Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 09, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38193 | |
Entity Registrant Name | OPIANT PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4744124 | |
Entity Address, Address Line One | 233 Wilshire Blvd. | |
Entity Address, Address Line Two | Suite 280, | |
Entity Address, City or Town | Santa Monica, | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90401 | |
City Area Code | 310 | |
Local Phone Number | 598-5410 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,258,105 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | OPNT | |
Security Exchange Name | NASDAQ | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001385508 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 31,103,165 | $ 30,980,473 |
Accounts receivable | 8,613,358 | 7,218,367 |
Prepaid and other current assets | 861,782 | 1,055,816 |
Total current assets | 40,578,305 | 39,254,656 |
Other assets | ||
Property and equipment - net of accumulated depreciation | 202,319 | 243,039 |
Right of use assets - operating leases | 396,809 | 768,441 |
Patents and patent applications - net of accumulated amortization | 13,344 | 14,373 |
Other non-current assets | 1,051,234 | 0 |
Total assets | 42,242,011 | 40,280,509 |
Current liabilities | ||
Accounts payable and accrued expenses | 2,553,416 | 1,316,773 |
Accrued salaries and wages | 1,435,189 | 1,237,661 |
Royalty payable | 1,951,677 | 1,620,182 |
Deferred revenue | 360,041 | 918,272 |
Operating leases - current | 400,571 | 516,931 |
Total current liabilities | 6,700,894 | 5,609,819 |
Long-term liabilities | ||
Operating leases - long term | 0 | 254,664 |
Total long-term liabilities | 0 | 254,664 |
Total liabilities | 6,700,894 | 5,864,483 |
Stockholders' equity | ||
Common stock; par value $0.001; 200,000,000 shares authorized; 4,258,105 and 4,186,438 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 4,259 | 4,187 |
Additional paid-in capital | 99,654,992 | 97,239,455 |
Accumulated other comprehensive loss | (114,644) | 0 |
Accumulated deficit | (64,003,490) | (62,827,616) |
Total stockholders' equity | 35,541,117 | 34,416,026 |
Total liabilities and stockholders' equity | $ 42,242,011 | $ 40,280,509 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 4,258,105 | 4,186,438 |
Common stock, shares outstanding (in shares) | 4,258,105 | 4,186,438 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Royalty and licensing revenue | $ 8,600,811 | $ 20,493,679 | $ 19,056,999 | $ 30,368,530 |
Treatment investment revenue | 0 | 0 | 0 | 643,956 |
Grant and contract revenue | 505,265 | 147,071 | 644,195 | 1,837,673 |
Total revenue | 9,106,076 | 20,640,750 | 19,701,194 | 32,850,159 |
Operating expenses | ||||
General and administrative | 2,729,098 | 3,211,022 | 8,138,571 | 9,389,630 |
Research and development | 2,783,452 | 1,843,207 | 4,762,749 | 7,043,857 |
Sales and marketing | 914,349 | 140,690 | 3,737,793 | 140,690 |
Royalty expense | 1,951,947 | 4,850,807 | 4,288,701 | 6,098,882 |
Total operating expenses | 8,378,846 | 10,045,726 | 20,927,814 | 22,673,059 |
Income (loss) from operations | 727,230 | 10,595,024 | (1,226,620) | 10,177,100 |
Other income (expense) | ||||
Interest income | 3,922 | 112,388 | 92,015 | 356,657 |
Loss on foreign exchange | (6,178) | (24,313) | (2,269) | (65,310) |
Total other income (expense) | (2,256) | 88,075 | 89,746 | 291,347 |
Income (loss) before income taxes | 724,974 | 10,683,099 | (1,136,874) | 10,468,447 |
Income tax (expense) benefit | 0 | 0 | (39,000) | 56,805 |
Net income (loss) | 724,974 | 10,683,099 | (1,175,874) | 10,525,252 |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | 196,076 | 0 | (114,644) | 0 |
Total other comprehensive gain (loss) | 196,076 | 0 | (114,644) | $ 0 |
Comprehensive income (loss) | $ 921,050 | $ 10,683,099 | $ (1,290,518) | |
Net income (loss) per share of common stock: | ||||
Basic (in dollars per share) | $ 0.17 | $ 2.64 | $ (0.28) | $ 2.64 |
Diluted (in dollars per share) | $ 0.15 | $ 1.97 | $ (0.28) | $ 1.98 |
Weighted average shares outstanding used to compute net income (loss) per share: | ||||
Basic (in shares) | 4,258,105 | 4,048,635 | 4,247,045 | 3,985,112 |
Diluted (in shares) | 4,847,211 | 5,422,345 | 4,247,045 | 5,310,157 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning Balance (in shares) at Dec. 31, 2018 | 3,845,361 | ||||
Beginning Balance at Dec. 31, 2018 | $ 16,859,266 | $ 3,846 | $ 91,276,086 | $ (74,420,666) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 80,000 | ||||
Exercise of stock options | 601,250 | $ 80 | 601,170 | ||
Stock based compensation | 1,065,852 | 1,065,852 | |||
Net income (loss) | (1,736,020) | (1,736,020) | |||
Ending Balance (in shares) at Mar. 31, 2019 | 3,925,361 | ||||
Ending Balance at Mar. 31, 2019 | 16,790,348 | $ 3,926 | 92,943,108 | (76,156,686) | 0 |
Beginning Balance (in shares) at Dec. 31, 2018 | 3,845,361 | ||||
Beginning Balance at Dec. 31, 2018 | 16,859,266 | $ 3,846 | 91,276,086 | (74,420,666) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 10,525,252 | ||||
Other comprehensive Income (loss) - foreign currency translation adjustment | 0 | ||||
Ending Balance (in shares) at Sep. 30, 2019 | 4,074,622 | ||||
Ending Balance at Sep. 30, 2019 | 31,605,753 | $ 4,075 | 95,497,092 | (63,895,414) | 0 |
Beginning Balance (in shares) at Mar. 31, 2019 | 3,925,361 | ||||
Beginning Balance at Mar. 31, 2019 | 16,790,348 | $ 3,926 | 92,943,108 | (76,156,686) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 100,139 | ||||
Exercise of stock options | 833,890 | $ 100 | 833,790 | ||
Stock based compensation | 860,654 | 860,654 | |||
Net income (loss) | 1,578,173 | 1,578,173 | |||
Ending Balance (in shares) at Jun. 30, 2019 | 4,025,500 | ||||
Ending Balance at Jun. 30, 2019 | 20,063,065 | $ 4,026 | 94,637,552 | (74,578,513) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 49,122 | ||||
Exercise of stock options | 270,000 | $ 49 | 269,951 | ||
Stock based compensation | 589,589 | 589,589 | |||
Net income (loss) | 10,683,099 | 10,683,099 | |||
Other comprehensive Income (loss) - foreign currency translation adjustment | 0 | ||||
Ending Balance (in shares) at Sep. 30, 2019 | 4,074,622 | ||||
Ending Balance at Sep. 30, 2019 | 31,605,753 | $ 4,075 | 95,497,092 | (63,895,414) | 0 |
Beginning Balance (in shares) at Dec. 31, 2019 | 4,186,438 | ||||
Beginning Balance at Dec. 31, 2019 | 34,416,026 | $ 4,187 | 97,239,455 | (62,827,616) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 12,157 | ||||
Exercise of stock options | 90,000 | $ 12 | 89,988 | ||
Exercise of warrants (in shares) | 59,510 | ||||
Exercise of warrants | 595,101 | $ 60 | 595,041 | ||
Stock based compensation | 686,599 | 686,599 | |||
Net income (loss) | (1,684,643) | (1,684,643) | |||
Other comprehensive Income (loss) - foreign currency translation adjustment | (293,491) | (293,491) | |||
Ending Balance (in shares) at Mar. 31, 2020 | 4,258,105 | ||||
Ending Balance at Mar. 31, 2020 | 33,809,592 | $ 4,259 | 98,611,083 | (64,512,259) | (293,491) |
Beginning Balance (in shares) at Dec. 31, 2019 | 4,186,438 | ||||
Beginning Balance at Dec. 31, 2019 | 34,416,026 | $ 4,187 | 97,239,455 | (62,827,616) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (1,175,874) | ||||
Other comprehensive Income (loss) - foreign currency translation adjustment | (114,644) | ||||
Ending Balance (in shares) at Sep. 30, 2020 | 4,258,105 | ||||
Ending Balance at Sep. 30, 2020 | 35,541,117 | $ 4,259 | 99,654,992 | (64,003,490) | (114,644) |
Beginning Balance (in shares) at Mar. 31, 2020 | 4,258,105 | ||||
Beginning Balance at Mar. 31, 2020 | 33,809,592 | $ 4,259 | 98,611,083 | (64,512,259) | (293,491) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock based compensation | 720,100 | 720,100 | |||
Net income (loss) | (216,205) | (216,205) | |||
Other comprehensive Income (loss) - foreign currency translation adjustment | (17,229) | (17,229) | |||
Ending Balance (in shares) at Jun. 30, 2020 | 4,258,105 | ||||
Ending Balance at Jun. 30, 2020 | 34,296,258 | $ 4,259 | 99,331,183 | (64,728,464) | (310,720) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock based compensation | 323,809 | 323,809 | |||
