DEI Document
DEI Document - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38536 | |
Entity Registrant Name | XERIS PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3352427 | |
Entity Address, Address Line One | 180 N. LaSalle Street, | |
Entity Address, Address Line Two | Suite 1600 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 844 | |
Local Phone Number | 445-5704 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | XERS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001346302 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 66,362,654 | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 66,604 | $ 37,598 |
Short-term investments | 69,290 | 96,190 |
Trade accounts receivable, net | 8,938 | 6,875 |
Inventory | 12,496 | 8,353 |
Prepaid expenses and other current assets | 3,298 | 3,196 |
Total current assets | 160,626 | 152,212 |
Property and equipment, net | 6,799 | 6,707 |
Other assets | 212 | 232 |
Total assets | 167,637 | 159,151 |
Current liabilities: | ||
Accounts payable | 4,768 | 3,117 |
Other accrued liabilities | 13,904 | 15,895 |
Accrued trade discounts and rebates | 5,719 | 5,984 |
Accrued returns reserve | 2,619 | 2,889 |
Other current liabilities | 414 | 322 |
Total current liabilities | 27,424 | 28,207 |
Long-term debt, net of unamortized debt issuance costs | 87,272 | 87,021 |
Deferred rent | 6,692 | 6,629 |
Other liabilities | 1,862 | 3,533 |
Total liabilities | 123,250 | 125,390 |
Commitments and Contingencies (Note 8) | ||
Stockholders’ Equity: | ||
Preferred stock—par value $0.0001, 10,000,000 shares authorized and no shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock—par value $0.0001, 150,000,000 shares authorized as of March 31, 2021 and December 31, 2020, respectively; 66,333,456 and 59,611,202 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 7 | 6 |
Additional paid in capital | 400,186 | 371,134 |
Accumulated deficit | (355,796) | (337,385) |
Accumulated other comprehensive income | (10) | 6 |
Total stockholders’ equity | 44,387 | 33,761 |
Total liabilities and stockholders’ equity | $ 167,637 | $ 159,151 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) Balance Sheets Parenthetical - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position Parenthetical [Abstract] | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par Value Per Share | $ 0.0001 | $ 0.0001 |
Common Shares, Par Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 66,333,456 | 59,611,202 |
Preferred Stock, Shares Issued | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statements of Operations [Abstract] | ||
Net sales | $ 8,051 | $ 1,676 |
Grant and other income | 144 | 112 |
Cost of goods sold | 1,826 | 1,790 |
Gross profit (loss) | 6,369 | (2) |
Operating expenses: | ||
Research and development | 4,032 | 6,646 |
Selling, general and administrative | 19,077 | 21,606 |
Total operating expenses | 23,109 | 28,252 |
Loss from operations | (16,740) | (28,254) |
Other income (expense): | ||
Interest and other income | 100 | 434 |
Interest expense | (1,791) | (1,499) |
Change in fair value of warrants | 20 | 135 |
Total other income (expense) | (1,671) | (930) |
Net loss before benefit from income taxes | (18,411) | (29,184) |
Benefit from income taxes | 0 | 0 |
Net loss | (18,411) | (29,184) |
Other comprehensive income (loss), net of tax: | ||
Unrealized gains (losses) on investments | (17) | 49 |
Foreign currency translation adjustments | 1 | (32) |
Comprehensive loss | $ (18,427) | $ (29,167) |
Net loss per common share - basic and diluted | $ (0.30) | $ (0.89) |
Weighted average common shares outstanding, basic and diluted | 61,245,220 | 32,790,317 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Shares, Issued | 27,214,523 | ||||
Common Stock, Value, Issued | $ 3 | ||||
Additional paid in capital | $ 260,635 | ||||
Accumulated other comprehensive income | $ 43 | ||||
Accumulated deficit | $ (246,245) | ||||
Stockholders' Equity Attributable to Parent | $ 14,436 | ||||
Net loss | (29,184) | (29,184) | |||
Issuance of common stock upon public offering, shares | 10,299,769 | ||||
Issuance of common stock upon equity offering, value | 39,845 | 39,844 | |||
Exercise and vesting of stock options, shares | 5,296 | ||||
Exercise and vesting of stock options, value | 10 | 10 | |||
Stock-based compensation | 2,008 | 2,008 | |||
Comprehensive loss | 17 | 17 | |||
Exercise of warrants, shares | 21,449 | ||||
Exercise of warrants, value | (63) | (63) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (29,167) | ||||
Common Stock, Shares, Issued | 37,541,037 | ||||
Common Stock, Value, Issued | $ 4 | ||||
Additional paid in capital | 302,434 | ||||
Accumulated other comprehensive income | 60 | ||||
Accumulated deficit | (275,429) | ||||
Stockholders' Equity Attributable to Parent | $ 27,069 | ||||
Common Stock, Shares, Issued | 59,611,202 | 59,611,202 | |||
Common Stock, Value, Issued | $ 6 | $ 6 | |||
Additional paid in capital | 371,134 | 371,134 | |||
Accumulated other comprehensive income | 6 | 6 | |||
Accumulated deficit | (337,385) | (337,385) | |||
Stockholders' Equity Attributable to Parent | 33,761 | ||||
Net loss | (18,411) | (18,411) | |||
Issuance of common stock upon public offering, shares | 6,553,398 | ||||
Issuance of common stock upon equity offering, value | 26,925 | $ 1 | 26,924 | ||
Exercise and vesting of stock options, shares | 20,213 | ||||
Exercise and vesting of stock options, value | 32 | 32 | |||
Stock-based compensation | 2,461 | 2,461 | |||
Comprehensive loss | (16) | (16) | |||
Vesting of restricted stock units and related repurchases | 148,643 | ||||
Vesting of restricted stock units and related repurchases, value | (365) | (365) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (18,427) | ||||
Common Stock, Shares, Issued | 66,333,456 | 66,333,456 | |||
Common Stock, Value, Issued | $ 7 | $ 7 | |||
Additional paid in capital | 400,186 | $ 400,186 | |||
Accumulated other comprehensive income | (10) | $ (10) | |||
Accumulated deficit | (355,796) | $ (355,796) | |||
Stockholders' Equity Attributable to Parent | $ 44,387 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (18,411) | $ (29,184) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 337 | 320 |
Amortization of investments | 154 | (75) |
Amortization of debt issuance costs | 251 | 180 |
Stock-based compensation | 2,461 | 2,008 |
Change in fair value of warrants | (20) | (135) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (2,063) | 2,162 |
Other accounts receivable | 0 | 252 |
Prepaid expenses and other current assets | (15) | 1,097 |
Inventory | (3,482) | 10 |
Other assets | 0 | 46 |
Accounts payable | 1,651 | (1,779) |
Other accrued liabilities | (2,790) | (4,703) |
Accrued trade discounts and rebates | (265) | 344 |
Accrued returns reserve | (270) | 379 |
Other | (1,494) | 133 |
Net cash used in operating activities | (23,956) | (28,945) |
Cash flows from investing activities: | ||
Capital expenditures | (429) | (26) |
Purchases of investments | (7,920) | (13,714) |
Sales and maturities of investments | 34,650 | 22,416 |
Net cash (used in) provided by investing activities | 26,301 | 8,676 |
Cash flows from financing activities: | ||
Proceeds from equity offerings | 27,000 | 42,744 |
Payments of equity offering costs | 0 | (2,614) |
Proceeds from exercise of stock awards | 26 | 0 |
Repurchase of common stock withheld for taxes | (365) | (63) |
Net cash provided by financing activities | 26,661 | 40,067 |
Effect of exchange rate changes on cash and cash equivalents | 0 | (73) |
Increase in cash and cash equivalents | 29,006 | 19,725 |
Cash and cash equivalents, beginning of period | 37,598 | 19,519 |
Cash and cash equivalents, end of period | 66,604 | 39,244 |
Supplemental schedule of cash flow information: | ||
Cash paid for interest | 2,238 | 1,318 |
Supplemental schedule of non-cash investing and financing activities: | ||
Accrued public equity offering costs | $ 56 | $ 269 |
Organization and Nature of the
