$ 68

Description of the Business and

Description of the Business and Liquidity	9 Months Ended
	Sep. 30, 2021
Description of the Business and Liquidity
Description of the Business and Liquidity	1. Description of the Business and Liquidity We are a clinical stage pharmaceutical company focused on developing and commercializing innovative therapeutics to treat patients suffering from seizure disorders. Our clinical stage product candidate, ganaxolone, is a positive allosteric modulator of GABA A A In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) was identified in Wuhan, China. This virus was declared a pandemic by the World Health Organization in March 2020 and has spread to nearly every country in the world, including the United States (U.S.). Efforts to contain the spread of COVID-19 have intensified and many countries, including the U.S., have implemented travel restrictions, business shutdowns and social distancing measures that have impacted clinical development through supply chain shortages and clinical trial enrollment difficulties as hospitals reduce and redeploy staff, divert resources to patients suffering from COVID-19 and limit hospital access for non-patients. The pandemic poses the risk that we, our employees, contractors, suppliers, or other partners may be prevented from conducting normal business activities for an indefinite period of time, including those due to restrictions that may be requested or mandated by governmental authorities. The continued global spread of COVID-19 has not materially adversely impacted our operating results, financial condition or cash flows as of and for the nine months ended September 30, 2021. However, COVID-19 has impacted our clinical operations and timelines. In response to COVID-19, for our ongoing clinical trials, we have implemented multiple measures consistent with the U.S. Food and Drug Administration’s guidance on the conduct of clinical trials of medical products during the COVID-19 pandemic, including implementing remote site monitoring and remote visits using telemedicine where needed. However, COVID-19 may still adversely impact our clinical trials. For example, our Phase 3 clinical trial in refractory status epilepticus (RSE) is conducted in hospitals, including academic medical centers, which have experienced high rates of COVID-19 admissions. Due to COVID-19, priorities in several academic medical centers participating in the RAISE Trial, including staff turnover and the need for clinical sites to devote significant resources to patients with COVID-19, the trial has experienced site initiation and enrollment delays. Given these challenges, we previously updated our expectation of top-line data readout for the RAISE Trial to be available in the second half of 2022. In addition, our ganaxolone clinical trials in the outpatient setting may be negatively impacted if patients and their caregivers do not want to participate while COVID-19 outbreaks continue. We are unable to predict the impact that COVID-19 will have in the future on our business, operating results, financial condition and cash flows. The duration and severity of the pandemic and its long-term impact on our business are uncertain at this time, and our ability to raise sufficient additional financing depends on many factors beyond our control, including the current volatility in the capital markets as a result of the COVID-19 pandemic. Liquidity We have not generated any product revenues and have incurred operating losses since inception, including losses of $70.5 million for the nine months ended September 30, 2021 . There is no assurance that profitable operations will ever be achieved, and if achieved, could be sustained on a continuing basis. In addition, development activities, clinical and preclinical testing, if approved, and commercialization of our product candidates will require significant additional financing. Our accumulated deficit as of million and we expect to incur substantial losses in future periods. We plan to finance our future operations with a combination of proceeds from the issuance of equity securities, the issuance of debt, government funding, collaborations, licensing transactions, other transactions, including the sale of priority review vouchers if awarded, and revenues from future product sales, if any. We have not generated positive cash flows from operations, and there are no assurances that we will be successful in obtaining an adequate level of financing for the development and, if approved, commercialization of our product candidates. On July 30, 2021, we entered into a collaboration agreement (the Collaboration Agreement) with Orion Corporation (Orion), whereby Orion received exclusive rights to commercialize the oral and IV dose formulations of ganaxolone in the European Economic Area, United Kingdom and Switzerland in multiple seizure disorders, including CDD, tuberous sclerosis complex (TSC) and RSE. Under the agreement, we received a 90 On May 11, 2021 (the Closing Date), we entered into a Credit Agreement and Guaranty (as amended by that certain letter agreement on May 17, 2021, the Credit Agreement) with Oaktree Fund Administration, LLC, as administrative agent and the lenders party thereto that provides for a five-year tranches (collectively, the Term Loans). Refer to Note 9. Notes Payable for additional information. In September 2020, we entered into a contract (BARDA Contract) with the Biomedical Advanced Research and Development Authority (BARDA), a division of the U.S. Department of Health and Human Services’ Office of the Assistant Secretary for Preparedness and Response. Under the BARDA Contract, we receive d an award of up to an estimated $51 million for development of IV-administered ganaxolone for the treatment of RSE. The BARDA Contract provides for f unding to support , on a cost-sharing basis , the completion of a Phase 3 clinical trial of IV-administered ganaxolone in patients with RSE , which covers the RAISE Trial , funding of pre-clinical studies to evaluate IV-administered ganaxolone a s an effective treatment for RSE due to chemical nerve gas agent exposure, and funding of certain ganaxolone manufacturing scale-up and regulatory activities. The BARDA Contract consists of an approximately two-year five years In connection with the closing of an equity financing in December 2020, we issued a total of 5,000,000 shares of common stock in an underwritten public offering resulting in aggregate net proceeds, after underwriting discounts and commissions in the public offering and other estimated offering expenses, of $64.9 million. In connection with the closing of an equity financing in June 2020, we issued a total of 4,600,000 shares of common stock in an underwritten public offering resulting in aggregate net proceeds, after underwriting discounts and commissions in the public offering and other estimated offering expenses, of $42.9 million. We believe that our cash and cash equivalents balance as of September 30, 2021 will be sufficient to maintain the minimum cash balance required under our debt facility and to fund our operating expenses and capital expenditure requirements for at least the next 12 months from the date of this filing. Reverse stock split On September 23, 2020, we effected a 1 . All of the share and per share amounts included in the accompanying financial statements and these notes have been adjusted to reflect the Reverse Split .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of Marinus Pharmaceuticals, Inc. (a Delaware corporation) as well as the accounts of Marinus Pharmaceuticals Emerald Limited (an Ireland company incorporated in February 2021), a wholly owned subsidiary requiring consolidation. Marinus Pharmaceuticals Emerald Limited serves as a corporate presence in the European Union for regulatory purposes. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all information and disclosures necessary for a presentation of our financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the U.S. (GAAP) for annual financial statements. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and accompanying notes thereto included in our annual report on Form 10-K filed with the SEC on March 9, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from such estimates. Federal Contract Revenue We recognize federal contract revenue from the BARDA Contract in the period in which the allowable research and development expenses are incurred, and receivables associated with this revenue are recorded as federal contract revenue receivable on our interim consolidated balance sheets. This revenue is not within the scope of Accounting Standards Codification (ASC) 606 – Revenue from contracts with customers. Debt Issuance Costs Debt issuance costs incurred in connection with Note payable (Note 9) are amortized to interest expense over the term of the respective financing arrangement using the effective-interest method. Debt issuance costs, net of related amortization are deducted from the carrying value of the related debt. Contract Liability When consideration is received, or such consideration is unconditionally due, from a customer prior to completing our performance obligation to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities expected to be recognized as revenue or a reduction of expense within the 12 months following the balance sheet date are classified as current liabilities. Contract liabilities not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as long-term liabilities. In accordance with ASC 210-20, our contract liability is offset by a contract asset as further discussed in Note 10. Collaboration and Licensing Revenue We may enter into collaboration and licensing arrangements for research and development, manufacturing, and commercialization activities with counterparties for the development and commercialization of our product candidates. These arrangements may contain multiple components, such as (i) licenses, (ii) research and development activities, and (iii) the manufacturing of certain material. Payments pursuant to these arrangements may include non-refundable and refundable payments, payments upon the achievement of significant regulatory, development and commercial milestones, sales of product at certain agreed-upon amounts, and royalties on product sales. The amount of variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under a collaboration agreement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as we satisfy each performance obligation. We must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price may include such estimates as forecasted revenues and costs, development timelines, discount rates and probabilities of regulatory and commercial success. We also apply significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, assessing the recognition and future reversal of variable consideration and determining and applying appropriate methods of measuring progress for performance obligations satisfied over time.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements FASB accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, we use quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: ● Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2 — Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. ● Level 3 — Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. The following fair value hierarchy table presents information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (cash equivalents) ​ $ 113,340 ​ $ — ​ $ — ​ $ 113,340 ​ Total assets ​ $ 113,340 ​ $ — ​ $ — ​ $ 113,340 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (cash equivalents) ​ $ 138,509 ​ $ — ​ $ — ​ $ 138,509 ​ Certificates of deposit ​ ​ 1,474 ​ ​ — ​ ​ — ​ ​ 1,474 ​ Total assets ​ $ 139,983 ​ $ — ​ $ — ​ $ 139,983 ​ ​

