Trevena (TRVN) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		18,340,953
Entity Central Index Key	0001429560
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 23,552	$ 32,975
Prepaid expenses and other current assets	2,426	2,230
Total current assets	25,978	35,205
Restricted cash	540	540
Property and equipment, net	1,107	1,195
Right-of-use lease assets	3,512	3,665
Total assets	31,137	40,605
Current liabilities:
Accounts payable, net	2,327	2,303
Accrued expenses and other current liabilities	3,839	4,239
Lease liabilities	1,041	1,012
Total current liabilities	7,207	7,554
Loans payable, net	31,317	30,809
Leases, net of current portion	4,153	4,424
Warrant liability	3,114	5,475
Total liabilities	45,791	48,262
Stockholders' (deficit) equity:
Preferred stock-$0.001 par value; 5,000,000 shares authorized, none issued or outstanding at March 31, 2024 and December 31, 2023
Common stock-$0.001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 18,321,010 and 17,289,104 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	18	17
Additional paid-in capital	581,067	580,387
Accumulated deficit	(595,739)	(588,061)
Total stockholders' deficit	(14,654)	(7,657)
Total liabilities and stockholders' deficit	$ 31,137	$ 40,605

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets (Unaudited)
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)	18,321,010	17,289,104
Common stock outstanding (in shares)	18,321,010	17,289,104

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 20	$ 6
Operating expenses:
Cost of goods sold	88	127
Selling, general and administrative	5,845	6,089
Research and development	3,965	3,909
Total operating expenses	9,898	10,125
Loss from operations	(9,878)	(10,119)
Other income (expense):
Change in fair value of warrant liability	2,361	2,466
Other income (expense), net	4	9
Interest income	353	289
Interest expense	(513)	(446)
Loss on foreign currency exchange	(5)	(18)
Total other income, net	2,200	2,300
Net loss	(7,678)	(7,819)
Other comprehensive loss
Unrealized gain on marketable securities		1
Comprehensive loss	$ (7,678)	$ (7,818)
Per share information:
Net loss per share of common stock, basic (in dollars per share)	$ (0.36)	$ (0.81)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.36)	$ (0.81)
Weighted average common shares outstanding, basic (in shares)	21,303,390	9,594,072
Weighted average common shares outstanding, diluted (in shares)	21,303,390	9,594,072
Product revenue
Revenue:
Total revenue	$ 20	$ 6

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Subscriptions Receivable	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		806			806
Unrealized loss on marketable securities				(1)	(1)
Exercise of pre-funded warrants	$ 1	1,568			1,569
Exercise of pre-funded warrants (in shares)	1,230,380
Net Income (Loss)			(7,819)		(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
Beginning Balance at Dec. 31, 2023	$ 17	580,387		(588,061)		$ (7,657)
Beginning Balance (in shares) at Dec. 31, 2023	17,289,104					17,289,104
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		681				$ 681
Exercise of pre-funded warrants	$ 1	(1)
Exercise of pre-funded warrants (in shares)	1,031,906
Net Income (Loss)				(7,678)		(7,678)
Ending Balance at Mar. 31, 2024	$ 18	$ 581,067		$ (595,739)		$ (14,654)
Ending Balance (in shares) at Mar. 31, 2024	18,321,010					18,321,010