Net income (loss) | 724,974 | 724,974 | |||
Other comprehensive Income (loss) - foreign currency translation adjustment | 196,076 | 196,076 | |||
Ending Balance (in shares) at Sep. 30, 2020 | 4,258,105 | ||||
Ending Balance at Sep. 30, 2020 | $ 35,541,117 | $ 4,259 | $ 99,654,992 | $ (64,003,490) | $ (114,644) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (1,175,874) | $ 10,525,252 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 92,059 | 29,921 |
Non-cash lease expense | 364,542 | 100,000 |
Stock based compensation | 1,730,508 | 2,516,095 |
Change in assets and liabilities: | ||
Accounts receivable | (1,394,991) | (11,578,675) |
Prepaid and other current assets | (857,828) | (672,194) |
Accounts payable and accrued expenses | 1,235,607 | 819,001 |
Accrued salaries and wages | 200,991 | 45,759 |
Lease liabilities | (363,363) | (98,739) |
Royalty payable | 331,495 | 3,476,118 |
Deferred revenue | (558,231) | 143,046 |
License fees | 0 | (8,100,000) |
Net cash used in operating activities | (395,085) | (2,794,416) |
Cash flows from investing activities | ||
Purchase of property and equipment | (50,887) | (302,475) |
Net cash used in investing activities | (50,887) | (302,475) |
Cash flows provided by financing activities | ||
Proceeds from stock option and warrant exercises | 685,101 | 1,705,140 |
Net cash provided by financing activities | 685,101 | 1,705,140 |
Effect of foreign currency translation on cash | (116,437) | 0 |
Net increase (decrease) in cash and cash equivalents | 122,692 | (1,391,751) |
Cash and cash equivalents, beginning of period | 30,980,473 | 24,613,638 |
Cash and cash equivalents, end of period | 31,103,165 | 23,221,887 |
Non-Cash Transactions | ||
Right of use assets obtained in exchange for new lease obligations | 0 | 948,575 |
Cashless exercise of options | 2 | 0 |
Supplemental Disclosures | ||
Income taxes paid | $ 39,000 | $ 0 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Company Opiant is a specialty pharmaceutical company developing medicines for addiction and drug overdose. The Company developed NARCAN® (naloxone hydrochloride) Nasal Spray (“NARCAN®”), a treatment to reverse opioid overdose. This product was conceived and developed by the Company, licensed to Adapt Pharma Operations Limited (“Adapt”), an Ireland based pharmaceutical company in December 2014 and approved by the U.S. Food and Drug Administration (“FDA”) in November 2015. It is marketed by Adapt. In October 2018, Emergent BioSolutions, Inc. ("EBS") completed its acquisition of Adapt. The Company's current pipeline includes medicines in development for Opioid Overdose Reversal (“OOR”), Alcohol Use Disorder (“AUD”), Opioid Use Disorder (“OUD”), and Acute Cannabinoid Overdose (“ACO”). The Company is also pursuing other treatment opportunities within the addiction and drug overdose field. The Company has not had a bankruptcy, receivership or similar proceeding. The Company is required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the clinical testing and manufacturing and sale of pharmaceutical products. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly the Company's financial position as of September 30, 2020 and December 31, 2019, results of operations for the three and nine months ended September 30, 2020 and 2019, and cash flows for the nine months ended September 30, 2020 and 2019. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. These classifications have no effect on the previously reported net loss or loss per share. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Opiant Pharmaceuticals UK Limited, a company incorporated on November 4, 2016 under the England and Wales Companies Act of 2006. Intercompany balances and transactions are eliminated upon consolidation. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on March 4, 2020. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the financial statements and accompanying notes. Actual results could differ from those estimates. Key estimates included in the financial statements include the valuation of: deferred income tax assets, equity instruments, stock-based compensation, acquired intangibles, and allowances for accounts receivable. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were approximately $31.1 million and $31.0 million at September 30, 2020 and December 31, 2019, respectively. The Company maintains cash balances at financial institutions insured up to $250 thousand by the Federal Deposit Insurance Corporation. Balances in the UK are insured up to £85 thousand by the Financial Services Compensation Scheme (UK Equivalent). Although the Company’s cash balances exceeded these insured amounts at various times during the nine months ended September 30, 2020, the Company has not experienced any losses on its deposits of cash and cash equivalents for the periods presented. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the respective period presented in the Company’s accompanying condensed consolidated financial statements. Fully-diluted earnings (loss) per share is computed similarly to basic income (loss) per share except that the denominator is increased to include the number of Common Stock equivalents (primarily outstanding options and warrants). Common Stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the Common Stock equivalents are considered dilutive based upon the Company’s net income position at the calculation date. For the Three Months Ended September 30, For the Nine Months Ended September 30, Numerator: 2020 2019 2020 2019 Net income (loss) $ 724,974 $ 10,683,099 $ (1,175,874) $ 10,525,252 Denominator: Denominator for basic income (loss) per share - weighted-average shares 4,258,105 4,048,635 4,247,045 3,985,112 Effect of dilutive securities: Equity incentive plans 589,106 1,373,710 — 1,325,045 Denominator for diluted income (loss) per share 4,847,211 5,422,345 4,247,045 5,310,157 Income (loss) per share - Basic $ 0.17 $ 2.64 $ (0.28) $ 2.64 Income (loss) per share - Diluted $ 0.15 $ 1.97 $ (0.28) $ 1.98 The Company excluded the following securities from the calculation of diluted net income (loss) per share as the effect would have been antidilutive for the nine months ended September 30, 2020 due to the Company's net loss and the securities exercise prices were greater than the Company's average stock price for the three months ended September 30, 2020. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Options to purchase common stock 729,692 409,025 3,077,692 476,438 Warrants to purchase common stock 240,000 — 278,800 — Total 969,692 409,025 3,356,492 476,438 Foreign Currency Translation The functional currency of our wholly-owned subsidiary, Opiant UK is the British Pounds, its local currency. Consequently, its assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign currency exchange rates for the period. Adjustments resulting from the translation of the financial statements of Opiant Pharmaceuticals UK Limited (“Opiant UK”), into U.S. dollars, the reporting currency, are excluded from the determination of net loss and are recorded in accumulated other comprehensive loss, a separate component of equity. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, ("FASB"), or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets As of September 30, 2020, the Company had prepaid expenses and other current assets of approximately $0.9 million. The Company's prepaid expenses are primarily for advance research and development payments, insurance, software licenses, prepaid rent, and other amounts that relate to future periods of service. Other current assets primarily consist of such items as other receivables and security deposits.Other Non-Current AssetsAs of September 30, 2020, the Company had non-current prepaid expenses of approximately $1.1 million. The Company's non-current prepaid expenses are for advance research and development payments which will be issued for projects that have estimated completion dates of more than one year. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable As of September 30, 2020 and December 31, 2019, the Company had accounts receivable of $8.6 million and $7.2 million respectively, which primarily relates to royalty revenue from sales of NARCAN®. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the Company adopted a new accounting standard, Topic 842, that amends the guidance for the accounting and reporting of leases. Leases with terms of 12 months or less are expensed on a straight-line basis over the term and are not recorded in the Company's Condensed Consolidated Balance Sheets. The Company entered into two operating leases during 2019 with terms greater than 12 months. In accordance with the guidance of Topic 842, the two leases which are classified as operating leases are included in the Company's Condensed Consolidated Balance Sheets . The Company's two operating leases do not include options to renew, do not contain residual value guarantees, do not have variable lease components, or impose significant restrictions or covenants. Right of use assets, "ROU assets", represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments over the respective lease term, with the ROU asset adjusted for deferred rent liability. The ROU asset is recognized as lease expense on a straight line basis over the lease term. As the implicit rate on the leases is not determinable, the Company used an estimated incremental borrowing rate of 9% as the discount rate to determine the present value of lease payments. The weighted average discount rate used was 9% and the weighted average remaining lease term is 0.79 years. The ROU asset and corresponding operating lease liability recognized at lease inception in 2019 was $0.95 million. The following table summarizes information related to the Company's two operating leases and are included in the Company's Balance Sheet as of September 30, 2020. Balance Sheet descriptions September 30, 2020 Assets: (in thousands) Right of use assets - operating leases $ 397 Liabilities: Operating leases - current $ 401 Total lease liabilities: $ 401 The following table summarizes the components of operating lease cost for the three and nine months ended September 30, 2020: Lease costs, (in thousands) Three months ended September 30, 2020 Nine months ended September 30, 2020 Operating expenses lease costs $ 143 $ 365 As of September 30, 2020, future minimum operating leases payments related to the Company’s operating lease liabilities were as follows for the subsequent years ended December 31: (in thousands) September 30, 2020 2020 (three months remaining) 134 2021 283 Total lease payments 417 Less imputed interest (16) Present value of operating lease liabilities $ 401 |
Other Non-Current Assets
Other Non-Current Assets | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Non-Current Assets | Prepaid Expenses and Other Current Assets As of September 30, 2020, the Company had prepaid expenses and other current assets of approximately $0.9 million. The Company's prepaid expenses are primarily for advance research and development payments, insurance, software licenses, prepaid rent, and other amounts that relate to future periods of service. Other current assets primarily consist of such items as other receivables and security deposits.Other Non-Current AssetsAs of September 30, 2020, the Company had non-current prepaid expenses of approximately $1.1 million. The Company's non-current prepaid expenses are for advance research and development payments which will be issued for projects that have estimated completion dates of more than one year. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue | Revenue The Company's primary source of revenue is from royalty and milestone payments received from NARCAN® net sales by EBS. During the three and nine months ended September 30, 2020 the Company recorded revenue of $8.6 million and $19.1 million, respectively, related to its agreement with EBS. On September 19, 2018, the Company entered into a contract with the Biomedical Advanced Research and Development Authority (“BARDA”), which is part of the U.S. Health and Human Services Office of the Assistant Secretary for Preparedness and Response, to accelerate the Company’s development of OPTN003, its lead product candidate. OPTN003, nasal nalmefene, is a potent, long-acting opioid antagonist currently in development for the treatment of opioid overdose. The contract will provide potential funding up to a maximum of approximately $4.6 million and cover activities related to a potential New Drug Application submission for OPTN003 with the Food and Drug Administration. BARDA has awarded approximately $3.0 million of the contract through December 20, 2021, with the balance expected to be funded, subject to satisfactory project progress, availability of funds and certain other conditions. During the nine months ended September 30, 2020 the Company recognized revenue of $86 thousand related to this contract. Deferred revenue On April 17, 2018, the Company was awarded a grant of approximately $7.4 million from the National Institutes of Health’s National Institute on Drug Abuse, (NIDA). The grant provides the Company with additional resources for the ongoing development of OPNT003. The Company has been awarded approximately $5.6 million through the period ending March 31, 2021, with the remaining $1.8 million balance expected to be funded, subject to available funds and satisfactory progress on the development of OPNT003. Government grants are agreements that generally provide cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period. The Company recognized revenues from grants in the period during which the related costs were incurred, provided that the conditions under which the grants were provided had been met and only perfunctory obligations were outstanding. During the nine months ended September 30, 2020, the Company recognized revenue of $558 thousand related to this grant. As of September 30, 2020, the Company had recorded all of its deferred revenue as a current liability because the Company expects to recognize all such deferred revenue as revenue during the next 12 months. The following is a summary of the Company’s deferred revenue activity as of September 30, 2020: (in thousands) NIDA Grant Total Balance as of December 31, 2019 $ 918 $ 918 Additions to deferred revenue — — Recognized as revenue (558) (558) Balance as of September 30, 2020 $ 360 $ 360 |
Royalty Payable
Royalty Payable | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Royalty Payable | Royalty Payable The Company entered into various agreements and subsequently received funding from investors for use by the Company for the research and development of its Opioid Overdose Reversal Treatment Product ("OORTP"). In exchange for this funding, the Company agreed to provide investors with interest in the OORTP Net Profit generated from NARCAN® sales by EBS into perpetuity. As of September 30, 2020 and December 31, 2019, the Company recorded a royalty payable of $2.0 million and $1.6 million, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock During the nine months ended September 30, 2020, the Company issued 71,667 shares of Common Stock as a result of stock option and warrant exercises, and received net cash proceeds of approximately $0.7 million. Stock Options On September 8, 2017, the Company held its Annual Meeting of Stockholders (the “Annual Meeting”), at which time the 2017 Long-Term Incentive Plan ("2017 Plan") was approved by stockholder vote. The 2017 Plan allows the Company to grant both incentive stock options (“ISOs”) and non-qualified stock options (“NSOs”) to purchase a maximum of 400,000 shares of the Company's Common Stock. Under the terms of the 2017 Plan, ISOs may only be granted to Company employees and directors, while NSOs may be granted to employees, directors, advisors, and consultants. The Board has the authority to determine to whom options will be granted, the number of options, the term, and the exercise price. Options are to be granted at an exercise price not less than fair value for