EyePoint Pharmaceuticals (EYPT) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	EyePoint Pharmaceuticals, Inc.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	EYPT
Entity Common Stock, Shares Outstanding		124,741,832
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity File Number	000-51122
Entity Tax Identification Number	26-2774444
Entity Address, Address Line One	480 Pleasant Street
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	(617)
Local Phone Number	926-5000
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 26,299	$ 22,214
Accounts and other receivables, net	14,390	11,368
Prepaid expenses and other current assets	5,647	5,997
Inventory	3,358	2,138
Total current assets	49,694	41,717
Property and equipment, net	425	357
Operating lease right-of-use assets	2,967	3,078
Intangible assets, net	27,054	27,669
Restricted cash	150	150
Total assets	80,290	72,971
Current liabilities:
Accounts payable	5,158	4,192
Accrued expenses	4,559	6,832
Deferred revenue	30	15
Other current liabilities	551	481
Total current liabilities	10,298	11,520
Long-term debt	47,716	47,223
Operating lease liabilities - noncurrent	2,764	2,898
Other long-term liabilities	3,038	3,000
Total liabilities	63,816	64,641
Contingencies (Note 12)
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 150,000,000 shares authorized at March 31, 2020 and December 31, 2019; 124,741,832 and 109,417,322 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	125	109
Additional paid-in capital	493,969	472,667
Accumulated deficit	(478,460)	(465,286)
Accumulated other comprehensive income	840	840
Total stockholders' equity	16,474	8,330
Total liabilities and stockholders' equity	$ 80,290	$ 72,971

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	124,741,832	109,417,322
Common stock, shares outstanding	124,741,832	109,417,322

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenues	$ 7,489	$ 2,012
Operating expenses:
Cost of sales, excluding amortization of acquired intangible assets	980	330
Research and development	4,853	3,797
Sales and marketing	8,125	7,311
General and administrative	4,360	4,610
Amortization of acquired intangible assets	615	615
Total operating expenses	18,933	16,663
Loss from operations	(11,444)	(14,651)
Other income (expense):
Interest and other income, net	54	243
Interest expense	(1,784)	(1,020)
Loss on extinguishment of debt	0	(3,810)
Total other expense, net	(1,730)	(4,587)
Net loss	$ (13,174)	$ (19,238)
Net loss per share - basic and diluted	$ (0.11)	$ (0.20)
Weighted average shares outstanding - basic and diluted	115,530	95,452
Net loss	$ (13,174)	$ (19,238)
Foreign currency translation adjustments	0	0
Comprehensive loss	(13,174)	(19,238)
Product [Member]
Revenues:
Total revenues	4,687	1,227
License and Collaboration Agreement [Member]
Revenues:
Total revenues	2,020	65
Royalty Income [Member]
Revenues:
Total revenues	$ 782	$ 720

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2018	$ 37,633	$ 95	$ 445,192	$ (408,493)	$ 839
Balance, shares at Dec. 31, 2018		95,372,236
Net loss	(19,238)			(19,238)
Exercise of stock options	264	$ 1	263
Exercise of stock options, shares		141,760
Vesting of stock units	(20)		(20)
Vesting of stock units, shares		40,232
Stock-based compensation	1,238		1,238
Balance at Mar. 31, 2019	19,877	$ 96	446,673	(427,731)	839
Balance, shares at Mar. 31, 2019		95,554,228
Balance at Dec. 31, 2019	$ 8,330	$ 109	472,667	(465,286)	840
Balance, shares at Dec. 31, 2019	109,417,322	109,417,322
Net loss	$ (13,174)			(13,174)
Issuance of stock, net of issue costs	19,990	$ 15	19,975
Issuance of stock, net of issue costs, shares		15,000,000
Employee stock purchase plan	187	$ 1	186
Employee stock purchase plan, shares		161,660
Vesting of stock units	(19)		(19)
Vesting of stock units, shares		162,850
Stock-based compensation	1,160		1,160
Balance at Mar. 31, 2020	$ 16,474	$ 125	$ 493,969	$ (478,460)	$ 840
Balance, shares at Mar. 31, 2020	124,741,832	124,741,832

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (13,174,000)	$ (19,238,000)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	615,000	615,000
Depreciation of property and equipment	33,000	44,000
Amortization of debt discount	171,000	140,000
Non-cash interest expense	323,000	112,000
Loss on extinguishment of debt	0	3,810,000
Stock-based compensation	1,160,000	1,238,000
Changes in operating assets and liabilities:
Accounts receivable and other current assets	(2,320,000)	(2,046,000)
Inventory	(1,221,000)	(607,000)
Accounts payable and accrued expenses	(1,944,000)	2,593,000
Right-of-use assets and operating lease liabilities	(3,000)	35,000
Deferred revenue	15,000	(30,000)
Net cash used in operating activities	(16,345,000)	(13,334,000)
Cash flows from investing activities:
Purchases of property and equipment	(16,000)	(182,000)
Net cash used in investing activities	(16,000)	(182,000)
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	20,285,000
Proceeds from issuance of long-term debt		35,000,000
Payment of debt issue costs		(894,000)
Payment of long-term debt principal		(20,000,000)
Payment of extinguishment of debt costs		(2,716,000)
Net settlement of stock units to satisfy statutory tax withholding	(19,000)	(20,000)
Proceeds from exercise of stock options and employee stock purchase plan	187,000	264,000
Principal payments on finance lease obligations	(7,000)
Net cash provided by financing activities	20,446,000	11,634,000
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	4,085,000	(1,882,000)
Cash, cash equivalents and restricted cash at beginning of period	22,364,000	45,411,000
Cash, cash equivalents and restricted cash at end of period	26,449,000	43,529,000
Supplemental cash flow information:
Cash interest paid	1,290,000	1,111,000
Supplemental disclosure of non-cash investing and financing activities:
Stock issuance costs	295,000
Debt issue costs		222,000
Accrued term loan exit fee		$ 2,100,000
Principal portion of finance lease liabilities	$ 7,000

