Trevena (TRVN) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 11, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36193
Entity Registrant Name	Trevena, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1469215
Entity Address, Address Line One	955 Chesterbrook Boulevard, Suite 110
Entity Address, City or Town	Chesterbrook
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	610
Local Phone Number	354-8840
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	TRVN
Security Exchange Name	NASDAQ
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		10,969,023
Entity Central Index Key	0001429560
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 27,436	$ 38,320
Inventories	906	906
Prepaid expenses and other current assets	2,425	1,782
Total current assets	30,767	41,008
Restricted cash	1,968	1,960
Property and equipment, net	1,406	1,488
Right-of-use lease asset	4,092	4,224
Other assets	59
Total assets	38,292	48,680
Current liabilities:
Accounts payable, net	1,664	2,372
Accrued expenses and other current liabilities	5,429	5,461
Lease liability	926	899
Total current liabilities	8,019	8,732
Loans payable, net	13,476	13,430
Leases, net of current portion	5,194	5,436
Warrant liability	1,449	5,483
Total liabilities	28,138	33,081
Stockholders' equity:
Preferred stock-$0.001 par value; 5,000,000 shares authorized, none issued or outstanding at March 31, 2023 and December 31, 2022
Common stock-$0.001 par value; 200,000,000 shares authorized at March 31, 2023 and December 31, 2022; 8,975,072 and 7,744,692 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	9	8
Additional paid-in capital	565,736	563,362
Accumulated deficit	(555,591)	(547,772)
Accumulated other comprehensive income		1
Total stockholders' equity	10,154	15,599
Total liabilities and stockholders' equity	$ 38,292	$ 48,680

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	200,000,000	200,000,000
Common stock issued (in shares)	8,975,072	7,744,692
Common stock outstanding (in shares)	8,975,072	7,744,692

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 6	$ 20
Operating expenses:
Cost of goods sold	127	207
Selling, general and administrative	6,089	11,014
Research and development	3,909	5,259
Total operating expenses	10,125	16,480
Loss from operations	(10,119)	(16,460)
Other income (expense):
Change in fair value of warrant liability	2,466
Other income (expense), net	9	45
Interest income	289	24
Interest expense	(446)
(Loss) gain on foreign currency exchange	(18)	2
Total other income (expense), net	2,300	71
Net Loss	(7,819)	(16,389)
Other comprehensive loss
Unrealized gain on marketable securities	1
Comprehensive loss	$ (7,818)	$ (16,389)
Per share information:
Net loss per share of common stock, basic (in dollars per share)	$ (0.81)	$ (2.48)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.81)	$ (2.48)
Weighted average common shares outstanding, basic (in shares)	9,594,072	6,620,800
Weighted average common shares outstanding, diluted (in shares)	9,594,072	6,620,800
Product revenue
Revenue:
Total revenue	$ 6
License revenue
Revenue:
Total revenue		$ 20

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2021	$ 7	$ 558,725	$ (494,102)	$ 64,630
Beginning Balance (in shares) at Dec. 31, 2021	6,618,096
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		1,155		1,155
Net loss			(16,389)	(16,389)	$ (16,389)
Ending Balance at Mar. 31, 2022	$ 7	559,880	(510,491)	49,396
Ending Balance (in shares) at Mar. 31, 2022	6,618,096
Beginning Balance at Dec. 31, 2022	$ 8	563,362	(547,772)	1	$ 15,599
Beginning Balance (in shares) at Dec. 31, 2022	7,744,692				7,744,692
Beginning Balance (in shares) at Dec. 31, 2022					0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		806			$ 806
Exercise of pre-funded warrants and related reclassification of warrant liability	$ 1	1,568			1,569
Exercise of pre-funded warrants and related reclassification of warrant liability (in shares)	1,230,380
Unrealized loss on marketable securities				$ (1)	(1)
Net loss			(7,819)		(7,819)
Ending Balance at Mar. 31, 2023	$ 9	$ 565,736	$ (555,591)		$ 10,154
Ending Balance (in shares) at Mar. 31, 2023	8,975,072				8,975,072
Ending Balance (in shares) at Mar. 31, 2023					0

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Common stock, par value (in dollars per share)	$ 0.001
Preferred stock, par value (in dollars per share)	0.001
Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss	$ (7,819)	$ (16,389)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	82	105
Stock-based compensation	806	1,155
Noncash interest expense	46
Change in Fair Value of warrant liability	(2,466)
Change in right-of-use asset	132	114
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(701)	(2,378)
Inventories		(393)
Operating lease liabilities	(212)	(188)
Accounts payable, accrued expenses and other liabilities	(742)	(283)
Net cash used in operating activities	(10,874)	(18,257)
Financing activities:
Proceeds from exercise of pre-funded warrants	1
Finance lease payments	(3)	(2)
Net cash used in financing activities	(2)	(2)
Net decrease in cash, cash equivalents and restricted cash	(10,876)	(18,259)
Cash, cash equivalents and restricted cash-beginning of period	40,280	68,234
Cash, cash equivalents and restricted cash-end of period	29,404	$ 49,975
Supplemental disclosure of cash flow information:
Reclassification of warrant liability upon exercise of pre-funded warrants	$ 1,568

