Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 11, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CATALYST PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 0001369568 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | CPRX | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Address, State or Province | FL | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 103,824,973 | ||
Entity Tax Identification Number | 76-0837053 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 355 Alhambra Circle | ||
Entity Address, Address Line Two | Suite 801 | ||
Entity Address, City or Town | Coral Gables | ||
Entity Address, Postal Zip Code | 33134 | ||
City Area Code | 305 | ||
Local Phone Number | 420-3200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-33057 | ||
Entity Public Float | $ 444,887,344 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 130,237,109 | $ 89,511,710 |
Short-term investments | 10,041,068 | 5,007,050 |
Accounts receivable, net | 5,987,426 | 10,536,997 |
Inventory | 4,650,600 | 1,956,792 |
Prepaid expenses and other current assets | 8,327,771 | 4,351,074 |
Total current assets | 159,243,974 | 111,363,623 |
Operating lease right-of-use asset | 793,252 | |
Property and equipment, net | 129,800 | 210,467 |
Deferred tax assets | 32,971,264 | |
Deposits | 8,888 | 8,888 |
Total assets | 192,353,926 | 112,376,230 |
Current Liabilities: | ||
Accounts payable | 4,256,020 | 4,117,447 |
Accrued expenses and other liabilities | 18,500,267 | 19,981,295 |
Total current liabilities | 22,756,287 | 24,098,742 |
Operating lease liability, net of current portion | 647,532 | |
Total liabilities | 22,756,287 | 24,746,274 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized: none issued and outstanding at December 31, 2020 and 2019 | 0 | |
Common stock, $0.001 par value, 200,000,000 and 150,000,000 shares authorized; 103,781,641 shares and 103,397,033 shares issued and outstanding at December 31, 2020 and 2019, respectively | 103,782 | 103,397 |
Additional paid-in capital | 223,168,149 | 216,205,678 |
Accumulated deficit | (53,705,624) | (128,688,624) |
Accumulated other comprehensive income (loss) | 31,332 | 9,505 |
Total stockholders' equity | 169,597,639 | 87,629,956 |
Total liabilities and stockholders' equity | $ 192,353,926 | $ 112,376,230 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 150,000,000 |
Common stock, shares issued | 103,781,641 | 103,397,033 |
Common stock, shares outstanding | 103,781,641 | 103,397,033 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Product revenue, net | $ 118,740,617 | $ 102,306,337 | |
Revenue, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Revenues from collaborative arrangements | $ 332,186 | $ 500,000 | |
Total revenues | 119,072,803 | $ 102,306,337 | $ 500,000 |
Operating costs and expenses: | |||
Cost of sales | $ 17,039,157 | $ 14,759,139 | |
Cost, Product and Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
Research and development | $ 16,496,715 | $ 18,842,752 | $ 19,919,204 |
Selling, general and administrative | 44,233,754 | 36,881,187 | 15,875,961 |
Total operating costs and expenses | 77,769,626 | 70,483,078 | 35,795,165 |
Operating income (loss) | 41,303,177 | 31,823,259 | (35,295,165) |
Other income, net | 586,897 | 1,585,774 | 1,291,651 |
Net income (loss) before income taxes | 41,890,074 | 33,409,033 | (34,003,514) |
Income tax provision (benefit) | (33,092,926) | 1,533,696 | 0 |
Net income (loss) | $ 74,983,000 | $ 31,875,337 | $ (34,003,514) |
Net income (loss) per share: | |||
Basic | $ 0.72 | $ 0.31 | $ (0.33) |
Diluted | $ 0.71 | $ 0.30 | $ (0.33) |
Weighted average shares outstanding: | |||
Basic | 103,512,913 | 102,944,316 | 102,633,884 |
Diluted | 106,242,273 | 106,020,936 | 102,633,884 |
Net income (loss) | $ 74,983,000 | $ 31,875,337 | $ (34,003,514) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available-for-sale securities | 21,827 | 29,753 | (20,248) |
Comprehensive income (loss) | $ 75,004,827 | $ 31,905,090 | $ (34,023,762) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] |
Beginning Balance at Dec. 31, 2017 | $ 80,963,812 | $ 102,549 | $ 207,421,710 | $ (126,560,447) | |
Beginning Balance (shares) at Dec. 31, 2017 | 102,549,498 | ||||
Issuance of common stock, net | 10,549 | $ 3 | 10,546 | ||
Issuance of common stock, net (shares) | 3,094 | ||||
Issuance of stock options for services | 3,535,647 | 3,535,647 | |||
Exercise of stock options for common stock | 297,563 | $ 187 | 297,376 | ||
Exercise of stock options for common stock (shares) | 186,665 | ||||
Other comprehensive gain (loss) | (20,248) | $ (20,248) | |||
Net income (loss) | (34,003,514) | (34,003,514) | |||
Ending Balance at Dec. 31, 2018 | 50,783,809 | $ 102,739 | 211,265,279 | (160,563,961) | (20,248) |
Ending Balance (shares) at Dec. 31, 2018 | 102,739,257 | ||||
Issuance of stock options for services | 3,780,086 | 3,780,086 | |||
Exercise of stock options for common stock | 1,116,242 | $ 658 | 1,115,584 | ||
Exercise of stock options for common stock (shares) | 657,776 | ||||
Amortization of restricted stock for services | 44,729 | 44,729 | |||
Other comprehensive gain (loss) | 29,753 | 29,753 | |||
Net income (loss) | 31,875,337 | 31,875,337 | |||
Ending Balance at Dec. 31, 2019 | 87,629,956 | $ 103,397 | 216,205,678 | (128,688,624) | 9,505 |
Ending Balance (shares) at Dec. 31, 2019 | 103,397,033 | ||||
Issuance of stock options for services | 5,694,120 | 5,694,120 | |||
Exercise of stock options for common stock | $ 758,130 | $ 282 | 757,848 | ||
Exercise of stock options for common stock (shares) | 281,762 | 281,762 | |||
Amortization of restricted stock for services | $ 566,803 | 566,803 | |||
Issuance of common stock upon vesting of restricted stock units, net | (56,197) | $ 103 | (56,300) | ||
Issuance of common stock upon vesting of restricted stock units, net (Share) | 102,846 | ||||
Other comprehensive gain (loss) | 21,827 | 21,827 | |||
Net income (loss) | 74,983,000 | 74,983,000 | |||
Ending Balance at Dec. 31, 2020 | $ 169,597,639 | $ 103,782 | $ 223,168,149 | $ (53,705,624) | $ 31,332 |
Ending Balance (shares) at Dec. 31, 2020 | 103,781,641 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net income (loss) | $ 74,983,000 | $ 31,875,337 | $ (34,003,514) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 92,065 | 54,327 | 37,978 |
Amortization of right-of-use asset | 793,252 | 243,399 | |
Stock-based compensation | 6,260,923 | 3,824,815 | 3,550,644 |
Deferred taxes | (32,971,264) | ||
Change in accrued interest and accretion of discount on investments | (12,191) | (290,805) | (443,139) |
(Increase) decrease in: | |||
Accounts receivable, net | 4,549,571 | (10,536,997) | |
Inventory | (2,693,808) | (1,900,780) | (56,012) |
Prepaid expenses and other current assets and deposits | (3,976,697) | (2,701,293) | (476,037) |
Increase (decrease) in: | |||
Accounts payable | 138,573 | 1,780,080 | 391,792 |
Accrued expenses and other liabilities | (1,209,280) | 12,540,197 | 4,850,743 |
Operating lease liability | (919,280) | (276,807) | |
Net cash provided by (used in) operating activities | 45,034,864 | 34,611,473 | (26,147,545) |
Investing Activities: | |||
Purchases of property and equipment | (11,398) | (19,369) | (92,018) |
Purchases of investments | (10,000,000) | (34,725,401) | (36,790,854) |
Proceeds from maturities and sales of investments | 5,000,000 | 71,969,365 | 21,800,000 |
Net cash provided by (used in) investing activities | (5,011,398) | 37,224,595 | (15,082,872) |
Financing Activities: | |||
Payment of employee withholding tax related to stock-based compensation | (56,197) | (4,448) | |
Proceeds from exercise of stock options | 758,130 | 1,116,242 | 297,563 |
Net cash provided by (used in) financing activities | 701,933 | 1,116,242 | 293,115 |
Net increase (decrease) in cash and cash equivalents | 40,725,399 | 72,952,310 | (40,937,302) |
Cash and cash equivalents – beginning of period | 89,511,710 | 16,559,400 | 57,496,702 |
Cash and cash equivalents – end of period | 130,237,109 | 89,511,710 | 16,559,400 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 2,785,497 | ||
Non-cash investing and financing activities: | |||
Unrealized gain (loss) on available-for-sale securities | $ 21,827 | $ 29,753 | $ (20,248) |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Descript i Catalyst Pharmaceuticals, Inc. and subsidiary (collectively, the “Company”) is a commercial-stage biopharmaceutical company focused on developing and commercializing innovative therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS) and Anti-MuSK antibody positive myasthenia gravis (MuSK-MG). The Company (f/k/a Catalyst Pharmaceutical Partners, Inc.) was incorporated in Delaware in July 2006. It is the successor by merger to Catalyst Pharmaceutical Partners, Inc., a Florida corporation, which commenced operations in January 2002. On November 28, 2018, the U.S. Food and Drug Administration, or FDA, granted approval of Firdapse ® ® On August 6, 2020, the Company announced that Canada’s national healthcare regulatory agency, Health Canada, has approved Firdapse ® ® Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, raising capital, and selling its product. The Company incurred operating losses in each period from inception and started reporting operating income during the year ended December 31, 2019. The Company has been able to fund its cash needs to date through several public and private offerings of its securities and from revenues from its product sales. See Note 11 (Stockholders’ Equity). Capital Resources While there can be no assurance, based on currently available information, the Company estimates that it has sufficient resources to support its operations for at least the next 12 months from the issuance date of this Form 10-K. The Company may raise required funds in the future through public or private equity offerings, debt financings, corporate collaborations, governmental research grants or other means. The Company may also seek to raise new capital to fund additional drug development efforts, even if it has sufficient funds for its planned operations. Any sale by the Company of additional equity or convertible debt securities could result in dilution to the Company’s current stockholders. There can be no assurance that any required additional funding will be available to the Company at all or available on terms acceptable to the Company. Further, to the extent that the Company raises additional