Consolidated Statements of St_2

Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Consolidated Statements of Stockholders' Equity (Deficit) Equity (Unaudited)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (7,678)	$ (7,819)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	88	82
Stock-based compensation	681	806
Noncash interest expense on loan	508	46
Change in fair value of warrant liability	(2,361)	(2,466)
Change in right-of-use asset	153	132
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets	(196)	(701)
Operating lease liabilities	(239)	(212)
Accounts payable, accrued expenses and other liabilities	(376)	(742)
Net cash used in operating activities	(9,420)	(10,874)
Financing activities:
Finance lease payments	(3)	(3)
Proceeds from exercise of pre-funded warrants		1
Net cash provided by financing activities	(3)	(2)
Net decrease in cash, cash equivalents and restricted cash	(9,423)	(10,876)
Cash, cash equivalents and restricted cash-beginning of period	33,515	40,280
Cash, cash equivalents and restricted cash-end of period	$ 24,092	29,404
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, 2024
Organization and Description of the Business
Organization and Description of the Business	1. Organization and Description of the Business Trevena, Inc., or 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 commercialization and research and development, including nonclinical studies and clinical trials. The Company has never been profitable. In late 2017, the Company submitted a new drug application, or NDA, for OLINVYK® (OLINVYK) injection, or OLINVYK, to the United States Food and Drug Administration, or the FDA. In August 2020, the FDA approved the NDA for OLINVYK and the Company initiated commercial launch of OLINVYK in the first quarter of 2021. In April 2024, we announced that OLINVYK remains available for purchase by customers, but that we are reducing commercial support for the product to preserve capital as we conduct a process to explore a range of strategic alternatives for OLINVYK. ​ Since its inception, the Company has incurred losses and negative cash flows from operations. At March 31, 2024, the Company had an accumulated deficit of $595.7 million. The Company’s net loss was $7.7 million and $7.8 million for the three months ended March 31, 2024 and 2023 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, 2024 is not sufficient to fund operations for 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, including collaborations. 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. As a result, management concluded that such plans do not alleviate the substantial doubt. If the Company is unable to raise sufficient additional capital, consummate a strategic transaction 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, 2024
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, 2024, its results of operations and its comprehensive loss for the three months ended March 31, 2024 and 2023, its consolidated statements of stockholders’ equity for the period from January 1, 2024 to March 31, 2024 and for the period January 1, 2023 to March 31, 2023, and its consolidated statements of cash flows for the three months ended March 31, 2024 and 2023. 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, 2023. 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, 2024 and 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. 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, 2024. 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. Management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the fair value of common stock warrants, the accounting for research and development costs, accrued expenses, the recoverability of the Company’s net deferred tax assets and related valuation allowance, and the amortization of debt expenses. The financial data and other information disclosed in these notes are not necessarily indicative of the results to be expected for any future year or period. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those results. 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, 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. Product Revenue ​ Product revenue is recognized at the point in time when our performance obligations with our customers have been satisfied. At contract inception, we determine if the contract is within the scope of ASC Topic 606 and then evaluate the contract using the following five steps: (i) identify the contract with the customer; (ii) identify the performance obligations; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations; and (v) recognize revenue at the point in time when the Company satisfies a performance obligation. OLINVYK is sold to wholesalers in the US (collectively, “customers”). These customers subsequently resell OLINVYK generally to hospitals, ambulatory surgical centers and other purchasers of OLINVYK. We recognize revenue from OLINVYK sales at the point customers obtain control of the product, which generally occurs upon delivery. Revenue is recorded at the transaction price, which is the amount of consideration we expect to receive in exchange for transferring products to a customer. We determine the transaction price based on fixed consideration in our contractual agreements, which includes estimates of variable consideration which are more fully described below. The transaction price is allocated entirely to the performance obligation to provide pharmaceutical products. In determining the transaction price, a significant financing component does not exist since the timing from when we deliver product to when the customers pay for the product is less than one year and the customers do not pay for product in advance of the transfer of the product. ​ ​ ​ ​ Variable Consideration The Company includes an estimate of variable consideration in its transaction price at the time of sale when control of the product transfers to the customer. Variable consideration includes distributor chargebacks, prompt payment (cash) discounts, distribution service fees and product returns. The Company assesses whether or not an estimate of its variable consideration is constrained and has determined that the constraint does not apply, since it is probable that a significant reversal in the amount of cumulative revenue will not occur in the future