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2023
Organization and Description of the Business
Organization and Description of the Business	1. Organization and Description of the Business Trevena, Inc., or the Company, was incorporated in Delaware as Parallax Therapeutics, Inc. on November 9, 2007. The Company began operations in December 2007, and its name was changed to Trevena, Inc. on January 3, 2008. The Company is a biopharmaceutical company focused on the development and commercialization of novel medicines for patients affected by central nervous system, or CNS, disorders. The Company operates in one segment and has its principal office in Chesterbrook, Pennsylvania. ​ Since commencing operations in 2007, the Company has devoted substantially all of its financial resources and efforts to commercializing its lead asset, OLINVYK® (oliceridine) injection, or OLINVYK, and to research and development, including nonclinical studies and clinical trials. The Company has never been profitable. In August 2020, the FDA approved the NDA for OLINVYK and the Company initiated commercial launch of OLINVYK in the first quarter of 2021. ​ Since its inception, the Company has incurred losses and negative cash flows from operations. At March 31, 2023, the Company had an accumulated deficit of $555.6 million. The Company’s net loss was $7.8 million and $16.4 million for the three months ended March 31, 2023 and 2022, respectively. The Company follows the provisions of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 205-40, Presentation of Financial Statements—Going Concern, or ASC 205-40, which requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. The Company expects that its existing balance of cash and cash equivalents as of March 31, 2023 is not sufficient to fund operations for more than one year after the date of this filing and therefore management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern. Management’s plans to mitigate this risk include raising additional capital through equity or debt financings, or through strategic transactions. Management’s plans may also include the deferral of certain operating expenses unless and until additional capital is received. However, there can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company, or that the Company will be successful in deferring certain operating expenses. If the Company is unable to raise sufficient additional capital or defer sufficient operating expenses, the Company may be compelled to reduce the scope of its operations and planned capital expenditures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the ASC and Accounting Standards Updates, or ASUs, of the FASB. The Company’s functional currency is the U.S. dollar. The consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s consolidated balance sheets as of March 31, 2023, its results of operations and its comprehensive loss for the three months ended March 31, 2023 and 2022, its consolidated statements of stockholders’ equity for the period from January 1, 2023 to March 31, 2023 and for the period January 1, 2022 to March 31, 2022, and its consolidated statements of cash flows for the three months ended March 31, 2023 and 2022. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2022. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The Company will continue to monitor the impact of COVID-19 on our business, results of operations, and financial condition. To date, the impact has been limited, although future developments remain uncertain. Principles of Consolidation In connection with the royalty-based financing agreement disclosed in Note 5, the Company established three wholly owned subsidiaries, Trevena Royalty Corporation, Trevena SPV1 LLC and Trevena SPV2 LLC to facilitate the financing. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of March 31, 2023. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, which include cash and cash equivalents, restricted cash, accounts payable, and accrued expenses approximate their fair values, given their short-term nature. Additionally, at March 31, 2023, the Company believes the carrying value of the loan payable approximates its fair value as the interest rate is reflective of the rate the Company could obtain on debt with similar terms and conditions. Certain of the Company’s common stock warrants are carried at fair value, as disclosed in Note 3. The Company has evaluated the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. See Note 3 for additional information. ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments ASC 820, Fair Value Measurement, ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes among the following: ● Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. ● Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following table presents fair value of the Company’s cash, cash equivalents, restricted cash and warrant liability as of March 31, 2023 and December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: ​ 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 841 ​ $ 841 ​ $ — ​ $ — Money Market Funds ​ ​ 26,595 ​ ​ 26,595 ​ ​ — ​ ​ — Restricted Cash ​ 1,968 ​ 1,968 ​ — ​ — Total assets measured and recorded at fair value ​ $ 29,404 ​ $ 29,404 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 1,449 ​ — ​ — ​ 1,449 Total liabilities measured and recorded at fair value ​ $ 1,449 ​ $ — ​ $ — ​ $ 1,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: 2022 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 9,651 ​ $ 9,651 ​ $ — ​ $ — Money Market Funds ​ 28,669 ​ ​ 28,669 ​ ​ — ​ ​ — Restricted Cash ​ ​ 1,960 ​ 1,960 ​ — ​ — Total assets measured and recorded at fair value ​ $ 40,280 ​ $ 40,280 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 5,483 ​ — ​ — ​ 5,483 Total liabilities measured and recorded at fair value ​ $ 5,483 ​ $ — ​ $ — ​ $ 5,483 (1) The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no The common stock warrants issued in connection with the Company’s equity raises in July 2022 and November 2022 were classified as liabilities at the time of issuance due to certain cash settlement adjustment features that were not deemed to be indexed to the Company’s stock. The warrant liability is remeasured each reporting period with the change in fair value recorded to other income (expense) in the consolidated statement of operations and comprehensive loss until the warrants are exercised, expired, reclassified or otherwise settled. The fair value of the pre-funded warrant liability is equal to its intrinsic value due to the nominal exercise price. The fair value of the warrant liability was estimated using a Black-Scholes Option Pricing Model. ​ ​ ​ Registered Direct Stock Offering and Concurrent Warrant Issuance The fair value of the July Offering Common Stock Warrant liability was determined using Level 3 inputs and was estimated using the Black-Scholes valuation model. The assumptions used to estimate the fair value were as follows: ​ ​ ​ ​ ​ ​ ​ ​ March 31 December 31, ​ 2023 2022 ​ Expected term of warrants (in years) ​ 4.3 ​ 4.6 ​ Risk-free interest rate ​ 3.7 % 4.0 % Expected volatility ​ 94.4 % 108.9 % Dividend yield ​ — % — % ​ The following is a roll forward of the July Offering Common Stock Warrant liability (in thousands): ​ ​ ​ ​ Balance, December 31, 2022 ​ $ 259 Change in fair value ​ (191) Balance, March 31, 2023 ​ $ 68 ​ November 2022 Equity Offering and Warrant Issuance Due to the nominal exercise price of the pre-funded warrants, the fair value is equal to the intrinsic value. The fair value of the November Offering Common Stock Warrant liability was determined using Level 3 inputs and was estimated using the Black-Scholes valuation model. The assumptions used to estimate the fair value were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Expected term of warrants (in years) ​ ​ 4.6 ​ ​ 4.9 ​ Risk-free interest rate ​ 3.6 % ​ 4.0 % Expected volatility ​ 100.2 % ​ 106.1 % Dividend yield ​ — % ​ — % ​ The following is a roll forward of the November Offering Common Stock Warrant liability (in thousands): ​ ​ ​ ​ ​ Warrant Liability Balance, December 31, 2022 ​ $ 5,224 Change in fair value ​ (2,275) Exercise of pre-funded common stock warrants ​ ​ (1,568) Balance, March 31, 2023 ​ $ 1,381 ​ Warrants As of March 31, 2023, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ Warrants ​ Exercise Price ​ Expiration Date July 2022 Offering Liability ​ 320,000 ​ $6.58 ​ 12/28/2027 November 2022 Offering (Pre-funded warrants) Liability ​ 619,000 ​ 0.001 ​ Until exercised November 2022 Offering Liability ​ 2,614,380 ​ 2.95 11/18/2027 R-Bridge warrants Equity ​ 200,000 ​ 20.50 ​ 4/14/2025 Other warrants Equity ​ 11,014 ​ 31.25 - 265.48 ​ 1/29/24 - 3/31/27 ​ ​ ​ 3,764,394 ​ ​ ​ ​ ​ The Company classifies investments available to fund current operations as current assets on its balance sheet. As of March 31, 2023 and 2022, the Company did not hold any investment securities exceeding a one-year maturity. Accretion of bond discount on marketable securities is included in other income as a separate component of other income (expense) on the statement of operations and comprehensive loss. Interest income on marketable securities is recorded as interest income on the statement of operations and comprehensive loss.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventories
Inventories	4. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method for all inventories. Inventory includes the cost of API, raw materials and third-party contract manufacturing and packaging services. Indirect overhead costs associated with production and distribution are recorded as period costs in the period incurred. OLINVYK was approved by the FDA in August 2020. Prior to FDA approval, all manufacturing costs for OLINVYK were expensed to research and development. Upon FDA approval, manufacturing costs for OLINVYK manufactured for commercial sale have been capitalized as inventory cost. Costs of drug product to be consumed in any current or future clinical trials will continue to be recognized as research and development expense. The Company periodically evaluates the carrying value of inventory on hand using the same lower of cost or net realizable value approach as that used to initially value the inventory. Valuation adjustments may be required for slow-moving or obsolete inventory or in any situations where market conditions have caused net realizable value to fall below the carrying cost of the inventory. Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Finished goods ​ $ 906 ​ $ 3,111 Inventory Valuation Adjustment ​ ​ — ​ ​ (2,205) Total Inventories ​ $ 906 ​ $ 906 ​