an ISO or an NSO. The vesting period is normally over a period of four years from the vesting date. The contractual term of an option is no longer than 10 years. The 2017 Plan also allows the Company to issue restricted stock. As provided in the 2017 Plan, on January 1, 2020 the number of shares available for issuance was increased by 4% of the outstanding stock as of December 31, 2019, which represents an increase of 167,457 shares. As of September 30, 2020, the Company had 160,910 shares available for future issuance under the 2017 Plan. Prior to adopting the 2017 Plan, the Company did not have a formal long-term incentive stock plan. Prior to the implementation of the 2017 Plan, the Company had discretion to provide designated employees of the Company and its affiliates, certain consultants, and advisors who perform services for the Company and its affiliates, and non-employee members of the Board and its affiliates with the opportunity to receive grants of non-qualified stock options (the "Pre-2017 Non-Qualified Stock Options"). All of the Pre-2017 Non-Qualified Stock Option Grants were intended to qualify as non-qualified stock options. There were no Pre-2017 Non-Qualified Stock Option Grants that were intended to qualify as incentive stock options. Pre-2017 Non-Qualified Stock Options As of December 31, 2019, the Company had outstanding Pre-2017 Non-Qualified Stock Options to purchase, in the aggregate, 2,500,500 shares of the Company's Common Stock. During the nine months ended September 30, 2020, the Company did not grant any Pre-2017 Non-Qualified Stock Options. Stock option activity for the Pre-2017 Non-Qualified Stock Options for the nine months ended September 30, 2020 is presented in the table below: Number of Shares Weighted- average Exercise Price Weighted- average Remaining Contractual Term (years) Aggregate Intrinsic Value (In Thousands) Outstanding at December 31, 2019 2,500,500 $ 7.03 5.05 $ 18,426 Exercised (20,000) 9.50 Forfeited (15,000) 10.00 Outstanding at September 30, 2020 2,465,500 $ 6.99 4.35 $ 1,683 A summary of the status of the Company’s non-vested Pre-2017 Non-Qualified Stock Options as of September 30, 2020 is presented below: Number of Options Weighted Average Grant Date Fair Value Vested at September 30, 2020 2,430,502 $ 6.95 Non-vested at Non-vested at September 30, 2020 34,998 $ 10.00 During the nine months ended September 30, 2020 and 2019, the Company recognized approximately $1 thousand and $127 thousand, respectively, of non-cash expense related to Pre-2017 Non-Qualified Stock Options granted in prior periods. As of September 30, 2020, there was no further compensation expense to be recognized for the Pre-2017 Non-Qualified Stock Options. The 2017 Plan During the nine months ended September 30, 2020, the Company granted options to a number of employees and non-employees to purchase 191,500 shares of the Company’s Common Stock at exercise prices from $8.79 to $13.60 per share, which represents the closing price of the Company’s Common Stock on the date of the grants. These options were issued under the Company’s 2017 Plan and have ten-year terms. Option grants to existing employees vest as follows: 1/48th of the option shares vest each month through the fourth anniversary of the grant date. Option grants to new employees vest as follows: 25% of the option shares vest on the one year anniversary of the grant date, and then 1/48th of the option shares vest on such date each month thereafter through the fourth anniversary of the grant date. Options issued to non-employees vest 100% upon the one year anniversary from the grant date. The Company valued these options using the Black-Scholes option pricing model and estimated the aggregate fair value of the option grants to be $1.8 million. The assumptions used in the valuation of options granted under the 2017 Plan during the nine months ended September 30, 2020 were as follows: For the Nine Months Ended September 30, 2020 Market value of stock on measurement date $8.79 to $13.60 Risk-free interest rate 0.33% to 1.68% Dividend yield — Volatility factor 91.07% to 101.21% Term 5.50 to 6.25 years Stock option activity for options granted under the 2017 Plan during the nine months ended September 30, 2020 is presented in the table below: Number of Options Outstanding Weighted-average Exercise Price Weighted-average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2019 491,950 $ 24.08 8.43 $ 82 Granted 191,500 $ 12.12 Exercised — — Forfeited (71,258) $ 15.05 Balance at September 30, 2020 612,192 $ 21.39 8.1 $ — A summary of the status of the Company’s vested and non-vested options granted under the 2017 Plan as of September 30, 2020 is presented in the following table: Number of Shares Weighted Average Grant Date Fair Value Per Share Vested at September 30, 2020 291,803 25.63 Non-vested at September 30, 2020 320,389 $ 15.22 During the nine months ended September 30, 2020 and 2019, the Company recognized approximately $1.6 million and $2.4 million, respectively of non-cash expense related to options granted under the 2017 Plan. As of September 30, 2020, there was approximately $1.8 million of unrecognized compensation costs related to non-vested stock options that were granted under the 2017 Plan. Restricted Stock Activity The following summarizes the restricted stock activity under the Company's 2017 Plan during the nine months ended September 30, 2020: Number of Shares Weighted Average Fair Value Per Share Restricted stock outstanding and unvested at December 31, 2019 27,000 $ 14.51 Restricted stock granted 49,600 $ 12.00 Restricted stock forfeited (27,000) $ 14.51 Restricted stock outstanding and unvested at September 30, 2020 49,600 $ 12.00 Twenty-five percent (25%) of the restricted stock units will vest on the one year anniversary of the vesting commencement date, and twenty-five percent (25%) will vest annually thereafter on the same day as the vesting commencement date. During the nine months ended September 30, 2020, the Company recognized approximately $126 thousand of non-cash expense related to restricted stock units. As of September 30, 2020, there was $0.4 million of total unrecognized compensation cost related to restricted stock units. Warrants During the nine months ended September 30, 2020, the Company did not issue any warrants. Warrant activity for the nine months ended September 30, 2020 is presented in the table below: Number of Shares Weighted- average Exercise Price Weighted- average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 342,610 $ 9.77 3.71 $ 1,585 Exercised (59,510) $ 10.00 Forfeited (4,300) $ 10.00 Outstanding at September 30, 2020 278,800 $ 9.72 3.76 $ — Exercisable at September 30, 2020 278,800 $ 9.72 3.76 $ — |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company has entered into various agreements related to its business activities. The following is a summary of the Company’s commitments: Summit Agreement On July 22, 2020, the Company the Company entered into a Project Scope Agreement ("PSA") pursuant to a Master Services Agreement ("MSA") with Summit Biosciences, Inc. ("Summit"), to support the development and manufacture of a nasal spray device for opioid overdose, with the ability to expand to additional programs in the future. In accordance with the PSA, Summit will develop and produce certain pre-filled nasal spray products using a device previously evaluated as part of other FDA-approved nasal spray products. The Company will pay Summit estimated costs and fees up to approximately $6.5 million of which a deposit of approximately $1.1 million was paid as of September 30, 2020 which is included in other non-current assets in the condensed consolidated balance sheet. Torreya Agreement The Company entered into a consulting agreement with Torreya Partners LLP ("Torreya"), a financial advisory firm, under which Torreya agreed to provide certain financial advisory services. The Company is required to pay fees equivalent to 3.375% of all amounts received by the Company from net sales of NARCAN® into perpetuity. During the nine months ended