Operations and Basis of Present

Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Operations and Basis of Presentation	1. Operations and Basis of Presentation Overview The accompanying condensed consolidated financial statements of EyePoint Pharmaceuticals, Inc. and subsidiaries (collectively, the “Company”) as of March 31, 2020 and for the three months ended March 31, 2020 and 2019 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2019, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods indicated. The preparation of financial statements in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period. The Company is a pharmaceutical company committed to developing and commercializing innovative ophthalmic products for the treatment of serious eye disorders. The Company has two products, YUTIQ ® and DEXYCU ® , which were approved by the U.S. Food and Drug Administration (“FDA”) in 2018. YUTIQ (fluocinolone acetonide intravitreal implant) 0.18 mg for intravitreal injection, was launched directly in the U.S. in February 2019. YUTIQ is indicated for the treatment of chronic uveitis affecting the posterior segment of the eye, which affects between 60,000 to 100,000 people in the U.S. each year and causes approximately 30,000 new cases of blindness every year, making it the third leading cause of blindness. Injected into the eye in an office visit, YUTIQ is a micro-insert that delivers a micro-dose of a corticosteroid to the back of the eye on a sustained constant (zero order release) basis for up to 36 months. YUTIQ is based on the Company’s proprietary Durasert ® sustained-release drug delivery technology platform, which can deliver drugs for predetermined periods of time ranging from months to years. DEXYCU (dexamethasone intraocular suspension) 9%, is administered as a single dose at the end of ocular surgery and is the first long-acting intraocular product approved by the FDA for this indication. DEXYCU utilizes the Company’s proprietary Verisome ® drug-delivery platform, which allows for a single intraocular injection that releases dexamethasone, a corticosteroid, over time. There were approximately 3.8 million cataract surgeries performed during 2018 in the U.S. and the Company launched DEXYCU with a primary focus on its use following cataract surgery. The Company acquired DEXYCU in connection with its acquisition of Icon Bioscience, Inc. (“Icon”) in March 2018 (the Icon Acquisition”). ILUVIEN ® EYP-1901, 6-Month bioerodible Durasert Vorolanib – Tyrosine Kinase Inhibitor (“TKI”) is being advanced as a potential treatment for wet age-related macular degeneration (“wAMD”) with potential in diabetic retinopathy (“DR”) and retinal vein occlusion (“RVO”). The Company has completed initial animal pharmacokinetic and toxicology studies before 2020 and initiated GLP toxicology studies in March 2020 to support the anticipated filing of an Investigational New Drug application with the FDA later this year, . Liquidity The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company’s operations have been financed primarily from sales of its equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from its collaboration partners . In the first quarter of 2019, the Company commenced the U.S. launch of its first two commercial products, YUTIQ and DEXYCU. However, management does not yet have sufficient historical evidence to assert that it is probable that the Company will receive sufficient revenues from its product sales to fund operations. As of March 31, 2020, the Company has had recurring operating losses since its inception and has an accumulated deficit of approximately $478.5 million and working capital of $39.4 million. The Company had cash and cash equivalents of $26.3 million at March 31, 2020. Accordingly, the foregoing conditions, taken together, continue to raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s plans that are intended to mitigate those conditions include continuing to fulfill its funding needs through cash inflows from revenue of YUTIQ and DEXYCU product sales, licensing arrangements, additional capital raises or other arrangements. The Company’s plans also include a restructuring plan and curtailing expenses to conserve cash in response to a significant decline in product demand associated with shut-downs of customer facilities and postponements of elective surgical procedures and physician office visits in response to the COVID-19 coronavirus pandemic (the “Pandemic”). that is administered by the U.S. Small Business Administration (the “SBA”), under . Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted accounting pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”) : Measurement of Credit Losses on Financial Instruments, a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”) : Simplifying the Accounting for Income Taxes. currently evaluating the impact the adoption of this update will have on its consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) 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) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. Product sales, net — The Company sells YUTIQ and DEXYCU to a limited number of specialty distributors and specialty pharmacies (collectively the “Distributors”) in the U.S., with whom the Company has entered into formal agreements, for delivery to physician practices for YUTIQ and to hospital outpatient departments and ambulatory surgical centers for DEXYCU. The Company recognizes revenue on sales of its products when a customer obtains control of the products, which occurs at a point in time, typically upon delivery. In addition to distribution agreements with customers, the Company also enters into arrangements with healthcare providers and payors that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. Reserves for variable consideration — Product sales are recorded at the wholesale acquisition costs, net of applicable reserves for variable consideration. Components of variable consideration include trade discounts and allowances, provider chargebacks and discounts, payor rebates, product returns, and other allowances that are offered within contracts between the Company and its Distributors, payors, and other contracted purchasers relating to the Company’s product sales. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified either as reductions of product revenue and accounts receivable or a current liability, depending on how the amount is to be settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the estimates, the Company adjusts these estimates, which would affect product revenue and earnings in the period such variances become known. Distribution fees — The Company compensates its Distributors for services explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product sale is recognized. Provider chargebacks and discounts — Chargebacks are discounts that represent the estimated obligations resulting from contractual commitments to sell products at prices lower than the list prices charged to the Company’s Distributors. These Distributors charge the Company for the difference between what they pay for the product and the Company’s contracted selling price. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability . Reserves for chargebacks consist of amounts that the Company expects to pay for units that remain in the distribution channel inventories at each reporting period-end that the Company expects will be sold under a contracted selling price, and chargebacks that Distributors have claimed, but for which the Company has not yet settled. Government rebates — The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Payor rebates — The Company contracts with certain private payor organizations, primarily insurance companies, for the payment of rebates with respect to utilization of its products. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Co-Payment assistance — The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue. Product returns — The Company generally offers a limited right of return based on its returned goods policy, which includes damaged product and remaining shelf life. The Company estimates the amount of its product sales that may be returned and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as reductions to trade receivables, net on the condensed consolidated balance sheets. License and collaboration agreement revenue — The Company analyzes each element of its license and collaboration arrangements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to the Company of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of March 31, 2020. Royalties — The Company recognizes revenue from license arrangements with its commercial partners’ net sales of products. Such revenues are included as royalty income. In accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the commercial partner’s products occurs. The Company’s commercial partners are obligated to report their net product sales and the resulting royalty due to the Company typically within 60 days from the end of each quarter. Based on historical product sales, royalty receipts and other relevant information, the Company recognizes royalty income each quarter and subsequently determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial. Feasibility Studies — The Company recognizes revenue over the term of the statements of work under any funded feasibility study agreements. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement. Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods. Cost of sales, excluding amortization of acquired intangible assets — Cost of sales, excluding amortization of acquired intangible assets, consist of costs associated with the manufacture of YUTIQ and DEXYCU, certain period costs, product shipping and, as applicable, royalty expense. The inventory costs for YUTIQ include purchases of various components, the active pharmaceutical ingredient (“API”) and internal labor and overhead for the product manufactured in the Company’s Watertown, MA facility. The inventory costs for DEXYCU include purchased components, the API and third-party manufacturing and assembly. Capitalization of inventory costs begins after FDA approval of the product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product. For the three months ended March 31, 2020 and 2019, the Company accrued sales-based royalty expense of $517,000 and $99,000 respectively, as a component of cost of sales. $400,000 of accrued sales-based royalty expense during the three months ended March 31, 2020 was related to the partnering income in connection with the Icon Acquisition of Icon Bioscience, Inc. in March 2018.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue	3 . Revenue Product Revenue Reserves and Allowances The Company’s product revenues have been primarily from sales of YUTIQ and DEXYCU in the U.S., which it began shipping to its customers in February 2019 and March 2019, respectively. Net product revenues by product for the three months ended March 31, 2020 and 2019, respectively, were as follows (in thousands): Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 YUTIQ $ 3,575 $ 543 DEXYCU 1,112 684 Total product sales, net $ 4,687 $ 1,227 The following table summarizes activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2020 and 2019, respectively (in thousands): Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2020 $ 1,618 $ 271 $ 352 $ 2,241 Provision related to sales in the current year 612 175 261 1,048 Adjustments related to prior period sales (267 ) — 50 (217 ) Deductions applied and payments made (639 ) (262 ) (195 ) (1,096 ) Ending balance at March 31, 2020 $ 1,324 $ 184 $ 468 $ 1,976 Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2019 $ — $ — $ — $ — Provision related to sales in the current year 189 76 — 265 Adjustments related to prior period sales — — — — Deductions applied and payments made (8 ) — — (8 ) Ending balance at March 31, 2019 $ 181 $ 76 $ — $ 257 Returns are recorded as a reduction of accounts receivable on the condensed consolidated balance sheets. Chargebacks, discounts and fees and rebates are recorded as a component of accrued expenses on the condensed consolidated balance sheets (See Note 5). License and Collaboration Agreements and Royalty Income Alimera Pursuant to a licensing and development agreement, as amended, Alimera Sciences, Inc. has a worldwide exclusive license to make and sell ILUVIEN in return for royalties based on sales and patent fee reimbursements. Royalties income was $782,000 and $516,000 for the three months ended March 31, 2020 and 2019, respectively. Total revenue was $817,000 and $551,000 for the three months ended March 31, 2020 and 2019, respectively. Ocumension Therapeutics In November 2018, the Company entered into an exclusive license agreement with Ocumension Therapeutics (“Ocumension”) for the development and commercialization of its three-year micro insert using the Durasert technology for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye (YUTIQ in the U.S.) in Mainland China, Hong Kong, Macau and Taiwan. The Company received a one-time upfront payment of $1.75 million from Ocumension and is eligible to receive up to (i) $7.25 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and (ii) $3.0 million commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties. Ocumension has also received a special approval by the Hainan Province People's Government to market this product for chronic, non-infectious posterior segment uveitis in the Hainan Bo Ao Lecheng International Medical Tourism Pilot Zone (“Hainan Pilot Zone”). In March 2019, the Company entered into a Memorandum of Understanding (“MOU”), pursuant to which, the Company will supply product for the clinical trials and Hainan Pilot Zone use. Paralleling to Ocumension’s normal registration process of the product with the Chinese Regulatory Authorities, the MOU modified the Company’s entitlement to the development and regulatory milestones of up to $7.25 million under the license agreement to product supply milestones or development milestones, whichever comes first, totaling up to $7.25 million. In August 2019, the Company began shipping this product to Ocumension. The Company was required to provide a fixed number of hours of technical assistance support to Ocumension at no cost, which support has been completed and no future performance obligation exists. Ocumension is responsible for all development, regulatory and commercial costs, including any additional technical assistance requested. Ocumension has a first right of negotiation for an additional exclusive license to the Company’s shorter-duration line extension candidate for this indication. In August 2019, the Company received a $1.0 million development milestone payment from Ocumension triggered by the approval of its Investigational New Drug (“IND”) in China for this program. The IND allows the importation of finished product into China for use in a clinical trial to support regulatory filing. In January 2020, the Company entered into an exclusive license agreement with Ocumension for the development and commercialization in Mainland China, Hong Kong, Macau and Taiwan of DEXYCU for the treatment of post-operative inflammation following ocular surgery. Pursuant to the terms of the license agreement, the Company received upfront payments of $2.0 million from Ocumension in February 2020 and will be eligible to receive up to (i) $6.0 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and (ii) $6.0 million commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties. Other than a fixed number of hours of technical assistance support to be provided at no cost by the Company, Ocumension is responsible for all development, regulatory and commercial costs, including any additional technical assistance requested. During the three months ended March 31, 2020, the Company recognized approximately $2.0 million of license and collaboration revenue. The remaining balance of $30,000 attributable to the Company’s technical assistance obligation has been recorded as current deferred revenue in the accompanying consolidated balance sheet. During the three months ended March 31, 2019, the Company recognized revenue of $30,000 attributable to the Company’s technical assistance . As of March 31, 2020 and December 31, 2019, no deferred revenue was recorded for this agreement, respectively. The Company recorded sales-based royalty expense of $400,000 during the three months ended March 31, 2020, with respect to partnering income in connection with the ICON acquisition in March 2018. Research Agreements The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third-party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement. Revenues under feasibility study agreements totaled $15,000 and $470,000 for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020 and December 31, 2019, $0 and $15,000 deferred revenue was recorded for the feasibility study agreements, respectively.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	4 . Intangible Assets The reconciliation of intangible assets for the three months ended March 31, 2020 and 2019 was as follows (in thousands): March 31, March 31, 2020 2019 Patented technologies Gross carrying cost at beginning of period $ 68,322 $ 68,322 Gross carrying cost at end of period 68,322 68,322 Accumulated amortization at beginning of period (40,653 ) (38,193 ) Amortization expense (615 ) (615 ) Accumulated amortization at end of period (41,268 ) (38,808 ) Net book value at end of period $ 27,054 $ 29,514 The Company amortizes intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $615,000 for the three months ended March 31, 2020 and 2019, respectively. In connection with the Icon Acquisition in March 2018, the initial purchase price was attributed to the DEXYCU product intangible asset. This finite-lived intangible asset is being amortized on a straight-line basis over its expected remaining useful life of 11.0 years at the rate of approximately $2.5 million per year. Amortization expense was reported as a component of cost of sales for the three months ended March 31, 2020 and 2019.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Accrued Expenses	5 . Accrued Expenses Accrued expenses consisted of the following at March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Personnel costs $ 1,715 $ 3,263 Clinical trial costs 56 345 Professional fees 429 700 Sales chargebacks, rebates and other revenue reserves 1,508 1,889 Other 851 635 $ 4,559 $ 6,832

