Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | Non-accelerated Filer | |
Trading Symbol | EYPT | |
Entity Common Stock, Shares Outstanding | 34,047,128 | |
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 101,545 | $ 178,593 |
Marketable securities | 89,239 | 32,965 |
Accounts and other receivables, net | 19,589 | 18,354 |
Prepaid expenses and other current assets | 5,920 | 4,217 |
Inventory | 3,336 | 3,616 |
Total current assets | 219,629 | 237,745 |
Property and equipment, net | 545 | 476 |
Operating lease right-of-use assets | 2,097 | 2,252 |
Intangible assets, net | 22,134 | 22,749 |
Restricted cash | 150 | 150 |
Total assets | 244,555 | 263,372 |
Current liabilities: | ||
Accounts payable | 7,302 | 7,385 |
Accrued expenses | 12,329 | 14,422 |
Deferred revenue | 1,102 | 1,069 |
Short-term borrowings | 10,475 | 0 |
Other current liabilities | 763 | 782 |
Total current liabilities | 31,971 | 23,658 |
Long-term debt | 29,108 | 36,562 |
Deferred revenue - noncurrent | 14,302 | 14,560 |
Operating lease liabilities - noncurrent | 1,697 | 1,860 |
Other long-term liabilities | 658 | 2,352 |
Total liabilities | 77,736 | 78,992 |
Contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 300,000,000 shares authorized at March 31, 2022 and December 31, 2021; 34,047,128 and 33,905,826 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 34 | 34 |
Additional paid-in capital | 756,070 | 752,602 |
Accumulated deficit | (590,073) | (569,097) |
Accumulated other comprehensive income | 788 | 841 |
Total stockholders' equity | 166,819 | 184,380 |
Total liabilities and stockholders' equity | $ 244,555 | $ 263,372 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 300,000,000 | 300,000,000 |
Common stock, shares issued | 34,047,128 | 33,905,826 |
Common stock, shares outstanding | 34,047,128 | 33,905,826 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Total revenues | $ 9,294 | $ 7,323 |
Operating expenses: | ||
Cost of sales, excluding amortization of acquired intangible assets | 1,777 | 1,390 |
Research and development | 9,945 | 5,479 |
Sales and marketing | 6,693 | 5,659 |
General and administrative | 8,548 | 5,115 |
Amortization of acquired intangible assets | 615 | 615 |
Total operating expenses | 27,578 | 18,258 |
Loss from operations | (18,284) | (10,935) |
Other income (expense): | ||
Interest and other income, net | 61 | 1 |
Interest expense | (1,194) | (1,346) |
Loss on extinguishment of debt | (1,559) | 0 |
Total other expense, net | (2,692) | (1,345) |
Net loss | $ (20,976) | $ (12,280) |
Net loss per share - basic and diluted | $ (0.56) | $ (0.50) |
Weighted average shares outstanding - basic and diluted | 37,253 | 24,735 |
Net loss | $ (20,976) | $ (12,280) |
Other comprehensive loss: | ||
Unrealized loss on available-for-sale securities, net of tax of $0 for periods presented | (53) | 0 |
Comprehensive loss | (21,029) | (12,280) |
Product [Member] | ||
Revenues: | ||
Total revenues | 9,010 | 6,802 |
License and Collaboration Agreements [Member] | ||
Revenues: | ||
Total revenues | 59 | 341 |
Royalty Income [Member] | ||
Revenues: | ||
Total revenues | $ 225 | $ 180 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Unrealized loss on available-for-sale securities, tax | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
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, 2020 | $ 18,541 | $ 18 | $ 528,362 | $ (510,680) | $ 841 |
Balance, shares at Dec. 31, 2020 | 18,139,981 | ||||
Net loss | (12,280) | (12,280) | |||
Issuance of stock, net of issue costs | 108,403 | $ 11 | 108,392 | ||
Issuance of stock, net of issue costs, shares | 10,513,538 | ||||
Employee stock purchase plan | 173 | 173 | |||
Employee stock purchase plan, shares | 27,713 | ||||
Exercise of stock options | 10 | 10 | |||
Exercise of stock options, shares | 827 | ||||
Vesting of stock units | (128) | (128) | |||
Vesting of stock units, shares | 59,416 | ||||
Stock-based compensation | 988 | 988 | |||
Balance at Mar. 31, 2021 | 115,707 | $ 29 | 637,797 | (522,960) | 841 |
Balance, shares at Mar. 31, 2021 | 28,741,475 | ||||
Balance at Dec. 31, 2021 | $ 184,380 | $ 34 | 752,602 | (569,097) | 841 |
Balance, shares at Dec. 31, 2021 | 33,905,826 | 33,905,826 | |||
Net loss | $ (20,976) | (20,976) | |||
Other comprehensive loss | (53) | (53) | |||
Employee stock purchase plan | 201 | 201 | |||
Employee stock purchase plan, shares | 28,504 | ||||
Exercise of stock options | 40 | 40 | |||
Exercise of stock options, shares | 4,223 | ||||
Vesting of stock units | (250) | (250) | |||
Vesting of stock units, shares | 108,575 | ||||
Stock-based compensation | 3,477 | 3,477 | |||
Balance at Mar. 31, 2022 | $ 166,819 | $ 34 | $ 756,070 | $ (590,073) | $ 788 |
Balance, shares at Mar. 31, 2022 | 34,047,128 | 34,047,128 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (20,976) | $ (12,280) |
Adjustments to reconcile net loss to cash flows used in operating activities: | ||
Amortization of intangible assets | 615 | 615 |
Depreciation of property and equipment | 81 | 72 |
Amortization of debt discount and premium and discount on available-for-sale marketable securities | 110 | 147 |
Loss on extinguishment of debt | 1,559 | 0 |
Stock-based compensation | 3,477 | 988 |
Changes in operating assets and liabilities: | ||
Accounts receivable and other current assets | (2,937) | (2,317) |
Inventory | 280 | (248) |
Accounts payable and accrued expenses | (2,107) | (1,798) |
Right-of-use assets and operating lease liabilities | (35) | (38) |
Deferred revenue | (225) | (240) |
Net cash used in operating activities | (20,158) | (15,099) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (62,293) | 0 |
Sales and maturities of marketable securities | 6,000 | 0 |
Purchases of property and equipment | (149) | 0 |
Net cash used in investing activities | (56,442) | 0 |
Cash flows from financing activities: | ||
Proceeds from issuance of stock | 0 | 115,667 |
Proceeds from issuance of long-term debt | 30,000 | 0 |
Payment of equity and debt issue costs | (352) | (6,935) |
Payment of long-term debt | (38,235) | 0 |
Payment of extinguishment of debt costs | (2,294) | 0 |
Borrowings under revolving facility | 11,459 | 0 |
Repayment under revolving facility | (984) | 0 |
Net settlement of stock units to satisfy statutory tax withholding | (250) | (128) |
Proceeds from exercise of stock options | 241 | 183 |
Principal payments on finance lease obligations | (33) | (18) |
Net cash (used in) provided by financing activities | (448) | 108,769 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (77,048) | 93,670 |
Cash, cash equivalents and restricted cash at beginning of period | 178,743 | 45,059 |
Cash, cash equivalents and restricted cash at end of period | 101,695 | 138,729 |
Supplemental cash flow information: | ||
Cash interest paid | 941 | 1,195 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Stock issuance costs | 0 | 329 |
Debt issue costs | 244 | 0 |
Accrued term loan exit fee | 600 | 0 |
Principal portion of finance lease liabilities | $ 0 | $ 12 |
Operations
Operations | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Operations | 1. The accompanying condensed consolidated financial statements of EyePoint Pharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 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, 2021. 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, 2021, 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, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period. The Company ® ® ® . Both commercial products are currently being sold in the United States. The Company plans to identify and advance additional pipeline product candidates through clinical and regulatory development. This may be accomplished through internal discovery efforts, research collaborations and/or in-licensing arrangements with partner molecules and potential acquisitions of additional ophthalmic products, product candidates or technologies that complement the Company’s current product portfolio. Effects of the COVID-19 Coronavirus Pandemic The ongoing COVID-19 coronavirus pandemic (the “Pandemic”) has had a material and adverse impact on the Company’s business. The duration and full extent to which the Pandemic impacts the Company’s business, revenues, financial condition and cash flows depends on future developments that are highly uncertain, subject to change and are difficult to predict, including new information that may emerge concerning the Pandemic, and may cause intermittent or prolonged periods of reduced patient services at the Company’s customers’ facilities, which may negatively affect customer demand. The Company’s revenues, financial condition and cash flows may be adversely affected in the future as well. The Company is continuously monitoring the Pandemic and its potential effect on the Company’s financial position, results of operations and cash flows. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the Company’s periodic financial results, including reserves for variable consideration related to product sales, realizability of certain receivables, assessment for excess or obsolete inventory, and impairment of long-lived assets. Uncertainty around the extent and length of time of the Pandemic, and any future related financial impact cannot be reasonably estimated at this time. Liquidity The Company had cash, cash equivalents, and investments in marketable securities of $190.8 million at March 31, 2022. 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 . The Company anticipates that it will continue to incur losses as it continues the research and development of its product candidates and the Company does not expect revenues from its product sales to generate sufficient funding to sustain its operations in the near-term. The Company expects to continue fulfilling its funding needs through cash inflows from revenues of its product sales, licensing and research collaboration transactions, additional equity capital raises and other arrangements. The Company believes that its cash , cash equivalents , and investments in marketable securities of $ 190.8 million at March 31, 202 2 coupled with expected cash inflows from its product sales will enable the Company to fund its current and planned operations for at least the next twelve months from the date these consolidated financial statements were issued. A ctual cash requirements could differ from management’s projections due to many factors, including the continued effect of the Pandemic on the Company’s business and the medical community, the timing and results of the Company’s clinical trials for EYP-1901, additional investments in research and development programs, the success of ongoing commercialization efforts for YUTIQ and DEXYCU, the actual costs of these ongoing commercialization efforts, competing technological and market developments and the costs of any strategic acquisitions and/or development of complementary business opportunities. 