funds through collaborative arrangements, it may be necessary to relinquish some rights to the Company’s drug candidates or grant sublicenses on terms that are not favorable to the Company. If the Company is not able to secure additional funding when needed, the Company may have to delay, reduce the scope of, or eliminate one or more research and development programs, which could have an adverse effect on the Company’s business. Risks and Uncertainties There are many uncertainties regarding the novel coronavirus (COVID-19) COVID-19 COVID-19 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies. a. PRINCIPLES OF CONSOLIDATION. b. USE OF ESTIMATES. c. CASH AND CASH EQUIVALENTS. d. INVESTMENTS. The short-term bond funds and U.S. Treasuries held at December 3 1 available-for-sale non-current The Company records available-for-sale available-for-sale available-for-sale The Company previously owned a short-term bond fund that was classified as trading securities. Trading securities are recorded at fair value based on the closing market price of the security. For trading securities, the Company recognized realized gains and losses and unrealized gains and losses to earnings. At December 31, 2020 and 2019, there were no investments classified as trading securities, as the Company sold its interest in the short-term bond fund classified as trading securities in 2019 . e. ACCOUNTS RECEIVABLE, NET. Accounts receivable are recorded net of customer allowance for distribution fees, trade discounts, prompt payment discounts, chargebacks and expected credit losses. Allowances for distribution fees, trade discounts, prompt payment discounts and chargebacks are based on contractual terms. The Company estimates the allowance for expected credit losses based on existing contractual payment terms, actual payment patterns of its customer and customer circumstances. At December 31, 2020 and 2019, the Company determined that an allowance for expected credit losses was not required. No accounts were written off during the periods presented. f. INVENTORY . work-in-process Cost is determined using a standard cost method, which approximates actual cost, and assumes a first-in, first out (FIFO) flow of goods. The Company began capitalizing inventories post FDA approval of Firdapse ® on November 28, 2018 as the related costs were expected to be recoverable through the commercialization of the product. Costs incurred prior to the FDA approval of Firdapse ® were recorded as research and development expenses in prior years’ consolidated statements of operations and comprehensive income (loss). If information becomes available that suggests that inventories may not be realizable, the Company may be required to expense a portion or all of the previously capitalized inventories. As of December 31, 2020 and 2019, inventory consisted mainly of work-in-process and finished goods. Products that have been approved by the FDA or other regulatory authorities, such as Firdapse ® ® The Company evaluates for potential excess inventory by analyzing current and future product demand relative to the remaining product shelf life. The Company builds demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance, and patient usage. g. PREPAID EXPENSES AND OTHER CURRENT ASSETS. pre-clinical h. PROPERTY AND EQUIPMENT, NET. three four i. FAIR VALUE OF FINANCIAL INSTRUMENTS. j. FAIR VALUE MEASUREMENTS. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair Value Measurements at Reporting Date Using Balances as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents: Money market funds $ 15,673,626 $ 15,673,626 $ — $ — U.S. Treasuries $ 104,994,400 $ — $ 104,994,400 $ — Short-term investments: Short-term bond funds $ 10,041,068 $ 10,041,068 $ — $ — Balances as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents: Money market funds $ 23,963,617 $ 23,963,617 $ — $ — U.S. Treasuries $ 59,932,200 $ — $ 59,932,200 $ — Short-term investments: U.S. Treasuries $ 5,007,050 $ — $ 5,007,050 $ — k. OPERATING LEASES. right-of-use non-lease l. REVENUE RECOGNITION. ® ® ® ® To determine revenue recognition for arrangements that are within the scope of Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. For a complete discussion of accounting for product revenue, see Product Revenue, Net below. The Company also may generate revenues from payments received under a collaborative agreement. Collaborative agreement payments may include nonrefundable fees at the inception of the agreements, contingent payments for specific achievements designated in the collaborative agreements, and/or net profit-sharing payments on sales of products resulting from a collaborative arrangement. For a complete discussion of accounting for collaborative arrangements, see Revenues from Collaborative Arrangements below. Product Revenue, Net: ® ® The Company recognizes revenue on product sales when the Customer obtains control of the Company’s product, which occurs at a point in time (upon delivery or upon dispense to patient). Product revenue is recorded net of applicable reserves for variable consideration, including discounts and allowances. The Company’s payment terms range between 15 and 30 days. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of sales. If taxes should be collected from the Customer relating to product sales and remitted to governmental authorities, they will be excluded from revenue. The Company expenses incremental costs of obtaining a contract when incurred, if the expected amortization period of the asset that the Company would have recognized is one year or less. However, no such costs were incurred during the years ended December 31, 2020 and 2019. During the years ended December 31, 2020 and 2019, all of the Company’s sales of Firdapse ® Reserves for Variable Consideration: These estimates take into consideration a range of possible outcomes which are probability-weighted in accordance with the expected value method in Topic 606 for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. The Company’s analyses also contemplates application of the constraint in accordance with the guidance, under which it determined a material reversal of revenue would not occur in a future period for the estimates detailed below as of December 31, 2020 and, therefore, the transaction price was not reduced further during the years ended December 31, 2020 and 2019. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Trade Discounts and Allowances: ® Prompt Payment Discounts: Funded Co-pay co-pay co-pay ® Product Returns: Provider Chargebacks and Discounts: Government Rebates: Bridge and Patient Assistance Programs: ® pre-established ® ® ® ® Revenues from Collaborative Arrangements: ® ® net-profit Nonrefundable upfront license fees are recognized upon receipt or over time based on a determination of whether access to the Company’s intellectual property is throughout the license period, or whether the right is provided as the intellectual property exists as the point in time in which the license is granted. In the third quarter of 2020, an upfront fee was earned under the collaboration agreement for the commercialization of Firdapse ® The collaborative agreements provide for milestone payments upon achievement of development and regulatory events. The Company accounts for milestone payments as variable consideration in accordance with Topic 606. The Company recognizes sales-based sales-based In arrangements where the Company does not deem the collaborator to be a customer, payments to and from the collaborator are presented in the statement of operations based on the nature of the Company’s business operations, the nature of the arrangement, including the contractual terms, and the nature of the payments. Under the arrangements, the Company will receive profit-sharing reports 60 days after quarter end from one collaborator, and within nine days after quarter end from the other collaborator. Since the Company will receive these reports 60 days after quarter end, profit-sharing revenue from sales of collaboration products by the Company’s collaborator will be recognized in the quarter following the quarter in which the corresponding sales occurred. In instances where profit-sharing reports are received within nine days after quarter end, revenue from sales of collaboration products by the Company’s collaborator will be recognized in the quarter in which the sales occurred. For the year ended December 31, 2020, there was profit-sharing revenue of approximately $ from sales of the collaborative product in Canada. For the years ended December , and , there was profit-sharing revenue from sales of the collaborative product. Refer to Note 7 (Collaborative Arrangements), for further discussion on the Company’s collaborative arrangements. m. RESEARCH AND DEVELOPMENT. n. STOCK-BASED COMPENSATION. The Company recognizes expense in the consolidated statements of operations and comprehensive income (loss) for the fair value of all stock-based payments to employees, directors and consultants, including grants of stock options and other share-based awards. For stock options, the Company uses the Black-Scholes option valuation model, the single-option award approach, and the straight-line attribution method. one o. CONCENTRATION OF RISK. The Company sells its product in the United States through an exclusive distributor (its Customer) to specialty pharmacies. Therefore, its distributor and specialty pharmacies account for all of its trade receivables and net product revenues. The creditworthiness of its Customer is continuously monitored, and the Company has internal policies regarding customer credit limits. The Company estimates an allowance for expected credit loss primarily based on the credit worthiness of its Customer, historical payment patterns, aging of receivable balances and general economic conditions. The Company currently has a single product with limited commercial sales experience, which makes it difficult to evaluate its current business, predict its future prospects and forecast financial performance and growth. The Company has invested a significant portion of its efforts and financial resources in the development and commercialization of the lead product, Firdapse ® ® ® The Company relies exclusively on third parties to formulate and manufacture Firdapse ® ® ® p. ROYALTIES. q. INCOME TAXES. