Catalyst Pharmaceuticals (CPRX) 10-K 16 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
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	102,744,913
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		$ 551,581,521
ICFR Auditor Attestation Flag	true
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Miami, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 171,445	$ 130,237
Short-term investments	19,821	10,041
Accounts receivable, net	6,619	5,987
Inventory	7,870	4,651
Prepaid expenses and other current assets	4,351	8,328
Total current assets	210,106	159,244
Operating lease right-of-use asset	3,017	0
Property and equipment, net	959	130
Deferred tax assets, net	23,697	32,971
Deposits	9	9
Total assets	237,788	192,354
Current Liabilities:
Accounts payable	2,768	4,256
Accrued expenses and other liabilities	24,295	18,500
Total current liabilities	27,063	22,756
Operating lease liability, net of current portion	3,894	0
Total liabilities	30,957	22,756
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized: none issued and outstanding at December 31, 2021 and 2020	0
Common stock, $0.001 par value, 200,000,000 shares authorized; 102,992,913 shares and 103,781,641 shares issued and outstanding at December 31, 2021 and 2020, respectively	103	104
Additional paid-in capital	233,186	223,168
Accumulated deficit	(26,310)	(53,705)
Accumulated other comprehensive income (loss)	(148)	31
Total stockholders' equity	206,831	169,598
Total liabilities and stockholders' equity	$ 237,788	$ 192,354

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	200,000,000
Common stock, shares issued	102,992,913	103,781,641
Common stock, shares outstanding	102,992,913	103,781,641

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 140,833	$ 119,073	$ 102,306
Operating costs and expenses:
Cost of sales	$ 21,884	$ 17,039	$ 14,759
Cost, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Research and development	$ 16,936	$ 16,497	$ 18,843
Selling, general and administrative	49,628	44,234	36,881
Total operating costs and expenses	88,448	77,770	70,483
Operating income	52,385	41,303	31,823
Other income, net	282	587	1,586
Net income before income taxes	52,667	41,890	33,409
Income tax provision (benefit)	13,185	(33,093)	1,534
Net income	$ 39,482	$ 74,983	$ 31,875
Net income per share:
Basic	$ 0.38	$ 0.72	$ 0.31
Diluted	$ 0.37	$ 0.71	$ 0.30
Weighted average shares outstanding:
Basic	103,379,349	103,512,913	102,944,316
Diluted	107,795,585	106,242,273	106,020,936
Net income	$ 39,482	$ 74,983	$ 31,875
Other comprehensive income:
Unrealized gain (loss) on available-for-sale securities	(179)	22	30
Comprehensive income	39,303	75,005	31,905
Product Revenue Net [Member]
Revenues:
Total revenues	137,997	118,790	102,306
License and other revenue [Member]
Revenues:
Total revenues	$ 2,836	$ 283	$ 0

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net of tax impact	$ 46	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]
Beginning Balance at Dec. 31, 2018	$ 50,785	$ 103	$ 211,265	$ (160,563)	$ (20)
Beginning Balance (shares) at Dec. 31, 2018		102,739,000
Issuance of stock options for services	3,780		3,780
Exercise of stock options for common stock	1,116	$ 1	1,115
Exercise of stock options for common stock (shares)		658,000
Amortization of restricted stock for services	45		45
Other comprehensive gain (loss)	29				29
Net income	31,875			31,875
Ending Balance at Dec. 31, 2019	87,630	$ 104	216,205	(128,688)	9
Ending Balance (shares) at Dec. 31, 2019		103,397,000
Issuance of stock options for services	5,694		5,694
Exercise of stock options for common stock	758		758
Exercise of stock options for common stock (shares)		282,000
Amortization of restricted stock for services	567		567
Issuance of common stock upon vesting of restricted stock units, net	(56)		(56)
Issuance of common stock upon vesting of restricted stock units, net (Share)		103,000
Other comprehensive gain (loss)	22				22
Net income	74,983			74,983
Ending Balance at Dec. 31, 2020	169,598	$ 104	223,168	(53,705)	31
Ending Balance (shares) at Dec. 31, 2020		103,782,000
Issuance of stock options for services	5,550		5,550
Exercise of stock options for common stock	$ 4,099	$ 1	4,098
Exercise of stock options for common stock (shares)	1,328,936	1,328,000
Amortization of restricted stock for services	$ 523		523
Issuance of common stock upon vesting of restricted stock units, net	(153)		(153)
Issuance of common stock upon vesting of restricted stock units, net (Share)		91,000
Repurchase of common stock (shares)		(2,208,292)
Repurchase of common stock	(12,089)	$ (2)		(12,087)
Other comprehensive gain (loss)	(179)				(179)
Net income	39,482			39,482
Ending Balance at Dec. 31, 2021	$ 206,831	$ 103	$ 233,186	$ (26,310)	$ (148)
Ending Balance (shares) at Dec. 31, 2021		102,993,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities:
Net income	$ 39,482	$ 74,983	$ 31,875
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	192	92	55
Stock-based compensation	6,073	6,261	3,825
Deferred taxes	9,316	(32,971)
Change in accrued interest and accretion of discount on investments	(5)	(12)	(291)
Reduction in the carrying amount of right-of-use asset	292	793	244
(Increase) decrease in:
Accounts receivable, net	(632)	4,549	(10,537)
Inventory	(3,219)	(2,694)	(1,901)
Prepaid expenses and other current assets and deposits	3,977	(3,977)	(2,701)
Increase (decrease) in:
Accounts payable	(1,488)	138	1,780
Accrued expenses and other liabilities	5,520	(1,209)	12,540
Operating lease liability	864	(919)	(277)
Net cash provided by (used in) operating activities	60,372	45,034	34,612
Investing Activities:
Purchases of property and equipment	(1,021)	(11)	(19)
Purchases of investments	(10,000)	(10,000)	(34,725)
Proceeds from maturities and sales of investments	0	5,000	71,969
Net cash provided by (used in) investing activities	(11,021)	(5,011)	37,225
Financing Activities:
Payment of employee withholding tax related to stock-based compensation	(153)	(56)	0
Proceeds from exercise of stock options	4,099	758	1,116
Repurchase of common stock	(12,089)
Net cash provided by (used in) financing activities	(8,143)	702	1,116
Net increase in cash and cash equivalents	41,208	40,725	72,953
Cash and cash equivalents – beginning of period	130,237	89,512	16,559
Cash and cash equivalents – end of period	171,445	130,237	$ 89,512
Supplemental disclosures of cash flow information:
Cash paid for income taxes	3,000	$ 2,785
Non-cash investing and financing activities:
Operating lease liabilities arising from obtaining right-of-use assets	$ 3,309