when the uncertainty associated with the variable consideration is subsequently resolved. The Company’s estimates for variable consideration are adjusted as required at each reporting period for specific known developments that may result in a change in the amount of total consideration it expects to receive. Distributor Chargebacks When a product that is subject to a contractual price agreement is sold to a third party, the difference between the price paid to the Company by the wholesaler and the price under the specific contract is charged back to the Company by the wholesaler. Utilizing this information, the Company estimates a chargeback percentage for each product and records an allowance for chargebacks as a reduction to revenue when the Company records sales of the products. We reduce the chargeback allowance when a chargeback request from a wholesaler is processed. Reserves for distributor chargebacks are included in accounts receivable, net on the consolidated balance sheet. Prompt Payment (Cash) Discounts The Company provides customers with prompt payment discounts which may result in adjustments to the price that is invoiced for the product transferred, in the case that payments are made within a defined period. The Company’s prompt payment discount reserves are based on actual net sales and contractual discount rates. Reserves for prompt payment discounts are included in accounts receivable, net on the consolidated balance sheet. Distribution Service Fees The Company pays distribution service fees to its customers based on a fixed percentage of the product price. These fees are not in exchange for a distinct good or service and therefore are recognized as a reduction of the transaction price. The Company reserves for these fees based on actual net sales, contractual fee rates negotiated with the customer and the mix of the products in the distribution channel that remain subject to fees. Reserves for distribution service fees are included in accounts receivable, net on the consolidated balance sheet. Product Returns Generally, the Company’s customers have the right to return any unopened product during the eighteen (18) month period beginning six (6) months prior to the labeled expiration date and ending twelve (12) months after the labeled expiration date. The Company does not currently rely on industry data in its analysis of returns reserve. As the Company sold OLINVYK and established historical sales over a longer period of time (i.e., two to three years), the Company placed more reliance on historical purchasing, demand and return patterns of its customers when evaluating its reserves for product returns. OLINVYK has a forty-eight (48) month shelf life. The Company recognizes the amount of expected returns as a refund liability, representing the obligation to return the customer’s consideration. Since the returns primarily consist of expired and short dated products that will not be resold, the Company does not record a return asset for the right to recover the goods returned by the customer at the time of the initial sale (when recognition of revenue is deferred due to the anticipated return). Accrued product return estimates are recorded in accrued expenses and other current liabilities on the consolidated balance sheet. ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments ASC 820, Fair Value Measurement, Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. 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, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: ​ 2024 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 2,381 ​ $ 2,381 ​ $ — ​ $ — Money Market Funds ​ ​ 21,171 ​ ​ 21,171 ​ ​ — ​ ​ — Restricted Cash ​ 540 ​ 540 ​ — ​ — Total assets measured and recorded at fair value ​ $ 24,092 ​ $ 24,092 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 3,114 ​ — ​ — ​ 3,114 Total liabilities measured and recorded at fair value ​ $ 3,114 ​ $ — ​ $ — ​ $ 3,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 3,159 ​ $ 3,159 ​ $ — ​ $ — Money Market Funds ​ 29,816 ​ ​ 29,816 ​ ​ — ​ ​ — Restricted Cash ​ ​ 540 ​ 540 ​ — ​ — Total assets measured and recorded at fair value ​ $ 33,515 ​ $ 33,515 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 5,475 ​ — ​ — ​ 5,475 Total liabilities measured and recorded at fair value ​ $ 5,475 ​ $ — ​ $ — ​ $ 5,475 (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 December 2023 Equity Offering and Warrant Issuance The common stock warrants issued in connection with the Company’s private placement and warrant exercise transactions in December 2023 (collectively, the “December 2023 Offering”) 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 warrant liability was determined using Level 3 inputs and was estimated using a Black-Scholes Option Pricing Model. The assumptions used to estimate the fair value were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Expected term of warrants (in years) ​ ​ 5.0 ​ ​ 5.3 ​ Risk-free interest rate ​ 4.2 % ​ 3.8 % Expected volatility ​ 114.72 % ​ 128.26 % Dividend yield ​ — % ​ — % ​ The following is a roll forward of the December 2023 Offering common stock warrant liability (in thousands): ​ ​ ​ ​ ​ Warrant Liability Balance, December 31, 2023 ​ $ 5,475 Change in fair value ​ (2,361) Balance, March 31, 2024 ​ $ 3,114 ​ Warrants As of March 31, 2024, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ Warrants ​ Exercise Price ​ Expiration Date December 2023 Offering Pre-Funded Warrants Equity ​ 1,748,000 ​ $0.001 ​ Until exercised December 2023 Offering Warrants Liability ​ 8,648,666 ​ 0.70 ​ 4/19/2029 R-Bridge warrants Equity ​ 200,000 ​ 20.50 ​ 4/14/2025 Other warrants Equity ​ 4,114 ​ 90.38 - 265.48 ​ 9/19/2024 - 3/31/2027 ​ ​ ​ 10,600,780 ​ ​ ​ ​ ​

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
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. 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, 2024 December 31, 2023 Finished goods ​ $ — ​ $ 896 Inventory Valuation Adjustment ​ ​ — ​ ​ (896) Total Inventories ​ $ - ​ $ - ​ ​ ​ ​ The Company recorded an inventory valuation adjustment of $0.9 million during the year ended December 31, 2023. The valuation adjustment was recorded to account for slow moving or obsolete inventory due to uncertainty of commercial activities and future expected OLINVYK sales. ​