Loan Payable

Loan Payable	3 Months Ended
	Mar. 31, 2023
Loan Payable.
Loan Payable	5. Loan Payable In April 2022, the Company, through its wholly owned subsidiary Trevena SPV2 LLC, entered into a royalty-based loan agreement (“the Loan Agreement”) with R-Bridge, pursuant to which the Company may be eligible to receive up to $40.0 million in term loan borrowings, or the R-Bridge Financing. Term loan borrowings will be advanced in three tranches. The first tranche of $15.0 million was advanced in April 2022. The second tranche of $10.0 million will become available upon achievement of either a commercial or financing milestone as set forth in the Loan Agreement. The third tranche of $15.0 million will become available upon the first commercial sale of OLINVYK in China. The following table summarizes the impact of the Loan Agreement on the Company’s consolidated balance sheet as follows (in thousands): ​ ​ ​ ​ ​ March 31, ​ ​ 2023 Principal ​ $ 15,000 Unamortized debt discount ​ (1,524) Loans payable, net ​ $ 13,476 ​ The term loans bear interest at a rate per annum equal to 7.00% and will mature on the earlier of (i) the fifteen of OLINVYK by December 31, 2023, royalties from net sales of OLINVYK in the United States will be capped at $10.0 million. In the event Chinese approval does not occur by December 31, 2023, the royalties from net sales in the United States will increase to 7.0% and will continue until certain combined totals from license agreement with Nhwa and royalties from net sales of OLINVYK are paid. Upon a change in control or in the event the Company elects to repay any outstanding borrowings prior to their contractual maturity, the Company is required to pay a control premium ranging from 125% to 150% of the outstanding principal and interest at the time of repayment and in the event the Company has not obtained approval for OLINVYK in China. In the event the Company obtains approval for OLINVYK in China, the premium, if triggered, would be equal to the greater of (i) principal and interest and (ii) $10.0 million or $20.0 million depending on the timing in which the triggering event occurs. In April 2022, the Company placed $2.0 million into an interest reserve account in connection with the Loan Agreement. Payments of interest under the Loan Agreement are made quarterly from the royalty on the Company’s net sales of OLINVYK in the United States and proceeds from royalties from the Company’s license agreement with Nhwa. On each interest payment date, if the royalty payments received do not equal the total interest due for the respective quarter, the interest payment due will be paid from the interest reserve account. This interest reserve account is classified as restricted cash in the Company’s consolidated balance sheet at March 31, 2023. Repayments of all borrowings, interest and other related payments, under the Loan Agreement are guaranteed by the Company and secured by substantially all of the assets associated with the license agreement with Nhwa, the Chinese intellectual property related to OLINVYK, and deposit accounts established to hold amounts received on account for repayment of the borrowings and related interest under the Loan Agreement. The Loan Agreement contains certain customary affirmative and negative covenants and contains customary defined events of default, upon which any outstanding principal and unpaid interest shall be due on demand. At March 31, 2023, there were no events of default pursuant to the Loan Agreement and the Company was in compliance with all covenants. In connection with the first tranche borrowings in April 2022, the Company issued a warrant to R-Bridge to purchase 200,000 shares of the Company’s common stock at an initial exercise price of $20.50 per share and will be exercisable for a period of three years. The Company concluded the warrant was a freestanding equity-classified instrument to which the proceeds from the first tranche was allocated across the debt and warrant on a relative fair value basis. In addition, the Company incurred lender fees and third-party costs of $0.5 million each and were netted against the proceeds allocated to the debt and warrant. Fees netted against debt proceeds represent a debt discount and are amortized into interest expense using the effective interest method. During the three months ended March 31, 2023, the Company recognized interest expense of $0.4 million, respectively, of which less than $0.1 million pertained to the amortization of the debt discount. The accounting for the Loan Agreement requires the Company to make certain estimates and assumptions, particularly about future royalties under the license agreement with Nhwa and sales of OLINVYK in the United States and China. Such estimates and assumptions are utilized in determining the expected repayment term, amortization period of the debt discount, accretion of interest expense and classification between current and long-term portions of amounts outstanding. The Company amortizes the debt discount into interest expense over the expected term of the arrangement using the interest method based on projected cash flows. Similarly, the Company classifies as current debt for the Loan Agreement, amounts that are expected to be repaid during the succeeding twelve months after the reporting period end. However, the repayment of amounts due under the Loan Agreement is variable because the cash flows to be utilized for periodic payments is a function of amounts received by the Company with respect to the royalties and net product sales. Accordingly, the estimates of the magnitude and timing of amounts to be available for debt service are subject to significant variability and thus, subject to significant uncertainty. Therefore, these estimates and assumptions are likely to change, which may result in future adjustments to the portion of the debt that is classified as a current liability, the amortization of debt discount and the accretion of interest expense. Other amounts that may become due and payable under the Loan Agreement, including amounts shared between the parties with respect to cash flows received in excess of pre-defined thresholds, are recognized as additional interest expense when they become probable and estimable. The amount of principal to be repaid in each of the five succeeding years is not fixed and determinable.

Stock Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2023
Stock Compensation
Stock Compensation	6. Stock Compensation The estimated grant date fair value of the Company’s share-based awards is amortized on a straight-line basis over the awards’ service periods. Share based compensation expense recognized was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Research and development ​ $ 189 ​ $ 275 ​ Selling, general and administrative ​ 617 ​ 873 ​ Cost of goods sold ​ ​ — ​ ​ 7 ​ Total stock-based compensation ​ $ 806 ​ $ 1,155 ​ ​ Stock Options ​ A summary of stock option activity and related information through March 31, 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ Average ​ Contractual ​ ​ Number of ​ Exercise ​ Term ​ ​ Shares ​ Price ​ (in years) Balance, December 31, 2022 351,709 ​ $ 49.15 6.94 Granted — ​ — ​ ​ Exercised — ​ — ​ ​ Forfeited/Cancelled (17,649) ​ 52.37 ​ ​ Balance, March 31, 2023 334,060 ​ $ 48.98 6.75 Vested or expected to vest at March 31, 2023 334,060 ​ $ 48.98 6.75 Exercisable at March 31, 2023 232,127 ​ $ 55.70 6.05 ​ The aggregate intrinsic value of options exercisable as of March 31, 2023 was zero, based on the difference between the Company’s closing stock price of $0.7000 and the exercise price of each stock option. At March 31, 2023, there was $2.4 million of total unrecognized compensation expense related to unvested options that will be recognized over the weighted average remaining vesting period of 1.84 years. The Company uses the Black Scholes option pricing model to estimate the fair value of stock options at the grant date. The Black Scholes model requires the Company to make certain estimates and assumptions, including estimating the fair value of the Company’s common stock, assumptions related to the expected price volatility of the Company’s common stock, the period during which the options will be outstanding, the rate of return on risk free investments and the expected dividend yield for the Company’s common stock. ​ ​ ​ ​ ​ ​ ​ The per-share weighted-average grant date fair value of the options granted to employees and directors during the three months ended March 31, 2023 and 2022 was estimated at $0.00 and $0.46 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 Expected term of options (in years) — 6.3 Risk-free interest rate — % 1.5 % Expected volatility — % 92.5 % Dividend yield — % — % ​ Restricted Stock Units RSU-related expense is recognized on a straight-line basis over the vesting period. Upon vesting, these awards may be settled on a net-exercise basis to cover any required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. The following is a summary of changes in the status of non-vested RSUs during the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Awards ​ Fair Value Non-vested at December 31, 2022 366,777 ​ $ 10.43 Granted 500,000 ​ ​ 1.78 Vested — ​ ​ — Forfeited/Cancelled (32,507) ​ ​ 4.19 Non-vested at March 31, 2023 834,270 ​ $ 5.49 ​ For the three months ended March 31, 2023, the Company recorded $0.4 million, in stock-based compensation expense related to RSUs, which is reflected in the consolidated statements of operations and comprehensive loss. As of March 31, 2023, there was $3.61 million of total unrecognized compensation expense related to unvested RSUs that will be recognized over the weighted average remaining period of 2.53 years. Shares Available for Future Grant At March 31, 2023, the Company has the following shares available to be granted under its equity incentive plans: ​ ​ ​ ​ ​ ​ ​ Inducement ​ ​ 2013 Plan ​ Plan Available at December 31, 2022 404,807 12,000 Authorized 309,363 ​ — Granted (500,000) ​ — Forfeited/Cancelled 49,706 ​ — Available at March 31, 2023 263,876 12,000 ​ Shares Reserved for Future Issuance At March 31, 2023, the Company has reserved the following shares of common stock for issuance: ​ ​ ​ Stock options outstanding under 2013 Plan 326,060 Restricted stock units outstanding under 2013 Plan ​ 834,720 Stock options outstanding under Inducement Plan 8,000 Shares reserved for future issuance under Inducement Plan 12,000 Shares reserved for future issuance under 2013 Employee Stock Purchase Plan 9,032 Warrants outstanding 3,764,394 Total shares of common stock reserved for future issuance 4,954,206 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	7. Commitments and Contingencies Leases The Company leases office space in Chesterbrook, Pennsylvania and equipment. The Company’s principal office is located at 955 Chesterbrook Boulevard, Chesterbrook, Pennsylvania, where the Company currently leases approximately 8,231 square feet of developed office space on the first floor and 40,565 square feet of developed office space on the second floor. The lease term for this space extends through May 2028. On October 11, 2018, the Company entered into an agreement with The Vanguard Group, Inc., or Vanguard, whereby Vanguard agreed to sublease the 40,565 square feet of space on the second floor for an initial term of 37 months. On October 2, 2020, Vanguard notified the Company that they exercised the first option to extend the sublease term for three years through November 30, 2024. Vanguard has a second option to extend the sublease term for an additional three years through November 30, 2027. The sublease provides for rent abatement for the first month of the term; thereafter, the rent payable to the Company by Vanguard under the sublease is (i) $0.50 less during months 2 through 13 of the sublease and (ii) in month 14 and thereafter of the sublease, $1.00 less than the base rent payable by the Company under its master lease with Chesterbrook Partners, L.P. Vanguard also is responsible for paying to the Company all tenant energy costs, annual operating costs, and annual tax costs attributable to the subleased space during the term of the sublease. Rent expense and associated sublease income are recorded in the Company’s consolidated statements of operations and comprehensive loss as other income (expense). Supplemental balance sheet information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Operating leases: ​ ​ ​ Operating lease right-of-use assets $ 4,092 $ 4,224 ​ Other current lease liabilities ​ ​ 917 ​ ​ 890 ​ Operating lease liabilities ​ ​ 5,179 ​ ​ 5,419 ​ Total operating lease liabilities ​ $ 6,096 ​ $ 6,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ $ 29 ​ $ 29 ​ Accumulated depreciation ​ ​ (6) ​ ​ (4) ​ Property and equipment, net ​ ​ 23 ​ ​ 25 ​ Other current lease liabilities ​ ​ 9 ​ ​ 9 ​ Other long-term liabilities ​ ​ 15 ​ ​ 17 ​ Total finance lease liabilities ​ $ 24 ​ $ 26 ​ ​ The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Operating lease costs: ​ ​ ​ ​ ​ ​ Operating lease rental expense ​ $ 398 ​ $ 327 Other income ​ ​ (350) ​ ​ (315) Total operating lease costs ​ $ 48 ​ $ 12 ​ ​ ​ ​ ​ ​ ​ Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 2 ​ ​ 1 Total finance lease costs ​ $ 2 ​ $ 1 ​ Supplemental cash flow information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ (128) ​ $ (70) Financing cash flows from finance leases ​ ​ (3) ​ (2) ​ Our operating lease liabilities will mature, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing Leases 2023 (April 1 - December 31) ​ ​ 1,071 ​ ​ 8 2024 ​ ​ 1,450 ​ ​ 11 2025 ​ ​ 1,474 ​ ​ 7 2026 ​ ​ 1,499 ​ ​ — 2027 ​ ​ 1,523 ​ ​ — 2028 and beyond ​ ​ 640 ​ ​ — Total minimum lease payments ​ $ 7,657 ​ $ 26 Less: imputed interest ​ ​ (1,561) ​ ​ (2) Lease liability ​ $ 6,096 ​ $ 24 ​ Per the terms of our sublease, we expect the following inflows (in thousands): ​ ​ ​ ​ ​ Sublease 2023 (April 1 - December 31) ​ ​ 855 2024 ​ ​ 996 Total minimum lease payments ​ $ 1,851 ​ Lease term and discount rates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 5 ​ ​ 6 Finance leases ​ ​ 2 ​ ​ — Weighted average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 9.2% ​ ​ 9.2% Finance leases ​ ​ 6.5% ​ ​ 6.5% ​