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law making several changes to the Internal Revenue Code. The changes include, but are not limited to: increasing the limitation on the amount of deductible interest expense, allowing companies to carryback certain net operating losses, and increasing the amount of net operating loss carryforwards that corporations can use to offset taxable income. The tax law changes in the CARES Act did not have a material impact on the Company’s income tax provision. r. COMPREHENSIVE INCOME (LOSS). available-for-sale s. NET INCOME (LOSS) PER COMMON SHARE. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding, increased by the assumed conversion of other potentially dilutive securities during the period. The following table reconciles basic and diluted weighted average common shares: For the Years Ended December 31, 2020 2019 2018 Basic weighted average common shares outstanding 103,512,913 102,944,316 102,633,884 Effect of dilutive securities 2,729,360 3,076,620 — Diluted weighted average common shares outstanding 106,242,273 106,020,936 102,633,884 Outstanding common stock equivalents totaling approximately 7.1 million and 4.6 million, were excluded from the calculation of diluted net income (loss) per common share for the years ended December 31, 2020 and 2019, respectively, as their effect would be anti-dilutive. For the year ended December 31, 2018, approximately 10.5 million shares of outstanding stock options were excluded from the calculation of diluted net loss per common share because a net loss was reported in this period and therefore their effect was anti-dilutive. Potentially dilutive options to purchase common stock as of December 31, 2020, 2019 and 2018 had exercise prices ranging from $0.79 to $3.95, $0.79 to $4.20 and $0.79 to $4.64, respectively. t. SEGMENT INFORMATION. u. RECLASSIFICATIONS. v. RECENTLY ISSUED ACCOUNTING STANDARDS. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808) 2014-09 2018-18 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments available-for-sale In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use 350-40), internal-use internal-use 350-40 The Securities and Exchange Commission, or SEC, issued a final rule on November 19, 2020, adopting amendments to Regulation S-K In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes step-up |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3. Investments. Available-for-sale Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Amortized Cost At December 31, 2020: U.S. Treasuries - Cash equivalents $ 104,994,400 $ 2,709 $ — $ 104,991,691 Bond Funds - ST 10,041,068 28,623 — 10,012,445 Total $ 115,035,468 $ 31,332 $ — $ 115,004,136 At December 31, 2019: U.S. Treasuries - Cash equivalents $ 59,932,200 $ 2,042 $ — $ 59,930,158 U.S. Treasuries - ST 5,007,050 7,463 — 4,999,587 Total $ 64,939,250 $ 9,505 $ — $ 64,929,745 There were no realized gains or losses from available-for-sale The Company did not hold any securities in an unrealized loss position for more than 12 months as of December 31, 2020. The estimated fair values of available-for-sale 2020 Due in one year or less $ 115,035,468 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets. Prepaid expenses and other current assets consist of the following as of December 31: 2020 2019 Prepaid manufacturing costs $ 3,327,610 $ 1,526,013 Prepaid tax 1,368,464 — Prepaid insurance 1,285,104 1,263,129 Prepaid subscriptions fees 729,065 501,251 Prepaid research fees 453,034 481,057 Prepaid commercialization expenses 199,095 62,959 Due from collaborative arrangements 436,784 — Other 528,615 516,665 Total prepaid expenses and other current assets $ 8,327,771 $ 4,351,074 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Operating Leases [Abstract] | |
Operating Leases | 5. Operating Leases. The Company has operating lease agreements for its corporate office. The leases include options to extend the leases for up to 1 year and options to terminate the lease within 1 year. There are no obligations under finance leases. The Company entered into an agreement in May 2020 that amended its lease for its office facilities. Under the amended lease, the Company’s leased space will increase from approximately 7,800 square feet of space to approximately 10,700 square feet of space. The amended lease commenced in early 2021 when construction of the asset was completed and space became available for use. Consequently, the Company will record the effects of the amended lease during Q1 2021 which will be material to the Company’s consolidated financial statements. The lease disclosures for the year ended December 31, 2020 in these financial statements have been adjusted for the modification of the current lease. For the Year Ended December 31, 2020 Operating lease cost $ 261,736 Supplemental cash flow information related to leases was as follows: December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 339,605 Right-of-use Operating leases $ 55,801 Supplemental balance sheet information related to leases was as follows: December 31, 2020 Operating lease right-of-use $ — Other current liabilities $ 28,772 Operating lease liabilities, net of current portion — Total operating lease liabilities $ 28,772 Weighted average remaining lease term 0.1 years Weighted average discount rate 3.68 % Remaining payments of lease liabilities as o f 2021 $ 28,860 2022 — Total lease payments 28,860 Less imputed interest (88 ) Total $ 28,772 Rent expense was $278,753, $318,346 and $242,155 for the years ended December 31, 2020, 2019 and 2018. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 6. Accrued Expenses and Other Liabilities. Accrued expenses and other liabilities consist of the following as of December 31: 2020 2019 Accrued preclinical and clinical trial expenses $ 584,502 $ 1,183,513 Accrued professional fees 1,883,880 1,241,526 Accrued compensation and benefits 3,991,056 3,064,645 Accrued license fees 10,372,642 8,751,991 Accrued purchases 258,067 1,313,310 Accrued contributions 310,000 1,535,000 Operating lease liability 28,772 300,518 Accrued variable consideration 964,316 884,764 Accrued income tax — 1,533,696 Other 107,032 172,332 Current accrued expenses and other liabilities 18,500,267 19,981,295 Lease liability – non-current — 647,532 Non-current — 647,532 Total accrued expenses and other liabilities $ 18,500,267 $ 20,628,827 |
Collaborative Arrangements
Collaborative Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangements | 7. Collaborative Arrangements In December 2018, the Company entered into a collaboration and license agreement (Collaboration) with Endo, for the further development and commercialization of generic Sabril ® Under the Collaboration, Endo assumes all development, manufacturing, clinical, regulatory, sales and marketing costs under the collaboration, while the Company is responsible for exercising commercially reasonable efforts to develop, or cause the development of, a final finished, stable dosage form of generic Sabril ® Under the terms of the Collaboration, the Company has received an up-front mid-double-digit ® ten The collaborative agreement provides for a $2.0 million milestone payment on the commercial launch of the product by Par. As of December 31, 2020, 2019, and 2018, no milestone payments have been earned. Revenues from collaborative arrangement with Endo for years ended December 31, 2020, 2019, and 2018 were $0, $0 and $500,000 (for upfront license fees). Total expenses incurred, net, in connection with the collaborative agreement with Endo for years ended December 31, 2020, 2019, and 2018 were approximately respectively. These expenses have been included in research and development expenses in the accompanying consolidated statements of operations and comprehensive income (loss). In August 2020, the Company entered into a collaboration and license agreement with KYE Pharmaceuticals Inc (KYE), for the commercialization of Firdapse ® Under the agreement, KYE assumes all selling and marketing costs under the collaboration, while the Company is responsible for supply of Firdapse ® Under the terms of the agreement, the Company will receive an up-front payment, received payment upon transfer of Marketing Authorization and delivery of commercial product, received payment for supply of Firdapse®, will receive milestone payments, and a sharing of defined net profits upon commercialization from KYE consisting of a mid-double-digit percent of net sales of Firdapse®. The Company has also agreed to a sharing of certain development expenses. Unless terminated earlier in accordance with its terms, the collaboration continues in effect until the date that is ten Revenues from arrangement with KYE for the year ended December 31, 2020 were approximately $332,000 . Total expenses incurred, net, in connection with the agreement with KYE for the year ended December 31, 2020 were approximately These expenses have been included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss). The agreement provides for event-based payments subject to achievement of specified development, regulatory and sales-based milestones. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies. In 2018, the Company became aware that certain patents granted to Northwestern University (which patents have been licensed by Northwestern to a third party) for a new GABA aminotransferase inhibitor were developed from CPP-115, CPP-115 payment on May 21, 2019, which is reported as income in other income, net in the consolidated statement of operations and comprehensive income (loss). The Company is also entitled to receive certain contingent compensation that will be reported when and if received. In May 2019, the FDA approved a New Drug Application (NDA) for Jacobus Pharmaceuticals for Ruzurgi ® ® ® ® ® ® The Company believes that the FDA’s approval of Ruzurgi ® alleged ® sought ® On July 30, 2020, the Magistrate Judge considering the Company’s lawsuit against the FDA filed a Report and Recommendation in which she recommended to the District Judge handling the case that she grant the FDA’s and Jacobus’ motions for summary judgment and deny the Company’s motion for summary judgment. On September 29, 2020, the District Judge adopted the Report and Recommendation of the Magistrate Judge, granted the FDA’s and Jacobus’s motions for summary judgment, and dismissed the Company’s case. The Company has appealed the decision to the Eleventh Circuit Court of Appeals. There can be no assurance as to the outcome of this lawsuit. On August 10, 2020, Health Canada issued a Notice of Compliance (NOC) to Medunik for Ruzurgi ® ® ® Monograph clearly references pivotal nonclinical carcinogenicity and reproductive toxicity data for amifampridine phosphate developed by the Company. As such, the Company believes that its data was relied upon to establish the nonclinical safety profile of Ruzurgi ® Additionally, from time to time the Company may become involved in legal proceedings arising in the ordinary course of business. Except as set forth above, the Company believes that there is no other litigation pending at this time that could have, individually or in the aggregate, a material adverse effect on its results of operations, financial condition or cash flows. |
