Omeros (OMER) 10-K 13 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Document Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-34475
Entity Registrant Name	OMEROS CORPORATION
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
Trading Symbol	OMER
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		62,828,765
Current Fiscal Year End Date	--12-31
Entity Public Float			$ 165,588,454
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001285819
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Seattle, Washington

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 11,009	$ 100,808
Short-term investments	183,909	56,458
OMIDRIA contract royalty asset, short-term	28,797	44,319
Receivables, net	213,221	38,155
Prepaid expense and other assets	6,300	8,216
Total current assets	443,236	247,956
OMIDRIA contract royalty asset	123,425	140,251
Right of use assets	21,762	28,276
Property and equipment, net	1,492	1,731
Restricted investments	1,054	1,054
Total assets	590,969	419,268
Current liabilities:
Accounts payable	5,989	13,400
Accrued expenses	30,551	33,134
Current portion of unsecured convertible senior notes, net	94,381
Current portion of OMIDRIA royalty obligation	1,152
Current portion of lease liabilities	4,310	5,255
Total current liabilities	136,383	51,789
Unsecured convertible senior notes, net	220,906	313,458
OMIDRIA royalty obligation	125,126
Lease liabilities, non-current	22,426	29,126
Other accrued liabilities - noncurrent	444	1,115
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized; none issued and outstanding at December 31, 2022 and December 31, 2021.
Common stock, par value $0.01 per share, 150,000,000 shares authorized at December 31, 2022 and December 31, 2021; 62,828,765 and 62,628,855 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively.	628	626
Additional paid-in capital	720,773	706,288
Accumulated deficit	(635,717)	(683,134)
Total shareholders' equity	85,684	23,780
Total liabilities and shareholders' equity	$ 590,969	$ 419,268

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	20,000,000	20,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized shares	150,000,000	150,000,000
Common stock, issued shares	62,828,765	62,628,855
Common stock, outstanding shares	62,828,765	62,628,855

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Costs and expenses:
Research and development	$ 112,721	$ 118,775	$ 107,612
Selling, general and administrative	50,668	54,842	49,306
Total costs and expenses	163,389	173,617	156,918
Loss from operations	(163,389)	(173,617)	(156,918)
Loss on early extinguishment of debt			(13,374)
Interest expense	(22,702)	(19,669)	(26,751)
Interest and other income	4,062	1,740	654
Loss from continuing operations before income tax benefit	(182,029)	(191,546)	(196,389)
Income tax benefit	0	0	23,256
Net loss from continuing operations	(182,029)	(191,546)	(173,133)
Net income from discontinued operations, net of tax	229,446	385,781	35,072
Net income (loss)	$ 47,417	$ 194,235	$ (138,061)
Basic net (loss) per share continuing operations	$ (2.90)	$ (3.07)	$ (3.02)
Basic net (loss) per share discontinued operations	3.66	6.19	0.61
Basic net income (loss) per share	0.76	3.12	(2.41)
Diluted net income per share continuing operations	(2.90)	(3.07)	(3.02)
Diluted net income per share discontinued operations	3.66	6.19	0.61
Diluted net income (loss) per share	$ 0.76	$ 3.12	$ (2.41)
Weighted-average shares used to compute basic net income (loss) per share (in shares)	62,737,091	62,344,100	57,176,743
Weighted-average shares used to compute diluted net income (loss) per share (in shares)	62,737,091	62,344,100	57,176,743

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital Cumulative effect adjustment	Additional Paid-in Capital	Accumulated Deficit Cumulative effect adjustment	Accumulated Deficit	Cumulative effect adjustment	Total
Balance at Dec. 31, 2019	$ 542		$ 625,048		$ (734,611)		$ (109,021)
Balance (in shares) at Dec. 31, 2019	54,200,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in direct offering, net of offering costs	$ 69		93,606				93,675
Issuance of common stock in direct offering, net of offering costs (in shares)	6,900,000
Issuance of common stock upon exercise of stock options	$ 5		5,017				5,022
Issuance of common stock upon exercise of stock options (in shares)	556,421
Issuance of common stock upon grant of restricted stock awards			155				155
Issuance of common stock upon grant of restricted stock awards (in shares)	14,000
Equity component of 2026 Notes, net of issuance costs			61,628				61,628
Purchases of 2026 Capped Calls			(23,223)				(23,223)
Equity component of early extinguishment of 2023 Notes			(22,073)				(22,073)
Termination of the 2023 Capped Call contracts related to debt repurchased			8,387				8,387
Income tax benefit related to issuance of 2026 Notes			(12,011)				(12,011)
Stock-based compensation			14,770				14,770
Net income (loss)					(138,061)		(138,061)
Balance (ASU 2020-06) at Dec. 31, 2020		$ (70,777)		$ (4,697)		$ (75,474)
Balance at Dec. 31, 2020	$ 616		751,304		(872,672)		(120,752)
Balance (in shares) at Dec. 31, 2020	61,671,231
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options	$ 10		8,372				8,382
Issuance of common stock upon exercise of stock options (in shares)	945,924
Issuance of common stock upon grant of restricted stock awards			91				91
Issuance of common stock upon grant of restricted stock awards (in shares)	11,700
At the market offering fees			(241)				(241)
Stock-based compensation			17,539				17,539
Net income (loss)					194,235		194,235
Balance at Dec. 31, 2021	$ 626		706,288		(683,134)		23,780
Balance (in shares) at Dec. 31, 2021	62,628,855
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options	$ 1		414				$ 415
Issuance of common stock upon exercise of stock options (in shares)	101,160						101,160
Issuance of common stock upon vesting of restricted stock units	$ 1		(1)
Issuance of common stock upon vesting of restricted stock units (in shares)	98,750
Stock-based compensation			14,072				$ 14,072
Net income (loss)					47,417		47,417
Balance at Dec. 31, 2022	$ 628		$ 720,773		$ (635,717)		$ 85,684
Balance (in shares) at Dec. 31, 2022	62,828,765

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income (loss)	$ 47,417	$ 194,235	$ (138,061)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation expense	14,072	17,630	14,925
Gain on sale of OMIDRIA, gross		(310,563)
Non-cash interest expense on unsecured convertible debt	1,830	1,696	11,649
Non-cash interest expense on future royalty obligation	1,695
Depreciation and amortization	952	1,386	1,616
Noncash adjustments on buyout of equipment finance leases	64
Remeasurement on OMIDRIA contract royalty asset	(18,634)
Interest on OMIDRIA contract royalty asset	(14,457)
Early termination of operating lease	(454)
Loss on early extinguishment of debt			13,374
Deferred income tax			(12,011)
Fair value settlement upon termination of cap call contract			838
Changes in operating assets and liabilities:
Receivables	(175,066)	(34,314)	31,344
Prepaid expenses and other	1,324	5,568	(4,024)
OMIDRIA contract royalty asset	65,439
Accounts payable and accrued expense	(10,665)	14,640	(19,736)
Net cash used in operating activities	(86,483)	(109,722)	(100,086)
Investing activities:
Cash proceeds on sale of OMIDRIA		125,993
Purchases of investments	(429,045)	(32,006)	(133,194)
Proceeds from the sale and maturities of investments	301,594	100,000	66,446
Purchases of property and equipment	(113)	(277)	(283)
Net cash provided by (used in) investing activities	(127,564)	193,710	(67,031)
Financing activities:
Proceeds upon entering into OMIDRIA royalty obligation	125,000
Principal payments on OMIDRIA royalty obligations	(417)
Proceeds from issuance of convertible debt			225,030
Payments for debt issuance costs			(6,785)
Purchases of capped calls related to convertible senior notes			(23,223)
Payments for repurchases of convertible senior notes			(125,638)
Proceeds from termination of capped call contracts			7,549
Proceeds from issuance of common stock, net			93,675
Release in restricted investments			99
Proceeds upon exercise of stock options and warrants	415	8,383	5,022
Payments on finance lease obligations	(750)	(1,823)	(1,195)
At the market offering costs		(241)
Net cash provided by financing activities	124,248	6,319	174,534
Net increase (decrease) in cash and cash equivalents	(89,799)	90,307	7,417
Cash and cash equivalents at beginning of period	100,808	10,501	3,084
Cash and cash equivalents at end of period	11,009	100,808	10,501
Supplemental cash flow information
Cash paid for interest	19,178	17,876	11,603
Equipment acquired under finance lease	$ 40	$ 289	$ 216