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 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 May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) : Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 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 Distributors obtain control of the products, which occurs at a point in time, typically upon delivery. In addition to agreements with Distributors, the Company also enters into arrangements with healthcare providers, ambulatory surgical centers, 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 from Distributors. 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 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, 2022. 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. Sale of Future Royalties — The Company has sold its rights to receive certain royalties on product sales. In the circumstance where the Company has sold its rights to future royalties under a royalty purchase agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment. Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period. Research Collaborations — The Company recognizes revenue over the term of the statements of work under any funded research collaborations. 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 research collaborations. 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. For the three months ended March 31, 2022 and 2021, the Company accrued DEXYCU product revenue-based royalty expense of $674,000 and $455,000, respectively, as a component of cost of sales. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
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. Net product revenues by product for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 YUTIQ (A) $ 4,611 $ 3,029 DEXYCU (B) 4,399 3,773 Total product sales, net $ 9,010 $ 6,802 (A) Included approximately $56 and $5 of revenue from YUTIQ product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021, respectively. (B) No revenue was recognized from DEXYCU product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021. The following table summarizes activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2022 and 2021 (in thousands): Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2022 $ 1,153 $ 1,821 $ 379 $ 3,353 Provision related to sales in the current year 2,674 2,003 140 4,817 Adjustments related to prior period sales — — — — Deductions applied and payments made (1,904 ) (1,693 ) (87 ) (3,684 ) Ending balance at March 31, 2022 $ 1,923 $ 2,131 $ 432 $ 4,486 Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2021 $ 574 $ 535 $ 603 $ 1,712 Provision related to sales in the current year 1,041 679 171 1,891 Adjustments related to prior period sales (50 ) (22 ) (100 ) (172 ) Deductions applied and payments made (809 ) (473 ) (184 ) (1,466 ) Ending balance at March 31, 2021 $ 756 $ 719 $ 490 $ 1,965 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 6). License and Collaboration Agreements and Royalty Income SWK Royalty Purchase Agreement On December 17, 2020, the Company entered into a royalty purchase agreement (the “RPA”) with SWK Funding LLC (“SWK”). Under the RPA, the Company sold its right to receive royalty payments on future sales of products subject to a licensing and development agreement, as amended, with Alimera Sciences, Inc. (“Alimera”) (the “Amended Alimera Agreement”) for an upfront cash payment of $16.5 million. Except for the rights to the royalties, the Company retains all rights and obligations under the Amended Alimera Agreement, pursuant to which, Alimera owns worldwide rights to the Company’s Durasert technology in ILUVIEN for diabetic macular edema (“DME”) and rights for ILUVIEN (currently marketed by the Company as YUTIQ in the U.S.) for non-infectious posterior uveitis in Europe, the Middle East, and Africa (“EMEA”). Alimera has the sole rights to utilize the intellectual property developed under the Amended Alimera Agreement. There has been no intellectual property developed jointly by Alimera and the Company as part of the Amended Alimera Agreement. The Company cannot utilize the intellectual property for the indication licensed to Alimera in order to manufacture and sell ILUVIEN. The Company’s ongoing efforts under the Amended Alimera Agreement will consist of continuing to maintain and enforce its patents as well as providing safety data and regulatory support as necessary. None of these obligations require significant efforts on the part of the Company with respect to the generation of sales in the market. The Company will only be required to expend more extensive efforts if litigation were to arise that requires the Company to protect its patents rights pursuant to the terms of the Amended Alimera Agreement. Historically, such a defense has not been required. Similarly, regulatory support and safety data is only provided on an ad-hoc basis depending on the regulatory requests, which has been minimal historically. It remains Alimera’s sole responsibility to manufacture, actively market and promote the products under the Amended Alimera Agreement to generate the sales, which ultimately generate the royalties to be paid to SWK. The Company classified the proceeds received from SWK as deferred revenue, to be recognized as revenue under the units-of-revenue method over the life of the RPA because of the Company’s limited continuing involvement in the Amended Alimera Agreement. SWK has no recourse and the Company assumes no credit risk in event that Alimera fails to make a royalty payment. The Company must only forward all material correspondence from Alimera to SWK, including royalty reports, notices and any other correspondence with respect to royalties to SWK. SWK has the right to audit and inspect the books and records pertaining to net sales and royalties under the Amended Alimera Agreement. Neither the Company nor SWK has the unilateral ability to cancel the agreement. There is no cap or limitation on the royalties to be received by SWK in the future and its return will reflect all royalties paid by Alimera. Because the transaction was structured as a non-cancellable sale, the Company does not have significant continuing involvement in the generation of the cash flows due to SWK and there is no limitation on the rates of return to SWK, the Company recorded the total proceeds of $16.5 million as deferred revenue under royalty sale agreement. The deferred revenue is being recognized as revenue over the life of the RPA under the "units-of-revenue" method. Under this method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from SWK to the payments expected to be made by Alimera to SWK over the term of the Amended Alimera Agreement, and then applying that ratio to the period’s cash payment. The Company recognized $225,000 and $180,000 of royalty revenue related to the RPA for the three months ended March 31, 2022 and 2021, respectively, in connection with the royalty payment of $724,000 and $583,000 in the first quarter of 2022 and 2021 from Alimera to SWK, pursuant to the Amended Alimera Agreement, respectively. As of March 31, 2022, the Company had $1.1 million and $14.3 million as current and non-current deferred revenue recognized under royalty sale agreement, respectively. As of December 31, 2021, the Company classified $1.1 million and $14.6 million as current and non-current deferred revenue recognized under royalty sale agreement, 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 (“2019 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 2019 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. In exchange, Ocumension will receive exclusive rights to develop and commercialize DEXYCU in Mainland China, Hong Kong, Macau and Taiwan, at its own cost and expense with the Company supplying product for clinical trials and commercial sale. In addition, Ocumension will receive a fixed number of hours of technical assistance support from the Company at no cost. In August 2020, the Company entered into a Memorandum of Understanding (“2020 MOU”), pursuant to which, the Company received a one-time non-refundable payment of $9.5 million (the “Accelerated Milestone Payment”) from Ocumension as a full and final payment of the combined remaining development, regulatory and sales milestone payments under the Company’s license agreements with Ocumension for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye and for the treatment of post-operative inflammation following ocular surgery, respectively. Upon payment of the Accelerated Milestone Payment, the remaining $11.75 million in combined remaining development and sales milestone payments under the Company’s original were permanently extinguished and will no longer be due and owed to the Company. In exchange, Ocumension also received exclusive rights to develop and commercialize YUTIQ and DEXYCU products under its own brand names in South Korea and other jurisdictions across Southeast Asia in Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam, In April 2021, Ocumension announced its filing of a New Drug Application (“NDA”) for YUTIQ under Ocumension’s distinct name to Chinese regulatory authorities and it is under review. Ocumension has been granted approval to have its NDA submission reviewed based on the U.S. NDA data and the real-world data Ocumension has collected from marketing the product in Hainan Pilot Zone. In September 2021, Ocumension announced its receipt of approval from Chinese regulatory authorities for DEXYCU under Ocumension’s distinct name to conduct a Phase 3 clinical trial in China. 