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Accrued Expenses
Accrued Expenses	4. Accrued Expenses Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ Payroll and related costs ​ $ 4,755 ​ $ 4,097 Clinical trials and drug development ​ ​ 8,388 ​ ​ 2,452 ​ Professional fees ​ ​ 1,178 ​ ​ 927 ​ Short-term lease liabilities ​ ​ 540 ​ ​ 510 ​ Other ​ ​ 294 ​ ​ 532 ​ Total accrued expenses ​ $ 15,155 ​ $ 8,518 ​ ​

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments
Investments	5. Investments We did not have any investments as of September 30, 2021. As of December 31, 2020, our investments consisted of certificates of deposit with various financial institutions with original maturities of six to nine months. Investments are classified as short- or long-term investments on our balance sheets based on original maturity. Certificates of deposits were classified as held-to-maturity and were recorded at amortized cost, which approximated fair value. We have never experienced a credit loss on the principal or interest receivable of our cash equivalents or short-term investments. Our certificates of deposit are each individually and fully insured by the Federal Deposit Insurance Company (FDIC). Accordingly, we did not record any allowance for potential credit losses as of December 31, 2020.

Loss Per Share of Common Stock

Loss Per Share of Common Stock	9 Months Ended
	Sep. 30, 2021
Loss Per Share of Common Stock
Loss Per Share of Common Stock	6. Loss Per Share of Common Stock Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, convertible notes payable, warrants, stock options, and unvested restricted stock, which would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation. These potentially dilutive securities are more fully described in Note 7, and summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2021 ​ 2020 ​ Convertible preferred stock 915,000 1,850,600 Restricted stock 37,000 5,250 Stock options 4,625,768 3,344,885 ​ 5,577,768 5,200,735 ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity In 2005, we adopted the 2005 Stock Option and Incentive Plan (2005 Plan) that authorizes us to grant stock options, restricted stock and other equity-based awards. As of September 30, 2021, 6,565 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2005 Plan. additional shares are available for issuance under the 2005 Plan. In August 2014, we adopted our 2014 Equity Incentive Plan, most recently amended in May 2020 (2014 Plan), that authorizes us to grant stock options, restricted stock, and other equity-based awards, subject to adjustment in accordance with the 2014 Plan. The amount, terms of grants, and exercisability provisions are determined and set by our board of directors. As of September 30, 2021, The amount, terms of grants, and exercisability provisions are determined and set by our board of directors. Stock Options There were 4,625,768 stock options outstanding as of September 30, 2021 at a weighted-average exercise price of $12.20 per share, including 1,327,645 stock options outstanding outside of the 2014 Plan, granted as inducements to new employees. Total compensation cost recognized for all stock option awards in the statements of operations is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Research and development $ 1,060 $ 701 $ 3,333 $ 2,108 ​ General and administrative ​ 1,700 ​ 1,145 ​ 7,317 ​ 3,405 ​ Total ​ $ 2,760 ​ $ 1,846 ​ $ 10,650 ​ $ 5,513 ​ ​ Restricted Stock All issued and outstanding restricted shares of common stock are time-based, and become vested between one after the grant date. Compensation expense is recorded ratably over the requisite service period. Compensation expense related to restricted stock is measured based on the fair value using the closing market price of our common stock on the date of the grant. We issued 15,000 and 5,250 restricted shares of common stock during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 there were 37,000 restricted shares of common stock outstanding. Total compensation cost recognized for all restricted stock awards in the statements of operations is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 General and administrative ​ 81 ​ 3 ​ 217 ​ 8 ​ Total ​ $ 81 ​ $ 3 ​ $ 217 ​ $ 8 ​ ​ ​ ​ ​ Preferred Stock As of September 30, 2021, 4,575 shares of our Series A Convertible Preferred Stock (Preferred Stock) remained outstanding, convertible into 915,000 shares of our common stock. In the second quarter of 2021, 178 shares of our Preferred Stock were converted into 35,600 shares of common stock. In May 2020, a registration statement covering the resale of shares of our common stock underlying our Preferred Stock was declared effective by the SEC. In accordance with the securities purchase agreements underlying the Preferred Stock, the liquidation preference was terminated, and we reclassified the Preferred Stock into permanent equity. Deemed Dividends On March 31, 2020, our stockholders approved an amendment to our company charter, which was filed with the Secretary of State of the State of Delaware to increase the number of authorized shares of common stock, which resulted in the recognition of a beneficial conversion feature on our Preferred Stock. Accordingly, we recorded he difference between the conversion price and the fair value of our common stock on the commitment date (transaction date) i

