Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 28, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001285819 | ||
Entity Registrant Name | OMEROS CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-34475 | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Tax Identification Number | 91-1663741 | ||
Entity Address, Address Line One | 201 Elliott Avenue West | ||
Entity Address, City or Town | Seattle | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98119 | ||
City Area Code | 206 | ||
Local Phone Number | 676-5000 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | OMER | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 328,153,747 | ||
Entity Common Stock, Shares Outstanding | 57,942,695 | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Seattle, Washington |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,105 | $ 11,009 |
Short-term investments | 164,743 | 183,909 |
OMIDRIA contract royalty asset, short-term | 29,373 | 28,797 |
Receivables | 8,096 | 213,221 |
Prepaid expense and other assets | 8,581 | 6,300 |
Total current assets | 217,898 | 443,236 |
OMIDRIA contract royalty asset | 138,736 | 123,425 |
Right of use assets | 18,631 | 21,762 |
Property and equipment, net | 1,950 | 1,492 |
Restricted investments | 1,054 | 1,054 |
Total assets | 378,269 | 590,969 |
Current liabilities: | ||
Accounts payable | 7,712 | 5,989 |
Accrued expenses | 31,868 | 30,551 |
Current portion of convertible senior notes, net | 0 | 94,381 |
Current portion of OMIDRIA royalty obligation | 8,576 | 1,152 |
Current portion of lease liabilities | 5,160 | 4,310 |
Total current liabilities | 53,316 | 136,383 |
Convertible senior notes, net | 213,155 | 220,906 |
OMIDRIA royalty obligation | 116,550 | 125,126 |
Lease liabilities, non-current | 18,143 | 22,426 |
Other accrued liabilities - noncurrent | 2,088 | 444 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity (deficit): | ||
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at December 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock, par value $0.01 per share, 150,000,000 shares authorized at December 31, 2023 and December 31, 2022; 61,128,597 and 62,828,765 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively. | 611 | 628 |
Additional paid-in capital | 727,936 | 720,773 |
Accumulated deficit | (753,530) | (635,717) |
Total shareholders’ equity (deficit) | (24,983) | 85,684 |
Total liabilities and shareholders’ equity (deficit) | $ 378,269 | $ 590,969 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 61,128,597 | 62,828,765 |
Common stock, outstanding (in shares) | 61,128,597 | 62,828,765 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Costs and expenses: | |||
Research and development | $ 114,870 | $ 112,721 | $ 118,775 |
Selling, general and administrative | 49,660 | 50,668 | 54,842 |
Total costs and expenses | 164,530 | 163,389 | 173,617 |
Loss from operations | (164,530) | (163,389) | (173,617) |
Interest expense | (30,844) | (22,702) | (19,669) |
Interest and other income | 16,342 | 4,062 | 1,740 |
Gain on early extinguishment of convertible senior notes | 4,112 | 0 | 0 |
Net loss from continuing operations | (174,920) | (182,029) | (191,546) |
Net income from discontinued operations, net of tax | 57,107 | 229,446 | 385,781 |
Net income (loss) | $ (117,813) | $ 47,417 | $ 194,235 |
Basic and diluted net income (loss) per share: | |||
Net loss from continuing operations (in dollars per share) | $ (2.79) | $ (2.9) | $ (3.07) |
Net income from discontinued operations (in dollars per share) | 0.91 | 3.66 | 6.19 |
Net income (loss) (in dollars per share) | $ (1.88) | $ 0.76 | $ 3.12 |
Weighted-average shares used to compute basic and diluted net income (loss) per share (in shares) | 62,739,227 | 62,737,091 | 62,344,100 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) (Accounting Standards Update 2020-06 [Member]) at Dec. 31, 2020 | 0 | |||||||
Balance (in shares) at Dec. 31, 2020 | 61,671,231 | |||||||
Balance (Accounting Standards Update 2020-06 [Member]) at Dec. 31, 2020 | $ 0 | $ (70,777) | $ (4,697) | $ (75,474) | ||||
Balance at Dec. 31, 2020 | $ 616 | $ 751,304 | $ (872,672) | $ (120,752) | ||||
Issuance of common stock upon exercise of stock options (in shares) | 945,924 | |||||||
Issuance of common stock upon exercise of stock options | $ 10 | 8,372 | 0 | 8,382 | ||||
Issuance of common stock upon grant of restricted stock awards (in shares) | 11,700 | |||||||
Issuance of common stock upon grant of restricted stock awards | $ 0 | 91 | 0 | 91 | ||||
At the market offering fees | 0 | (241) | 0 | (241) | ||||
Stock-based compensation | 0 | 17,539 | 0 | 17,539 | ||||
Net income (loss) | $ 0 | 0 | 194,235 | 194,235 | ||||
Balance (in shares) at Dec. 31, 2021 | 62,628,855 | |||||||
Balance at Dec. 31, 2021 | $ 626 | 706,288 | (683,134) | 23,780 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 101,160 | |||||||
Issuance of common stock upon exercise of stock options | $ 1 | 414 | 0 | 415 | ||||
Issuance of common stock upon grant of restricted stock awards (in shares) | 98,750 | |||||||
Issuance of common stock upon grant of restricted stock awards | $ 1 | (1) | 0 | 0 | ||||
Stock-based compensation | 0 | 14,072 | 0 | 14,072 | ||||
Net income (loss) | $ 0 | 0 | 47,417 | 47,417 | ||||
Balance (in shares) at Dec. 31, 2022 | 62,828,765 | |||||||
Balance at Dec. 31, 2022 | $ 628 | 720,773 | (635,717) | $ 85,684 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 36,726 | 36,726 | ||||||
Issuance of common stock upon exercise of stock options | $ 0 | 150 | 0 | $ 150 | ||||
Issuance of common stock upon grant of restricted stock awards (in shares) | 67,250 | |||||||
Issuance of common stock upon grant of restricted stock awards | $ 1 | (1) | 0 | 0 | ||||
Stock-based compensation | 0 | 11,650 | 0 | 11,650 | ||||
Net income (loss) | $ 0 | 0 | (117,813) | (117,813) | ||||
Repurchases of common stock (in shares) | (1,804,144) | |||||||
Repurchases of common stock | $ (18) | (4,636) | 0 | (4,654) | ||||
Balance (in shares) at Dec. 31, 2023 | 61,128,597 | |||||||
Balance at Dec. 31, 2023 | $ 611 | $ 727,936 | $ (753,530) | $ (24,983) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net income (loss) | $ (117,813) | $ 47,417 | $ 194,235 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Stock-based compensation expense | 11,650 | 14,072 | 17,630 |
Non-cash interest expense on convertible senior notes | 1,853 | 1,830 | 1,696 |
Depreciation and amortization | 920 | 952 | 1,386 |
Remeasurement on OMIDRIA contract royalty asset | (41,167) | (14,457) | 0 |
Interest on OMIDRIA contract royalty asset | (15,315) | (18,634) | 0 |
Accretion on U.S. government treasury bills, net | (8,714) | 0 | 0 |
Gain on early extinguishment of convertible senior notes | (4,112) | 0 | 0 |
Gain on sale of OMIDRIA, gross | 0 | 0 | (310,563) |
Non-cash interest expense on future royalty obligation | 0 | 1,695 | 0 |
Changes in operating assets and liabilities: | |||
Receivables | 205,125 | (175,066) | (34,314) |
OMIDRIA contract royalty asset | 40,595 | 65,439 | 0 |
Accounts payable and accrued expense | 4,682 | (10,665) | 14,640 |
Prepaid expenses and other | (2,978) | 934 | 5,568 |
Net cash provided by (used in) operating activities | 74,726 | (86,483) | (109,722) |
Investing activities: | |||
Purchases of investments | (1,018,602) | (429,045) | (32,006) |
Proceeds from the sale and maturities of investments | 1,046,482 | 301,594 | 100,000 |
Purchases of property and equipment | (426) | (113) | (277) |
Proceeds from Divestiture of Businesses | 0 | 0 | 125,993 |
Net cash provided by (used in) investing activities | 27,454 | (127,564) | 193,710 |
Financing activities: | |||
Payments on convertible senior notes | (99,873) | 0 | 0 |
Repurchases on common stock | (4,654) | 0 | 0 |
Principal payments | (1,152) | (417) | 0 |
Payments on finance lease obligations | (555) | (750) | (1,823) |
Proceeds upon exercise of stock options | 150 | 415 | 8,383 |
Proceeds upon entering into OMIDRIA royalty obligation | 0 | 125,000 | 0 |
At the market offering costs | 0 | 0 | (241) |
Net cash provided by (used in) financing activities | (106,084) | 124,248 | 6,319 |
Net increase (decrease) in cash and cash equivalents | (3,904) | (89,799) | 90,307 |
Cash and cash equivalents at beginning of period | 11,009 | 100,808 | 10,501 |
Cash and cash equivalents at end of period | 7,105 | 11,009 | 100,808 |
Supplemental cash flow information | |||
Cash paid for interest | 29,923 | 19,178 | 17,876 |
Equipment acquired under finance lease | $ 952 | $ 40 | $ 289 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Organization and Basis of Presentation General Omeros Corporation (“Omeros,” the “Company” or “we”) is a clinical-stage biopharmaceutical company committed to discovering, developing and commercializing small-molecule and protein therapeutics for large-market as well as orphan indications targeting immunologic disorders including complement-mediated diseases, cancers, and addictive and compulsive disorders. We marketed our first 1% 0.3% December 23, 2021 ( Our pipeline of clinical-stage development programs includes: narsoplimab, our antibody targeting mannan-binding lectin-associated serine protease 2 2" OMS1029, 2; OMS906, 3 3" OMS527, 7 "PDE7" Clinical development of narsoplimab is currently focused primarily on hematopoietic stem cell transplant-associated thrombotic microangiopathy ("TA-TMA"). Our Biologics License Application ("BLA") for narsoplimab in TA-TMA is October 2023, 3 not Phase 1 2 Sale of OMIDRIA Assets On December 23, 2021, Under the Asset Purchase Agreement, Omeros is entitled to receive a milestone payment of $200.0 million (the “Milestone Payment”) following an event (the "Milestone Event") that establishes separate payment for OMIDRIA for a continuous period of at least four December 2022, February 2023. As a result of the divestiture, the results of OMIDRIA operations (e.g., revenues and operating costs) have been reclassified to discontinued operations in our consolidated statements of operations and comprehensive income (loss) and excluded from continuing operations for all periods presented (See “Note 7 Basis of Presentation Our consolidated financial statements include the financial position and results of operations of Omeros and our wholly owned subsidiaries. All inter-company transactions have been eliminated. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Liquidity and Capital Resources As of December 31, 2023 , we had cash, cash equivalents and short-term investments of $171.8 million. Our cash provided by operations for the year ended December 31, 2023 2023 first 2023. November 2023. February 2024, December 31, 2031 ( 8 Historically, we have incurred net losses from continuing operations and negative operating cash flows. We have not 2026. twelve February 2024 may may Segments We operate in one not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include OMIDRIA contract royalty asset valuation, stock-based compensation expense, and accruals for clinical trials and manufacturing of drug product. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; however, actual results could differ from these estimates. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Significant Accounting Policies Discontinued Operations We review the presentation of planned or completed business dispositions in the consolidated financial statements based on the available information and events that have occurred. The review consists of evaluating whether the business meets the definition of a component for which the operations and cash flows are clearly distinguishable from the other components of the business and, if so, whether it is anticipated that after the disposal the cash flows of the component would be eliminated from continuing operations and whether the disposition represents a strategic shift that has a major effect on operations and financial results. Planned or completed business dispositions are presented as discontinued operations when all the criteria described above are met. For those divestitures that qualify as discontinued operations, all comparative periods presented are reclassified in the consolidated balance sheets. Additionally, the results of operations of a discontinued operation are reclassified to income from discontinued operations, net of tax, for all periods presented in the consolidated statements of operations and comprehensive income (loss). Results of discontinued operations include all revenues and expenses directly derived from such businesses. General corporate overhead is not (see “Note 7 OMIDRIA Royalties, Milestones and Contract Royalty Assets We have rights to receive future royalties from Rayner on OMIDRIA net sales at royalty rates that vary based on geography and certain regulatory contingencies. Therefore, future OMIDRIA royalties are treated as variable consideration. The sale of OMIDRIA qualified as an asset sale under GAAP. To measure the OMIDRIA contract royalty asset, we used the expected value approach which is the sum of the discounted probability-weighted royalty payments, we would receive using a range of potential outcomes, to the extent that it is probable that a significant reversal in the amount of cumulative income recognized will not December 2022, no 2035. OMIDRIA Royalty Obligation On September 30, 2022, T (see “Note 8 Cash and Cash Equivalents, Short-Term Investments and Restricted Investments Cash and cash equivalents include highly liquid investments with a maturity of three one Investment income, which is included as a component of other income, consists primarily of interest earned. Inventory We expense inventory costs related to product candidates as research and development expenses until regulatory approval is reasonably assured in the U.S. or the European Union (“EU”). Once approval is reasonably assured, costs, including amounts related to third Receivables Receivables at December 31, 2023 primarily consist of royalties receivable from Rayner. Receivables at December 31, 2022 also included the $200.0 million Milestone Payment which we received in February 2023. not December 31, 2023 and 2022 , respectively. Property and Equipment, Net Property and equipment are stated at cost, and depreciation is calculated using the straight-line method over the estimated useful life of the assets, which is generally three Convertible Senior Notes On January 1, 2021, 2020 06, Debt Debt with Conversion Options 470.20 and Derivatives and Hedging Contracts in Entity s Own Equity 815 40 2020 06 Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation are evaluated as a modification or an extinguishment depending on whether the exchange is determined to have substantially different terms. We extinguished the 6.25% convertible senior notes (the “2023 November 15, 2023. December 2023, “2026 Impairment of Long-Lived Assets We assess the impairment of long-lived assets, whenever events or changes in circumstances indicate that the carrying value of an asset may not not December 31, 2023 2022 2021 Revenue Recognition When we enter into a customer contract, we perform the following five Prior to the sale of OMIDRIA to Rayner, we recorded product sales as revenue when the product was delivered to our wholesalers and title for the product was transferred. Product sales were recorded net of wholesaler distribution fees and estimated chargebacks, rebates, returns and purchase-volume discounts. Research and Development Research and development expenses are comprised primarily of contracted research, clinical trial study and manufacturing costs prior to approval; consulting services; contract milestones; materials and supplies; costs for personnel, including salaries, benefits and stock compensation; depreciation; an allocation of our occupancy costs; and other expenses incurred to sustain our overall research and development programs. Advance payments for goods or services that will be used for future research and development activities are deferred and then recognized as an expense as the related goods are delivered or the services are performed. All other research and development costs are expensed as incurred. Selling, General and Administrative Selling, general and administrative expenses are comprised primarily of marketing and selling expenses; professional and legal services; patent costs; and salaries, benefits, and stock-compensation costs for sales, marketing, and other personnel not Advertising costs are expensed as incurred. We had no advertising costs during the years ended December 31, 2023 2022. December 31, 2021, Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of income tax positions only if those positions are more likely than not not not Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards and restricted stock units (“RSU”) based on estimated fair values. The fair value of our stock is calculated using the Black-Scholes option-pricing model, which requires judgmental assumptions around volatility, forfeiture rates, risk-free rate and expected term. Compensation expense is recognized over the requisite service periods, which is generally the vesting period, using the straight-line method. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Common Stock Repurchases We may not Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) is comprised of net income (loss) and certain changes in equity that are excluded from net income (loss). There was no December 31, 2023 2022 2021 Financial Instruments and Concentrations of Credit Risk Cash and cash equivalents, receivables, accounts payable and accrued liabilities, which are recorded at invoiced amount or cost, approximate fair value based on the short-term nature of these financial instruments. The fair value of short-term investments is based on quoted market prices. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and receivables. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, our cash and cash equivalents balance held at a financial institution may Recent Accounting Pronouncements In December 2023, 2023 09, Income Taxes - Improvements to Income Tax Disclosure 740 2023 09 2023 09 December 15, 2025 |
Note 3 - Net Income (Loss) Per
Note 3 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 Net Income (Loss) Per Share Basic net income (loss) per share ("Basic EPS") is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share (“Diluted EPS”) is computed by dividing net income (loss) by the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Our potentially dilutive securities include common shares related to our stock options, RSUs and convertible senior notes calculated using the treasury stock method. In periods where we have a net loss from continuing operations but overall net income, we do not Year Ended December 31, 2023 2022 2021 2026 Notes convertible to common stock (1) 11,132,366 12,172,008 12,172,008 2023 Notes convertible to common stock (1)(2) 4,318,944 4,941,739 4,941,739 Outstanding options to purchase common stock 38,462 9,488 1,707,371 Outstanding restricted stock units — 98,750 2,642 Total dilutive shares excluded from net income (loss) per share 15,489,772 17,221,985 18,823,760 ( 1 2023 2026 6 ( 2 2023 November 15, 2023. |
Note 4 - Fair-Value Measurement
Note 4 - Fair-Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4 Fair-Value Measurements All of our investments are held in our name and are classified as short-term and held-to-maturity. Interest income from investments for the years ended December 31, 2023 December 31, 2022 . The following tables summarize our investments: December 31, 2023 Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value (In thousands) U.S. government securities classified as short-term investments $ 102,100 $ 19 $ 102,119 Money-market funds classified as short-term investments 62,643 — 62,643 Total short-term investments 164,743 19 164,762 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total investments $ 165,797 $ 19 $ 165,816 December 31, 2022 Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value (In thousands) U.S. government securities classified as short-term investments $ 99,027 $ 22 $ 99,049 Money-market funds classified as short-term investments 84,882 — 84,882 Total short-term investments 183,909 22 183,931 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total investments $ 184,963 $ 22 $ 184,985 Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three Level 1—Observable Level 2—Inputs Level 3—Unobservable no Our fair-value hierarchy for our financial assets are as follows: December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) U.S. government securities classified as short-term investments $ — $ 102,119 $ — $ 102,119 Money-market funds classified as short-term investments 62,643 — — 62,643 Total short-term investments 62,643 102,119 — 164,762 Money-market funds classified as non-current restricted investments 1,054 — — 1,054 Total investments $ 63,697 $ 102,119 $ — $ 165,816 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) U.S. government treasury bills classified as short-term investments $ — $ 99,049 $ — $ 99,049 Money-market funds classified as short-term investments 84,882 — — 84,882 Total short-term investments 84,882 99,049 — 183,931 Money-market funds classified as non-current restricted investments 1,054 — — 1,054 Total investments $ 85,936 $ 99,049 $ — $ 184,985 Unrealized gains and losses on our short-term investments were not December 31, 2023 2022 See “Note 6 8 2023 2026 |
Note 5 - Certain Balance Sheet