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2022
Organization and Basis of Presentation
Organization and Basis of Presentation	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 drug product OMIDRIA ® ​ The lead drug candidate in our pipeline of complement-targeted therapeutics is narsoplimab, a proprietary, patented human monoclonal antibody targeting mannan-binding lectin-associated serine protease 2 (“MASP-2”), the key activator of the lectin pathway of complement. Clinical development of narsoplimab is currently focused primarily on hematopoietic stem cell transplant-associated thrombotic microangiopathy (“HSCT-TMA”) and immunoglobulin A (“IgA”) nephropathy. Our pipeline of clinical-stage investigational agents also includes: our long-acting MASP-2 inhibitor, OMS1029, our inhibitor of mannan-binding lectin-associated serine protease-3 (“MASP-3”), OMS906, and our phophodiesterase 7 (“PDE7”) inhibitor, OMS527. Sale of OMIDRIA Assets On December 23, 2021, we closed on an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Rayner Surgical Inc. (“Rayner”) for the sale of our commercial product OMIDRIA and certain related assets including inventory and prepaid expenses. Rayner paid us $126.0 million in cash at closing, and we retained all outstanding accounts receivable, accounts payable and accrued expenses as of the closing date. ​ Under the Asset Purchase Agreement, Omeros is entitled to receive a milestone payment of $200.0 million (the “Milestone Payment”) within 30 days following an event that establishes separate payment for OMIDRIA for a continuous period of at least four years when furnished in the ambulatory surgery center (“ASC”) setting. In December 2022, the milestone event occurred and we recorded a $200.0 million milestone receivable. We received the Milestone Payment together with accrued interest in 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 3 – Discontinued Operations”). ​ 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, 2022, we had cash, cash equivalents and short-term investments of $194.9 million and outstanding accounts receivable of $213.2 million, substantially . Our cash used in operations was $86.5 million and our net income for the year ended December 31, 2022 was $47.4 million, which included the $200.0 million Milestone Payment. In addition, the principal balance of $95.0 million outstanding on our 2023 convertible senior notes becomes due in November 2023. ​ Historically, we have incurred net losses from continuing operations and negative operating cash flows. We have not yet established an ongoing source of revenue sufficient to cover our operating costs and, therefore, could need to raise additional capital to accomplish our business plan and to retire our outstanding convertible senior notes due in 2026. We plan to continue to fund our operations for at least the next twelve months with our existing cash and investments and our accounts receivable. If FDA approval is granted for HSCT-TMA within the next twelve months, sales of narsoplimab may also provide funds for our operations . We have a sales agreement to sell shares of our common stock, from time to time, in an “at the market” equity offering facility through which we may offer and sell shares of our common stock equaling an aggregate amount up to $150.0 million. Should it be determined to be strategically advantageous, we could pursue debt financings as well as public and private offerings of our equity securities, similar to those we have previously completed, or other strategic transactions, which may include licensing a portion of our existing technology. Segments We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making. 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	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 allocated to discontinued operations. The OMIDRIA asset sale to Rayner qualifies as a discontinued operation and has been presented as such for all reporting periods presented. The Company included information regarding cash flows from discontinued operations (see “Note 3 – Discontinued Operations”). 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 occur. As contemplated by the Asset Purchase Agreement, the royalty rate applicable to U.S. net sales of OMIDRIA was reduced from 50% to 30% upon the occurrence, in December 2022, of the event triggering the $200.0 million Milestone Payment. Consequently, we revalued the OMIDRIA contract royalty asset using the 30% royalty rate on U.S. net sales and adjusted the probability weighted outcomes to reflect the occurrence of the milestone event. Royalties earned are recorded as a reduction to the OMIDRIA contract royalty asset. The amount recorded in discontinued operations in future periods will reflect interest earned on the outstanding OMIDRIA contract royalty asset at 11.0% and any amounts we receive that are different from the expected royalties. The OMIDRIA contract royalty asset will be re-measured periodically using the expected value approach based on actual results and future expectations. Any required adjustment to the OMIDRIA contract royalty asset will be recorded in discontinued operations. OMIDRIA Royalty Obligation On September 30, 2022, we sold to DRI Healthcare Acquisitions LP (“DRI”) an interest in a portion of our future OMIDRIA royalty receipts for a purchase price of $125.0 million in cash (see “Note 9 - OMIDRIA Royalty Obligation”). The $125.0 million cash consideration was recorded as an “OMIDRIA royalty obligation” on our consolidated balance sheet. The liability is amortized over the term of the arrangement using the implied effective interest rate of 9.4%. Interest expense is recorded as a component of continuing operations. To the extent our estimates of future royalties are less than previous estimates, we will adjust the carrying amount of the OMIDRIA royalty obligation to the present value of the revised estimated cash flows, discounted at the 9.4% original effective interest rate utilizing the cumulative catch-up method. The adjustment would be recognized as a component of net income (loss) from continuing operations. Cash and Cash Equivalents, Short-Term Investments and Restricted Investments Cash and cash equivalents include highly liquid investments with a maturity of three months or less on the date of purchase which can be easily converted into cash without a significant impact to their value. Short-term investment securities are classified as held-to-maturity or available-for-sale. Investments classified as held-to-maturity are carried at cost. Investments classified as available-for-sale are carried at fair value. Unrealized gains and losses on investments classified as available-for-sale are reported as a separate component of shareholders’ equity. Amortization, accretion, interest, and dividends, realized gains and losses and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific-identification method. Investments with maturities of less than one year, or those for which management intends to use the investments to fund current operations, are included in current assets. We evaluate whether an investment is other-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an other-than-temporary decline in value has occurred include: the market value of the security in relation to its cost basis; the financial condition of the investee; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment. Restricted investments held in money-market funds include security deposits held by our landlord. ​ 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-party manufacturing, transportation and internal labor and overhead, will be capitalized. Receivables, Net Receivables at December 31, 2022 primarily consisted of the $200.0 million milestone and royalties receivable from Rayner. Receivables at December 31, 2021 were primarily OMIDRIA customer receivables made prior to the sale to Rayner and collected after the closing. Considering the nature of our receivables, we concluded an allowance for doubtful accounts was not necessary as of December 31, 2022 and 2021. 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 Right-of-Use Assets and Related Lease Liabilities We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not readily available. We recognize variable lease payments, when incurred. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. We record finance leases as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12 months or less as operating expenses on a straight-line basis over the lease term. Unsecured Convertible Senior Notes On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion Options and Derivatives and Hedging—Contracts in Entity’s Own Equity 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 by the debtor are evaluated as a modification or an exchange transaction depending on whether the exchange is determined to have substantially different terms. The 6.25% Convertible Senior Notes (the “2023 Notes”) repurchase and issuance of the 5.25% Convertible Senior Notes (“2026 Notes”) were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange. Therefore, the repurchase of the 2023 Notes was accounted for as a debt extinguishment. (See “Note 8 - Unsecured Convertible Senior Debt”). Impairment of Long-Lived Assets We assess the impairment of long-lived assets, primarily property and equipment, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of these assets is measured by comparing the carrying value to future undiscounted cash flows that the asset is expected to generate. If the asset is impaired, the amount of any impairment will be reflected in the results of operations in the period of impairment. We have not recognized any impairment losses for the years ended December 31, 2022, 2021 and 2020. Revenue Recognition When we enter into a customer contract, we perform the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. Research and Development Research and development expenses are comprised primarily of contracted research and manufacturing costs prior to approval; costs for personnel, including salaries, benefits and stock compensation; clinical study costs; contracted research; manufacturing costs prior to approval; consulting services; depreciation; materials and supplies; milestones; 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 or rendered 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, or when the goods or services are no longer expected to be provided. All other research and development costs are expensed as incurred. Selling, General and Administrative Selling, general and administrative expenses are comprised primarily of salaries, benefits, and stock-compensation costs for sales, marketing, and other personnel not directly engaged in research and development. Additionally, selling, general and administrative expenses include marketing and selling expenses, professional and legal services; patent costs; depreciation, an allocation of our occupancy costs; and other general corporate expenses. Advertising costs, which we consider to be media and marketing materials, are expensed as incurred and were $3.2 million, $7.8 million and $5.6 million during the years ended December 31, 2022, 2021 and 2020, respectively. Of these amounts, advertising costs related to the discontinued operations of OMIDRIA were $2.0 million and $1.1 million in 2021 and 2020, respectively. 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 of being sustained upon an examination. A valuation allowance is established when it is more likely than not that the deferred tax assets will not be realized. 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. 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 difference between comprehensive income (loss) and net income (loss) for the years ended December 31, 2022, 2021 or 2020. 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 exceeds the federally insured limits. To limit the credit risk, we invest our excess cash in high-quality securities such as money market mutual funds, certificates of deposit and U.S. treasury bills.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2022
Discontinued Operations
Discontinued Operations	Note 3—Discontinued Operations On December 23, 2021, we closed an Asset and Purchase Agreement for the sale of OMIDRIA and certain related assets including inventory and prepaid expenses. We retained the outstanding accounts receivable and all outstanding liabilities related to OMIDRIA as of the closing date. ​ Upon closing, we received an up-front cash payment of $126.0 million. We received a 50% royalty on OMIDRIA net sales in the U.S. following the sale of OMIDRIA. The occurrence of the milestone event in December 2022 resulted in recognition of the $200.0 million Milestone Payment and reduced our royalty rate on U.S. OMIDRIA net sales (the “U.S. base royalty rate”) to 30% until the expiration or termination of the last issued and unexpired U.S. patent, which we expect to occur no earlier than ​ The sale of OMIDRIA was recorded as an asset sale. Additionally, 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). ​ The following schedule is a rollforward of the OMIDRIA contract royalty asset (in thousands): ​ ​ ​ ​ ​ OMIDRIA contract royalty asset at December 31, 2021 ​ $ 184,570 Royalties earned ​ ​ (65,439) Interest on OMIDRIA contract royalty asset ​ ​ 18,634 Remeasurement adjustments ​ ​ 14,457 OMIDRIA contract royalty asset at December 31, 2022 ​ $ 152,222 ​ During the year ended December 31, 2022, we earned royalties of $65.4 million on U.S. net sales of OMIDRIA, which we recorded as a reduction from the OMIDRIA contract royalty asset. Additionally, we recorded $33.1 million of income in discontinued operations comprising effective interest on the OMIDRIA contract royalty asset and remeasurement adjustments. Net income from discontinued operations, net of tax is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Product sales, net ​ $ — ​ $ 110,735 ​ $ 73,813 Costs and expenses ​ ​ — ​ ​ 30,631 ​ ​ 27,496 Gross margin ​ ​ — ​ ​ 80,104 ​ ​ 46,317 Gain on sale of OMIDRIA ​ ​ — ​ ​ 305,648 ​ ​ — Milestone income ​ ​ 200,000 ​ ​ — ​ ​ — Interest on OMIDRIA contract royalty asset ​ ​ 18,634 ​ ​ — ​ ​ — Remeasurement adjustments ​ ​ 14,457 ​ ​ — ​ ​ — Other income ​ 307 ​ ​ 1,035 ​ ​ — Income before income tax ​ ​ 233,398 ​ ​ 386,787 ​ ​ 46,317 Income tax expense (1) ​ ​ (3,952) ​ ​ (1,006) ​ ​ (11,245) Net income from discontinued operations, net of tax ​ $ 229,446 ​ $ 385,781 ​ $ 35,072 ​ (1) For further discussion of income tax expense refer to “Note 14 – Income Taxes”. ​ The year ended December 31, 2021 included a gain on the sale of OMIDRIA comprised as follows (in thousands): ​ ​ ​ ​ ​ 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 ​ Cash flow from discontinued operations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ 2022 2021 2020 ​ ​ (In thousands) Net cash provided by discontinued operations from operating activities ​ $ 44,929 ​ $ 56,344 ​ $ 25,888 Net cash provided by discontinued operations from investing activities ​ $ — ​ $ 125,993 ​ $ — ​ We historically recorded revenue from product sales 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. Accruals or allowances were established for these deductions in the same period when revenue was recognized, and actual amounts incurred were offset against the applicable accruals or allowances. We reflected each of these accruals or allowances as either a reduction in the related accounts receivable or as an accrued liability depending on how the amount was expected to be settled. ​ Prior to the sale of OMIDRIA to Rayner, we sold OMIDRIA through four wholesalers. These wholesalers, including entities under their common control, each accounted for greater than 15% of our total revenues for the years ended December 31, 2021 and 2020. Collectively, they accounted for 100% of our total sales. These wholesalers, and entities under their common control, each represented greater than 10% of our accounts receivable as of December 31, 2021 and 2020.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Net Income (Loss) Per Share
Net Income (Loss) Per Share	​ Note 4—Net Income (Loss) Per Share Basic net income (loss) per share 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, warrants, RSUs and unsecured 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 compute Diluted EPS. Potentially dilutive securities excluded from Diluted EPS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 2026 Notes convertible to common stock (1) ​ 12,172,008 ​ 12,172,008 ​ 6,086,004 2023 Notes convertible to common stock (1) ​ 4,941,739 ​ 4,941,739 ​ 7,932,791 Outstanding options to purchase common stock ​ 9,488 ​ 1,707,371 ​ 1,585,332 Outstanding restricted stock units ​ 98,750 ​ 2,642 ​ — Outstanding warrants to purchase common stock ​ — ​ — ​ 10,792 Total potentially dilutive shares excluded from net income (loss) per share ​ 17,221,985 ​ 18,823,760 ​ 15,614,919 ​ (1) The 2023 Notes and 2026 Notes (defined below) are subject to a capped call arrangement that potentially reduces the dilutive effect as described in “Note 8 - Unsecured Convertible Senior Notes”. Any potential impact of the capped call arrangement is excluded from this table.

Receivables, Net

Receivables, Net	12 Months Ended
	Dec. 31, 2022
Receivables, Net
Receivables, Net	Note 5—Receivables, Net Receivables, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 ​ ​ (In thousands) OMIDRIA milestone receivable ​ $ 200,000 ​ $ — OMIDRIA royalty receivables ​ ​ 12,966 ​ ​ 1,035 Trade receivables, net ​ ​ — ​ ​ 35,470 Sublease and other receivables ​ 255 ​ 1,650 Total receivables, net ​ $ 213,221 ​ $ 38,155 ​ Trade receivables contained no significant chargeback and product return allowance as of December 31, 2022 compared to $2.0 million of chargeback and product return allowances as of December 31, 2021. Based on the nature of our receivables, we determined a reserve for doubtful accounts was not required for the years ended December 31, 2022 and 2021.

Fair-Value Measurements

Fair-Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair-Value Measurements
Fair-Value Measurements	Note 6—Fair-Value Measurements As of December 31, 2022, all investments were classified as held-to-maturity and earnings were included in interest and other income. As of December 31, 2021, all investments were classified as short-term and available-for-sale. On a recurring basis, we measure certain financial assets at fair value. 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 levels of inputs required: Level 1—Observable inputs for identical assets or liabilities, such as quoted prices in active markets; Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3—Unobservable inputs in which little or no market data exists, therefore they are developed using estimates and assumptions developed by us, which reflect those that a market participant would use. Our fair-value hierarchy for our financial assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money-market funds classified as short-term investments ​ $ 84,882 ​ $ — ​ $ — ​ $ 84,882 U.S. government treasury bills classified as short-term investments ​ ​ 99,027 ​ ​ — ​ ​ — ​ ​ 99,027 Total short-term investments ​ ​ 183,909 ​ ​ — ​ ​ — ​ ​ 183,909 Money-market funds classified as non-current restricted investments ​ 1,054 ​ — ​ — ​ 1,054 Total ​ $ 184,963 ​ $ — ​ $ — ​ $ 184,963 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ Money-market funds classified as short-term investments ​ $ 56,458 ​ $ — ​ $ — ​ $ 56,458 Money-market funds classified as non-current restricted investments ​ 1,054 ​ — ​ — ​ 1,054 Total ​ $ 57,512 ​ $ — ​ $ — ​ $ 57,512 ​ Unrealized gains and losses on our short-term investments were not material for either period presented. Cash held in demand deposit accounts of See “Note 8 - Unsecured Convertible Senior Notes” and “Note 9 – OMIDRIA Royalty Obligation” for the carrying amount and estimated fair value of our