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases
Leases	8. Leases We have entered into operating leases for real estate. These leases have terms which range from 36 24 September 30, 2021 December 31, 2020, respectively As of September 30, 2021 and December 31, 2020, ROU assets were $1.7 million and $2.0 million, respectively, and operating lease liabilities were $2.7 million and $ 3.0 million, respectively. We have entered into various short-term operating leases, primarily for clinical trial equipment, with an initial term of twelve months or less. These leases are not recorded on our balance sheets. All operating lease expense is recognized on a straight-line basis over the lease term. During each of the three months ended September 30, 2021 and 2020, we recognized $0.2 million in total lease costs. During each of the nine months ended September 30, 2021 and 2020, we recognized $0.5 million in total lease costs. In all periods, we recognized less than $0.1 million in short-term lease costs related to short-term operating leases. Because the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments. The weighted average incremental borrowing rate used to determine the initial value of ROU assets and lease liabilities was 11.0%, derived from a corporate yield curve based on a synthetic credit rating model using a market signal analysis. We have certain contracts for real estate which may contain lease and non-lease components which we have elected to treat as a single lease component. ROU assets for operating leases are periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. As of September 30, 2021 and December 31, 2020, we have not recognized any impairment losses for our ROU assets. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in our interim consolidated statements of operations and comprehensive loss. ​ Maturities of operating lease liabilities as of September 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining three months of 2021 ​ 202 ​ 2022 ​ 807 ​ 2023 ​ 823 ​ 2024 ​ 840 ​ Thereafter ​ 642 ​ ​ ​ ​ 3,314 ​ Less: imputed interest ​ ​ (650) ​ Total lease liabilities ​ $ 2,664 ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ $ 540 ​ Non-current operating lease liabilities ​ ​ 2,124 ​ Total lease liabilities ​ $ 2,664 ​ ​