Agreements
Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Agreements | 9. Agreements. a. LICENSE AGREEMENT WITH BIOMARIN (FIRDAPSE ® ). ® ® ® for the duration of any regulatory exclusivity within a territory and 3.5% for territories in any calendar year in territories without regulatory exclusivity On May 29, 2019, the Company entered into an amendment to its license agreement for Firdapse ® ® In January 2020, the Company was advised that BioMarin has transferred certain rights under the license agreement to SERB S.A. b. AGREEMENTS FOR DRUG MANUFACTURING, DEVELOPMENT, PRECLINICAL AND CLINICAL STUDIES. The |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes. The Company is subject to income taxes in the U.S. federal jurisdiction and various states jurisdictions. For the year ended December 31, 2018, due to the Company’s historical operating losses and the inability to recognize any income tax benefit, there was no provision for income taxes presented in these financial statements for that respective period. Commencing in 2019, the Company has recorded income taxes on their pretax income using an effective tax rate. The income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018 consists of: 2020 2019 2018 Current $ (121,662 ) $ 1,533,696 $ — Deferred (32,971,264 ) — — $ (33,092,926 ) $ 1,533,696 $ — The reconciliation of i 2020 2019 2018 Statutory rate 21.0 % 21.0 % 21.0 % State tax 2.2 % 6.5 % 4.2 % Valuation allowanc e (99.4 )% (20.9 )% (25.9 )% Tax credit (2.4 )% (2.5 )% 1.4 % Othe r (0.4 )% 0.5 % (0.7 )% (79.0 )% 4.6 % 0.0 % Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryovers and the temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are as follows: 2020 2019 Net operating loss $ 2,319,848 $ 10,645,128 Start-up 11,203,034 12,894,926 Tax credits 15,615,681 14,320,860 Deferred compensation 3,889,133 3,183,767 Inventory 212,045 229,050 Prepaid expenses (398,979 ) — Other 130,502 355,023 Gross deferred tax asset 32,971,264 41,628,754 Valuation allowance — (41,628,754 ) Net deferred tax assets $ 32,971,264 $ — The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. As of December 31, 2020, the Company determined that there is sufficient positive evidence to conclude that it is more likely than not that the above deferred taxes of approximately $33.0 million are realizable. Accordingly, the Company has released the full valuation allowance for deferred tax assets including net operating loss December 31, 2020. The valuation allowance released over the course of the year ended December 31, 2020 was At December 31, 2020 and 2019, respectively, the Company had federal net operating loss carryforwards of approximately The federal net operating loss carryforwards are expected to be utilized within the next year. Additionally, at December 31, 2020 and 2019, respectively, the Company had state net operating loss carryforwards of approximately $42 million and $52 million available to reduce future Florida taxable income. The state During 2020, the Company completed an analysis to determine whether, as a result of prior ownership changes, the utilization of certain net operating loss and orphan drug tax credit carryforwards would be subject to annual limitations under Sections 382 and 383 of the Internal Revenue Code and similar state provisions. In this analysis, the Company determined that the total net operating loss and orphan drug tax credit carryforwards are fully utilizable. Thus, the deferred tax assets were adjusted accordingly. Beginning in 2010, the Company has received several orphan drug designations by the FDA for products currently under development. The orphan drug designations allow the Company to claim increased federal tax credits for certain research and development activities. The orphan drug credit carryforwards will expire at various dates beginning in 2031. No interest or penalties were accrued through December 31, 2020. The Company’s policy is to recognize any related interest or penalties in income tax expense. The Company is not currently under income tax examinations by any tax authorities. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity. Preferred Stock The Company has 5,000,000 shares of authorized preferred stock, $0.001 par value per share, at December 31, 2020 and 2019. No shares of preferred stock were outstanding at December 31, 2020 and 2019. Common Stock On August 20, 2020, the Company’s stockholders approved an increase in the Company’s authorized common stock par value $0.001 per share, from 150,000,000 shares to 200,000,000 shares. At December 31, 2020 and 2019, 103,781,641 and 103,397,033 shares, respectively, of common stock were issued and outstanding. Each holder of common stock is entitled to one vote of each share of common stock held of record on all matters on which stockholders generally are entitled to vote. 2020 Shelf Registration Statement On July 23, 2020, the Company filed a shelf registration statement with the SEC to sell up to $200 million of common stock, preferred stock, warrants to purchase common stock, debt securities and units consisting of one or more of such securities (the “2020 Shelf Registration Statement”). The 2020 Shelf Registration Statement (file no. 333-240052) Stockholder Rights Plan On September 20, 2011, the Board of Directors approved the Company’s adoption of a Stockholder Rights Plan. Under the Stockholders’ Rights Plan, a dividend of one preferred share purchase right (a Right) was declared for each share of common stock of the Company that was outstanding on October 7, 2011. Each Right entitles the holder to purchase from the Company one one-hundredth The Rights trade automatically with the common stock and will not be exercisable until a person or group has become an “acquiring person” by acquiring 17.5% or more of the Company’s outstanding common stock, or a person or group commences, or publicly announces a tender offer that will result in such a person or group owning 17.5% or more of the Company’s outstanding common stock. Upon announcement that any person or group has become an acquiring person, each Right will entitle all rightholders (other than the acquiring person) to purchase, for the exercise price of $7.80, a number of shares of the Company’s common stock having a market value equal to twice the exercise price. Rightholders would also be entitled to purchase common stock of the acquiring person having a value of twice the exercise price if, after a person had become an acquiring person, the Company were to enter into certain mergers or other transactions. If any person becomes an acquiring person, the Board of Directors may, at its option and subject to certain limitations, exchange one share of common stock for each Right. The Rights have certain anti-takeover effects, in that they would cause substantial dilution to a person or group that attempts to acquire a significant interest in the Company on terms not approved by the Board of Directors. In the event that the Board of Directors determines a transaction to be in the best interests of the Company and its stockholders, the Board of Directors may redeem the Rights for $0.001 per share at any time prior to a person or group becoming an acquiring person. On September 19, 2016, the Board of Directors unanimously approved, and on the same date the Company entered into Amendment No. 1 to the Stockholders Rights Plan (the “Amendment”). Under the terms of the Amendment, the outside expiration date of the rights plan was On August 28, 2019, the Board of Directors unanimously adopted Amendment No. 2 to the Stockholders’ Rights Plan further extending the outside expiration date of the rights plan to September 20, 2022. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation | 12. Stock Compensation. For the years ended December 31, 2020, 2019 and 2018, the Company recorded stock-based compensation expense as follows: 2020 2019 2018 Research and development $ 1,585,202 $ 1,137,596 $ 1,079,230 Selling, general and administrative 4,675,721 2,687,219 2,471,414 Total stock-based compensation $ 6,260,923 $ 3,824,815 $ 3,550,644 The Company may issue stock options, restricted stock, stock appreciation rights and restricted stock units (collectively, the “Awards”) to employees, directors, and consultants of the Company under the 2014 and 2018 Stock Incentive Plans (the 2014 Plan and the 2018 Plan or collectively, the Plans). At December 31, 2020, no shares remain available for future issuance under the 2014 Plan. Under the 2018 Plan, 10,000,000 shares were reserved for issuance and as of December 31, 2020, 1,856,008 shares remain available for future issuance. Stock Options The Company has granted stock options to employees, officers, directors, and consultants generally at exercise prices equal to the market price of the common stock at grant date. Option awards generally vest over a period of 1 to 3 years of continuous service and have contractual terms of 7 years. Certain awards provide for accelerated vesting if there is a change in control. The Company issues new shares as shares are required to be delivered upon exercise of outstanding stock options. During the years ended December 31, 2020, 2019, and 2018, options to purchase 281,762, 654,332 and 186,665 shares , respectively, During years and 2018, During the years ended December 31, 2020, 2019, and 2018 the Company recorded non-cash During the years ended December 31, 2020, 2019, and 2018, the Company granted seven-year Stock option activity under the Company’s Plans for the year ended December 31, 2020 is summarized as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at beginning of year 11,478,334 $ 2.95 Granted 2,715,000 3.75 Exercised or released (281,762 ) 