Certain Balance Sheet Accounts

Certain Balance Sheet Accounts	12 Months Ended
	Dec. 31, 2022
Certain Balance Sheet Accounts
Certain Balance Sheet Accounts	Note 7—Certain Balance Sheet Accounts Property and Equipment, Net Property and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ (In thousands) Equipment under finance leases ​ $ 6,204 ​ $ 5,979 Laboratory equipment ​ 3,135 ​ 3,091 Computer equipment ​ 1,076 ​ 1,069 Office equipment and furniture ​ 625 ​ 625 Total cost ​ 11,040 ​ 10,764 Less accumulated depreciation and amortization ​ (9,548) ​ (9,033) Total property and equipment, net ​ $ 1,492 ​ $ 1,731 ​ For the years ended December 31, 2022, 2021 and 2020, depreciation and amortization expenses were $1.0 million, $1.4 million and $1.6 million, respectively. Accrued Expenses Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ (In thousands) Employee compensation ​ $ 6,665 ​ $ 3,706 Clinical trials ​ ​ 5,536 ​ ​ 2,430 Interest payable ​ ​ 5,172 ​ ​ 5,172 Income taxes payable ​ ​ 4,871 ​ ​ 338 Consulting and professional fees ​ ​ 4,425 ​ ​ 7,455 Contract research and development ​ ​ 3,209 ​ ​ 3,916 Sales rebates, fees and discounts ​ — ​ 8,442 Other accrued expenses ​ 673 ​ 1,675 Total accrued expenses ​ $ 30,551 ​ $ 33,134 ​

Unsecured Convertible Senior No

Unsecured Convertible Senior Notes	12 Months Ended
	Dec. 31, 2022
Unsecured Convertible Senior Notes
Unsecured Convertible Senior Notes	Note 8—Unsecured Convertible Senior Notes On January 1, 2021, we adopted ASU 2020-06, Debt—Debt with Conversion Options and Derivatives and Hedging—Contracts in Entity’s Own Equity 06 In November 2018, we issued $210.0 million in aggregate principal amount on our 2023 Notes, and in August and September 2020, we issued an aggregate principal amount of $225.0 million on our 2026 Notes. We used a portion of the proceeds from the 2026 Notes to repurchase $115.0 million principal amount of the 2023 Notes and terminate a corresponding portion of the related capped call. Unsecured convertible senior notes outstanding at December 31, 2022 and 2021, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 unsecured convertible senior notes, net ​ $ 94,381 ​ $ 220,906 ​ $ 315,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) ​ $ 92,031 ​ $ 118,141 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ 2023 Notes 2026 Notes Total ​ ​ (In thousands) Principal amount ​ $ 95,000 ​ $ 225,030 ​ $ 320,030 Unamortized discount ​ (1,282) ​ (5,290) ​ (6,572) Total unsecured convertible senior notes, net ​ $ 93,718 ​ $ 219,740 ​ $ 313,458 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) ​ $ 87,163 ​ $ 171,867 ​ ​ ​ (1) The fair value is classified as Level 3 due to the limited trading activity for the unsecured convertible senior notes. 2023 Convertible Senior Notes The 2023 Notes are unsecured and accrue interest at an annual rate of 6.25% per annum, payable semi-annually in arrears on May 15 and November 15 of each year. The 2023 Notes mature on November 15, 2023 unless earlier purchased, redeemed or converted in accordance with their terms and are classified as a current liability on our Consolidated Balance Sheets as of December 31, 2022. The 2023 Notes are convertible into cash, shares of our common stock or a combination thereof, as we elect at our sole discretion. The initial conversion rate is 52.0183 shares of our common stock per $1,000 of note principal (equivalent to an initial conversion price of approximately $19.22 per share of common stock), subject to adjustment in certain circumstances. To reduce the dilutive impact or potential cash expenditure associated with conversion of the 2023 Notes, we entered into a capped call transaction (the “2023 Capped Call”), which essentially covers the number of shares of our common stock underlying the 2023 Notes when our common stock is trading between the initial conversion price of $19.22 per share and $28.84 per share. However, should the market price of our common stock exceed the $28.84 cap, then the conversion of the 2023 Notes would have an additional dilutive impact or may require a cash expenditure to the extent the market price exceeds the cap price. In August and September 2020, we issued the 2026 Notes and used approximately $125.6 million of the net proceeds to repurchase $115.0 million principal amount of the 2023 Notes (see “2026 Convertible Senior Notes” below). Upon repurchase, the settlement consideration was allocated between the repurchase of the liability and the equity component with the fair value of the liability component estimated to be $103.6 million based on the expected future cash flows associated with the $115.0 million principal amount discounted at a 9.9% effective interest rate. The remaining $22.0 million was accounted for as a repurchase of the equity component, reducing additional paid-in capital. As of the repurchase date of August 14, 2020, the carrying value of the repurchased 2023 Notes, net of unamortized debt discount and issuance costs, was $90.2 million. The difference between the $103.6 million fair value of the 2023 Notes repurchased and the carrying value of $90.2 million resulted in a $13.4 million loss on early extinguishment of debt. After giving effect to the repurchase, the total principal amount outstanding under the 2023 Notes as of August 14, 2020 was $95.0 million. In connection with the repurchase of $115.0 million in principal amount of the 2023 Notes, we terminated a proportionate amount of the related 2023 Capped Call for approximately 6.0 million underlying shares. Upon settlement, the Company received $7.5 million in cash and recorded a $0.8 million loss due to the change in fair value of the contract between signing and settlement dates. The proceeds were recorded as cash with a corresponding increase in additional paid-in capital, and the loss was recorded to other expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2022, approximately 4.9 million shares remained outstanding on the 2023 Capped Call. Upon adoption of ASU 2020-06 in January 2021, we removed the equity component allocated to debt issuance costs. The unamortized debt issuance costs of $0.6 million as of December 31, 2022 will be amortized to interest expense at an effective interest rate of 7.0% over the remaining term. The following table sets forth total interest expense recognized in connection with the 2023 Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ ​ (In thousands) Contractual interest expense ​ $ 5,938 ​ $ 5,938 ​ $ 10,410 Amortization of debt issuance costs ​ 663 ​ 618 ​ 669 Amortization of debt discount ​ — ​ — ​ 7,728 Total ​ $ 6,601 ​ $ 6,556 ​ $ 18,807 ​ 2026 Convertible Senior Notes In August and September 2020, we issued $225.0 million aggregate principal amount of our 2026 Notes and repurchased $125.6 million of our 2023 Notes. The 2026 Notes are unsecured and accrue interest at an annual rate of 5.25% per annum, payable semi-annually in arrears on February 15 and August 15 of each year. The 2026 Notes mature on February 15, 2026, unless earlier purchased, redeemed or converted in accordance with their terms. 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 Notes are convertible at the option of the holders on or after November 15, 2025 at any time prior to the close of business on February 12, 2026, the second scheduled trading day immediately before the stated maturity date of February 15, 2026. Additionally, holders may convert their 2026 Notes at their option at specified times prior to the maturity date only if: (1) during any calendar quarter, beginning after September 30, 2020, that the last reported sale price per share of our common stock exceeds 130% of the conversion price of the 2026 Notes for each of at least 20 trading days in the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any five -consecutive-trading-day period (such five -consecutive-trading-day period, the “measurement period”) in which the trading price per $1,000 principal amount of 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the conversion rate on such trading day; (3) there is an occurrence of one or more certain corporate events or distributions of our common stock; or (4) we call the 2026 Notes for redemption. We may elect, at our sole discretion, to convert the 2026 Notes into cash, shares of our common stock or a combination thereof. Subject to the satisfaction of certain conditions, we may redeem in whole or in part the 2026 Notes at our option beginning August 15, 2023 through the 50th scheduled trading day immediately before the maturity date at a cash redemption price equal to the principal amount of the 2026 Notes to be redeemed plus any accrued and unpaid interest to, but excluding, the redemption date. The 2026 Notes are subject to redemption only if certain requirements are satisfied, including that the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice and (ii) the trading day immediately before the date we send such notice. In order to reduce the dilutive impact or potential cash expenditure associated with the conversion of the 2026 Notes, we entered into capped call transactions in connection with the issuances of the 2026 Notes (the ‘2026 Capped Call’). The 2026 Capped Call will cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2026 Notes, the number of shares of common stock underlying the 2026 Notes when our common stock is trading within the range of approximately $18.49 and $26.10 . However, should the market price of our common stock exceed the $26.10 cap, then the conversion of the 2026 Notes would have an additional dilutive impact or may require a cash expenditure to the extent the market price exceeds the cap price. The 2026 Capped Call will expire on various dates over the 50 -trading-day period ranging from December 2, 2025 to February 12, 2026, if not exercised earlier. The 2026 Capped Call is a separate transaction and not part of the terms of the 2026 Notes and was executed separately from the issuance of the 2026 Notes. The amount paid for the 2026 Capped Call was recorded as a reduction to additional paid-in capital in the consolidated balance sheet. As of December 31, 2022, approximately 12.2 million shares remained outstanding under the 2026 Capped Call. We evaluated the accounting for the issuance of the 2026 Notes and concluded that the embedded conversion features meet the requirements for a derivative scope exception for instruments that are both indexed to an entity’s own stock and classified in stockholders’ equity in its balance sheet, and that the cash conversion guidance applies. Upon issuance, the proceeds of $225.0 million were allocated first to the liability component based on the fair value of non-convertible debt with the residual proceeds allocated to the equity component for the conversion features. The Company allocated $6.8 million in issuance costs associated with the 2026 Notes to the liability and equity component in the same proportion as the $225.0 million in proceeds. Further, we concluded the 2026 Capped Call qualifies for a derivative scope exception for instruments that are both indexed to an entity’s own stock and classified in stockholders’ equity in its balance sheet. Consequently, the fair value of the 2026 Capped Call of $23.2 million is classified as equity, not accounted for as derivatives, and will not be subsequently remeasured. Upon adoption of ASU 2020-06 in January 2021, we removed the equity component allocated to debt issuance costs. The unamortized debt issuance costs of $4.1 million as of December 31, 2022 will be amortized to interest expense at an effective interest rate of 5.9% over the remaining term. The following table sets forth interest expense recognized related to the 2026 Notes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (In thousands) Contractual interest expense ​ $ 11,814 ​ $ 11,814 ​ $ 4,397 Amortization of debt issuance costs ​ 1,167 ​ 1,078 ​ 230 Amortization of debt discount ​ — ​ — ​ 3,022 Total ​ $ 12,981 ​ $ 12,892 ​ $ 7,649 ​ Future Minimum Principal Payments Future minimum principal for the 2023 and 2026 Notes as of December 31, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ 2023 $ 95,000 2024 ​ — 2025 ​ — 2026 ​ 225,030 Total future minimum principal payments under the 2023 Notes and 2026 Notes $ 320,030 ​

OMIDRIA Royalty Obligation

OMIDRIA Royalty Obligation	12 Months Ended
	Dec. 31, 2022
OMIDRIA Royalty Obligation
OMIDRIA Royalty Obligation	Note 9—OMIDRIA Royalty Obligation On September 30, 2022, we sold to DRI an interest in our future OMIDRIA royalty receipts and received $125.0 million in cash consideration which was recorded as an OMIDRIA royalty obligation on our consolidated balance sheet. DRI is entitled to receive royalties on OMIDRIA net sales between September 1, 2022 and December 31, 2030, subject to annual caps. DRI receives their prorated monthly cap amount before we receive any royalty proceeds. DRI is not entitled to carry-forward nor recoup any shortfall if the royalties paid by Rayner for an annual period are less than the cap amount applicable to each discrete calendar year. Additionally, DRI has no recourse to or security interest in our assets other than our OMIDRIA royalty receipts, and we retain all royalty receipts in excess of the respective cap in any given calendar year. DRI will receive a total of $125.0 million in payment no sooner than August 2028, and the maximum future payout that DRI is entitled to receive as of December 31, 2022 is $186.8 million which, if fully paid, would be at an effective interest rate of 9.4%. ​ The changes in the OMIDRIA royalty obligation during the year ended December 31, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ Principal amount borrowed at September 30, 2022 ​ $ 125,000 Capitalized accrued interest ​ ​ 1,695 Principal payments ​ ​ (417) OMIDRIA royalty obligation at December 31, 2022 ​ $ 126,278 ​ The OMIDRIA royalty obligation is classified as a Level 3 liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. As of December 31, 2022, the obligation’s carrying value approximates fair value. ​ For the year ended December 31, 2022, we incurred $2.9 million of interest expense of which $1.7 million was non-cash and added to the outstanding principal balance of the OMIDRIA royalty obligation and $1.2 million was cash. ​ As of December 31, 2022, the maximum scheduled principal and interest payments (based on an implied effective interest rate of 9.4%) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Principal Interest ​ Annual Cap ​ ​ (In thousands) 2023 ​ $ 1,152 ​ $ 11,848 ​ $ 13,000 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 Thereafter ​ 68,164 ​ 10,586 ​ ​ 78,750 Total scheduled payments ​ $ 126,278 ​ $ 60,472 ​ $ 186,750 ​