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	6 . Leases On May 17, 2018, the Company amended the lease for its headquarters in Watertown, Massachusetts. The original lease for approximately 13,650 square feet of combined office and laboratory space was set to expire in April 2019. Under the amendment, the Company leased an additional 6,590 square feet of rentable area of the building, with a commencement date of September 10, 2018. The amendment extended the term of the lease for the combined space through May 31, 2025. The landlord agreed to provide the Company a construction allowance of up to $670,750 to be applied toward the aggregate work completed on the total space. The Company has an option to further extend the term of the lease for one additional five-year period. Per the terms of the lease agreement, the Company does not have a residual value guarantee. The Company previously provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease, which was extended through the period that is four months beyond the expiration date of the amended lease. The Company will also be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts. In July 2017, the Company leased approximately 3,000 square feet of office space in Basking Ridge, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In June 2018, the Company subleased an additional 1,381 square feet of adjoining space from Caladrius Biosciences, Inc. (“Caladrius”) through May 2022. The Chief Executive Officer of Caladrius is a director of the Company. Per the terms of the lease and sublease agreements, the Company does not have any residual value guarantees. The Company identified and assessed the following significant assumptions in recognizing its right-of-use (“ROU”) assets and corresponding lease liabilities: • As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company utilized the borrowing rate under its existing 5-year term loan facility (see Note 7) as the discount rate. • Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component. • The expected lease terms include noncancelable lease periods. Renewal option periods have not been included in the determination of the lease terms as they are not deemed reasonably certain of exercise. • Variable lease payments, such as common area maintenance, real estate taxes and property insurance are not included in the determination of the lease’s ROU asset or lease liability. The Company enters into finance leases for laboratory equipment identified and assessed the following significant assumptions in recognizing its ROU assets and corresponding lease liabilities As of March 31, 2020, the weighted average remaining term of the Company’s operating leases was 5.0 Supplemental balance sheet information related to operating leases as of March 31, 2020 and December 31, 2019 are as follows (in thousands): March 31, December 31, 2020 2019 Other current liabilities - operating lease current portion $ 502 $ 481 Operating lease liabilities – noncurrent portion 2,764 2,898 Total operating lease liabilities $ 3,266 $ 3,379 Operating lease expense recognized during the three months ended March 31, 2020 and 2019, related to ROU assets were $213,000 and $213,000, respectively, excluding $9,000 and $9,000 of variable lease costs, respectively, and were included in general and administrative expense in the Company’s statement of comprehensive loss. Cash paid for amounts included in the measurement of operating lease liabilities were $215,000 and $178,000, respectively, for the three months ended March 31, 2020 and 2019. The Company is a party to a finance lease for laboratory equipment. The equipment lease expires on December 18, 2021. Supplemental balance sheet information related to the finance lease as of March 31, 2020 is as follows (in thousands): March 31, 2020 Property and equipment, at cost $ 100 Accumulated amortization (14 ) Property and equipment, net $ 86 Other current liabilities – $ 49 Other long-term liabilities 38 Total finance lease liabilities $ 87 The components of finance lease expense recognized during the three months ended March 31, 2020 related to ROU assets was $14,000 and interest on lease liabilities was $3,000, respectively. Cash paid for amounts included in the measurement of finance lease liabilities were operating cash flows of $2,000 and financing cash flows of $7,000 for the three months ended March 31, 2020. The Company has no finance lease in 2019. As of March 31, 2020, the weighted average remaining term of the Company’s finance lease was 1.7 years and the lease liabilities arising from obtaining ROU assets reflect a weighted average discount rate of 12.5%. T he Company’s total future minimum lease payments under non-cancellable leases at March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2020 $ 652 $ 42 2021 889 55 2022 849 — 2023 815 — 2024 and beyond 1,176 — Total lease payments $ 4,381 $ 97 Less imputed interest (1,115 ) (10 ) Total $ 3,266 $ 87