September 30, 2020 and 2019, the Company recorded $643 thousand and $752 thousand, respectively of expense related to Torreya, and has recorded a liability of $290 thousand related to Torreya as of September 30, 2020. Exclusive License and Collaboration Agreement On November 19, 2015, the Company entered into an exclusive license agreement and collaboration agreement (“LOI”) with a pharmaceutical company with certain desirable proprietary information. Pursuant to the agreement, the Company is obligated to issue shares of unregistered Common Stock upon the occurrence of various milestones. No shares were required to be issued under this agreement during the nine months ended September 30, 2020. During the nine months ended September 30, 2019 the Company recorded expenses of $177,394 for the final 11,787 shares of common stock it issued in November 2019, as the final milestone had been reached. Supply Agreement On June 22, 2017, the Company entered into a license agreement (the "License Agreement") and a related supply agreement (the “Supply Agreement”) with Aegis Therapeutics LLC ("Aegis") pursuant to which the Company was granted an exclusive license (the “License”) to Aegis’ proprietary chemically synthesizable delivery enhancement and stabilization agents, including, but not limited to, Aegis’ Intravail® absorption enhancement agents, ProTek® and HydroGel® (collectively, the “Technology”) to exploit (a) the Compounds (as such are defined in the License Agreement) and (b) a product containing a Compound and formulated using the Technology (“Product”), in each case of (a) and (b) for any and all purposes. The License Agreement restricts the Company's ability to manufacture any Aegis excipients included in the Technology (“Excipients”), except for certain instances of supply failure, supply shortage or termination of the Supply Agreement, and the Company shall obtain all supply of such Excipients from Aegis under the Supply Agreement. The License Agreement also restricts Aegis’s ability to compete with the Company worldwide with respect to the Exploitation (as defined in the License Agreement) of any therapeutic containing a Compound or derivative or active metabolite of a Compound without the Company's prior written consent. The effective date of the License Agreement and the Supply Agreement is January 1, 2017. As consideration for the grant of the License, the Company paid Aegis two immaterial upfront payments, of which the Company paid 50% by issuing the Company's Common Stock to Aegis, with the number of shares issued equal to 75% of the average closing price of the Company's Common Stock over the 20 trading days preceding the date of payment. The License Agreement also provides for (A) additional developmental milestone payments for each Product containing a different Compound equal to up to an aggregate of $1.8 million, (B) additional commercialization milestone payments for each Product containing a different Compound equal to up to an aggregate of $5.0 million, and (C) single low digit royalties on the Annual Net Sales (as defined in the License Agreement) of all Products during the Royalty Term (as defined in the License Agreement) according to a tiered royalty rate based on Annual Net Sales of the Products by the Company, the Company's sublicensees and affiliates. The Company shall also pay to Aegis a sublicense fee based on a sublicense rate negotiated in good faith by the parties. The License Agreement contains customary representations and warranties, ownership, patent rights, confidentiality, indemnification and insurance provisions. The License Agreement shall expire upon the expiration of the Company's obligation to pay royalties under such License Agreement; provided, however, that the Company shall have the right to terminate the License granted on a Product-by-Product or country-by-country basis upon 30 days’ prior written notice to Aegis. Under the terms of the Supply Agreement, Aegis shall deliver to the Company any preclinical, clinical and commercial supply of the Excipients, which Aegis sources from various contract manufacturers. The Supply Agreement has a term of 20 years but shall terminate automatically in the event of expiration or termination of the License Agreement or at any time upon the written agreement of both parties. The Supply Agreement contains customary provisions relating to pricing for such materials, forecasts, delivery, inspection, indemnification, insurance and representations, warranties and covenants. The Supply Agreement includes technology transfer provisions for the transfer of all materials and know-how specific to the manufacturing of the Excipients that is necessary or useful for the Company to manufacture such Excipients. The Company does not have the right to manufacture such Excipients except in the event that Aegis is unable to supply and sell any portion of the material to the Company (subject to a 60-day cure period). Under the License Agreement, the Company will be required to pay Aegis $250 thousand upon the successful NDA filing. For the nine months ended September 30, 2020, and 2019 the Company recorded zero and $225 thousand, respectively of expenses associated with the License Agreement. Contingencies The Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. The Company records a liability when it is probable that a loss will be incurred and the amount is reasonably estimable. There is significant judgment required in both the probability determination and as to whether an exposure can be reasonably estimated. If any legal matter, were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s would reflect any potential claim in the consolidated financial statements for that reporting period. The Company and Emergent BioSolutions Inc., through its Adapt Pharma subsidiaries (collectively, “Plaintiffs”), filed complaints, in 2016 against Teva Pharmaceuticals Industries Ltd. (“Teva”), and in 2018 against Perrigo UK FINCO Limited Partnership (“Perrigo”), relating to Teva’s and Perrigo’s respective abbreviated new drug applications (each, an “ANDA”) seeking to market generic versions of NARCAN® (naloxone hydrochloride) Nasal Spray 4mg/spray. On February 12, 2020, Plaintiffs and Perrigo entered into a settlement agreement to resolve the ongoing litigation. Under the terms of the settlement, Perrigo has received a non-exclusive license under the Company's patents licensed to Adapt to make, have made and market its generic naloxone hydrochloride nasal spray under its own ANDA. Perrigo’s license will be effective as of January 5, 2033 or earlier under certain circumstances including circumstances related to the outcome of the current litigation against Teva or litigation against future ANDA filers. The Perrigo settlement agreement is subject to review by the U.S. Department of Justice and the Federal Trade Commission, and entry of an order dismissing the litigation by the U.S. District Court for the District of New Jersey. Closing arguments in the Teva trial were held on February 26, 2020. Plaintiffs also filed a complaint related to Teva’s ANDA seeking to market a generic version of NARCAN® (naloxone hydrochloride) Nasal Spray 2mg/spray. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn October 26, 2020, the Company entered into a Master Services Agreement (“MSA”) with AptarGroup, Inc. (“Aptar”) to provide non-exclusive technology access and co-development services for the development and submission of an opioid antagonist for the treatment of opioid overdose using Aptar’s nasal Unidose device (the “UDS Device”). In addition to the cost of the UDS Devices, the Company expects to spend up to €3,750,000 over the course of the development program.On September 7, 2018, the Company entered into a Development Agreement to develop a device capable of administrating nalmefene hrydrochloride and related Agreement for Reimbursement of Capital Expenditure and Service Fees (collectively, "Agreement") with Aesica Queenborough Limited ("Aesica"). On October 28, 2020, the Company notified Aesica that, effectively immediately, the Company was terminating the Agreement pursuant to Section 18.2(a) of the Agreement. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the applicable rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to present fairly the Company's financial position as of September 30, 2020 and December 31, 2019, results of operations for the three and nine months ended September 30, 2020 and 2019, and cash flows for the nine months ended September 30, 2020 and 2019. The interim results are not necessarily indicative of the results for any future interim period or for the entire year. Certain prior period amounts have been reclassified to conform to current period presentation. These classifications have no effect on the previously reported net loss or loss per share. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Opiant Pharmaceuticals UK Limited, a company incorporated on November 4, 2016 under the England and Wales Companies Act of 2006. Intercompany balances and transactions are eliminated upon consolidation. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on March 4, 2020. |