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business. Catalyst Pharmaceuticals, Inc. and subsidiary (collectively, the “Company”) is a commercial-stage biopharmaceutical company focused on in-licensing, best-in-class 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, had 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 offerings of its securities and from revenues from sales of its product. See Note 13 (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 report. The Company may raise 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 numerous aspects of the coronavirus (COVID-19)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 31, 2021 are classified as available-for-sale non-current non-current The Company records available-for-sale available-for-sale available-for-sale available-for-sale e. ACCOUNTS RECEIVABLE, NET. f. INVENTORY work-in-process first-in, ® ® 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. less accumulated depreciation. three five 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 (in thousands) Balances as of December 31, 2021 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 $ 10,990 $ 10,990 $ — $ — U.S. Treasuries $ 140,995 $ 140,995 $ — $ — Short-term investments: Short-term bond funds $ 19,821 $ 19,821 $ — $ — 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 $ 15,674 $ 15,674 $ — $ — U.S. Treasuries $ 104,994 $ — $ 104,994 $ — Short-term investments: Short-term bond funds $ 10,041 $ 10,041 $ — $ — k. OPERATING LEASES. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use non-lease l. SHARE REPURCHASES. 2021 40 The Company accounts for share repurchases by charging the excess of the repurchase price over the repurchased common stock’s par value entirely to accumulated deficit. All repurchased shares are retired and for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or modify its share repurchase program at any time. m. REVENUE RECOGNITION. Product Revenues: The Company recognizes revenue when its customer obtains title of the promised goods, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for these goods. The Company had no contracts with customers until the FDA approved FIRDAPSE ® ® ® ® 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 assesses the goods or services promised within each contract and determines those that are performance obligations by assessing 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 collaborative and license agreements. Collaborative and license agreement payments may include nonrefundable fees at the inception of the agreements, contingent payments for specific achievements designated in the agreements, and/or net profit-sharing payments on sales of products resulting from the collaborative and license arrangements. For a complete discussion of accounting for collaborative and licensing arrangements, see Revenues from Collaboration and Licensing 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, 2021, 2020 and 2019. During the years ended December 31, 2021, 2020 and 2019, principally 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, 2021 and, therefore, the transaction price was not reduced further during the years ended December 31, 2021, 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 Collaboration and Licensing Arrangements: The Company analyzes license and collaboration arrangements pursuant to FASB ASC Topic 808, Collaborative Arrangement Guidance and Consideration, (“Topic 808”) to assess whether such arrangements, or transactions between arrangement participants, involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities or are more akin to a vendor-customer relationship. In making this evaluation, the Company considers whether the activities of the collaboration are considered to be distinct and deemed to be within the scope of the collaborative arrangement guidance or if they are more reflective of a vendor-customer relationship and, therefore, within the scope of Topic 606. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For elements of collaboration arrangements that are not accounted for pursuant to guidance in Topic 606, an appropriate recognition method is determined and applied consistently, generally by analogy to the revenue from contracts with customers guidance. The Company evaluates the performance obligations promised in the contract that are based on goods and services that will be transferred to the customer and determines whether those obligations are both (i) capable of being distinct and (ii) distinct in the context of the contract. Goods or services that meet these criteria are considered distinct performance obligations. The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract. The consideration may include fixed consideration or variable consideration. The 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. At the inception of each arrangement that includes variable consideration, the Company evaluates the amount of potential transaction price and the likelihood that the transaction price will be received. The Company utilizes either the most likely amount method or expected value method to estimate the amount expected to be received based on which method best predicts the amount expected to be received. The amount of variable consideration that is included in the transaction price may be constrained and is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and, if so, these options are considered performance obligations. After contract inception, the transaction price is reassessed at every period end and updated for changes such as resolution of uncertain events. Any change in the overall transaction price is allocated to the performance obligations based on the same methodology used at contract inception. The Company recognizes sales-based royalties or net profit-sharing when the later of (a) the subsequent sale occurs, or (b) the performance obligation to which the sales-based royalty or net profit-sharing has been allocated has been satisfied. 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. Refer to Note 9 (Collaborati ve . n. RESEARCH AND DEVELOPMENT. o. ADVERTISING EXPENSE. ® p. STOCK-BASED COMPENSATION. grant date 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. Using this approach, compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally one q CONCENTRATION OF RISK. The Company sells its product in the United States through an exclusive distributor (its Customer) to SPs. Therefore, its distributor and SPs account for principally 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 ® ® ® r. ROYALTIES. s. 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 t. COMPREHENSIVE INCOME. available-for-sale u. NET INCOME PER COMMON SHARE. Diluted net income per common share is computed by dividing net income 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, 2021 2020 2019 Basic weighted average common shares outstanding 103,379,349 103,512,913 102,944,316 Effect of dilutive securities 4,416,236 2,729,360 3,076,620 Diluted weighted average common shares outstanding 107,795,585 106,242,273 106,020,936 Outstanding common stock equivalents totaling approximately 4.3 million, 7.1 million and 4.6 million, were excluded from the calculation of diluted net income per common share for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect would be anti-dilutive. Potentially dilutive options to purchase common stock as of December 31, 2021, 2020 and 2019 had exercise prices ranging from $0.79 to $4.64, $0.79 to $3.95 and $0.79 to $4.20, respectively.​​​​​​​ v SEGMENT INFORMATION. drug w RECLASSIFICATIONS. x. RECENTLY ISSUED ACCOUNTING STANDARDS. 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, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	3. Investments. Available-for-sale Estimated Gross Gross Amortized At December 31, 2021: U.S. Treasuries - Cash equivalents $ 140,995 $ 2 $ — $ 140,993 Short-term bond funds 19,821 — (196 ) 20,017 Total $ 160,816 $ 2 $ (196 ) $ 161,010 At December 31, 2020: U.S. Treasuries - Cash equivalents $ 104,994 $ 2 $ — $ 104,992 Short-term bond funds 10,041 29 — 10,012 Total $ 115,035 $ 31 $ — $ 115,004 There were no realized gains or losses from available-for-sale The estimated fair values of available-for-sale 2021 Due in one year or less $ 160,816

Inventory

Inventory	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory	4. Inventory . Inventory consists of the following (in thousands): December 31, 2021 December 31, 2020 Raw materials $ 1,769 $ — Work-in-process 5,172 3,555 Finished goods 929 1,096 Total inventory $ 7,870 $ 4,651

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets. Prepaid expenses and other current assets consist of the following as of December 31 (in thousands): 2021 2020 Prepaid manufacturing costs $ 307 $ 3,328 Prepaid tax 564 1,368 Prepaid insurance 1,213 1,285 Prepaid subscriptions fees 909 729 Prepaid research fees 452 453 Prepaid commercialization expenses 195 199 Due from collaborative and licensing arrangements 105 437 Prepaid conference and travel expenses 279 83 Other 327 446 Total prepaid expenses and other current assets $ 4,351 $ 8,328