Term Loan Agreements

Term Loan Agreements	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Term Loan Agreements	7 . Term Loan Agreements CRG Term Loan Agreement On February 13, 2019 (the “CRG Closing Date”), the Company entered into the CRG Loan Agreement among the Company, as borrower, CRG Servicing LLC, as administrative agent and collateral agent (the “Agent”), and the lenders party thereto from time to time (the “Lenders”), On the CRG Closing Date, $35 million of the CRG Loan was advanced (the “CRG Initial Advance”). The Company utilized the proceeds from the CRG Initial Advance for the repayment in full of all outstanding obligations under its prior credit agreement (the “SWK Credit Agreement”) with SWK Funding LLC (“SWK”). In April 2019, the Company exercised its option to borrow an additional $15 million of the CRG Loan (the “CRG Second Advance”). The Company did not draw any additional funds under the CRG Loan by the final draw deadline of March 31, 2020. The CRG Loan is due and payable on December 31, 2023 (the “Maturity Date”). The CRG Loan bears interest at a fixed rate of 12.5% per annum payable in arrears on the last business day of each calendar quarter. The Company is required to make quarterly, interest only payments until the Maturity Date. So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum. Through March 31, 2020, total PIK amounts of $323,000 have been added to the principal balance of the CRG Loan. In addition, the Company is required to pay an upfront fee of 1.5% of amounts borrowed under the CRG Loan (excluding any paid-in-kind amounts), which is payable as amounts are advanced under the CRG Loan. The Company will also be required to pay an exit fee equal to 6% of (i) the aggregate principal amounts advanced and (ii) PIK amounts issued, under the CRG Loan Agreement. In connection with the CRG Initial Advance, a 1.5% financing fee of $525,000 and an expense reimbursement of $350,000 were deducted from the net borrowing proceeds. In connection with the CRG Second Advance, a 1.5% financing fee of $225,000 was deducted from the net borrowing proceeds. Upon the occurrence of a bankruptcy-related event of default, all amounts outstanding with respect to the CRG Loan become due and payable immediately, and upon the occurrence of any other Event of Default (as defined in the CRG Loan Agreement), all or any amounts outstanding with respect to the CRG Loan may become due and payable upon request of the Agent or majority Lenders. Subject to certain exceptions, the Company is required to make mandatory prepayments of the CRG Loan with the proceeds of assets sales and in the event of a change of control of the Company. In addition, the Company may make a voluntary prepayment of the CRG Loan, in whole or in part, at any time. All mandatory and voluntary prepayments of the CRG Loan are subject to the payment of prepayment premiums as follows: (i) if prepayment occurs after December 31, 2019 and on or prior to December 31, 2020, 5% of the aggregate outstanding principal amount of the CRG Loan being prepaid and (ii) if prepayment occurs after December 31, 2020 and on or prior to December 31, 2021, an amount equal to 3% of the aggregate outstanding principal amount of the CRG Loan being prepaid. No prepayment premium is due on any principal prepaid after December 31, 2021. Certain of the Company’s existing and future subsidiaries are guaranteeing the obligations of the Company under the CRG Loan Agreement. The obligations of the Company under the CRG Loan Agreement and the guarantee of such obligations are secured by a pledge of substantially all of the Company’s and the guarantors’ assets. The CRG Loan Agreement contains affirmative and negative covenants customary for financings of this type, including limitations on our and our subsidiaries’ abilities, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the CRG Loan Agreement contains the following financial covenants requiring the Company and the Guarantors to maintain: • liquidity in an amount which shall exceed the greater of (i) $5 million and (ii) to the extent the Company has incurred certain permitted debt, the minimum cash balance, if any, required of the Company by the creditors of such permitted debt; and • annual minimum product revenue from YUTIQ and DEXYCU: (i) for the twelve-month period beginning on January 1, 2019 and ending on December 31, 2019, of at least $15 million, (ii) for the twelve-month period beginning on January 1, 2020 and ending on December 31, 2020 In November 2019, CRG waived the financial covenant associated with the Company’s revenue derived from sales of its products, DEXYCU and YUTIQ, for the twelve-month period ending December 31, 2019. The total debt discount related to the CRG Loan was approximately $4.3 million and consisted of (i) the accrual of a $3.0 million exit fee; (ii) the $750,000 upfront fee; and (iii) $591,000 of legal and other transaction costs. This amount is being amortized as additional interest expense over the term of the CRG Loan using the effective interest rate method. Amortization of debt discount under the CRG Loan totaled $171,000 and $56,000 for the three months ended March 31, 2020 and 2019, respectively. SWK Credit Agreement On March 28, 2018(the “SWK Closing Date”), the Company entered into the SWK Credit Agreement among the Company, as borrower, SWK, as agent, and the lenders party thereto from time to time, providing for a senior secured term loan of up to $20 million (the “SWK Loan”). On the SWK Closing Date, $15 million of the SWK Loan was advanced (the “SWK Initial Advance”). The remaining $5 million of the SWK Loan was advanced on June 26, 2018 (the “SWK Additional Advance”). In connection with the SWK Loan, the Company issued a warrant (the “SWK Warrant”) to the Agent to purchase (a) 409,091 shares of Common Stock (the “Initial Advance Warrant Shares”) at an exercise price of $1.10 per share and (b) 77,721 shares of Common Stock (the “Additional Advance Warrant Shares”) at an exercise price of $1.93 per share (see Note 10). The SWK Warrant is exercisable (i) with respect to the Initial Advance Warrant Shares, any time on or after the SWK Closing Date until the close of business on the 7-year anniversary of the SWK Initial Advance and (ii) with respect to the Additional Advance Warrant Shares, any time on or after the closing of the SWK Additional Advance until the close of business on the 7-year anniversary of the SWK Additional Advance. The Agent may exercise the SWK Warrant on a cashless basis at any time. In the event the Agent exercises the SWK Warrant on a cashless basis, the Company will not receive any proceeds. The Additional Advance Warrant Shares were recorded as a liability at the Closing Date and were remeasured at fair value at each reporting period until the date of the SWK Additional Advance. The aggregate fair value of the Additional Advance Warrant Shares at the Closing Date was $69,000. The Initial Advance Warrant Shares were recorded as equity on the Company’s balance sheet at their relative fair value of $284,000. The remaining $14.6 million of the proceeds received were allocated to the SWK Initial Advance term loan. Upon the closing of the SWK Additional Advance in June 2018, the Additional Advance Warrant Shares were at $87,000 and reclassified to equity. The total debt discount related to the SWK Initial Advance was $2.1 million and was comprised of (1) $1.8 million, which included a 1.5% upfront fee, a 6% exit fee (the “Exit Fee”) and legal and other transaction costs, which were ratably allocated to each of the two tranches of the SWK Loan based upon the total principal amount available to the Company under each tranche and (2) $353,000 related to the aggregate fair value of the Initial Advance Warrant Shares and the Additional Advance Warrant Shares. This amount was being amortized as additional interest expense over the term of the SWK Loan using the effective interest rate method. The total debt issue costs related to the SWK Additional Advance was $299,000 and was comprised of the allocated portions of the 1.5% upfront fee and the Exit Fee. This amount was recorded as a prepaid expense to be amortized ratably from the SWK Closing Date through December 31, 2018. Through the date of the SWK Additional Advance, $97,000 was amortized and the remaining balance of $202,000 was reclassified to debt discount in June 2018. Together with the 6% Exit Fee on the SWK Additional Advance and other transaction costs, total debt discount of $652,000 associated with the SWK Additional Advance was to be amortized over the remaining life of the SWK Additional Advance portion of the SWK Loan using the effective interest rate method. The SWK Loan was originally scheduled to mature on March 27, 2023 and bore interest at a per annum rate of the three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%. On February 13, 2019, the Company repaid the SWK Loan in connection with the consummation of the CRG Loan Agreement. In addition to repayment of the $20 million principal balance, the Company paid (i) a $1.2 million prepayment penalty, (ii) the $1.2 million Exit Fee, (iii) accrued and unpaid interest of $664,000 through that date and (iv) an additional make-whole interest payment of $306,000 covering the additional period through what would have been the first anniversary of the SWK Loan. In connection with the prepayment of the SWK Loan, the Company recorded a loss on extinguishment of debt of $3.8 million in the three months ended March 31, 2019. In addition to the prepayment penalty and make-whole interest payment amounts, the loss on extinguishment of debt included the write-off of the remaining balance of unamortized debt discount of approximately $2.3 million. Amortization of debt discount under the SWK Loan totaled $84,000 in the first quarter of 2019 through the SWK loan extinguishment date.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	8 . Stockholders’ Equity 2020 Equity Financing Share Offering In February 2020, the Company sold 15,000,000 shares of common stock in an underwritten public offering at a price of $1.45 per share for gross proceeds of $21.75 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.8 million. 2019 Equity Financing ATM Facility In January 2019, the Company entered into an at-the-market program (the “ATM Program”). Pursuant to the ATM Program, under a Form shelf registration statement that was declared effective by the SEC in December 2018, the Company may, at its option, offer and sell shares of its Common Stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from any future sales of such shares. The Company did not sell any shares of its Common Stock pursuant to the ATM program during the three months ended March 31, 2020 and 2019. Share Offering In April 2019, the Company sold 10,526,500 shares of common stock in an underwritten public offering at a price of $1.90 per share for gross proceeds of $20.0 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.7 million. Warrants to Purchase Common Shares The following table provides a reconciliation of fixed price warrants to purchase shares of the Company’s Common Stock for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Warrants Price Warrants Price Balance at beginning of period 486,812 $ 1.23 486,812 $ 1.23 Expired — — — — Balance and exercisable at end of period 486,812 $ 1.23 486,812 $ 1.23 Pursuant to a credit agreement, the Company issued the SWK Warrant to purchase (i) 409,091 Initial Advance Warrant Shares on March 28, 2018 at an exercise price of $1.10 per share with a seven-year term and (ii) 77,721 Additional Advance Warrant Shares on June 26, 2018 at an exercise price of $1.93 per share with a seven-year term. At March 31, 2020, the weighted average remaining life of the warrants was approximately 5.03 years.

Share-Based Payment Awards

Share-Based Payment Awards	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Payment Awards	9 . Share-Based Payment Awards Equity Incentive Plan The 2016 Long-Term Incentive Plan (the “2016 Plan”), approved by the Company’s stockholders on December 12, 2016 (the “Adoption Date”), provides for the issuance of up to 3,000,000 shares of the Company’s Common Stock reserved for issuance under the 2016 Plan plus any additional shares of the Company’s Common Stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. At the Company’s Annual Meeting of Stockholders held on June 25, 2019, the Company’s stockholders approved an amendment to the 2016 Plan to increase the number of shares authorized for issuance by 11,000,000 shares. At March 31, 2020, a total of approximately 5.2 million shares were available for new awards. Certain inducement awards, although not awarded under the 2016 Plan or the 2008 Plan, are subject to and governed by the terms and conditions of the 2016 Plan or 2008 Plan, as applicable. Stock Options The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the three months ended March 31, 2020: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Options Price Life Value (in years) (in thousands) Outstanding at January 1, 2020 10,909,800 $ 2.52 Granted 3,613,897 1.30 Exercised — — Forfeited (31,668 ) 1.57 Expired (287,367 ) 3.63 Outstanding at March 31, 2020 14,204,662 $ 2.19 8.13 $ 515 Exercisable at March 31, 2020 4,913,150 $ 2.95 6.12 - In January 2019, the Company expanded the terms of its annual stock option grants to include vesting ratable monthly over four years, or with 25% vesting after one year followed by ratable monthly vesting over three years. Previously, the Company’s option grants generally had ratable annual vesting over three years, or 1-year cliff vesting. Nonemployee awards are granted similar to the Company’s employee awards. All option grants have a 10-year term. Options to purchase a total of 482,304 shares of the Company’s Common Stock vested during the three months ended March 31, 2020. In determining the grant date fair value of option awards during the three months ended March 31, 2020, the Company applied the Black-Scholes option pricing model based on the following key assumptions: Option life (in years) 5.5 - 6.08 Stock volatility 66.15% - 66.9% Risk-free interest rate 0.51% - 2.51% Expected dividends 0.0% The following table summarizes information about employee, non-executive director and external consultant stock options for the three months ended March 31, 2020 (in thousands, except per share amount): Three Months Ended March 31, 2020 Weighted-average grant date fair value per share $ 0.76 Total cash received from exercise of stock options - Total intrinsic value of stock options exercised - Time-Vested Restricted Stock Units Time-vested restricted stock unit awards (“RSUs”) issued to date under the 2016 Plan generally vest on a ratable annual basis over 3 years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period. The fair value of all time-vested RSUs is based on the closing share price of the Company’s Common Stock on the date of grant. The following table provides a reconciliation of RSU activity under the 2016 Plan for the three months ended March 31, 2020: Weighted Number of Average Restricted Grant Date Stock Units Fair Value Nonvested at January 1, 2020 786,899 $ 1.83 Granted 1,437,750 1.29 Vested (176,215 ) 1.82 Forfeited (1,851 ) 2.65 Nonvested at March 31, 2020 2,046,583 $ 1.45 At March 31, 2020, the weighted average remaining vesting term of the RSUs was 1.42 years. Deferred Stock Units There were no non-vested deferred stock units (“DSUs”) issued and outstanding to the Company’s non-executive directors at each of March 31, 2020 and December 31, 2019, respectively. Each DSU vests one year from the date of grant. Subsequent to vesting, the DSUs will be settled in shares of the Company’s Common Stock upon the earliest to occur of (i) each director’s termination of service on the Company’s Board of Directors and (ii) the occurrence of a change of control as defined in the award agreement. At March 31, 2020, there were 71,251 vested DSUs that have not been settled in shares of the Company’s Common Stock. Employee Stock Purchase Plan On June 25, 2019, the Company’s stockholders approved the adoption of the EyePoint Pharmaceuticals, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) and authorized up to 1,100,000 shares of Common Stock reserved for issuance to participating employees. The ESPP allows qualified participants to purchase the Company’s Common Stock twice a year at 85% of the lesser of the average of the high and low sales price of the Company’s Common Stock on (i) the first trading day of the relevant offering period and (ii) the last trading day of the relevant offering period. The number of shares of the Company’s Common Stock each employee may purchase under this plan, when combined with all other employee stock purchase plans, is limited to the lower of an aggregate fair market value of $25,000 during each calendar year, or 50,000 shares of the Company’s Common Stock in any one offering period. The Company estimated the fair value of the option component of the ESPP shares at the date of grant using a Black-Scholes valuation model. During the three months ended March 31, 2020, the compensation expense from ESPP shares was immaterial. Stock-Based Compensation Expense The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended March 31, 2020 and 2019, respectively, as follows (in thousands): Three Months Ended March 31, 2020 2019 Compensation expense included in: Research and development $ 263 $ 396 Sales and marketing 252 144 General and administrative 645 698 $ 1,160 $ 1,238 At March 31, 2020, there was approximately $5.7 million of unrecognized compensation expense related to outstanding equity awards under the 2016 Plan, the 2008 Plan, the inducement awards and the ESPP that is expected to be recognized as expense over a weighted-average period of approximately 1.59 years.