Use of Estimates | The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the financial statements and accompanying notes. Actual results could differ from those estimates. Key estimates included in the financial statements include the valuation of: deferred income tax assets, equity instruments, stock-based compensation, acquired intangibles, and allowances for accounts receivable. |
Cash and Cash Equivalents | The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were approximately $31.1 million and $31.0 million at September 30, 2020 and December 31, 2019, respectively. The Company maintains cash balances at financial institutions insured up to $250 thousand by the Federal Deposit Insurance Corporation. Balances in the UK are insured up to £85 thousand by the Financial Services Compensation Scheme (UK Equivalent). Although the Company’s cash balances exceeded these insured amounts at various times during the nine months ended September 30, 2020, the Company has not experienced any losses on its deposits of cash and cash equivalents for the periods presented. |
Earnings (Loss) Per Share | Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the respective period presented in the Company’s accompanying condensed consolidated financial statements. Fully-diluted earnings (loss) per share is computed similarly to basic income (loss) per share except that the denominator is increased to include the number of Common Stock equivalents (primarily outstanding options and warrants). |
Foreign Currency Translations | The functional currency of our wholly-owned subsidiary, Opiant UK is the British Pounds, its local currency. Consequently, its assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign currency exchange rates for the period. Adjustments resulting from the translation of the financial statements of Opiant Pharmaceuticals UK Limited (“Opiant UK”), into U.S. dollars, the reporting currency, are excluded from the determination of net loss and are recorded in accumulated other comprehensive loss, a separate component of equity. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, ("FASB"), or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | Common Stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the Common Stock equivalents are considered dilutive based upon the Company’s net income position at the calculation date. For the Three Months Ended September 30, For the Nine Months Ended September 30, Numerator: 2020 2019 2020 2019 Net income (loss) $ 724,974 $ 10,683,099 $ (1,175,874) $ 10,525,252 Denominator: Denominator for basic income (loss) per share - weighted-average shares 4,258,105 4,048,635 4,247,045 3,985,112 Effect of dilutive securities: Equity incentive plans 589,106 1,373,710 — 1,325,045 Denominator for diluted income (loss) per share 4,847,211 5,422,345 4,247,045 5,310,157 Income (loss) per share - Basic $ 0.17 $ 2.64 $ (0.28) $ 2.64 Income (loss) per share - Diluted $ 0.15 $ 1.97 $ (0.28) $ 1.98 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following securities from the calculation of diluted net income (loss) per share as the effect would have been antidilutive for the nine months ended September 30, 2020 due to the Company's net loss and the securities exercise prices were greater than the Company's average stock price for the three months ended September 30, 2020. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Options to purchase common stock 729,692 409,025 3,077,692 476,438 Warrants to purchase common stock 240,000 — 278,800 — Total 969,692 409,025 3,356,492 476,438 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Summary of Operating Leases | The following table summarizes information related to the Company's two operating leases and are included in the Company's Balance Sheet as of September 30, 2020. Balance Sheet descriptions September 30, 2020 Assets: (in thousands) Right of use assets - operating leases $ 397 Liabilities: Operating leases - current $ 401 Total lease liabilities: $ 401 |
Summary of Components of Operating Lease Cost | The following table summarizes the components of operating lease cost for the three and nine months ended September 30, 2020: Lease costs, (in thousands) Three months ended September 30, 2020 Nine months ended September 30, 2020 Operating expenses lease costs $ 143 $ 365 |
Maturity of Operating Lease Liabilities | As of September 30, 2020, future minimum operating leases payments related to the Company’s operating lease liabilities were as follows for the subsequent years ended December 31: (in thousands) September 30, 2020 2020 (three months remaining) 134 2021 283 Total lease payments 417 Less imputed interest (16) Present value of operating lease liabilities $ 401 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Schedule of Deferred Revenue Activity | The following is a summary of the Company’s deferred revenue activity as of September 30, 2020: (in thousands) NIDA Grant Total Balance as of December 31, 2019 $ 918 $ 918 Additions to deferred revenue — — Recognized as revenue (558) (558) Balance as of September 30, 2020 $ 360 $ 360 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Share-based Compensation, Stock Options, Activity | Stock option activity for the Pre-2017 Non-Qualified Stock Options for the nine months ended September 30, 2020 is presented in the table below: Number of Shares Weighted- average Exercise Price Weighted- average Remaining Contractual Term (years) Aggregate Intrinsic Value (In Thousands) Outstanding at December 31, 2019 2,500,500 $ 7.03 5.05 $ 18,426 Exercised (20,000) 9.50 Forfeited (15,000) 10.00 Outstanding at September 30, 2020 2,465,500 $ 6.99 4.35 $ 1,683 Stock option activity for options granted under the 2017 Plan during the nine months ended September 30, 2020 is presented in the table below: Number of Options Outstanding Weighted-average Exercise Price Weighted-average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2019 491,950 $ 24.08 8.43 $ 82 Granted 191,500 $ 12.12 Exercised — — Forfeited (71,258) $ 15.05 Balance at September 30, 2020 612,192 $ 21.39 8.1 $ — Warrant activity for the nine months ended September 30, 2020 is presented in the table below: Number of Shares Weighted- average Exercise Price Weighted- average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2019 342,610 $ 9.77 3.71 $ 1,585 Exercised (59,510) $ 10.00 Forfeited (4,300) $ 10.00 Outstanding at September 30, 2020 278,800 $ 9.72 3.76 $ — Exercisable at September 30, 2020 278,800 $ 9.72 3.76 $ — |
Schedule of Nonvested Share Activity | A summary of the status of the Company’s non-vested Pre-2017 Non-Qualified Stock Options as of September 30, 2020 is presented below: Number of Options Weighted Average Grant Date Fair Value Vested at September 30, 2020 2,430,502 $ 6.95 Non-vested at Non-vested at September 30, 2020 34,998 $ 10.00 A summary of the status of the Company’s vested and non-vested options granted under the 2017 Plan as of September 30, 2020 is presented in the following table: Number of Shares Weighted Average Grant Date Fair Value Per Share Vested at September 30, 2020 291,803 25.63 Non-vested at September 30, 2020 320,389 $ 15.22 |