2.69 Forfeited or cancelled (160,668 ) 3.84 Expired (357,235 ) 3.38 Outstanding at end of year 13,393,669 $ 3.10 4.42 $ 8,237,645 Exercisable at end of year 7,926,136 $ 2.64 3.38 $ 7,381,601 Other information pertaining to stock option activity during the years ended December 31, 2020, 2019, and 2018 was as follows: 2020 2019 2018 Weighted–average fair value of granted stock options $ 2.33 $ 2.69 $ 1.93 Total fair value of vested stock options $ 5,311,616 $ 3,864,995 $ 2,193,294 Total intrinsic value of exercised stock options $ 325,102 $ 1,899,862 $ 274,864 As of December 31, 2020, there was approximately $10.02 million of unrecognized compensation expense related to non-vested The Company utilizes the Black-Scholes option-pricing model to determine the fair value of stock options on the date of grant. This model derives the fair value of stock options based on certain assumptions related to the expected stock price volatility, expected option life, risk-free interest rate and dividend yield. Expected volatility is based on reviews of historical volatility of the Company’s common stock. The estimated expected option life is based upon estimated employee exercise patterns and considers whether and the extent to which the options are in-the-money. mid-point Assumptions used during the years were as follows: December 31, 2020 December 31, 2019 December 31, 2018 Risk free interest rate 0.24% to 1.64 % 1.51% to 2.53 % 2.09% to 2.88 % Expected term 4.5 years 4.5 years 0 to 7 years Expected volatility 80.5% to 83.7 % 75.5 % 82 % Expected dividend yield — % — % — % Expected forfeiture rate — % — % — % Restricted Stock Units Under the 2018 Plan, participants may be granted restricted stock units, each of which represents a conditional right to receive shares of common stock in the future. The restricted stock units granted under this plan generally vest ratably over a three-year 2020 Number of Stock Units Weighted Average Grant Date Fair Value Nonvested balance at beginning of year 352,500 $ 4.64 Granted 30,000 4.70 Vested (117,495 ) 4.64 Forfeited (29,334 ) 4.64 Nonvested balance at end of year 235,671 $ 4.65 During the year ended December 31, 2019, 352,500 r During the year ended December 31, 2020 and 2019, the Company recorded non-cash Common Stock No shares of common stock were granted during the year ended December 31, 2020 or 2019. During the year ended December 31, 2018, the Company granted 3,094 net shares of common stock to an employee as compensation. The Company recorded stock-based compensation related to common stock issued to an employee totaling approximately $15,000, during the year ended December 31, 2018. |
Benefit Plan
Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plan | 13. Benefit Plan. The Company maintains an employee savings plan pursuant to Section 401(k) of the Internal Revenue Code covering all eligible employees. Subject to certain dollar limits, eligible employees may contribute up to 15% of their pre-tax |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION. | a. PRINCIPLES OF CONSOLIDATION. |
USE OF ESTIMATES | b. USE OF ESTIMATES. |
CASH AND CASH EQUIVALENTS | c. CASH AND CASH EQUIVALENTS. |
INVESTMENTS | d. INVESTMENTS. The short-term bond funds and U.S. Treasuries held at December 3 1 available-for-sale non-current The Company records available-for-sale available-for-sale available-for-sale The Company previously owned a short-term bond fund that was classified as trading securities. Trading securities are recorded at fair value based on the closing market price of the security. For trading securities, the Company recognized realized gains and losses and unrealized gains and losses to earnings. At December 31, 2020 and 2019, there were no investments classified as trading securities, as the Company sold its interest in the short-term bond fund classified as trading securities in 2019 . |
ACCOUNTS RECEIVABLE, NET | e. ACCOUNTS RECEIVABLE, NET. Accounts receivable are recorded net of customer allowance for distribution fees, trade discounts, prompt payment discounts, chargebacks and expected credit losses. Allowances for distribution fees, trade discounts, prompt payment discounts and chargebacks are based on contractual terms. The Company estimates the allowance for expected credit losses based on existing contractual payment terms, actual payment patterns of its customer and customer circumstances. At December 31, 2020 and 2019, the Company determined that an allowance for expected credit losses was not required. No accounts were written off during the periods presented. |
INVENTORY | f. INVENTORY . work-in-process Cost is determined using a standard cost method, which approximates actual cost, and assumes a first-in, first out (FIFO) flow of goods. The Company began capitalizing inventories post FDA approval of Firdapse ® on November 28, 2018 as the related costs were expected to be recoverable through the commercialization of the product. Costs incurred prior to the FDA approval of Firdapse ® were recorded as research and development expenses in prior years’ consolidated statements of operations and comprehensive income (loss). If information becomes available that suggests that inventories may not be realizable, the Company may be required to expense a portion or all of the previously capitalized inventories. As of December 31, 2020 and 2019, inventory consisted mainly of work-in-process and finished goods. Products that have been approved by the FDA or other regulatory authorities, such as Firdapse ® ® The Company evaluates for potential excess inventory by analyzing current and future product demand relative to the remaining product shelf life. The Company builds demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance, and patient usage. |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | g. PREPAID EXPENSES AND OTHER CURRENT ASSETS. pre-clinical |
PROPERTY AND EQUIPMENT, NET | h. PROPERTY AND EQUIPMENT, NET. three four |
FAIR VALUE OF FINANCIAL INSTRUMENTS | i. FAIR VALUE OF FINANCIAL INSTRUMENTS. |
FAIR VALUE MEASUREMENTS | j. FAIR VALUE MEASUREMENTS. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair Value Measurements at Reporting Date Using Balances as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents: Money market funds $ 15,673,626 $ 15,673,626 $ — $ — U.S. Treasuries $ 104,994,400 $ — $ 104,994,400 $ — Short-term investments: Short-term bond funds $ 10,041,068 $ 10,041,068 $ — $ — Balances as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents: Money market funds $ 23,963,617 $ 23,963,617 $ — $ — U.S. Treasuries $ 59,932,200 $ — $ 59,932,200 $ — Short-term investments: U.S. Treasuries $ 5,007,050 $ — $ 5,007,050 $ — |
OPERATING LEASES | k. OPERATING LEASES. right-of-use non-lease |
REVENUE RECOGNITION | l. REVENUE RECOGNITION. ® ® ® ® To determine revenue recognition for arrangements that are within the scope of Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. For a complete discussion of accounting for product revenue, see Product Revenue, Net below. The Company also may generate revenues from payments received under a collaborative agreement. Collaborative agreement payments may include nonrefundable fees at the inception of the agreements, contingent payments for specific achievements designated in the collaborative agreements, and/or net profit-sharing payments on sales of products resulting from a collaborative arrangement. For a complete discussion of accounting for collaborative arrangements, see Revenues from Collaborative Arrangements below. Product Revenue, Net: ® ® The Company recognizes revenue on product sales when the Customer obtains control of the Company’s product, which occurs at a point in time (upon delivery or upon dispense to patient). Product revenue is recorded net of applicable reserves for variable consideration, including discounts and allowances. The Company’s payment terms range between 15 and 30 days. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of sales. If taxes should be collected from the Customer relating to product sales and remitted to governmental authorities, they will be excluded from revenue. The Company expenses incremental costs of obtaining a contract when incurred, if the expected amortization period of the asset that the Company would have recognized is one year or less. However, no such costs were incurred during the years ended December 31, 2020 and 2019. During the years ended December 31, 2020 and 2019, all of the Company’s sales of Firdapse ® Reserves for Variable Consideration: These estimates take into consideration a range of possible outcomes which are probability-weighted in accordance with the expected value method in Topic 606 for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. The Company’s analyses also contemplates application of the constraint in accordance with the guidance, under which it determined a material reversal of revenue would not occur in a future period for the estimates detailed below as of December 31, 2020 and, therefore, the transaction price was not reduced further during the years ended December 31, 2020 and 2019. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Trade Discounts and Allowances: ® Prompt Payment Discounts: Funded Co-pay co-pay co-pay ® Product Returns: Provider Chargebacks and Discounts: Government Rebates: Bridge and Patient Assistance Programs: ® pre-established ® ® ® ® Revenues from Collaborative Arrangements: ® ® net-profit Nonrefundable upfront license fees are recognized upon receipt or over time based on a determination of whether access to the Company’s intellectual property is throughout the license period, or whether the right is provided as the intellectual property exists as the point in time in which the license is granted. In the third quarter of 2020, an upfront fee was earned under the collaboration agreement for the commercialization of Firdapse ® The collaborative agreements provide for milestone payments upon achievement of development and regulatory events. The Company accounts for milestone payments as variable consideration in accordance with Topic 606. The Company recognizes sales-based sales-based In arrangements where the Company does not deem the collaborator to be a customer, payments to and from the collaborator are presented in the statement of operations based on the nature of the Company’s business operations, the nature of the arrangement, including the contractual terms, and the nature of the payments. Under the arrangements, the Company will receive profit-sharing reports 60 days after quarter end from one collaborator, and within nine days after quarter end from the other collaborator. Since the Company will receive these reports 60 days after quarter end, profit-sharing revenue from sales of collaboration products by the Company’s collaborator will be recognized in the quarter following the quarter in which the corresponding sales occurred. In instances where profit-sharing reports are received within nine days after quarter end, revenue from sales of collaboration products by the Company’s collaborator will be recognized in the quarter in which the sales occurred. For the year ended December 31, 2020, there was profit-sharing revenue of approximately $ from sales of the collaborative product in Canada. For the years ended December , and , there was profit-sharing revenue from sales of the collaborative product. Refer to Note 7 (Collaborative Arrangements), for further discussion on the Company’s collaborative arrangements. |