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. All technical assistance was provided during 2020. The Chief Executive Officer of Ocumension became a director of the Company starting December 31, 2020, pursuant to a Share Purchase Agreement pursuant to which the Company sold to Ocumension 3,010,722 shares of common stock During the three months ended March 31, 2022 and 2021, in addition to $56,000 and $5,000 of revenue from product sales, respectively, the Company recognized approximately $59,000 and $268,000 of license and collaboration revenue, respectively, related to additional technical assistance. Exclusive License Agreement with Betta Pharmaceuticals, Co., Ltd. On May 2, 2022, the Company entered into an Exclusive License Agreement (the “Betta License Agreement”) with Betta Pharmaceuticals Co., Ltd. (“Betta”), an affiliate of Equinox Sciences, LLC (“Equinox”) Under the Betta License Agreement, the Company granted to Betta an exclusive, sublicensable, royalty-bearing license under certain of the Company’s intellectual property to develop, use (but not make or have made), sell, offer for sale and import the Company’s product candidate, EYP-1901, an investigational sustained delivery intravitreal anti-VEG F treatment that combines a bioerodible formulation of the Company’s proprietary sustained-release technology with the compound vorolanib (the “Licensed Product”), in the field of ophthalmology (except diabetic macular edema unless permitted pursuant to the Company’s existing agreement with Alimera Sciences, Inc.) (the “Betta Field”) in the Greater Area of China, including China, the Hong Kong Special Administrative Region, the Macau Special Administrative Region, and Taiwan (the “ Betta Territory”). The Company retained rights under the Company’s intellectual property to, among other things, conduct clinical trials on the Licensed Product in the Betta Field in the Betta Territory. In consideration for the rights granted by the Company, Betta agreed to pay the Company tiered, mid-to-high single-digit royalties based upon annual net sales of Licensed Products in the Betta Territory. The royalties are payable on a Licensed Product-by-Licensed Product and region-by-region basis commencing on the first commercial sale of a Licensed Product in a region and continuing until the later of (i) the date that is twelve (12) years after first commercial sale of such Licensed Product in such region, and (ii) the first day of the month following the month in which a generic product corresponding to such Licensed Product is launched in the relevant region. The royalty rate is subject to reduction under certain circumstances, including when there is no valid claim of a licensed patent that covers a Licensed Product in a particular region. Betta is responsible for all costs relating to development, registration, manufacturing, marketing, advertising, promotional, launch and sales activities in connection with the Licensed Products in the Betta Field in the Betta Territory. Betta is required to use commercially reasonable efforts to develop, seek regulatory approval for, and commercialize at least one Licensed Product in the Betta Field in the Betta Territory. The Betta License Agreement also requires Betta to achieve certain diligence milestones relating to regulatory filings, patient dosing and regulatory approval by certain specified deadlines set forth in the Betta License Agreement, subject to certain exceptions and extensions as set forth in the Betta License Agreement. Betta’s development activities will be conducted pursuant to a development plan subject to periodic updates. In the event that the Company conducts a global registrational clinical trial for a Licensed Product in the Betta Field, Betta will have the right to participate in such clinical trial by including clinical trial sites in the Betta Territory in accordance with the terms of the Betta License Agreement. The Company has also agreed to provide certain technology transfer and other support services to Betta subject to certain conditions and limitations set forth in the Betta License Agreement. Research Collaborations The Company from time to time enters into agreements to evaluate the potential use of its technology systems for sustained release of third-party partner drug candidates. Consideration received is generally recognized as revenue over the term of the research collaborations. 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 research collaborations. Revenues under research collaborations totaled $0 and $60,000 for the three months ended March 31, 2022 and 2021, respectively. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 4 . Inventory Inventory consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 1,628 $ 2,727 Work in process 671 405 Finished goods 1,037 484 Total inventory $ 3,336 $ 3,616 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5 . Intangible Assets The reconciliation of intangible assets for the three months ended March 31, 2022 and 2021 (in thousands) was as follows: March 31, March 31, 2022 2021 Patented technologies Gross carrying amount at beginning of period $ 68,322 $ 68,322 Gross carrying amount at end of period 68,322 68,322 Accumulated amortization at beginning of period (45,573 ) (43,113 ) Amortization expense (615 ) (615 ) Accumulated amortization at end of period (46,188 ) (43,728 ) Net book value at end of period $ 22,134 $ 24,594 The Company amortizes intangible assets with finite lives on a straight-line basis over their respective estimated useful lives of 13 years. Amortization of intangible assets totaled $615,000 for the three months ended March 31, 2022 and 2021. In connection with the Company’s acquisition of Icon Bioscience, Inc., 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 9 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, 2022 and 2021, respectively. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 6 . Accrued Expenses Accrued expenses consisted of the following at March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, 2022 2021 Personnel costs $ 3,057 $ 7,321 Clinical trial costs 2,016 753 Professional fees 482 712 Sales chargebacks, rebates and other revenue reserves 4,054 2,974 Commissions due to DEXYCU commercial partner 1,573 1,518 Other 1,147 1,144 $ 12,329 $ 14,422 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 7 . Leases On May 17, 2018, the Company amended the lease for its headquarters in Watertown, Massachusetts. The original five-year 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, and the landlord provided the Company a construction allowance of up to $670,750 to be applied toward renovations and improvements within the total space. On April 5, 2021, the Company further amended the lease to include an additional 1,409 square feet of rentable area of the building, through May 31, 2025, with a commencement date of July 1, 2021. On March 8, 2022, the Company further amended the lease (i) to extend the term to May 31, 2028 for 13,650 square feet of laboratory and manufacturing operations space, with the landlord agreeing to provide the Company a construction allowance of up to $555,960 to be applied toward upgrades and improvements within the space; (ii) to rent an additional 11,999 square feet of office space within the building through May 31, 2028, with an anticipated commencement date in the third quarter of 2022; and (iii) to terminate a portion of the lease comprising 7,999 square feet of office space in the building on May 31, 2025. 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 will remain in effect 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 The Company identified and assessed the following significant assumptions in recognizing its right-of-use (“ROU”) assets and corresponding lease liabilities: • • • • As of March 31, 2022, the weighted average remaining term of the Company’s operating leases was 3.1 Supplemental balance sheet information related to operating leases as of March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Other current liabilities – operating lease current portion $ 641 $ 645 Operating lease liabilities – noncurrent portion 1,697 1,860 Total operating lease liabilities $ 2,338 $ 2,505 Operating lease expense recognized related to ROU assets were $229,000 and $213,000, excluding $3,000 and $9,000 of variable lease costs, for each of the three months ended March 31, 2022 and 2021, 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 was $242,000 and $221,000, respectively, for the three months ended March 31, 2022 and 2021. The Company is a party to two finance leases for laboratory equipment. The equipment leases expire in December 2022 and June 2023, respectively. Supplemental balance sheet information related to the finance lease as of March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Property and equipment, at cost $ 270 $ 371 Accumulated amortization (138 ) (205 ) Property and equipment, net $ 132 $ 166 Other current liabilities – $ 122 $ 137 Other long-term liabilities 18 36 Total finance lease liabilities $ 140 $ 173 The components of finance lease expense recognized during the three months ended March 31, 2022 related to ROU assets was $34,000 and interest on lease liabilities was $5,000. Cash paid for amounts included in the measurement of finance lease liabilities were operating cash flows of $5,000 and financing cash flows of $33,000 for the three months ended March 31, 2022. Cash paid for amounts included in the measurement of finance lease liabilities were operating cash flows of $6,000 and financing cash flows of $18,000 for the three months ended March 31, 2021. As of March 31, 2022, the weighted average remaining term of the Company’s finance lease was 1 T he Company’s total future minimum lease payments under non-cancellable leases at March 31, 2022 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 669 $ 111 2023 877 37 2024 894 — 2025 373 — Total lease payments $ 2,813 $ 148 Less imputed interest (475 ) (8 ) Total $ 2,338 $ 140 |
Loan Agreements