Schedule of Assumptions Used in the Valuation | The assumptions used in the valuation of options granted under the 2017 Plan during the nine months ended September 30, 2020 were as follows: For the Nine Months Ended September 30, 2020 Market value of stock on measurement date $8.79 to $13.60 Risk-free interest rate 0.33% to 1.68% Dividend yield — Volatility factor 91.07% to 101.21% Term 5.50 to 6.25 years |
Restricted Stock Activity | The following summarizes the restricted stock activity under the Company's 2017 Plan during the nine months ended September 30, 2020: Number of Shares Weighted Average Fair Value Per Share Restricted stock outstanding and unvested at December 31, 2019 27,000 $ 14.51 Restricted stock granted 49,600 $ 12.00 Restricted stock forfeited (27,000) $ 14.51 Restricted stock outstanding and unvested at September 30, 2020 49,600 $ 12.00 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) | Sep. 30, 2020USD ($) | Sep. 30, 2020GBP (£) | Dec. 31, 2019USD ($) |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 31,103,165 | $ 30,980,473 | |
FDIC insured amount | $ 250,000 | ||
FSCS insured amount | £ | £ 85,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Earnings per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||||||
Net income (loss) | $ 724,974 | $ (216,205) | $ (1,684,643) | $ 10,683,099 | $ 1,578,173 | $ (1,736,020) | $ (1,175,874) | $ 10,525,252 |
Denominator: | ||||||||
Denominator for basic income (loss) per share - weighted-average shares (in shares) | 4,258,105 | 4,048,635 | 4,247,045 | 3,985,112 | ||||
Effect of dilutive securities: | ||||||||
Equity incentive plans (in shares) | 589,106 | 1,373,710 | 0 | 1,325,045 | ||||
Denominator for diluted income (loss) per share (in shares) | 4,847,211 | 5,422,345 | 4,247,045 | 5,310,157 | ||||
Income (loss) per share - Basic (in dollars per share) | $ 0.17 | $ 2.64 | $ (0.28) | $ 2.64 | ||||
Income (loss) per share - Diluted (in dollars per share) | $ 0.15 | $ 1.97 | $ (0.28) | $ 1.98 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 969,692 | 409,025 | 3,356,492 | 476,438 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 729,692 | 409,025 | 3,077,692 | 476,438 |
Warrants to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of earnings per share (in shares) | 240,000 | 0 | 278,800 | 0 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid and other current assets | $ 861,782 | $ 1,055,816 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 8,613,358 | $ 7,218,367 |
Royalty revenue from sales of NARCAN | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 7,200,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($)lease | Dec. 31, 2019USD ($)lease | Jan. 01, 2019USD ($) | |
Leases [Abstract] | |||
Number of operating leases | lease | 2 | 2 | |
Estimated incremental borrowing rate | 9.00% | ||
Operating lease, weighted average discount rate, percent | 9.00% | ||
Operating lease, weighted average remaining lease term | 9 months 14 days | ||
Right of use assets - operating leases | $ | $ 396,809 | $ 768,441 | $ 950,000 |
Leases - Balance Sheet Descript
Leases - Balance Sheet Descriptions of Operating Leases (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Assets: | |||
Right of use assets - operating leases | $ 396,809 | $ 768,441 | $ 950,000 |
Liabilities: | |||
Operating leases - current | 400,571 | $ 516,931 | |
Total lease liabilities: | $ 401,000 |
Leases - Components of Operatin
Leases - Components of Operating Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating expenses lease costs | $ 143 | $ 365 |
Leases - Maturity of Operating
Leases - Maturity of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2020 (three months remaining) | $ 134 |
2021 | 283 |
Total lease payments | 417 |
Less imputed interest | (16) |
Present value of operating lease liabilities | $ 401 |
Other Non-Current Assets - Narr
Other Non-Current Assets - Narrative (Details) $ in Millions | Sep. 30, 2020USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other non-current assets | $ 1.1 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Sep. 19, 2018 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2021 | Apr. 17, 2018 |
Deferred Revenue Arrangement [Line Items] | |||||||||
Revenue | $ 8,600,811 | $ 20,493,679 | $ 19,056,999 | $ 30,368,530 | |||||
Grants receivable | $ 7,400,000 | ||||||||
Research and development arrangement september 19, 2018 | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Revenue | 86,000 | ||||||||
Plan | BARDA | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Proceeds from funding agreement | $ 4,600,000 | ||||||||
Forecast | BARDA | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Proceeds from funding agreement | $ 3,000,000 | ||||||||
Grant | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Revenue | $ 558,000 | ||||||||
Grant | Forecast | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Revenue | $ 1,800,000 | $ 5,600,000 |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Movement in Deferred Revenue [Roll Forward] | |
Balance at beginning of period | $ 918 |
Additions to deferred revenue | 0 |
Recognized as revenue | (558) |
Balance at end of period | 360 |
NIDA Grant | |
Movement in Deferred Revenue [Roll Forward] | |
Balance at beginning of period | 918 |
Additions to deferred revenue | 0 |
Recognized as revenue | (558) |
Balance at end of period | $ 360 |
Royalty Payable - Narrative (De
Royalty Payable - Narrative (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Royalty payable | $ 1,951,677 | $ 1,620,182 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from stock option and warrant exercises | $ 685,101 | $ 1,705,140 |
Common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock newly-issued during the period (in shares) | 71,667 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2020 | Jan. 01, 2020 | Sep. 08, 2017 | |
2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Options to purchase common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage increase of authorized shares | 4.00% | |||
Annual additional options authorized (in shares) | 167,457 | 160,910 | ||
Options to purchase common stock | 2017 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum shares authorized (in shares) | 400,000 | |||
Award vesting period | 4 years | |||
Expiration period | 10 years |
Stockholders' Equity - Pre-2017
Stockholders' Equity - Pre-2017 Non-Qualified Stock Options, Additional Information (Details) - Pre-2017 non-qualified stock options - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding (in shares) | 2,465,500 | 2,500,500 | |
Options granted (in shares) | 0 | ||
Options to purchase common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1 | $ 127 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Pre-2017 Non-Qualified Stock Options Outstanding (Details) - Pre-2017 non-qualified stock options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Number of Shares | |||
Outstanding at beginning of period (in shares) | 2,500,500 | ||
Exercised (in shares) | (20,000) | ||
Forfeited (in shares) | (15,000) | ||
Outstanding at end of period (in shares) | 2,465,500 | 2,500,500 | |
Weighted- average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 7.03 | ||
Exercised (in dollars per share) | 9.50 | ||
Forfeited (in dollars per share) | 10 | ||
Outstanding at end of period (in dollars per share) | $ 6.99 | $ 7.03 | |
Weighted- average Remaining Contractual Term | |||
Outstanding | 4 years 4 months 6 days | 5 years 18 days | |
Aggregate Intrinsic Value | |||
Outstanding | $ 1,683 | $ 18,426 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Pre-2017 Non-Qualified Stock Options Nonvested Share Activity (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Options | |
Vested (in shares) | shares | 291,803 |
Weighted Average Grant Date Fair Value Per Share | |
Vested (in dollars per share) | $ / shares | $ 25.63 |
Pre-2017 non-qualified stock options | |