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2021
Operating Lease, Lease Income [Abstract]
Operating Leases	6. Operating Leases. The Company has an operating lease agreement for its corporate office. The lease includes an option to extend the lease for up to 5 6 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 increased from approximately 7,800 square feet of space to approximately 10,700 square feet of space. The amended lease commenced in March 2021 when construction of the asset was completed and space became available for use. Consequently, the Company recorded the effects of the amended lease during Q1 2021. The components of lease expense were as follows (in thousands): For the Year Operating lease cost $ 379 Supplemental cash flow information related to lease was as follows (in thousands): December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 109 Right-of-use Operating lease $ 80 Supplemental balance sheet information related to lease was as follows (in thousands ): December 31, 2021 Operating lease right-of-use $ 3,017 Other current liabilities $ 308 Operating lease liabilities, net of current portion 3,894 Total operating $ 4,202 As of December 31, 2021, the weighted average remaining lease term was 9.3 years and the weighted average discount rate used to determine the operating lease liabilities was 4.51%. Remaining payments of lease liabilities as of December 31, 2021 were as follows (in thousands): 2022 $ 492 2023 506 2024 522 2025 537 2026 553 Thereafter 2,597 Total lease payments 5,207 Less: imputed interest (1,005 ) Total $ 4,202 Rent expense was $0.4 million, $0.3 million and $0.3 million for the years ended December 31, 2021, 2020 and 2019.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	7. Property and Equipment, N Property and equipment, net consists of the following (in thousands): December 31, 2021 December 31, 2020 Computer equipment $ 51 $ 51 Furniture and equipment 203 242 Leasehold improvements 980 177 Less: Accumulated depreciation (275 ) (340 ) Total property and equipment, net $ 959 $ 130

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	8. Accrued Expenses and Other Liabilities. Accrued expenses and other liabilities consist of the following as of December 31 (in thousands): 2021 2020 Accrued preclinical and clinical trial expenses $ 659 $ 585 Accrued professional fees 2,391 1,884 Accrued compensation and benefits 4,035 3,991 Accrued license fees 12,819 10,373 Accrued purchases 2,045 258 Accrued contributions — 310 Operating lease liability 308 29 Accrued variable consideration 1,716 964 Accrued income tax 79 — Other 243 106 Current accrued expenses and other liabilities 24,295 18,500 Lease liability – non-current 3,894 — Non-current 3,894 — Total accrued expenses and other liabilities $ 28,189 $ 18,500

Collaborative and Licensing Arr

Collaborative and Licensing Arrangements	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative and Licensing Arrangements	9. Collaborative and Licensing Arrangements. Endo 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 terms of the Collaboration, the Company has received an up-front mid-double ® The Company evaluated the license agreement with Endo to determine whether it is a collaborative arrangement for purposes of Topic 808. As the Company shares in the significant risks and rewards, the Company has concluded that this is a collaborative arrangement. As developing a final finished dosage form of a generic product in exchange for consideration is not an output of the Company’s ongoing activities, Endo does not represent a contract with a customer. However, Topic 808 does not provide guidance on the recognition of consideration exchanged or accounting for the obligations that may arise between the parties. The Company concluded that ASC Topic 730, Research and Development The collaborative agreement included a nonrefundable upfront license fee that was recognized upon receipt following execution of the collaborative arrangement for vigabatrin tablets. The collaborative agreement provides for a $ million milestone payment on the commercial launch of the product by Par. As of December 31, 2021, 2020 and 2019, milestone payments have been earned. There were no revenues from this collaborative arrangement for the years ended December 31, 2021, 2020 or 2019. Total expenses incurred, net, in connection with the collaborative agreement for the years ended December 31, 2021, 2020 and 2019 were approximately $45,000, $4,200 and $65,000, respectively. These expenses have been included in research and development expenses in the accompanying consolidated statements of operations and comprehensive income. KYE Pharmaceuticals Inc. 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, Catalyst granted KYE an exclusive license to commercialize and market FIRDAPSE ® ® Under the terms of the agreement, the Company will receive an up-front ® mid-double-digit ® This agreement is in form identified as a collaborative agreement and the Company has concluded for accounting purposes that it also represents a contract with a customer. This is because the Company grants to KYE a license and provides supply of FIRDAPSE ® The collaborative agreement included a nonrefundable upfront license fee that was recognized upon transfer of the license based on a determination that the right is provided as the intellectual property exists at the point in time in which the license is granted. Under the arrangement, the Company will receive profit-sharing reports within nine days after quarter end from KYE. Revenue from sales of FIRDAPSE ® Revenues from the arrangement with KYE for the year ended December 31, 2021 were not material. Revenue is included in product revenue, net and license and other revenue in the accompanying consolidated statements of operations and comprehensive income. Expenses incurred, net have been included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. DyDo Pharma, Inc. On June 28, 2021, the Company entered into a license agreement with DyDo Pharma, Inc. (DyDo), for the development and commercialization of FIRDAPSE ® Under the agreement, DyDo has joint rights to develop FIRDAPSE ® Under the terms of the agreement, the Company has earned an up-front ® The Company has concluded that this license agreement will be accounted for pursuant to Topic 606. The agreement included a nonrefundable upfront license fee that was recognized upon the effective date of the agreement as the intellectual property exists at the point in time in which the right to the license is granted. The Company determined the granting of the right to the license is distinct from the supply of FIRDAPSE ® The agreement includes milestones that are considered a sales-based royalty in which the license is deemed to be the predominant item to which these milestones relate. Revenue will be recognized when the later of (a) the subsequent sale occurs, or (b) the performance obligation to which the sales-based royalty has been allocated has been satisfied. Additionally, the agreement includes regulatory milestone payments which represent variable consideration, and due to uncertainty are fully constrained and only recognized when the uncertainty is subsequently resolved. For clinical and commercial supply of the product, the Company will recognize revenue when the Customer obtains control of the Company’s product, which will occur at a point in time which is generally at time of shipment. Revenue from the arrangement with DyDo for the year ended December 31, 2021, was approximately $2.9 million, relating to the $2.7 million nonrefundable upfront license fee included in license and other revenue in the accompanying consolidated statements of operations and comprehensive income and the sale of FIRDAPSE ®