Note 5 - Certain Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 5 Certain Balance Sheet Accounts Receivables Receivables consists of the following: December 31, December 31, 2023 2022 (In thousands) OMIDRIA milestone receivable $ — $ 200,000 OMIDRIA royalty receivables 6,724 12,966 Other receivables 1,372 255 Total receivables $ 8,096 $ 213,221 Property and Equipment, Net Property and equipment, net consists of the following: December 31, December 31, 2023 2022 (In thousands) Equipment under finance leases $ 6,929 $ 6,204 Laboratory equipment 3,525 3,135 Computer equipment 1,113 1,076 Office equipment and furniture 624 625 Total cost 12,191 11,040 Less accumulated depreciation and amortization (10,241 ) (9,548 ) Total property and equipment, net $ 1,950 $ 1,492 For the years ended December 31, 2023 2022 2021 $0.9 million, Accrued Expenses Accrued expenses consist of the following: December 31, December 31, 2023 2022 (In thousands) Clinical trials $ 10,168 $ 5,536 Employee compensation 7,380 6,665 Contract research and development 6,223 3,209 Interest payable 4,242 5,172 Consulting and professional fees 3,539 4,425 Other accrued expenses 316 5,544 Total accrued expenses $ 31,868 $ 30,551 |
Note 6 - Convertible Senior Not
Note 6 - Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 6 Convertible Senior Notes On January 1, 2021, 2020 06, Debt Debt with Conversion Options 470 20 and Derivatives and Hedging Contracts in Entity s Own Equity 815 40 2020 06 In December 2023, 2026 November 15, 2023, 2023 Convertible senior notes outstanding at December 31, 2023 2022 Balance as of December 31, 2023 2023 Notes 2026 Notes Total (In thousands) Principal amount $ — $ 215,924 $ 215,924 Unamortized debt issuance costs — (2,769 ) (2,769 ) Total convertible senior notes, net $ — $ 213,155 $ 213,155 Fair value of outstanding convertible senior notes (1) $ — $ 131,444 Balance as of December 31, 2022 2023 Notes 2026 Notes Total (In thousands) Principal amount $ 95,000 $ 225,030 $ 320,030 Unamortized debt issuance costs (619 ) (4,124 ) (4,743 ) Total convertible senior notes, net $ 94,381 $ 220,906 $ 315,287 Fair value of outstanding convertible senior notes (1) $ 92,031 $ 118,141 ( 1 3 2023 The 2023 2023 November 15, 2023, The following table sets forth total interest expense recognized in connection with the 2023 Year Ended December 31, 2023 2022 2021 (In thousands) Contractual interest expense $ 5,195 $ 5,938 $ 5,938 Amortization of debt issuance costs 619 663 618 Total interest expense $ 5,814 $ 6,601 $ 6,556 2026 The 2026 February 15 August 15 2026 February 15, 2026, The initial conversion rate is 54.0906 shares of our common stock per $1,000 of note principal (equivalent to an initial conversion price of approximately $18.4875 per share of common stock), which equals approximately 12.2 million shares issuable upon conversion, subject to adjustment in certain circumstances. The 2026 November 15, 2025 February 12, 2026, second February 15, 2026. may 2026 ( 1 September 30, 2020, 2026 20 30 ( 2 five five five $1,000 2026 ( 3 one ( 4 2026 We will settle any conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate(s). Subject to the satisfaction of certain conditions, we may 2026 August 15, 2023 50th 2026 2026 20 not 30 In order to reduce the dilutive impact or potential cash expenditure associated with the conversion of the 2026 2026 "2026 2026 2026 2026 $26.10. 2026 may 2026 50 December 2, 2025 February 12, 2026, not 2026 not 2026 2026 2026 As of December 31, 2023 , approximately 12.2 million shares remained outstanding under the 2026 Further, we concluded the 2026 2026 not not The unamortized debt issuance costs o f $2.8 December 31, 2023 The following table sets forth interest expense recognized related to the 2026 Year Ended December 31, 2023 2022 2021 (In thousands) Contractual interest expense $ 11,774 $ 11,814 $ 11,814 Amortization of debt issuance costs 1,355 1,167 1,078 Total interest expense $ 13,129 $ 12,981 $ 12,892 |
Note 7 - Discontinued Operation
Note 7 - Discontinued Operations - Sale of OMIDRIA | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 7— Discontinued Operations - Sale of OMIDRIA On December 23, 2021, The year ended December 31, 2021, Cash proceeds $ 125,993 OMIDRIA contract royalty asset 184,570 Gain on sale of OMIDRIA, gross 310,563 Transaction and closing costs (1,972 ) RSUs granted to transferred employees (1,419 ) Prepaid assets and inventory at cost (1,524 ) Gain on sale of OMIDRIA $ 305,648 In December 2022, February 2023. The results of operations for OMIDRIA are recorded as income from discontinued operations for all periods presented in the consolidated statements of operations and comprehensive income (loss). Year Ended December 31, 2023 2022 2021 (In thousands) Product sales, net $ — $ — $ 110,735 Costs and expenses — — 30,631 Gross margin — — 80,104 Gain on sale of OMIDRIA — — 305,648 Milestone income — 200,000 — Interest on OMIDRIA contract royalty asset 15,315 18,634 — Remeasurement adjustments 41,167 14,457 — Other income 1,087 307 1,035 Income before income tax 57,569 233,398 386,787 Income tax expense (1) (462 ) (3,952 ) (1,006 ) Net income from discontinued operations, net of tax $ 57,107 $ 229,446 $ 385,781 ( 1 13 The following schedule is a rollforward of the OMIDRIA contract royalty asset (in thousands): Balance at December 31, 2021 $ 184,570 Royalties earned (65,439 ) Interest on OMIDRIA contract royalty asset 18,634 Remeasurement adjustments 14,457 Balance at December 31, 2022 152,222 Royalties earned (40,595 ) Interest on OMIDRIA contract royalty asset 15,315 Remeasurement adjustments 41,167 Balance at December 31, 2023 $ 168,109 Cash flow from discontinued operations is as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Net cash provided by discontinued operations from operating activities $ 241,317 $ 78,082 $ 55,380 Net cash provided by discontinued operations from investing activities $ — $ — $ 125,993 |
Note 8 - OMIDRIA Royalty Obliga
Note 8 - OMIDRIA Royalty Obligation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Royalty Obligation [Text Block] | Note 8— OMIDRIA Royalty Obligation In September 2022, DRI is entitled to receive royalties on OMIDRIA net sales between September 1, 2022 December 31, 2030, not no The changes in the OMIDRIA royalty obligation during the year ended December 31, 2023 Balance at December 31, 2022 $ 126,278 Principal payments (1,152 ) Balance at December 31, 2023 $ 125,126 The OMIDRIA royalty obligation is classified as a Level 3 not December 31, 2023 , the approximate fair value of our obligation was $116.3 million. For the years ended December 31, 2023 December 31, 2022, d interest expense of $11.8 million and $2.9 million, respectively, on the OMIDRIA royalty obligation. As of December 31, 2023 Total Principal Interest Annual Cap (In thousands) 2024 $ 8,576 $ 11,424 $ 20,000 2025 14,641 10,359 25,000 2026 16,081 8,919 25,000 2027 17,664 7,336 25,000 2028 19,402 5,598 25,000 Thereafter 48,762 4,988 53,750 Total scheduled payments $ 125,126 $ 48,624 $ 173,750 Subsequent Event In February 2024, first 2024 January 1, 2024 December 31, 2031. December 31, 2031 no January 1, 2024, December 31, 2031. not $ four January 1, 2026. four January 1, 2028. |
Note 9 - Lease Liabilities
Note 9 - Lease Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | Note 9 Lease Liabilities We have operating leases related to our office and laboratory space. The initial term of the leases is through November 2027 two five November 2026. Lease-related assets and liabilities recorded on our consolidated balance sheet are as follows: December 31, December 31, 2023 2022 (In thousands) Assets Operating lease assets $ 18,631 $ 21,762 Finance lease assets, net 1,220 945 Total lease assets $ 19,851 $ 22,707 Liabilities Current: Operating leases $ 4,590 $ 3,888 Finance leases 570 422 Non-current: Operating leases 17,424 21,971 Finance leases 719 455 Total lease liabilities $ 23,303 $ 26,736 Weighted-average remaining lease term Operating leases (years) 3.8 4.8 Finance leases (years) 2.3 2.3 Weighted-average discount rate Operating leases 12.81 % 12.81 % Finance leases 8.57 % 10.44 % The components of total lease costs are as follows: Year Ended December 31, 2023 2022 (In thousands) Lease cost Operating lease cost $ 6,464 $ 6,152 Finance lease cost: Amortization 677 812 Interest 174 174 Variable lease cost 3,160 3,191 Sublease income (1,500 ) (1,755 ) Net lease cost $ 8,975 $ 8,574 The supplemental cash flow information related to leases is as follows: Year Ended December 31, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Cash payments for operating leases $ 7,144 $ 7,072 Cash payments for financing leases $ 655 $ 790 The future maturities of our lease liabilities as of December 31, 2023 Operating Finance Leases Leases Total (In thousands) 2024 $ 8,528 $ 684 $ 9,212 2025 7,088 517 7,605 2026 6,870 258 7,128 2027 5,950 — 5,950 Total undiscounted lease payments 28,436 1,459 29,895 Less interest (6,422 ) (170 ) (6,592 ) Total lease liabilities $ 22,014 $ 1,289 $ 23,303 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 Commitments and Contingencies Contracts We have various agreements with third $25.8 m December 31, 2023 Development Milestones and Product Royalties We have entered a variety of development, collaboration, licensing or similar agreements with third December 31, 2023 2022 2021 $5.0 million, |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 11 Shareholders Equity (Deficit) Common Stock As of December 31, 2023 Stock options outstanding 15,255,154 Awards available to issue under the 2017 Plan 8,802,249 Total shares reserved 24,057,403 At the Market Sales Agreement Amendment of 2017 June 23, 2023 2017 Share Repurchase Program November 9, 2023, may December 31, 2023, |
Note 12 - Stock-Based Compensat