Loan Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Loan Agreements | 8. Loan Agreement 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, 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 total debt discount related to the CRG Initial Advance was approximately $3.2 million and consisted of (i) the accrual of a $2.1 million exit fee; (ii) the $525,000 upfront fee; and (iii) $591,000 of legal and other transaction costs. The discount is being amortized as additional interest expense over the term of the Loan using the effective interest rate method. The total debt discount related to the CRG Second Advance was approximately $1.1 million and consisted of (i) the accrual of a $900,000 exit fee; and (ii) the $225,000 upfront fee. The discount is being amortized as additional interest expense over the term of the Loan using the effective interest rate method. The CRG Loan was originally scheduled to mature on December 31, 2023 and bore interest at a fixed rate of 12.5% per annum payable in arrears on the last business day of each calendar quarter. On December 17, 2020, the Company paid $15.0 million against the CRG Loan obligations in connection with the consummation of the RPA agreement (see Note 3). This payment included (i) a $13.8 million principal portion of the CRG Loan (ii) the $828,000 Exit Fee, and (iii) accrued and unpaid interest of $378,000 through that date. In connection with the partial prepayment of the CRG Loan, the Company recorded a loss on partial extinguishment of debt of $905,000 in the year ended December 31, 2020, associated with the write-off of the remaining balance of unamortized debt discount related to the partial prepayment of the CRG Loan. On March 9, 2022, the Company repaid the remaining CRG Loan balance totaling $41.4 million with the proceeds from the SVB Loan Agreement (discussed below). This payment included (i) the remaining $38.2 million principal portion of the CRG Loan, (ii) a $2.3 million exit fee of 6% of the aggregate principal amount advanced under the CRG Loan, and (iii) accrued and unpaid interest of $0.9 million through the pay-off date. As a result of the early repayment of the CRG Loan, the Company recorded a loss on extinguishment of debt of $1.6 million for the quarter ended March 31, 2022 related to the write-off of the remaining balance of unamortized debt discount. SVB Loan Agreement On March 9, 2022 (the “SVB Closing Date”), the Company entered into a loan and security agreement (the “SVB Loan Agreement”) with Silicon Valley Bank (“SVB”) providing for (i) a senior secured term loan facility of $30.0 million (the “Term Facility”) and (ii) a senior secured revolving credit facility of up to $15.0 million (the “Revolving Facility” and together with the Term Facility, the “Credit Facilities”). The maximum amount available for borrowing at any time under the Revolving Facility is limited to a borrowing base valuation of the Company’s eligible accounts receivable. On the SVB Closing Date, $30.0 million of the Term Facility and $11.5 million of the Revolving Facility, were advanced, to pay off the CRG Loan, including the accrued interest through that date. The Revolving Facility is classified as short-term borrowings in the consolidated balance sheets. The loans under the Credit Facilities are due and payable on January 1, 2027 (the “SVB Maturity Date”). The Credit Facilities bear interest that is payable monthly in arrears at a per annum rate (subject to increase during an event of default) equal to (i) with respect to the Term Facility, the greater of (x) the Wall Street Journal prime rate plus 2.25% and (y) 5.50% and (ii) with respect to the Revolving Facility, the Wall Street Journal Prime Rate. An unused commitment fee of 0.25% per annum applies to unutilized borrowing capacity under the Revolving Facility. Commencing on February 1, 2024, the Company is required to repay the principal of the Term Facility in 36 consecutive equal monthly installments. At maturity or if earlier prepaid, the Company will also be required to pay an exit fee equal to 2.00% of the aggregate principal amount of the Term Facility. The repayment of all unpaid principal and accrued interest under the Credit Facilities may be accelerated upon consummation of a specified change of control transaction or the occurrence of certain other events of default (as specified in the SVB Loan Agreement). Subject to certain exceptions, the Company is also required to make mandatory prepayments of outstanding loans under the Credit Facilities with the proceeds of assets sales and insurance proceeds, which amounts in the case of the Revolving Facility, subject to the conditions set forth in the SVB Loan Agreement, may be re-borrowed. All voluntary and mandatory prepayments of the Term Facility are subject to the payment of prepayment premiums as follows: (i) if prepayment occurs on or prior to the first anniversary of the SVB Closing Date, an amount equal to 3.0% of the aggregate outstanding principal amount of the Term Facility being prepaid, (ii) if prepayment occurs after the first anniversary of the SVB Closing Date and on or prior to the second anniversary of the SVB Closing Date, 2.0% of the aggregate outstanding principal amount of the Term Facility being prepaid, (iii) if prepayment occurs after the second anniversary of the SVB Closing Date and on or prior to the third anniversary of the SVB Closing Date, 1.0% of the aggregate outstanding principal amount of the Term Facility being prepaid and (iv) if prepayment occurs after the third anniversary of the SVB Closing Date but prior to the SVB Maturity Date, an amount equal to 0.50% of the aggregate outstanding principal amount of the Term Facility being prepaid. The prepayment of the Term Facility in full is also subject to the payment of an exit fee of $600,000. The Company may voluntarily terminate the Revolving Facility at any time, subject to the payment of a termination fee as follows: (i) if such termination occurs on or prior to the first anniversary of the SVB Closing Date, an amount equal to 3.0% of the Revolving Facility and (ii) if such termination occurs after the first anniversary of the SVB Closing Date, 1.0% of the Revolving Facility. The obligations of the Company under the SVB Loan Agreement are secured by a pledge of substantially all of the Company’s assets, excluding intellectual property. Certain of the Company’s future subsidiaries will be required to become co-borrowers under the SVB Loan Agreement or guarantee the obligations of the Company under the SVB Loan Agreement. In addition, such subsidiaries will be required to pledge substantially all of their assets, excluding intellectual property, to secure the obligations of the Company under the SVB Loan Agreement. The SVB Loan Agreement contains affirmative and negative covenants customary for financings of this type, including limitations on the Company and its subsidiaries’ abilities, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, enter into affiliate transactions and change its line of business, in each case, subject to certain exceptions. In addition, the SVB Loan Agreement contains the following quarterly financial covenants requiring the Company to maintain either: • • Amortization of debt discount under the SVB Loan Agreement totaled $18,000 for the three months ended March 31, 2022. Commitment fees under the revolving facility were immaterial. The Company’s scheduled principal payments for debt at March 31, 2022 were as follows (in thousands): Remainder of 2022 — 2023 — 2024 9,167 2025 10,000 2026 10,000 Thereafter 833 Total $ 30,000 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 9 . Stockholders’ Equity Equity Financings Common Stock Offering In February 2021, the Company sold 10,465,000 shares of its common stock in an underwritten public offering at a price of $11.00 per share, including the exercise in full by the underwriters of their option to purchase up to 1,365,000 additional shares of the Company’s common stock. The gross proceeds of the offering to the Company were approximately $115.1 million. Underwriter discounts and commissions and other share issue costs totaled approximately $7.2 million. ATM Facility In August 2020, the Company entered into an at-the-market facility (the “ATM Facility”) with Cantor Fitzgerald & Co (“Cantor”). Pursuant to the ATM Facility, the Company may, at its option, offer and sell shares of its common stock from time to time, through or to Cantor, acting as sales agent. The Company will pay Cantor a commission of 3.0% of the gross proceeds from any future sales of such shares. During the three months ended March 31, 2021, the Company sold 48,538 shares of its common stock at a weighted average price of $11.37 per share for gross proceeds of approximately $552,000. Share issue costs, including sales agent commissions, totaled approximately $53,000 during the reporting period. During the three months ended March 31, 2022, the Company did not sell any shares of its common stock under the ATM Facility. 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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Number of Exercise Number of Exercise Warrants Price Warrants Price Balance at beginning of period 48,683 $ 12.33 48,683 $ 12.33 Balance and exercisable at end of period 48,683 $ 12.33 48,683 $ 12.33 Pursuant to a credit agreement, the Company issued a warrant to SWK Funding LLC to purchase (i) 40,910 shares of the Company’s common stock on March 28, 2018 at an exercise price of $11.00 per share with a seven-year seven-year |
Share-Based Payment Awards
Share-Based Payment Awards | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Awards | 10 . 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 300,000 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 1,100,000 shares. At the Company’s Annual Meeting of Stockholders held on June 22, 2021, the Company’s stockholders approved an amendment to the 2016 Plan to increase the number of shares authorized for issuance by 2,500,000 shares. At March 31, 2022, a total of approximately 8,000 shares were available for new awards. The Company also granted non-statutory stock options to new employees as inducement awards to enter into employment with the Company. The grants were approved by the Compensation Committee of the Board of Directors and awarded in accordance with Nasdaq Listing Rule 5635(c)(4). Although not awarded under the 2016 Plan or the 2008 Plan, the grants 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, 2022: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Options Price Life Value (in years) (in thousands) Outstanding at January 1, 2022 2,517,680 $ 16.49 Granted 1,473,800 10.49 Exercised (4,223 ) 9.44 Forfeited (13,155 ) 13.39 Outstanding at March 31, 2022 3,974,102 $ 14.29 8.57 $ 3,255 Exercisable at March 31, 2022 1,202,550 $ 20.35 6.64 $ 122 The Company has granted stock options with 25% of the option vesting after one year followed by ratable monthly vesting over the remaining three years. 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 293,583 shares of the Company’s common stock vested during the three months ended March 31, 2022. Starting February 2021, the Company (i) ceased vesting ratable monthly over four years and (ii) retained 25% vesting after one year followed by ratable monthly vesting over the remaining three years. In determining the grant date fair value of option awards during the three months ended March 31, 2022, the Company applied the Black-Scholes option pricing model based on the following key assumptions: Option life (in years) 5.50 - 6.08 Stock volatility 76% - 78% Risk-free interest rate 1.46% - 2.12% 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, 2022 (in thousands except per share amount): Three Months Ended Mar 31, 2022 Weighted-average grant date fair value per share $ 7.06 Total cash received from exercise of stock options 40 Total intrinsic value of stock options exercised 13 Time-Vested Restricted Stock Units Time-vested restricted stock units (“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, 2022: Weighted Number of Average Restricted Grant Date Stock Units Fair Value Nonvested at January 1, 2022 291,575 $ 13.19 Granted 403,500 10.13 Vested (132,724 ) 13.57 Forfeited (2,765 ) 13.51 Nonvested at March 31, 2022 559,586 $ 10.89 At March 31, 2022, the weighted average remaining vesting term of the RSUs was 1.74 years. 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 110,000 shares of common stock reserved for issuance to participating employees. At the Company’s Annual Meeting of Stockholders held on June 22, 2021, the Company’s stockholders approved an amendment to the ESPP to increase the number of shares authorized for issuance by 250,000 shares. 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 5,000 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, 2022, the compensation expense from ESPP shares was approximately $33,000. During the three months ended March 31, 2021, 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, 2022 and 2021, respectively, as follows (in thousands): Three Months Ended March 31, 2022 2021 Compensation expense included in: Research and development $ 1,473 $ 484 Sales and marketing 409 263 General and administrative 1,595 241 $ 3,477 $ 988 At March 31, 2022, there was approximately $20.4 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 1.86 years. |