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies. In May 2019, the FDA approved a New Drug Application (NDA) for Ruzurgi ® (3,4-DAP), ® ® off-label ® ® ® 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’ motions for summary judgment, and dismissed the case. The Company appealed the District Court’s decision to the U.S. Circuit Court of Appeals for the 11th Circuit. By early 2021, the case was fully briefed, and oral argument was held in March 2021. On September 30, 2021, a three-judge panel of 11th Circuit judges issued a unanimous decision overturning the District Court’s decision. The appellate court adopted the Company’s argument that the FDA’s approval of Ruzurgi ® ® 7-year ® There can be no assurance as to whether Jacobus will seek U.S. Supreme Court review of the 11th Circuit’s decision, whether the U.S. Supreme Court will agree to hear the case, or whether, if the U.S. Supreme Court agrees to hear the case, Jacobus’ appeal to overturn the decision of the 11th Circuit will be successful. Similarly, there can be no assurance as to whether the U.S. Congress will pass, and the President will sign, legislation effectively overturning the 11th Circuit’s decision, and whether or not such legislation, if passed, would have any retroactive effect allowing the FDA to reinstate the approval of Ruzurgi ® On August 10, 2020, Health Canada issued a Notice of Compliance (NOC) to Medunik for Ruzurgi ® ® ® ® On June 3, 2021, the Company announced a positive decision in this proceeding that quashed the NOC previously issued for Ruzurgi ® ® ® re-issued ® See Note 16. 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, 2021
Text Block [Abstract]
Agreements	11. Agreements. a. LICENSE AGREEMENT FOR FIRDAPSE ® ® ® ® On May 29, 2019, the Company and BioMarin entered into an amendment to the Company’s 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes. The Company is subject to income taxes in the U.S. federal jurisdiction and various states jurisdictions. The income tax expense (benefit) for the years ended December 31, 2021, 2020, and 2019 consists of (in thousands): 2021 2020 2019 Current $ 3,869 $ (122 ) $ 1,534 Deferred 9,316 (32,971 ) — $ 13,185 $ (33,093 ) $ 1,534 The reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate of 21% to amounts included in the statements of operations is as follows: 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % State tax 3.4 % 2.2 % 6.5 % Valuation allowance — (99.4 )% (20.9 )% Executive compensation limitation 1.1 % — 0.1 % Tax credit (0.6 )% (2.4 )% (2.5 )% Other 0.1 % (0.4 )% 0.4 % 25.0 % (79.0 )% 4.6 % 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/(liabilities) as of December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 Deferred tax assets: Net operating loss $ 1,218 $ 2,320 Start-up 10,403 11,203 Tax credits 8,516 15,616 Deferred compensation 3,959 3,889 Inventory 163 212 Operating lease liability 1,003 — Other — 130 Total deferred tax assets 25,262 33,370 Deferred tax liabilities: Prepaid expenses (455 ) (399 ) Right-of (936 ) — Other (174 ) — Total deferred tax liabilities (1,565 ) (399 ) Deferred tax assets, net $ 23,697 $ 32,971 The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. As of December 31, 202 1 million are realizable. The Company released the full valuation allowance for deferred tax assets including net operating loss and tax credit carryover as of December 31, 2020. At December 31, 2021 and 2020 respectively, the Company had federal net operating loss carryforwards of approximately $0 million and $3 million to reduce future taxable income. The federal net operating loss carryforwards were in 2020 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 2035. An immaterial amount of interest and no penalties were accrued through December 31, 2021. 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, 2021
Equity [Abstract]
Stockholders' Equity	13. Stockholders’ Equity. Preferred Stock The Company has 5,000,000 shares of authorized preferred stock, $0.001 par value per share, at December 31, 2021 and 2020. No shares of preferred stock were outstanding at December 31, 2021 and 2020. Common Stock The Company has 200,000,000 shares of authorized common stock, par value $0.001 per share. At December 31, 2021 and 2020, 102,992,913 and 103,781,641 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. Share Repurchases In March 2021, the Company’s Board of Directors approved a share repurchase program that authorizes the repurchase of up to $40 million of the Company’s common stock, pursuant to a repurchase plan under Rule 10b-18 2020 Shelf Registration Statement On July 23, 2020, the Company filed a shelf registration statement with the SEC to sell up to $ 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) was declared effective by the SEC on July 31, 2020. As of the date of this report, no offerings have been completed under the Company’s 2020 Shelf Registration Statement. 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 entitled the holder to purchase from the Company one one-hundredth The Rights traded automatically with the common stock and were not exercisable until a person or group had become an “acquiring person” by acquiring 17.5% or more of the Company’s outstanding common stock, or a person or group commenced, or publicly announced a tender offer that would 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 had become an acquiring person, each Right would 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 had 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 extended to September 20, 2019. Additionally, as part of the Amendment, the Board adopted a Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of the Company to increase the number of shares of Series A Junior Participating Preferred Stock of the Company available for issuance under the Rights Plan from 500,000 shares to 1.5 million shares. 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. On November 12, 2021, the Board of Directors terminated the Rights Plan. Despite the termination of the Rights Plan, the Board of Directors reserves the right to take all necessary actions it deems appropriate in the future to protect the interests of all of the Company’s stockholders.

Stock Compensation

Stock Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Compensation	14. Stock Compensation. For the years ended December 31, 2021, 2020 and 2019, the Company recorded stock-based compensation expense as follows (in thousands): 2021 2020 2019 Research and development $ 1,611 $ 1,585 $ 1,138 Selling, general and administrative 4,462 4,676 2,687 Total stock-based compensation $ 6,073 $ 6,261 $ 3,825 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, 2021, no shares remain available for future issuance under the 2014 Plan. Under the 2018 Plan, 15,000,000 shares are reserved for issuance and as of December 31, 2021, 4,708,013 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 During the years ended December 31, 2021, 2020, and 2019, options to purchase 1,328,936, 281,762 and 654,332 shares, respectively, of the Company’s common stock were exercised with gross proceeds to the Company of approximately $4.1 million, $0.8 million, and $1.1 million, respectively. During the years ended December 31, 2021 and 2020, no options to purchase shares of the Company’s common stock were exercised on a “cashless” basis. During the year ended December 31, 2019, options to purchase 6,666 shares of the Company’s common stock were exercised on a “cashless” basis, resulting in the issuance of an aggregate of 3,444 shares of the Company’s common stock. During the years ended December 31, 2021, 2020, and 2019 the Company recorded non-cash During the years ended December 31, 2021, 2020, and 2019, the Company granted seven-year options to purchase an aggregate of 2,330,000, 2,715,000 and 2,183,500 shares, respectively, of the Company’s common stock to certain of the Company’s officers, employees, directors, and consultants. Stock option activity under the Company’s Plans for the year ended December 31, 2021 is summarized as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of year 13,393,669 $ 3.10 Granted 2,330,000 5.89 Exercised or released (1,328,936 ) 3.09 Forfeited or cancelled (177,006 ) 3.92 Expired (9,999 ) 5.12 Outstanding at end of year 14,207,728 $ 3.55 4.15 $ 46,168 Exercisable at end of year 9,473,196 $ 2.87 3.21 $ 36,958 Other information pertaining to stock option activity during the years ended December 31, 2021, 2020, and 2019 was as follows: 2021 2020 2019 Weighted–average fair value of granted stock options $ 3.24 $ 2.33 $ 2.69 Total fair value of vested stock options (in thousands) $ 6,421 $ 5,312 $ 3,865 Total intrinsic value of exercised stock options (in thousands) $ 3,623 $ 325 $ 1,900 As of December 31, 2021, there was approximately $11.6 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 Company estimates the expected option life for options granted to employees and directors based upon the simplified method. Under this method, the expected life is presumed to be the mid-point Assumptions used during the years were as follows: 2021 2020 2019 Risk free interest rate 0.34% to 1.18 % 0.24% to 1.64 % 1.51% to 2.53 % Expected term 4.5 – 4.8 years 4.5 years 4.5 years Expected volatility 68.6% to 72.8 % 80.5% to 83.7 % 75.5 % 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 2021 2020 Number of Restricted Stock Units Weighted Average Grant Date Fair Value Number of Restricted Stock Units Weighted Average Grant Date Fair Value Nonvested balance at beginning of year 235,671 $ 4.65 352,500 $ 4.64 Granted — — 30,000 4.70 Vested (112,832 ) 4.65 (117,495 ) 4.64 Forfeited — — (29,334 ) 4.64 Nonvested balance at end of year 122,839 $ 4.65 235,671 $ 4.65 During the year ended December 31, 2019, 352,500 restricted stock units were granted and outstanding and there were no vested or forfeited shares. During the year ended December 31, 2021, 2020 and 2019, the Company recorded non-cash