License Agreement

License Agreement	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
License Agreement	10. License Agreement Equinox Science, LLC In February 2020, the Company entered into an Exclusive License Agreement with Equinox Science, LLC (“Equinox”), pursuant to which Equinox granted us an exclusive, sublicensable, royalty-bearing right and license to certain patents and other Equinox intellectual property to research, develop, make, have made, use, sell, offer for sale and import the compound vorolanib and any pharmaceutical products comprising the compound for the prevention or treatment of age-related macular degeneration, diabetic retinopathy and retinal vein occlusion using our proprietary localized delivery technologies, in each case, throughout the world except China, Hong Kong, Taiwan and Macau. In consideration for the rights granted by Equinox, the Company (i) made a one time, non-refundable, non-creditable upfront cash payment of $1.0 million to Equinox in February 2020, and (ii) agreed to pay milestone payments totaling up to $50 million upon the achievement of certain development and regulatory milestones, consisting of (a) completion of a Phase II clinical trial for the Compound or a Licensed Product, (b) the filing of a new drug application or foreign equivalent for the Compound or a Licensed Product in the United States, European Union or United Kingdom and (c) regulatory approval of the Compound or a Licensed Product in the United States, European Union or United Kingdom. The Company also agreed to pay Equinox tiered royalties based upon annual net sales of Licensed Products in the Territory. The royalties are payable with respect to a Licensed Product in a particular country in the Territory on a country-by-country and Licensed Product-by-Licensed Product basis until the later of (i) twelve years after the first commercial sale of such Licensed Product in such country and (ii) the first day of the month following the month in which a generic product corresponding to such Licensed Product is launched in such country (collectively, the “Royalty Term”). The Company recorded $1.0 million of R&D expense for the three months ended March 31, 2020 due to the early stage of its preclinical drug development studies.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	1 1 . Fair Value Measurements The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2020 and December 31, 2019 by valuation hierarchy (in thousands): March 31, 2020 Quoted prices in Significant other Significant Total Carrying active markets observable inputs unobservable inputs Description Value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 24,030 $ 24,030 $ — $ — $ 24,030 $ 24,030 $ — $ — December 31, 2019 Quoted prices in Significant other Significant Total Carrying active markets observable inputs unobservable inputs Description Value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 19,976 $ 19,976 $ — $ — $ 19,976 $ 19,976 $ — $ — Financial instruments that potentially subject the Company to concentrations of credit risk have historically consisted principally of cash and cash equivalents. At March 31, 2020 and December 31, 2019, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government institutional money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. These deposits may be redeemed upon demand and, therefore, generally have minimal risk. The Company’s cash equivalents are classified within Level 1 on the basis of valuations using quoted market prices. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Contingencies	1 2 . Contingencies Legal Proceedings The Company is subject to various other routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss per Share	1 3 . Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three months ended March 31, 2020 and 2019, respectively, as their inclusion would be anti-dilutive. Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Three Months Ended March 31, 2020 2019 Stock options 14,204,662 8,956,961 ESPP 39,744 — Warrants 486,812 486,812 Restricted stock units 2,046,583 1,265,151 Performance stock units — 321,666 Deferred stock units — 35,418 16,777,801 11,066,008

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Event Fiscal Year 2020 Restructuring Plan On April 1, 2020, the Company committed to and announced a restructuring plan (the “Plan”) with regard to its commercial operations. The Plan is a result of decline in product demand associated with shut-downs of customer facilities and postponements of elective surgical procedures in response to the COVID-19 coronavirus pandemic (the “Pandemic”). In connection with the Plan, the Company has commenced, among other things, downsizing its current workforce, with reductions coming primarily from its external DEXYCU sales force and supporting commercial operations, as cataract surgery is considered a non-essential procedure due to the Pandemic. The Company is offering severance benefits to the affected employees, including cash severance payments and payment of health care insurance premiums for specified periods. Each affected employee's eligibility for the severance benefits is contingent upon such employee's execution of a separation agreement, which includes a general release of claims against the Company. The Company estimates that the implementation of the Plan will result in approximately $0.6 million in total charges and cash outlays for termination of employees and external DEXYCU sales force personnel. The Company expects the charges will be incurred primarily in the second quarter of its 2020 fiscal year, with the remainder to be incurred during the remainder of fiscal 2020. The Company expects the implementation of the Plan will be substantially completed by the end of the second quarter of fiscal 2020. The charges that the Company expects to incur in connection with the workforce reduction are subject to a number of assumptions, and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Plan. Paycheck Protection Program Loan On April 8, 2020, the Company applied to Silicon Valley Bank (the “SVB”) for a Paycheck Protection Program Loan (the “PPP Loan”) of $2.0 million that is administered by the U.S. Small Business Administration (the “SBA”), under the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). On April 22, 2020, the PPP Loan was approved and the Company received the PPP Loan proceeds. The PPP Loan bears interest at a fixed rate of 1.0% per annum, and has a two-year term that matures on April 21, 2022. Monthly principal and interest payments will commence on November 21, 2020. The PPP Loan may be forgiven partially or fully if the PPP Loan proceeds are used for covered payroll costs, rent and utility costs and the maintenance of employee and compensation levels. No assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) 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) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. Product sales, net — The Company sells YUTIQ and DEXYCU to a limited number of specialty distributors and specialty pharmacies (collectively the “Distributors”) in the U.S., with whom the Company has entered into formal agreements, for delivery to physician practices for YUTIQ and to hospital outpatient departments and ambulatory surgical centers for DEXYCU. The Company recognizes revenue on sales of its products when a customer obtains control of the products, which occurs at a point in time, typically upon delivery. In addition to distribution agreements with customers, the Company also enters into arrangements with healthcare providers and payors that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. Reserves for variable consideration — Product sales are recorded at the wholesale acquisition costs, net of applicable reserves for variable consideration. Components of variable consideration include trade discounts and allowances, provider chargebacks and discounts, payor rebates, product returns, and other allowances that are offered within contracts between the Company and its Distributors, payors, and other contracted purchasers relating to the Company’s product sales. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified either as reductions of product revenue and accounts receivable or a current liability, depending on how the amount is to be settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the estimates, the Company adjusts these estimates, which would affect product revenue and earnings in the period such variances become known. Distribution fees — The Company compensates its Distributors for services explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product sale is recognized. Provider chargebacks and discounts — Chargebacks are discounts that represent the estimated obligations resulting from contractual commitments to sell products at prices lower than the list prices charged to the Company’s Distributors. These Distributors charge the Company for the difference between what they pay for the product and the Company’s contracted selling price. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability . Reserves for chargebacks consist of amounts that the Company expects to pay for units that remain in the distribution channel inventories at each reporting period-end that the Company expects will be sold under a contracted selling price, and chargebacks that Distributors have claimed, but for which the Company has not yet settled. Government rebates — The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Payor rebates — The Company contracts with certain private payor organizations, primarily insurance companies, for the payment of rebates with respect to utilization of its products. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Co-Payment assistance — The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue. Product returns — The Company generally offers a limited right of return based on its returned goods policy, which includes damaged product and remaining shelf life. The Company estimates the amount of its product sales that may be returned and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as reductions to trade receivables, net on the condensed consolidated balance sheets. License and collaboration agreement revenue — The Company analyzes each element of its license and collaboration arrangements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to the Company of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of March 31, 2020. Royalties — The Company recognizes revenue from license arrangements with its commercial partners’ net sales of products. Such revenues are included as royalty income. In accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the commercial partner’s products occurs. The Company’s commercial partners are obligated to report their net product sales and the resulting royalty due to the Company typically within 60 days from the end of each quarter. Based on historical product sales, royalty receipts and other relevant information, the Company recognizes royalty income each quarter and subsequently determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial. Feasibility Studies — The Company recognizes revenue over the term of the statements of work under any funded feasibility study agreements. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement. Please refer to Note 3 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the current and prior year periods. Cost of sales, excluding amortization of acquired intangible assets — Cost of sales, excluding amortization of acquired intangible assets, consist of costs associated with the manufacture of YUTIQ and DEXYCU, certain period costs, product shipping and, as applicable, royalty expense. The inventory costs for YUTIQ include purchases of various components, the active pharmaceutical ingredient (“API”) and internal labor and overhead for the product manufactured in the Company’s Watertown, MA facility. The inventory costs for DEXYCU include purchased components, the API and third-party manufacturing and assembly. Capitalization of inventory costs begins after FDA approval of the product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product. For the three months ended March 31, 2020 and 2019, the Company accrued sales-based royalty expense of $517,000 and $99,000 respectively, as a component of cost of sales. $400,000 of accrued sales-based royalty expense during the three months ended March 31, 2020 was related to the partnering income in connection with the Icon Acquisition of Icon Bioscience, Inc. in March 2018.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	Net product revenues by product for the three months ended March 31, 2020 and 2019, respectively, were as follows (in thousands): Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 YUTIQ $ 3,575 $ 543 DEXYCU 1,112 684 Total product sales, net $ 4,687 $ 1,227
Product Revenue Allowances and Reserves	The following table summarizes activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2020 and 2019, respectively (in thousands): Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2020 $ 1,618 $ 271 $ 352 $ 2,241 Provision related to sales in the current year 612 175 261 1,048 Adjustments related to prior period sales (267 ) — 50 (217 ) Deductions applied and payments made (639 ) (262 ) (195 ) (1,096 ) Ending balance at March 31, 2020 $ 1,324 $ 184 $ 468 $ 1,976 Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2019 $ — $ — $ — $ — Provision related to sales in the current year 189 76 — 265 Adjustments related to prior period sales — — — — Deductions applied and payments made (8 ) — — (8 ) Ending balance at March 31, 2019 $ 181 $ 76 $ — $ 257