Lease Liabilities

Lease Liabilities	12 Months Ended
	Dec. 31, 2022
Lease Liabilities
Lease Liabilities	Note 10—Lease Liabilities We have operating leases related to our office and laboratory space. The initial term of the leases is through November 2027 and we have two options to extend the lease term, each by five years. We have finance leases for certain laboratory and office equipment that have lease terms expiring through June 2026. In January 14, 2022, we entered into an agreement with our landlord to early terminate a portion of our office and lab premises, which reduced the right of use asset by $4.7 million and related liability by $5.2 million. We recorded a non-cash gain of $0.5 million on early termination of this portion of our lease. Lease-related assets and liabilities recorded on our consolidated balance sheet are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) ​ Assets ​ ​ ​ ​ ​ ​ Operating lease assets $ 21,762 $ 28,276 ​ Finance lease assets, net 945 ​ 1,009 ​ Total lease assets $ 22,707 $ 29,285 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ Operating leases $ 3,888 $ 4,607 ​ Finance leases 422 ​ 648 ​ Non-current: ​ ​ ​ ​ ​ ​ Operating leases 21,971 ​ 28,811 ​ Finance leases 455 ​ 315 ​ Total lease liabilities $ 26,736 $ 34,381 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term ​ ​ ​ ​ ​ ​ Operating leases 4.8 years ​ 5.9 years ​ Finance leases 2.3 years ​ 1.7 years ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases 12.81 % 12.81 % Finance leases 10.44 % 12.70 % ​ The components of total lease costs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Lease cost ​ ​ ​ Operating lease cost ​ $ 6,152 ​ $ 7,364 Finance lease cost: ​ ​ ​ Amortization ​ 812 ​ 1,102 Interest ​ 174 ​ 181 Variable lease cost ​ 3,191 ​ 3,519 Sublease income ​ (1,755) ​ (1,776) Net lease cost ​ $ 8,574 ​ $ 10,390 ​ The supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2022 2021 ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ Cash payments for operating leases $ 7,072 ​ $ 7,483 Cash payments for financing leases $ 790 $ 939 ​ The future maturities of our lease liabilities as of December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ ​ ​ Leases Leases ​ ​ Total ​ ​ (In thousands) 2023 ​ $ 8,312 ​ $ 495 ​ $ 8,807 2024 ​ 7,031 ​ 321 ​ ​ 7,352 2025 ​ 7,088 ​ 150 ​ ​ 7,238 2026 ​ 6,870 ​ 60 ​ ​ 6,930 2027 ​ 5,837 ​ — ​ ​ 5,837 Total undiscounted lease payments ​ ​ 35,138 ​ ​ 1,026 ​ ​ 36,164 Less interest ​ ​ (9,279) ​ ​ (149) ​ ​ (9,428) Total lease liabilities ​ $ 25,859 ​ $ 877 ​ $ 26,736 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	Note 11—Commitments and Contingencies Contracts We have various agreements with third parties that collectively require payment of termination fees totaling $24.2 million as of December 31, 2022 if we cancel the work within specific time frames, either prior to commencing or during performance of the contracted services. Development Milestones and Product Royalties We have licensed a variety of intellectual property from third parties that we are currently developing or may develop in the future. These licenses may require milestone payments on achievement of clinical development, regulatory or sales milestones, as well as low-single-to low-double-digit royalties on the net income or net sales of the product. For the years ended December 31, 2022, 2021 and 2020, we paid $0.3 million, $0.5 million and $5.5 million, respectively in development milestones.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Shareholders' Equity
Shareholders' Equity	Note 12—Shareholders’ Equity Common Stock As of December 31, 2022, we had reserved shares of common stock under our equity plans as follows: ​ ​ ​ ​ Stock options outstanding 13,872,973 RSUs outstanding ​ 98,750 Awards available to issue under the 2017 Plan 4,967,281 Total shares reserved 18,939,004 ​ Securities Offerings At the Market Sales Agreement Warrants We have outstanding warrants to purchase shares of our common stock as follows: ​ ​ ​ ​ ​ ​ ​ Outstanding At ​ ​ ​ December 31, 2022 ​ Expiration Date ​ Exercise Price 200,000 ​ April 12, 2023 ​ $ 23.00 ​

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation.
Stock-Based Compensation	Note 13—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 less than the fair market value of Omeros’ common stock on the date of the grant. Any unexercised options expire 10 years from grant date, and any unvested stock options granted which are subsequently canceled become available for future reissuance. 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 Employee recurring options grants 1/ 48 Non-employee consultant options grants 1/ 12 48 Employee RSUs ​ 50% after one year, 50% after two years ​ Stock-based compensation expense is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 6,123 ​ $ 6,791 ​ $ 6,163 Selling, general and administrative ​ 8,042 ​ 8,154 ​ 7,614 Total stock-based compensation in continuing operations ​ ​ 14,165 ​ ​ 14,945 ​ ​ 13,777 Discontinued operations ​ ​ (93) ​ ​ 2,685 ​ ​ 1,148 Total stock-based compensation ​ $ 14,072 ​ $ 17,630 ​ $ 14,925 ​ In November 2020 and 2021, respectively, restricted stock awards totaling 14,000 shares with a fair value of $11.05 per share and 11,700 shares with a fair value of $7.80 per share were granted to OMIDRIA sales employees. The awards vested immediately. 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, ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Estimated weighted-average fair value ​ $ 2.94 ​ ​ $ 10.54 ​ ​ $ 8.19 ​ Weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ Expected volatility ​ 90 % ​ 81 % ​ 77 % Expected life, in years ​ 6.0 ​ ​ 6.0 ​ ​ 6.0 ​ Risk-free interest rate ​ 2.83 % ​ 1.06 % ​ 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 use the simplified method to calculate expected life used in the valuation of our stock options. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ Aggregate ​ ​ ​ ​ Exercise ​ Remaining ​ Intrinsic ​ ​ Options ​ Price per ​ Contractual Life ​ Value ​ ​ Outstanding ​ Share ​ (In years) ​ (In thousands) Balance at December 31, 2021 12,709,887 ​ $ 12.61 ​ Granted 2,742,834 ​ 3.81 ​ Exercised (101,160) ​ 4.10 ​ Forfeited (1,478,588) ​ 12.05 ​ Balance at December 31, 2022 13,872,973 ​ $ 11.02 5.8 ​ $ 21 Vested and expected to vest at December 31, 2022 13,454,543 ​ $ 11.10 5.7 ​ $ 19 Exercisable at December 31, 2022 9,859,720 ​ $ 12.12 4.6 ​ $ — ​ The total intrinsic value of stock options exercised during the years ended December 31, 2022, 2021 and 2020 was $0.2 million, $7.8 million and $5.6 million, respectively. At December 31, 2022, there were 4.0 million unvested stock options outstanding that vest over a weighted-average period of 2.2 years. The remaining estimated compensation expense to be recognized in connection with these unvested stock options is $19.8 million. ​ RSU activity for all stock plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- Average ​ ​ ​ ​ Grant Date ​ ​ RSUs ​ Fair Value ​ ​ Outstanding ​ Per Share Balance at December 31, 2021 222,000 ​ $ 7.53 Vested and released (98,750) ​ 7.53 Forfeited (24,500) ​ 7.53 Balance at December 31, 2022 98,750 ​ $ 7.53 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	​ Note 14—Income Taxes The components of income tax expense (benefit) from continuing and discontinued operations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current income tax expense: ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — State ​ — ​ — ​ — Total current income tax expense ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax benefit: ​ ​ ​ Federal ​ — ​ — ​ (19,472) State ​ — ​ — ​ (3,784) Total deferred income tax benefit ​ ​ — ​ ​ — ​ ​ (23,256) Income tax benefit in continuing operations ​ $ — ​ $ — ​ $ (23,256) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense as a component of discontinued operations ​ $ 3,952 ​ $ 1,006 ​ $ 11,245 ​ In 2022 and 2021, for federal and state income tax purposes, we had net losses from continuing operations and net income from discontinued operations, which resulted in overall taxable net income. For federal income tax purposes, we utilized existing net operating loss carryforwards of $269.8 million and $245.1 million respectively to fully offset our federal tax liability for both periods. For state income tax purposes, we did not have adequate net operating losses and tax credits to fully offset our state tax liability. We recorded a state income tax expense of $4.0 million and $1.0 million in discontinued operations in 2022 and 2021, respectively. As of December 31, 2022, income taxes payable of $4.9 million is included in accrued expenses in our consolidated balance sheet. In 2020, we adopted ASU 2019-12, Income Taxes Deferred income taxes 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, ​ 2022 2021 ​ ​ (In thousands) Deferred tax assets: ​ ​ ​ Net operating loss carryforwards ​ $ 85,887 ​ $ 143,657 Research and development tax credits ​ 78,992 ​ 66,612 OMIDRIA royalty obligation ​ ​ 28,938 ​ ​ — Capitalized research and development ​ ​ 21,864 ​ ​ — Stock-based compensation ​ 12,517 ​ 11,327 Lease liability ​ 5,926 ​ 9,995 Other ​ 9,234 ​ 17,862 Total deferred tax assets ​ 243,358 ​ 249,453 Deferred tax liabilities: ​ ​ Gain on discontinued operations ​ ​ (34,883) ​ ​ (42,212) Right of use assets ​ ​ (4,987) ​ ​ (6,467) Property and equipment ​ ​ (288) ​ ​ (102) Total deferred tax liabilities ​ (40,158) ​ (48,781) Net deferred tax assets before valuation allowance ​ 203,200 ​ 200,672 Less valuation allowance ​ (203,200) ​ (201,340) Net deferred tax liabilities ​ $ — ​ $ (668) ​ As of December 31, 2022, we had federal net operating loss carryforwards of approximately $361.0 million and state net operating loss carryforwards of approximately $220.0 million. Pre-2018 federal net operating losses of $109.4 million expire between 2035 and 2037. Post-2018 federal net operating losses of $251.6 million do not expire. Research and development tax credit carryforwards of $79.2 million expire between 2023 and 2042. The Tax Cuts and Jobs Act was enacted on December 22, 2017 and requires the capitalization and subsequent amortization of research and experimental expenditures beginning in 2022. During 2022, we capitalized $21.9 million of research and development expenses into deferred tax assets. Prior to 2022, these costs were expensed as incurred for tax purposes. We established a 100% valuation allowance for all periods due to the uncertainty around our ability to generate sufficient taxable income to realize our deferred tax assets. During 2022 and 2021, respectively, our valuation allowance decreased $1.9 million and $19.3 million. 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, ​ 2022 2021 2020 U.S. Federal statutory rate on net loss ​ (21.0) % (21.0) % (21.0) % State tax, net of federal tax benefit ​ (1.7) % (0.6) % (3.1) % Change in valuation allowance ​ 28.3 % 26.9 % 19.3 % Research and development tax credits ​ (6.8) % (5.5) % (6.2) % Stock compensation ​ 1.4 % 0.3 % 0.5 % Other ​ (0.2) % (0.1) % (1.3) % Effective tax rate ​ (0.0) % (0.0) % (11.8) % ​ 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. We recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense. To date, there have been no significant interest or penalties charged to us in relation to the underpayment of income taxes.