Organization and Nature of the Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of the Business | Organization and Nature of the Business Nature of business Xeris Pharmaceuticals, Inc. ("Xeris" or the "Company") is a specialty pharmaceutical company that was incorporated in Delaware in 2005. Xeris is dedicated to the development of ready-to-use injectable and infusible drug formulations that address important unmet medical needs, are easier to use by patients, caregivers and health practitioners, and reduce costs for payors and the healthcare system. Since its inception, the Company has devoted its resources primarily to conducting research and development including preclinical studies of its product candidates and clinical trials of its most advanced product candidates, organizing and staffing the Company, raising capital and commercializing its first product, Gvoke ® , which was approved by the FDA in September 2019. Gvoke delivers ready-to-use glucagon via a commercially available pre-filled syringe or auto-injector for the treatment of severe hypoglycemia, a potentially life-threatening condition. The Company commercially launched Gvoke pre-filled syringe ("Gvoke PFS") in November 2019 and auto-injector ("Gvoke HypoPen ® ") in July 2020. The Company has financed its operations primarily through the issuance of its common stock, convertible debt and convertible preferred stock, and debt financings. The Company has incurred operating losses since inception and has an accumulated deficit of $355.8 million as of March 31, 2021. The Company expects to continue to incur net losses for at least the next 12 months. Based on the Company’s current operating plans and existing working capital at March 31, 2021, the Company believes its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months. The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of its products and any future products, if and when approved, successful development of its product candidates, the development of new technological innovations by its competitors, and protection of intellectual property. The ongoing global outbreak of the novel coronavirus disease (“COVID-19”) has resulted in significant governmental measures being implemented to control the spread of the virus and has caused the Company to modify its business practices (including remote work for most of its employees). While the Company cannot predict their scope and severity, these developments and measures could materially and adversely affect its business, the Company’s results of operations and its financial condition. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and are taking steps to minimize its impact on its business. However, the extent to which COVID-19 impacts the Company’s business, results of operations or financial condition will depend on the extent and severity of the continued spread of COVID-19 globally, the effectiveness of actions taken to contain the pandemic or treat its impact, and the resulting economic consequences, among others. Furthermore, if the Company or any of the third parties with whom it engages were to experience shutdowns or other business disruptions, the Company’s ability to conduct its business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on the Company’s business, results of operations and financial condition. Basis of presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, such financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and its results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K filed with the SEC on March 9, 2021. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Basis of Consolidation These condensed consolidated financial statements include the financial statements of Xeris Pharmaceuticals, Inc. and its subsidiary, Xeris Pharmaceuticals Australia Pty Ltd. All intercompany transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Net Sale s We commercially launched Gvoke PFS and Gvoke HypoPen for the treatment of severe hypoglycemia in people with diabetes in November 2019 and July 2020, respectively. Total net sales of Gvoke were $8.1 million and $1.7 million for the three months ended March 31, 2021 and 2020, respectively. Net sales represent gross product sales less estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. We apply significant judgments and estimates in determining some of these allowances. If actual results differ from our estimates, we make adjustments to these allowances in the period in which the actual results or updates to estimates become known. During the three months ended March 31, 2021, we made adjustments to rebate and patient assistance copay accruals which were recorded in prior years based on actual claims experience to date. These adjustments increased revenue by $0.9 million. Refer to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion of the Company's accounting policies. New accounting pronouncements Recently issued accounting pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2023. Early adoption is permitted but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference LIBOR or other reference rates that are expected to be discontinued because of reference rate reform. The amendments in this update are effective through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to expand and clarify the scope of Topic 848 to include derivative instruments on discounting transactions. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard eliminates certain exceptions in the current guidance related to the approach for intraperiod tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as further updated by ASU 2018-19, 2019-04, 2019-05, 2019-10 and 2020-03. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard will require allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. The FASB has recently extended the effective date of this standard for certain companies. This standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on its balance sheet. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory The components of inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 6,022 $ 2,874 Work in process 2,492 4,247 Finished goods 3,982 1,232 Inventory $ 12,496 $ 8,353 Inventory reserves were $1.9 million and $1.5 million at March 31, 2021 and December 31, 2020, respectively. |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued employee costs $ 6,939 $ 7,989 Accrued supply chain costs 1,270 1,702 Accrued marketing and selling costs 1,426 1,114 Accrued research and development costs 765 678 Accrued restructuring charges 512 811 Accrued interest expense 823 1,527 Accrued other costs 2,169 2,074 Other accrued liabilities $ 13,904 $ 15,895 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-term Debt Convertible Senior Notes In June 2020, the Company completed a public offering of $86.3 million aggregate principal amount of the Company's 5.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes which was exercised in full in July 2020. The Company incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. The Company used $20.0 million and $4.2 million of the net proceeds from the sale to prepay a portion of the principal amount on the Term A Loan (as defined below) and the remaining amount of borrowings outstanding under the PPP Loan (as defined below), respectively. The Convertible Notes are governed by the terms of a base indenture for senior debt securities, as supplemented by the first supplemental indenture thereto, each dated as of June 30, 2020, by and between the Company and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at the rate of 5.00% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021, to holders of record at the close of business on the preceding January 1 and July 1, respectively. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company. At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of Convertible Notes may convert their Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The conversion rate for the Convertible Notes will initially be 326.7974 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $3.06 per share of common stock, and is subject to adjustment under the terms of the Convertible Notes. In the event of certain circumstances, the Company will increase the conversion rate, provided that the conversion rate will not exceed 367.6470 shares of the Company's common stock per $1,000 principal amount of Convertible Notes. In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of the Company’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, the Company entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of the Company’s common stock. The Company recognized a $2.6 million loss related to the convertible note exchange transactions. The Convertible Notes are senior, unsecured obligations and are equal in right of payment with the Company's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of its subsidiaries. Senior Secured Loan Facility In February 2018, the Company entered into the Loan and Security Agreement, dated as of February 28, 2018 (as amended, the “Original Loan Agreement”), with Oxford Finance LLC, as the collateral agent and a lender (“Oxford”), and Silicon Valley Bank, as a lender (“SVB”, and together with Oxford, the “Lenders”), which provided for a senior secured loan facility of up to an aggregate principal amount of $45.0 million. The first tranche of $20.0 million was drawn down in February 2018 (the "2018 Term A Loan"). The second tranche of $15.0 million was drawn down in September 2018 (the "2018 Term B Loan"). The Company also issued warrants to the Lenders to purchase common stock, which is further discussed in Note 7, "Warrants." In September 2019, the Company entered into an Amended and Restated Loan and Security Agreement (the "Loan Agreement") with the Lenders which amended and restated the Original Loan Agreement in its entirety. The Loan Agreement provided for the Lenders to extend up to $85.0 million in term loans to the Company in three tranches. The initial tranche of $60.0 million (the “Term A Loan”) was drawn down in September 2019. Additional tranches of $15.0 million (the "Term B Loan") and $10.0 million (the “Term C Loan”) were contingent on achievement of certain revenue targets which were not achieved. In conjunction with the execution of the Loan Agreement, the 2018 Term A Loan and 2018 Term B Loan were repaid and the final payment fee of $2.3 million was paid. Effective April 21, 2020, the Company entered into that certain First Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “First Amendment”) to amend the Loan Agreement to allow the Company to incur indebtedness under the U.S. Small Business Administration (the “SBA”) Paycheck Protection Program (the “PPP”) enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) in the amount of $5.1 million (the “PPP Loan”). On June 30, 2020, the Company entered into that certain Second Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Second Amendment") to amend the Loan Agreement to provide for the Lenders’ consent to and allow for the Company's underwritten public offering of the Company's 5.00% Convertible Senior Notes due 2025 and permit the Company to prepay its PPP Loan in full. The Second Amendment also provided for the extension of the interest-only payment period through December 31, 2021, after which the term loans would be payable in 30 equal monthly installments. However, if the Company achieved a certain revenue milestone prior to January 1, 2022, then the period for interest-only payments would be extended through September 30, 2022, after which the term loans would be payable in 21 equal monthly installments. In addition the Second Amendment further provided for an extension of the maturity date from June 1, 2023 to June 1, 2024. After repayment, no loans may be re-borrowed. Pursuant to the Second Amendment, the Company prepaid a portion of the Term A Loan equal to the sum of (i) $20.0 million, plus all accrued and unpaid interest as of the date of the Second Amendment, (ii) the applicable final payment fee of $0.6 million, (iii) the applicable prepayment fee of $0.3 million and (iv) all outstanding Lenders’ expenses as of the date of the Second Amendment. Additionally, the Company is required to maintain a minimum balance of $5.0 million in unrestricted cash at SVB at all times and to pay an amendment fee of up to $0.1 million at the earliest to occur of the maturity date, acceleration of any term loan, or prepayment of any term loan amount. On August 5, 2020, the Company entered into that certain Third Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Third Amendment) to amend the Loan Agreement to (i) amend the definition of “Permitted Indebtedness” to include a new standby letter of credit in an amount not to exceed $0.4 million issued to the landlord for the Company’s new leased laboratory space and (ii) permit the sale of certain equipment related to the relocation of the Company’s research and development laboratory from San Diego to Chicago. On October 23, 2020, the Company entered into that certain Fourth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Fourth Amendment") to amend the Loan Agreement to provide an additional tranche of $3.5 million (the “Term D Loan”, and, together with the Term A Loan, Term B Loan, and Term C Loan, the "Term Loan"), available upon execution. The Term D Loan of $3.5 million was drawn in November 2020 and will be payable under the same payment terms as the term loans. After repayment, the loan may not be re-borrowed. On May 3, 2021, the Company entered into that certain Fifth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Fifth Amendment”) to amend the Loan Agreement (as amended, supplemented or otherwise modified from time to time, including by that certain First Amendment, Second Amendment, Third Amendment, Fourth Amendment, and Fifth Amendment, collectively, the "Amended Loan Agreement"). The Fifth Amendment provides that if the Company achieves a certain revenue milestone prior to November 30, 2021, then the period for interest-only payments is extended six months to July 2022 and the Term Loan will be payable in 24 equal monthly installments. If the Company achieves another revenue milestone prior to May 31, 2022, the period for interest-only payments is further extended three months, to October 2022 and the Term Loan will be payable in 21 equal monthly installments. If the Company achieves a third revenue milestone by September 15, 2022, the period for interest-only payments is further extended three months, to January 2023 and the Term Loan will be payable in 18 equal monthly installments. The Company currently expects to achieve each revenue milestone and has therefore classified the amounts due under the Amended Loan Agreement as non-current on its balance sheet as of March 31, 2021. Pursuant to the Amended Loan Agreement, the Company has provided a first priority security interest in substantially all of the Company’s assets, including intellectual property, subject to certain limited exceptions. All of the loans incur interest at a floating per annum rate in an amount equal to the sum of 6.25% plus the greater of (a) 2.43% and (b) the thirty-day U.S. Dollar LIBOR rate. For the period from the funding date of the Term A Loan through and including March 31, 2021, the interest rate was 8.68%. The remaining balance of unamortized debt issuance costs related to the Loan Agreement and the additional debt issuance costs incurred in conjunction with the Second Amendment have been reflected as a direct reduction to the loan balance and are being amortized to interest expense over the remaining life of the loan using the effective interest method. The Amended Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder, but not less than $2.0 million of the outstanding principal at any time. The Company is subject to a prepayment fee equal to 1.50% of the principal amount being prepaid. Also, a final payment fee of 3.0% multiplied by the amount to be repaid is due upon the earliest to occur of the maturity date of the Amended Loan Agreement, the acceleration of the amounts outstanding under the Amended Loan Agreement or prepayment of such borrowings and is recorded in other liabilities on the condensed consolidated balance sheets. The Amended Loan Agreement contains customary representations and warranties, events of default (including an event of default upon a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions. The components of debt are as follows (in thousands): March 31, 2021 December 31, 2020 Convertible Notes $ 47,175 $ 47,175 Senior secured loan facility 43,500 43,500 Less: unamortized debt issuance costs (3,403) (3,654) Long-term debt, net of unamortized debt issuance costs $ 87,272 $ 87,021 The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility (which reflect the Fifth Amendment) and the Convertible Notes (in thousands): 2021 $ — 2022 — 2023 29,000 2024 14,500 2025 47,175 $ 90,675 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company’s authorized shares of stock of 160.0 million are divided into 150.0 million shares of common stock, par value $0.0001 per share, and 10.0 million shares of preferred stock, par value $0.0001 per share. At March 31, 2021 none of the 10.