Product Revenue

Product Revenue	3 Months Ended
	Mar. 31, 2023
Revenue.
Product Revenue	8. Product Revenue ​ Performance Obligation The Company’s performance obligation is the supply of finished pharmaceutical products to its customers. The Company’s customers consist of major wholesale distributors. The Company’s customer contracts generally consist of both a master agreement, which is signed by the Company and its customer, and a customer submitted purchase order, which is governed by the terms and conditions of the master agreement. Revenue is recognized when the Company transfers control of its products to the customer, which occurs at a point-in-time, upon delivery. The Company offers standard payment terms to its customers and has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing, since the period between when the Company transfers the product to the customer and when the customer pays for that product is one year or less. Taxes collected from customers relating to product revenue and remitted to governmental authorities are excluded from revenues. The consideration amounts due from customers as a result of product revenue are subject to variable consideration. The Company offers standard product warranties which provide assurance that the product will function as expected and in accordance with specifications. Customers cannot purchase warranties separately and these warranties do not give rise to a separate performance obligation. The Company permits the return of product under certain circumstances, mainly upon at or near product expiration, instances of shipping errors or where product is damaged in transit. The Company accrues for the customer’s right to return as part of its variable consideration. Sales-Related Deductions The following table presents a roll forward of the major categories of sales-related deductions included in trade receivable allowances for the three months ended March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales Discounts Chargebacks Fee for Service Balance, January 1, 2023 ​ $ 1 ​ $ 30 ​ $ 36 Adjustment related to prior period sales ​ — ​ ​ 7 ​ ​ (4) Balance, March 31, 2023 ​ $ 1 ​ $ 37 ​ $ 32 ​ ​ ​ ​

License Revenue

License Revenue	3 Months Ended
	Mar. 31, 2023
License Revenue.
License Revenue	​ ​ ​ ​ 9. License Revenue ​ License and Commercialization Agreement with Pharmbio Korea Inc. In April 2018, the Company entered into an exclusive license agreement with Pharmbio Korea Inc., or Pharmbio, for the development and commercialization of OLINVYK for the management of moderate to severe acute pain in South Korea. Under the terms of the agreement, the Company received an upfront, non-refundable cash payment of $3.0 million (less applicable withholding taxes of $0.5 million) in June 2018, and will receive a cash commercial milestone of up to $0.5 million if OLINVYK is approved in South Korea and tiered royalties on product sales in South Korea ranging from high single digits to 20%, less applicable withholding taxes. As part of the agreement, the Company also granted Pharmbio an option to manufacture OLINVYK, on a non-exclusive basis, for the development and commercialization of the product in South Korea, subject to a separate arrangement to be entered into if Pharmbio exercises the option. The license agreement is terminable by Pharmbio for any reason upon 180 days written notice. In accordance with the terms of the agreement, Pharmbio is solely responsible for all development and regulatory activities in South Korea. The parties have formed a Joint Development Committee with equal representation from the Company and Pharmbio to provide overall coordination and oversight of the development of OLINVYK in South Korea. The parties also agreed to form a Joint Manufacturing and Commercialization Committee at least six months prior to the anticipated date of regulatory approval of OLINVYK in South Korea to provide overall coordination and oversight of the manufacture and commercialization of OLINVYK in South Korea. License Agreement with Jiangsu Nhwa Pharmaceutical Co. Ltd. In April 2018, the Company also entered into an exclusive license agreement with Jiangsu Nhwa Pharmaceutical Co. Ltd., or Nhwa, for the development and commercialization of OLINVYK for the management of moderate to severe acute pain in China. Under the terms of this agreement, the Company received an upfront, non-refundable cash payment of $2.5 million (less applicable withholding taxes of $0.3 million) in July 2018. In August 2020, the Company received a milestone payment of $3.0 million (less applicable withholding taxes of $0.3 million), that became payable by Nhwa upon FDA approval of OLINVYK. The Company is also eligible to receive a cash milestone payment of $3.0 million, subject to Chinese withholding taxes, upon regulatory approval of OLINVYK in China, up to an additional $6.0 million of commercialization milestone payments based on product sales levels in China, and a ten percent royalty on all net product sales in China, less applicable withholding taxes. This royalty is required to be used by the Company to repay its obligations under the Loan Agreement. As part of the license agreement with Nhwa, the Company also granted Nhwa an option to manufacture OLINVYK, on an exclusive basis in China, for the development and commercialization of the product in China. In the second quarter of 2018, Nhwa elected to exercise this manufacturing option. The license agreement is terminable by Nhwa for any reason upon 180 days written notice. In accordance with the terms of the agreement, Nhwa is solely responsible for all development and regulatory activities in China. The parties have formed a Joint Development Committee with equal representation from the Company and Nhwa to provide overall coordination and oversight of the development of OLINVYK in China. The parties also agreed to form a Joint Manufacturing and Commercialization Committee at least six months prior to the anticipated date of regulatory approval of OLINVYK in China to provide overall coordination and oversight of the manufacture and commercialization of OLINVYK in China. For the three months ended March 31, 2023 and 2022, license revenue in the accompanying consolidated statements of operations and comprehensive loss is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Pharmbio Korea Inc. ​ $ — ​ $ 20 Jiangsu Nhwa Pharmaceutical Co. Ltd. ​ ​ — ​ ​ — Total license revenues ​ $ — ​ $ 20 ​ License revenue for the year ended December 31, 2022 related to materials shipped to Pharmbio to support the development of oliceridine efforts in South Korea. ​