Note 12 - Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 12 Stock-Based Compensation Our equity plans provide for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance units, performance shares and other stock and cash awards to employees and consultants. Stock options are granted with an exercise price not Vesting schedules for our equity plans generally are as follows: Grant Type Vesting Schedule Employee initial options grants 25% at one-year anniversary, 1/48 monthly thereafter Employee recurring options grants 1/48 monthly Non-employee consultant options grants 1/12 or 1/48 monthly Employee RSUs 50% after one year, 50% after two years Stock-based compensation expense is as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Continuing operations: Research and development $ 4,754 $ 6,123 $ 6,791 Selling, general and administrative 7,140 8,042 8,154 Total stock-based compensation in continuing operations 11,894 14,165 14,945 Discontinued operations (244 ) (93 ) 2,685 Total stock-based compensation $ 11,650 $ 14,072 $ 17,630 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The following assumptions were applied to stock option grants during the periods ended: Year Ended December 31, 2023 2022 2021 Estimated weighted-average fair value $ 2.44 $ 2.94 $ 10.54 Weighted-average assumptions: Expected volatility 93 % 90 % 81 % Expected life, in years 7.2 6.0 6.0 Risk-free interest rate 3.97 % 2.83 % 1.06 % Expected dividend yield — % — % — % Expected volatility is based on the historical volatility of our stock price weighted by grant issuances over the reporting period. We estimated the expected life of the stock options granted using the historical exercise behavior of option holders. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Stock option activity for all stock option plans is as follows: Options Outstanding Weighted- Average Exercise Price per Share Remaining Contractual Life (In years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2022 13,872,973 $ 11.02 Granted 3,153,200 3.01 Exercised (36,726 ) 4.10 Forfeited (1,734,293 ) 9.96 Balance at December 31, 2023 15,255,154 $ 9.50 6.2 $ 1,388 Vested and expected to vest at December 31, 2023 14,762,090 $ 9.65 6.0 $ 1,272 Exercisable at December 31, 2023 10,554,140 $ 11.50 4.7 $ 217 Of the 15.3 million common stock options outstanding as of December 31, 2023, December 31, 2023. December 31, 2023 , 2022 and 2021 was $0.1 million, At December 31, 2023 , there were 4.7 million unvested stock options outstanding that vest over a weighted-average period of 2.1 years. The remaining estimated compensation expense to be recognized in connection with these unvested stock options is $14.5 million. RSU activity for all stock plans is as follows: RSUs Outstanding Weighted- Average Grant Date Fair Value Per Share Balance at December 31, 2022 98,750 $ 7.53 Vested and released (67,250 ) 7.53 Forfeited (31,500 ) 7.53 Balance at December 31, 2023 — $ — |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13 Income Taxes The components of income tax benefit from continuing and discontinued operations were as follows: December 31, 2023 2022 2021 (In thousands) Continuing operations: Current income tax expense: Federal $ — $ — $ — State — — — Total current income tax expense — — — Deferred income tax benefit: Federal — — — State — — — Total deferred income tax benefit — — — Income tax benefit in continuing operations $ — $ — $ — Income tax expense as a component of discontinued operations $ 462 $ 3,952 $ 1,006 For the years ended December 31, 2023, 2022 2021, December 31, 2023, 2022 2021, December 31, 2023, 2022 2021, 2023, 2022 2021, $0.5 2023, 2022 2021, not Deferred income tax assets and liabilities reflect the tax effect of net operating loss and tax credit carryforwards and the net temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred income taxes were as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 95,183 $ 85,887 Research and development tax credits 92,837 78,992 Capitalized research and development 39,318 21,864 OMIDRIA royalty obligation 28,903 28,938 Stock-based compensation 10,132 12,517 Lease liability 5,085 5,926 Other 10,283 9,234 Total deferred tax assets 281,741 243,358 Deferred tax liabilities: OMIDRIA contract royalty asset (38,832 ) (34,883 ) Right of use assets (4,304 ) (4,987 ) Property and equipment (122 ) (288 ) Total deferred tax liabilities (43,258 ) (40,158 ) Net deferred tax assets before valuation allowance 238,483 203,200 Less valuation allowance (238,483 ) (203,200 ) Net deferred tax liabilities $ — $ — As of December 31, 2023 , we had federal net operating loss carryforwards of approximately $398.6 million and state net operating loss carryforwards of approximately $245.8 million. Pre- 2018 2035 2037. 2018 not 2024 2043. The Tax Cuts and Jobs Act was enacted on December 22, 2017 2022. 2022, Reconciliation of income tax computed at federal statutory rates to the reported provisions for income taxes from continuing operations are as follows: Year ended December 31, 2023 2022 2021 U.S. Federal statutory rate on net loss (21.0 )% (21.0 )% (21.0 )% State tax, net of federal tax benefit (2.1 )% (1.7 )% (0.6 )% Change in valuation allowance 27.7 % 28.3 % 26.9 % Tax credits (8.0 )% (6.8 )% (5.5 )% Stock compensation 1.5 % 1.4 % 0.3 % Other 1.9 % (0.2 )% (0.1 )% Effective tax rate 0.0 % 0.0 % 0.0 % We file federal and certain state income tax returns, which provides varying statutes of limitations on assessments. However, because of net operating loss carryforwards, substantially all our tax years remain open to federal and state tax examination. As of December 31, 2023 2022, December 31, 2023 December 31, 2023, We estimate that there will be no material changes in this uncertain tax position for the next 12 The following table summarizes the activities related to our gross unrecognized tax benefits (in thousands): Balance at December 31, 2022 $ 212 Increase in balance related to tax positions taken during prior years 1,796 Decrease in balance related to tax positions during prior years (30 ) Decrease in balance as a result of a lapse of the applicable statute of limitations (12 ) Balance at December 31, 2023 $ 1,966 |
Note 14 - 401(k) Retirement Pla
Note 14 - 401(k) Retirement Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 14 401 Retirement Plan Our 401 December 31, 2023, 2022 2021, 401 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. OTHER INFORMATION (a) None (b) During the three December 31, 2023, none 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations We review the presentation of planned or completed business dispositions in the consolidated financial statements based on the available information and events that have occurred. The review consists of evaluating whether the business meets the definition of a component for which the operations and cash flows are clearly distinguishable from the other components of the business and, if so, whether it is anticipated that after the disposal the cash flows of the component would be eliminated from continuing operations and whether the disposition represents a strategic shift that has a major effect on operations and financial results. Planned or completed business dispositions are presented as discontinued operations when all the criteria described above are met. For those divestitures that qualify as discontinued operations, all comparative periods presented are reclassified in the consolidated balance sheets. Additionally, the results of operations of a discontinued operation are reclassified to income from discontinued operations, net of tax, for all periods presented in the consolidated statements of operations and comprehensive income (loss). Results of discontinued operations include all revenues and expenses directly derived from such businesses. General corporate overhead is not (see “Note 7 |
Royalty Fees And Contract Royalty Asset [Policy Text Block] | OMIDRIA Royalties, Milestones and Contract Royalty Assets We have rights to receive future royalties from Rayner on OMIDRIA net sales at royalty rates that vary based on geography and certain regulatory contingencies. Therefore, future OMIDRIA royalties are treated as variable consideration. The sale of OMIDRIA qualified as an asset sale under GAAP. To measure the OMIDRIA contract royalty asset, we used the expected value approach which is the sum of the discounted probability-weighted royalty payments, we would receive using a range of potential outcomes, to the extent that it is probable that a significant reversal in the amount of cumulative income recognized will not December 2022, no 2035. |
Royalty Obligation Policy [Policy Text Block] | OMIDRIA Royalty Obligation On September 30, 2022, T (see “Note 8 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents, Short-Term Investments and Restricted Investments Cash and cash equivalents include highly liquid investments with a maturity of three one Investment income, which is included as a component of other income, consists primarily of interest earned. |
Inventory, Policy [Policy Text Block] | Inventory We expense inventory costs related to product candidates as research and development expenses until regulatory approval is reasonably assured in the U.S. or the European Union (“EU”). Once approval is reasonably assured, costs, including amounts related to third |
Accounts Receivable [Policy Text Block] | Receivables Receivables at December 31, 2023 primarily consist of royalties receivable from Rayner. Receivables at December 31, 2022 also included the $200.0 million Milestone Payment which we received in February 2023. not December 31, 2023 and 2022 , respectively. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, Net Property and equipment are stated at cost, and depreciation is calculated using the straight-line method over the estimated useful life of the assets, which is generally three |
Debt, Policy [Policy Text Block] | Convertible Senior Notes On January 1, 2021, 2020 06, Debt Debt with Conversion Options 470.20 and Derivatives and Hedging Contracts in Entity s Own Equity 815 40 2020 06 Transactions involving contemporaneous exchanges of cash between the same debtor and creditor in connection with the issuance of a new debt obligation and satisfaction of an existing debt obligation are evaluated as a modification or an extinguishment depending on whether the exchange is determined to have substantially different terms. We extinguished the 6.25% convertible senior notes (the “2023 November 15, 2023. December 2023, “2026 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We assess the impairment of long-lived assets, whenever events or changes in circumstances indicate that the carrying value of an asset may not not December 31, 2023 2022 2021 |
Revenue [Policy Text Block] | Revenue Recognition When we enter into a customer contract, we perform the following five Prior to the sale of OMIDRIA to Rayner, we recorded product sales as revenue when the product was delivered to our wholesalers and title for the product was transferred. Product sales were recorded net of wholesaler distribution fees and estimated chargebacks, rebates, returns and purchase-volume discounts. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development expenses are comprised primarily of contracted research, clinical trial study and manufacturing costs prior to approval; consulting services; contract milestones; materials and supplies; costs for personnel, including salaries, benefits and stock compensation; depreciation; an allocation of our occupancy costs; and other expenses incurred to sustain our overall research and development programs. Advance payments for goods or services that will be used for future research and development activities are deferred and then recognized as an expense as the related goods are delivered or the services are performed. All other research and development costs are expensed as incurred. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Selling, general and administrative expenses are comprised primarily of marketing and selling expenses; professional and legal services; patent costs; and salaries, benefits, and stock-compensation costs for sales, marketing, and other personnel not Advertising costs are expensed as incurred. We had no advertising costs during the years ended December 31, 2023 2022. December 31, 2021, |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect of income tax positions only if those positions are more likely than not not not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Stock-based compensation expense is recognized for all share-based payments, including grants of stock option awards and restricted stock units (“RSU”) based on estimated fair values. The fair value of our stock is calculated using the Black-Scholes option-pricing model, which requires judgmental assumptions around volatility, forfeiture rates, risk-free rate and expected term. Compensation expense is recognized over the requisite service periods, which is generally the vesting period, using the straight-line method. Forfeiture expense is estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. Common Stock Repurchases We may not |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) is comprised of net income (loss) and certain changes in equity that are excluded from net income (loss). There was no December 31, 2023 2022 2021 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Financial Instruments and Concentrations of Credit Risk Cash and cash equivalents, receivables, accounts payable and accrued liabilities, which are recorded at invoiced amount or cost, approximate fair value based on the short-term nature of these financial instruments. The fair value of short-term investments is based on quoted market prices. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and receivables. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, our cash and cash equivalents balance held at a financial institution may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2023, 2023 09, Income Taxes - Improvements to Income Tax Disclosure 740 2023 09 2023 09 December 15, 2025 |
Note 3 - Net Income (Loss) Pe_2
Note 3 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2023 2022 2021 2026 Notes convertible to common stock (1) 11,132,366 12,172,008 12,172,008 2023 Notes convertible to common stock (1)(2) 4,318,944 4,941,739 4,941,739 Outstanding options to purchase common stock 38,462 9,488 1,707,371 Outstanding restricted stock units — 98,750 2,642 Total dilutive shares excluded from net income (loss) per share 15,489,772 17,221,985 18,823,760 |
Note 4 - Fair-Value Measureme_2
Note 4 - Fair-Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | December 31, 2023 Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value (In thousands) U.S. government securities classified as short-term investments $ 102,100 $ 19 $ 102,119 Money-market funds classified as short-term investments 62,643 — 62,643 Total short-term investments 164,743 19 164,762 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total investments $ 165,797 $ 19 $ 165,816 December 31, 2022 Gross Unrealized Amortized Cost Gains/(Losses) Estimated Fair Value (In thousands) U.S. government securities classified as short-term investments $ 99,027 $ 22 $ 99,049 Money-market funds classified as short-term investments 84,882 — 84,882 Total short-term investments 183,909 22 183,931 Certificate of deposit classified as non-current restricted investments 1,054 — 1,054 Total investments $ 184,963 $ 22 $ 184,985 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) U.S. government securities classified as short-term investments $ — $ 102,119 $ — $ 102,119 Money-market funds classified as short-term investments 62,643 — — 62,643 Total short-term investments 62,643 102,119 — 164,762 Money-market funds classified as non-current restricted investments 1,054 — — 1,054 Total investments $ 63,697 $ 102,119 $ — $ 165,816 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) U.S. government treasury bills classified as short-term investments $ — $ 99,049 $ — $ 99,049 Money-market funds classified as short-term investments 84,882 — — 84,882 Total short-term investments 84,882 99,049 — 183,931 Money-market funds classified as non-current restricted investments 1,054 — — 1,054 Total investments $ 85,936 $ 99,049 $ — $ 184,985 |
Note 5 - Certain Balance Shee_2
Note 5 - Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, December 31, 2023 2022 (In thousands) OMIDRIA milestone receivable $ — $ 200,000 OMIDRIA royalty receivables 6,724 12,966 Other receivables 1,372 255 Total receivables $ 8,096 $ 213,221 |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2023 2022 (In thousands) Equipment under finance leases $ 6,929 $ 6,204 Laboratory equipment 3,525 3,135 Computer equipment 1,113 1,076 Office equipment and furniture 624 625 Total cost 12,191 11,040 Less accumulated depreciation and amortization (10,241 ) (9,548 ) Total property and equipment, net $ 1,950 $ 1,492 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, December 31, 2023 2022 (In thousands) Clinical trials $ 10,168 $ 5,536 Employee compensation 7,380 6,665 Contract research and development 6,223 3,209 Interest payable 4,242 5,172 Consulting and professional fees 3,539 4,425 Other accrued expenses 316 5,544 Total accrued expenses $ 31,868 $ 30,551 |
Note 6 - Convertible Senior N_2
Note 6 - Convertible Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Convertible Debt [Table Text Block] | Balance as of December 31, 2023 2023 Notes 2026 Notes Total (In thousands) Principal amount $ — $ 215,924 $ 215,924 Unamortized debt issuance costs — (2,769 ) (2,769 ) Total convertible senior notes, net $ — $ 213,155 $ 213,155 Fair value of outstanding convertible senior notes (1) $ — $ 131,444 Balance as of December 31, 2022 2023 Notes 2026 Notes Total (In thousands) Principal amount $ 95,000 $ 225,030 $ 320,030 Unamortized debt issuance costs (619 ) (4,124 ) (4,743 ) Total convertible senior notes, net $ 94,381 $ 220,906 $ 315,287 Fair value of outstanding convertible senior notes (1) $ 92,031 $ 118,141 |
Schedule Of Debt Instrument, Interest Expense Recognized [Table Text Block] | Year Ended December 31, 2023 2022 2021 (In thousands) Contractual interest expense $ 5,195 $ 5,938 $ 5,938 Amortization of debt issuance costs 619 663 618 Total interest expense $ 5,814 $ 6,601 $ 6,556 Year Ended December 31, 2023 2022 2021 (In thousands) Contractual interest expense $ 11,774 $ 11,814 $ 11,814 Amortization of debt issuance costs 1,355 1,167 1,078 Total interest expense $ 13,129 $ 12,981 $ 12,892 |
Note 7 - Discontinued Operati_2
Note 7 - Discontinued Operations - Sale of OMIDRIA (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule Of Disposal Groups Including Discontinued Operations, Gains and Losses from Sale [Table Text Block] | Cash proceeds $ 125,993 OMIDRIA contract royalty asset 184,570 Gain on sale of OMIDRIA, gross 310,563 Transaction and closing costs (1,972 ) RSUs granted to transferred employees (1,419 ) Prepaid assets and inventory at cost (1,524 ) Gain on sale of OMIDRIA $ 305,648 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2023 2022 2021 (In thousands) Product sales, net $ — $ — $ 110,735 Costs and expenses — — 30,631 Gross margin — — 80,104 Gain on sale of OMIDRIA — — 305,648 Milestone income — 200,000 — Interest on OMIDRIA contract royalty asset 15,315 18,634 — Remeasurement adjustments 41,167 14,457 — Other income 1,087 307 1,035 Income before income tax 57,569 233,398 386,787 Income tax expense (1) (462 ) (3,952 ) (1,006 ) Net income from discontinued operations, net of tax $ 57,107 $ 229,446 $ 385,781 |
Disposal Groups, Including Discontinued Operations, Contract Royalty Asset [Table Text Block] | Balance at December 31, 2021 $ 184,570 Royalties earned (65,439 ) Interest on OMIDRIA contract royalty asset 18,634 Remeasurement adjustments 14,457 Balance at December 31, 2022 152,222 Royalties earned (40,595 ) Interest on OMIDRIA contract royalty asset 15,315 Remeasurement adjustments 41,167 Balance at December 31, 2023 $ 168,109 |
Schedule Of Disposal Groups Including Discontinued Operations Cash Flows [Table Text Block] | Year Ended December 31, 2023 2022 2021 (In thousands) Net cash provided by discontinued operations from operating activities $ 241,317 $ 78,082 $ 55,380 Net cash provided by discontinued operations from investing activities $ — $ — $ 125,993 |
Note 8 - OMIDRIA Royalty Obli_2
Note 8 - OMIDRIA Royalty Obligation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Royalty Obligation [Table Text Block] | Balance at December 31, 2022 $ 126,278 Principal payments (1,152 ) Balance at December 31, 2023 $ 125,126 |
Maximum Scheduled Principal and Interest Payments of Royalty Obligation [Table Text Block] | Total Principal Interest Annual Cap (In thousands) 2024 $ 8,576 $ 11,424 $ 20,000 2025 14,641 10,359 25,000 2026 16,081 8,919 25,000 2027 17,664 7,336 25,000 2028 19,402 5,598 25,000 Thereafter 48,762 4,988 53,750 Total scheduled payments $ 125,126 $ 48,624 $ 173,750 |
Note 9 - Lease Liabilities (Tab
Note 9 - Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, December 31, 2023 2022 (In thousands) Assets Operating lease assets $ 18,631 $ 21,762 Finance lease assets, net 1,220 945 Total lease assets $ 19,851 $ 22,707 Liabilities Current: Operating leases $ 4,590 $ 3,888 Finance leases 570 422 Non-current: Operating leases 17,424 21,971 Finance leases 719 455 Total lease liabilities $ 23,303 $ 26,736 Weighted-average remaining lease term Operating leases (years) 3.8 4.8 Finance leases (years) 2.3 2.3 Weighted-average discount rate Operating leases 12.81 % 12.81 % Finance leases 8.57 % 10.44 % Year Ended December 31, 2023 2022 (In thousands) Lease cost Operating lease cost $ 6,464 $ 6,152 Finance lease cost: Amortization 677 812 Interest 174 174 Variable lease cost 3,160 3,191 Sublease income (1,500 ) (1,755 ) Net lease cost $ 8,975 $ 8,574 Year Ended December 31, 2023 2022 (In thousands) Cash paid for amounts included in the measurement of lease liabilities Cash payments for operating leases $ 7,144 $ 7,072 Cash payments for financing leases $ 655 $ 790 |
Lessee, Liability, to be Paid, Maturity [Table Text Block] | Operating Finance Leases Leases Total (In thousands) 2024 $ 8,528 $ 684 $ 9,212 2025 7,088 517 7,605 2026 6,870 258 7,128 2027 5,950 — 5,950 Total undiscounted lease payments 28,436 1,459 29,895 Less interest (6,422 ) (170 ) (6,592 ) Total lease liabilities $ 22,014 $ 1,289 $ 23,303 |
Note 11 - Shareholders' Equit_2
Note 11 - Shareholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Reserved Shares Of Common Stock For Future Issuance [Table Text Block] | Stock options outstanding 15,255,154 Awards available to issue under the 2017 Plan 8,802,249 Total shares reserved 24,057,403 |
Note 12 - Stock-Based Compens_2