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2021
Notes Payable
Notes Payable	​ 9. Notes Payable On May 11, 2021 (the Closing Date) and as amended on May 17, 2021, the Company entered into the Credit Agreement with Oaktree Fund Administration, LLC as administrative agent (Oaktree) and the lenders party thereto (collectively, the Lenders) that provides for a five-year senior secured term loan facility in an aggregate original principal amount of up to $125.0 million, available to the Company in five tranches (collectively, the Term Loans). Upon entering into the Credit Agreement in May 2021, the Company borrowed $15.0 million in term loans from the Lenders (the Tranche A-1 Term Loan) and upon receipt of written acceptance by the FDA of our NDA filing relating to the use of ganaxolone in CDD in September 2021, the Company borrowed $30.0 million of tranche A-2 term loans from the Lenders (the Tranche A-2 Term Loan). Under the terms of the Credit Agreement, the Company may, at its sole discretion, borrow from the Lenders up to an additional $80.0 million in term loans subject to certain milestone events, as follows: ● Through December 31, 2022, $30.0 million of tranche B term loans will be available for draw if the Company receives written approval from the FDA of an NDA permitting the marketing of ganaxolone in the U.S. to treat CDD (FDA Approval). ● Through June 30, 2023, $25.0 million of tranche C term loans will be available for draw if the Company receives FDA Approval and completes one or more financings (including through the issuance of common stock, convertible debt, subordinated debt, a synthetic royalty, or a sublicense) resulting in gross proceeds to the Company of at least $40.0 million and net proceeds to the Company of at least $36.0 million. In addition, the availability of this tranche is subject to certain clinical outcomes. ● Through December 31, 2023, $25.0 million of tranche D term loans will be available for draw if the Company receives FDA Approval and earns an aggregate of at least $50 million in net product revenue in the U.S. for a trailing six consecutive months. In addition, the Credit Agreement contains a minimum liquidity covenant that requires the Company to maintain cash and cash equivalents of at least $20.0 million from the funding of the tranche A- 2 term loans until the funding of the tranche B term loans, and at least $15.0 million from the funding date of the tranche B term loans until the maturity of the Term Loans. The Term Loans will be guaranteed by certain of the Company’s future subsidiaries (Guarantors). The Company’s obligations under the Credit Agreement are secured by a pledge of substantially all of the Company’s assets and will be secured by a pledge of substantially all of the assets of the Guarantors. The Term Loans mature on May 11, 2026 (Maturity Date). The Term Loans bear interest at a fixed per annum rate (subject to increase during an event of default) of 11.50% , and the Company is required to make quarterly interest payments until the Maturity Date. The Company is also required to make quarterly principal payments beginning on June 30, 2024 in an amount equal to 5.0% of the aggregate amount of the Term Loans outstanding on June 30, 2024, and continuing until the Maturity Date. On the Maturity Date, the Company is required to pay in full all outstanding Term Loans and other amounts owed under the Credit Agreement. At the time of borrowing any tranche of the Term Loans, the Company is required to pay an upfront fee of 2.0% of the aggregate principal amount borrowed at that time. In addition, a commitment fee of 75 basis points per annum will accrue on each of the tranche B, C, and D commitments for the period beginning 120 days after the funding date of the tranche A-2 term loans until the applicable tranche is either funded or terminated. The Company may prepay all or any portion of the Term Loans, and is required to make mandatory prepayments of the Term Loans from the proceeds of asset sales, casualty and condemnation events, and prohibited debt issuances, subject to certain exceptions. All mandatory and voluntary prepayments of the Term Loans are subject to prepayment premiums equal to (i) of the principal prepaid if prepayment occurs after May 11, 2024 but on or before May 11, 2025. If prepayment occurs after May 11, 2025, prepayment premium is due. The Company is also required to make mandatory prepayments of the Term Loans upon an event of default under the Credit Agreement resulting from the occurrence of a change of control. These mandatory prepayments are subject to a prepayment premium equal to (i) In addition, the Company is required to pay an exit fee in an amount equal to 2.0% of all principal repaid, whether as a mandatory prepayment, voluntary prepayment, or a scheduled repayment. In addition to the minimum liquidity covenant, the Company is subject to a number of affirmative and restrictive covenants under the Credit Agreement, including limitations on its ability and its subsidiaries’ abilities, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, and enter into affiliate transactions, subject to certain exceptions. As of September 30, 2021 the Company was in compliance with all covenants. Upon the occurrence of certain events, including but not limited to the Company’s failure to satisfy its payment obligations under the Credit Agreement, the breach of certain of its other covenants under the Credit Agreement, the occurrence of cross defaults to other indebtedness, or defaults related to enforcement action by the FDA or other Regulatory Authority or recall of ganaxolone, Oaktree and the Lenders will have the right, among other remedies, to accelerate all amounts outstanding under the Term Loans and declare all principal, interest, and outstanding fees immediately due and payable. In September 2021, the Company borrowed $30.0 million upon receipt of written acceptance by the FDA of our NDA filing relating to the use of ganaxolone in the treatment of CDD and incurred debt issuance costs of $1.2 million, including the exit fee of $0.6 million, that are classified as contra-liability on our consolidated balance sheets and are being recognized as interest expense over the term of the loan using the effective-interest method. In May 2021, the Company borrowed $15.0 million upon entering into the Credit Agreement and incurred debt issuance costs of $4.4 million, including the exit fee of $0.3 million, that are classified as a contra-liability on the consolidated balance sheet and are being recognized as interest expense over the term of the loan using the effective-interest method. For the nine months ended September 30, 2021, the Company recognized interest expense of $1.0 million, of which $0.7 million was interest on the Term Loans and $0.3 million was non-cash interest expense related to the amortization of debt issuance costs. The following table summarizes the composition of Notes payable as reflected on the consolidated balance sheet as of September 30, 2021 (in thousands): ​ ​ ​ ​ ​ Gross proceeds ​ $ 45,000 Contractual exit fee ​ 900 Unamortized debt discount and issuance costs ​ (5,321) Total ​ $ 40,579 ​ The aggregate maturities of Notes payable as of September 30, 2021 are as follows (in thousands): ​ ​ ​ ​ Remainder of 2021 ​ $ — 2022 ​ ​ — 2023 ​ ​ — 2024 ​ ​ 6,825 2025 and thereafter ​ ​ 38,175 Total ​ $ 45,000 ​