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2023
Net Loss Per Common Share
Net Loss Per Common Share	10. Net Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Basic and diluted net loss per common share calculation: ​ ​ Net loss ​ $ (7,819) ​ $ (16,389) ​ Weighted average common shares outstanding ​ 9,594,072 ​ 6,620,800 ​ Net loss per share of common stock - basic and diluted ​ $ (0.81) ​ $ (2.48) ​ ​ The pre-funded warrants to purchase common shares issued in connection with the November 2022 offering are included in the calculation for basic and diluted net loss per share due to the nominal exercise price and perpetual term of the pre-funded warrants. The following outstanding securities at March 31, 2023 and 2022 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2023 2022 Options outstanding 334,060 506,662 RSUs outstanding ​ 834,720 ​ 236,737 ​ Warrants outstanding 3,145,394 11,014 Total 4,314,174 754,413 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the ASC and Accounting Standards Updates, or ASUs, of the FASB. The Company’s functional currency is the U.S. dollar. The consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s consolidated balance sheets as of March 31, 2023, its results of operations and its comprehensive loss for the three months ended March 31, 2023 and 2022, its consolidated statements of stockholders’ equity for the period from January 1, 2023 to March 31, 2023 and for the period January 1, 2022 to March 31, 2022, and its consolidated statements of cash flows for the three months ended March 31, 2023 and 2022. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2022. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The Company will continue to monitor the impact of COVID-19 on our business, results of operations, and financial condition. To date, the impact has been limited, although future developments remain uncertain.
Principles of Consolidation	Principles of Consolidation In connection with the royalty-based financing agreement disclosed in Note 5, the Company established three wholly owned subsidiaries, Trevena Royalty Corporation, Trevena SPV1 LLC and Trevena SPV2 LLC to facilitate the financing. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of March 31, 2023. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, which include cash and cash equivalents, restricted cash, accounts payable, and accrued expenses approximate their fair values, given their short-term nature. Additionally, at March 31, 2023, the Company believes the carrying value of the loan payable approximates its fair value as the interest rate is reflective of the rate the Company could obtain on debt with similar terms and conditions. Certain of the Company’s common stock warrants are carried at fair value, as disclosed in Note 3. The Company has evaluated the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. See Note 3 for additional information.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Schedule of cash, cash equivalents, marketable securities and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: ​ 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 841 ​ $ 841 ​ $ — ​ $ — Money Market Funds ​ ​ 26,595 ​ ​ 26,595 ​ ​ — ​ ​ — Restricted Cash ​ 1,968 ​ 1,968 ​ — ​ — Total assets measured and recorded at fair value ​ $ 29,404 ​ $ 29,404 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 1,449 ​ — ​ — ​ 1,449 Total liabilities measured and recorded at fair value ​ $ 1,449 ​ $ — ​ $ — ​ $ 1,449 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: 2022 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 9,651 ​ $ 9,651 ​ $ — ​ $ — Money Market Funds ​ 28,669 ​ ​ 28,669 ​ ​ — ​ ​ — Restricted Cash ​ ​ 1,960 ​ 1,960 ​ — ​ — Total assets measured and recorded at fair value ​ $ 40,280 ​ $ 40,280 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 5,483 ​ — ​ — ​ 5,483 Total liabilities measured and recorded at fair value ​ $ 5,483 ​ $ — ​ $ — ​ $ 5,483 (1) The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities.
Schedule of common stock warrants outstanding	As of March 31, 2023, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ Warrants ​ Exercise Price ​ Expiration Date July 2022 Offering Liability ​ 320,000 ​ $6.58 ​ 12/28/2027 November 2022 Offering (Pre-funded warrants) Liability ​ 619,000 ​ 0.001 ​ Until exercised November 2022 Offering Liability ​ 2,614,380 ​ 2.95 11/18/2027 R-Bridge warrants Equity ​ 200,000 ​ 20.50 ​ 4/14/2025 Other warrants Equity ​ 11,014 ​ 31.25 - 265.48 ​ 1/29/24 - 3/31/27 ​ ​ ​ 3,764,394 ​ ​ ​ ​ ​
Registered direct offering
Stockholders' Equity
Schedule of assumptions used to estimate fair value of common stock warrant liability using Level 3 inputs	​ ​ ​ ​ ​ ​ ​ ​ March 31 December 31, ​ 2023 2022 ​ Expected term of warrants (in years) ​ 4.3 ​ 4.6 ​ Risk-free interest rate ​ 3.7 % 4.0 % Expected volatility ​ 94.4 % 108.9 % Dividend yield ​ — % — % ​
Schedule of rollforward of the Common Stock Warrant liability	The following is a roll forward of the July Offering Common Stock Warrant liability (in thousands): ​ ​ ​ ​ Balance, December 31, 2022 ​ $ 259 Change in fair value ​ (191) Balance, March 31, 2023 ​ $ 68 ​
November 2022 Equity Offering
Stockholders' Equity
Schedule of assumptions used to estimate fair value of common stock warrant liability using Level 3 inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Expected term of warrants (in years) ​ ​ 4.6 ​ ​ 4.9 ​ Risk-free interest rate ​ 3.6 % ​ 4.0 % Expected volatility ​ 100.2 % ​ 106.1 % Dividend yield ​ — % ​ — % ​
Schedule of rollforward of the Common Stock Warrant liability	The following is a roll forward of the November Offering Common Stock Warrant liability (in thousands): ​ ​ ​ ​ ​ Warrant Liability Balance, December 31, 2022 ​ $ 5,224 Change in fair value ​ (2,275) Exercise of pre-funded common stock warrants ​ ​ (1,568) Balance, March 31, 2023 ​ $ 1,381 ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories
Schedule of Inventories	Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Finished goods ​ $ 906 ​ $ 3,111 Inventory Valuation Adjustment ​ ​ — ​ ​ (2,205) Total Inventories ​ $ 906 ​ $ 906

Loan Payable (Tables)