Note 12 - Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Schedule [Table Text Block] | Grant Type Vesting Schedule Employee initial options grants 25% at one-year anniversary, 1/48 monthly thereafter Employee recurring options grants 1/48 monthly Non-employee consultant options grants 1/12 or 1/48 monthly Employee RSUs 50% after one year, 50% after two years |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 2021 (In thousands) Continuing operations: Research and development $ 4,754 $ 6,123 $ 6,791 Selling, general and administrative 7,140 8,042 8,154 Total stock-based compensation in continuing operations 11,894 14,165 14,945 Discontinued operations (244 ) (93 ) 2,685 Total stock-based compensation $ 11,650 $ 14,072 $ 17,630 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 2021 Estimated weighted-average fair value $ 2.44 $ 2.94 $ 10.54 Weighted-average assumptions: Expected volatility 93 % 90 % 81 % Expected life, in years 7.2 6.0 6.0 Risk-free interest rate 3.97 % 2.83 % 1.06 % Expected dividend yield — % — % — % |
Share-Based Payment Arrangement, Activity [Table Text Block] | Options Outstanding Weighted- Average Exercise Price per Share Remaining Contractual Life (In years) Aggregate Intrinsic Value (In thousands) Balance at December 31, 2022 13,872,973 $ 11.02 Granted 3,153,200 3.01 Exercised (36,726 ) 4.10 Forfeited (1,734,293 ) 9.96 Balance at December 31, 2023 15,255,154 $ 9.50 6.2 $ 1,388 Vested and expected to vest at December 31, 2023 14,762,090 $ 9.65 6.0 $ 1,272 Exercisable at December 31, 2023 10,554,140 $ 11.50 4.7 $ 217 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | RSUs Outstanding Weighted- Average Grant Date Fair Value Per Share Balance at December 31, 2022 98,750 $ 7.53 Vested and released (67,250 ) 7.53 Forfeited (31,500 ) 7.53 Balance at December 31, 2023 — $ — |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2023 2022 2021 (In thousands) Continuing operations: Current income tax expense: Federal $ — $ — $ — State — — — Total current income tax expense — — — Deferred income tax benefit: Federal — — — State — — — Total deferred income tax benefit — — — Income tax benefit in continuing operations $ — $ — $ — Income tax expense as a component of discontinued operations $ 462 $ 3,952 $ 1,006 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 95,183 $ 85,887 Research and development tax credits 92,837 78,992 Capitalized research and development 39,318 21,864 OMIDRIA royalty obligation 28,903 28,938 Stock-based compensation 10,132 12,517 Lease liability 5,085 5,926 Other 10,283 9,234 Total deferred tax assets 281,741 243,358 Deferred tax liabilities: OMIDRIA contract royalty asset (38,832 ) (34,883 ) Right of use assets (4,304 ) (4,987 ) Property and equipment (122 ) (288 ) Total deferred tax liabilities (43,258 ) (40,158 ) Net deferred tax assets before valuation allowance 238,483 203,200 Less valuation allowance (238,483 ) (203,200 ) Net deferred tax liabilities $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year ended December 31, 2023 2022 2021 U.S. Federal statutory rate on net loss (21.0 )% (21.0 )% (21.0 )% State tax, net of federal tax benefit (2.1 )% (1.7 )% (0.6 )% Change in valuation allowance 27.7 % 28.3 % 26.9 % Tax credits (8.0 )% (6.8 )% (5.5 )% Stock compensation 1.5 % 1.4 % 0.3 % Other 1.9 % (0.2 )% (0.1 )% Effective tax rate 0.0 % 0.0 % 0.0 % |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Balance at December 31, 2022 $ 212 Increase in balance related to tax positions taken during prior years 1,796 Decrease in balance related to tax positions during prior years (30 ) Decrease in balance as a result of a lapse of the applicable statute of limitations (12 ) Balance at December 31, 2023 $ 1,966 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 23, 2021 USD ($) | Feb. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 01, 2021 USD ($) | Aug. 14, 2020 USD ($) | |
Proceeds from Divestiture of Businesses | $ 0 | $ 0 | $ 125,993 | ||||
Milestone Payment If Achieved Under Asset Purchase Agreement | $ 200,000 | ||||||
Milestone Period (Year) | 4 years | ||||||
Milestone Payment Receivable | 0 | 200,000 | |||||
Cash, Cash Equivalents, and Short-Term Investments | 171,800 | ||||||
Net Cash Provided by (Used in) Operating Activities | 74,726 | (86,483) | (109,722) | ||||
Net Income (Loss) Attributable to Parent | (117,813) | 47,417 | 194,235 | ||||
Cash Proceeds From Milestone Payment | 200,000 | ||||||
Long-Term Debt, Gross | 215,924 | 320,030 | |||||
Proceeds From Royalty Obligation | 0 | 125,000 | 0 | ||||
Equity Offering Facility, Maximum Aggregate Offering Amount | $ 150,000 | $ 150,000 | |||||
Number of Operating Segments | 1 | ||||||
Subsequent Event [Member] | |||||||
Proceeds From Royalty Obligation | $ 115,500 | ||||||
Convertible Senior Notes 2023 [Member] | |||||||
Long-Term Debt, Gross | $ 95,000 | $ 95,000 | $ 95,000 | ||||
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | |||||||
Proceeds from Divestiture of Businesses | $ 126,000 | $ 125,993 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Dec. 23, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | Dec. 29, 2022 | Sep. 30, 2020 | |
Percentage of Royalty Receivable on Sale of Product Rights | 50% | 30% | ||||||||
Milestone Payment Receivable | $ 0 | $ 200,000 | $ 0 | $ 200,000 | ||||||
Percentage Of Interest Earned on Outstanding Contract Royalty Asset | 11% | |||||||||
Proceeds From Royalty Obligation | 0 | 125,000 | $ 0 | |||||||
Repayments of Convertible Debt | 99,873 | 0 | 0 | |||||||
Gain (Loss) on Extinguishment of Debt | 4,112 | 0 | 0 | |||||||
Asset Impairment Charges | 0 | 0 | 0 | |||||||
Advertising Expense | $ 0 | 0 | $ 800 | |||||||
Convertible Senior Notes 2023 [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | ||||||||
Convertible Senior Notes 2026 [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | |||||||
Repayments of Convertible Debt | $ 9,100 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 4,100 | |||||||||
Minimum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | ||||||||
Maximum [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | 10 years | ||||||||
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | ||||||||||
Percentage of Royalty Receivable on Sale of Product Rights | 50% | 30% | ||||||||
Milestone Payment Receivable from Sale of Royalty Under Asset Purchase Agreement | $ 200,000 | $ 200,000 | $ 200,000 | |||||||
DRI Healthcare Acquisition LP [Member] | ||||||||||
Proceeds From Royalty Obligation | $ 125,000 | |||||||||
Maximum Royalty Payable Percentage | 9.40% | 9.40% | 9.40% |
Note 3 - Net Income (Loss) Pe_3
Note 3 - Net Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Total potentially dilutive shares excluded from net income (loss) per share (in shares) | 15,489,772 | 17,221,985 | 18,823,760 | |
Convertible Senior Notes 2026 [Member] | ||||
Total potentially dilutive shares excluded from net income (loss) per share (in shares) | [1],[2] | 11,132,366 | 12,172,008 | 12,172,008 |
Convertible Senior Notes 2023 [Member] | ||||
Total potentially dilutive shares excluded from net income (loss) per share (in shares) | [1] | 4,318,944 | 4,941,739 | 4,941,739 |
Share-Based Payment Arrangement, Option [Member] | ||||
Total potentially dilutive shares excluded from net income (loss) per share (in shares) | 38,462 | 9,488 | 1,707,371 | |
Restricted Stock Units (RSUs) [Member] | ||||
Total potentially dilutive shares excluded from net income (loss) per share (in shares) | 0 | 98,750 | 2,642 | |
[1]The 2023 Notes and 2026 Notes are subject to a capped call arrangement that potentially reduces the dilutive effect as described in “Note 6 - Convertible Senior Notes”. Any potential impact of the capped call arrangement is excluded from this table.[2]The 2023 Notes were fully retired on November 15, 2023. |
Note 4 - Fair-Value Measureme_3
Note 4 - Fair-Value Measurements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Income, Interest | $ 14.7 | $ 2.2 |
Demand Deposits [Member] | ||
Restricted Cash, Current | $ 7.1 | $ 11 |
Note 4 - Fair-Value Measureme_4
Note 4 - Fair-Value Measurements - Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt securities, available for sale, amortized cost | $ 164,743 | $ 183,909 |
Debt securities, available for sale, gross unrealized gains (losses) | 19 | 22 |
Debt securities, available for sale, fair value | 164,762 | 183,931 |
Debt securities, amortized cost | 165,797 | 184,963 |
Debt securities, fair value | 165,816 | 184,985 |
US Treasury Securities [Member] | ||
Debt securities, available for sale, amortized cost | 102,100 | 99,027 |
Debt securities, available for sale, gross unrealized gains (losses) | 19 | 22 |
Debt securities, available for sale, fair value | 102,119 | 99,049 |
Money Market Funds [Member] | ||
Debt securities, available for sale, amortized cost | 62,643 | 84,882 |
Debt securities, available for sale, gross unrealized gains (losses) | 0 | 0 |
Debt securities, available for sale, fair value | 62,643 | 84,882 |
Certificates of Deposit [Member] | ||
Debt securities, held-to-maturity, amortized cost | 1,054 | 1,054 |
Debt securities, held-to-maturity, fair value | $ 1,054 | $ 1,054 |
Note 4 - Fair-Value Measureme_5
Note 4 - Fair-Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term investments | $ 164,743 | $ 183,909 |
Restricted investments | 1,054 | 1,054 |
Fair Value, Recurring [Member] | ||
Short-term investments | 164,762 | 183,931 |
Restricted investments | 1,054 | 1,054 |
Total | 165,816 | 184,985 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term investments | 62,643 | 84,882 |
Restricted investments | 1,054 | 1,054 |
Total | 63,697 | 85,936 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term investments | 102,119 | 99,049 |
Restricted investments | 0 | 0 |
Total | 102,119 | 99,049 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term investments | 0 | 0 |
Restricted investments | 0 | 0 |
Total | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Short-term investments | 102,119 | 99,049 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term investments | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term investments | 102,119 | 99,049 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term investments | 0 | 0 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Short-term investments | 62,643 | 84,882 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Short-term investments | 62,643 | 84,882 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Short-term investments | 0 | 0 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Short-term investments | $ 0 | $ 0 |
Note 5 - Certain Balance Shee_3
Note 5 - Certain Balance Sheet Accounts (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 0.9 | $ 1 | $ 1.4 |
Note 5 - Certain Balance Shee_4
Note 5 - Certain Balance Sheet Accounts - Schedule of Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OMIDRIA milestone receivable | $ 0 | $ 200,000 |
OMIDRIA royalty receivables | 6,724 | 12,966 |
Other receivables | 1,372 | 255 |
Total receivables | $ 8,096 | $ 213,221 |
Note 5 - Certain Balance Shee_5
Note 5 - Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 12,191 | $ 11,040 |
Less accumulated depreciation and amortization | (10,241) | (9,548) |
Total property and equipment, net | 1,950 | 1,492 |
Finance Lease Equipment [Member] | ||
Property and equipment, gross | 6,929 | 6,204 |
Equipment [Member] | ||
Property and equipment, gross | 3,525 | 3,135 |