License and Asset Purchase Agre
License and Asset Purchase Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Asset Purchase Agreements | 11. Equinox Science, LLC In February , pursuant to which Equinox granted the Company 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 local delivery to the eye for the prevention or treatment of age-related macular degeneration, diabetic retinopathy and retinal vein occlusion using the Company’s proprietary localized delivery technologies (the “Original Field”), in each case, throughout the world except China, Hong Kong, Taiwan and Macau (the “Company Territory”). 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 Company Territory. The royalties are payable with respect to a licensed product in a particular country in the Company 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. The royalty rates range from the high-single digits to low-double digits depending on the level of annual net sales. The royalty rates are subject to reduction during certain periods when there is no valid patent claim that covers a licensed product in a particular country. On May 2, 2022, concurrent with the Company entering into the Betta License Agreement, the Company entered into Amendment #1 to the Equinox License Agreement, pursuant to which the Original Field was expanded to cover the prevention or treatment of ophthalmology indications using the Company’s proprietary localized delivery technologies and certain conforming changes were made to the Equinox License Agreement in connection therewith. No |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. The following tables summarize the Company’s assets by significant categories carried at fair value measured on a recurring basis at March 31, 2022 and December 31, 2021 by valuation hierarchy (in thousands): March 31, 2022 Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1: Money market funds $ 87,731 $ — $ — $ 87,731 $ 87,731 $ — Subtotal $ 87,731 $ — $ — $ 87,731 $ 87,731 $ — Level 2: Commercial paper $ 45,887 $ — $ — $ 45,887 $ — $ 45,887 U.S. treasury securities 43,405 — (53 ) 43,352 — 43,352 Subtotal $ 89,292 $ — $ (53 ) $ 89,239 $ — $ 89,239 Total $ 177,023 $ — $ (53 ) $ 176,970 $ 87,731 $ 89,239 December 31, 2021 Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1: Money market funds $ 155,551 $ — $ — $ 155,551 $ 155,551 $ — Subtotal $ 155,551 $ — $ — $ 155,551 $ 155,551 $ — Level 2: Commercial paper $ 49,514 $ — $ — $ 49,514 $ 16,549 $ 32,965 Subtotal $ 49,514 $ — $ — $ 49,514 $ 16,549 $ 32,965 Total $ 205,065 $ — $ — $ 205,065 $ 172,100 $ 32,965 At March 31, 2022, substantially all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. Marketable securities consist of investments with an original or remaining maturity of greater than three months but less than one year at the date of purchase. The Company had investments of $89.2 million in marketable securities at March 31, 2022. At December 31, 2021, a total of $155.6 million, or 90.4% of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. $16.5 million, or 9.6% of the Company’s interest-bearing cash equivalent balances consisted of investment-grade commercial paper. Generally, these investments may be sold upon demand and, therefore, the Company believes they have minimal risk. The Company had investments of $33.0 million in marketable securities at December 31, 2021. The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. The marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity. The carrying amounts of the short-term borrowings and long-term debt under the Company’s SVB Loan Agreement approximate the estimated fair value. These borrowings under the Credit Facilities have a variable interest rate structure and are classified within Level 2 of the fair value hierarchy. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 1 3 . Contingencies Legal Proceedings The Company is subject to various 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, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 1 4 . 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, 2022 and 2021 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, 2022 2021 Stock options 3,974,102 1,442,053 ESPP 7,964 5,402 Warrants 48,683 48,683 Restricted stock units 559,586 135,989 4,590,335 1,632,127 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 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 Distributors obtain control of the products, which occurs at a point in time, typically upon delivery. In addition to agreements with Distributors, the Company also enters into arrangements with healthcare providers, ambulatory surgical centers, 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 from Distributors. 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 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, 2022. 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. Sale of Future Royalties — The Company has sold its rights to receive certain royalties on product sales. In the circumstance where the Company has sold its rights to future royalties under a royalty purchase agreement and also maintains limited continuing involvement in the arrangement (but not significant continuing involvement in the generation of the cash flows that are due to the purchaser), the Company defers recognition of the proceeds it receives for the sale of royalty streams and recognizes such unearned revenue as revenue under the units-of-revenue method over the life of the underlying license agreement. Under the units-of-revenue method, amortization for a reporting period is calculated by computing a ratio of the proceeds received from the purchaser to the total payments expected to be made to the purchaser over the term of the agreement, and then applying that ratio to the period’s cash payment. Estimating the total payments expected to be received by the purchaser over the term of such arrangements requires management to use subjective estimates and assumptions. Changes to the Company’s estimate of the payments expected to be made to the purchaser over the term of such arrangements could have a material effect on the amount of revenues recognized in any particular period. Research Collaborations — The Company recognizes revenue over the term of the statements of work under any funded research collaborations. 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 research collaborations. 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. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | Net product revenues by product for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended Three Months Ended March 31, 2022 March 31, 2021 YUTIQ (A) $ 4,611 $ 3,029 DEXYCU (B) 4,399 3,773 Total product sales, net $ 9,010 $ 6,802 (A) Included approximately $56 and $5 of revenue from YUTIQ product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021, respectively. (B) No revenue was recognized from DEXYCU product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021. |
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, 2022 and 2021 (in thousands): Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2022 $ 1,153 $ 1,821 $ 379 $ 3,353 Provision related to sales in the current year 2,674 2,003 140 4,817 Adjustments related to prior period sales — — — — Deductions applied and payments made (1,904 ) (1,693 ) (87 ) (3,684 ) Ending balance at March 31, 2022 $ 1,923 $ 2,131 $ 432 $ 4,486 Chargebacks, Discounts Government and Other and Fees Rebates Returns Total Beginning balance at January 1, 2021 $ 574 $ 535 $ 603 $ 1,712 Provision related to sales in the current year 1,041 679 171 1,891 Adjustments related to prior period sales (50 ) (22 ) (100 ) (172 ) Deductions applied and payments made (809 ) (473 ) (184 ) (1,466 ) Ending balance at March 31, 2021 $ 756 $ 719 $ 490 $ 1,965 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 1,628 $ 2,727 Work in process 671 405 Finished goods 1,037 484 Total inventory $ 3,336 $ 3,616 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Reconciliation of Intangible Assets | The reconciliation of intangible assets for the three months ended March 31, 2022 and 2021 (in thousands) was as follows: March 31, March 31, 2022 2021 Patented technologies Gross carrying amount at beginning of period $ 68,322 $ 68,322 Gross carrying amount at end of period 68,322 68,322 Accumulated amortization at beginning of period (45,573 ) (43,113 ) Amortization expense (615 ) (615 ) Accumulated amortization at end of period (46,188 ) (43,728 ) Net book value at end of period $ 22,134 $ 24,594 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, 2022 2021 Personnel costs $ 3,057 $ 7,321 Clinical trial costs 2,016 753 Professional fees 482 712 Sales chargebacks, rebates and other revenue reserves 4,054 2,974 Commissions due to DEXYCU commercial partner 1,573 1,518 Other 1,147 1,144 $ 12,329 $ 14,422 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases as of March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Other current liabilities – operating lease current portion $ 641 $ 645 Operating lease liabilities – noncurrent portion 1,697 1,860 Total operating lease liabilities $ 2,338 $ 2,505 |