Loan Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Loan Payable.
Schedule of impact of the Loan Agreement on the Company's consolidated balance sheet	The following table summarizes the impact of the Loan Agreement on the Company’s consolidated balance sheet as follows (in thousands): ​ ​ ​ ​ ​ March 31, ​ ​ 2023 Principal ​ $ 15,000 Unamortized debt discount ​ (1,524) Loans payable, net ​ $ 13,476 ​

Stock Compensation (Tables)

Stock Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock Compensation
Schedule of share-based compensation expense recognized	The estimated grant date fair value of the Company’s share-based awards is amortized on a straight-line basis over the awards’ service periods. Share based compensation expense recognized was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Research and development ​ $ 189 ​ $ 275 ​ Selling, general and administrative ​ 617 ​ 873 ​ Cost of goods sold ​ ​ — ​ ​ 7 ​ Total stock-based compensation ​ $ 806 ​ $ 1,155 ​ ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ Average ​ Contractual ​ ​ Number of ​ Exercise ​ Term ​ ​ Shares ​ Price ​ (in years) Balance, December 31, 2022 351,709 ​ $ 49.15 6.94 Granted — ​ — ​ ​ Exercised — ​ — ​ ​ Forfeited/Cancelled (17,649) ​ 52.37 ​ ​ Balance, March 31, 2023 334,060 ​ $ 48.98 6.75 Vested or expected to vest at March 31, 2023 334,060 ​ $ 48.98 6.75 Exercisable at March 31, 2023 232,127 ​ $ 55.70 6.05 ​
Schedule of weighted-average assumptions:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 Expected term of options (in years) — 6.3 Risk-free interest rate — % 1.5 % Expected volatility — % 92.5 % Dividend yield — % — % ​
Schedule of changes in the status of non-vested RSU	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Awards ​ Fair Value Non-vested at December 31, 2022 366,777 ​ $ 10.43 Granted 500,000 ​ ​ 1.78 Vested — ​ ​ — Forfeited/Cancelled (32,507) ​ ​ 4.19 Non-vested at March 31, 2023 834,270 ​ $ 5.49 ​
Schedule of shares available to be granted under equity incentive plans	At March 31, 2023, the Company has the following shares available to be granted under its equity incentive plans: ​ ​ ​ ​ ​ ​ ​ Inducement ​ ​ 2013 Plan ​ Plan Available at December 31, 2022 404,807 12,000 Authorized 309,363 ​ — Granted (500,000) ​ — Forfeited/Cancelled 49,706 ​ — Available at March 31, 2023 263,876 12,000 ​
Schedule of shares of common stock reserved/available	At March 31, 2023, the Company has reserved the following shares of common stock for issuance: ​ ​ ​ Stock options outstanding under 2013 Plan 326,060 Restricted stock units outstanding under 2013 Plan ​ 834,720 Stock options outstanding under Inducement Plan 8,000 Shares reserved for future issuance under Inducement Plan 12,000 Shares reserved for future issuance under 2013 Employee Stock Purchase Plan 9,032 Warrants outstanding 3,764,394 Total shares of common stock reserved for future issuance 4,954,206

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Schedule of balance sheet information related to leases	Supplemental balance sheet information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ Operating leases: ​ ​ ​ Operating lease right-of-use assets $ 4,092 $ 4,224 ​ Other current lease liabilities ​ ​ 917 ​ ​ 890 ​ Operating lease liabilities ​ ​ 5,179 ​ ​ 5,419 ​ Total operating lease liabilities ​ $ 6,096 ​ $ 6,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ $ 29 ​ $ 29 ​ Accumulated depreciation ​ ​ (6) ​ ​ (4) ​ Property and equipment, net ​ ​ 23 ​ ​ 25 ​ Other current lease liabilities ​ ​ 9 ​ ​ 9 ​ Other long-term liabilities ​ ​ 15 ​ ​ 17 ​ Total finance lease liabilities ​ $ 24 ​ $ 26 ​ ​
Schedule of components of lease expense	The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Operating lease costs: ​ ​ ​ ​ ​ ​ Operating lease rental expense ​ $ 398 ​ $ 327 Other income ​ ​ (350) ​ ​ (315) Total operating lease costs ​ $ 48 ​ $ 12 ​ ​ ​ ​ ​ ​ ​ Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 2 ​ ​ 1 Total finance lease costs ​ $ 2 ​ $ 1 ​
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ (128) ​ $ (70) Financing cash flows from finance leases ​ ​ (3) ​ (2) ​
Schedule of maturities of operating lease liabilities	Our operating lease liabilities will mature, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing Leases 2023 (April 1 - December 31) ​ ​ 1,071 ​ ​ 8 2024 ​ ​ 1,450 ​ ​ 11 2025 ​ ​ 1,474 ​ ​ 7 2026 ​ ​ 1,499 ​ ​ — 2027 ​ ​ 1,523 ​ ​ — 2028 and beyond ​ ​ 640 ​ ​ — Total minimum lease payments ​ $ 7,657 ​ $ 26 Less: imputed interest ​ ​ (1,561) ​ ​ (2) Lease liability ​ $ 6,096 ​ $ 24 ​
Schedule of maturities of financing lease liabilities	Our operating lease liabilities will mature, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing Leases 2023 (April 1 - December 31) ​ ​ 1,071 ​ ​ 8 2024 ​ ​ 1,450 ​ ​ 11 2025 ​ ​ 1,474 ​ ​ 7 2026 ​ ​ 1,499 ​ ​ — 2027 ​ ​ 1,523 ​ ​ — 2028 and beyond ​ ​ 640 ​ ​ — Total minimum lease payments ​ $ 7,657 ​ $ 26 Less: imputed interest ​ ​ (1,561) ​ ​ (2) Lease liability ​ $ 6,096 ​ $ 24 ​
Schedule of expected sublease inflows	Per the terms of our sublease, we expect the following inflows (in thousands): ​ ​ ​ ​ ​ Sublease 2023 (April 1 - December 31) ​ ​ 855 2024 ​ ​ 996 Total minimum lease payments ​ $ 1,851 ​
Schedule of weighted average lease term and discount rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 5 ​ ​ 6 Finance leases ​ ​ 2 ​ ​ — Weighted average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 9.2% ​ ​ 9.2% Finance leases ​ ​ 6.5% ​ ​ 6.5%

Product Revenue (Tables)

Product Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue.
Schedule of major categories of sales-related deductions included in trade receivable allowances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales Discounts Chargebacks Fee for Service Balance, January 1, 2023 ​ $ 1 ​ $ 30 ​ $ 36 Adjustment related to prior period sales ​ — ​ ​ 7 ​ ​ (4) Balance, March 31, 2023 ​ $ 1 ​ $ 37 ​ $ 32 ​

License Revenue (Tables)

License Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue.
Schedule of license revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Pharmbio Korea Inc. ​ $ — ​ $ 20 Jiangsu Nhwa Pharmaceutical Co. Ltd. ​ ​ — ​ ​ — Total license revenues ​ $ — ​ $ 20 ​

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net Loss Per Common Share
Schedule of computation of basic and diluted net loss per share	The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Basic and diluted net loss per common share calculation: ​ ​ Net loss ​ $ (7,819) ​ $ (16,389) ​ Weighted average common shares outstanding ​ 9,594,072 ​ 6,620,800 ​ Net loss per share of common stock - basic and diluted ​ $ (0.81) ​ $ (2.48) ​ ​
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2023 2022 Options outstanding 334,060 506,662 RSUs outstanding ​ 834,720 ​ 236,737 ​ Warrants outstanding 3,145,394 11,014 Total 4,314,174 754,413

Organization and Description _2

Organization and Description of the Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization and Description of the Business
Number of operating segments | segment	1
Accumulated deficit	$ 555,591		$ 547,772
Net loss	$ 7,819	$ 16,389