Computer Equipment [Member] | ||
Property and equipment, gross | 1,113 | 1,076 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 624 | $ 625 |
Note 5 - Certain Balance Shee_6
Note 5 - Certain Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Clinical trials | $ 10,168 | $ 5,536 |
Employee compensation | 7,380 | 6,665 |
Contract research and development | 6,223 | 3,209 |
Interest payable | 4,242 | 5,172 |
Consulting and professional fees | 3,539 | 4,425 |
Other accrued expenses | 316 | 5,544 |
Total accrued expenses | $ 31,868 | $ 30,551 |
Note 6 - Convertible Senior N_3
Note 6 - Convertible Senior Notes (Details Textual) $ / shares in Units, shares in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Nov. 15, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Sep. 30, 2020 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 14, 2020 USD ($) | ||
Equity, Attributable to Parent | $ (24,983,000) | $ (24,983,000) | $ 85,684,000 | $ 23,780,000 | $ (120,752,000) | |||||
Repayments of Convertible Debt | 99,873,000 | 0 | 0 | |||||||
Gain (Loss) on Extinguishment of Debt | 4,112,000 | 0 | $ 0 | |||||||
Long-Term Debt, Gross | 215,924,000 | 215,924,000 | 320,030,000 | |||||||
Debt Issuance Costs, Net | [1] | 2,769,000 | $ 2,769,000 | 4,743,000 | ||||||
Convertible Senior Notes 2026 [Member] | ||||||||||
Repayments of Convertible Debt | 9,100,000 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 4,100,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | |||||||
Long-Term Debt, Gross | $ 215,924,000 | $ 215,924,000 | 225,030,000 | |||||||
Debt Instrument, Convertible, Conversion Ratio | 54.0906 | |||||||||
Debt Instrument, Convertible Debt, Denominator Amount | $ 1,000 | $ 1,000 | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 18.4875 | $ 18.4875 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 12.2 | |||||||||
Debt Instrument, Convertible, Fair Value Amount of Equity Component | $ 23,200,000 | |||||||||
Debt Issuance Costs, Net | [1] | $ 2,769,000 | $ 2,769,000 | $ 4,124,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.90% | |||||||||
Convertible Senior Notes 2026 [Member] | Minimum [Member] | ||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 18.49 | $ 18.49 | ||||||||
Convertible Senior Notes 2026 [Member] | Maximum [Member] | ||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 26.1 | $ 26.1 | ||||||||
Convertible Senior Notes 2026 [Member] | Debt Conversion After September 30, 2020 [Member] | ||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | |||||||||
Debt Instrument, Convertible, Threshold Sale Price Of Common Stock Conversion Rate Product Percentage Maximum | 98% | |||||||||
Convertible Senior Notes 2026 [Member] | Debt Conversion On Or After August 15, 2023 [Member] | ||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | |||||||||
Convertible Senior Notes 2023 [Member] | ||||||||||
Extinguishment of Debt, Amount | $ 95,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | ||||||||
Long-Term Debt, Gross | $ 95,000,000 | $ 95,000,000 | $ 95,000,000 | $ 95,000,000 | ||||||
Debt Issuance Costs, Net | [1] | $ 619,000 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | ||||||||||
Equity, Attributable to Parent | $ 75,500,000 | $ (75,474,000) | ||||||||
[1]The fair value is classified as Level 3 due to the limited trading activity for the convertible senior notes. |
Note 6 - Convertible Senior N_4
Note 6 - Convertible Senior Notes - Convertible Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 14, 2020 | |
Principal amount | $ 215,924 | $ 320,030 | ||
Unamortized debt issuance costs | [1] | (2,769) | (4,743) | |
Total convertible senior notes, net | 213,155 | 315,287 | ||
Fair value of outstanding convertible senior notes (1) | ||||
Convertible Senior Notes 2023 [Member] | ||||
Principal amount | 95,000 | 95,000 | $ 95,000 | |
Unamortized debt issuance costs | [1] | (619) | ||
Total convertible senior notes, net | 94,381 | |||
Fair value of outstanding convertible senior notes (1) | 92,031 | |||
Convertible Senior Notes 2026 [Member] | ||||
Principal amount | 215,924 | 225,030 | ||
Unamortized debt issuance costs | [1] | (2,769) | (4,124) | |
Total convertible senior notes, net | 213,155 | 220,906 | ||
Fair value of outstanding convertible senior notes (1) | $ 131,444 | $ 118,141 | ||
[1]The fair value is classified as Level 3 due to the limited trading activity for the convertible senior notes. |
Note 6 - Convertible Senior N_5
Note 6 - Convertible Senior Notes - Schedule of Debt Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Convertible Senior Notes 2023 [Member] | |||
Contractual interest expense | $ 5,195 | $ 5,938 | $ 5,938 |
Amortization of debt issuance costs | 619 | 663 | 618 |
Total interest expense | 5,814 | 6,601 | 6,556 |
Convertible Senior Notes 2026 [Member] | |||
Contractual interest expense | 11,774 | 11,814 | 11,814 |
Amortization of debt issuance costs | 1,355 | 1,167 | 1,078 |
Total interest expense | $ 13,129 | $ 12,981 | $ 12,892 |
Note 7 - Discontinued Operati_3
Note 7 - Discontinued Operations - Sale of OMIDRIA (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 23, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 29, 2022 | |
Proceeds from Divestiture of Businesses | $ 0 | $ 0 | $ 125,993 | |||
Percentage of Royalty Receivable on Sale of Product Rights | 50% | 30% | ||||
Omidria Assets Disposal [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Proceeds from Divestiture of Businesses | $ 126,000 | $ 125,993 | ||||
Milestone Payment Receivable from Sale of Royalty Under Asset Purchase Agreement | $ 200,000 | $ 200,000 | $ 200,000 | |||
Percentage of Royalty Receivable on Sale of Product Rights | 50% | 30% |
Note 7 - Discontinued Operati_4
Note 7 - Discontinued Operations - Sale of OMIDRIA - Gain (Loss) on Disposal Group (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 23, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash proceeds | $ 0 | $ 0 | $ 125,993 | |
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | ||||
Cash proceeds | $ 126,000 | 125,993 | ||
OMIDRIA contract royalty asset | 184,570 | |||
Gain on sale of OMIDRIA, gross | 310,563 | |||
Transaction and closing costs | (1,972) | |||
RSUs granted to transferred employees | (1,419) | |||
Prepaid assets and inventory at cost | (1,524) | |||
Gain on sale of OMIDRIA | $ 0 | $ 0 | $ 305,648 |
Note 7 - Discontinued Operati_5
Note 7 - Discontinued Operations - Sale of OMIDRIA - Net Income From Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income tax expense (1) | $ 462 | $ 3,952 | $ 1,006 | |
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | ||||
Costs and expenses | 0 | 0 | 30,631 | |
Gross margin | 0 | 0 | 80,104 | |
Gain on sale of OMIDRIA | 0 | 0 | 305,648 | |
Interest on OMIDRIA contract royalty asset | 15,315 | 18,634 | 0 | |
Remeasurement adjustments | 41,167 | 14,457 | 0 | |
Other income | 1,087 | 307 | 1,035 | |
Income before income tax | 57,569 | 233,398 | 386,787 | |
Income tax expense (1) | (462) | (3,952) | (1,006) | |
Net income from discontinued operations, net of tax | 57,107 | 229,446 | 385,781 | |
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | Product [Member] | ||||
Revenue | [1] | 0 | 0 | 110,735 |
Discontinued Operations, Disposed of by Sale [Member] | Omidria Assets Disposal [Member] | Development Milestones [Member] | ||||
Revenue | $ 0 | $ 200,000 | $ 0 | |
[1]For further discussion of income tax expense refer to “Note 13 – Income Taxes”. |
Note 7 - Discontinued Operati_6
Note 7 - Discontinued Operations - Sale of OMIDRIA - Contract Royalty Asset (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OMIDRIA contract royalty asset at December 31, 2021 | $ 152,222 | $ 184,570 | |
Royalties earned | 40,595 | (65,439) | |
Interest on OMIDRIA contract royalty asset | 15,315 | 18,634 | $ 0 |
Remeasurement adjustments | 41,167 | 14,457 | 0 |
Royalties earned | (40,595) | 65,439 | |
OMIDRIA contract royalty asset at December 31, 2022 | $ 168,109 | $ 152,222 | $ 184,570 |
Note 7 - Discontinued Operati_7
Note 7 - Discontinued Operations - Sale of OMIDRIA - Schedule of Discontinued Operations Cash Flows (Details) - Discontinued Operations, Disposed of by Sale [Member] - Omidria Assets Disposal [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net cash provided by discontinued operations from operating activities | $ 241,317 | $ 78,082 | $ 55,380 |
Net cash provided by discontinued operations from investing activities | $ 0 | $ 0 | $ 125,993 |
Note 8 - OMIDRIA Royalty Obli_3
Note 8 - OMIDRIA Royalty Obligation (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | |
Proceeds From Royalty Obligation | $ 0 | $ 125,000 | $ 0 | |||
Interest Expense | 30,844 | 22,702 | $ 19,669 | |||
Subsequent Event [Member] | ||||||
Proceeds From Royalty Obligation | $ 115,500 | |||||
Subsequent Event [Member] | Minimum [Member] | ||||||
Milestone Benchmark One, If Milestone Achieves | 10,000 | |||||
Milestone Benchmark Two, If Milestone Achieves | 156,000 | |||||
Milestone Benchmark Three, Minimum Net Sales Required for Four Consecutive Quarters | 8,000 | |||||
Milestone Benchmark Four, Minimum Net Sales Required for Four Consecutive Quarters | 181,000 | |||||
Subsequent Event [Member] | Maximum [Member] | ||||||
Milestone Benchmark One, If Milestone Achieves | 27,500 | |||||
Milestone Benchmark Two, If Milestone Achieves | 160,000 | |||||
Milestone Benchmark Three, Minimum Net Sales Required for Four Consecutive Quarters | 27,500 | |||||
Milestone Benchmark Four, Minimum Net Sales Required for Four Consecutive Quarters | $ 185,000 | |||||
Royalty Obligation [Member] | ||||||
Interest Expense | 11,800 | $ 2,900 | ||||
Royalty Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Liabilities, Fair Value Disclosure | $ 116,300 | |||||
DRI Healthcare Acquisition LP [Member] | ||||||
Proceeds From Royalty Obligation | $ 125,000 | |||||
Maximum Royalty Payable Percentage | 9.40% | 9.40% |
Note 8 - OMIDRIA Royalty Obli_4
Note 8 - OMIDRIA Royalty Obligation - Schedule of Royalty Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Principal amount borrowed at December 31, 2022 | $ 126,278 | ||
Principal payments | (1,152) | $ (417) | $ 0 |
OMIDRIA royalty obligation at December 31, 2023 | $ 125,126 | $ 126,278 |
Note 8 - OMIDRIA Royalty Obli_5
Note 8 - OMIDRIA Royalty Obligation - Schedule of Principal and Interest Payments on Royalty Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024, principal | $ 8,576 |
2024, interest | 11,424 |
2024, annual cap | 20,000 |
2025, principal | 14,641 |
2025, interest | 10,359 |
2025, annual cap | 25,000 |
2026, principal | 16,081 |
2026, interest | 8,919 |
2026, annual cap | 25,000 |
2027, principal | 17,664 |
2027, interest | 7,336 |
2027, annual cap | 25,000 |
2028, principal | 19,402 |
2028, interest | 5,598 |
2028, annual cap | 25,000 |
Thereafter, principal | 48,762 |
Thereafter, interest | 4,988 |
Thereafter, annual cap | 53,750 |
Total scheduled payments, principal | 125,126 |