License and Collaboration Reven

License and Collaboration Revenue	9 Months Ended
	Sep. 30, 2021
License and Collaboration Revenue
License and Collaboration Revenue	10. License and Collaboration Revenue In July 2021, the Company entered into a collaboration agreement (Orion Collaboration Agreement”) with Orion Corporation (Orion). The Orion Collaboration Agreement falls under the scope of ASC Topic 808, Collaborative Arrangements (ASC 808) as both parties are active participants in the arrangement that are exposed to significant risks and rewards. While this arrangement is in the scope of ASC 808, the Company analogizes to ASC 606 for some aspects of this arrangement, including for the delivery of a good or service (i.e., a unit of account). Revenue recognized by analogizing to ASC 606 is recorded as collaboration revenue on the condensed statements of operations. Under the terms of the Orion Collaboration Agreement, the Company granted Orion an exclusive, royalty-bearing, sublicensable license to certain of the Company’s intellectual property rights with respect to commercializing biopharmaceutical products incorporating the Company’s product candidate ganaxolone (Licensed Products) in the European Economic Area, the United Kingdom and Switzerland (collectively, the Territory) for the diagnosis, prevention and treatment of certain human diseases, disorders or conditions (the Field), initially in the indications of CDKL5 deficiency disorder (CDD), tuberous sclerosis complex (TSC) and refractory status epilepticus (“RSE”). The Company will be responsible for the continued development of Licensed Products and regulatory interactions related thereto, including conducting and sponsoring all clinical trials, provided that Orion may conduct certain post-approval studies in the Territory. Orion will be responsible, at Orion’s sole cost and expense, for the commercialization of any Licensed Product in the Field in the Territory. Under the terms of the Orion Collaboration Agreement, the Company received a €25.0 million ($29.6 million) upfront payment from Orion in July 2021. In connection with the upfront fee, the Company agreed to provide Orion with the results of a planned genotoxicity study on the M2 metabolite of ganaxolone, a “Combined Micronucleus & Comet study in vivo.” In the event that the results of such study are positive, based on the criteria set forth in the study’s protocol, Orion will have the right to terminate the Collaboration Agreement within ninety ( 90 ) days after its receipt of the final report of such study, in which case we must refund Orion seventy-five percent (75%) of the upfront fee. In the event of such termination and refund, Orion shall have no further rights pursuant to the oral and IV dose formulations of ganaxolone and the Collaboration Agreement shall terminate and be of no further force or effect. The Company will also be reimbursed for up to €7.0 million for research and development costs incurred. The Company is eligible to receive up to €90.0 million upon the achievement of specific clinical and commercial achievements, as well as tiered royalty payments based on net sales ranging from the low double-digits to high teens for the oral programs and the low double-digits to low 20s for the IV program. Also, as part of the overall arrangement, the Company has agreed to supply the Licensed Products to Orion at an agreed upon price. The Orion Collaboration Agreement shall remain effective until the date of expiration of the last to expire Royalty Term, which is defined as the period beginning on the date of the first commercial sale Licensed Product in such country and ending on the latest to occur of (a) the tenth (10th) anniversary of the first commercial sale of Licensed Product in such country, (b) the expiration of the last-to-expire licensed patent covering the manufacture, use or sale of such Licensed Product in such country, and (c) the expiration of regulatory exclusivity period, if any, for such Licensed Product in such country. The Orion Collaboration Agreement has a term of at least ten ( 10 In accordance with the guidance, the Company identified the following commitments under the arrangement: (i) exclusive rights to develop, use, sell, have sold, offer for sale and import any product comprised of Licensed Product (the License) (ii) development and regulatory activities (Development and Regulatory Activities), and (iii) requirement to supply Orion with the Licensed Product at an agreed upon price (the Supply of Licensed Product). The Company determined that these three commitments represent distinct performance obligations for purposes of recognizing revenue or reducing expense, which it will recognize such revenue or expense, as applicable, as it fulfills these performance obligations. The Company determined that the non-refundable portion of the upfront payment plus the research and development reimbursement constitutes the transaction price as of the outset of the Orion Collaboration Agreement. The refundable portion of the upfront payment and the future potential regulatory and development milestone payments were fully constrained at contract inception as the risk of significant revenue reversal related to these amounts has not yet been resolved. The achievement of the future potential milestones is not within the Company’s control and is subject to certain research and development success and therefore carry significant uncertainty. The Company will reevaluate the likelihood of achieving these milestones at the end of each reporting period and adjust the transaction price in the period the risk is resolved. In addition, the Company will recognize any consideration related to sales-based milestones and royalties when the subsequent sales occur since those payments relate primarily to the License, which was delivered by the Company to Orion upon entering into the Orion Collaboration Agreement. The €18.8 million ($21.8 million) refundable portion of the upfront payment is recorded as a Refund liability as of September 30, 2021. The transaction price was allocated to the three performance obligations based on the estimated stand-alone selling prices at contract inception. The stand-alone selling price of the License was based on a discounted cash flow approach and considered several factors including, but not limited to, discount rate, development timeline, regulatory risks, estimated market demand and future revenue potential using an adjusted market approach. The stand-alone selling price of the Development and Regulatory Activities and the Supply of Licensed Product was estimated using the expected cost-plus margin approach. The Company allocated the transaction price to the performance obligations as of September 30, 2021 as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ Transaction ​ Collaboration ​ Contract ​ Price Recognized Liability License $ 8,987 ​ $ 8,987 ​ $ - Development and Regulatory Services ​ 2,787 ​ ​ 41 ​ ​ 2,746 Supply of License Product ​ 3,943 ​ ​ - ​ ​ 3,943 ​ $ 15,717 ​ $ 9,028 ​ ​ 6,689 Less current portion of contract liability ​ ​ ​ ​ ​ ​ ​ (910) Total long-term contract liability ​ ​ ​ ​ ​ ​ $ 5,779 ​ In accordance with ASC 210-20, the above contract liability of $6.7 million is offset by a contract asset of $7.8 million related to the reimbursement of research and development costs, resulting in a net Contract asset of $1.1 million. License is recognized as revenue. Development and regulatory services are recognized as a reduction of research and development costs. The Company incurred $2.0 million of incremental costs in obtaining the Orion Collaboration Agreement. These contract acquisition costs were allocated consistent with the transaction price, resulting in $1.1 million of expense recorded to General and administrative expense commensurate with the recognition of the License performance obligation and $0.9 million recorded as capitalized contract costs, included in Other current assets and Other assets, which will be amortized as Development and Regulatory Services and Supply of License Product obligations are met. Cost of collaboration revenue of $1.5 million represents a one-time fee paid to Purdue Neuroscience Company related to our license agreement and was paid in conjunction with the €25.0 million upfront fees received from Orion. The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations and adjusts the deferred revenue at the end of each reporting period. Such changes will result in a change to the amount of collaboration revenue recognized and deferred revenue.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of Marinus Pharmaceuticals, Inc. (a Delaware corporation) as well as the accounts of Marinus Pharmaceuticals Emerald Limited (an Ireland company incorporated in February 2021), a wholly owned subsidiary requiring consolidation. Marinus Pharmaceuticals Emerald Limited serves as a corporate presence in the European Union for regulatory purposes. The unaudited interim consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all information and disclosures necessary for a presentation of our financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the U.S. (GAAP) for annual financial statements. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and accompanying notes thereto included in our annual report on Form 10-K filed with the SEC on March 9, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from such estimates.
Federal Contract Revenue	Federal Contract Revenue We recognize federal contract revenue from the BARDA Contract in the period in which the allowable research and development expenses are incurred, and receivables associated with this revenue are recorded as federal contract revenue receivable on our interim consolidated balance sheets. This revenue is not within the scope of Accounting Standards Codification (ASC) 606 – Revenue from contracts with customers.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs incurred in connection with Note payable (Note 9) are amortized to interest expense over the term of the respective financing arrangement using the effective-interest method. Debt issuance costs, net of related amortization are deducted from the carrying value of the related debt.
Contract Liability	Contract Liability When consideration is received, or such consideration is unconditionally due, from a customer prior to completing our performance obligation to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities expected to be recognized as revenue or a reduction of expense within the 12 months following the balance sheet date are classified as current liabilities. Contract liabilities not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as long-term liabilities. In accordance with ASC 210-20, our contract liability is offset by a contract asset as further discussed in Note 10.
Collaboration and Licensing Revenue	Collaboration and Licensing Revenue We may enter into collaboration and licensing arrangements for research and development, manufacturing, and commercialization activities with counterparties for the development and commercialization of our product candidates. These arrangements may contain multiple components, such as (i) licenses, (ii) research and development activities, and (iii) the manufacturing of certain material. Payments pursuant to these arrangements may include non-refundable and refundable payments, payments upon the achievement of significant regulatory, development and commercial milestones, sales of product at certain agreed-upon amounts, and royalties on product sales. The amount of variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under a collaboration agreement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as we satisfy each performance obligation. We must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price may include such estimates as forecasted revenues and costs, development timelines, discount rates and probabilities of regulatory and commercial success. We also apply significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, assessing the recognition and future reversal of variable consideration and determining and applying appropriate methods of measuring progress for performance obligations satisfied over time.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Summary of major categories of financial assets and liabilities measured at fair value on a recurring basis	The following fair value hierarchy table presents information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (cash equivalents) ​ $ 113,340 ​ $ — ​ $ — ​ $ 113,340 ​ Total assets ​ $ 113,340 ​ $ — ​ $ — ​ $ 113,340 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds (cash equivalents) ​ $ 138,509 ​ $ — ​ $ — ​ $ 138,509 ​ Certificates of deposit ​ ​ 1,474 ​ ​ — ​ ​ — ​ ​ 1,474 ​ Total assets ​ $ 139,983 ​ $ — ​ $ — ​ $ 139,983 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Expenses
Schedule of accrued expenses	Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ Payroll and related costs ​ $ 4,755 ​ $ 4,097 Clinical trials and drug development ​ ​ 8,388 ​ ​ 2,452 ​ Professional fees ​ ​ 1,178 ​ ​ 927 ​ Short-term lease liabilities ​ ​ 540 ​ ​ 510 ​ Other ​ ​ 294 ​ ​ 532 ​ Total accrued expenses ​ $ 15,155 ​ $ 8,518 ​