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2023 subsidiary
Summary of Significant Accounting Policies
Number of wholly owned subsidiaries	3

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Liabilities
Transfers between Level 2 and Level 3	$ 0
Fair Value
Assets
Cash	841	$ 9,651
Restricted cash	1,968	1,960
Total	29,404	40,280
Liabilities
Liabilities	1,449	5,483
Warrants | Fair Value
Liabilities
Liabilities	1,449	5,483
Money market mutual funds | Fair Value
Assets
Investments	26,595	28,669
Level 1
Assets
Cash	841	9,651
Restricted cash	1,968	1,960
Total	29,404	40,280
Level 1 | Money market mutual funds
Assets
Investments	26,595	28,669
Level 3 | Fair Value
Liabilities
Liabilities	1,449	5,483
Level 3 | Warrants | Fair Value
Liabilities
Liabilities	$ 1,449	$ 5,483

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Registered Direct Stock Offering and Concurrent Warrant Issuance (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022
Fair Value
Warrants to purchase shares of common stock | shares	3,764,394
Exercise of pre-funded common stock warrants	$ (1,569)
Registered direct offering
Fair Value
Warrants to purchase shares of common stock | shares	320,000
Exercise price (in dollars per share) | $ / shares	$ 6.58
Beginning balance	$ 259
Change in fair value	(191)
Ending balance	$ 68
Registered direct offering | Common Stock Warrants | Level 3 | Estimated remaining term
Fair Value
Warrant liability measurement input	4.3	4.6
Registered direct offering | Common Stock Warrants | Level 3 | Risk-free interest rate
Fair Value
Warrant liability measurement input	3.7	4
Registered direct offering | Common Stock Warrants | Level 3 | Volatility
Fair Value
Warrant liability measurement input	94.4	108.9
November 2022 Equity Offering | Common Stock Warrants
Fair Value
Beginning balance	$ 5,224
Change in fair value	(2,275)
Exercise of pre-funded common stock warrants	(1,568)
Ending balance	$ 1,381
November 2022 Equity Offering | Common Stock Warrants | Level 3 | Estimated remaining term
Fair Value
Warrant liability measurement input	4.6	4.9
November 2022 Equity Offering | Common Stock Warrants | Level 3 | Risk-free interest rate
Fair Value
Warrant liability measurement input	3.6	4
November 2022 Equity Offering | Common Stock Warrants | Level 3 | Volatility
Fair Value
Warrant liability measurement input	100.2	106.1
November 2022 Equity Offering Expiring 2032
Fair Value
Warrants to purchase shares of common stock | shares	619,000
Exercise price (in dollars per share) | $ / shares	$ 0.001
November 2022 Equity Offering Expiring 2027
Fair Value
Warrants to purchase shares of common stock | shares	2,614,380
Exercise price (in dollars per share) | $ / shares	$ 2.95
R-Bridge Financing
Fair Value
Warrants to purchase shares of common stock | shares	200,000
Exercise price (in dollars per share) | $ / shares	$ 20.50
Other Warrants
Fair Value
Warrants to purchase shares of common stock | shares	11,014
Other Warrants | Minimum
Fair Value
Exercise price (in dollars per share) | $ / shares	$ 31.25
Other Warrants | Maximum
Fair Value
Exercise price (in dollars per share) | $ / shares	$ 265.48

Inventories - Schedule Of Inven

Inventories - Schedule Of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories
Finished goods	$ 906	$ 3,111
Inventory Valuation Adjustment		(2,205)
Total Inventories	$ 906	$ 906

Loan Payable (Details)

Loan Payable (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2022 USD ($) tranche $ / shares shares	Mar. 31, 2023 USD ($) shares
Long Term Debt
Warrants to purchase shares of common stock | shares		3,764,394
Number of shares that can be purchased upon exercise of warrants (in shares) | shares		3,764,394
Interest expense		$ 446
R-Bridge Financing | Royalty Based Loan Agreement
Long Term Debt
Maximum amount of borrowings under term loan agreement	$ 40,000
Debt number of tranches | tranche	3
Proceeds		15,000
Unamoritized debt discount		(1,524)
Loans payable, net		13,476
Interest rate (as a percent)	7%
Term of loan	15 years
Net revenue interest in U.S. net sales (as a percent)	4%
Cap of U.S. revenue interest if Chinese approval occurs by year-end 2023	$ 10,000
Net revenue interest in U.S. net sales if approval target is not reached (as a percent)	7%
Amount placed in interest reserve account	$ 2,000
R-Bridge Financing | Royalty Based Loan Agreement | Minimum
Long Term Debt
Control premium as a percentage of outstanding principal and interest	125%
Control premium, amount if triggered	$ 10,000
R-Bridge Financing | Royalty Based Loan Agreement | Maximum
Long Term Debt
Control premium as a percentage of outstanding principal and interest	150%
Control premium, amount if triggered	$ 20,000
R-Bridge Financing | Royalty Based Loan Agreement - First Tranche
Long Term Debt
Proceeds from royalty-based loan agreement	$ 15,000
Warrants to purchase shares of common stock | shares	200,000
Exercise price (in dollars per share) | $ / shares	$ 20.50
Warrants term	3 years
Lender fees and third-party costs	$ 500
Number of shares that can be purchased upon exercise of warrants (in shares) | shares	200,000
Interest expense		400
Amortization of debt discount		$ 100
R-Bridge Financing | Royalty Based Loan Agreement - Second Tranche
Long Term Debt
Commercialization milestone payments	$ 10,000
R-Bridge Financing | Royalty Based Loan Agreement - Third Tranche | CHINA
Long Term Debt
Milestone payment upon first commercial sale in China	$ 15,000

Stock Compensation - Share base

Stock Compensation - Share based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Incentive Plans
Stock-based compensation	$ 806	$ 1,155
Research and Development Expense
Equity Incentive Plans
Stock-based compensation	189	275
General and Administrative Expense
Equity Incentive Plans
Stock-based compensation	$ 617	873
Cost of goods sold
Equity Incentive Plans
Stock-based compensation		$ 7

Stock compensation - Stock opti

Stock compensation - Stock option activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares
Balance at the beginning of the period (in shares)	351,709
Forfeited/Cancelled (in shares)	(17,649)
Balance at the end of the period (in shares)	334,060	351,709
Vested or expected to vest at the end of the period (in shares)	334,060
Exercisable at the end of the period (in shares)	232,127
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 49.15
Forfeited/Cancelled (in dollars per share)	52.37
Balance at the end of the period (in dollars per share)	48.98	$ 49.15
Vested or expected to vest at the end of the period (in dollars per share)	48.98
Exercisable at the end of the period (in dollars per share)	$ 55.70
Weighted Average Remaining Contractual Term
Options Outstanding at the end of the period	6 years 9 months	6 years 11 months 8 days
Vested or expected to vest at the end of the period	6 years 9 months
Exercisable at the end of the period	6 years 18 days
Closing price of Company's stock (in dollars per share)	$ 0.7000

Stock Compensation - Options ot

Stock Compensation - Options other Info (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Options outstanding
Closing price of Company's stock (in dollars per share)	$ 0.7000
Employee Stock Option
Options outstanding
Unrecognized compensation expense	$ 2.4
Weighted average remaining period for recognition of unrecognized compensation expense	1 year 10 months 2 days
Per-share weighted-average grant date fair value of options granted (in dollars per share)	$ 0	$ 0.46
Employee Stock Option | Weighted-average
Weighted-average assumptions:
Expected term of options (in years)		6 years 3 months 18 days
Risk-free interest rate (as a percent)		1.50%
Expected volatility (as a percent)		92.50%