401(k) Retirement Plan

401(k) Retirement Plan	12 Months Ended
	Dec. 31, 2022
401(k) Retirement Plan
401(k) Retirement Plan	Note 15—401(k) Retirement Plan Our 401(k) retirement plan provides for an annual company discretionary match on employee contributions up to 4.0% of each participating employee’s eligible earnings, with a maximum company match of $4,000 per employee per year. All employees are eligible to participate.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
General	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 drug product OMIDRIA ® ​ The lead drug candidate in our pipeline of complement-targeted therapeutics is narsoplimab, a proprietary, patented human monoclonal antibody targeting mannan-binding lectin-associated serine protease 2 (“MASP-2”), the key activator of the lectin pathway of complement. Clinical development of narsoplimab is currently focused primarily on hematopoietic stem cell transplant-associated thrombotic microangiopathy (“HSCT-TMA”) and immunoglobulin A (“IgA”) nephropathy. Our pipeline of clinical-stage investigational agents also includes: our long-acting MASP-2 inhibitor, OMS1029, our inhibitor of mannan-binding lectin-associated serine protease-3 (“MASP-3”), OMS906, and our phophodiesterase 7 (“PDE7”) inhibitor, OMS527.
Sale of OMIDRIA Assets	Sale of OMIDRIA Assets On December 23, 2021, we closed on an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Rayner Surgical Inc. (“Rayner”) for the sale of our commercial product OMIDRIA and certain related assets including inventory and prepaid expenses. Rayner paid us $126.0 million in cash at closing, and we retained all outstanding accounts receivable, accounts payable and accrued expenses as of the closing date. ​ Under the Asset Purchase Agreement, Omeros is entitled to receive a milestone payment of $200.0 million (the “Milestone Payment”) within 30 days following an event that establishes separate payment for OMIDRIA for a continuous period of at least four years when furnished in the ambulatory surgery center (“ASC”) setting. In December 2022, the milestone event occurred and we recorded a $200.0 million milestone receivable. We received the Milestone Payment together with accrued interest in 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 3 – Discontinued Operations”). ​
Basis of Presentation	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	Liquidity and Capital Resources As of December 31, 2022, we had cash, cash equivalents and short-term investments of $194.9 million and outstanding accounts receivable of $213.2 million, substantially . Our cash used in operations was $86.5 million and our net income for the year ended December 31, 2022 was $47.4 million, which included the $200.0 million Milestone Payment. In addition, the principal balance of $95.0 million outstanding on our 2023 convertible senior notes becomes due in November 2023. ​ Historically, we have incurred net losses from continuing operations and negative operating cash flows. We have not yet established an ongoing source of revenue sufficient to cover our operating costs and, therefore, could need to raise additional capital to accomplish our business plan and to retire our outstanding convertible senior notes due in 2026. We plan to continue to fund our operations for at least the next twelve months with our existing cash and investments and our accounts receivable. If FDA approval is granted for HSCT-TMA within the next twelve months, sales of narsoplimab may also provide funds for our operations . We have a sales agreement to sell shares of our common stock, from time to time, in an “at the market” equity offering facility through which we may offer and sell shares of our common stock equaling an aggregate amount up to $150.0 million. Should it be determined to be strategically advantageous, we could pursue debt financings as well as public and private offerings of our equity securities, similar to those we have previously completed, or other strategic transactions, which may include licensing a portion of our existing technology.
Segments	Segments We operate in one segment. Management uses cash flow as the primary measure to manage our business and does not segment our business for internal reporting or decision-making.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the 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.
Discontinued Operations	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 allocated to discontinued operations. The OMIDRIA asset sale to Rayner qualifies as a discontinued operation and has been presented as such for all reporting periods presented. The Company included information regarding cash flows from discontinued operations (see “Note 3 – Discontinued Operations”).
OMIDRIA Royalties, Milestones and OMIDRIA Contract Royalty Assets	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 occur. As contemplated by the Asset Purchase Agreement, the royalty rate applicable to U.S. net sales of OMIDRIA was reduced from 50% to 30% upon the occurrence, in December 2022, of the event triggering the $200.0 million Milestone Payment. Consequently, we revalued the OMIDRIA contract royalty asset using the 30% royalty rate on U.S. net sales and adjusted the probability weighted outcomes to reflect the occurrence of the milestone event. Royalties earned are recorded as a reduction to the OMIDRIA contract royalty asset. The amount recorded in discontinued operations in future periods will reflect interest earned on the outstanding OMIDRIA contract royalty asset at 11.0% and any amounts we receive that are different from the expected royalties. The OMIDRIA contract royalty asset will be re-measured periodically using the expected value approach based on actual results and future expectations. Any required adjustment to the OMIDRIA contract royalty asset will be recorded in discontinued operations.
OMIDRIA Royalty Obligation	OMIDRIA Royalty Obligation On September 30, 2022, we sold to DRI Healthcare Acquisitions LP (“DRI”) an interest in a portion of our future OMIDRIA royalty receipts for a purchase price of $125.0 million in cash (see “Note 9 - OMIDRIA Royalty Obligation”). The $125.0 million cash consideration was recorded as an “OMIDRIA royalty obligation” on our consolidated balance sheet. The liability is amortized over the term of the arrangement using the implied effective interest rate of 9.4%. Interest expense is recorded as a component of continuing operations. To the extent our estimates of future royalties are less than previous estimates, we will adjust the carrying amount of the OMIDRIA royalty obligation to the present value of the revised estimated cash flows, discounted at the 9.4% original effective interest rate utilizing the cumulative catch-up method. The adjustment would be recognized as a component of net income (loss) from continuing operations.
Cash and Cash Equivalents, Short-Term Investments and Restricted Investments	Cash and Cash Equivalents, Short-Term Investments and Restricted Investments Cash and cash equivalents include highly liquid investments with a maturity of three months or less on the date of purchase which can be easily converted into cash without a significant impact to their value. Short-term investment securities are classified as held-to-maturity or available-for-sale. Investments classified as held-to-maturity are carried at cost. Investments classified as available-for-sale are carried at fair value. Unrealized gains and losses on investments classified as available-for-sale are reported as a separate component of shareholders’ equity. Amortization, accretion, interest, and dividends, realized gains and losses and declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific-identification method. Investments with maturities of less than one year, or those for which management intends to use the investments to fund current operations, are included in current assets. We evaluate whether an investment is other-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an other-than-temporary decline in value has occurred include: the market value of the security in relation to its cost basis; the financial condition of the investee; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery in the market value of the investment. Restricted investments held in money-market funds include security deposits held by our landlord. ​ Investment income, which is included as a component of other income, consists primarily of interest earned.
Inventory	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-party manufacturing, transportation and internal labor and overhead, will be capitalized.
Receivables, Net	Receivables, Net Receivables at December 31, 2022 primarily consisted of the $200.0 million milestone and royalties receivable from Rayner. Receivables at December 31, 2021 were primarily OMIDRIA customer receivables made prior to the sale to Rayner and collected after the closing. Considering the nature of our receivables, we concluded an allowance for doubtful accounts was not necessary as of December 31, 2022 and 2021.
Property and Equipment, Net	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
Right of Use Assets and Related Lease Liabilities	Right-of-Use Assets and Related Lease Liabilities We record operating leases as right-of-use assets and recognize the related lease liabilities equal to the fair value of the lease payments using our incremental borrowing rate when the implicit rate in the lease agreement is not readily available. We recognize variable lease payments, when incurred. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. We record finance leases as a component of property and equipment and amortize these assets within operating expenses on a straight-line basis to their residual values over the shorter of the term of the underlying lease or the estimated useful life of the equipment. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term. We account for leases with initial terms of 12 months or less as operating expenses on a straight-line basis over the lease term.
Unsecured Convertible Senior Notes	Unsecured Convertible Senior Notes On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion Options and Derivatives and Hedging—Contracts in Entity’s Own Equity 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 by the debtor are evaluated as a modification or an exchange transaction depending on whether the exchange is determined to have substantially different terms. The 6.25% Convertible Senior Notes (the “2023 Notes”) repurchase and issuance of the 5.25% Convertible Senior Notes (“2026 Notes”) were deemed to have substantially different terms due to the significant difference between the value of the conversion option immediately prior to and after the exchange. Therefore, the repurchase of the 2023 Notes was accounted for as a debt extinguishment. (See “Note 8 - Unsecured Convertible Senior Debt”).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We assess the impairment of long-lived assets, primarily property and equipment, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of these assets is measured by comparing the carrying value to future undiscounted cash flows that the asset is expected to generate. If the asset is impaired, the amount of any impairment will be reflected in the results of operations in the period of impairment. We have not recognized any impairment losses for the years ended December 31, 2022, 2021 and 2020.
Revenue Recognition	Revenue Recognition When we enter into a customer contract, we perform the following five steps: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation.
Research and Development	Research and Development Research and development expenses are comprised primarily of contracted research and manufacturing costs prior to approval; costs for personnel, including salaries, benefits and stock compensation; clinical study costs; contracted research; manufacturing costs prior to approval; consulting services; depreciation; materials and supplies; milestones; 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 or rendered 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, or when the goods or services are no longer expected to be provided. All other research and development costs are expensed as incurred.
Selling, General and Administrative	Selling, General and Administrative Selling, general and administrative expenses are comprised primarily of salaries, benefits, and stock-compensation costs for sales, marketing, and other personnel not directly engaged in research and development. Additionally, selling, general and administrative expenses include marketing and selling expenses, professional and legal services; patent costs; depreciation, an allocation of our occupancy costs; and other general corporate expenses. Advertising costs, which we consider to be media and marketing materials, are expensed as incurred and were $3.2 million, $7.8 million and $5.6 million during the years ended December 31, 2022, 2021 and 2020, respectively. Of these amounts, advertising costs related to the discontinued operations of OMIDRIA were $2.0 million and $1.1 million in 2021 and 2020, respectively.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their 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 of being sustained upon an examination. A valuation allowance is established when it is more likely than not that the deferred tax assets will not be realized.
Stock-Based Compensation	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.
Accumulated Other Comprehensive Income (Loss)	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 difference between comprehensive income (loss) and net income (loss) for the years ended December 31, 2022, 2021 or 2020.
Financial Instruments and Concentrations of Credit Risk	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 exceeds the federally insured limits. To limit the credit risk, we invest our excess cash in high-quality securities such as money market mutual funds, certificates of deposit and U.S. treasury bills.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations
Schedule of contract royalty asset	The following schedule is a rollforward of the OMIDRIA contract royalty asset (in thousands): ​ ​ ​ ​ ​ OMIDRIA contract royalty asset at December 31, 2021 ​ $ 184,570 Royalties earned ​ ​ (65,439) Interest on OMIDRIA contract royalty asset ​ ​ 18,634 Remeasurement adjustments ​ ​ 14,457 OMIDRIA contract royalty asset at December 31, 2022 ​ $ 152,222 ​
Schedule of net income from discontinued operation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Product sales, net ​ $ — ​ $ 110,735 ​ $ 73,813 Costs and expenses ​ ​ — ​ ​ 30,631 ​ ​ 27,496 Gross margin ​ ​ — ​ ​ 80,104 ​ ​ 46,317 Gain on sale of OMIDRIA ​ ​ — ​ ​ 305,648 ​ ​ — Milestone income ​ ​ 200,000 ​ ​ — ​ ​ — Interest on OMIDRIA contract royalty asset ​ ​ 18,634 ​ ​ — ​ ​ — Remeasurement adjustments ​ ​ 14,457 ​ ​ — ​ ​ — Other income ​ 307 ​ ​ 1,035 ​ ​ — Income before income tax ​ ​ 233,398 ​ ​ 386,787 ​ ​ 46,317 Income tax expense (1) ​ ​ (3,952) ​ ​ (1,006) ​ ​ (11,245) Net income from discontinued operations, net of tax ​ $ 229,446 ​ $ 385,781 ​ $ 35,072 ​ (1) For further discussion of income tax expense refer to “Note 14 – Income Taxes”.
Schedule of gain on sale of Omidria	The year ended December 31, 2021 included a gain on the sale of OMIDRIA comprised as follows (in thousands): ​ ​ ​ ​ ​ 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 ​
Schedule of cash flow from discontinued operation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ 2022 2021 2020 ​ ​ (In thousands) Net cash provided by discontinued operations from operating activities ​ $ 44,929 ​ $ 56,344 ​ $ 25,888 Net cash provided by discontinued operations from investing activities ​ $ — ​ $ 125,993 ​ $ — ​

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Net Income (Loss) Per Share
Calculation of Historical Outstanding Dilutive Securities Not Included in Diluted Loss per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 2026 Notes convertible to common stock (1) ​ 12,172,008 ​ 12,172,008 ​ 6,086,004 2023 Notes convertible to common stock (1) ​ 4,941,739 ​ 4,941,739 ​ 7,932,791 Outstanding options to purchase common stock ​ 9,488 ​ 1,707,371 ​ 1,585,332 Outstanding restricted stock units ​ 98,750 ​ 2,642 ​ — Outstanding warrants to purchase common stock ​ — ​ — ​ 10,792 Total potentially dilutive shares excluded from net income (loss) per share ​ 17,221,985 ​ 18,823,760 ​ 15,614,919 ​ (1) The 2023 Notes and 2026 Notes (defined below) are subject to a capped call arrangement that potentially reduces the dilutive effect as described in “Note 8 - Unsecured Convertible Senior Notes”. Any potential impact of the capped call arrangement is excluded from this table.