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on its common stock during the periods presented. In February 2020, the Company completed an equity offering of its common stock pursuant to a shelf registration statement on Form S-3, which was filed on August 6, 2019 and declared effective by the SEC on August 21, 2019. The Company sold an aggregate of 10,299,769 shares of common stock at a price of $4.15 per share, including 1,299,769 shares pursuant to the underwriters’ option to purchase additional shares of common stock. Net proceeds from the equity offering were approximately $39.9 million after deducting underwriting discounts and commissions as well as other public offering expenses. In June 2020, the Company completed an equity offering of its common stock pursuant to the Shelf. The Company sold an aggregate of 8,510,000 shares of common stock at a price of $2.72 per share, including 1,110,000 shares pursuant to the underwriters' option to purchase additional shares which was fully exercised in July 2020. Net proceeds from the equity offering were approximately $21.6 million after deducting underwriting discounts and commissions as well as other public offering expenses. In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of the Company’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, the Company entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of the Company’s common stock. The Company recognized a $2.6 million loss related to the convertible note exchange transactions. In March 2021, the Company completed a registered direct offering of 6,553,398 shares of its common stock at a price of $4.12 per share. Net proceeds from the equity offering were approximately $26.9 million after deducting offering expenses. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds, upon settlement as RSUs vest or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. The Company then pays the minimum statutory withholding taxes in cash. During the three months ended March 31, 2021 and 2020, 220,425 and 31,250 RSUs vested, respectively for which 71,782 and 9,801 shares, respectively, were withheld to cover the minimum statutory withholding taxes of $0.4 million |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Warrants [Abstract] | |
Warrants | Warrants In 2014 the Company issued 19,931 warrants (the “2014 Warrants”) to certain investors. The 2014 Warrants allow each holder to purchase one share of common stock for $5.912. Of the 2014 Warrants, 18,512 warrants were exercised and 1,419 warrants expired. There are no 2014 Warrants outstanding as of March 31, 2021. As part of the Original Loan Agreement discussed in Note 5, "Long-term Debt," the Lenders received warrants concurrent with the borrowing. The warrants represent a right for the lender to purchase shares of the Company’s common stock at an exercise price of $11.169 per share. The Company issued 53,720 warrants (the "2018 Term A Warrants") upon the drawdown of the 2018 Term A Loan in February 2018, and the Company issued 40,292 warrants (the "2018 Term B Warrants") upon the drawdown of the 2018 Term B Loan in September 2018. There have been no exercises of 2018 Term A Warrants or 2018 Term B Warrants. Because the warrants are a freestanding instrument, indexed to the Company's stock, they do not meet the criteria for equity classification. Therefore, the warrants are classified as liabilities and subject to remeasurement at each reporting period until they are exercised, expired, or otherwise settled. The Company recognized gains of, $11,000 and $9,000 upon the change in fair value of the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended March 31, 2021. The Company recognized gains of $4,000, $75,000 and $56,000 upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended March 31, 2020. As of March 31, 2021, the following warrants were outstanding: Outstanding Warrants Exercise Price per Warrant Expiration Date 2018 Term A Warrants 53,720 $11.169 February 2025 2018 Term B Warrants 40,292 $11.169 September 2025 94,012 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has non-cancellable operating leases for office and laboratory space, which expire at various times through 2033. The non-cancellable lease agreements provide for monthly lease payments, which increase during the term of each lease agreement. Future minimum lease payments under operating leases at March 31, 2021 are as follows (in thousands): 2021 $ 962 2022 1,813 2023 2,031 2024 1,981 2025 1,931 Thereafter 13,723 Total minimum lease payments $ 22,441 Total rent expense under these operating leases was approximately $0.6 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, we had unused letters of credit of $1.4 million which were issued primarily to secure leases. Litigation From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of March 31, 2021, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company. |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Restructuring Costs In the third quarter of 2020, the Company commenced a plan to relocate its research and development laboratory from San Diego to Chicago. The costs associated with the plan include employee termination and relocation costs and other facility exit costs. The Company expects to incur total restructuring costs of approximately $2.3 million related to the plan. Costs of $0.3 million were incurred in the three months ended March 31, 2021, of which $0.1 million is included in research and development expenses, $0.1 million is included in selling, general and administrative expenses, and $0.1 million is included in costs of goods sold in the condensed consolidated statements of operations and comprehensive loss. The Company anticipates that the restructuring will be substantially complete by the end of the fourth quarter of 2021. The restructuring reserve is included in other accrued liabilities in the condensed consolidated balance sheet. The following table summarizes the initial restructuring reserve and the payments made during the three months ended March 31, 2021 (in thousands): Employee Termination and Relocation Costs Other Total Balance accrued at December 31, 2020 $ 646 $ 165 $ 811 Restructuring costs 253 57 310 Payments (393) (216) (609) Balance accrued at March 31, 2021 $ 506 $ 6 $ 512 |
Stock Compensation Plan