Loan Payable

Loan Payable	3 Months Ended
	Mar. 31, 2024
Loan Payable.
Loan Payable	5. Loan Payable In April 2022, the Company, through its wholly owned subsidiary, Trevena SPV2 LLC (“SPV2”), 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 (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 became available upon the first commercial sale of OLINVYK in China which occurred in August 2023 and the Company elected to receive such proceeds. The following table summarizes the impact of the Loan Agreement on the Company’s consolidated balance sheet as follows (in thousands): ​ ​ ​ ​ ​ March 31, ​ ​ 2024 Principal and accreted interest ​ $ 32,691 Unamortized debt discount ​ (1,374) Loans payable, net ​ $ 31,317 ​ The term loans bear interest at a rate per annum equal to 7.00% and will mature on the earlier of (i) the fifteen 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. The interest reserve account was classified as restricted cash on the Company’s balance sheet at December 31, 2022. During the second quarter of 2023, the Company agreed to transfer the remaining funds, approximately $1.0 million, to R-Bridge to prepay future interest payments. As of December 31, 2023, the prepaid interest had been reduced to $0.0 through interest expense incurred under the Loan Agreement. Repayments of all borrowings, interest and other related payments, under the Loan Agreement are 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, 2024, there were no events of default pursuant to the Loan Agreement and the Company was in compliance with all covenants. Interest expense is imputed based on the estimated loan repayment period, which takes into consideration estimated future revenue in the United States and China. Changes in estimates are recognized prospectively and may have a material impact on liability balance. As of March 31, 2024, the effective interest rate was 5.8%. 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, 2024, the Company recognized interest expense of $0.5 million, of which $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.

Stockholders' (Deficit) Equity

Stockholders' (Deficit) Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity	6. Stockholders’ (Deficit) Equity Equity Offerings Under its certificate of incorporation, the Company was authorized to issue up to 200,000,000 shares of common stock as of March 31, 2024. The Company also was authorized to issue up to 5,000,000 shares of preferred stock as of March 31, 2024. The Company is required, at all times, to reserve and keep available out of its authorized but unissued shares of common stock sufficient shares to effect the conversion of the shares of the preferred stock and all outstanding stock options and warrants. December 2023 Equity Offering and Warrant issuance ​ On December 28, 2023, the Company and a single investor entered into a securities purchase agreement whereby the Company issued 2,779,906 pre-funded warrants with an initial exercise price of $0.001 per share for $0.70 per warrant, which are exercisable immediately and do not expire. In addition, the investor received 2,779,906 common stock warrants with an initial exercise price of $0.70 per share, which are exercisable for five years beginning on the date in which the Company obtains shareholder approval to issue the underlying shares of common stock associated with the warrants. ​ Concurrent with the securities purchase agreement above, the Company and the investor entered into an inducement agreement whereby the Company agreed to reduce the exercise price of 2,934,380 warrants held by the investor from prior equity offerings. The weighted average exercise price of the outstanding warrants was $3.35 per share and was reduced to $0.70 per share in exchange for the investor agreeing to immediately exercise the warrants. Of the warrants exercised, 1,234,380 are being held in abeyance for the benefit of the holder due to certain beneficial ownership limitations and these shares are not considered issued or outstanding in our consolidated balance sheet. In addition to reducing the exercise price, the Company issued 5,868,760 common stock warrants to the investor with an initial exercise price of $0.70 per share, which are exercisable for five years beginning on the date in which the Company obtained shareholder approval to issue the underlying shares of common stock associated with the warrants. The fair value of the warrants to purchase 5,868,760 shares of common stock and the change in fair value of the warrants resulting from the reduction in the exercise price totaling $4.2 million was accounted for as equity issuance costs in the consolidated statement of operations. ​ The Company received $3.5 million in total, after deducting underwriter fees and other third-party costs, as a result of the sale of pre-funded warrants and exercise of the warrants as part of the inducement. ​ The warrants issued did not meet the requirements to be indexed to equity and equity classified and, as such, are classified as liabilities at fair value with changes in fair value recorded within other income (expense), net on the consolidated statements of operations and comprehensive loss. Equity Incentive Plan 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, ​ ​ 2024 ​ 2023 Research and development ​ $ 156 ​ $ 189 ​ Selling, general and administrative ​ 525 ​ 617 ​ Total stock-based compensation ​ $ 681 ​ $ 806 ​ ​ Stock Options ​ A summary of stock option activity and related information through March 31, 2024 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ Average ​ Contractual ​ ​ Number of ​ Exercise ​ Term ​ ​ Shares ​ Price ​ (in years) Balance, December 31, 2023 403,484 ​ $ 35.68 ​ 6.81 Granted — ​ ​ — ​ ​ Exercised — ​ ​ — ​ ​ Forfeited/Cancelled (18,767) ​ ​ 37.31 ​ ​ Balance, March 31, 2024 384,717 ​ $ 35.61 ​ 6.66 Vested or expected to vest at March 31, 2024 384,717 ​ $ 35.61 ​ 6.66 Exercisable at March 31, 2024 257,015 ​ $ 47.92 ​ 5.62 ​ The aggregate intrinsic value of options exercisable as of March 31, 2024 was zero, based on the difference between the Company’s closing stock price of $0.46 and the exercise price of each stock option. 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 stock. 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, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Awards ​ Fair Value Non-vested at December 31, 2023 1,602,588 ​ $ 2.05 Granted — ​ ​ — Vested — ​ ​ — Forfeited/Cancelled (34,471) ​ ​ 1.70 Non-vested at March 31, 2024 1,568,117 ​ $ 2.06 ​ For the three months ended March 31, 2024, 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, 2024, there was $2.5 million of total unrecognized compensation expense related to unvested RSUs that will be recognized over the weighted average remaining period of 2.17 years. Shares Available for Future Grant At March 31, 2024, the Company has the following shares available to be granted under its equity incentive plans: ​ ​ ​ ​ ​ ​ ​ Inducement ​ ​ 2023 Plan ​ Plan Available at December 31, 2023 253,463 12,000 Authorized — ​ — Granted — ​ — Shares withheld for taxes not issued ​ — ​ — Forfeited/Cancelled 53,238 ​ — Available at March 31, 2024 306,701 12,000 ​ Shares Reserved for Future Issuance At March 31, 2024, the Company has reserved the following shares of common stock for issuance: ​ ​ ​ Stock options outstanding under 2013 Plan 273,967 Stock options outstanding under 2023 Plan ​ 102,750 Restricted stock units outstanding under 2013 Plan ​ 1,568,117 Stock options outstanding under Inducement Plan 8,000 Warrants outstanding 10,600,780 Total shares of common stock reserved for future issuance 12,553,614 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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. (“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. On August 3, 2023, Vanguard exercised its second option to extend its sublease term. The Company and Vanguard agreed to further extend the sublease through May 2028. With the current extension to May 2028, Vanguard’s sublease is coterminous with the Company’s master lease term. 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) Supplemental balance sheet information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Operating leases: ​ ​ Operating lease right-of-use assets $ 3,512 $ 3,665 Other current lease liabilities ​ ​ 1,031 ​ ​ 1,002 Operating lease liabilities ​ ​ 4,148 ​ ​ 4,417 Total operating lease liabilities ​ $ 5,179 ​ $ 5,419 ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ $ 29 ​ $ 29 Accumulated depreciation ​ ​ (16) ​ ​ (13) Property and equipment, net ​ ​ 13 ​ ​ 16 Other current lease liabilities ​ ​ 10 ​ ​ 10 Other long-term liabilities ​ ​ 5 ​ ​ 7 Total finance lease liabilities ​ $ 15 ​ $ 17 ​ The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Operating lease costs: ​ ​ ​ ​ ​ ​ Operating lease expense ​ $ 385 ​ $ 398 Other income ​ ​ (350) ​ ​ (350) Total operating lease costs ​ $ 35 ​ $ 48 ​ ​ ​ ​ ​ ​ ​ Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 2 ​ ​ 2 Interest on lease liabilities ​ ​ — ​ ​ — Total finance lease costs ​ $ 2 ​ $ 2 ​ Supplemental cash flow information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ (122) ​ $ (128) Financing cash flows from finance leases ​ ​ (3) ​ (3) ​ Our lease liabilities will mature, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing Leases 2024 (April 1 - December 31) ​ ​ 1,090 ​ ​ 8 2025 ​ ​ 1,474 ​ ​ 8 2026 ​ ​ 1,498 ​ ​ — 2027 ​ ​ 1,523 ​ ​ — 2028 ​ ​ 640 ​ ​ — Total minimum lease payments ​ $ 6,225 ​ $ 16 Less: imputed interest ​ ​ (1,046) ​ ​ (1) Lease liability ​ $ 5,179 ​ $ 15 ​ Per the terms of our sublease, we expect the following inflows (in thousands): ​ ​ ​ ​ ​ Sublease 2024 (April 1 - December 31) ​ ​ 869 2025 ​ ​ 1,178 2026 ​ ​ 1,198 2027 ​ ​ 1,166 2028 ​ ​ 254 Total minimum lease payments ​ $ 4,665 ​ Weighted average lease term and discount rates are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4 ​ ​ 5 Finance leases ​ ​ 1 ​ ​ 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, 2024
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, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales Discounts Chargebacks Fee for Service Balance, January 1, 2024 ​ $ 2 ​ ​ 19 ​ ​ 9 Provision related to sales recorded in the period ​ — ​ ​ 4 ​ ​ 3 Credits / payments during the period ​ — ​ ​ (2) ​ ​ — Adjustments related to prior period sales ​ — ​ ​ — ​ ​ — Balance, March 31, 2024 ​ $ 2 ​ $ 21 ​ $ 12 ​ ​