Receivables, Net (Tables)

Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables, Net
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 ​ ​ (In thousands) OMIDRIA milestone receivable ​ $ 200,000 ​ $ — OMIDRIA royalty receivables ​ ​ 12,966 ​ ​ 1,035 Trade receivables, net ​ ​ — ​ ​ 35,470 Sublease and other receivables ​ 255 ​ 1,650 Total receivables, net ​ $ 213,221 ​ $ 38,155 ​

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair-Value Measurements
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money-market funds classified as short-term investments ​ $ 84,882 ​ $ — ​ $ — ​ $ 84,882 U.S. government treasury bills classified as short-term investments ​ ​ 99,027 ​ ​ — ​ ​ — ​ ​ 99,027 Total short-term investments ​ ​ 183,909 ​ ​ — ​ ​ — ​ ​ 183,909 Money-market funds classified as non-current restricted investments ​ 1,054 ​ — ​ — ​ 1,054 Total ​ $ 184,963 ​ $ — ​ $ — ​ $ 184,963 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ Money-market funds classified as short-term investments ​ $ 56,458 ​ $ — ​ $ — ​ $ 56,458 Money-market funds classified as non-current restricted investments ​ 1,054 ​ — ​ — ​ 1,054 Total ​ $ 57,512 ​ $ — ​ $ — ​ $ 57,512 ​

Certain Balance Sheet Accounts

Certain Balance Sheet Accounts (Tables)	12 Months Ended
	Dec. 31, 2022
Certain Balance Sheet Accounts
Property, Plant and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ (In thousands) Equipment under finance leases ​ $ 6,204 ​ $ 5,979 Laboratory equipment ​ 3,135 ​ 3,091 Computer equipment ​ 1,076 ​ 1,069 Office equipment and furniture ​ 625 ​ 625 Total cost ​ 11,040 ​ 10,764 Less accumulated depreciation and amortization ​ (9,548) ​ (9,033) Total property and equipment, net ​ $ 1,492 ​ $ 1,731 ​
Accrued Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ (In thousands) Employee compensation ​ $ 6,665 ​ $ 3,706 Clinical trials ​ ​ 5,536 ​ ​ 2,430 Interest payable ​ ​ 5,172 ​ ​ 5,172 Income taxes payable ​ ​ 4,871 ​ ​ 338 Consulting and professional fees ​ ​ 4,425 ​ ​ 7,455 Contract research and development ​ ​ 3,209 ​ ​ 3,916 Sales rebates, fees and discounts ​ — ​ 8,442 Other accrued expenses ​ 673 ​ 1,675 Total accrued expenses ​ $ 30,551 ​ $ 33,134

Unsecured Convertible Senior _2

Unsecured Convertible Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Summary of unsecured convertible senior notes outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 unsecured convertible senior notes, net ​ $ 94,381 ​ $ 220,906 ​ $ 315,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) ​ $ 92,031 ​ $ 118,141 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2021 ​ 2023 Notes 2026 Notes Total ​ ​ (In thousands) Principal amount ​ $ 95,000 ​ $ 225,030 ​ $ 320,030 Unamortized discount ​ (1,282) ​ (5,290) ​ (6,572) Total unsecured convertible senior notes, net ​ $ 93,718 ​ $ 219,740 ​ $ 313,458 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of outstanding unsecured convertible senior notes (1) ​ $ 87,163 ​ $ 171,867 ​ ​ ​ (1) The fair value is classified as Level 3 due to the limited trading activity for the unsecured convertible senior notes.
Schedule of future minimum payments of debt	​ ​ ​ ​ ​ 2023 $ 95,000 2024 ​ — 2025 ​ — 2026 ​ 225,030 Total future minimum principal payments under the 2023 Notes and 2026 Notes $ 320,030
2023 Unsecured Convertible Senior Notes
Debt Instrument [Line Items]
Schedule of total interest expense recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ ​ (In thousands) Contractual interest expense ​ $ 5,938 ​ $ 5,938 ​ $ 10,410 Amortization of debt issuance costs ​ 663 ​ 618 ​ 669 Amortization of debt discount ​ — ​ — ​ 7,728 Total ​ $ 6,601 ​ $ 6,556 ​ $ 18,807 ​
2026 Unsecured Convertible Senior Notes
Debt Instrument [Line Items]
Schedule of total interest expense recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ (In thousands) Contractual interest expense ​ $ 11,814 ​ $ 11,814 ​ $ 4,397 Amortization of debt issuance costs ​ 1,167 ​ 1,078 ​ 230 Amortization of debt discount ​ — ​ — ​ 3,022 Total ​ $ 12,981 ​ $ 12,892 ​ $ 7,649 ​

OMIDRIA Royalty Obligation (Tab

OMIDRIA Royalty Obligation (Tables)	12 Months Ended
	Dec. 31, 2022
OMIDRIA Royalty Obligation
Schedule of changes in the OMIDRIA royalty obligation	​ ​ ​ ​ ​ Principal amount borrowed at September 30, 2022 ​ $ 125,000 Capitalized accrued interest ​ ​ 1,695 Principal payments ​ ​ (417) OMIDRIA royalty obligation at December 31, 2022 ​ $ 126,278 ​
Schedule of maximum scheduled principal and interest payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Principal Interest ​ Annual Cap ​ ​ (In thousands) 2023 ​ $ 1,152 ​ $ 11,848 ​ $ 13,000 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 Thereafter ​ 68,164 ​ 10,586 ​ ​ 78,750 Total scheduled payments ​ $ 126,278 ​ $ 60,472 ​ $ 186,750

Lease Liabilities (Tables)

Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Lease Liabilities
Schedule of lease-related assets and liabilities recorded on the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) ​ Assets ​ ​ ​ ​ ​ ​ Operating lease assets $ 21,762 $ 28,276 ​ Finance lease assets, net 945 ​ 1,009 ​ Total lease assets $ 22,707 $ 29,285 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ Operating leases $ 3,888 $ 4,607 ​ Finance leases 422 ​ 648 ​ Non-current: ​ ​ ​ ​ ​ ​ Operating leases 21,971 ​ 28,811 ​ Finance leases 455 ​ 315 ​ Total lease liabilities $ 26,736 $ 34,381 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term ​ ​ ​ ​ ​ ​ Operating leases 4.8 years ​ 5.9 years ​ Finance leases 2.3 years ​ 1.7 years ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases 12.81 % 12.81 % Finance leases 10.44 % 12.70 % ​
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2022 2021 ​ ​ (In thousands) Lease cost ​ ​ ​ Operating lease cost ​ $ 6,152 ​ $ 7,364 Finance lease cost: ​ ​ ​ Amortization ​ 812 ​ 1,102 Interest ​ 174 ​ 181 Variable lease cost ​ 3,191 ​ 3,519 Sublease income ​ (1,755) ​ (1,776) Net lease cost ​ $ 8,574 ​ $ 10,390 ​
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2022 2021 ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ Cash payments for operating leases $ 7,072 ​ $ 7,483 Cash payments for financing leases $ 790 $ 939 ​
Schedule of operating and finance lease liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ ​ ​ Leases Leases ​ ​ Total ​ ​ (In thousands) 2023 ​ $ 8,312 ​ $ 495 ​ $ 8,807 2024 ​ 7,031 ​ 321 ​ ​ 7,352 2025 ​ 7,088 ​ 150 ​ ​ 7,238 2026 ​ 6,870 ​ 60 ​ ​ 6,930 2027 ​ 5,837 ​ — ​ ​ 5,837 Total undiscounted lease payments ​ ​ 35,138 ​ ​ 1,026 ​ ​ 36,164 Less interest ​ ​ (9,279) ​ ​ (149) ​ ​ (9,428) Total lease liabilities ​ $ 25,859 ​ $ 877 ​ $ 26,736

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Shareholders' Equity
Reserved Shares of Common Stock	​ ​ ​ ​ Stock options outstanding 13,872,973 RSUs outstanding ​ 98,750 Awards available to issue under the 2017 Plan 4,967,281 Total shares reserved 18,939,004 ​
Schedule of Stockholders' Equity Note, Warrants or Rights	​ ​ ​ ​ ​ ​ ​ Outstanding At ​ ​ ​ December 31, 2022 ​ Expiration Date ​ Exercise Price 200,000 ​ April 12, 2023 ​ $ 23.00

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation.
Schedule of equity plan	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 Employee recurring options grants 1/ 48 Non-employee consultant options grants 1/ 12 48 Employee RSUs ​ 50% after one year, 50% after two years ​
Stock-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 6,123 ​ $ 6,791 ​ $ 6,163 Selling, general and administrative ​ 8,042 ​ 8,154 ​ 7,614 Total stock-based compensation in continuing operations ​ ​ 14,165 ​ ​ 14,945 ​ ​ 13,777 Discontinued operations ​ ​ (93) ​ ​ 2,685 ​ ​ 1,148 Total stock-based compensation ​ $ 14,072 ​ $ 17,630 ​ $ 14,925 ​
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Estimated weighted-average fair value ​ $ 2.94 ​ ​ $ 10.54 ​ ​ $ 8.19 ​ Weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ Expected volatility ​ 90 % ​ 81 % ​ 77 % Expected life, in years ​ 6.0 ​ ​ 6.0 ​ ​ 6.0 ​ Risk-free interest rate ​ 2.83 % ​ 1.06 % ​ 1.06 % Expected dividend yield ​ — % ​ — % ​ — % ​
Schedule of Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ Aggregate ​ ​ ​ ​ Exercise ​ Remaining ​ Intrinsic ​ ​ Options ​ Price per ​ Contractual Life ​ Value ​ ​ Outstanding ​ Share ​ (In years) ​ (In thousands) Balance at December 31, 2021 12,709,887 ​ $ 12.61 ​ Granted 2,742,834 ​ 3.81 ​ Exercised (101,160) ​ 4.10 ​ Forfeited (1,478,588) ​ 12.05 ​ Balance at December 31, 2022 13,872,973 ​ $ 11.02 5.8 ​ $ 21 Vested and expected to vest at December 31, 2022 13,454,543 ​ $ 11.10 5.7 ​ $ 19 Exercisable at December 31, 2022 9,859,720 ​ $ 12.12 4.6 ​ $ — ​
Schedule of RSU activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- Average ​ ​ ​ ​ Grant Date ​ ​ RSUs ​ Fair Value ​ ​ Outstanding ​ Per Share Balance at December 31, 2021 222,000 ​ $ 7.53 Vested and released (98,750) ​ 7.53 Forfeited (24,500) ​ 7.53 Balance at December 31, 2022 98,750 ​ $ 7.53

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of Components of Income Tax Expense (Benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 2020 ​ ​ (In thousands) Continuing operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current income tax expense: ​ ​ ​ ​ Federal ​ $ — ​ $ — ​ $ — State ​ — ​ — ​ — Total current income tax expense ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax benefit: ​ ​ ​ Federal ​ — ​ — ​ (19,472) State ​ — ​ — ​ (3,784) Total deferred income tax benefit ​ ​ — ​ ​ — ​ ​ (23,256) Income tax benefit in continuing operations ​ $ — ​ $ — ​ $ (23,256) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense as a component of discontinued operations ​ $ 3,952 ​ $ 1,006 ​ $ 11,245 ​
Significant Components of Deferred Tax Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 ​ ​ (In thousands) Deferred tax assets: ​ ​ ​ Net operating loss carryforwards ​ $ 85,887 ​ $ 143,657 Research and development tax credits ​ 78,992 ​ 66,612 OMIDRIA royalty obligation ​ ​ 28,938 ​ ​ — Capitalized research and development ​ ​ 21,864 ​ ​ — Stock-based compensation ​ 12,517 ​ 11,327 Lease liability ​ 5,926 ​ 9,995 Other ​ 9,234 ​ 17,862 Total deferred tax assets ​ 243,358 ​ 249,453 Deferred tax liabilities: ​ ​ Gain on discontinued operations ​ ​ (34,883) ​ ​ (42,212) Right of use assets ​ ​ (4,987) ​ ​ (6,467) Property and equipment ​ ​ (288) ​ ​ (102) Total deferred tax liabilities ​ (40,158) ​ (48,781) Net deferred tax assets before valuation allowance ​ 203,200 ​ 200,672 Less valuation allowance ​ (203,200) ​ (201,340) Net deferred tax liabilities ​ $ — ​ $ (668) ​
Reconciliation of Federal Statutory Tax Rate to Effective Income Tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2022 2021 2020 U.S. Federal statutory rate on net loss ​ (21.0) % (21.0) % (21.0) % State tax, net of federal tax benefit ​ (1.7) % (0.6) % (3.1) % Change in valuation allowance ​ 28.3 % 26.9 % 19.3 % Research and development tax credits ​ (6.8) % (5.5) % (6.2) % Stock compensation ​ 1.4 % 0.3 % 0.5 % Other ​ (0.2) % (0.1) % (1.3) % Effective tax rate ​ (0.0) % (0.0) % (11.8) % ​