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Reconciliation of Intangible Assets	The reconciliation of intangible assets for the three months ended March 31, 2020 and 2019 was as follows (in thousands): March 31, March 31, 2020 2019 Patented technologies Gross carrying cost at beginning of period $ 68,322 $ 68,322 Gross carrying cost at end of period 68,322 68,322 Accumulated amortization at beginning of period (40,653 ) (38,193 ) Amortization expense (615 ) (615 ) Accumulated amortization at end of period (41,268 ) (38,808 ) Net book value at end of period $ 27,054 $ 29,514

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Personnel costs $ 1,715 $ 3,263 Clinical trial costs 56 345 Professional fees 429 700 Sales chargebacks, rebates and other revenue reserves 1,508 1,889 Other 851 635 $ 4,559 $ 6,832

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Operating Leases	Supplemental balance sheet information related to operating leases as of March 31, 2020 and December 31, 2019 are as follows (in thousands): March 31, December 31, 2020 2019 Other current liabilities - operating lease current portion $ 502 $ 481 Operating lease liabilities – noncurrent portion 2,764 2,898 Total operating lease liabilities $ 3,266 $ 3,379
Schedule of Supplemental Balance Sheet Information Related to Finance Lease	Supplemental balance sheet information related to the finance lease as of March 31, 2020 is as follows (in thousands): March 31, 2020 Property and equipment, at cost $ 100 Accumulated amortization (14 ) Property and equipment, net $ 86 Other current liabilities – $ 49 Other long-term liabilities 38 Total finance lease liabilities $ 87
Future Minimum Lease Payments Under Non-Cancellable Leases	T he Company’s total future minimum lease payments under non-cancellable leases at March 31, 2020 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2020 $ 652 $ 42 2021 889 55 2022 849 — 2023 815 — 2024 and beyond 1,176 — Total lease payments $ 4,381 $ 97 Less imputed interest (1,115 ) (10 ) Total $ 3,266 $ 87

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of Reconciliation of Warrants to Purchase Common Stock	The following table provides a reconciliation of fixed price warrants to purchase shares of the Company’s Common Stock for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Warrants Price Warrants Price Balance at beginning of period 486,812 $ 1.23 486,812 $ 1.23 Expired — — — — Balance and exercisable at end of period 486,812 $ 1.23 486,812 $ 1.23

Share-Based Payment Awards (Tab

Share-Based Payment Awards (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Activity Under Plan	The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the three months ended March 31, 2020: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Options Price Life Value (in years) (in thousands) Outstanding at January 1, 2020 10,909,800 $ 2.52 Granted 3,613,897 1.30 Exercised — — Forfeited (31,668 ) 1.57 Expired (287,367 ) 3.63 Outstanding at March 31, 2020 14,204,662 $ 2.19 8.13 $ 515 Exercisable at March 31, 2020 4,913,150 $ 2.95 6.12 -
Schedule of Key Assumptions Used	In determining the grant date fair value of option awards during the three months ended March 31, 2020, the Company applied the Black-Scholes option pricing model based on the following key assumptions: Option life (in years) 5.5 - 6.08 Stock volatility 66.15% - 66.9% Risk-free interest rate 0.51% - 2.51% Expected dividends 0.0%
Summary of Information about Stock Options	The following table summarizes information about employee, non-executive director and external consultant stock options for the three months ended March 31, 2020 (in thousands, except per share amount): Three Months Ended March 31, 2020 Weighted-average grant date fair value per share $ 0.76 Total cash received from exercise of stock options - Total intrinsic value of stock options exercised -
Summary of Restricted Stock Unit Activity	The following table provides a reconciliation of RSU activity under the 2016 Plan for the three months ended March 31, 2020: Weighted Number of Average Restricted Grant Date Stock Units Fair Value Nonvested at January 1, 2020 786,899 $ 1.83 Granted 1,437,750 1.29 Vested (176,215 ) 1.82 Forfeited (1,851 ) 2.65 Nonvested at March 31, 2020 2,046,583 $ 1.45
Compensation Expense from Stock-Based Payment Awards	The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended March 31, 2020 and 2019, respectively, as follows (in thousands): Three Months Ended March 31, 2020 2019 Compensation expense included in: Research and development $ 263 $ 396 Sales and marketing 252 144 General and administrative 645 698 $ 1,160 $ 1,238

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2020 and December 31, 2019 by valuation hierarchy (in thousands): March 31, 2020 Quoted prices in Significant other Significant Total Carrying active markets observable inputs unobservable inputs Description Value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 24,030 $ 24,030 $ — $ — $ 24,030 $ 24,030 $ — $ — December 31, 2019 Quoted prices in Significant other Significant Total Carrying active markets observable inputs unobservable inputs Description Value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 19,976 $ 19,976 $ — $ — $ 19,976 $ 19,976 $ — $ —

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares	Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Three Months Ended March 31, 2020 2019 Stock options 14,204,662 8,956,961 ESPP 39,744 — Warrants 486,812 486,812 Restricted stock units 2,046,583 1,265,151 Performance stock units — 321,666 Deferred stock units — 35,418 16,777,801 11,066,008

Operations and Basis of Prese_2

Operations and Basis of Presentation - Additional Information (Detail) $ in Thousands, Surgery in Millions	Apr. 22, 2020USD ($)	Mar. 31, 2020USD ($)Product_PeopleCase	Dec. 31, 2018Surgery	Dec. 31, 2019USD ($)
Operations [Line Items]
Number of products approved | Product		2
Accumulated deficit		$ 478,460		$ 465,286
Working capital		39,400
Cash and cash equivalents		$ 26,299		$ 22,214
Subsequent Event [Member]
Operations [Line Items]
Proceeds from PPP loan under CARES act	$ 2,000
YUTIQ [Member]
Operations [Line Items]
Number of new cases of blindness every year | Case		30,000
YUTIQ [Member] | Minimum [Member]
Operations [Line Items]
Number of people affected by posterior segment of eye in U.S. each year | _People		60,000
YUTIQ [Member] | Maximum [Member]
Operations [Line Items]
Number of people affected by posterior segment of eye in U.S. each year | _People		100,000
DEXYCU [Member]
Operations [Line Items]
Number of cataract surgeries performed in U.S. | Surgery			3.8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule Of Significant Accounting Policies [Line Items]
Accrued sales-based royalty expense	$ 517,000	$ 99,000
Icon Bioscience Inc [Member] | DEXYCU [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accrued sales-based royalty expense	$ 400,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	$ 7,489	$ 2,012
YUTIQ [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	3,575	543
DEXYCU [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	1,112	684
Product [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	$ 4,687	$ 1,227

Revenue - Product Revenue Allow

Revenue - Product Revenue Allowance and Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance at January 1, 2020	$ 2,241	$ 0
Provision related to sales in the current year	1,048	265
Adjustments related to prior period sales	(217)
Deductions applied and payments made	(1,096)	(8)
Ending balance at March 31, 2020	1,976	257
Chargebacks, Discounts and Fees [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance at January 1, 2020	1,618	0
Provision related to sales in the current year	612	189
Adjustments related to prior period sales	(267)
Deductions applied and payments made	(639)	(8)
Ending balance at March 31, 2020	1,324	181
Government and Other Rebates [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance at January 1, 2020	271	0
Provision related to sales in the current year	175	76
Deductions applied and payments made	(262)
Ending balance at March 31, 2020	184	76
Returns [Member]
Disclosure Of Product Revenue Reserves And Allowances [Line Items]
Beginning balance at January 1, 2020	352	0
Provision related to sales in the current year	261
Adjustments related to prior period sales	50
Deductions applied and payments made	(195)
Ending balance at March 31, 2020	$ 468	$ 0

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended
	Feb. 29, 2020	Jan. 31, 2020	Aug. 31, 2019	Nov. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					$ 7,489,000	$ 2,012,000
Deferred revenue					30,000		$ 15,000
Icon Bioscience Inc [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Sales-based royalty expense					400,000
Amended Alimera Science Inc Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					817,000	551,000
Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					30,000
Receipt of upfront license fee	$ 2,000,000			$ 1,750,000
Potential future payments based on achievement of development and regulatory milestones		$ 6,000,000			7,250,000
Potential future payments based on achievement of commercial-based milestones		$ 6,000,000			3,000,000
Development milestone payment received			$ 1,000,000
Deferred revenue					0		0
Ocumension Therapeutics [Member] | Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Product supply milestones and development milestones					7,250,000
Royalty Income [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					782,000	720,000
Royalty Income [Member] | Amended Alimera Science Inc Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					782,000	516,000
License and Collaboration Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					2,020,000	65,000
License and Collaboration Agreement [Member] | Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					2,000,000
Deferred revenue					30,000
Collaborative Research and Development [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue					15,000	$ 470,000
Deferred revenue					$ 0		$ 15,000