License and Royalty Revenue

License and Royalty Revenue	3 Months Ended
	Mar. 31, 2024
License and Royalty Revenue.
License and Royalty Revenue	9. License and Royalty 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. In May 2023, the Company received a milestone payment of $3.0 million (less applicable withholding taxes $0.3 million), that became payable by Nhwa upon regulatory approval of OLINVYK in China. The Company is eligible to receive 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. In the third quarter of 2023, Nhwa launched OLINVYK, recognized net product sales in China and reported royalties on those sales to the Company. 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 formed a Joint Manufacturing and Commercialization Committee to provide overall coordination and oversight of the manufacture and commercialization of OLINVYK in China. For the three months ended March 31, 2024 and 2023, there was no license and royalty revenue.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2024
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, ​ ​ 2024 2023 Basic and diluted net loss per common share calculation: ​ ​ Net loss ​ $ (7,678) ​ $ (7,819) ​ Weighted average common shares outstanding ​ 21,303,390 ​ 9,594,072 ​ Net loss per share of common stock - basic and diluted ​ $ (0.36) ​ $ (0.81) ​ ​ The pre-funded warrants to purchase common shares issued in connection with the December 2023 offering are included in the calculation of basic and diluted net loss per share as the exercise price of $0.001 per share is non-substantive and virtually assured. The pre-funded warrants are more fully described in Note 3. Further, the shares held in abeyance also described in Note 6, are included in the calculation of basic and diluted net loss per share. The following outstanding securities at March 31, 2024 and 2023 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2024 2023 Options outstanding 384,717 ​ 334,060 RSUs outstanding ​ 1,568,117 ​ 834,720 Warrants outstanding 8,852,780 ​ 3,145,394 Total 10,805,614 4,314,174 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024, its results of operations and its comprehensive loss for the three months ended March 31, 2024 and 2023, its consolidated statements of stockholders’ equity for the period from January 1, 2024 to March 31, 2024 and for the period January 1, 2023 to March 31, 2023, and its consolidated statements of cash flows for the three months ended March 31, 2024 and 2023. 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, 2023. 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, 2024 and 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.
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, 2024. 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. Management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the fair value of common stock warrants, the accounting for research and development costs, accrued expenses, the recoverability of the Company’s net deferred tax assets and related valuation allowance, and the amortization of debt expenses. The financial data and other information disclosed in these notes are not necessarily indicative of the results to be expected for any future year or period. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those results.
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, 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.
Product Revenue	Product Revenue ​ Product revenue is recognized at the point in time when our performance obligations with our customers have been satisfied. At contract inception, we determine if the contract is within the scope of ASC Topic 606 and then evaluate the contract using the following five steps: (i) identify the contract with the customer; (ii) identify the performance obligations; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations; and (v) recognize revenue at the point in time when the Company satisfies a performance obligation. OLINVYK is sold to wholesalers in the US (collectively, “customers”). These customers subsequently resell OLINVYK generally to hospitals, ambulatory surgical centers and other purchasers of OLINVYK. We recognize revenue from OLINVYK sales at the point customers obtain control of the product, which generally occurs upon delivery. Revenue is recorded at the transaction price, which is the amount of consideration we expect to receive in exchange for transferring products to a customer. We determine the transaction price based on fixed consideration in our contractual agreements, which includes estimates of variable consideration which are more fully described below. The transaction price is allocated entirely to the performance obligation to provide pharmaceutical products. In determining the transaction price, a significant financing component does not exist since the timing from when we deliver product to when the customers pay for the product is less than one year and the customers do not pay for product in advance of the transfer of the product.
Variable Consideration	Variable Consideration The Company includes an estimate of variable consideration in its transaction price at the time of sale when control of the product transfers to the customer. Variable consideration includes distributor chargebacks, prompt payment (cash) discounts, distribution service fees and product returns. The Company assesses whether or not an estimate of its variable consideration is constrained and has determined that the constraint does not apply, since it is probable that a significant reversal in the amount of cumulative revenue will not occur in the future when the uncertainty associated with the variable consideration is subsequently resolved. The Company’s estimates for variable consideration are adjusted as required at each reporting period for specific known developments that may result in a change in the amount of total consideration it expects to receive.
Distributor Chargebacks	Distributor Chargebacks When a product that is subject to a contractual price agreement is sold to a third party, the difference between the price paid to the Company by the wholesaler and the price under the specific contract is charged back to the Company by the wholesaler. Utilizing this information, the Company estimates a chargeback percentage for each product and records an allowance for chargebacks as a reduction to revenue when the Company records sales of the products. We reduce the chargeback allowance when a chargeback request from a wholesaler is processed. Reserves for distributor chargebacks are included in accounts receivable, net on the consolidated balance sheet.
Prompt Payment (Cash) Discounts	Prompt Payment (Cash) Discounts The Company provides customers with prompt payment discounts which may result in adjustments to the price that is invoiced for the product transferred, in the case that payments are made within a defined period. The Company’s prompt payment discount reserves are based on actual net sales and contractual discount rates. Reserves for prompt payment discounts are included in accounts receivable, net on the consolidated balance sheet.
Distribution Service Fees	Distribution Service Fees The Company pays distribution service fees to its customers based on a fixed percentage of the product price. These fees are not in exchange for a distinct good or service and therefore are recognized as a reduction of the transaction price. The Company reserves for these fees based on actual net sales, contractual fee rates negotiated with the customer and the mix of the products in the distribution channel that remain subject to fees. Reserves for distribution service fees are included in accounts receivable, net on the consolidated balance sheet.
Product Returns	Product Returns Generally, the Company’s customers have the right to return any unopened product during the eighteen (18) month period beginning six (6) months prior to the labeled expiration date and ending twelve (12) months after the labeled expiration date. The Company does not currently rely on industry data in its analysis of returns reserve. As the Company sold OLINVYK and established historical sales over a longer period of time (i.e., two to three years), the Company placed more reliance on historical purchasing, demand and return patterns of its customers when evaluating its reserves for product returns. OLINVYK has a forty-eight (48) month shelf life. The Company recognizes the amount of expected returns as a refund liability, representing the obligation to return the customer’s consideration. Since the returns primarily consist of expired and short dated products that will not be resold, the Company does not record a return asset for the right to recover the goods returned by the customer at the time of the initial sale (when recognition of revenue is deferred due to the anticipated return). Accrued product return estimates are recorded in accrued expenses and other current liabilities on the consolidated balance sheet.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' (Deficit) 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: ​ 2024 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 2,381 ​ $ 2,381 ​ $ — ​ $ — Money Market Funds ​ ​ 21,171 ​ ​ 21,171 ​ ​ — ​ ​ — Restricted Cash ​ 540 ​ 540 ​ — ​ — Total assets measured and recorded at fair value ​ $ 24,092 ​ $ 24,092 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 3,114 ​ — ​ — ​ 3,114 Total liabilities measured and recorded at fair value ​ $ 3,114 ​ $ — ​ $ — ​ $ 3,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Quoted Prices in Active Markets ​ Significant Other Observable Inputs ​ Unobservable Inputs Description: 2023 (Level 1) (Level 2) (Level 3) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 3,159 ​ $ 3,159 ​ $ — ​ $ — Money Market Funds ​ 29,816 ​ ​ 29,816 ​ ​ — ​ ​ — Restricted Cash ​ ​ 540 ​ 540 ​ — ​ — Total assets measured and recorded at fair value ​ $ 33,515 ​ $ 33,515 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ Warrant Liability ​ 5,475 ​ — ​ — ​ 5,475 Total liabilities measured and recorded at fair value ​ $ 5,475 ​ $ — ​ $ — ​ $ 5,475 (1) The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities.
Schedule of assumptions used for valuation of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Expected term of warrants (in years) ​ ​ 5.0 ​ ​ 5.3 ​ Risk-free interest rate ​ 4.2 % ​ 3.8 % Expected volatility ​ 114.72 % ​ 128.26 % Dividend yield ​ — % ​ — %
Schedule of roll forward of common stock warrant liability	The following is a roll forward of the December 2023 Offering common stock warrant liability (in thousands): ​ ​ ​ ​ ​ Warrant Liability Balance, December 31, 2023 ​ $ 5,475 Change in fair value ​ (2,361) Balance, March 31, 2024 ​ $ 3,114
Schedule of common stock warrants outstanding	As of March 31, 2024, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Classification ​ Warrants ​ Exercise Price ​ Expiration Date December 2023 Offering Pre-Funded Warrants Equity ​ 1,748,000 ​ $0.001 ​ Until exercised December 2023 Offering Warrants Liability ​ 8,648,666 ​ 0.70 ​ 4/19/2029 R-Bridge warrants Equity ​ 200,000 ​ 20.50 ​ 4/14/2025 Other warrants Equity ​ 4,114 ​ 90.38 - 265.48 ​ 9/19/2024 - 3/31/2027 ​ ​ ​ 10,600,780 ​ ​ ​ ​ ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventories
Schedule of Inventories	Inventory consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 Finished goods ​ $ — ​ $ 896 Inventory Valuation Adjustment ​ ​ — ​ ​ (896) Total Inventories ​ $ - ​ $ -

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2024
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, ​ ​ 2024 Principal and accreted interest ​ $ 32,691 Unamortized debt discount ​ (1,374) Loans payable, net ​ $ 31,317