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Thousands			12 Months Ended
	Dec. 29, 2022 USD ($)	Dec. 23, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 14, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds on sale of OMIDRIA				$ 125,993
Cash, cash equivalents and short-term investments			$ 194,900
Receivables, net			213,221	38,155
Net cash used in operating activities			86,483	109,722	$ 100,086
Long-term Debt, Gross			320,030	320,030
Income			$ 47,417	194,235	$ (138,061)
Number of Operating Segments | segment			1
2023 Unsecured Convertible Senior Notes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term Debt, Gross			$ 95,000	95,000		$ 95,000
Discontinued Operation | Omidria Assets Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds on sale of OMIDRIA		$ 126,000		$ 125,993
Milestone payment receivable	$ 200,000		200,000
Period payment is due after milestone period achieved	30 days
Milestone period	4 years
Market Offerings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum aggregate offering price			$ 150,000

Significant Accounting Polici_3

Significant Accounting Policies - Discontinued Operations (Details) - USD ($) $ in Thousands				12 Months Ended
	Dec. 29, 2022	Sep. 30, 2022	Dec. 23, 2021	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds upon entering into OMIDRIA royalty obligation				$ 125,000
OMIDRIA royalty obligation				125,126
DRI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds upon entering into OMIDRIA royalty obligation		$ 125,000
OMIDRIA royalty obligation		$ 125,000
Effective interest rate		9.40%
Discontinued Operation | Omidria Assets Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone payment receivable	$ 200,000			$ 200,000
Percentage of royalty receivable	30%		50%
Percentage of interest earned on outstanding contract royalty asset	11%

Significant Accounting Polici_4

Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years

Significant accounting polici_5

Significant accounting policies - Unsecured Convertible Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Aug. 14, 2020	Dec. 31, 2019	Nov. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 85,684	$ 23,780	$ (120,752)			$ (109,021)
Cumulative effect adjustment | ASU 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity			(75,474)
Convertible Debt			$ 75,500
2023 Unsecured Convertible Senior Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate (as a percent)							6.25%
Convertible Debt					$ 90,200
2026 Unsecured Convertible Senior Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate (as a percent)				5.25%

Significant Accounting Polici_6

Significant Accounting Policies - Selling, General and Administrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Advertising Expense	$ 3.2	$ 7.8	$ 5.6
Discontinued Operation | Omidria Assets Disposal
Property, Plant and Equipment [Line Items]
Advertising Expense		$ 2	$ 1.1

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Thousands			12 Months Ended
	Dec. 29, 2022 USD ($)	Dec. 23, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 item
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds on sale of OMIDRIA				$ 125,993
Percentage of total sale, wholesalers				100%	100%
Percentage of Total Revenue | Customer Concentration Risk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Wholesalers | item				4	4
Percentage of Total Revenue | Customer Concentration Risk | Four wholesalers [Member] | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Concentration Risk, Percentage				15%	15%
Percentage of Accounts Receivable | Customer Concentration Risk | Four wholesalers [Member] | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Concentration Risk, Percentage				10%	10%
Discontinued Operation | Omidria Assets Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds on sale of OMIDRIA		$ 126,000		$ 125,993
Percentage of royalty receivable	30%	50%
Milestone payment receivable	$ 200,000		$ 200,000
Percent of reduction in royalty receivable	10%
Royalties earned			65,439
Interest on the OMIDRIA contract royalty asset and remeasurement adjustments			$ 33,100

Discontinued Operations - OMIDR

Discontinued Operations - OMIDRIA contract royalty asset (Details) - Discontinued Operation - Omidria Assets Disposal $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
OMIDRIA contract royalty asset, beginning balance	$ 184,570
Royalties earned	(65,439)
Interest on OMIDRIA contract royalty asset	18,634
Remeasurement adjustments	14,457
OMIDRIA contract royalty asset, ending balance	$ 152,222

Discontinued Operations - Net I

Discontinued Operations - Net Income Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense	$ (3,952)	$ (1,006)	$ (11,245)
Discontinued Operation | Omidria Assets Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs and expenses		30,631	27,496
Gross margin		80,104	$ 46,317
Gain on sale of OMIDRIA		$ 305,648
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
Interest on OMIDRIA contract royalty asset	$ 18,634
Remeasurement adjustments	14,457
Other income	307	$ 1,035
Income before income tax	233,398	386,787	$ 46,317
Income tax expense	(3,952)	(1,006)	(11,245)
Net income from discontinued operations, net of tax	229,446	385,781	35,072
Discontinued Operation | Omidria Assets Disposal | Product sales, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue		$ 110,735	$ 73,813
Discontinued Operation | Omidria Assets Disposal | Milestone income
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 200,000

Discontinued Operations - Gain

Discontinued Operations - Gain Loss (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 23, 2021	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds		$ 125,993
Discontinued Operation | Omidria Assets Disposal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
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		$ 305,648

Discontinued Operations - Cash

Discontinued Operations - Cash Flow (Details) - Discontinued Operation - Omidria Assets Disposal - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by discontinued operations from operating activities	$ 44,929	$ 56,344	$ 25,888
Net cash provided by discontinued operations from investing activities		$ 125,993

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded from net income (loss) per share	17,221,985	18,823,760	15,614,919
2026 Unsecured Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded from net income (loss) per share	12,172,008	12,172,008	6,086,004
2023 Unsecured Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded from net income (loss) per share	4,941,739	4,941,739	7,932,791
Outstanding options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded from net income (loss) per share	9,488	1,707,371	1,585,332
Employee restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded from net income (loss) per share	98,750	2,642
Outstanding warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares excluded from net income (loss) per share			10,792

Receivables, Net - Grant and Ot

Receivables, Net - Grant and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Certain Balance Sheet Accounts
OMIDRIA milestone receivable	$ 200,000
OMIDRIA royalty receivables	12,966	$ 1,035
Trade receivables, net		35,470
Sublease and other receivables	255	1,650
Total receivables, net	213,221	38,155
Chargeback and product return allowances	$ 0	$ 2,000

Fair-Value Measurements - Recur

Fair-Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	$ 183,909	$ 56,458
Money-market funds classified as non-current restricted investments	1,054	1,054
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	183,909
Money-market funds classified as non-current restricted investments	1,054	1,054
Total	184,963	57,512
Fair Value, Measurements, Recurring | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	84,882	56,458
Fair Value, Measurements, Recurring | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	99,027
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	183,909
Money-market funds classified as non-current restricted investments	1,054	1,054
Total	184,963	57,512
Fair Value, Measurements, Recurring | Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	84,882	$ 56,458
Fair Value, Measurements, Recurring | Level 1 | US Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Short-term investments	$ 99,027

Fair-Value Measurements - Narra

Fair-Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2020	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash held in demand deposit accounts	$ 11,009	$ 100,808
2023 Unsecured Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)				6.25%
2026 Unsecured Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)			5.25%

Certain Balance Sheet Account_2

Certain Balance Sheet Accounts - Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total cost	$ 11,040	$ 10,764
Less accumulated depreciation and amortization	(9,548)	(9,033)
Total property and equipment, net	1,492	1,731
Depreciation and amortization	952	1,386	$ 1,616
Equipment under finance leases
Property, Plant and Equipment [Line Items]
Total cost	6,204	5,979
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total cost	3,135	3,091
Computer equipment
Property, Plant and Equipment [Line Items]
Total cost	1,076	1,069
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Total cost	$ 625	$ 625

Certain Balance Sheet Account_3

Certain Balance Sheet Accounts - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued expenses
Employee compensation	$ 6,665	$ 3,706
Clinical trials	5,536	2,430
Interest payable	5,172	5,172
Income taxes payable	4,871	338
Consulting and professional fees	4,425	7,455
Contract research and development	3,209	3,916
Sales rebates, fees and discounts		8,442
Other accrued expenses	673	1,675
Total accrued expenses	$ 30,551	$ 33,134

Unsecured Convertible Senior _3

Unsecured Convertible Senior Notes - Unsecured convertible senior notes outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 14, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount	$ 320,030	$ 320,030
Unamortized discount	(4,743)	(6,572)
Total unsecured convertible senior notes, net	315,287	313,458
Stockholders' equity	85,684	23,780	$ (120,752)		$ (109,021)
2023 Unsecured Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount	95,000	95,000		$ 95,000
Unamortized discount	(619)	(1,282)
Total unsecured convertible senior notes, net	94,381	93,718
Fair value of outstanding unsecured convertible senior notes (1)	92,031	87,163
Convertible Debt				$ 90,200
2026 Unsecured Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount	225,030	225,030
Unamortized discount	(4,124)	(5,290)
Total unsecured convertible senior notes, net	220,906	219,740
Fair value of outstanding unsecured convertible senior notes (1)	$ 118,141	$ 171,867
Cumulative effect adjustment | ASU 2020-06
Debt Instrument [Line Items]
Convertible Debt			75,500
Stockholders' equity			$ (75,474)

Unsecured Convertible Senior _4

Unsecured Convertible Senior Notes - 2023 Unsecured Convertible Senior Notes (Details) $ / shares in Units, shares in Millions		1 Months Ended	12 Months Ended
	Aug. 14, 2020 USD ($) shares	Nov. 30, 2018 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Effective interest rate to determine fair value of liability component (as a percent)				9.40%
Loss on early extinguishment of debt			$ 13,374,000
Principal amount				$ 320,030,000	$ 320,030,000
Adjustments to additional paid-in capital due to repurchase of the equity component			22,073,000
Proceeds From Termination Of Capped Call Contracts			$ 7,549,000
2023 Unsecured Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 210,000,000
Interest rate (as a percent)		6.25%
Unamortized debt issuance costs				$ 600,000
Conversion rate		0.0520183
Value used in calculation of conversion rate		$ 1,000
Conversion price | $ / shares		$ 19.22
Principal amount of debt repurchased	$ 115,000,000
Fair value of the liability component	$ 103,600,000
Effective interest rate to determine fair value of liability component (as a percent)	9.90%			7%
Amount outstanding	$ 90,200,000
Number of underlying shares | shares	6
Settlement loss upon termination of cap call contract	$ 800,000
Number of shares outstanding on the 2023 Capped Call | shares				4.9
Loss on early extinguishment of debt	13,400,000
Principal amount	95,000,000			$ 95,000,000	$ 95,000,000
Adjustments to additional paid-in capital due to repurchase of the equity component	22,000,000
Proceeds From Termination Of Capped Call Contracts	$ 7,500,000
2023 Unsecured Convertible Senior Notes | Minimum
Debt Instrument [Line Items]
Conversion price | $ / shares		19.22
2023 Unsecured Convertible Senior Notes | Maximum
Debt Instrument [Line Items]
Conversion price | $ / shares		$ 28.84

Unsecured Convertible Senior _5

Unsecured Convertible Senior Notes - Interest expense recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2023 Unsecured Convertible Senior Notes
Interest Expense, Debt [Abstract]
Contractual interest expense	$ 5,938	$ 5,938	$ 10,410
Amortization of debt issuance costs	663	618	669
Amortization of debt discount			7,728
Total	6,601	6,556	18,807
2026 Unsecured Convertible Senior Notes
Interest Expense, Debt [Abstract]
Contractual interest expense	11,814	11,814	4,397
Amortization of debt issuance costs	1,167	1,078	230
Amortization of debt discount			3,022
Total	$ 12,981	$ 12,892	$ 7,649

Unsecured Convertible Senior _6

Unsecured Convertible Senior Notes - 2026 Unsecured Convertible Senior Notes (Details) $ / shares in Units, shares in Millions	2 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) D $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) shares
Debt Instrument [Line Items]
Effective interest rate to determine fair value of liability component (as a percent)			9.40%
2026 Notes principal amount issued		$ 225,030,000
Repurchase of 2023 Notes		(125,638,000)
Termination of the 2023 Capped Call contracts related to debt repurchased		7,549,000
Issuance costs		$ 6,785,000
2026 Unsecured Convertible Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 225,000,000
Proceeds from 2026 debt issuance used to repurchase 2023 Notes	$ 125,600,000
Interest rate (as a percent)	5.25%
Unamortized debt issuance costs			$ 4,100,000
Effective interest rate to determine fair value of liability component (as a percent)			5.90%
Conversion rate	0.0540906
Value used in calculation of conversion rate	$ 1,000
Conversion price | $ / shares	$ 18.4875
Shares upon conversion | shares	12.2
2026 Notes principal amount issued	$ 225,000,000
Issuance costs	$ 6,800,000
Capped Call Transactions, Threshold Trading Day Period	50 days
Number of shares outstanding on the 2026 Capped Call | shares			12.2
Fair value of equity component	$ 23,200,000
2026 Unsecured Convertible Senior Notes | Debt Conversion, After September 30, 2020
Debt Instrument [Line Items]
Stock price trigger (as a percent)	130%
Trading days, number | D	20
Consecutive trading days, period | D	30
Consecutive business days, period	5 days
Consecutive trading-day period	5 days
Maximum product of the closing sale price of shares of the Company's common stock and the applicable conversion rate for such trading day (as a percent)	98%
2026 Unsecured Convertible Senior Notes | Debt Conversion, On Or After August 15, 2023
Debt Instrument [Line Items]
Stock price trigger (as a percent)	130%
Trading days, number | D	20
Consecutive trading days, period | D	30
2026 Unsecured Convertible Senior Notes | Minimum
Debt Instrument [Line Items]
Conversion price | $ / shares	$ 18.49
2026 Unsecured Convertible Senior Notes | Maximum
Debt Instrument [Line Items]
Conversion price | $ / shares	$ 26.10