Intangible Assets - Reconciliat

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Gross carrying cost at beginning of period	$ 68,322	$ 68,322
Gross carrying cost at end of period	68,322	68,322
Accumulated amortization at beginning of period	(40,653)	(38,193)
Amortization expense	(615)	(615)
Accumulated amortization at end of period	(41,268)	(38,808)
Net book value at end of period	$ 27,054	$ 29,514	$ 27,669

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 28, 2018
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 615	$ 615
DEXYCU [Member] | Icon Bioscience Inc [Member]
Finite Lived Intangible Assets [Line Items]
Annual amortization expense			$ 2,500
Finite-lived intangible asset, useful life	11 years

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Personnel costs	$ 1,715	$ 3,263
Clinical trial costs	56	345
Professional fees	429	700
Sales chargebacks, rebates and other revenue reserves	1,508	1,889
Other	851	635
Accrued expenses	$ 4,559	$ 6,832

Leases - Additional Information

Leases - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jun. 30, 2018ft²	Mar. 31, 2020USD ($)ft²Tranche	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Disclosure Of Leases [Line Items]
Loan facility term		5 years
Operating lease weighted average remaining lease term		5 years
Operating lease weighted average discount rate		12.50%
Operating lease expense		$ 213,000	$ 213,000
Variable lease cost		9,000	9,000
Operating lease payments		215,000	$ 178,000
Finance lease, amortization expense of ROU asset		14,000
Interest expense on finance lease liability		3,000
Finance lease, operating cash flows		2,000
Finance lease, financing cash flows		7,000
Finance lease		$ 87,000		$ 0
Finance lease, weighted average Remaining term		1 year 8 months 12 days
Finance lease, weighted average discount rate, percent		12.50%
Laboratory Equipment [Member]
Disclosure Of Leases [Line Items]
Lease term expiration date		Dec. 18, 2021
Caladrius [Member]
Disclosure Of Leases [Line Items]
Additional subleased property office area | ft²	1,381
Basking Ridge Office Space [Member]
Disclosure Of Leases [Line Items]
Number of renewal options | Tranche		2
Massachusetts [Member] | Maximum [Member]
Disclosure Of Leases [Line Items]
Construction allowance		$ 670,750
Massachusetts [Member] | Original Lease [Member]
Disclosure Of Leases [Line Items]
Area of leased office and laboratory space | ft²		13,650
Original lease term		5 years
Lease term expiration date		Apr. 30, 2019
Massachusetts [Member] | Second Amendment Lease [Member]
Disclosure Of Leases [Line Items]
Lease term expiration date		May 31, 2025
Lease commencement date		Sep. 10, 2018
Additional lease renewal option period		5 years
Additional Space leased | ft²		6,590
Irrevocable standby letter of credit		$ 150,000
NEW JERSEY | Basking Ridge Office Space [Member]
Disclosure Of Leases [Line Items]
Lease term expiration date		Jun. 30, 2022
Lease commencement date		Jul. 31, 2017
Additional lease renewal option period		5 years
Area of leased office space | ft²		3,000
Lease renewal rate at 95% of market rent at time of renewal		95.00%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Related to Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Other current liabilities - operating lease current portion	$ 502	$ 481
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities - noncurrent	$ 2,764	$ 2,898
Total operating lease liabilities	$ 3,266	$ 3,379

Leases - Supplemental Balance_2

Leases - Supplemental Balance Sheet Related to Finance Leases (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Property and equipment, at cost	$ 100,000
Accumulated amortization	(14,000)
Property and equipment, net	86,000
Other current liabilities – finance lease current portion	$ 49,000
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Other long-term liabilities	$ 38,000
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities	$ 87,000	$ 0

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
Remainder of 2020	$ 652,000
2021	889,000
2022	849,000
2023	815,000
2024 and beyond	1,176,000
Total future minimum lease payments	4,381,000
Less imputed interest	(1,115,000)
Total	3,266,000	$ 3,379,000
Finance Leases
Remainder of 2020	42,000
2021	55,000
Total future minimum lease payments	97,000
Less imputed interest	(10,000)
Total	$ 87,000	$ 0

Term Loan Agreements - Addition

Term Loan Agreements - Additional Information (Detail)	Feb. 13, 2019USD ($)	Jun. 26, 2018USD ($)$ / sharesshares	Mar. 28, 2018USD ($)Tranche$ / sharesshares	Jun. 30, 2018USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Apr. 30, 2019USD ($)
Term Loan Agreement [Line Items]
Proceeds from issuance of long-term debt						$ 35,000,000
Loss on extinguishment of debt					$ 0	(3,810,000)
Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Amortization of debt discount (premium)					$ 171,000		$ 56,000
Senior Secured Term Loan [Member] | Warrants [Member]
Term Loan Agreement [Line Items]
Exercise price of issued warrants | $ / shares		$ 1.93	$ 1.10
Initial Advance [Member] | Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Proceeds from issuance of term loan, net of allocation to the debt warrant			$ 14,600,000
Initial Advance [Member] | Senior Secured Term Loan [Member] | Warrants [Member]
Term Loan Agreement [Line Items]
Warrants issued in connection with loan | shares			409,091
Exercise price of issued warrants | $ / shares			$ 1.10
Fair value of warrants issued			$ 284,000
Additional Advance [Member] | Senior Secured Term Loan [Member] | Warrants [Member]
Term Loan Agreement [Line Items]
Warrants issued in connection with loan | shares		77,721
Exercise price of issued warrants | $ / shares		$ 1.93
Warrants, contingent issuance fair value			$ 69,000
Revaluation of additional advance warrants shares reclassified to equity				$ 87,000
Additional Advance [Member] | SWK Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Upfront loan origination fee percentage		1.50%
Exit fee percentage payable upon repayment of the total secured term loan		6.00%
Total debt discount		$ 652,000
Loan origination fee, exit fee and other loan transaction costs		299,000
Amortization of deferred debt issue cost through the date of the Additional Advance		97,000
Debt issuance costs remaining balance reclassified to debt discount				$ 202,000
CRG Servicing LLC [Member]
Term Loan Agreement [Line Items]
Restriction of the right to capitalize a portion of quarterly interest in the event of a loan default					So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum.
Upfront loan origination fee percentage	1.50%
Minimum liquidity amount	$ 5,000,000
Total debt discount	4,300,000
CRG Servicing LLC [Member] | Period One [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	15,000,000
Annual minimum product revenue period					on January 1, 2019 and ending on December 31, 2019
CRG Servicing LLC [Member] | Period Two [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	45,000,000
Annual minimum product revenue period					January 1, 2020 and ending on December 31, 2020
CRG Servicing LLC [Member] | Period Three [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	80,000,000
Annual minimum product revenue period					January 1, 2021 and ending on December 31, 2021
CRG Servicing LLC [Member] | Period Four [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	$ 90,000,000
Annual minimum product revenue period					January 1, 2022 and ending on December 31, 2022
CRG Servicing LLC [Member] | Loan Prepayment after December 31, 2019 and Prior to December 31, 2020 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	5.00%
CRG Servicing LLC [Member] | Loan prepayment after December 31, 2020 and prior to December 31, 2021 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	3.00%
CRG Servicing LLC [Member] | Loan prepayment after December 31 2021 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	0.00%
CRG Servicing LLC [Member] | Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Agreement date	Feb. 13, 2019
Senior secured term loan borrowing facility	$ 60,000,000
Term loan agreement, initial advance	$ 35,000,000
Proceeds from issuance of long-term debt					$ 0
Maturity date	Dec. 31, 2023
Annual interest rate on term loan balance	12.50%
Paid in Kind Interest Added to Principal					$ 323,000
Exit fee percentage payable upon repayment of the total secured term loan	6.00%
Upfront loan original fee payment, initial advance	$ 750,000
Reimbursement of lender's legal fees and other transaction costs	350,000
Exit fee accrued	3,000,000
Line of credit facility, legal and other transaction costs	$ 591,000
CRG Servicing LLC [Member] | Second Advance [Member]
Term Loan Agreement [Line Items]
Term loan agreement, additional loan advance								$ 15,000,000
CRG Servicing LLC [Member] | Second Advance [Member] | Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
One-time upfront financing fee percentage applied to borrowing amounts under the line of credit facility	1.50%
Upfront loan original fee payment, initial advance	$ 225,000
CRG Servicing LLC [Member] | Initial Advance [Member] | Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
One-time upfront financing fee percentage applied to borrowing amounts under the line of credit facility	1.50%
Upfront loan original fee payment, initial advance	$ 525,000
SWK Funding LLC [Member] | Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Agreement date			Mar. 28, 2018
Senior secured term loan borrowing facility			$ 20,000,000
Term loan agreement, initial advance			$ 15,000,000
Maturity date			Mar. 27, 2023
Exit fee percentage payable upon repayment of the total secured term loan			6.00%
Amortization of debt discount (premium)						84,000
Senior secured term loan, additional advance that followed satisfaction of applicable conditions		$ 5,000,000
Loss on extinguishment of debt						(3,800,000)
Write-off of remaining unamortized debt discount included as a component of the loss on extinguishment of debt						$ 2,300,000
SWK Funding LLC [Member] | Senior Secured Term Loan [Member] | Loan Refinancing [Member]
Term Loan Agreement [Line Items]
Prepayment penalty for voluntary repayment of the secured term loan	1,200,000
Payment of contractual 6% exit fee upon repayment of secured term loan	1,200,000
Payment of accrued and unpaid interest through the date of the secured term loan refinancing	664,000
Payment of additional make-whole interest from the loan refinancing date through the first anniversary of the secured term loan (Mar 28, 2019)	306,000
SWK Funding LLC [Member] | Senior Secured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Term Loan Agreement [Line Items]
Interest rate					Three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%.
LIBOR rate floor			1.50%
Interest rate percentage above LIBOR rate			10.50%
Repayment of senior secured term loan	$ 20,000,000
First Tranche Advance [Member] | SWK Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Upfront loan origination fee percentage			1.50%
Total debt discount			$ 2,100,000
Cost allocated tranches, number | Tranche			2
Loan origination fee, exit fee and other loan transaction costs			$ 1,800,000
Aggregate fair value of warrants			$ 353,000