Schedule of Supplemental Balance Sheet Information Related to Finance Lease | Supplemental balance sheet information related to the finance lease as of March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Property and equipment, at cost $ 270 $ 371 Accumulated amortization (138 ) (205 ) Property and equipment, net $ 132 $ 166 Other current liabilities – $ 122 $ 137 Other long-term liabilities 18 36 Total finance lease liabilities $ 140 $ 173 |
Future Minimum Lease Payments Under Non-Cancellable Leases | T he Company’s total future minimum lease payments under non-cancellable leases at March 31, 2022 were as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 669 $ 111 2023 877 37 2024 894 — 2025 373 — Total lease payments $ 2,813 $ 148 Less imputed interest (475 ) (8 ) Total $ 2,338 $ 140 |
Loan Agreements (Tables)
Loan Agreements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Scheduled Principal Payments for Debt | The Company’s scheduled principal payments for debt at March 31, 2022 were as follows (in thousands): Remainder of 2022 — 2023 — 2024 9,167 2025 10,000 2026 10,000 Thereafter 833 Total $ 30,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Weighted Weighted Average Average Number of Exercise Number of Exercise Warrants Price Warrants Price Balance at beginning of period 48,683 $ 12.33 48,683 $ 12.33 Balance and exercisable at end of period 48,683 $ 12.33 48,683 $ 12.33 |
Share-Based Payment Awards (Tab
Share-Based Payment Awards (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Options Price Life Value (in years) (in thousands) Outstanding at January 1, 2022 2,517,680 $ 16.49 Granted 1,473,800 10.49 Exercised (4,223 ) 9.44 Forfeited (13,155 ) 13.39 Outstanding at March 31, 2022 3,974,102 $ 14.29 8.57 $ 3,255 Exercisable at March 31, 2022 1,202,550 $ 20.35 6.64 $ 122 |
Schedule of Key Assumptions Used | In determining the grant date fair value of option awards during the three months ended March 31, 2022, the Company applied the Black-Scholes option pricing model based on the following key assumptions: Option life (in years) 5.50 - 6.08 Stock volatility 76% - 78% Risk-free interest rate 1.46% - 2.12% 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, 2022 (in thousands except per share amount): Three Months Ended Mar 31, 2022 Weighted-average grant date fair value per share $ 7.06 Total cash received from exercise of stock options 40 Total intrinsic value of stock options exercised 13 |
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, 2022: Weighted Number of Average Restricted Grant Date Stock Units Fair Value Nonvested at January 1, 2022 291,575 $ 13.19 Granted 403,500 10.13 Vested (132,724 ) 13.57 Forfeited (2,765 ) 13.51 Nonvested at March 31, 2022 559,586 $ 10.89 |
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, 2022 and 2021, respectively, as follows (in thousands): Three Months Ended March 31, 2022 2021 Compensation expense included in: Research and development $ 1,473 $ 484 Sales and marketing 409 263 General and administrative 1,595 241 $ 3,477 $ 988 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following tables summarize the Company’s assets by significant categories carried at fair value measured on a recurring basis at March 31, 2022 and December 31, 2021 by valuation hierarchy (in thousands): March 31, 2022 Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1: Money market funds $ 87,731 $ — $ — $ 87,731 $ 87,731 $ — Subtotal $ 87,731 $ — $ — $ 87,731 $ 87,731 $ — Level 2: Commercial paper $ 45,887 $ — $ — $ 45,887 $ — $ 45,887 U.S. treasury securities 43,405 — (53 ) 43,352 — 43,352 Subtotal $ 89,292 $ — $ (53 ) $ 89,239 $ — $ 89,239 Total $ 177,023 $ — $ (53 ) $ 176,970 $ 87,731 $ 89,239 December 31, 2021 Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Level 1: Money market funds $ 155,551 $ — $ — $ 155,551 $ 155,551 $ — Subtotal $ 155,551 $ — $ — $ 155,551 $ 155,551 $ — Level 2: Commercial paper $ 49,514 $ — $ — $ 49,514 $ 16,549 $ 32,965 Subtotal $ 49,514 $ — $ — $ 49,514 $ 16,549 $ 32,965 Total $ 205,065 $ — $ — $ 205,065 $ 172,100 $ 32,965 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Stock options 3,974,102 1,442,053 ESPP 7,964 5,402 Warrants 48,683 48,683 Restricted stock units 559,586 135,989 4,590,335 1,632,127 |
Operations - Additional Informa
Operations - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)Product | |
Operations [Line Items] | |
Number of commercial products | Product | 2 |
Cash, cash equivalents and investments in marketable securities | $ | $ 190.8 |
ASU 2021-04 [Member] | |
Operations [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2022 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
DEXYCU [Member] | ||
Schedule Of Significant Accounting Policies [Line Items] | ||
Accrued revenue-based royalty expense | $ 674,000 | $ 455,000 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Disclosure of Product Revenue Reserves and Allowances [Line Items] | |||
Revenues | $ 9,294 | $ 7,323 | |
YUTIQ [Member] | |||
Disclosure of Product Revenue Reserves and Allowances [Line Items] | |||
Revenues | [1] | 4,611 | 3,029 |
DEXYCU [Member] | |||
Disclosure of Product Revenue Reserves and Allowances [Line Items] | |||
Revenues | [2] | 4,399 | 3,773 |
Product [Member] | |||
Disclosure of Product Revenue Reserves and Allowances [Line Items] | |||
Revenues | $ 9,010 | $ 6,802 | |
[1] | Included approximately $56 and $5 of revenue from YUTIQ product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021, respectively. | ||
[2] | No revenue was recognized from DEXYCU product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021. |
Revenue - Disaggregation of R_2
Revenue - Disaggregation of Revenue (Parenthetical) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | $ 9,294,000 | $ 7,323,000 | |
YUTIQ [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | [1] | 4,611,000 | 3,029,000 |
YUTIQ [Member] | Ocumension Therapeutics [Member] | Supply Agreement [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | 56,000 | 5,000 | |
DEXYCU [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | [2] | 4,399,000 | 3,773,000 |
DEXYCU [Member] | Ocumension Therapeutics [Member] | Supply Agreement [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues | $ 0 | $ 0 | |
[1] | Included approximately $56 and $5 of revenue from YUTIQ product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021, respectively. | ||
[2] | No revenue was recognized from DEXYCU product sales to Ocumension under a supply agreement for the three months ended March 31, 2022 and 2021. |
Revenue - Product Revenue Allow
Revenue - Product Revenue Allowance and Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Product Revenue Reserves And Allowances [Line Items] | ||
Beginning balance | $ 3,353 | $ 1,712 |
Provision related to sales in the current year | 4,817 | 1,891 |
Adjustments related to prior period sales | (172) | |
Deductions applied and payments made | (3,684) | (1,466) |
Ending balance | 4,486 | 1,965 |
Chargebacks, Discounts and Fees [Member] | ||
Disclosure Of Product Revenue Reserves And Allowances [Line Items] | ||
Beginning balance | 1,153 | 574 |
Provision related to sales in the current year | 2,674 | 1,041 |
Adjustments related to prior period sales | (50) | |
Deductions applied and payments made | (1,904) | (809) |
Ending balance | 1,923 | 756 |
Government and Other Rebates [Member] | ||
Disclosure Of Product Revenue Reserves And Allowances [Line Items] | ||
Beginning balance | 1,821 | 535 |
Provision related to sales in the current year | 2,003 | 679 |
Adjustments related to prior period sales | (22) | |
Deductions applied and payments made | (1,693) | (473) |
Ending balance | 2,131 | 719 |
Returns [Member] | ||
Disclosure Of Product Revenue Reserves And Allowances [Line Items] | ||
Beginning balance | 379 | 603 |
Provision related to sales in the current year | 140 | 171 |
Adjustments related to prior period sales | (100) | |
Deductions applied and payments made | (87) | (184) |
Ending balance | $ 432 | $ 490 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 17, 2020 | Aug. 31, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2018 | Mar. 31, 2022 | Mar. 31, 2021 |
Disaggregation Of Revenue [Line Items] | |||||||||
Revenue | $ 9,294,000 | $ 7,323,000 | |||||||
Ocumension Therapeutics [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Receipt of upfront license fee | $ 9,500,000 | $ 2,000,000 | $ 1,750,000 | ||||||
Potential future payments based on achievement of development and regulatory milestones | 6,000,000 | $ 6,000,000 | 7,250,000 | ||||||
Potential future payments based on achievement of commercial-based milestones | 6,000,000 | $ 6,000,000 | 3,000,000 | ||||||
Development milestone payment received | $ 1,000,000 | ||||||||
Potential future payments based on achievement of combined remaining development and sales milestone | 11,750,000 | ||||||||
Potential future payments based on achievement of remaining development and regulatory milestones | 6,250,000 | ||||||||
Potential future payments based on achievement of remaining commercial-based milestones | 3,000,000 | ||||||||
Ocumension Therapeutics [Member] | Share Offering [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Issuance of stock, net of issue costs, shares | 3,010,722 | ||||||||
Ocumension Therapeutics [Member] | Maximum [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Product supply milestones and development milestones | 7,250,000 | ||||||||
Upon achievement of milestones | $ 21,250,000 | ||||||||
RPA [Member] | SWK [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Upfront cash payment | $ 16,500,000 | ||||||||
Revenue | 225,000 | 180,000 | |||||||
Royalty payments | 724,000 | 583,000 | |||||||
Royalty Sale Agreement [Member] | SWK [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Deferred revenue | $ 16,500,000 | ||||||||
Deferred revenue, current | 1,100,000 | 1,100,000 | |||||||
Deferred revenue, non-current | 14,300,000 | 14,600,000 | |||||||
Product [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Revenue | 9,010,000 | 6,802,000 | |||||||
Product [Member] | Ocumension Therapeutics [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Revenue | 56,000 | 5,000 | |||||||
License and Collaboration Revenue [Member] | Ocumension Therapeutics [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Revenue | 59,000 | 268,000 | |||||||
Collaborative Research and Development [Member] | |||||||||
Disaggregation Of Revenue [Line Items] | |||||||||
Revenue | $ 0 | $ 60,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,628 | $ 2,727 |
Work in process | 671 | 405 |
Finished goods | 1,037 | 484 |