Stockholders' (Deficit) Equity

Stockholders' (Deficit) Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' (Deficit) Equity
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, ​ ​ 2024 ​ 2023 Research and development ​ $ 156 ​ $ 189 ​ Selling, general and administrative ​ 525 ​ 617 ​ Total stock-based compensation ​ $ 681 ​ $ 806 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ Average ​ Contractual ​ ​ Number of ​ Exercise ​ Term ​ ​ Shares ​ Price ​ (in years) Balance, December 31, 2023 403,484 ​ $ 35.68 ​ 6.81 Granted — ​ ​ — ​ ​ Exercised — ​ ​ — ​ ​ Forfeited/Cancelled (18,767) ​ ​ 37.31 ​ ​ Balance, March 31, 2024 384,717 ​ $ 35.61 ​ 6.66 Vested or expected to vest at March 31, 2024 384,717 ​ $ 35.61 ​ 6.66 Exercisable at March 31, 2024 257,015 ​ $ 47.92 ​ 5.62
Schedule of changes in the status of non-vested RSU	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ ​ Awards ​ Fair Value Non-vested at December 31, 2023 1,602,588 ​ $ 2.05 Granted — ​ ​ — Vested — ​ ​ — Forfeited/Cancelled (34,471) ​ ​ 1.70 Non-vested at March 31, 2024 1,568,117 ​ $ 2.06
Schedule of shares available to be granted under equity incentive plans	At March 31, 2024, the Company has the following shares available to be granted under its equity incentive plans: ​ ​ ​ ​ ​ ​ ​ Inducement ​ ​ 2023 Plan ​ Plan Available at December 31, 2023 253,463 12,000 Authorized — ​ — Granted — ​ — Shares withheld for taxes not issued ​ — ​ — Forfeited/Cancelled 53,238 ​ — Available at March 31, 2024 306,701 12,000
Schedule of shares of common stock reserved/available	At March 31, 2024, the Company has reserved the following shares of common stock for issuance: ​ ​ ​ Stock options outstanding under 2013 Plan 273,967 Stock options outstanding under 2023 Plan ​ 102,750 Restricted stock units outstanding under 2013 Plan ​ 1,568,117 Stock options outstanding under Inducement Plan 8,000 Warrants outstanding 10,600,780 Total shares of common stock reserved for future issuance 12,553,614 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Operating leases: ​ ​ Operating lease right-of-use assets $ 3,512 $ 3,665 Other current lease liabilities ​ ​ 1,031 ​ ​ 1,002 Operating lease liabilities ​ ​ 4,148 ​ ​ 4,417 Total operating lease liabilities ​ $ 5,179 ​ $ 5,419 ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ $ 29 ​ $ 29 Accumulated depreciation ​ ​ (16) ​ ​ (13) Property and equipment, net ​ ​ 13 ​ ​ 16 Other current lease liabilities ​ ​ 10 ​ ​ 10 Other long-term liabilities ​ ​ 5 ​ ​ 7 Total finance lease liabilities ​ $ 15 ​ $ 17 ​
Schedule of components of lease expense	The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Operating lease costs: ​ ​ ​ ​ ​ ​ Operating lease expense ​ $ 385 ​ $ 398 Other income ​ ​ (350) ​ ​ (350) Total operating lease costs ​ $ 35 ​ $ 48 ​ ​ ​ ​ ​ ​ ​ Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ 2 ​ ​ 2 Interest on lease liabilities ​ ​ — ​ ​ — Total finance lease costs ​ $ 2 ​ $ 2 ​
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities ​ ​ Operating cash flows from operating leases ​ $ (122) ​ $ (128) Financing cash flows from finance leases ​ ​ (3) ​ (3) ​
Schedule of maturities of operating lease liabilities	Our lease liabilities will mature, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing Leases 2024 (April 1 - December 31) ​ ​ 1,090 ​ ​ 8 2025 ​ ​ 1,474 ​ ​ 8 2026 ​ ​ 1,498 ​ ​ — 2027 ​ ​ 1,523 ​ ​ — 2028 ​ ​ 640 ​ ​ — Total minimum lease payments ​ $ 6,225 ​ $ 16 Less: imputed interest ​ ​ (1,046) ​ ​ (1) Lease liability ​ $ 5,179 ​ $ 15
Schedule of maturities of financing lease liabilities	Our lease liabilities will mature, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Financing Leases 2024 (April 1 - December 31) ​ ​ 1,090 ​ ​ 8 2025 ​ ​ 1,474 ​ ​ 8 2026 ​ ​ 1,498 ​ ​ — 2027 ​ ​ 1,523 ​ ​ — 2028 ​ ​ 640 ​ ​ — Total minimum lease payments ​ $ 6,225 ​ $ 16 Less: imputed interest ​ ​ (1,046) ​ ​ (1) Lease liability ​ $ 5,179 ​ $ 15 ​
Schedule of expected sublease inflows	Per the terms of our sublease, we expect the following inflows (in thousands): ​ ​ ​ ​ ​ Sublease 2024 (April 1 - December 31) ​ ​ 869 2025 ​ ​ 1,178 2026 ​ ​ 1,198 2027 ​ ​ 1,166 2028 ​ ​ 254 Total minimum lease payments ​ $ 4,665 ​
Schedule of weighted average lease term and discount rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 4 ​ ​ 5 Finance leases ​ ​ 1 ​ ​ 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, 2024
Revenue.
Schedule of major categories of sales-related deductions included in trade receivable allowances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales Discounts Chargebacks Fee for Service Balance, January 1, 2024 ​ $ 2 ​ ​ 19 ​ ​ 9 Provision related to sales recorded in the period ​ — ​ ​ 4 ​ ​ 3 Credits / payments during the period ​ — ​ ​ (2) ​ ​ — Adjustments related to prior period sales ​ — ​ ​ — ​ ​ — Balance, March 31, 2024 ​ $ 2 ​ $ 21 ​ $ 12

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, ​ ​ 2024 2023 Basic and diluted net loss per common share calculation: ​ ​ Net loss ​ $ (7,678) ​ $ (7,819) ​ Weighted average common shares outstanding ​ 21,303,390 ​ 9,594,072 ​ Net loss per share of common stock - basic and diluted ​ $ (0.36) ​ $ (0.81) ​
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2024 2023 Options outstanding 384,717 ​ 334,060 RSUs outstanding ​ 1,568,117 ​ 834,720 Warrants outstanding 8,852,780 ​ 3,145,394 Total 10,805,614 4,314,174 ​

Organization and Description _2

Organization and Description of the Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization and Description of the Business
Number of operating segments | segment	1
Accumulated deficit	$ 595,739		$ 588,061
Net loss	$ 7,678	$ 7,819

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2024 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, 2024	Dec. 31, 2023
Liabilities
Transfers between Level 2 and Level 3	$ 0
Fair Value
Assets
Cash	2,381	$ 3,159
Money market funds	21,171	29,816
Restricted cash	540	540
Total	24,092	33,515
Liabilities
Liabilities	3,114	5,475
Warrants | Fair Value
Liabilities
Liabilities	3,114	5,475
Level 1
Assets
Cash	2,381	3,159
Money market funds	21,171	29,816
Restricted cash	540	540
Total	24,092	33,515
Level 3 | Fair Value
Liabilities
Liabilities	3,114	5,475
Level 3 | Warrants | Fair Value
Liabilities
Liabilities	$ 3,114	$ 5,475