Stock Compensation Plan | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plan | Stock Compensation Plan In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the “2011 Plan”) and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards. The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date. The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. On January 1, 2021 and 2020, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 2,384,448 shares and 1,088,580 shares, respectively. As of March 31, 2021, there were 1,228,597 shares of common stock available for future issuance under the 2018 Plan. The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined by the ESPP administrator. On January 1, 2021 and 2020, the number of shares of common stock available for issuance under the ESPP increased by 386,000 shares and 272,145 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of March 31, 2021, there were 693,666 shares available for issuance under the ESPP. The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercial launch of Gvoke and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of March 31, 2021, there were 236,534 shares of common stock available for future issuance under the Inducement Plan. On October 8, 2020, the Company's stockholders, upon recommendation of the Board of Directors, approved an amendment to the Company's 2011 Plan and 2018 Plan to allow the Company to permit certain employee option holders, subject to specified conditions, to exchange some or all of their outstanding options to purchase shares of the Company's common stock for a lesser number of new options to purchase shares of the Company’s common stock (the “Option Exchange”). On November 10, 2020, the Company filed with the SEC a Tender Offer Statement on Schedule TO defining the terms and conditions of the Option Exchange. The total number of shares of common stock underlying a new option with respect to an exchanged eligible option was determined by dividing the number of shares of common stock underlying the exchanged eligible option by the applicable exchange ratio and rounding to the nearest whole number, subject to the terms and conditions described in the Exchange Offer. On December 10, 2020, the completion date of the Option Exchange, the Company canceled the options accepted for exchange and granted 832,907 new options to purchase shares of common stock in exchange for 1,127,906 options issued under the 2011 Plan and 2018 Plan. The exercise price per share of the options granted pursuant to the Exchange Offer was $4.09 per share, which was the closing price per share of common stock on The Nasdaq Global Select Market on the grant date of such new options. The new options will vest and become exercisable in two equal installments following the grant date, subject to an option holder's continuous service, and expire seven years from the grant date. On the grant date, the fair values of the options exchanged were similar to the fair values of the new options granted and, as such, the incremental compensation cost related to the Option Exchange was not material. Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two three seven The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to its IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date. The fair value of stock options granted was estimated with the following weighted average assumptions: Three Months Ended March 31, 2021 2020 Expected term (years) 6.1 6.1 Risk-free interest rate 1.16% 0.46% Expected volatility 76.25% 66.23% Expected dividends — — Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the three months ended March 31, 2021 was as follows: Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - January 1, 2021 4,953,906 $ 5.84 7.46 Granted 644,173 5.09 Exercised and vested (20,213) 1.57 Forfeited (237,622) 5.96 Expired (40,723) 13.77 Outstanding - March 31, 2021 5,299,521 $ 5.69 7.42 Exercisable - March 31, 2021 2,390,836 $ 5.80 6.18 Vested and expected to vest as of March 31, 2021 5,029,730 $ 5.71 7.31 The weighted average fair value of awards granted during the three months ended March 31, 2021 was $3.39 per share. The total intrinsic value of options exercised during the three months ended March 31, 2021 was $0.1 million . As of March 31, 2021, the aggregate intrinsic value of awards vested and expected to vest was $4.2 million. At March 31, 2021, there was a total of $11.0 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.3 years . A summary of outstanding RSU awards and the activity for the three months ended March 31, 2021 was as follows: Units Weighted Average Grant Date Fair Value Unvested balance - January 1, 2021 766,550 $ 7.07 Granted 1,405,344 5.08 Vested (220,425) 7.43 Forfeited (67,374) 5.30 Unvested balance - March 31, 2021 1,884,095 $ 5.60 RSUs are measured based on the fair market value of the underlying stock on the date of grant and vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period. As of March 31, 2021, there was $9.9 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted average remaining vesting period of 2.7 years . The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands): Three Months Ended 2021 2020 Cost of goods sold $ 16 $ 37 Research and development 347 297 Selling, general and administrative 2,098 1,674 Total stock-based compensation expense $ 2,461 $ 2,008 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories: Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below takes into account the market for its financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2021 and December 31, 2020 (in thousands): Total as of March 31, 2021 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 66,604 $ 66,604 $ — $ — Investments: U.S. government securities 40,263 40,263 — — Corporate securities 6,874 — 6,874 — Commercial paper 16,986 — 16,986 — Foreign government securities 3,934 — 3,934 — Foreign corporate securities 1,233 — 1,233 — Total investments $ 69,290 $ 40,263 $ 29,027 $ — Liabilities Warrant liabilities $ 139 $ — $ — $ 139 Total as of December 31, 2020 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 37,598 $ 37,598 $ — $ — Investments: U.S. government securities 64,386 64,386 — — Corporate securities 13,625 — 13,625 — Commercial paper 18,179 — 18,179 — Total investments $ 96,190 $ 64,386 $ 31,804 $ — Liabilities Warrant liabilities $ 159 $ — $ — $ 159 The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands): Balance at December 31, 2020 $ 159 Change in fair value of warrants (20) Balance at March 31, 2021 $ 139 There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2021. |
Available-for-Sale Investments
Available-for-Sale Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Investments | Available-for-Sale Investments The Company classifies its investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of March 31, 2021, consist of U.S. Treasury and agency bonds and corporate entity commercial paper and securities, all with maturities of more than three months but less than one year at the date of purchase. Debt securities as of March 31, 2021 had an average remaining maturity of 0.3 years. The debt securities are reported at fair value with unrealized gains or losses recorded in other comprehensive income (loss). Refer to Note 11, "Fair Value Measurements," for information related to the fair value measurements and valuation methods utilized. The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Amortized Gross Unrealized Gains Gross Unrealized Losses Total Investments: Commercial paper $ 16,986 $ — $ — $ 16,986 Corporate securities 6,865 11 (2) 6,874 U.S. government securities 40,256 7 — 40,263 Foreign government securities 3,935 $ — $ (1) $ 3,934 Foreign corporate securities 1,234 $ — $ (1) $ 1,233 Total available-for-sale investments $ 69,276 $ 18 $ (4) $ 69,290 December 31, 2020 Amortized Gross Unrealized Gains Gross Unrealized Losses Total Investments: Commercial paper $ 18,179 $ — $ — $ 18,179 Corporate securities 13,597 29 (1) 13,625 U.S. government securities 64,383 7 (4) 64,386 Total available-for-sale investments $ 96,159 $ 36 $ (5) $ 96,190 The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity of and reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three months ended March 31, 2021 and 2020, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | Net Loss Per Common ShareBasic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the shares issuable upon conversion, exercise of vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same. The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect: As of March 31, 2021 2020 Shares to be issued upon conversion of Convertible Notes 15,416,667 — Vested and unvested stock options 5,299,521 5,042,386 Restricted stock units 1,884,095 661,250 Warrants 94,012 95,431 22,694,295 5,799,067 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The components of inventories consisted of the following (in thousands): March 31, 2021 December 31, 2020 Raw materials $ 6,022 $ 2,874 Work in process 2,492 4,247 Finished goods 3,982 1,232 Inventory $ 12,496 $ 8,353 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses [Abstract] | |