Loss Per Share of Common Stock

Loss Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Loss Per Share of Common Stock
Schedule of antidilutive securities excluded from the computation of diluted weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2021 ​ 2020 ​ Convertible preferred stock 915,000 1,850,600 Restricted stock 37,000 5,250 Stock options 4,625,768 3,344,885 ​ 5,577,768 5,200,735

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stock options
Schedule of total compensation cost recognized in the statement of operations	Total compensation cost recognized for all stock option awards in the statements of operations is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Research and development $ 1,060 $ 701 $ 3,333 $ 2,108 ​ General and administrative ​ 1,700 ​ 1,145 ​ 7,317 ​ 3,405 ​ Total ​ $ 2,760 ​ $ 1,846 ​ $ 10,650 ​ $ 5,513 ​
Restricted stock
Schedule of total compensation cost recognized in the statement of operations	Total compensation cost recognized for all restricted stock awards in the statements of operations is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 General and administrative ​ 81 ​ 3 ​ 217 ​ 8 ​ Total ​ $ 81 ​ $ 3 ​ $ 217 ​ $ 8 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases
Schedule of maturities of operating lease liabilities	Maturities of operating lease liabilities as of September 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining three months of 2021 ​ 202 ​ 2022 ​ 807 ​ 2023 ​ 823 ​ 2024 ​ 840 ​ Thereafter ​ 642 ​ ​ ​ ​ 3,314 ​ Less: imputed interest ​ ​ (650) ​ Total lease liabilities ​ $ 2,664 ​ ​ ​ ​ ​ ​ Current operating lease liabilities ​ $ 540 ​ Non-current operating lease liabilities ​ ​ 2,124 ​ Total lease liabilities ​ $ 2,664 ​

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Payable
Summary of composition of Notes payable	The following table summarizes the composition of Notes payable as reflected on the consolidated balance sheet as of September 30, 2021 (in thousands): ​ ​ ​ ​ ​ Gross proceeds ​ $ 45,000 Contractual exit fee ​ 900 Unamortized debt discount and issuance costs ​ (5,321) Total ​ $ 40,579
Schedule of maturities of Notes payable over the next five years	​ ​ ​ ​ ​ Gross proceeds ​ $ 45,000 Contractual exit fee ​ 900 Unamortized debt discount and issuance costs ​ (5,321) Total ​ $ 40,579

License and Collaboration Rev_2

License and Collaboration Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
License and Collaboration Revenue
Schedule of allocation of the transaction price to the performance obligations	The Company allocated the transaction price to the performance obligations as of September 30, 2021 as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative ​ ​ ​ Transaction ​ Collaboration ​ Contract ​ Price Recognized Liability License $ 8,987 ​ $ 8,987 ​ $ - Development and Regulatory Services ​ 2,787 ​ ​ 41 ​ ​ 2,746 Supply of License Product ​ 3,943 ​ ​ - ​ ​ 3,943 ​ $ 15,717 ​ $ 9,028 ​ ​ 6,689 Less current portion of contract liability ​ ​ ​ ​ ​ ​ ​ (910) Total long-term contract liability ​ ​ ​ ​ ​ ​ $ 5,779

Description of the Business a_2

Description of the Business and Liquidity (Details) $ in Thousands, € in Millions	Jul. 30, 2021USD ($)	Jul. 30, 2021EUR (€)	May 11, 2021USD ($)tranche	Sep. 23, 2020shares	Dec. 31, 2020USD ($)shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)shares	Sep. 30, 2021USD ($)shares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)shares	Sep. 30, 2021EUR (€)	Sep. 30, 2020USD ($)
Liquidity
Net loss								$ 19,507	$ 23,823	$ 27,141	$ 15,659	$ 15,675	$ 18,672	$ 70,471		$ 50,006
Accumulated deficit					$ 311,929			382,400						382,400
Net product revenue								$ 8,987						$ 8,987
Reverse stock split ratio				0.25
Common stock, shares authorized | shares				150,000,000	150,000,000			150,000,000						150,000,000
Oaktree Capital Management LP Credit Agreement
Liquidity
Term of loan facility			5 years
Maximum borrowing capacity available under the credit agreement			$ 125,000
Number of tranches | tranche			5
BARDA Contract
Liquidity
Maximum amount to be awarded under the contract						$ 51,000					51,000					51,000
Contract base period						2 years
Amount of funding to be provided during contract base period						$ 21,000					21,000					21,000
Amount of additional funding to be provided following successful completion of clinical trial and preclinical studies in base period						30,000					30,000					30,000
Cost sharing, amount						33,000					33,000					33,000
Cost sharing, BARDA amount						$ 51,000					$ 51,000					$ 51,000
Contract period-of-performance						5 years
Collaboration Agreement with Orion
Liquidity
Upfront fee received	$ 29,600	€ 25													€ 25
R&D reimbursement and cash milestone payments to be received | €		€ 97
Number of days from receipt of the final report, in which the collaboration agreement may be terminated	90 days	90 days
Percentage of upfront fee which must be refunded in the event of termination		75.00%
Common Stock | Public Offering
Liquidity
Issuance of common stock (in shares) | shares					5,000,000		4,600,000
Proceeds from equity offerings, net of offering costs					$ 64,900		$ 42,900