RESEARCH AND DEVELOPMENT | m. RESEARCH AND DEVELOPMENT. |
STOCK-BASED COMPENSATION | n. STOCK-BASED COMPENSATION. The Company recognizes expense in the consolidated statements of operations and comprehensive income (loss) for the fair value of all stock-based payments to employees, directors and consultants, including grants of stock options and other share-based awards. For stock options, the Company uses the Black-Scholes option valuation model, the single-option award approach, and the straight-line attribution method. one |
CONCENTRATION OF CREDIT RISK | o. CONCENTRATION OF RISK. The Company sells its product in the United States through an exclusive distributor (its Customer) to specialty pharmacies. Therefore, its distributor and specialty pharmacies account for all of its trade receivables and net product revenues. The creditworthiness of its Customer is continuously monitored, and the Company has internal policies regarding customer credit limits. The Company estimates an allowance for expected credit loss primarily based on the credit worthiness of its Customer, historical payment patterns, aging of receivable balances and general economic conditions. The Company currently has a single product with limited commercial sales experience, which makes it difficult to evaluate its current business, predict its future prospects and forecast financial performance and growth. The Company has invested a significant portion of its efforts and financial resources in the development and commercialization of the lead product, Firdapse ® ® ® The Company relies exclusively on third parties to formulate and manufacture Firdapse ® ® ® |
ROYALTIES | p. ROYALTIES. |
INCOME TAXES | q. INCOME TAXES. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law making several changes to the Internal Revenue Code. The changes include, but are not limited to: increasing the limitation on the amount of deductible interest expense, allowing companies to carryback certain net operating losses, and increasing the amount of net operating loss carryforwards that corporations can use to offset taxable income. The tax law changes in the CARES Act did not have a material impact on the Company’s income tax provision. |
COMPREHENSIVE INCOME (LOSS) | r. COMPREHENSIVE INCOME (LOSS). available-for-sale |
NET INCOME (LOSS) PER COMMON SHARE | s. NET INCOME (LOSS) PER COMMON SHARE. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding, increased by the assumed conversion of other potentially dilutive securities during the period. The following table reconciles basic and diluted weighted average common shares: For the Years Ended December 31, 2020 2019 2018 Basic weighted average common shares outstanding 103,512,913 102,944,316 102,633,884 Effect of dilutive securities 2,729,360 3,076,620 — Diluted weighted average common shares outstanding 106,242,273 106,020,936 102,633,884 Outstanding common stock equivalents totaling approximately 7.1 million and 4.6 million, were excluded from the calculation of diluted net income (loss) per common share for the years ended December 31, 2020 and 2019, respectively, as their effect would be anti-dilutive. For the year ended December 31, 2018, approximately 10.5 million shares of outstanding stock options were excluded from the calculation of diluted net loss per common share because a net loss was reported in this period and therefore their effect was anti-dilutive. Potentially dilutive options to purchase common stock as of December 31, 2020, 2019 and 2018 had exercise prices ranging from $0.79 to $3.95, $0.79 to $4.20 and $0.79 to $4.64, respectively. |
SEGMENT INFORMATION | t. SEGMENT INFORMATION. |
RECLASSIFICATIONS | u. RECLASSIFICATIONS. |
RECENTLY ISSUED ACCOUNTING STANDARDS | v. RECENTLY ISSUED ACCOUNTING STANDARDS. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808) 2014-09 2018-18 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments available-for-sale In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use 350-40), internal-use internal-use 350-40 The Securities and Exchange Commission, or SEC, issued a final rule on November 19, 2020, adopting amendments to Regulation S-K In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes step-up |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Fair Value Measurement Specific to Assets or Liability | Fair Value Measurements at Reporting Date Using Balances as of December 31, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents: Money market funds $ 15,673,626 $ 15,673,626 $ — $ — U.S. Treasuries $ 104,994,400 $ — $ 104,994,400 $ — Short-term investments: Short-term bond funds $ 10,041,068 $ 10,041,068 $ — $ — Balances as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents: Money market funds $ 23,963,617 $ 23,963,617 $ — $ — U.S. Treasuries $ 59,932,200 $ — $ 59,932,200 $ — Short-term investments: U.S. Treasuries $ 5,007,050 $ — $ 5,007,050 $ — |
Basic and Dilutive Weighted Average Common Shares | The following table reconciles basic and diluted weighted average common shares: For the Years Ended December 31, 2020 2019 2018 Basic weighted average common shares outstanding 103,512,913 102,944,316 102,633,884 Effect of dilutive securities 2,729,360 3,076,620 — Diluted weighted average common shares outstanding 106,242,273 106,020,936 102,633,884 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Investments by Security type | Available-for-sale Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Amortized Cost At December 31, 2020: U.S. Treasuries - Cash equivalents $ 104,994,400 $ 2,709 $ — $ 104,991,691 Bond Funds - ST 10,041,068 28,623 — 10,012,445 Total $ 115,035,468 $ 31,332 $ — $ 115,004,136 At December 31, 2019: U.S. Treasuries - Cash equivalents $ 59,932,200 $ 2,042 $ — $ 59,930,158 U.S. Treasuries - ST 5,007,050 7,463 — 4,999,587 Total $ 64,939,250 $ 9,505 $ — $ 64,929,745 |
Estimated Fair Values of Available for Sale Securities | The estimated fair values of available-for-sale 2020 Due in one year or less $ 115,035,468 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following as of December 31: 2020 2019 Prepaid manufacturing costs $ 3,327,610 $ 1,526,013 Prepaid tax 1,368,464 — Prepaid insurance 1,285,104 1,263,129 Prepaid subscriptions fees 729,065 501,251 Prepaid research fees 453,034 481,057 Prepaid commercialization expenses 199,095 62,959 Due from collaborative arrangements 436,784 — Other 528,615 516,665 Total prepaid expenses and other current assets $ 8,327,771 $ 4,351,074 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Operating Leases [Abstract] | |
Lease, Cost | The components of lease expense for the old leased space were as follows: For the Year Ended December 31, 2020 Operating lease cost $ 261,736 |
Schedule of Supplemental Cash Flow Information Related To Lease | Supplemental cash flow information related to leases was as follows: December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 339,605 Right-of-use Operating leases $ 55,801 |
Schedule of Supplemental Balance Sheet related To Lease | Supplemental balance sheet information related to leases was as follows: December 31, 2020 Operating lease right-of-use $ — Other current liabilities $ 28,772 Operating lease liabilities, net of current portion — Total operating lease liabilities $ 28,772 Weighted average remaining lease term 0.1 years Weighted average discount rate 3.68 % |
Lessee, Operating Lease, Liability, Maturity | Remaining payments of lease liabilities as o f 2021 $ 28,860 2022 — Total lease payments 28,860 Less imputed interest (88 ) Total $ 28,772 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following as of December 31: 2020 2019 Accrued preclinical and clinical trial expenses $ 584,502 $ 1,183,513 Accrued professional fees 1,883,880 1,241,526 Accrued compensation and benefits 3,991,056 3,064,645 Accrued license fees 10,372,642 8,751,991 Accrued purchases 258,067 1,313,310 Accrued contributions 310,000 1,535,000 Operating lease liability 28,772 300,518 Accrued variable consideration 964,316 884,764 Accrued income tax — 1,533,696 Other 107,032 172,332 Current accrued expenses and other liabilities 18,500,267 19,981,295 Lease liability – non-current — 647,532 Non-current — 647,532 Total accrued expenses and other liabilities $ 18,500,267 $ 20,628,827 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | The income tax expense (benefit) for the years ended December 31, 2020, 2019, and 2018 consists of: 2020 2019 2018 Current $ (121,662 ) $ 1,533,696 $ — Deferred (32,971,264 ) — — $ (33,092,926 ) $ 1,533,696 $ — |
Reconciliation of income tax expense (Benefit) computed at statutory federal income tax rate | The reconciliation of i 2020 2019 2018 Statutory rate 21.0 % 21.0 % 21.0 % State tax 2.2 % 6.5 % 4.2 % Valuation allowanc e (99.4 )% (20.9 )% (25.9 )% Tax credit (2.4 )% (2.5 )% 1.4 % Othe r (0.4 )% 0.5 % (0.7 )% (79.0 )% 4.6 % 0.0 % |
Components of deferred tax assets | Significant components of the Company’s deferred tax assets as of December 31, 2020 and 2019 are as follows: 2020 2019 Net operating loss $ 2,319,848 $ 10,645,128 Start-up 11,203,034 12,894,926 Tax credits 15,615,681 14,320,860 Deferred compensation 3,889,133 3,183,767 Inventory 212,045 229,050 Prepaid expenses (398,979 ) — Other 130,502 355,023 Gross deferred tax asset 32,971,264 41,628,754 Valuation allowance — (41,628,754 ) Net deferred tax assets $ 32,971,264 $ — |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Expense | For the years ended December 31, 2020, 2019 and 2018, the Company recorded stock-based compensation expense as follows: 2020 2019 2018 Research and development $ 1,585,202 $ 1,137,596 $ 1,079,230 Selling, general and administrative 4,675,721 2,687,219 2,471,414 Total stock-based compensation $ 6,260,923 $ 3,824,815 $ 3,550,644 |