Stockholders' Equity - 2020 Equ

Stockholders' Equity - 2020 Equity Financing - Additional Information (Detail) - 2020 Equity Financing [Member] - Share Offering [Member] $ / shares in Units, $ in Thousands	1 Months Ended
	Feb. 29, 2020USD ($)$ / sharesshares
Class of Stock [Line Items]
Common stock issued | shares	15,000,000
Price per share | $ / shares	$ 1.45
Gross proceeds from issuance of common stock	$ 21,750
Share issuance costs	$ 1,800

Stockholders' Equity - 2019 Equ

Stockholders' Equity - 2019 Equity Financing - Additional Information (Detail) - USD ($)	Apr. 01, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
At-the-Market Offering [Member]
Class of Stock [Line Items]
Common stock shares maximum aggregate offering price		$ 20,000,000
Stock issuances, sales agent commission maximum percentage		3.00%
Common stock issued			0	0
2019 Equity Financing [Member] | Share Offering [Member]
Class of Stock [Line Items]
Common stock issued	10,526,500
Price per share	$ 1.90
Gross proceeds from issuance of common stock	$ 20,000,000
Share issuance costs	$ 1,700,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders Equity Note [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	486,812	486,812
Number of Warrants, Expired	0	0
Number of Warrants, Outstanding and exercisable, Ending balance	486,812	486,812
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 1.23	$ 1.23
Weighted Average Exercise Price, Expired	0	0
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 1.23	$ 1.23

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - Warrants [Member] - $ / shares	Jun. 26, 2018	Mar. 28, 2018	Mar. 31, 2020
Investor [Member]
Class of Stock [Line Items]
Weighted average remaining life of lender warrants			5 years 10 days
Senior Secured Term Loan [Member]
Class of Stock [Line Items]
Warrants issued in connection with term loan facility	77,721	409,091
Exercise price of issued warrants	$ 1.93	$ 1.10
Warrants exercise period	7 years	7 years

Share-Based Payment Awards - Eq

Share-Based Payment Awards - Equity Incentive Plans - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares	Mar. 31, 2020	Jun. 25, 2019	Dec. 12, 2016
Class of Stock [Line Items]
Number of common stock, authorized for issuance		11,000,000	3,000,000
Shares available for grant under the Long Term Incentive Plan, including forfeited and terminated awards transferred from the 2008 Incentive Plan	5,200,000

Share-Based Payment Awards - St

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans and Inducement Awards [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance | shares	10,909,800
Number of Options, Granted | shares	3,613,897
Number of Options, Forfeited | shares	(31,668)
Number of Options, Expired | shares	(287,367)
Number of Options Outstanding, Ending balance | shares	14,204,662
Number of Options, Exercisable at December 31, 2019 | shares	4,913,150
Weighted Average Exercise Price Outstanding, Beginning balance | $ / shares	$ 2.52
Weighted Average Exercise Price, Granted | $ / shares	1.30
Weighted Average Exercise Price, Forfeited | $ / shares	1.57
Weighted Average Exercise Price, Expired | $ / shares	3.63
Weighted Average Exercise Price Outstanding, Ending balance | $ / shares	2.19
Weighted Average Exercise Price, Exercisable at December 31, 2019 | $ / shares	$ 2.95
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2020	8 years 1 month 17 days
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2020	6 years 1 month 13 days
Aggregate Intrinsic Value, Outstanding at March 31, 2020 | $	$ 515

Share-Based Payment Awards - _2

Share-Based Payment Awards - Stock Options - Additional Information (Detail) - shares	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2020
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Ratable monthly vesting period	4 years
Contractual life of option grants	10 years
Stock Compensation Plan [Member]
Class of Stock [Line Items]
Ratable monthly vesting period	1 year
Cliff vesting period	3 years
Common stock vested during the period		482,304
Newly Appointed Non Executive Director [Member]
Class of Stock [Line Items]
Ratable annual vesting period	3 years
External consultant [Member]
Class of Stock [Line Items]
Cliff vesting period	1 year

Share-Based Payment Awards - Su

Share-Based Payment Awards - Summary of Company Applied the Black-Scholes Option Pricing (Detail) - 2016 Long Term Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	66.15%
Stock volatility, maximum	66.90%
Risk-free interest rate, minimum	0.51%
Risk-free interest rate, maximum	2.51%
Expected dividends	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 29 days

Share-Based Payment Awards - _3

Share-Based Payment Awards - Summary of Information about Stock Options (Detail)	3 Months Ended
	Mar. 31, 2020$ / shares
Equity Incentive Plans [Member]
Weighted-average grant date fair value per share	$ 0.76

Share-Based Payment Awards - Ti

Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member]	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2020
Class of Stock [Line Items]
Ratable annual vesting period of equity awards	4 years
RSU [Member]
Class of Stock [Line Items]
Ratable annual vesting period of equity awards		3 years
Weighted average remaining vesting term		1 year 5 months 1 day

Share-Based Payment Awards - _4

Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - RSU [Member]	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Opening Balance | shares	786,899
Number of stock units, Granted | shares	1,437,750
Number of Stock Units, Vested | shares	(176,215)
Number of Stock Units, Forfeited | shares	(1,851)
Number of Stock Units Outstanding, Ending Balance | shares	2,046,583
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ / shares	$ 1.83
Weighted average grant date fair value, Granted | $ / shares	1.29
Weighted Average Grant Date Fair value, Vested | $ / shares	1.82
Weighted Average Grant Date Fair value, Forfeited | $ / shares	2.65
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ / shares	$ 1.45

Share-Based Payment Awards - De

Share-Based Payment Awards - Deferred Stock Units - Additional Information (Detail) - shares	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Ratable annual vesting period of equity awards	4 years
Non Executive Directors [Member]
Class of Stock [Line Items]
Non-vested deferred stock units outstanding		0	0
Deferred Stock Units [Member]
Class of Stock [Line Items]
Ratable annual vesting period of equity awards		1 year
Deferred Stock Units [Member] | 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vested deferred stock units vested		71,251

Share-Based Payment Awards - Em

Share-Based Payment Awards - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	Jun. 25, 2019	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Employee stock purchase plan aggregate fair market value of common stock		$ 187,000
Common stock, shares issued		124,741,832	109,417,322
Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares of common stock reserved for issuance	1,100,000
Price of common stock purchased twice a year under ESPP, percent	85.00%
Employee stock purchase plan aggregate fair market value of common stock	$ 25,000
Employee stock purchase plan aggregate fair market value of common stock shares	50,000
Offering period, start date	Aug. 1, 2019
Offering period, end date	Jan. 31, 2020
Common stock, shares issued		161,660

Share-Based Payment Awards - Co

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,160	$ 1,238
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	263	396
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	252	144
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 645	$ 698

Share-Based Payment Awards - _5

Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unrecognized compensation expense	$ 5.7
Unrecognized compensation expense weighted average period	1 year 7 months 2 days

License Agreement - Additional

License Agreement - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019
Collaborative Agreements And Contracts [Line Items]
R&D expense		$ 4,853	$ 3,797
Equinox Science, LLC [Member]
Collaborative Agreements And Contracts [Line Items]
Non-refundable and non-creditable upfront cash payment	$ 1,000
R&D expense		$ 1,000
Equinox Science, LLC [Member] | Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Payment upon achievement of development and regulatory milestones	$ 50,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash equivalents	$ 24,030	$ 19,976
Total cash equivalents	24,030	19,976
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	24,030	19,976
Total cash equivalents	24,030	19,976
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	0	0
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	$ 0	$ 0

Net Loss per Share - Potentiall

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	16,777,801	11,066,008
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	14,204,662	8,956,961
ESPP [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	39,744
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	486,812	486,812
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	2,046,583	1,265,151
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation		321,666
Deferred Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation		35,418

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Millions	Apr. 22, 2020	Apr. 01, 2020	Apr. 08, 2020
Paycheck Protection Program Loan [Member] | Silicon Valley Bank [Member] | CARES Act [Member]
Subsequent Event [Line Items]
Loan amount			$ 2
Loan proceeds date	Apr. 22, 2020
Annual interest rate on term loan balance	1.00%
Debt instrument term	2 years
Debt instrument, maturity date	Apr. 21, 2022
Downsizing Employees and External DEXYCU Sales Force Personnel [Member]
Subsequent Event [Line Items]
Charges and cash outlays for termination		$ 0.6