Other accrued liabilities | Other accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued employee costs $ 6,939 $ 7,989 Accrued supply chain costs 1,270 1,702 Accrued marketing and selling costs 1,426 1,114 Accrued research and development costs 765 678 Accrued restructuring charges 512 811 Accrued interest expense 823 1,527 Accrued other costs 2,169 2,074 Other accrued liabilities $ 13,904 $ 15,895 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments | The components of debt are as follows (in thousands): March 31, 2021 December 31, 2020 Convertible Notes $ 47,175 $ 47,175 Senior secured loan facility 43,500 43,500 Less: unamortized debt issuance costs (3,403) (3,654) Long-term debt, net of unamortized debt issuance costs $ 87,272 $ 87,021 |
Schedule of Maturities of Long-term Debt | The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility (which reflect the Fifth Amendment) and the Convertible Notes (in thousands): 2021 $ — 2022 — 2023 29,000 2024 14,500 2025 47,175 $ 90,675 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Warrants [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | As of March 31, 2021, the following warrants were outstanding: Outstanding Warrants Exercise Price per Warrant Expiration Date 2018 Term A Warrants 53,720 $11.169 February 2025 2018 Term B Warrants 40,292 $11.169 September 2025 94,012 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under operating leases at March 31, 2021 are as follows (in thousands): 2021 $ 962 2022 1,813 2023 2,031 2024 1,981 2025 1,931 Thereafter 13,723 Total minimum lease payments $ 22,441 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the initial restructuring reserve and the payments made during the three months ended March 31, 2021 (in thousands): Employee Termination and Relocation Costs Other Total Balance accrued at December 31, 2020 $ 646 $ 165 $ 811 Restructuring costs 253 57 310 Payments (393) (216) (609) Balance accrued at March 31, 2021 $ 506 $ 6 $ 512 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands): Three Months Ended 2021 2020 Cost of goods sold $ 16 $ 37 Research and development 347 297 Selling, general and administrative 2,098 1,674 Total stock-based compensation expense $ 2,461 $ 2,008 |
Stock-based Compensation Assumptions Used in Black-Scholes Option Valuation Model | The fair value of stock options granted was estimated with the following weighted average assumptions: Three Months Ended March 31, 2021 2020 Expected term (years) 6.1 6.1 Risk-free interest rate 1.16% 0.46% Expected volatility 76.25% 66.23% Expected dividends — — |
Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Activity | Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the three months ended March 31, 2021 was as follows: Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - January 1, 2021 4,953,906 $ 5.84 7.46 Granted 644,173 5.09 Exercised and vested (20,213) 1.57 Forfeited (237,622) 5.96 Expired (40,723) 13.77 Outstanding - March 31, 2021 5,299,521 $ 5.69 7.42 Exercisable - March 31, 2021 2,390,836 $ 5.80 6.18 Vested and expected to vest as of March 31, 2021 5,029,730 $ 5.71 7.31 The weighted average fair value of awards granted during the three months ended March 31, 2021 was $3.39 per share. The total intrinsic value of options exercised during the three months ended March 31, 2021 was $0.1 million . As of March 31, 2021, the aggregate intrinsic value of awards vested and expected to vest was $4.2 million. At March 31, 2021, there was a total of $11.0 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.3 years . A summary of outstanding RSU awards and the activity for the three months ended March 31, 2021 was as follows: Units Weighted Average Grant Date Fair Value Unvested balance - January 1, 2021 766,550 $ 7.07 Granted 1,405,344 5.08 Vested (220,425) 7.43 Forfeited (67,374) 5.30 Unvested balance - March 31, 2021 1,884,095 $ 5.60 RSUs are measured based on the fair market value of the underlying stock on the date of grant and vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period. As of March 31, 2021, there was $9.9 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted average remaining vesting period of 2.7 years . |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands): Balance at December 31, 2020 $ 159 Change in fair value of warrants (20) Balance at March 31, 2021 $ 139 There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2021. |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2021 and December 31, 2020 (in thousands): Total as of March 31, 2021 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 66,604 $ 66,604 $ — $ — Investments: U.S. government securities 40,263 40,263 — — Corporate securities 6,874 — 6,874 — Commercial paper 16,986 — 16,986 — Foreign government securities 3,934 — 3,934 — Foreign corporate securities 1,233 — 1,233 — Total investments $ 69,290 $ 40,263 $ 29,027 $ — Liabilities Warrant liabilities $ 139 $ — $ — $ 139 Total as of December 31, 2020 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 37,598 $ 37,598 $ — $ — Investments: U.S. government securities 64,386 64,386 — — Corporate securities 13,625 — 13,625 — Commercial paper 18,179 — 18,179 — Total investments $ 96,190 $ 64,386 $ 31,804 $ — Liabilities Warrant liabilities $ 159 $ — $ — $ 159 |
Available-for-Sale Investments
Available-for-Sale Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Amortized Gross Unrealized Gains Gross Unrealized Losses Total Investments: Commercial paper $ 16,986 $ — $ — $ 16,986 Corporate securities 6,865 11 (2) 6,874 U.S. government securities 40,256 7 — 40,263 Foreign government securities 3,935 $ — $ (1) $ 3,934 Foreign corporate securities 1,234 $ — $ (1) $ 1,233 Total available-for-sale investments $ 69,276 $ 18 $ (4) $ 69,290 December 31, 2020 Amortized Gross Unrealized Gains Gross Unrealized Losses Total Investments: Commercial paper $ 18,179 $ — $ — $ 18,179 Corporate securities 13,597 29 (1) 13,625 U.S. government securities 64,383 7 (4) 64,386 Total available-for-sale investments $ 96,159 $ 36 $ (5) $ 96,190 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect: As of March 31, 2021 2020 Shares to be issued upon conversion of Convertible Notes 15,416,667 — Vested and unvested stock options 5,299,521 5,042,386 Restricted stock units 1,884,095 661,250 Warrants 94,012 95,431 22,694,295 5,799,067 |
Organization and Nature of th_2
Organization and Nature of the Business Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 355,796 | $ 337,385 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Net sales | $ 8,051 | $ 1,676 |
Revenue, Change in Judgment | 0.9 million |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 6,022 | $ 2,874 |
Work in process | 2,492 | 4,247 |
Finished goods | 3,982 | 1,232 |
Inventory | 12,496 | 8,353 |
Inventory Valuation Reserves | $ 1,900 | $ 1,500 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses [Abstract] | ||
Accrued employee-related costs | $ 6,939 | $ 7,989 |
Accrued supply chain costs | 1,270 | 1,702 |
Accrued marketing and selling costs | 1,426 | 1,114 |
Accrued research and development costs | 765 | 678 |
Accrued restructuring charges | 512 | 811 |
Accrued interest expense | 823 | 1,527 |
Accrued other costs | 2,169 | 2,074 |
Other accrued liabilities | $ 13,904 | $ 15,895 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | May 03, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Oct. 23, 2020 | Aug. 05, 2020 | Jul. 07, 2020 | Jun. 30, 2020 | Apr. 21, 2020 | Mar. 31, 2019 | Sep. 30, 2018 |
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 90,675 | ||||||||||||
Prepayment allowed per debt agreement | $ 2,000 | ||||||||||||
Prepayment penalty percentage | 1.50% | ||||||||||||
Final payment fee percentage | 3.00% | ||||||||||||
Interest expense | $ 1,791 | $ 1,499 | |||||||||||
Amortization of debt issuance costs | 251 | 180 | |||||||||||
Convertible notes purchased, due to exercise of underwriter option | $ 11,300 | ||||||||||||
Principal amount of convertible notes converted | $ 8,400 | ||||||||||||
Unused letters of credit | 1,400 | ||||||||||||
Issuance of common stock upon conversion of convertible notes, shares | 2,736,591 | ||||||||||||
Principal amount of convertible notes converted privately | $ 30,700 | ||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged | 10,435,200 | ||||||||||||
Loss on the convertible note exchange transactions | $ 2,600 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Period debt payments are interest only | 18 | ||||||||||||