Stock option activity under the Company's Plans | Stock option activity under the Company’s Plans for the year ended December 31, 2020 is summarized as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at beginning of year 11,478,334 $ 2.95 Granted 2,715,000 3.75 Exercised or released (281,762 ) 2.69 Forfeited or cancelled (160,668 ) 3.84 Expired (357,235 ) 3.38 Outstanding at end of year 13,393,669 $ 3.10 4.42 $ 8,237,645 Exercisable at end of year 7,926,136 $ 2.64 3.38 $ 7,381,601 |
Schedule of Other Information Pertaining to Stock Option Activity | Other information pertaining to stock option activity during the years ended December 31, 2020, 2019, and 2018 was as follows: 2020 2019 2018 Weighted–average fair value of granted stock options $ 2.33 $ 2.69 $ 1.93 Total fair value of vested stock options $ 5,311,616 $ 3,864,995 $ 2,193,294 Total intrinsic value of exercised stock options $ 325,102 $ 1,899,862 $ 274,864 |
Summary of Stock Options Awards Based on Certain Assumptions | Assumptions used during the years were as follows: December 31, 2020 December 31, 2019 December 31, 2018 Risk free interest rate 0.24% to 1.64 % 1.51% to 2.53 % 2.09% to 2.88 % Expected term 4.5 years 4.5 years 0 to 7 years Expected volatility 80.5% to 83.7 % 75.5 % 82 % Expected dividend yield — % — % — % Expected forfeiture rate — % — % — % |
Summary of Restricted Stock Unit Activity | Restricted stock unit activity during 2020 was as follows: 2020 Number of Stock Units Weighted Average Grant Date Fair Value Nonvested balance at beginning of year 352,500 $ 4.64 Granted 30,000 4.70 Vested (117,495 ) 4.64 Forfeited (29,334 ) 4.64 Nonvested balance at end of year 235,671 $ 4.65 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Maximum maturity period of cash and cash equivalent | three months | ||
Minimum amortization period of compensation cost on straight line basis | 1 year | ||
Maximum Amortization Period Of Compensation Cost On Straight Line Basis | 3 years | ||
Stock option exercise price range, Minimum | $ / shares | $ 0.79 | $ 0.79 | $ 0.79 |
Stock option exercise price range, Maximum | $ / shares | $ 3.95 | $ 4.20 | $ 4.64 |
Trading Securities, Realized Gain (Loss) | $ 80,045 | $ 0 | |
Trading securities, realized or unrealized gain (loss) | $ 0 | ||
Potential equivalent common stock excluded | shares | 7.1 | 4.6 | 10.5 |
Trading securities | $ 0 | $ 0 | |
Number of Reportable Segments | Segment | 1 | ||
Canada [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Revenue from collaborative product | $ 33,000 | 0 | $ 0 |
Furniture and Equipment [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Useful life of assets | 5 years | ||
Other Income, Net [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Unrealized gain (loss), trading securities | $ 0 | $ (29,430) | |
Minimum [Member] | Computer Equipment [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Useful life of assets | 3 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Useful life of assets | 4 years | ||
Maximum [Member] | Computer Equipment [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Useful life of assets | 5 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Useful life of assets | 7 years |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Fair Value Measurement Specific to Assets or Liability (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 10,041,068 | $ 5,007,050 |
Short-Term Bond Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments Fair Value Disclosure | 5,007,050 | |
Short-term investments | 10,041,068 | |
U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 104,994,400 | 59,932,200 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 15,673,626 | 23,963,617 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Short-Term Bond Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 10,041,068 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 15,673,626 | 23,963,617 |
Significant Other Observable Inputs (Level 2) [Member] | Short-Term Bond Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments Fair Value Disclosure | 5,007,050 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 104,994,400 | $ 59,932,200 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Schedule Of Reconcile Basic And Dilutive Weighted Average Common Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Basic weighted average common shares outstanding | 103,512,913 | 102,944,316 | 102,633,884 |
Effect of dilutive securities | 2,729,360 | 3,076,620 | |
Dilutive weighted average common shares outstanding | 106,242,273 | 106,020,936 | 102,633,884 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains losses from available for sale securities | $ 0 | $ 0 | $ 0 |
Investment - Summary of Availab
Investment - Summary of Available-for-Sale Investments by Security type (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | ||
Amortized cost | $ 115,004,136 | $ 64,929,745 |
Gross Unrealized Gains | 31,332 | 9,505 |
Gross Unrealized Losses | ||
Estimated Fair Value | 115,035,468 | 64,939,250 |
U.S. Treasuries - ST [Member] | ||
Net Investment Income [Line Items] | ||
Amortized cost | 4,999,587 | |
Gross Unrealized Gains | 7,463 | |
Estimated Fair Value | 5,007,050 | |
U.S Treasury Bond Securities Cash Equivalents [Member] | ||
Net Investment Income [Line Items] | ||
Amortized cost | 104,991,691 | 59,930,158 |
Gross Unrealized Gains | 2,709 | 2,042 |
Estimated Fair Value | 104,994,400 | $ 59,932,200 |
Bond Funds – ST [Member] | ||
Net Investment Income [Line Items] | ||
Amortized cost | 10,012,445 | |
Gross Unrealized Gains | 28,623 | |
Estimated Fair Value | $ 10,041,068 |
Investment - Estimated Fair Val
Investment - Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Estimated Fair Value | $ 115,035,468 | $ 64,939,250 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid manufacturing costs | $ 3,327,610 | $ 1,526,013 |
Prepaid tax | 1,368,464 | |
Prepaid insurance | 1,285,104 | 1,263,129 |
Prepaid subscriptions fees | 729,065 | 501,251 |
Prepaid research fees | 453,034 | 481,057 |
Prepaid commercialization expenses | 199,095 | 62,959 |
Due from collaborative arrangements | 436,784 | 0 |
Other | 528,615 | 516,665 |
Total prepaid expenses and other current assets | $ 8,327,771 | $ 4,351,074 |
Operating Leases - Operating Le
Operating Leases - Operating Leases (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of Operating Leases [Abstract] | |
Operating lease cost | $ 261,736 |
Operating Leases - Schedule of
Operating Leases - Schedule of Supplemental Cash Flow Information Related To Lease (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows | $ 339,605 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 55,801 |
Operating Leases -Schedule of S
Operating Leases -Schedule of Supplemental Balance Sheet related To Lease (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Operating Leases [Line Items] | ||
Operating lease right-of-use assets | $ 793,252 | |
Other current liabilities | $ 28,772 | 300,518 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherAccruedLiabilitiesCurrent | |
Operating lease liabilities, net of current portion | $ 647,532 | |
Total operating lease liabilities | $ 28,772 | |
Weighted average remaining lease term | 1 month 6 days | |
Weighted average discount rate | 3.68% |
Operating Leases -Lessee, Opera
Operating Leases -Lessee, Operating Lease, Liability, Maturity (Detail) | Dec. 31, 2020USD ($) |
Disclosure of Operating Leases [Line Items] | |
2021 | $ 28,860 |
2022 | |
Total lease payments | 28,860 |
Less imputed interest | (88) |
Total | $ 28,772 |
Operating Leases - Additional
Operating Leases - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of Operating Leases [Line Items] | |||
Finance Lease Obligations | $ | $ 0 | ||
Lessor, Operating Lease, Option to Extend | 1 year | ||
Lessor, Operating Lease, Option to Terminate | 1 year | ||
Rent expense | $ | $ 278,753 | $ 318,346 | $ 242,155 |
Before agreement of company leased spaces | ft² | 7,800 | ||
After agreement of company leased spaces | ft² | 10,700 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued preclinical and clinical trial expenses | $ 584,502 | $ 1,183,513 |
Accrued professional fees | 1,883,880 | 1,241,526 |
Accrued compensation and benefits | 3,991,056 | 3,064,645 |
Accrued license fees | 10,372,642 | 8,751,991 |
Accrued purchases | 258,067 | 1,313,310 |
Accrued contributions | 310,000 | 1,535,000 |
Operating lease liability | 28,772 | 300,518 |
Accrued variable consideration | 964,316 | 884,764 |
Accrued income tax | 1,533,696 | |
Other | 107,032 | 172,332 |
Current accrued expenses and other liabilities | 18,500,267 | 19,981,295 |
Lease liability - non-current | 647,532 | |
Non-current accrued expenses and other liabilities | 647,532 | |
Total accrued expenses and other liabilities | $ 18,500,267 | $ 20,628,827 |
Collaborative Arrangement - Add
Collaborative Arrangement - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Collaborative Arrangements [Line Items] | |||
Period of collaboration agreement | 10 years | ||
Expenses In Connection With Collaborative Arrangement | $ 16,496,715 | $ 18,842,752 | $ 19,919,204 |
Revenues | 119,072,803 | 102,306,337 | 500,000 |
Collaborative Arrangement [Member] | |||
Collaborative Arrangements [Line Items] | |||
Milestone payments | 2,000,000 | ||
Milestone payments income | 0 | 0 | 0 |
Expenses In Connection With Collaborative Arrangement | 4,254 | 65,061 | 0 |
Revenues | $ 0 | $ 0 | $ 500,000 |
Collaborative Arrangement [Member] | KYE Pharmaceuticals [Member] | CA [Member] | |||
Collaborative Arrangements [Line Items] | |||
Period of collaboration agreement | 10 years | ||
Revenues | $ 332,000 | ||
Collaborative Arrangement [Member] | KYE Pharmaceuticals [Member] | CA [Member] | Selling, General and Administrative Expenses [Member] | |||
Collaborative Arrangements [Line Items] | |||
Expenses In Connection With Collaborative Arrangement | $ 257,500 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended |
May 21, 2019USD ($) | |
Settlement Agreement [Member] | Other Income [Member] | |
Commitments [Line Items] | |