Benefit Plan

Benefit Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Benefit Plan	15. 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

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events. Subsequent to year end, in January 2022, Jacobus filed motions with both the 11th Circuit and the U.S. Supreme Court seeking a stay of the 11th Circuit’s ruling indicating that it would seek a review of the 11th Circuit’s decision from the U.S. Supreme Court. Both stay motions were denied, and on January 28, 2022, the 11th Circuit issued a mandate directing the District Court to enter summary judgment in the Company’s favor. The District Court entered that order on January 31, 2022. On February 1, 2022, the FDA informed Jacobus that, consistent with the Court of Appeals for the 11th Circuit’s September 30, 2021, decision in favor of Catalyst, the final approval of the Ruzurgi ® 7-year ® Subsequent to year end, on March 11, 2022, the Company announced that it had received a favorable decision from the Canadian court setting aside, for the second time, the decision of Health Canada approving Ruzurgi ® ® ®

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 31, 2021 are classified as available-for-sale non-current non-current The Company records available-for-sale available-for-sale available-for-sale available-for-sale
ACCOUNTS RECEIVABLE, NET	e. ACCOUNTS RECEIVABLE, NET.
INVENTORY	f. INVENTORY work-in-process first-in, ® ® 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. less accumulated depreciation. three five
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 (in thousands) Balances as of December 31, 2021 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 $ 10,990 $ 10,990 $ — $ — U.S. Treasuries $ 140,995 $ 140,995 $ — $ — Short-term investments: Short-term bond funds $ 19,821 $ 19,821 $ — $ — 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 $ 15,674 $ 15,674 $ — $ — U.S. Treasuries $ 104,994 $ — $ 104,994 $ — Short-term investments: Short-term bond funds $ 10,041 $ 10,041 $ — $ —
OPERATING LEASES	k. OPERATING LEASES. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use non-lease
SHARE REPURCHASES	l. SHARE REPURCHASES. 2021 40 The Company accounts for share repurchases by charging the excess of the repurchase price over the repurchased common stock’s par value entirely to accumulated deficit. All repurchased shares are retired and for the shares purchased under the share repurchase plan based on the trade date. The Company may terminate or modify its share repurchase program at any time.
REVENUE RECOGNITION	m. REVENUE RECOGNITION. Product Revenues: The Company recognizes revenue when its customer obtains title of the promised goods, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for these goods. The Company had no contracts with customers until the FDA approved FIRDAPSE ® ® ® ® 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 assesses the goods or services promised within each contract and determines those that are performance obligations by assessing 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 collaborative and license agreements. Collaborative and license agreement payments may include nonrefundable fees at the inception of the agreements, contingent payments for specific achievements designated in the agreements, and/or net profit-sharing payments on sales of products resulting from the collaborative and license arrangements. For a complete discussion of accounting for collaborative and licensing arrangements, see Revenues from Collaboration and Licensing 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, 2021, 2020 and 2019. During the years ended December 31, 2021, 2020 and 2019, principally 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, 2021 and, therefore, the transaction price was not reduced further during the years ended December 31, 2021, 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 Collaboration and Licensing Arrangements: The Company analyzes license and collaboration arrangements pursuant to FASB ASC Topic 808, Collaborative Arrangement Guidance and Consideration, (“Topic 808”) to assess whether such arrangements, or transactions between arrangement participants, involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities or are more akin to a vendor-customer relationship. In making this evaluation, the Company considers whether the activities of the collaboration are considered to be distinct and deemed to be within the scope of the collaborative arrangement guidance or if they are more reflective of a vendor-customer relationship and, therefore, within the scope of Topic 606. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For elements of collaboration arrangements that are not accounted for pursuant to guidance in Topic 606, an appropriate recognition method is determined and applied consistently, generally by analogy to the revenue from contracts with customers guidance. The Company evaluates the performance obligations promised in the contract that are based on goods and services that will be transferred to the customer and determines whether those obligations are both (i) capable of being distinct and (ii) distinct in the context of the contract. Goods or services that meet these criteria are considered distinct performance obligations. The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract. The consideration may include fixed consideration or variable consideration. The 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. At the inception of each arrangement that includes variable consideration, the Company evaluates the amount of potential transaction price and the likelihood that the transaction price will be received. The Company utilizes either the most likely amount method or expected value method to estimate the amount expected to be received based on which method best predicts the amount expected to be received. The amount of variable consideration that is included in the transaction price may be constrained and is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and, if so, these options are considered performance obligations.
RESEARCH AND DEVELOPMENT	n. RESEARCH AND DEVELOPMENT.
ADVERTISING EXPENSE	o. ADVERTISING EXPENSE. ®
STOCK-BASED COMPENSATION	p. STOCK-BASED COMPENSATION. grant date 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. Using this approach, compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally one
CONCENTRATION OF CREDIT RISK	q CONCENTRATION OF RISK. The Company sells its product in the United States through an exclusive distributor (its Customer) to SPs. Therefore, its distributor and SPs account for principally 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	r. ROYALTIES.
INCOME TAXES	s. 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
COMPREHENSIVE INCOME	t. COMPREHENSIVE INCOME. available-for-sale
NET INCOME PER COMMON SHARE	u. NET INCOME PER COMMON SHARE. Diluted net income per common share is computed by dividing net income 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, 2021 2020 2019 Basic weighted average common shares outstanding 103,379,349 103,512,913 102,944,316 Effect of dilutive securities 4,416,236 2,729,360 3,076,620 Diluted weighted average common shares outstanding 107,795,585 106,242,273 106,020,936 Outstanding common stock equivalents totaling approximately 4.3 million, 7.1 million and 4.6 million, were excluded from the calculation of diluted net income per common share for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect would be anti-dilutive. Potentially dilutive options to purchase common stock as of December 31, 2021, 2020 and 2019 had exercise prices ranging from $0.79 to $4.64, $0.79 to $3.95 and $0.79 to $4.20, respectively.​​​​​​​
SEGMENT INFORMATION	v SEGMENT INFORMATION. drug
RECLASSIFICATIONS	w RECLASSIFICATIONS.
RECENTLY ISSUED ACCOUNTING STANDARDS	x. RECENTLY ISSUED ACCOUNTING STANDARDS. 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, 2021
Accounting Policies [Abstract]
Fair Value Measurement Specific to Assets or Liability	Fair Value Measurements at Reporting Date Using (in thousands) Balances as of December 31, 2021 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 $ 10,990 $ 10,990 $ — $ — U.S. Treasuries $ 140,995 $ 140,995 $ — $ — Short-term investments: Short-term bond funds $ 19,821 $ 19,821 $ — $ — 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 $ 15,674 $ 15,674 $ — $ — U.S. Treasuries $ 104,994 $ — $ 104,994 $ — Short-term investments: Short-term bond funds $ 10,041 $ 10,041 $ — $ —
Basic and Dilutive Weighted Average Common Shares	The following table reconciles basic and diluted weighted average common shares: For the Years Ended December 31, 2021 2020 2019 Basic weighted average common shares outstanding 103,379,349 103,512,913 102,944,316 Effect of dilutive securities 4,416,236 2,729,360 3,076,620 Diluted weighted average common shares outstanding 107,795,585 106,242,273 106,020,936