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Total assets	$ 113,340	$ 139,983
Money market funds
Assets
Cash and cash equivalents, fair value	113,340	138,509
Certificates of deposit
Assets
Investments		1,474
Level 1
Assets
Total assets	113,340	139,983
Level 1 | Money market funds
Assets
Cash and cash equivalents, fair value	$ 113,340	138,509
Level 1 | Certificates of deposit
Assets
Investments		$ 1,474

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses
Payroll and related costs	$ 4,755	$ 4,097
Clinical trials and drug development	8,388	2,452
Professional fees	1,178	927
Short-term lease liabilities	540	510
Other	294	532
Total accrued expenses	$ 15,155	$ 8,518

Loss Per Share of Common Stoc_2

Loss Per Share of Common Stock (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Loss per share of common stock
Antidilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	5,577,768	5,200,735
Convertible preferred stock
Loss per share of common stock
Antidilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	915,000	1,850,600
Restricted stock
Loss per share of common stock
Antidilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	37,000	5,250
Stock options.
Loss per share of common stock
Antidilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	4,625,768	3,344,885

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Shares
Conversion of Series A convertible preferred stock (in shares)		178
Number of common shares issued for each convertible Series A preferred stock	915,000				915,000
Deemed Dividends
Deemed dividends on Series A convertible preferred stock				$ 8,900
Series A Convertible Preferred Stock
Shares
Preferred stock, shares outstanding	4,575				4,575		4,753
Common Stock
Shares
Conversion of Series A convertible preferred stock (in shares)		35,600
Stock options
Stock option and incentive plans
Total compensation cost	$ 2,760		$ 1,846		$ 10,650	$ 5,513
Stock Options
Outstanding (in shares)	4,625,768				4,625,768
Outstanding, weighted-average exercise price (in dollars per share)	$ 12.20				$ 12.20
Granted (in shares)					1,701,258
Granted (in dollars per share)					$ 13.64
Stock options | Research and development
Stock option and incentive plans
Total compensation cost	$ 1,060		701		$ 3,333	2,108
Stock options | General and administrative
Stock option and incentive plans
Total compensation cost	1,700		1,145		7,317	3,405
Restricted stock
Stock option and incentive plans
Total compensation cost	$ 81		3		$ 217	$ 8
Shares
Issued (in shares)					15,000	5,250
Outstanding (in shares)	37,000				37,000
Restricted stock | Minimum
Stock option and incentive plans
Vesting period					1 year
Restricted stock | Maximum
Stock option and incentive plans
Vesting period					3 years
Restricted stock | General and administrative
Stock option and incentive plans
Total compensation cost	$ 81		$ 3		$ 217	$ 8
2005 Plan
Stock option and incentive plans
Common stock reserved for issuance (in shares)	0				0
2005 Plan | Stock options
Stock Options
Outstanding (in shares)	6,565				6,565
2014 Plan
Stock option and incentive plans
Common stock reserved for issuance (in shares)	1,017,372				1,017,372
2014 Plan | Stock options
Stock Options
Outstanding (in shares)	3,291,558				3,291,558
Granted (in shares)					1,082,324
Equity Incentive Plan, Employee Inducements | Stock options
Stock Options
Outstanding (in shares)	1,327,645				1,327,645
Granted (in shares)					618,934

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Leases
Weighted average remaining lease term	48 months		48 months
Right-of-use assets	$ 1,700		$ 1,700		$ 2,000
Operating lease liabilities	$ 2,664		$ 2,664
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesNoncurrent us-gaap:AccruedLiabilitiesCurrent		us-gaap:OtherAccruedLiabilitiesNoncurrent us-gaap:AccruedLiabilitiesCurrent		us-gaap:OtherAccruedLiabilitiesNoncurrent us-gaap:AccruedLiabilitiesCurrent
Total lease costs	$ 200
Weighted-average incremental borrowing rate used to determine right-of-use assets and lease liabilities	11.00%		11.00%
Maturities of operating lease liabilities
Remaining three months of 2021	$ 202		$ 202
2022	807		807
2023	823		823
2024	840		840
Thereafter	642		642
Total lease payments	3,314		3,314
Less: imputed interest	(650)		(650)
Total lease liabilities	2,664		2,664
Current operating lease liabilities	540		540
Non-current operating lease liabilities	$ 2,124		$ 2,124
Minimum
Leases
Operating lease agreement term	36 months		36 months
Operating lease renewal term	24 months		24 months
Maximum
Leases
Operating lease agreement term	78 months		78 months
Operating lease renewal term	60 months		60 months
Short-term operating lease costs	$ 100	$ 100	$ 100	$ 100