Number of Options | |
Vested (in shares) | shares | 2,430,502 |
Non-vested (in shares) | shares | 34,998 |
Weighted Average Grant Date Fair Value Per Share | |
Vested (in dollars per share) | $ / shares | $ 6.95 |
Non-vested (in dollars per share) | $ / shares | $ 10 |
Stockholders' Equity - The 2017
Stockholders' Equity - The 2017 Plan, Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 126 | |
2017 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted (in shares) | 191,500 | |
Options granted, exercise price (in dollars per share) | $ 12.12 | |
Expiration period | 10 years | |
Vesting percentage | 100.00% | |
Fair value of option granted | $ 1,800 | |
Compensation not yet recognized | $ 1,800 | |
2017 Plan | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted, exercise price (in dollars per share) | $ 8.79 | |
2017 Plan | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted, exercise price (in dollars per share) | $ 13.60 | |
2017 Plan | Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period | 10 years | |
Stock based compensation expense | $ 1,600 | $ 2,400 |
Tranche One | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 25.00% | |
Tranche One | 2017 Plan | Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 25.00% | |
Tranche Two | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 25.00% | |
Tranche Two | 2017 Plan | Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 2.0833% | |
Tranche Three | 2017 Plan | Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 2.0833% | |
Tranche Four | 2017 Plan | Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 2.0833% |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of 2017 Plan Valuation Assumptions (Details) - Options to purchase common stock - 2017 Plan | 9 Months Ended |
Sep. 30, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Market value of stock on measurement date (in dollars per share) | $ 8.79 |
Risk-free interest rate | 0.33% |
Volatility factor | 91.07% |
Term | 5 years 6 months |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Market value of stock on measurement date (in dollars per share) | $ 13.60 |
Risk-free interest rate | 1.68% |
Volatility factor | 101.21% |
Term | 6 years 3 months |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of 2017 Plan Options Outstanding (Details) - 2017 Plan - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Number of Options Outstanding | ||
Outstanding at beginning of period (in shares) | 491,950 | |
Granted (in shares) | 191,500 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | (71,258) | |
Outstanding at end of period (in shares) | 612,192 | 491,950 |
Weighted- average Exercise Price | ||
Outstanding at beginning of period (in dollars per share) | $ 24.08 | |
Granted (in dollars per share) | 12.12 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 15.05 | |
Outstanding at end of period (in dollars per share) | $ 21.39 | $ 24.08 |
Weighted- average Remaining Contractual Term | ||
Outstanding | 8 years 1 month 6 days | 8 years 5 months 4 days |
Aggregate Intrinsic Value | ||
Outstanding | $ 0 | $ 82 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of 2017 Nonvested Share Activity (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Shares | |
Vested (in shares) | shares | 291,803 |
Weighted Average Grant Date Fair Value Per Share | |
Vested (in dollars per share) | $ / shares | $ 25.63 |
2017 Plan | |
Number of Shares | |
Non-vested, ending balance (in shares) | shares | 320,389 |
Weighted Average Grant Date Fair Value Per Share | |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 15.22 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 27,000 |
Granted (in shares) | shares | 49,600 |
Forfeited (in shares) | shares | (27,000) |
Outstanding at end of period (in shares) | shares | 49,600 |
Weighted Average Fair Value Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 14.51 |
Granted (in dollars per share) | $ / shares | 12 |
Forfeited (in dollars per share) | $ / shares | 14.51 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 12 |
Stock based compensation expense | $ | $ 126 |
Compensation cost not yet recognized | $ | $ 400 |
Tranche One | |
Weighted Average Fair Value Per Share | |
Vesting percentage | 25.00% |
Tranche Two | |
Weighted Average Fair Value Per Share | |
Vesting percentage | 25.00% |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants, Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | |
Class of Warrant or Right [Line Items] | ||
Warrants issued | $ 595,101 | |
Warrants to purchase common stock | ||
Class of Warrant or Right [Line Items] | ||
Warrants issued | $ 0 |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Warrants Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Number of Shares | ||
Outstanding at beginning of period (in shares) | 27,000 | |
Forfeited (in shares) | 27,000 | |
Outstanding at end of period (in shares) | 49,600 | 27,000 |
Weighted Average Fair Value Per Share | ||
Outstanding at beginning of period (in dollars per share) | $ 14.51 | |
Forfeited (in dollars per share) | 14.51 | |
Outstanding at end of period (in dollars per share) | $ 12 | $ 14.51 |
Warrants to purchase common stock | ||
Number of Shares | ||
Outstanding at beginning of period (in shares) | 342,610 | |
Exercised (in shares) | (59,510) | |
Forfeited (in shares) | (4,300) | |
Outstanding at end of period (in shares) | 278,800 | 342,610 |
Exercisable (in shares) | 278,800 | |
Weighted Average Fair Value Per Share | ||
Outstanding at beginning of period (in dollars per share) | $ 9.77 | |
Exercised (in dollars per share) | 10 | |
Forfeited (in dollars per share) | 10 | |
Outstanding at end of period (in dollars per share) | 9.72 | $ 9.77 |
Exercisable (in dollars per share) | $ 9.72 | |
Weighted- average Remaining Contractual Term (years) | ||
Outstanding | 3 years 9 months 3 days | 3 years 8 months 15 days |
Exercisable weighted average remaining contractual terms | 3 years 9 months 3 days | |
Aggregate Intrinsic Value | ||
Outstanding | $ 0 | $ 1,585 |
Exercisable aggregate intrinsic value | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summit Agreement (Details) - Summit BioScience, Inc. - USD ($) $ in Millions | Jul. 22, 2020 | Sep. 30, 2020 |
Other Commitments [Line Items] | ||
Estimated fees and cost (up to) | $ 6.5 | |
Payment for deposit | $ 1.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Torreya Agreement (Details) - Advisory services - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Other Commitments [Line Items] | ||
Additional consultant fee payable, percentage of perpetuity | 3.375% | |
Sponsor fees | $ 643 | $ 752 |
Recorded liabilities | $ 290 |
Commitments and Contingencies_3
Commitments and Contingencies - Exclusive License and Collaboration Agreement (Details) - Letter of intent - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Other Commitments [Line Items] | ||
Stock newly-issued during the period (in shares) | 0 | 0 |
Stock issuance expenses | $ 177,394 | |
Number of shares expected to issue as final milestone has been reached (in shares) | 11,787 |
Commitments and Contingencies_4
Commitments and Contingencies - Supply Agreement (Details) | Jun. 22, 2017USD ($)day | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
License agreement | |||
Other Commitments [Line Items] | |||
Upfront payments | 2 | ||
Percent of upfront payments which may be paid by issuing common stock | 50.00% | ||
Percent of average share price | 75.00% | ||
Threshold trading days | day | 20 | ||
Maximum additional product milestone payments | $ 1,800,000 | ||
Maximum additional commercialization milestone payments | $ 5,000,000 | ||
Termination advance notice period | 30 days | ||
Other commitment | $ 250,000 | ||
Agreement expense | $ 0 | $ 225,000 | |
Supply agreement | |||
Other Commitments [Line Items] | |||
Other commitment, period | 20 years | ||
Material cure period | 60 days |
Subsequent Events- Narrative (D
Subsequent Events- Narrative (Details) | Oct. 26, 2020EUR (€) |
Subsequent event | Aptargroup | |
Subsequent Event [Line Items] | |
Cost for development program | € 3,750,000 |