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Investments by Security type	Available-for-sale Estimated Gross Gross Amortized At December 31, 2021: U.S. Treasuries - Cash equivalents $ 140,995 $ 2 $ — $ 140,993 Short-term bond funds 19,821 — (196 ) 20,017 Total $ 160,816 $ 2 $ (196 ) $ 161,010 At December 31, 2020: U.S. Treasuries - Cash equivalents $ 104,994 $ 2 $ — $ 104,992 Short-term bond funds 10,041 29 — 10,012 Total $ 115,035 $ 31 $ — $ 115,004
Estimated Fair Values of Available for Sale Securities	The estimated fair values of available-for-sale 2021 Due in one year or less $ 160,816

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Summary of current inventory	Inventory consists of the following (in thousands): December 31, 2021 December 31, 2020 Raw materials $ 1,769 $ — Work-in-process 5,172 3,555 Finished goods 929 1,096 Total inventory $ 7,870 $ 4,651

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Text Block [Abstract]
Prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following as of December 31 (in thousands): 2021 2020 Prepaid manufacturing costs $ 307 $ 3,328 Prepaid tax 564 1,368 Prepaid insurance 1,213 1,285 Prepaid subscriptions fees 909 729 Prepaid research fees 452 453 Prepaid commercialization expenses 195 199 Due from collaborative and licensing arrangements 105 437 Prepaid conference and travel expenses 279 83 Other 327 446 Total prepaid expenses and other current assets $ 4,351 $ 8,328

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Operating Leases [Abstract]
Lease, Cost	The components of lease expense were as follows (in thousands): For the Year Operating lease cost $ 379
Schedule of Supplemental Cash Flow Information Related To Lease	Supplemental cash flow information related to lease was as follows (in thousands): December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 109 Right-of-use Operating lease $ 80
Schedule of Supplemental Balance Sheet related To Lease	Supplemental balance sheet information related to lease was as follows (in thousands ): December 31, 2021 Operating lease right-of-use $ 3,017 Other current liabilities $ 308 Operating lease liabilities, net of current portion 3,894 Total operating $ 4,202
Lessee, Operating Lease, Liability, Maturity	Remaining payments of lease liabilities as of December 31, 2021 were as follows (in thousands): 2022 $ 492 2023 506 2024 522 2025 537 2026 553 Thereafter 2,597 Total lease payments 5,207 Less: imputed interest (1,005 ) Total $ 4,202

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and equipment, net consists of the following (in thousands): December 31, 2021 December 31, 2020 Computer equipment $ 51 $ 51 Furniture and equipment 203 242 Leasehold improvements 980 177 Less: Accumulated depreciation (275 ) (340 ) Total property and equipment, net $ 959 $ 130

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following as of December 31 (in thousands): 2021 2020 Accrued preclinical and clinical trial expenses $ 659 $ 585 Accrued professional fees 2,391 1,884 Accrued compensation and benefits 4,035 3,991 Accrued license fees 12,819 10,373 Accrued purchases 2,045 258 Accrued contributions — 310 Operating lease liability 308 29 Accrued variable consideration 1,716 964 Accrued income tax 79 — Other 243 106 Current accrued expenses and other liabilities 24,295 18,500 Lease liability – non-current 3,894 — Non-current 3,894 — Total accrued expenses and other liabilities $ 28,189 $ 18,500

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of income tax expense	The income tax expense (benefit) for the years ended December 31, 2021, 2020, and 2019 consists of (in thousands): 2021 2020 2019 Current $ 3,869 $ (122 ) $ 1,534 Deferred 9,316 (32,971 ) — $ 13,185 $ (33,093 ) $ 1,534
Reconciliation of income tax expense (Benefit) computed at statutory federal income tax rate	The reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate of 21% to amounts included in the statements of operations is as follows: 2021 2020 2019 Statutory rate 21.0 % 21.0 % 21.0 % State tax 3.4 % 2.2 % 6.5 % Valuation allowance — (99.4 )% (20.9 )% Executive compensation limitation 1.1 % — 0.1 % Tax credit (0.6 )% (2.4 )% (2.5 )% Other 0.1 % (0.4 )% 0.4 % 25.0 % (79.0 )% 4.6 %
Components of deferred tax assets	2021 2020 Deferred tax assets: Net operating loss $ 1,218 $ 2,320 Start-up 10,403 11,203 Tax credits 8,516 15,616 Deferred compensation 3,959 3,889 Inventory 163 212 Operating lease liability 1,003 — Other — 130 Total deferred tax assets 25,262 33,370 Deferred tax liabilities: Prepaid expenses (455 ) (399 ) Right-of (936 ) — Other (174 ) — Total deferred tax liabilities (1,565 ) (399 ) Deferred tax assets, net $ 23,697 $ 32,971

Stock Compensation (Tables)