Total inventory | $ 3,336 | $ 3,616 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount at beginning of period | $ 68,322 | $ 68,322 | |
Gross carrying amount at end of period | 68,322 | 68,322 | |
Accumulated amortization at beginning of period | (45,573) | (43,113) | |
Amortization expense | (615) | (615) | |
Accumulated amortization at end of period | (46,188) | (43,728) | |
Net book value at end of period | $ 22,134 | $ 24,594 | $ 22,749 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets, estimated useful lives | 13 years | |
Amortization of intangible assets | $ 615 | $ 615 |
DEXYCU [Member] | Icon Bioscience Inc [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets, estimated useful lives | 9 years | |
Annual amortization expense | $ 2,500 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Personnel costs | $ 3,057 | $ 7,321 |
Clinical trial costs | 2,016 | 753 |
Professional fees | 482 | 712 |
Sales chargebacks, rebates and other revenue reserves | 4,054 | 2,974 |
Commissions due to DEXYCU commercial partner | 1,573 | 1,518 |
Other | 1,147 | 1,144 |
Accrued expenses | $ 12,329 | $ 14,422 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 08, 2022USD ($)ft² | Mar. 31, 2022USD ($)ft²TrancheLease | Mar. 31, 2021USD ($) |
Disclosure Of Leases [Line Items] | |||
Operating lease weighted average remaining lease term | 3 years 1 month 6 days | ||
Operating lease weighted average discount rate | 12.50% | ||
Operating lease expense | $ 229,000 | $ 213,000 | |
Variable lease cost | 3,000 | 9,000 | |
Operating lease payments | 242,000 | 221,000 | |
Finance lease, amortization expense of ROU asset | 34,000 | ||
Interest expense on finance lease liability | 5,000 | ||
Finance lease, operating cash flows | 5,000 | 6,000 | |
Finance lease, financing cash flows | $ 33,000 | $ 18,000 | |
Finance lease, weighted average Remaining term | 1 year | ||
Finance lease, weighted average discount rate, percent | 12.50% | ||
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 | ||
Laboratory Equipment [Member] | |||
Disclosure Of Leases [Line Items] | |||
Number of finance leases | Lease | 2 | ||
First Lab Equipment [Member] | |||
Disclosure Of Leases [Line Items] | |||
Lease expiration month year | 2022-12 | ||
Second Lab Equipment [Member] | |||
Disclosure Of Leases [Line Items] | |||
Lease expiration month year | 2023-06 | ||
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 expiration month year | 2019-04 | ||
Massachusetts [Member] | Second Amendment Lease [Member] | |||
Disclosure Of Leases [Line Items] | |||
Lease commencement date | Sep. 10, 2018 | ||
Lease term expiration date | May 31, 2025 | ||
Additional Space leased | ft² | 6,590 | ||
Irrevocable standby letter of credit | $ 150,000 | ||
Massachusetts [Member] | Third Amendment Lease [Member] | |||
Disclosure Of Leases [Line Items] | |||
Area of leased office and laboratory space | ft² | 1,409 | ||
Lease commencement date | Jul. 1, 2021 | ||
Lease term expiration date | May 31, 2025 | ||
Massachusetts [Member] | Fourth Amendment Lease [Member] | |||
Disclosure Of Leases [Line Items] | |||
Area of leased office and laboratory space | ft² | 13,650 | ||
Lease term expiration date | May 31, 2028 | ||
Additional Space leased | ft² | 11,999 | ||
Termination of property area | ft² | 7,999 | ||
Massachusetts [Member] | Fourth Amendment Lease [Member] | Maximum [Member] | |||
Disclosure Of Leases [Line Items] | |||
Construction allowance | $ 555,960 | ||
NEW JERSEY | Basking Ridge Office Space [Member] | |||
Disclosure Of Leases [Line Items] | |||
Lease expiration month year | 2022-06 | ||
Area of leased office space | ft² | 3,000 | ||
Lease inception month year | 2017-07 | ||
Additional lease renewal option period | 5 years | ||
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, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Other current liabilities – operating lease current portion | $ 641 | $ 645 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating lease liabilities - noncurrent | $ 1,697 | $ 1,860 |
Total operating lease liabilities | $ 2,338 | $ 2,505 |
Leases - Supplemental Balance_2
Leases - Supplemental Balance Sheet Related to Finance Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Property and equipment, at cost | $ 270 | $ 371 |
Accumulated amortization | (138) | (205) |
Property and equipment, net | 132 | 166 |
Other current liabilities – finance lease current portion | $ 122 | $ 137 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Other long-term liabilities | $ 18 | $ 36 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Total finance lease liabilities | $ 140 | $ 173 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Remainder of 2022 | $ 669 | |
2023 | 877 | |
2024 | 894 | |
2025 | 373 | |
Total future minimum lease payments | 2,813 | |
Less imputed interest | (475) | |
Total | 2,338 | $ 2,505 |
Finance Leases | ||
Remainder of 2022 | 111 | |
2023 | 37 | |
2024 | 0 | |
2025 | 0 | |
Total future minimum lease payments | 148 | |
Less imputed interest | (8) | |
Total | $ 140 | $ 173 |
Loan Agreements - Additional In
Loan Agreements - Additional Information (Detail) | Mar. 09, 2022USD ($)Installment | Dec. 17, 2020USD ($) | Feb. 13, 2019USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Apr. 30, 2019USD ($) |
Loan Agreement [Line Items] | ||||||||||
Proceeds from issuance of long-term debt | $ 30,000,000 | $ 0 | ||||||||
Loss on extinguishment of debt | (1,559,000) | 0 | ||||||||
Proceeds from issuance of revolving facility | 11,459,000 | 0 | ||||||||
Payment of exit fee | 2,294,000 | $ 0 | ||||||||
Cash and cash equivalents | 101,545,000 | $ 178,593,000 | ||||||||
RPA [Member] | SWK Funding LLC [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Upfront cash payment | $ 16,500,000 | |||||||||
CRG Servicing LLC [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Total debt discount | $ 3,200,000 | |||||||||
CRG Servicing LLC [Member] | Senior Secured Term Loan [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Agreement date | Feb. 13, 2019 | |||||||||
Senior secured revolving credit facility | $ 60,000,000 | |||||||||
Term loan agreement, initial advance | 35,000,000 | |||||||||
Proceeds from issuance of long-term debt | $ 0 | |||||||||
Exit fee accrued | 2,100,000 | |||||||||
Upfront loan original fee payment | 525,000 | |||||||||
Line of credit facility, legal and other transaction costs | $ 591,000 | |||||||||
Repayment of senior secured term loan | $ 38,200,000 | 13,800,000 | ||||||||
Payment of exit fee upon repayment of secured term loan | 2,300,000 | 828,000 | ||||||||
Payment of accrued and unpaid interest through the date of the secured term loan refinancing | 900,000 | 378,000 | ||||||||
Loss on extinguishment of debt | (1,600,000) | $ (905,000) | ||||||||
Maturity date | Dec. 31, 2023 | |||||||||
Annual interest rate on term loan balance | 12.50% | |||||||||
Cash repayment | $ 41,400,000 | |||||||||
Exit fee percentage payable upon repayment of the total secured term loan | 6.00% | |||||||||
CRG Servicing LLC [Member] | Senior Secured Term Loan [Member] | RPA [Member] | SWK Funding LLC [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Upfront cash payment | $ 15,000,000 | |||||||||
CRG Servicing LLC [Member] | Second Advance [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Term loan agreement, additional loan advance | $ 15,000,000 | |||||||||
Total debt discount | $ 1,100,000 | |||||||||
CRG Servicing LLC [Member] | Second Advance [Member] | Senior Secured Term Loan [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Exit fee accrued | 900,000 | |||||||||
Upfront loan original fee payment | $ 225,000 | |||||||||
Silicon Valley Bank [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Amortization of debt discount (premium) | 18,000 | |||||||||
Silicon Valley Bank [Member] | Minimum [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Cash and cash equivalents | 50,000,000 | |||||||||
Silicon Valley Bank [Member] | YUTIQ and DEXYCU [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Minimum quarterly product revenue | $ 7,800,000 | |||||||||
Silicon Valley Bank [Member] | Scenario, Forecast [Member] | YUTIQ and DEXYCU [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Minimum quarterly product revenue | $ 11,500,000 | |||||||||
Silicon Valley Bank [Member] | Senior Secured Term Loan [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Proceeds from issuance of long-term debt | $ 30,000,000 | |||||||||
Senior secured term loan borrowing facility | $ 30,000,000 | |||||||||
Debt instrument effective rate | 5.50% | |||||||||
Line of credit facility commencing date | Feb. 1, 2024 | |||||||||
Number of consecutive equal monthly installment | Installment | 36 | |||||||||
Exit fee percentage of the aggregate principal amount | 2.00% | |||||||||
Payment of exit fee | $ 600,000 | |||||||||
Silicon Valley Bank [Member] | Senior Secured Term Loan [Member] | Loan Prepayment Prior to First Anniversary [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Principal prepayment premium percentage | 3.00% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Term Loan [Member] | Loan Prepayment After First Anniversary and Prior to Second Anniversary [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Principal prepayment premium percentage | 2.00% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Term Loan [Member] | Loan Prepayment After Second Anniversary and Prior to Third Anniversary [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Principal prepayment premium percentage | 1.00% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Term Loan [Member] | Loan Prepayment After Third Anniversary and Prior to Maturity Date [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Principal prepayment premium percentage | 0.50% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Term Loan [Member] | Prime Rate Margin [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Prime rate margin | 2.25% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Senior secured revolving credit facility | $ 15,000,000 | |||||||||
Proceeds from issuance of revolving facility | $ 11,500,000 | |||||||||
Unused commitment fee | 0.25% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Revolving Credit Facility [Member] | Loan Termination Prior to First Anniversary [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Termination percentage | 3.00% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Revolving Credit Facility [Member] | Loan Termination After First Anniversary [Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Termination percentage | 1.00% | |||||||||