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023
Warrant liability rollforward
Beginning balance	$ 5,475
Change in fair value of warrant liability	(2,361)	$ (2,466)
Ending balance	3,114
December 2023 Equity Offering and Warrant Issuance
Warrant liability rollforward
Beginning balance	5,475
Change in fair value of warrant liability	(2,361)
Ending balance	$ 3,114
Level 3 | Estimated remaining term | Common Stock Warrants | December 2023 Equity Offering and Warrant Issuance
Warrants
Warrant liability measurement input	5		5.3
Level 3 | Risk-free interest rate | Common Stock Warrants | December 2023 Equity Offering and Warrant Issuance
Warrants
Warrant liability measurement input	4.2		3.8
Level 3 | Volatility | Common Stock Warrants | December 2023 Equity Offering and Warrant Issuance
Warrants
Warrant liability measurement input	114.72		128.26

Fair Value of Financial Instr_5

Fair Value of Financial Instruments- Registered Direct Stock Offering and Concurrent Warrant Issuance (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 27, 2023
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)		10,600,780
Change in fair value of warrant liability		$ 2,361	$ 2,466
Registered direct offering
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)		1,748,000
Exercise price (in dollars per share)		$ 0.001
December 2023 Equity Offering and Warrant Issuance
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)		8,648,666
Exercise price (in dollars per share)		$ 0.70
Warrants term		5 years
Change in fair value of warrant liability		$ 2,361
December 2023 Inducement Agreement
Stockholders' Equity
Exercise price (in dollars per share)	$ 0.70			$ 3.35
Warrants term	5 years
Number of warrants held by investor (in shares)	2,934,380
Number of warrants exercised held in abeyance (in shares)	1,234,380
Granted (in shares)	5,868,760
Change in fair value of warrant liability	$ 4,200
Proceeds from sale of pre-funded warrants and exercise of warrants	$ 3,500
R-Bridge Financing
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)		200,000
Exercise price (in dollars per share)		$ 20.50
Other Warrants
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)		4,114
Other Warrants | Minimum
Stockholders' Equity
Exercise price (in dollars per share)		$ 90.38
Other Warrants | Maximum
Stockholders' Equity
Exercise price (in dollars per share)		265.48
Pre-funded Common Stock Warrants | December 2023 Equity Offering and Warrant Issuance
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)	2,779,906
Exercise price (in dollars per share)	$ 0.001	$ 0.001
Warrant price (in dollars per share)	$ 0.70
Common Stock Warrants | December 2023 Equity Offering and Warrant Issuance
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)	2,779,906
Exercise price (in dollars per share)	$ 0.70
Warrants term	5 years

Inventories - Schedule Of Inven

Inventories - Schedule Of Inventory (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Inventories
Finished goods	$ 896
Inventory Valuation Adjustment	$ (896)

Inventories - narrative (Detail

Inventories - narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Inventories
Inventory valuation adjustment	$ 0.9

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, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Long Term Debt
Number of shares that can be purchased upon exercise of warrants (in shares) | shares		10,600,780
Interest expense		$ 513		$ 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
Face amount		32,691
Unamoritized debt discount		(1,374)
Loans payable, net		$ 31,317
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
Amount placed in interest reserve account	2,000
Amount transferred to prepay future interest payments			$ 1,000
Prepaid interest					$ 0
Effective interest rate (as a percent)		5.80%
R-Bridge Financing | Royalty Based Loan Agreement | Minimum
Long Term Debt
Control premium, amount if triggered	10,000
R-Bridge Financing | Royalty Based Loan Agreement | Maximum
Long Term Debt
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
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		$ 500
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

Stockholders (Deficit) Equity -

Stockholders (Deficit) Equity - Equity Offering and Warrant issuance (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 27, 2023
Stockholders' Equity
Common stock authorized (in shares)		200,000,000		200,000,000
Preferred stock authorized (in shares)		5,000,000		5,000,000
Number of shares that can be purchased upon exercise of warrants (in shares)		10,600,780
Change in fair value of warrant liability		$ 2,361	$ 2,466
December 2023 Equity Offering and Warrant Issuance
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)		8,648,666
Exercise price (in dollars per share)		$ 0.70
Warrants term		5 years
Change in fair value of warrant liability		$ 2,361
December 2023 Equity Offering and Warrant Issuance | Common Stock Warrants
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)	2,779,906
Exercise price (in dollars per share)	$ 0.70
Warrants term	5 years
December 2023 Equity Offering and Warrant Issuance | Pre-funded Common Stock Warrants
Stockholders' Equity
Number of shares that can be purchased upon exercise of warrants (in shares)	2,779,906
Warrant price (in dollars per share)	$ 0.70
Exercise price (in dollars per share)	$ 0.001	$ 0.001
December 2023 Inducement Agreement
Stockholders' Equity
Number of warrants held by investor (in shares)	2,934,380
Number of warrants exercised held in abeyance (in shares)	1,234,380
Exercise price (in dollars per share)	$ 0.70				$ 3.35
Warrants term	5 years
Granted (in shares)	5,868,760
Change in fair value of warrant liability	$ 4,200
Proceeds from sale of pre-funded warrants and exercise of warrants	$ 3,500

Stockholders' (Deficit) Equit_2

Stockholders' (Deficit) Equity - Equity Incentive Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Incentive Plans
Stock-based compensation	$ 681	$ 806
Research and Development Expense
Equity Incentive Plans
Stock-based compensation	156	189
General and Administrative Expense
Equity Incentive Plans
Stock-based compensation	$ 525	$ 617

Stockholders' (Deficit) Equit_3

Stockholders' (Deficit) Equity - Stock option activity (Details) - Employee Stock Option [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares
Balance at the beginning of the period (in shares)	403,484
Forfeited/Cancelled (in shares)	(18,767)
Balance at the end of the period (in shares)	384,717	403,484
Vested or expected to vest at the end of the period (in shares)	384,717
Exercisable at the end of the period (in shares)	257,015
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 35.68
Forfeited/Cancelled (in dollars per share)	37.31
Balance at the end of the period (in dollars per share)	35.61	$ 35.68
Vested or expected to vest at the end of the period (in dollars per share)	35.61
Exercisable at the end of the period (in dollars per share)	$ 47.92
Weighted Average Remaining Contractual Term
Options Outstanding at the end of the period	6 years 7 months 28 days	6 years 9 months 21 days
Vested or expected to vest at the end of the period	6 years 7 months 28 days
Exercisable at the end of the period	5 years 7 months 13 days

Stockholders' (Deficit) Equit_4

Stockholders' (Deficit) Equity - Options other Info (Details) check - Employee Stock Option [Member] $ / shares in Units, $ in Millions	Mar. 31, 2024 USD ($) $ / shares
Options outstanding
Intrinsic value of options exercisable | $	$ 0
Closing price of Company's stock (in dollars per share) | $ / shares	$ 0.46