Stock Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	For the years ended December 31, 2021, 2020 and 2019, the Company recorded stock-based compensation expense as follows (in thousands): 2021 2020 2019 Research and development $ 1,611 $ 1,585 $ 1,138 Selling, general and administrative 4,462 4,676 2,687 Total stock-based compensation $ 6,073 $ 6,261 $ 3,825
Stock option activity under the Company's Plans	Stock option activity under the Company’s Plans for the year ended December 31, 2021 is summarized as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of year 13,393,669 $ 3.10 Granted 2,330,000 5.89 Exercised or released (1,328,936 ) 3.09 Forfeited or cancelled (177,006 ) 3.92 Expired (9,999 ) 5.12 Outstanding at end of year 14,207,728 $ 3.55 4.15 $ 46,168 Exercisable at end of year 9,473,196 $ 2.87 3.21 $ 36,958
Schedule of Other Information Pertaining to Stock Option Activity	Other information pertaining to stock option activity during the years ended December 31, 2021, 2020, and 2019 was as follows: 2021 2020 2019 Weighted–average fair value of granted stock options $ 3.24 $ 2.33 $ 2.69 Total fair value of vested stock options (in thousands) $ 6,421 $ 5,312 $ 3,865 Total intrinsic value of exercised stock options (in thousands) $ 3,623 $ 325 $ 1,900
Summary of Stock Options Awards Based on Certain Assumptions	Assumptions used during the years were as follows: 2021 2020 2019 Risk free interest rate 0.34% to 1.18 % 0.24% to 1.64 % 1.51% to 2.53 % Expected term 4.5 – 4.8 years 4.5 years 4.5 years Expected volatility 68.6% to 72.8 % 80.5% to 83.7 % 75.5 % Expected dividend yield — % — % — % Expected forfeiture rate — % — % — %
Summary of Restricted Stock Unit Activity	Restricted stock unit activity during 2021 and 2020 was as follows: 2021 2020 Number of Restricted Stock Units Weighted Average Grant Date Fair Value Number of Restricted Stock Units Weighted Average Grant Date Fair Value Nonvested balance at beginning of year 235,671 $ 4.65 352,500 $ 4.64 Granted — — 30,000 4.70 Vested (112,832 ) 4.65 (117,495 ) 4.64 Forfeited — — (29,334 ) 4.64 Nonvested balance at end of year 122,839 $ 4.65 235,671 $ 4.65

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021USD ($)Segment$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maximum maturity period of cash and cash equivalent	three months
Non current investments | $	$ 0	$ 0
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	$ 4.64	$ 3.95	$ 4.20
Potential equivalent common stock excluded | shares	4.3	7.1	4.6
Number of Reportable Segments | Segment	1
Furniture and Equipment [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Useful life of assets	5 years
Selling, General and Administrative Expenses [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Advertising Expense | $	$ 2,900	$ 2,500	$ 3,300
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	5 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	10 years

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Fair Value Measurement Specific to Assets or Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 19,821	$ 10,041
Short-term bond funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19,821	10,041
U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	140,995	104,994
Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	10,990	15,674
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Short-term bond funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19,821	10,041
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	140,995
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	$ 10,990	15,674
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

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Basic weighted average common shares outstanding	103,379,349	103,512,913	102,944,316
Effect of dilutive securities	4,416,236	2,729,360	3,076,620
Dilutive weighted average common shares outstanding	107,795,585	106,242,273	106,020,936

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Estimated Fair Value	$ 160,816	$ 115,035
Gross Unrealized Gains	2	31
Gross Unrealized Losses
Amortized cost	161,010	115,004
U.S Treasury Bond Securities Cash Equivalents [Member]
Net Investment Income [Line Items]
Estimated Fair Value	140,995	104,994
Gross Unrealized Gains	2	2
Amortized cost	140,993	104,992
Short Term Bond Funds [Member]
Net Investment Income [Line Items]
Estimated Fair Value	19,821	10,041
Gross Unrealized Gains		29
Gross Unrealized Losses	(196)
Amortized cost	$ 20,017	$ 10,012

Investment - Estimated Fair Val

Investment - Estimated Fair Values of Available for Sale Securities (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 160,816

Inventory - Summary of current

Inventory - Summary of current inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,769
Work-in-process	5,172	3,555
Finished goods	929	1,096
Total inventory, net	$ 7,870	$ 4,651

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid manufacturing costs	$ 307	$ 3,328
Prepaid tax	564	1,368
Prepaid insurance	1,213	1,285
Prepaid subscriptions fees	909	729
Prepaid research fees	452	453
Prepaid commercialization expenses	195	199
Due from collaborative arrangements	105	437
Prepaid conference and travel expenses	279	83
Other	327	446
Total prepaid expenses and other current assets	$ 4,351	$ 8,328

Operating Leases - Operating Le

Operating Leases - Operating Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of Operating Leases [Abstract]
Operating lease cost	$ 379	$ 300	$ 300

Operating Leases - Schedule of

Operating Leases - Schedule of Supplemental Cash Flow Information Related To Lease (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$ 109
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 80

Operating Leases -Schedule of S

Operating Leases -Schedule of Supplemental Balance Sheet related To Lease (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Operating Leases [Line Items]
Operating lease right-of-use assets	$ 3,017	$ 0
Other current liabilities	$ 308	29
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current
Operating lease liabilities, net of current portion	$ 3,894	$ 0
Total operating lease liabilities	$ 4,202

Operating Leases -Lessee, Opera

Operating Leases -Lessee, Operating Lease, Liability, Maturity (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Disclosure of Operating Leases [Line Items]
2022	$ 492
2023	506
2024	522
2025	537
2026	553
Thereafter	2,597
Total lease payments	5,207
Less imputed interest	(1,005)
Total	$ 4,202

Operating Leases - Additional

Operating Leases - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of Operating Leases [Line Items]
Finance Lease Obligations | $	$ 0
Lessor, Operating Lease, Option to Extend	5 years
Rent expense | $	$ 379	$ 300	$ 300
Before agreement of company leased spaces | ft²	7,800
After agreement of company leased spaces | ft²	10,700
Weighted average remaining lease term	9 years 3 months 18 days
Weighted average discount rate	4.51%
Maximum [Member]
Disclosure of Operating Leases [Line Items]
Lessee, Operating Lease, Option to Terminate	7.6 years
Minimum [Member]
Disclosure of Operating Leases [Line Items]
Lessee, Operating Lease, Option to Terminate	6 years

Property and Equipment, Net - P

Property and Equipment, Net - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (275)	$ (340)
Total property and equipment, net	959	130
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	51	51
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	203	242
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 980	$ 177

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued preclinical and clinical trial expenses	$ 659	$ 585
Accrued professional fees	2,391	1,884
Accrued compensation and benefits	4,035	3,991
Accrued license fees	12,819	10,373
Accrued purchases	2,045	258
Accrued contributions		310
Operating lease liability	308	29
Accrued variable consideration	1,716	964
Accrued income tax	79
Other	243	106
Current accrued expenses and other liabilities	24,295	18,500
Lease liability - non-current	3,894	0
Total accrued expenses and other liabilities	$ 28,189	$ 18,500

Collaborative and Licensing A_2

Collaborative and Licensing Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements [Line Items]
Period of collaboration agreement	10 years
Total research and development expense	$ 16,936,000	$ 16,497,000	$ 18,843,000
Revenue	140,833,000	119,073,000	102,306,000
product revenue,net
Collaborative Arrangements [Line Items]
Revenue	137,997,000	118,790,000	102,306,000
Dydo Pharma Inc Member [Member]
Collaborative Arrangements [Line Items]
Milestone payments income	0
Revenues	2,700,000
Dydo Pharma Inc Member [Member] | Non Refundable Upfront License Fees [Member]
Collaborative Arrangements [Line Items]
Revenues	2,900,000
Dydo Pharma Inc Member [Member] | product revenue,net
Collaborative Arrangements [Line Items]
Revenue	200,000
Collaborative Arrangement [Member]
Collaborative Arrangements [Line Items]
Total research and development expense	45,000	4,200	65,000
Milestone payments	2,000,000
Milestone payments income	0	0	0
Revenues	$ 0	$ 0	$ 0