Silicon Valley Bank [Member] | Senior Secured Revolving Credit Facility and Senior Secured Term Loan[Member] | ||||||||||
Loan Agreement [Line Items] | ||||||||||
Maturity date | Jan. 1, 2027 |
Loan Agreements - Scheduled Pri
Loan Agreements - Scheduled Principal Payments of Debt (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2022 | $ 0 |
2023 | 0 |
2024 | 9,167 |
2025 | 10,000 |
2026 | 10,000 |
Thereafter | 833 |
Total | $ 30,000 |
Stockholders' Equity - Equity F
Stockholders' Equity - Equity Financings - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2021 | Aug. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Common Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued | 10,513,538 | |||
Equity Financings [Member] | Share Offering [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued | 10,465,000 | |||
Price per share | $ 11 | |||
Common stock, additional shares issued | 1,365,000 | |||
Gross proceeds from issuance of common stock | $ 115,100,000 | |||
Share issuance costs | $ 7,200,000 | |||
At-the-Market Offering [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued | 48,538 | |||
Price per share | $ 11.37 | |||
Gross proceeds from issuance of common stock | $ 552,000 | |||
Share issuance costs | $ 53,000 | |||
Stock issuances, sales agent commission maximum percentage | 3.00% | |||
At-the-Market Offering [Member] | Common Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Common stock issued | 0 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Stockholders Equity Note [Abstract] | |||
Number of Warrants, Outstanding and exercisable, Beginning balance | 48,683 | 48,683 | 48,683 |
Number of Warrants, Outstanding and exercisable, Ending balance | 48,683 | 48,683 | 48,683 |
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 12.33 | $ 12.33 | $ 12.33 |
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance | $ 12.33 | $ 12.33 | $ 12.33 |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - Warrants [Member] - SWK [Member] - $ / shares | Jun. 26, 2018 | Mar. 28, 2018 | Mar. 31, 2022 |
Senior Secured Term Loan [Member] | |||
Class Of Stock [Line Items] | |||
Warrants issued to purchase shares of common stock | 7,773 | 40,910 | |
Exercise price of issued warrants | $ 19.30 | $ 11 | |
Warrants exercise period | 7 years | 7 years | |
Investor [Member] | |||
Class Of Stock [Line Items] | |||
Weighted average remaining life of lender warrants | 3 years |
Share-Based Payment Awards - Eq
Share-Based Payment Awards - Equity Incentive Plan - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares | Mar. 31, 2022 | Jun. 22, 2021 | Jun. 25, 2019 | Dec. 12, 2016 |
Class Of Stock [Line Items] | ||||
Number of common stock, authorized for issuance | 2,500,000 | 1,100,000 | 300,000 | |
Shares available for grant under the Long Term Incentive Plan, including forfeited and terminated awards transferred from the 2008 Incentive Plan | 8,000 |
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, 2022USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding, Beginning balance | shares | 2,517,680 |
Number of Options, Granted | shares | 1,473,800 |
Number of Options, Exercised | shares | (4,223) |
Number of Options, Forfeited | shares | (13,155) |
Number of Options Outstanding, Ending balance | shares | 3,974,102 |
Number of Options, Exercisable at March 31, 2022 | shares | 1,202,550 |
Weighted Average Exercise Price Outstanding, Beginning balance | $ / shares | $ 16.49 |
Weighted Average Exercise Price, Granted | $ / shares | 10.49 |
Weighted Average Exercise Price, Exercised | $ / shares | 9.44 |
Weighted Average Exercise Price, Forfeited | $ / shares | 13.39 |
Weighted Average Exercise Price Outstanding, Ending balance | $ / shares | 14.29 |
Weighted Average Exercise Price, Exercisable at March 31, 2022 | $ / shares | $ 20.35 |
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2022 | 8 years 6 months 25 days |
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2022 | 6 years 7 months 20 days |
Aggregate Intrinsic Value, Outstanding at March 31, 2022 | $ | $ 3,255 |
Aggregate Intrinsic Value, Exercisable at March 31, 2022 | $ | $ 122 |
Share-Based Payment Awards - _2
Share-Based Payment Awards - Stock Options - Additional Information (Detail) - shares | 3 Months Ended | 14 Months Ended |
Mar. 31, 2022 | Mar. 31, 2022 | |
2016 Long Term Incentive Plan [Member] | ||
Class Of Stock [Line Items] | ||
Ceased 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 | 1 year |
Cliff vesting period | 3 years | 3 years |
Common stock vested during the period | 293,583 |
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, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock volatility, minimum | 76.00% |
Stock volatility, maximum | 78.00% |
Risk-free interest rate, minimum | 1.46% |
Risk-free interest rate, maximum | 2.12% |
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) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total cash received from exercise of stock options | $ 241 | $ 183 |
Equity Incentive Plans [Member] | ||
Weighted-average grant date fair value per share | $ 7.06 | |
Total cash received from exercise of stock options | $ 40 | |
Total intrinsic value of stock options exercised | $ 13 |
Share-Based Payment Awards - Ti
Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - 2016 Long Term Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Class Of Stock [Line Items] | |
Ratable annual vesting period of equity awards | 3 years |
Weighted average remaining vesting term | 1 year 8 months 26 days |
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, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Stock Units Outstanding, Beginning Balance | shares | 291,575 |
Number of stock units, Granted | shares | 403,500 |
Number of Stock Units, Vested | shares | (132,724) |
Number of Stock Units, Forfeited | shares | (2,765) |
Number of Stock Units Outstanding, Ending Balance | shares | 559,586 |
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ / shares | $ 13.19 |
Weighted average grant date fair value, Granted | $ / shares | 10.13 |
Weighted Average Grant Date Fair value, Vested | $ / shares | 13.57 |
Weighted Average Grant Date Fair value, Forfeited | $ / shares | 13.51 |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ / shares | $ 10.89 |
Share-Based Payment Awards - Em
Share-Based Payment Awards - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | Jun. 25, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 22, 2021 |
Class Of Stock [Line Items] | |||||
Employee stock purchase plan | $ 201,000 | $ 173,000 | |||
Common stock, shares issued | 34,047,128 | 33,905,826 | |||
Stock-based compensation expense | $ 3,477,000 | $ 988,000 | |||
ESPP [Member] | |||||
Class Of Stock [Line Items] | |||||
Number of common stock, authorized for issuance | 110,000 | 250,000 | |||
Price of common stock purchased twice a year under ESPP, percent | 85.00% | ||||
Employee stock purchase plan | $ 25,000 | ||||
Employee stock purchase plan, shares | 5,000 | ||||
Consecutive six month offering period | Aug. 1, 2019 | ||||
Common stock, shares issued | 28,504 | ||||
Stock-based compensation expense | $ 33,000 |
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, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 3,477 | $ 988 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 1,473 | 484 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | 409 | 263 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based compensation expense | $ 1,595 | $ 241 |
Share-Based Payment Awards - _5
Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unrecognized compensation expense | $ 20.4 |
Unrecognized compensation expense weighted average period | 1 year 10 months 9 days |
License and Asset Purchase Ag_2
License and Asset Purchase Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Collaborative Agreements And Contracts [Line Items] | |||
Research and development | $ 9,945,000 | $ 5,479,000 | |
Equinox Science, LLC [Member] | |||
Collaborative Agreements And Contracts [Line Items] | |||
Non-refundable and non-creditable upfront cash payment | $ 1,000,000 | ||
Research and development | $ 0 | $ 0 | |
Equinox Science, LLC [Member] | Maximum [Member] | |||
Collaborative Agreements And Contracts [Line Items] | |||
Payment upon achievement of development and regulatory milestones | $ 50,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 89,239 | $ 32,965 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 177,023 | 205,065 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (53) | 0 |
Fair Value | 176,970 | 205,065 |
Cash Equivalents | 87,731 | 172,100 |
Marketable Securities | 89,239 | 32,965 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 87,731 | 155,551 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 87,731 | 155,551 |
Cash Equivalents | 87,731 | 155,551 |
Marketable Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 87,731 | 155,551 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 87,731 | 155,551 |
Cash Equivalents | 87,731 | 155,551 |
Marketable Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 89,292 | 49,514 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (53) | 0 |
Fair Value | 89,239 | 49,514 |
Cash Equivalents | 0 | 16,549 |
Marketable Securities | 89,239 | 32,965 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 45,887 | 49,514 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 45,887 | 49,514 |
Cash Equivalents | 0 | 16,549 |
Marketable Securities | 45,887 | $ 32,965 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 43,405 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (53) | |
Fair Value | 43,352 | |
Cash Equivalents | 0 | |
Marketable Securities | $ 43,352 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 32,965 | $ 89,239 |
Interest-bearing cash equivalent consisted of money market fund | 155,600 | |
Interest-bearing cash equivalent consisted of investment-grade commercial paper | $ 16,500 | |
Investment Instruments [Member] | Credit Concentration Risk [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of concentration risk | 90.40% | |
Investment Instruments [Member] | Credit Concentration Risk [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of concentration risk | 9.60% |
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, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation | 4,590,335 | 1,632,127 |
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 | 3,974,102 | 1,442,053 |
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 | 7,964 | 5,402 |
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 | 48,683 | 48,683 |
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 | 559,586 | 135,989 |