Chicago Fulton Market [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unused letters of credit | $ 400 | ||||||||||||
2018 Loan and Security Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | ||||||||||||
Amended Loan and Security Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 85,000 | ||||||||||||
2018 Term A Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 20,000 | ||||||||||||
Term A Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Fee | 2.3 million | ||||||||||||
Term B Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 15,000 | ||||||||||||
Term A Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 43,500 | 43,500 | $ 60,000 | $ 43,500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.43% | ||||||||||||
Interest rate, greater of stated percentage and (a) 2.43% or (b) thirty-day LIBOR | 8.68% | ||||||||||||
Repayments of Notes Payable | 20,000 | ||||||||||||
Final payment fee settled at closing | 600 | ||||||||||||
Prepayment fee settled at closing | 300 | ||||||||||||
Minimum cash balance to be held with lender | $ 5,000 | ||||||||||||
Amendment fee to be settled at maturity | $ 100 | ||||||||||||
Term A Loan | Maximum | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Period debt payments are interest only | 24 | ||||||||||||
Term A Loan | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Period debt payments are interest only | 21 | ||||||||||||
Term A Loan | Minimum | Subsequent Event [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Period debt payments are interest only | 21 | ||||||||||||
Term C Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 10,000 | ||||||||||||
Term B Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | 15,000 | ||||||||||||
PPP Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes Payable | $ 5,100 | ||||||||||||
Repayments of Notes Payable | 4,200 | ||||||||||||
Convertible Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 47,175 | $ 47,175 | $ 47,175 | 86,300 | |||||||||
Debt Issuance Costs, Gross | $ 5,100 | ||||||||||||
Cash interest per annum on convertible notes | 5.00% | 5.00% | |||||||||||
Debt Instrument, Convertible, Conversion Price | $ 3.06 | ||||||||||||
Initial conversion rate for Convertible Notes | 326.7974 | 326.7974 | |||||||||||
Maximum conversion rate of Convertible Notes | 367.6470 | ||||||||||||
Per principal amount of Convertible Notes | $ 1 | $ 1 | |||||||||||
Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest expense | 1,800 | 1,500 | |||||||||||
Amortization of debt issuance costs | 300 | $ 200 | |||||||||||
Term D Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt | $ 3,500 | $ 3,500 | |||||||||||
Loans | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Period debt payments are interest only | 30 |
Long-Term Debt - Components of
Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 07, 2020 | Sep. 30, 2019 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 90,675 | |||
Less: unamortized debt issuance costs | (3,403) | $ (3,654) | ||
Long-term debt, net of unamortized debt issuance costs | 87,272 | 87,021 | ||
Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 47,175 | 47,175 | $ 86,300 | |
Term A Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 43,500 | $ 43,500 | $ 60,000 |
Long-Term Debt - Future Minimum
Long-Term Debt - Future Minimum Principal Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 0 |
2022 | 0 |
2023 | 29,000 |
2024 | 14,500 |
2025 | 47,175 |
Long-term Debt | $ 90,675 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Mar. 17, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Feb. 14, 2020 | |
Equity [Abstract] | |||||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | |||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Common Shares, Par Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred Stock, Par Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Total common stock and preferred stock authorized shares | 160,000,000 | ||||||||
Common Stock, Shares, Issued | 66,333,456 | 59,611,202 | 59,611,202 | 59,611,202 | 6,553,398 | 8,510,000 | 10,299,769 | ||
Shares Issued, Price Per Share | $ 4.12 | $ 2.72 | $ 4.15 | ||||||
Common shares issued, due to exercise of underwriter option | 1,299,769 | 1,110,000 | |||||||
Net proceeds from issuance of public offering | $ 26,900 | $ 39,900 | $ 21,600 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 71,782 | 9,801 | |||||||
Statutory withholding taxes on vesting and settlement of RSUs | $ 400 | $ 100 | |||||||
Restricted stock units vested and settled during period | 220,425 | 31,250 | |||||||
Issuance of common stock upon conversion of convertible notes, shares | 2,736,591 | ||||||||
Principal amount of convertible notes converted | $ 8,400 |
Warrants - Narrative (Details)
Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 23 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2014 | Aug. 20, 2020 | |
Class of Warrant or Right [Line Items] | |||||||
Change in fair value of warrants | $ (20) | $ (135) | |||||
2014 Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Preferred stock and warrants issued during the period, shares | 19,931 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.912 | ||||||
Class of warrants, exercised | 18,512 | ||||||
Change in fair value of warrants | 4 | ||||||
Class of warrants, expired | 1,419 | ||||||
Term A Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Preferred stock and warrants issued during the period, shares | 53,720 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.169 | ||||||
Warrants outstanding | 53,720 | ||||||
Change in fair value of warrants | $ 11 | 75 | |||||
Term B Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Preferred stock and warrants issued during the period, shares | 40,292 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.169 | ||||||
Warrants outstanding | 40,292 | ||||||
Change in fair value of warrants | $ 9 | $ 56 |
Warrants - Warrants Outstanding
Warrants - Warrants Outstanding (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,694,295 | 5,799,067 | |
2014 Warrants | |||
Class of Warrant or Right [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.912 | ||
Term A Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding | 53,720 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.169 | ||
Term B Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding | 40,292 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 11.169 | ||
Warrants | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding | 94,012 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 94,012 | 95,431 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining future minimum lease payments, 2021 | $ 962 | |
Remaining future minimum lease payments, 2022 | 1,813 | |
Remaining future minimum lease payments, 2023 | 2,031 | |
Remaining future minimum lease payments, 2024 | 1,981 | |
Remaining future minimum lease payments, 2025 | 1,931 | |
Remaining future minimum lease payments, 2026 and thereafter | 13,723 | |
Operating Leases, Future Minimum Payments Due | 22,441 | |
Rent Expense, operating leases | 600 | $ 500 |
Unused letters of credit | 1,400 | |
Other Commitments [Line Items] | ||
Remaining future minimum lease payments, 2021 | 962 | |
Remaining future minimum lease payments, 2022 | 1,813 | |
Remaining future minimum lease payments, 2023 | 2,031 | |
Remaining future minimum lease payments, 2024 | 1,981 | |
Remaining future minimum lease payments, 2025 | 1,931 | |
Remaining future minimum lease payments, 2026 and thereafter | $ 13,723 |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Payments for Restructuring | $ (609) | |
Accrued restructuring charges | 512 | $ 811 |
Restructuring Charges | 310 | |
Restructuring and Related Cost, Expected Cost | 2,300 | |
Research and Development Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 100 | |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 100 | |
Cost of Sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges | 100 | |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Payments for Restructuring | (393) | |
Accrued restructuring charges | 506 | 646 |
Restructuring Charges | 253 | |
Other Restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Payments for Restructuring | (216) | |