Litigation Settlement Received | $ 100,000 |
Agreements - Additional Informa
Agreements - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
License Agreement [Line Items] | |
Percentage of royalty on net sales | 3.50% |
License Agreement with BioMarin [Member] | |
License Agreement [Line Items] | |
Date on which strategic collaboration is entered into | Oct. 26, 2012 |
Royalty agreement period | 7 years |
Net sales royalty threshold | $ 100 |
License Agreement with BioMarin [Member] | Minimum [Member] | |
License Agreement [Line Items] | |
Percentage of royalty on net sales | 7.00% |
License Agreement with BioMarin [Member] | Maximum [Member] | |
License Agreement [Line Items] | |
Percentage of royalty on net sales | 10.00% |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (121,662) | $ 1,533,696 | $ 0 |
Deferred | (32,971,264) | 0 | 0 |
Total income tax expense | $ (33,092,926) | $ 1,533,696 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Deferred tax assets recognised in income statement | $ (32,971,264) | $ 0 | $ 0 |
Increase (decrease) in valuation allowance on deferred tax assets | 41,600,000 | ||
Net operating loss carryforwards | $ 3,000,000 | 45,000,000 | |
Net operating loss carryforwards expiration date | beginning in 2033 | ||
Interest or penalties accrued | $ 0 | ||
Tax credit carryforwards expiration date | 2031 years | ||
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 42,000,000 | $ 52,000,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) Computed at Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 21.00% |
State tax | 2.20% | 6.50% | 4.20% |
Valuation allowance | (99.40%) | (20.90%) | (25.90%) |
Tax credit | (2.40%) | (2.50%) | 1.40% |
Other | (0.40%) | 0.50% | (0.70%) |
Reconciliation of income tax expense (benefit) | (79.00%) | 4.60% | 0.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss | $ 2,319,848 | $ 10,645,128 |
Start-up costs | 11,203,034 | 12,894,926 |
Tax credits | 15,615,681 | 14,320,860 |
Deferred compensation | 3,889,133 | 3,183,767 |
Inventory | 212,045 | 229,050 |
Prepaid expenses | (398,979) | 0 |
Other | 130,502 | 355,023 |
Gross deferred tax asset | 32,971,264 | 41,628,754 |
Valuation allowance | 0 | (41,628,754) |
Net deferred tax assets | $ 32,971,264 | $ 0 |
Stockholders' Equity (Preferred
Stockholders' Equity (Preferred Stock and Common Stock) - Additional Information (Detail) | Dec. 31, 2020Vote$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Stockholders Equity [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 200,000,000 | 150,000,000 |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 |
Common stock, shares issued | 103,781,641 | 103,397,033 |
Common stock, shares outstanding | 103,781,641 | 103,397,033 |
Number of votes entitled for each share of common stock | Vote | 1 |
Stockholders' Equity (2020 Shel
Stockholders' Equity (2020 Shelf Registration Statement) - Additional Information (Detail) $ in Millions | Jul. 23, 2020USD ($) |
2020 Shelf Registration Statement [Member] | |
Stockholders' Equity [Line Items] | |
Maximum dollar amount of common stock to be issued under shelf registration statement | $ 200 |
Stockholders' Equity (Stockhold
Stockholders' Equity (Stockholder Rights Plan) - Additional Information (Detail) - $ / shares | Sep. 19, 2016 | Sep. 20, 2011 | Dec. 31, 2020 |
Series A Preferred Stock [Member] | |||
Stockholders Equity [Line Items] | |||
Preferred Stock Purchase Price | $ 7.80 | ||
Stockholder Rights Plan [Member] | |||
Stockholders Equity [Line Items] | |||
Warrants exercise price | $ 7.80 | ||
Minimum percentage of outstanding stock acquired by a person or group to trigger Shareholder Rights Plan | 17.50% | ||
Stockholders Rights Plan redemption price of right | $ 0.001 | ||
Class of warrant or right expiration date, Extended | Sep. 20, 2019 | ||
Certificate Of Designation [Member] | Series A Preferred Stock [Member] | |||
Stockholders Equity [Line Items] | |||
Junior participating preferred stock shares issued available for issuance under rights agreement, initial | 500,000 | ||
Junior participating preferred stock shares issued available for issuance under rights agreement, amended | 1,500,000 |
Stock Compensation - Stock-Base
Stock Compensation - Stock-Based Compensation Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 6,260,923 | $ 3,824,815 | $ 3,550,644 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 1,585,202 | 1,137,596 | 1,079,230 |
Selling, General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 4,675,721 | $ 2,687,219 | $ 2,471,414 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options exercised | 281,762 | ||
Proceeds from exercise of stock options | $ 758,130 | $ 1,116,242 | $ 297,563 |
Common stock unit granted | 2,715,000 | ||
Stock option contractual term | 3 years 4 months 17 days | ||
Expected dividend rate | 0.00% | ||
Non Vested Outstanding | 352,500 | ||
Non Vested granted | 352,500 | ||
Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock unit granted | 3,094 | ||
Non-cash stock-based compensation expense | $ 15,000 | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option contractual term | 7 years | ||
Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, vesting period | 1 year | ||
Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, vesting period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-cash stock-based compensation expense | $ 566,803 | $ 44,729 | |
Non Vested Outstanding | 235,671 | 352,500 | |
Non Vested granted | 30,000 | ||
Two Thousand Eighteen Stock Incentive Plan [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares reserved for issuance under the Plan | 10,000,000 | ||
Common stock shares available for future issuance under the Plan | 1,856,008 | ||
Two Thousand Eighteen Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation, vesting period | 3 years | ||
Options to Purchase Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options exercised | 281,762 | 654,332 | 186,665 |
Proceeds from exercise of stock options | $ 758,130 | $ 1,116,242 | $ 297,563 |
Stock option granted, contractual term | 7 years | 7 years | 7 years |
Common stock unit granted | 2,715,000 | 2,183,500 | 5,882,500 |
Unrecognized compensation expense related to non-vested stock compensation awards granted under the Plan | $ 10,020,000 | ||
Expected remaining weighted average vesting period | 2 years 4 months 6 days | ||
Non-cash stock-based compensation expense | $ 5,694,120 | $ 3,780,086 | $ 3,535,647 |
Expected dividend rate | 0.00% | ||
Options to Purchase Common Stock [Member] | Cashless Basis [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options exercised | 6,666 | ||
Shares issued for cashless option exercise | 3,444 |
Stock Compensation - Summary of
Stock Compensation - Summary of Stock Option Activity under the Company's Plan (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of options, Outstanding at beginning of year | shares | 11,478,334 |
Number of options, Granted | shares | 2,715,000 |
Number of options, Exercised or released | shares | (281,762) |
Number of options, Forfeited or cancelled | shares | (160,668) |
Number of options, Expired | shares | (357,235) |
Number of options, Outstanding at end of year | shares | 13,393,669 |
Number of options, Exercisable at end of year | shares | 7,926,136 |
Weighted average exercise price, Outstanding at beginning of year | $ / shares | $ 2.95 |
Weighted average exercise price, Granted | $ / shares | 3.75 |
Weighted average exercise price, Exercised or released | $ / shares | 2.69 |
Weighted average exercise price, Forfeited or cancelled | $ / shares | 3.84 |
Weighted average exercise price, Expired | $ / shares | 3.38 |
Weighted average exercise price, Outstanding at end of year | $ / shares | 3.10 |
Weighted average exercise price, Exercisable at end of year | $ / shares | $ 2.64 |
Weighted Average Remaining Contractual Term (Years), Outstanding at end of year | 4 years 5 months 1 day |
Weighted Average Remaining Contractual Term (Years), Exercisable at end of year | 3 years 4 months 17 days |
Aggregate Intrinsic value, Outstanding at end of year | $ | $ 8,237,645 |
Aggregate Intrinsic value, Exercisable at end of year | $ | $ 7,381,601 |
Stock Compensation - Schedule o
Stock Compensation - Schedule of Other Information Pertaining to Stock Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Weighted-average fair value of granted stock options | $ 2.33 | $ 2.69 | $ 1.93 |
Total fair value of vested stock options | $ 5,311,616 | $ 3,864,995 | $ 2,193,294 |
Total intrinsic value of exercised stock options | $ 325,102 | $ 1,899,862 | $ 274,864 |
Stock Compensation - Summary _2
Stock Compensation - Summary of Stock Options Awards Based on Certain Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free interest rate, Minimum | 0.24% | 1.51% | 2.09% |
Risk free interest rate, Maximum | 1.64% | 2.53% | 2.88% |
Expected volatility | 75.50% | 82.00% | |
Expected dividend yield | 0.00% | ||
Expected forfeiture rate | 0.00% | ||
Expected term | 4 years 6 months | 4 years 6 months | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 80.50% | ||
Expected term | 0 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 83.70% | ||
Expected term | 7 years |
Stock Compensation - Summary _3
Stock Compensation - Summary of Restricted Stock Unit Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Restricted Stock Activity [Line Items] | ||
Nonvested balance at beginning of year | 352,500 | |
Granted | 352,500 | |
Nonvested balance at end of year | 352,500 | |
Restricted Stock Units (RSUs) [Member] | ||
Schedule Of Restricted Stock Activity [Line Items] | ||
Nonvested balance at beginning of year | 352,500 | |
Granted | 30,000 | |
Vested | 117,495 | |
Forfeited | 29,334 | |
Nonvested balance at end of year | 235,671 | 352,500 |
Nonvested Weighted Average Grant Date Fair Value balance at beginning of year | $ 4.64 | |
Weighted Average Grant Date Fair Value, Granted | 4.70 | |
Weighted Average Grant Date Fair Value, Vested | 4.64 | |
Weighted Average Grant Date Fair Value, Forfeited | 4.64 | |
Nonvested Weighted Average Grant Date Fair Value balance at end of year | $ 4.65 | $ 4.64 |
Benefit Plan - Additional Infor
Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employees contribution of pre-tax annual compensation | 15.00% | ||
Discretionary matching contributions of employee contributions of an employee's gross salary | 4.00% | ||
Contributions | $ 465,000 | $ 268,000 | $ 123,000 |