Stockholders' (Deficit) Equit_5

Stockholders' (Deficit) Equity - Non-vested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted Average Grant Date Fair Value
Stock-based compensation	$ 681	$ 806
Restricted Stock Units
Number of Shares
Non-vested at beginning of period (in shares)	1,602,588
Forfeited/Cancelled (in shares)	(34,471)
Non-vested at end of period (in shares)	1,568,117
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)	$ 2.05
Forfeited (in dollars per share)	1.70
Non-vested at end of period (in dollars per share)	$ 2.06
Stock-based compensation	$ 400
Unrecognized compensation expense	$ 2,500
Weighted average remaining period for recognition of unrecognized compensation expense	2 years 2 months 1 day

Stockholders' (Deficit) Equit_6

Stockholders' (Deficit) Equity - Shares Reserved for Future Grant and Issuance (Details) check - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares Reserved for Future Issuance
Warrants outstanding (in shares)	10,600,780
Total shares of common stock reserved for future issuance (in shares)	12,553,614
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
2023 Plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	253,463
Forfeited/Cancelled (in shares)	53,238
Balance at the end of the period (in shares)	306,701
Employee Stock Option [Member]
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	384,717	403,484
Employee Stock Option [Member] | 2013 plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	273,967
Employee Stock Option [Member] | Inducement Plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	8,000
Employee Stock Option [Member] | 2023 Plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	102,750
Restricted Stock Units | 2013 plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)	1,568,117

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - Chesterbrook, Pennsylvania	Oct. 02, 2020	Oct. 11, 2018 ft² $ / ft²	Mar. 31, 2024 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 through 13		0.50
Amount per square foot less for rent during months 14 through 109		1
Amount per square foot less for rent during months 110 through 116		16.50

Commitments and Contingencies_2

Commitments and Contingencies - Balance sheet information related to leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
Operating lease right-of-use assets	$ 3,512	$ 3,665
Operating lease liabilities - Current	$ 1,031	$ 1,002
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease Liability Current	Lease Liability Current
Operating lease liabilities - Noncurrent	$ 4,148	$ 4,417
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease Liability Noncurrent	Lease Liability Noncurrent
Lease Liability	$ 5,179	$ 5,419
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	$ 1,107	$ 1,195
Finance lease liabilities - Current	$ 10	$ 10
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Lease Liability Current	Lease Liability Current
Finance lease liabilities - Noncurrent	$ 5	$ 7
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease Liability Noncurrent	Lease Liability Noncurrent
Lease Liability	$ 15	$ 17
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	(16)	(13)
Property and equipment, net	$ 13	$ 16

Commitments and Contingencies_3

Commitments and Contingencies - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating lease costs:
Operating lease rental expense	$ 385	$ 398
Other income	(350)	(350)
Total operating lease costs	35	48
Finance lease costs:
Amortization of right-of-use assets	2	2
Total finance lease costs	$ 2	$ 2

Commitments and Contingencies_4

Commitments and Contingencies - Cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies.
Operating cash flows from operating leases	$ (122)	$ (128)
Financing cash flows from finance leases	$ (3)	$ (3)

Commitments and Contingencies_5

Commitments and Contingencies - Lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (April 1 - December 31)	$ 1,090
2025	1,474
2026	1,498
2027	1,523
2028	640
Total minimum lease payments	6,225
Interest Expense	(1,046)
Lease Liability	5,179	$ 5,419
Financing Leases
2024 (April 1 - December 31)	8
2025	8
Total minimum lease payments	16
Interest Expense	(1)
Lease Liability	15	$ 17
Sublease
2024 (April 1 - December 31)	869
2025	1,178
2026	1,198
2027	1,166
2028	254
Total minimum lease payments	$ 4,665

Commitments and Contingencies_6

Commitments and Contingencies - Lease term and discount rates (Details)	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies.
Weighted average remaining lease term - Operating leases	4 years	5 years
Weighted average remaining lease term - Finance leases	1 year	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, 2024 USD ($)
Sales Discounts
Beginning Balance	$ 2,000
Ending Balance	2,000
Chargebacks
Beginning Balance	19,000
Credit / payments made during the period	(2,000)
Adjustment related to prior period sales	4,000
Ending Balance	21,000
Fee for Service
Beginning Balance	9,000
Adjustment related to prior period sales	3,000
Ending Balance	12,000
Outstanding accounts receivable	$ 35,000

License and Royalty Revenue (De

License and Royalty Revenue (Details) - Licensing agreements for development and commercialization - USD ($) $ in Millions	1 Months Ended
	May 31, 2023	Aug. 31, 2020	Jul. 31, 2018	Jun. 30, 2018
Pharmbio Korea Inc
Licensing Arrangements
Upfront payment				$ 3
Commercialization milestone payments				$ 0.5
Time period for written notice to terminate license agreement				180 days
Pharmbio Korea Inc | Minimum
Licensing Arrangements
Time period to form a committee prior to the anticipated date of regulatory approval				6 months
Pharmbio Korea Inc | Maximum
Licensing Arrangements
Royalties on product sales, percentage				20%
Jiangsu Nhwa Pharmaceutical Co Ltd
Licensing Arrangements
Upfront payment			$ 2.5
Withholding taxes	$ 0.3	$ 0.3	$ 0.3
Time period for written notice to terminate license agreement		180 days
Milestone payment upon regulatory approval		$ 3
Milestone payment upon regulatory approval in China	$ 3
Milestone payment upon sales targets reached in China		$ 6
Royalty percentage on net product sales in China after milestones met		10%
License revenue
Licensing Arrangements
Withholding taxes				$ 0.5

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 28, 2023
Basic and diluted net loss per common share calculation:
Net Income (Loss)	$ (7,678)	$ (7,819)
Weighted average common shares outstanding, basic (in shares)	21,303,390	9,594,072
Weighted average common shares outstanding, diluted (in shares)	21,303,390	9,594,072
Net loss per share of common stock, basic (in dollars per share)	$ (0.36)	$ (0.81)
Net loss per share of common stock, diluted (in dollars per share)	$ (0.36)	$ (0.81)
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	10,805,614	4,314,174
December 2023 Equity Offering and Warrant Issuance
Basic and diluted net loss per common share calculation:
Exercise price (in dollars per share)	$ 0.70
December 2023 Equity Offering and Warrant Issuance | Pre-funded Common Stock Warrants
Basic and diluted net loss per common share calculation:
Exercise price (in dollars per share)	$ 0.001		$ 0.001
Employee Stock Option
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	384,717	334,060
Restricted Stock Units
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	1,568,117	834,720
Warrants
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	8,852,780	3,145,394

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,678)	$ (7,819)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false