Accrued restructuring charges | 6 | $ 165 |
Restructuring Charges | $ 57 |
Stock Compensation Plan - Share
Stock Compensation Plan - Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days |
Risk-free interest rate | 1.16% | 0.46% |
Expected volatility | 76.25% | 66.23% |
Expected dividends | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period upon Option Exchange | 832,907 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Cancelled upon Option exchange | 1,127,906 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period upon Option Exchange, Weighted Average Exercise Price | $ 4.09 |
Stock Compensation Plan - Emplo
Stock Compensation Plan - Employee Stock Award Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized expense from restricted stock units | $ 9,900,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,405,344 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 5.60 | $ 7.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,884,095 | 766,550 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (220,425) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.08 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 7.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 5.30 | ||
Vested and unvested stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,299,521 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,953,906 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 5.69 | $ 5.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 5 months 1 day | 7 years 5 months 15 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 644,173 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 5.09 | ||
Exercise and vesting of stock options, shares | (20,213) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (237,622) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 5.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (40,723) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 13.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,390,836 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 5.80 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 2 months 4 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 7 years 3 months 21 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,029,730 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 5.71 | ||
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (67,374) |
Stock Compensation Plan - Stock
Stock Compensation Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 2,461 | $ 2,008 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 100 | |
Research and Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 347 | 297 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | 2,098 | 1,674 |
Cost of Sales | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 16 | $ 37 |
Stock Compensation Plan - Narra
Stock Compensation Plan - Narrative (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 11,000,000 | ||||
Least amount of annual increase of shares available for issuance | 386,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 100,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||||
Unrecognized expense from restricted stock units | $ 9,900,000 | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Stock Option Two Year Vesting Period [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 8 months 12 days | ||||
Stock Option Three Year Vesting Period [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Equity Inducement Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 236,534 | ||||
Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 193,000 | ||||
Percentage shares available for issuance automatically increase annually | 1.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 386,000 | 272,145 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 693,666 | ||||
Maximum employee payroll deduction percentage | 15.00% | ||||
Common stock value, tax limit on employee stock purchase plan | $ 25,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||
2011 Stock Option Issuance Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,714,982 | ||||
2018 Stock Option and Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,822,000 | ||||
Percentage shares available for issuance automatically increase annually | 4.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,384,448 | 1,088,580 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,228,597 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and money market funds | $ 66,604 | $ 37,598 | |
Total Fair Value | 69,290 | 96,190 | |
Warrants liabilities | 139 | 159 | |
Change in fair value of warrants | (20) | $ (135) | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and money market funds | 66,604 | 37,598 | |
Total Fair Value | 40,263 | 64,386 | |
Warrants liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and money market funds | 0 | 0 | |
Total Fair Value | 29,027 | 31,804 | |
Warrants liabilities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and money market funds | 0 | 0 | |
Total Fair Value | 0 | 0 | |
Warrants liabilities | 139 | 159 | |
U.S. government securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 40,263 | 64,386 | |
U.S. government securities | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 40,263 | 64,386 | |
U.S. government securities | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 0 | 0 | |
U.S. government securities | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 0 | 0 | |
Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 6,874 | 13,625 | |
Corporate securities | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 0 | 0 | |
Corporate securities | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 6,874 | 13,625 | |
Corporate securities | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 0 | 0 | |
Commercial paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 16,986 | 18,179 | |
Commercial paper | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 0 | 0 | |
Commercial paper | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | 16,986 | 18,179 | |
Commercial paper | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value | $ 0 | $ 0 |
Available-for-Sale Investment_2
Available-for-Sale Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available For Sale Securities Maturities Period | 3 months 18 days | ||
Amortized Cost | $ 69,276 | $ 96,159 | |
Gross Unrealized Gains | 18 | $ 36 | |
Gross Unrealized Losses | (4) | (5) | |
Total Fair Value | 69,290 | 96,190 | |
Commercial paper | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 16,986 | 18,179 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Total Fair Value | 16,986 | 18,179 | |
Corporate securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 6,865 | 13,597 | |
Gross Unrealized Gains | 11 | 29 | |
Gross Unrealized Losses | (2) | (1) | |
Total Fair Value | 6,874 | 13,625 | |
U.S. government securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 40,256 | 64,383 | |
Gross Unrealized Gains | 7 | 7 | |
Gross Unrealized Losses | 0 | $ (4) | |
Total Fair Value | 40,263 | $ 64,386 | |
Foreign government securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 3,935 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (1) | ||
Total Fair Value | 3,934 | ||
Debt Security, Corporate, Non-US | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 1,234 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (1) | ||
Total Fair Value | $ 1,233 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,694,295 | 5,799,067 |
Shares to be issued upon conversion of Convertible Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,416,667 | 0 |
Vested and unvested stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,299,521 | 5,042,386 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,884,095 | 661,250 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 94,012 | 95,431 |
Uncategorized Items - xers-2021
Label | Element | Value |
Common Stock [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 1,000 |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue | $ 3.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue | $ 4,200,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 | 4 years |