Agreements - Additional Informa

Agreements - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current	$ 3,869	$ (122)	$ 1,534
Deferred	9,316	(32,971)	0
Total income tax expense	$ 13,185	$ (33,093)	$ 1,534

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Deferred tax assets, net	$ 23,697	$ 32,971
Net operating loss carryforwards	$ 0	$ 3,000
Net operating loss carryforwards expiration date	beginning in 2034
Tax credit carryforwards expiration date		2035 years
Interest or penalties accrued		$ 0
Unrecognized tax benefits income tax penalties accrued	$ 0
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 28,000	$ 42,000

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State tax	3.40%	2.20%	6.50%
Valuation allowance	0.00%	(99.40%)	(20.90%)
Executive compensation limitation	1.10%	0.00%	0.10%
Tax credit	(0.60%)	(2.40%)	(2.50%)
Other	0.10%	(0.40%)	0.40%
Reconciliation of income tax expense (benefit)	25.00%	(79.00%)	4.60%

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets [Abstract]
Net operating loss	$ 1,218	$ 2,320
Start-up costs	10,403	11,203
Tax credits	8,516	15,616
Deferred compensation	3,959	3,889
Inventory	163	212
Operating lease liability	1,003	0
Other	0	130
Total deferred tax assets	25,262	33,370
Deferred tax liabilities:
Prepaid expenses	(455)	(399)
Right-of use asset	(936)	0
Other	(174)	0
Total deferred tax liabilities	(1,565)	(399)
Deferred tax assets, net	$ 23,697	$ 32,971

Stockholders' Equity (Preferred

Stockholders' Equity (Preferred Stock and Common Stock) - Additional Information (Detail)	Dec. 31, 2021Vote$ / sharesshares	Dec. 31, 2020$ / 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	200,000,000
Common stock, par value | $ / shares	$ 0.001	$ 0.001
Common stock, shares issued	102,992,913	103,781,641
Common stock, shares outstanding	102,992,913	103,781,641
Number of votes entitled for each share of common stock | Vote	1

Stockholders' Equity ( Share Re

Stockholders' Equity ( Share Repurchases ) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Stockholders Equity [Line Items]
Aggregate purchase price	$ 12,089
Average price per share	$ 5.47
Common Stock [Member]
Stockholders Equity [Line Items]
Aggregate share repurchased	(2,208,292)
Share Purchase Program Member [Member] | Common Stock [Member]
Stockholders Equity [Line Items]
Share repurchase program, authorised		$ 40,000

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, 2021	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]
Minimum percentage of outstanding stock acquired by a person or group to trigger Shareholder Rights Plan		17.50%
Warrants exercise price		$ 7.80
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 ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 6,073	$ 6,261	$ 3,825
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,611	1,585	1,138
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 4,462	$ 4,676	$ 2,687

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options exercised	1,328,936
Proceeds from exercise of stock options	$ 4,099	$ 758	$ 1,116
Common stock unit granted	2,330,000
Expected dividend rate	0.00%	0.00%
Non Vested Outstanding			352,500
Non Vested granted			352,500
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	$ 500	$ 600	$ 100
Non Vested Outstanding	122,839	235,671	352,500
Non Vested granted	0	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	15,000,000
Common stock shares available for future issuance under the Plan	4,708,013
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	1,328,936	281,762	654,332
Proceeds from exercise of stock options	$ 4,100	$ 800	$ 1,100
Stock option granted, contractual term	7 years	7 years	7 years
Common stock unit granted	2,330,000	2,715,000	2,183,500
Unrecognized compensation expense related to non-vested stock compensation awards granted under the Plan	$ 11,600
Expected remaining weighted average vesting period	2 years 5 months 4 days
Non-cash stock-based compensation expense	$ 5,500	$ 5,700	$ 3,800
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, 2021USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Number of options, Outstanding at beginning of year | shares	13,393,669
Number of options, Granted | shares	2,330,000
Number of options, Exercised or released | shares	(1,328,936)
Number of options, Forfeited or cancelled | shares	(177,006)
Number of options, Expired | shares	(9,999)
Number of options, Outstanding at end of year | shares	14,207,728
Number of options, Exercisable at end of year | shares	9,473,196
Weighted average exercise price, Outstanding at beginning of year | $ / shares	$ 3.10
Weighted average exercise price, Granted | $ / shares	5.89
Weighted average exercise price, Exercised or released | $ / shares	3.09
Weighted average exercise price, Forfeited or cancelled | $ / shares	3.92
Weighted average exercise price, Expired | $ / shares	5.12
Weighted average exercise price, Outstanding at end of year | $ / shares	3.55
Weighted average exercise price, Exercisable at end of year | $ / shares	$ 2.87
Weighted Average Remaining Contractual Term (Years), Outstanding at end of year	4 years 1 month 24 days
Weighted Average Remaining Contractual Term (Years), Exercisable at end of year	3 years 2 months 15 days
Aggregate Intrinsic value, Outstanding at end of year | $	$ 46,168
Aggregate Intrinsic value, Exercisable at end of year | $	$ 36,958

Stock Compensation - Schedule o

Stock Compensation - Schedule of Other Information Pertaining to Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Weighted-average fair value of granted stock options	$ 3.24	$ 2.33	$ 2.69
Total fair value of vested stock options	$ 6,421	$ 5,312	$ 3,865
Total intrinsic value of exercised stock options	$ 3,623	$ 325	$ 1,900

Stock Compensation - Summary _2

Stock Compensation - Summary of Stock Options Awards Based on Certain Assumptions (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate, Minimum	0.34%	0.24%	1.51%
Risk free interest rate, Maximum	1.18%	1.64%	2.53%
Expected volatility			75.50%
Expected dividend yield	0.00%	0.00%
Expected forfeiture rate	0.00%	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	68.60%	80.50%
Expected term	4 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	72.80%	83.70%
Expected term	4 years 9 months 18 days

Stock Compensation - Summary _3

Stock Compensation - Summary of Restricted Stock Unit Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	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	235,671	352,500
Granted	0	30,000
Vested	(112,832)	(117,495)
Forfeited	0	(29,334)
Nonvested balance at end of year	122,839	235,671	352,500
Nonvested Weighted Average Grant Date Fair Value balance at beginning of year	$ 4.65	$ 4.64
Weighted Average Grant Date Fair Value, Granted	0	4.70
Weighted Average Grant Date Fair Value, Vested	4.65	4.64
Weighted Average Grant Date Fair Value, Forfeited	0	4.64
Nonvested Weighted Average Grant Date Fair Value balance at end of year	$ 4.65	$ 4.65	$ 4.64

Benefit Plan - Additional Infor

Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 0.5	$ 0.5	$ 0.3