Notes Payable - Narratives (Det

Notes Payable - Narratives (Details) $ in Thousands	May 11, 2021USD ($)tranche	May 11, 2011USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Contractual exit fee			$ 900	$ 900	$ 900
Interest Expense				678	1,029
Amortization of debt issuance costs					319
Oaktree Capital Management LP Credit Agreement
Debt Instrument [Line Items]
Term of loan facility	5 years
Maximum borrowing capacity available under the credit agreement	$ 125,000
Number of tranches | tranche	5
Additional borrowing capacity available, subject to certain milestone events	$ 80,000
Proceeds from line of credit	$ 15,000		30,000
Accrued interest rate (as a percent)	11.50%
Percentage of periodic principal payment	5.00%
Upfront fee (as a percent)	2.00%
Commitment fees	0.75%
Commitment fee accrual period	120 days
Percentage of term loan exit fees	2.00%
Debt issuance costs	$ 4,400		1,200	1,200	1,200
Contractual exit fee	300		$ 600	$ 600	600
Interest Expense					1,000
Interest on term loan					700
Amortization of debt issuance costs					$ 300
Oaktree Capital Management LP Credit Agreement | Funding of the tranche A- 2 term loans until the funding of the tranche B term loans
Debt Instrument [Line Items]
Minimum liquidity to be maintained	20,000
Oaktree Capital Management LP Credit Agreement | Funding date of the tranche B term loans until the maturity of the Term Loans
Debt Instrument [Line Items]
Minimum liquidity to be maintained	$ 15,000
Oaktree Capital Management LP Credit Agreement | Scenario Of Prepayment On Or Before May 11, 2023
Debt Instrument [Line Items]
Prepayment premium (as a percent)	4.00%
Oaktree Capital Management LP Credit Agreement | Scenario Of Prepayment Occurs Between May 11, 2023 To May 11, 2024
Debt Instrument [Line Items]
Prepayment premium (as a percent)	4.00%
Oaktree Capital Management LP Credit Agreement | Scenario Of Prepayment Between May 11, 2024 To May 11, 2025
Debt Instrument [Line Items]
Prepayment premium (as a percent)	2.00%
Oaktree Capital Management LP Credit Agreement | Scenario Of Prepayment After May 11, 2025
Debt Instrument [Line Items]
Prepayment premium (as a percent)	0.00%
Oaktree Capital Management LP Credit Agreement | Prepayment occurs on or before May 11, 2022
Debt Instrument [Line Items]
Prepayment premium (as a percent)	12.50%
Oaktree Capital Management LP Credit Agreement | Prepayment occurs after May 11, 2022 but on or before May 11, 2023
Debt Instrument [Line Items]
Prepayment premium (as a percent)	10.00%
Oaktree Capital Management LP Credit Agreement | Term Loans Tranche A-1
Debt Instrument [Line Items]
Proceeds from line of credit		$ 15,000
Oaktree Capital Management LP Credit Agreement | Term Loans Tranche A-2
Debt Instrument [Line Items]
Proceeds from line of credit	$ 30,000
Oaktree Capital Management LP Credit Agreement | Term Loan Tranche B
Debt Instrument [Line Items]
Additional borrowing capacity available, subject to certain milestone events	30,000
Oaktree Capital Management LP Credit Agreement | Term Loan Tranche C
Debt Instrument [Line Items]
Additional borrowing capacity available, subject to certain milestone events	25,000
Gross proceeds from sublicense, minimum	40,000
Net proceeds from sublicense, minimum	36,000
Oaktree Capital Management LP Credit Agreement | Term Loan Tranche D
Debt Instrument [Line Items]
Additional borrowing capacity available, subject to certain milestone events	25,000
Net product revenue, minimum	$ 50,000
Net product revenue, consecutive earning period	6 months

Notes Payable - Composition of

Notes Payable - Composition of debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
Notes Payable
Gross proceeds	$ 45,000
Contractual exit fee	900
Unamortized debt discount and issuance costs	(5,321)
Total	$ 40,579

Notes Payable - Debt maturities

Notes Payable - Debt maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Notes Payable
2024	$ 6,825
2025 and thereafter	38,175
Total	$ 45,000

License and Collaboration Rev_3

License and Collaboration Revenue - Narrative (Details) $ in Thousands, € in Millions	Jul. 30, 2021USD ($)	Jul. 30, 2021EUR (€)	Sep. 30, 2021EUR (€)	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)
License and Collaboration Revenue
Refundable portion of upfront payment | $				$ 21,828
Collaboration Agreement with Orion
License and Collaboration Revenue
Upfront fee received	$ 29,600	€ 25	€ 25
Number of days from receipt of the final report, in which the collaboration agreement may be terminated	90 days	90 days
Percentage of upfront fee which must be refunded in the event of termination		75.00%
Amount of reimbursement of research and development cost receivable		€ 7
Amount of payment receivable upon achievement of specific clinical and commercial achievements		€ 90
Term of collaboration agreement	10 years	10 years
Refundable portion of upfront payment				$ 21,800	€ 18.8

License and Collaboration Rev_4

License and Collaboration Revenue - Allocation of the transaction price to the performance obligations (Details) $ in Thousands, € in Millions	Jul. 30, 2021USD ($)item	Jul. 30, 2021EUR (€)item	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)
License and Collaboration Revenue
Net contract asset			$ 1,059	$ 1,059
Cost of collaboration revenue			1,478	1,478
Collaboration Agreement with Orion
License and Collaboration Revenue
Number of performance obligations | item	3	3
Transaction Price			15,717	15,717
Cumulative Collaboration Recognized				9,028
Contract Liability			6,689	6,689
Less current portion of contract liability			(910)	(910)
Total long-term contract liability			5,779	5,779
Contract asset			7,800	7,800
Net contract asset			1,100	1,100
Incremental costs incurred in obtaining the agreement			2,000	2,000
Contract acquisition costs included in general and administrative expense				1,100
Capitalized contract costs			900	900
Cost of collaboration revenue				1,500
Upfront fee received	$ 29,600	€ 25			€ 25
Collaboration Agreement with Orion | License Revenue
License and Collaboration Revenue
Transaction Price			8,987	8,987
Cumulative Collaboration Recognized				8,987
Collaboration Agreement with Orion | Development and Regulatory Services
License and Collaboration Revenue
Transaction Price			2,787	2,787
Cumulative Collaboration Recognized				41
Contract Liability			2,746	2,746
Collaboration Agreement with Orion | Supply of License Product
License and Collaboration Revenue
Transaction Price			3,943	3,943
Contract Liability			$ 3,943	$ 3,943