Total scheduled payments, interest | 48,624 |
Total scheduled payments, annual cap | $ 173,750 |
Note 9 - Lease Liabilities (Det
Note 9 - Lease Liabilities (Details Textual) | Dec. 31, 2023 |
Number Of Options To Extend Lease Term | 2 |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note 9 - Lease Liabilities - Le
Note 9 - Lease Liabilities - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Right of use assets | $ 18,631 | $ 21,762 |
Total lease assets | 19,851 | 22,707 |
Total lease liabilities | $ 23,303 | $ 26,736 |
Operating leases (years) (Year) | 3 years 9 months 18 days | 4 years 9 months 18 days |
Finance leases (years) (Year) | 2 years 3 months 18 days | 2 years 3 months 18 days |
Operating leases | 12.81% | 12.81% |
Finance leases | 8.57% | 10.44% |
Operating lease cost | $ 6,464 | $ 6,152 |
Amortization | 677 | 812 |
Interest | 174 | 174 |
Variable lease cost | 3,160 | 3,191 |
Sublease income | (1,500) | (1,755) |
Net lease cost | 8,975 | 8,574 |
Cash payments for operating leases | 7,144 | 7,072 |
Cash payments for financing leases | 655 | 790 |
Other Assets [Member] | ||
Right of use assets | 18,631 | 21,762 |
Finance lease assets, net | 1,220 | 945 |
Other Current Liabilities [Member] | ||
Operating leases | 4,590 | 3,888 |
Finance leases | 570 | 422 |
Other Noncurrent Liabilities [Member] | ||
Operating leases | 17,424 | 21,971 |
Finance leases | $ 719 | $ 455 |
Note 9 - Lease Liabilities - Sc
Note 9 - Lease Liabilities - Schedule of Lease Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024, operating lease | $ 8,528 | |
2024, finance lease | 684 | |
2024, leases | 9,212 | |
2025, operating lease | 7,088 | |
2025, finance lease | 517 | |
2025, leases | 7,605 | |
2026, operating lease | 6,870 | |
2026, finance lease | 258 | |
2026, leases | 7,128 | |
2027, operating lease | 5,950 | |
2027, finance lease | 0 | |
2027, leases | 5,950 | |
Total undiscounted operating lease payments | 28,436 | |
Total undiscounted finance lease payments | 1,459 | |
Total undiscounted lease payments | 29,895 | |
Less interest, operating lease | (6,422) | |
Less interest, finance lease | (170) | |
Less interest | (6,592) | |
Total lease liabilities | 23,303 | $ 26,736 |
Other Liabilities [Member] | ||
Total operating lease liabilities | 22,014 | |
Total finance lease liabilities | $ 1,289 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Purchase Commitment, Termination Fee | $ 25.8 | ||
Development Milestones [Member] | License [Member] | |||
Accrued Liabilities | $ 5 | $ 0.3 | $ 0.5 |
Note 11 - Shareholders' Equit_3
Note 11 - Shareholders' Equity (Deficit) (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 23, 2023 | Dec. 31, 2023 | Nov. 09, 2023 | Mar. 01, 2021 | |
Equity Offering Facility, Maximum Aggregate Offering Amount | $ 150,000 | $ 150,000 | ||
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||
Stock Repurchased and Retired During Period, Value | $ 4,654 | |||
Indefinite Term Share Repurchase Program [Member] | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 1,800,000 | |||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 2.54 | |||
Stock Repurchased and Retired During Period, Value | $ 4,700 | |||
2017 Omnibus Incentive Compensation Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 5,000,000 |
Note 11 - Shareholders' Equit_4
Note 11 - Shareholders' Equity (Deficit) - Schedule of Reserved Shares (Details) | Dec. 31, 2023 shares |
Total shares reserved (in shares) | 24,057,403 |
2017 Omnibus Incentive Compensation Plan [Member] | |
Total shares reserved (in shares) | 8,802,249 |
Share-Based Payment Arrangement, Option [Member] | |
Total shares reserved (in shares) | 15,255,154 |
Note 12 - Stock-Based Compens_3
Note 12 - Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 15,255,154 | 13,872,973 | |
Common Stock, Shares, Outstanding, Above Period End Closing Price (in shares) | 12,300,000 | ||
Share Price (in dollars per share) | $ 3.27 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.1 | $ 0.2 | $ 7.8 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares (in shares) | 4,700,000 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 15,300,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 14.5 |
Note 12 - Stock-Based Compens_4
Note 12 - Stock-Based Compensation - Vesting Schedule (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Vesting, One year Then 2.083 Percent Monthly [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Option [Member] | |
Vesting percent | 25% |
Vesting Monthly [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Option [Member] | |
Vesting percent | 2.083% |
Vesting Monthly [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Share-Based Payment Arrangement, Option [Member] | |
Vesting percent | 8.333% |
Vesting Yearly [Member] | Share-Based Payment Arrangement, Employee [Member] | Restricted Stock Units (RSUs) [Member] | |
Vesting percent | 50% |
Note 12 - Share-Based Compensat
Note 12 - Share-Based Compensation - Schedule of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based compensation | $ 11,650 | $ 14,072 | $ 17,630 |
Research and Development Expense [Member] | |||
Stock-based compensation | 4,754 | 6,123 | 6,791 |
Selling, General and Administrative Expenses [Member] | |||
Stock-based compensation | 7,140 | 8,042 | 8,154 |
Continuing Operations [Member] | |||
Stock-based compensation | 11,894 | 14,165 | 14,945 |
Discontinued Operations [Member] | |||
Stock-based compensation | $ (244) | $ (93) | $ 2,685 |
Note 12 - Share-Based Compens_2
Note 12 - Share-Based Compensation - Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Estimated weighted-average fair value (in dollars per share) | $ 2.44 | $ 2.94 | $ 10.54 |
Expected volatility | 93% | 90% | 81% |
Expected life, in years (Year) | 7 years 2 months 12 days | 6 years | 6 years |
Risk-free interest rate | 3.97% | 2.83% | 1.06% |
Expected dividend yield | 0% | 0% | 0% |
Note 12 - Stock-Based Compens_5
Note 12 - Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Balance, options (in shares) | shares | 13,872,973 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 11.02 |
Granted (in shares) | shares | 3,153,200 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 3.01 |
Exercised, options (in shares) | shares | (36,726) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.1 |
Forfeited, options (in shares) | shares | (1,734,293) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 9.96 |
Balance, options (in shares) | shares | 15,255,154 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 9.5 |
Balance, Remaining Contractual Life (Year) | 6 years 2 months 12 days |
Balance, Intrinsic Value | $ | $ 1,388 |
Vested and expected to vest, options (in shares) | shares | 14,762,090 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 9.65 |
Vested and expected to vest, Remaining Contractual Life (Year) | 6 years |
Vested and expected to vest, Intrinsic Value | $ | $ 1,272 |
Exercisable, options (in shares) | shares | 10,554,140 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 11.5 |
Exercisable, Remaining Contractual Life (Year) | 4 years 8 months 12 days |
Exercisable, Intrinsic Value | $ | $ 217 |
Note 12 - Stock-based Compens_6
Note 12 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Balance, RSUs (in shares) | shares | 98,750 |
Balance, RSUs, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 7.53 |
Vested and released, RSUs (in shares) | shares | (67,250) |
Vested and released, RSUs, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 7.53 |
Forfeited, RSUs (in shares) | shares | (31,500) |
Forfeited, RSUs, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 7.53 |
Balance, RSUs (in shares) | shares | 0 |
Balance, RSUs, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 462 | $ 3,952 | $ 1,006 |
Unrecognized Tax Benefits | 1,966 | 212 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 300 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,800 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | ||
Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 93,000 | ||
Omidria Assets Disposal [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | (462) | (3,952) | (1,006) |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | 398,600 | 361,400 | 630,600 |
Operating Loss Carryforwards Utilized | 268,600 | 245,100 | |
Operating Loss Carryforwards Subject to Expiration | 109,800 | ||
Operating Loss Carryforwards Not Subject to Expiration | 288,800 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 245,800 | 226,300 | 245,100 |
State and Local Jurisdiction [Member] | Omidria Assets Disposal [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 4,000 | $ 1,000 |
Note 13 - Income Taxes - Schedu
Note 13 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 0 | $ 0 | $ 0 |
State | 0 | 0 | 0 |
Total current income tax expense | 0 | 0 | 0 |
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total deferred income tax benefit | 0 | 0 | 0 |
Income tax benefit in continuing operations | 0 | 0 | 0 |
Income tax expense (1) | $ 462 | $ 3,952 | $ 1,006 |
Note 13 - Income Taxes - Sche_2
Note 13 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss carryforwards | $ 95,183 | $ 85,887 |
Research and development tax credits | 92,837 | 78,992 |
Capitalized research and development | 39,318 | 21,864 |
OMIDRIA royalty obligation | 28,903 | 28,938 |
Stock-based compensation | 10,132 | 12,517 |
Lease liability | 5,085 | 5,926 |
Other | 10,283 | 9,234 |
Total deferred tax assets | 281,741 | 243,358 |
OMIDRIA contract royalty asset | (38,832) | (34,883) |
Right of use assets | (4,304) | (4,987) |
Property and equipment | (122) | (288) |
Total deferred tax liabilities | (43,258) | (40,158) |
Net deferred tax assets before valuation allowance | 238,483 | 203,200 |
Less valuation allowance | (238,483) | (203,200) |
Net deferred tax liabilities | $ 0 | $ 0 |
Note 13 - Income Taxes - Sche_3
Note 13 - Income Taxes - Schedule of Income Tax Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Federal statutory rate on net loss | (21.00%) | (21.00%) | (21.00%) |
State tax, net of federal tax benefit | (2.10%) | (1.70%) | (0.60%) |
Change in valuation allowance | 27.70% | 28.30% | 26.90% |
Tax credits | (8.00%) | (6.80%) | (5.50%) |
Stock compensation | 1.50% | 1.40% | 0.30% |
Other | 1.90% | (0.20%) | (0.10%) |
Effective tax rate | 0% | 0% | 0% |
Note 13 - Gross Unrecognized Ta
Note 13 - Gross Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Balance at December 31, 2022 | $ 212 |
Increase in balance related to tax positions taken during prior years | 1,796 |
Decrease in balance related to tax positions during prior years | (30) |
Decrease in balance as a result of a lapse of the applicable statute of limitations | (12) |
Balance at December 31, 2023 | $ 1,966 |
Note 14 - 401(k) Retirement P_2
Note 14 - 401(k) Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Cost | $ 600,000 | $ 600,000 | $ 800,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 4,000 |