Stock compensation - Non-vested

Stock compensation - Non-vested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted Average Grant Date Fair Value
Stock-based compensation	$ 806	$ 1,155
Restricted Stock Units
Number of Shares
Non-vested at beginning of period (in shares)	366,777
Granted (in shares)	500,000
Forfeited/Cancelled (in shares)	(32,507)
Non-vested at end of period (in shares)	834,270
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 10.43
Granted (in dollars per share)	1.78
Forfeited (in dollars per share)	4.19
Non-vested at end of period (in dollars per share)	$ 5.49
Stock-based compensation	$ 400
Unrecognized compensation expense	$ 3,610
Weighted average remaining period for recognition of unrecognized compensation expense	2 years 6 months 10 days

Stock Compensation - Shares Res

Stock Compensation - Shares Reserved for Future Grant and Issuance (Details) - shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	334,060	351,709
Warrants outstanding (in shares)	3,764,394
Total shares of common stock reserved for future issuance (in shares)	4,954,206
2013 plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	404,807
Authorized (in shares)	309,363
Granted (in shares)	(500,000)
Forfeited/Cancelled (in shares)	49,706
Balance at the end of the period (in shares)	263,876
Shares Reserved for Future Issuance
Shares available for future issuance (in shares)	263,876	404,807
Inducement Plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	12,000
Balance at the end of the period (in shares)	12,000
Shares Reserved for Future Issuance
Shares available for future issuance (in shares)	12,000	12,000
2013 Employee Stock Purchase Plan
Shares Available for Future Grant
Balance at the end of the period (in shares)	9,032
Shares Reserved for Future Issuance
Shares available for future issuance (in shares)	9,032
Employee Stock Option | 2013 plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	326,060
Employee Stock Option | Inducement Plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	8,000
Restricted Stock Units | 2013 plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	834,720

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - Chesterbrook, Pennsylvania	Oct. 02, 2020	Oct. 11, 2018 ft² $ / ft²	Mar. 31, 2023 USD ($)
Leases
Number of square feet of space leased on the first floor | $			8,231
Number of square feet of space leased on the second floor | $			40,565
Sublease Agreements | Vanguard Group, Inc
Leases
Number of square feet of space being subleased on second floor | ft²		40,565
Initial term of sublease		37 months
Term of optional sublease extension	3 years
Term of second optional sublease extension	3 years
Amount per square foot less for rent during months 2 to 13 | $ / ft²		0.50
Amount per square foot for rent after month 14 | $ / ft²		1

Commitments and Contingencies_2

Commitments and Contingencies - Balance sheet information related to leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases
Operating lease right-of-use assets	$ 4,092	$ 4,224
Operating lease liabilities - Current	$ 917	$ 890
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease Liability Current	Lease Liability Current
Operating lease liabilities - Noncurrent	$ 5,179	$ 5,419
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease Liability Noncurrent	Lease Liability Noncurrent
Lease Liability	$ 6,096	$ 6,309
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability Current, Lease Liability Noncurrent	Lease Liability Current, Lease Liability Noncurrent
Property and equipment, net	$ 1,406	$ 1,488
Finance lease liabilities - Current	$ 9	$ 9
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease Liability Current	Lease Liability Current
Finance lease liabilities - Noncurrent	$ 15	$ 17
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease Liability Noncurrent	Lease Liability Noncurrent
Lease Liability	$ 24	$ 26
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Lease Liability Current, Lease Liability Noncurrent	Lease Liability Current, Lease Liability Noncurrent
Finance leased assets
Leases
Property and equipment, at cost	$ 29	$ 29
Accumulated depreciation	(6)	(4)
Property and equipment, net	$ 23	$ 25

Commitments and Contingencies_3

Commitments and Contingencies - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating lease costs:
Operating lease rental expense	$ 398	$ 327
Other income	(350)	(315)
Total operating lease costs	48	12
Finance lease costs:
Amortization of right-of-use assets	2	1
Total finance lease costs	$ 2	$ 1

Commitments and Contingencies_4

Commitments and Contingencies - Cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies.
Operating cash flows from operating leases	$ (128)	$ (70)
Financing cash flows from finance leases	$ (3)	$ (2)

Commitments and Contingencies_5

Commitments and Contingencies - Lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (April 1 - December 31)	$ 1,071
2024	1,450
2025	1,474
2026	1,499
2027	1,523
2028 and beyond	640
Total minimum lease payments	7,657
Interest Expense	(1,561)
Lease Liability	6,096	$ 6,309
Financing Leases
2023 (April 1 - December 31)	8
2024	11
2025	7
Total minimum lease payments	26
Interest Expense	(2)
Lease Liability	24	$ 26
Sublease
2023 (April 1 - December 31)	855
2024	996
Total minimum lease payments	$ 1,851

Commitments and Contingencies_6

Commitments and Contingencies - Lease term and discount rates (Details)	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies.
Weighted average remaining lease term - Operating leases	5 years	6 years
Weighted average remaining lease term - Finance leases	2 years
Weighted average discount rate - Operating leases	9.20%	9.20%
Weighted average discount rate - Finance leases	6.50%	6.50%

Product Revenue (Details)

Product Revenue (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Sales Discounts
Balance	$ 1,000
Balance	1,000
Chargebacks
Balance	30,000
Adjustment related to prior period sales	7,000
Balance	37,000
Fee for Service
Balance	36,000
Adjustment related to prior period sales	(4,000)
Balance	32,000
Outstanding accounts receivable	6,000
Trade receivable allowance in excess of accounts receivable included with accrued expenses and other current liabilities	$ 64,000

License Revenue (Details)

License Revenue (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Aug. 31, 2020	Jul. 31, 2018	Jun. 30, 2018	Mar. 31, 2022
Licensing Arrangements
Total revenue				$ 20
Pharmbio Korea Inc
Licensing Arrangements
Total revenue				$ 20
Pharmbio Korea Inc | Licensing agreements for development and commercialization
Licensing Arrangements
Upfront payment			$ 3,000
Commercialization milestone payments			$ 500
Time period for written notice to terminate license agreement			180 days
Pharmbio Korea Inc | Licensing agreements for development and commercialization | Minimum
Licensing Arrangements
Time period to form a committee prior to the anticipated date of regulatory approval			6 months
Pharmbio Korea Inc | Licensing agreements for development and commercialization | Maximum
Licensing Arrangements
Royalties on product sales, percentage			20%
Jiangsu Nhwa Pharmaceutical Co Ltd | Licensing agreements for development and commercialization
Licensing Arrangements
Upfront payment		$ 2,500
Withholding taxes	$ 300	$ 300
Time period for written notice to terminate license agreement	180 days
Milestone payment upon regulatory approval	$ 3,000
Milestone payment upon regulatory approval in China	3,000
Milestone payment upon sales targets reached in China	$ 6,000
Royalty percentage on net product sales in China after milestones met	10%
Jiangsu Nhwa Pharmaceutical Co Ltd | Licensing agreements for development and commercialization | Minimum
Licensing Arrangements
Time period to form a committee prior to the anticipated date of regulatory approval	6 months
License revenue | Licensing agreements for development and commercialization
Licensing Arrangements
Withholding taxes			$ 500

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and diluted net loss per common share calculation:
Net loss	$ (7,819)	$ (16,389)
Weighted average common shares outstanding, basic (in shares)	9,594,072	6,620,800
Weighted average common shares outstanding, diluted (in shares)	9,594,072	6,620,800
Net loss per share of common stock, basic (in dollars per share)	$ (0.81)	$ (2.48)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.81)	$ (2.48)
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	4,314,174	754,413
Employee Stock Option
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	334,060	506,662
Restricted Stock Units
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	834,720	236,737
Warrants
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	3,145,394	11,014