Unsecured Convertible Senior _7

Unsecured Convertible Senior Notes - Future minimum payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Total future minimum principal payments under 2023 Notes and 2026 Notes	$ 320,030	$ 320,030
2023 and 2026 Convertible Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	95,000
2026	225,030
Total future minimum principal payments under 2023 Notes and 2026 Notes	$ 320,030

OMIDRIA Royalty Obligation - Na

OMIDRIA Royalty Obligation - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022
Royalty Obligation
Proceeds upon entering into OMIDRIA royalty obligation		$ 125,000
Total contractual interest expense		2,900
Non-cash contractual interest expense		1,700
Cash contractual interest expense		1,200
DRI
Royalty Obligation
Proceeds upon entering into OMIDRIA royalty obligation	$ 125,000
Amount of total royalties to be received no sooner than August 2028		125,000
Maximum payout payable		$ 186,800
Maximum Royalty Payable Percentage	9.40%

OMIDRIA Royalty Obligation - Sc

OMIDRIA Royalty Obligation - Schedule of changes in the OMIDRIA royalty obligation (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
OMIDRIA Royalty Obligation
Principal amount borrowed at September 30, 2022	$ 125,000
Capitalized accrued interest	1,695
Principal payments	(417)
OMIDRIA royalty obligation at December 31, 2022	$ 126,278

OMIDRIA Royalty Obligation - _2

OMIDRIA Royalty Obligation - Schedule of maximum scheduled principal and interest payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
OMIDRIA Royalty Obligation
Effective interest rate(as a percent)	9.40%
Principal
2023	$ 1,152
2024	8,576
2025	14,641
2026	16,081
2027	17,664
Thereafter	68,164
Total scheduled payments	126,278
Interest
2023	11,848
2024	11,424
2025	10,359
2026	8,919
2027	7,336
Thereafter	10,586
Total scheduled payment	60,472
Total Annual Cap
2023	13,000
2024	20,000
2025	25,000
2026	25,000
2027	25,000
Thereafter	78,750
Total scheduled payments	$ 186,750

Leases Liabilities (Details)

Leases Liabilities (Details) $ in Thousands		12 Months Ended
	Jan. 14, 2022 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Lease Liabilities
Number of options to extend lease | item		2
Option to Extend		true
Expected lease term		5 years
Decrease in right of use asset due to lease termination	$ 4,700
Decrease in lease liability due to lease termination	5,200
Non-cash gain of termination of lease	$ 500	$ 454
Classification on the Balance Sheet
Operating lease assets		21,762	$ 28,276
Finance lease assets, net		945	1,009
Total lease assets		22,707	29,285
Operating leases, current		$ 3,888	$ 4,607
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Operating And Finance Lease Liability Current	Operating And Finance Lease Liability Current
Finance leases, current		$ 422	$ 648
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		Operating And Finance Lease Liability Current	Operating And Finance Lease Liability Current
Operating leases, non-current		$ 21,971	$ 28,811
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Lease liabilities, non-current	Lease liabilities, non-current
Finance leases, non-current		$ 455	$ 315
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Lease liabilities, non-current	Lease liabilities, non-current
Total lease liabilities		$ 26,736	$ 34,381
Operating leases		4 years 9 months 18 days	5 years 10 months 24 days
Finance leases		2 years 3 months 18 days	1 year 8 months 12 days
Operating leases		12.81%	12.81%
Finance leases		10.44%	12.70%
Lease cost
Operating lease cost		$ 6,152	$ 7,364
Amortization		812	1,102
Interest		174	181
Variable lease cost		3,191	3,519
Sublease income		(1,755)	(1,776)
Net lease cost		8,574	10,390
Cash payments for operating leases		7,072	7,483
Cash payments for financing leases		$ 790	$ 939

Leases Liabilities- Lease Matur

Leases Liabilities- Lease Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 8,312
2024	7,031
2025	7,088
2026	6,870
2027	5,837
Total undiscounted lease payments	35,138
Less interest	(9,279)
Total lease liabilities	25,859
Finance Leases
2023	495
2024	321
2025	150
2026	60
Total undiscounted lease payments	1,026
Less interest	(149)
Total lease liabilities	877
2023	8,807
2024	7,352
2025	7,238
2026	6,930
2027	5,837
Total undiscounted lease payments	36,164
Less interest	(9,428)
Total lease liabilities	$ 26,736

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies.
Contract termination fees	$ 24.2
Development milestone payable	$ 0.3	$ 0.5	$ 5.5

Shareholders' Equity - Reserved

Shareholders' Equity - Reserved Share of Common Stock (Details)	Dec. 31, 2022 shares
Reserved Common Stock [Line Items]
Shares reserved for further issuance	18,939,004
Stock options outstanding
Reserved Common Stock [Line Items]
Shares reserved for further issuance	13,872,973
RSUs outstanding
Reserved Common Stock [Line Items]
Shares reserved for further issuance	98,750
Awards available to issue under the 2017 Plan
Reserved Common Stock [Line Items]
Shares reserved for further issuance	4,967,281

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2020	Dec. 31, 2022
Class of Stock [Line Items]
Issuance of stock (in shares)	6,900,000
Share price (in USD per share)	$ 14.50
Proceeds from issuance of common stock, net	$ 93,700	$ 93,675
23.00
Class of Stock [Line Items]
Shares of common stock right to purchase by warrant (in shares)			200,000
Warrant exercise price (in USD per share)			$ 23
At The Market (ATM) Program
Class of Stock [Line Items]
Maximum aggregate offering price			$ 150,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - Outstanding options to purchase common stock - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value	$ 0.2	$ 7.8	$ 5.6
Unvested options outstanding (shares)	4
Period for recognition	2 years 2 months 12 days
Unrecognized compensation expense	$ 19.8
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Contractual term	10 years

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity plan (Details)	12 Months Ended
	Dec. 31, 2022
Employee recurring options grants
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Monthly vesting percentage	2.083%
Non-employee consultant options grants | Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Monthly vesting percentage	2.083%
Non-employee consultant options grants | Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Monthly vesting percentage	8.333%
One year anniversary | Employee initial options grants
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Yearly vesting percentage	25%
One year anniversary | Employee RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Yearly vesting percentage	50%
Thereafter | Employee initial options grants
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Monthly vesting percentage	2.083%
Thereafter | Employee RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Yearly vesting percentage	50%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation in continuing operations			$ 14,165	$ 14,945	$ 13,777
Discontinued operations			(93)	2,685	1,148
Total stock-based compensation			14,072	17,630	14,925
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Granted (in shares)	11,700	14,000
Weighted average grant date fair value	$ 7.80	$ 11.05
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation in continuing operations			6,123	6,791	6,163
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation in continuing operations			$ 8,042	$ 8,154	$ 7,614

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Employee Option Grant Estimated on Date of Grant (Details) - Equity Option - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Estimated weighted-average fair value (USD per share)	$ 2.94	$ 10.54	$ 8.19
Weighted Average
Weighted-average assumptions:
Expected volatility	90%	81%	77%
Expected life, in years	6 years	6 years	6 years
Risk-free interest rate	2.83%	1.06%	1.06%
Expected dividend yield	0%	0%	0%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Options Outstanding
Beginning balance (shares) | shares	12,709,887
Granted (shares) | shares	2,742,834
Exercised (in shares) | shares	(101,160)
Forfeited (shares) | shares	(1,478,588)
Ending balance (shares) | shares	13,872,973
Vested and expected to vest (shares) | shares	13,454,543
Exercisable (shares) | shares	9,859,720
Weighted-Average Exercise Price per Share
Beginning balance (USD per share) | $ / shares	$ 12.61
Granted (USD per share) | $ / shares	3.81
Exercised (USD per share) | $ / shares	4.10
Forfeited (USD per share) | $ / shares	12.05
Ending balance (USD per share) | $ / shares	11.02
Vested and expected to vest (USD per share) | $ / shares	11.10
Exercisable (USD per share) | $ / shares	$ 12.12
Weighted- Average Remaining Contractual Life
Balance (in years)	5 years 9 months 18 days
Vested and expected to vest (in years)	5 years 8 months 12 days
Exercisable (in years)	4 years 7 months 6 days
Aggregate Intrinsic Value
Balance | $	$ 21
Vested and expected to vest | $	$ 19

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU activity (Details) - Employee restricted stock units	12 Months Ended
	Dec. 31, 2022 $ / shares shares
RSUs Outstanding
Beginning Balance (shares) | shares	222,000
Vested and released (shares) | shares	(98,750)
Forfeited (shares) | shares	(24,500)
Ending Balance (shares) | shares	98,750
Weighted- Average Grant Date Fair Value Per Share
Beginning Balance (USD per share) | $ / shares	$ 7.53
Vested and released (USD per share) | $ / shares	7.53
Forfeited (USD per share) | $ / shares	7.53
Ending Balance (USD per share) | $ / shares	$ 7.53

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal	$ 0	$ 0	$ 0
State	0	0	0
Total current income tax expense	0	0	0
Federal	0	0	(19,472)
State	0	0	(3,784)
Total deferred income tax benefit	0	0	23,256
Income tax benefit in continuing operations	0	0	(23,256)
Income tax expense as a component of discontinued operations	$ 3,952	$ 1,006	$ 11,245

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 85,887	$ 143,657
Research and development tax credits	78,992	66,612
OMIDRIA royalty obligation	28,938
Capitalized research and development	21,864
Stock-based compensation	12,517	11,327
Lease liability	5,926	9,995
Other	9,234	17,862
Total deferred tax assets	243,358	249,453
Deferred tax liabilities:
Gain on discontinued operations	(34,883)	(42,212)
Right of use assets	(4,987)	(6,467)
Property and equipment	(288)	(102)
Total deferred tax liabilities	(40,158)	(48,781)
Net deferred tax assets before valuation allowance	203,200	200,672
Less valuation allowance	(203,200)	(201,340)
Net deferred tax liabilities	$ 0	$ (668)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Income tax benefit	$ 0	$ 0	$ 23,256
Income tax expense	3,952	1,006	11,245
Income tax payable	4,871	338
Capitalized research and development	$ 21,864
Deferred tax assets, percentage of valuation allowance	100%
Decrease in deferred tax valuation allowance	$ 1,900	19,300
Research Tax Credit Carryforward
Income Taxes
Tax credit carryforward	79,200
Discontinued Operation | Omidria Assets Disposal
Income Taxes
Income tax expense	3,952	1,006	$ 11,245
Federal
Income Taxes
NOLs utilized during the year	269,800	245,100
Net operating loss carryforwards	361,000
Net operating loss carryforwards with expiration	109,400
Net operating loss carryforwards with no expiration	251,600
State
Income Taxes
Net operating loss carryforwards	220,000
State | Discontinued Operation | Omidria Assets Disposal
Income Taxes
Income tax expense	$ 4,000	$ 1,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
U.S. Federal statutory rate on net loss	(21.00%)	(21.00%)	(21.00%)
State tax, net of federal tax benefit	(1.70%)	(0.60%)	(3.10%)
Change in valuation allowance	28.30%	26.90%	19.30%
Research and development tax credits	(6.80%)	(5.50%)	(6.20%)
Stock compensation	1.40%	0.30%	0.50%
Other	(0.20%)	(0.10%)	(1.30%)
Effective tax rate	(0.00%)	(0.00%)	(11.80%)

401k Retirement Plan - Narrativ

401k Retirement Plan - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
401(k) Retirement Plan
Maximum percent of each employee's contributions matched by employer	4%
Maximum company match per employee	$ 4,000