Kala Pharmaceuticals (KALA) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 10, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-38150
Entity Registrant Name	KALA PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0604595
Entity Address, Address Line One	1167 Massachusetts Avenue
Entity Address, City or Town	Arlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02476
City Area Code	781
Local Phone Number	996-5252
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	KALA
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	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,208,140
Entity Central Index Key	0001479419
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 42,569	$ 92,136
Short-term investments	1,999
Short-term restricted cash	450	2,042
Accounts receivable, net	13,822	15,345
Inventory	25	8,639
Prepaid expenses and other current assets	2,143	6,204
Current assets held for sale (Note 3)	22,507
Total current assets	83,515	124,366
Non-current assets:
Property and equipment, net	891	2,722
Long-term inventory		9,578
Right-of-use assets	51	1,299
Restricted cash and other long-term assets	519	1,462
Total assets	84,976	139,427
Current liabilities:
Accounts payable	10,542	4,899
Accrued expenses and other current liabilities	18,306	20,986
Current portion of lease liabilities	52	711
Current portion of contingent consideration	3,772	3,817
Current portion of deferred purchase consideration	219	7,009
Total current liabilities	32,891	37,422
Long-term liabilities:
Long-term lease liabilities		548
Long-term debt	79,800	78,929
Long-term contingent consideration	3,839	4,841
Long-term deferred purchase consideration		883
Total long-term liabilities	83,639	85,201
Total liabilities	116,530	122,623
Commitments and Contingencies (Note 16)
Stockholders' equity:
Common stock, $0.001 par value; 120,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 72,673,785 and 65,500,275 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	73	66
Additional paid-in capital	571,814	559,126
Accumulated other comprehensive loss	(1)
Accumulated deficit	(603,440)	(542,388)
Total stockholders' (deficit) equity	(31,554)	16,804
Total liabilities and stockholders' (deficit) equity	$ 84,976	$ 139,427

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	120,000,000	120,000,000
Common stock, shares issued	72,673,785	65,500,275
Common stock, shares outstanding	72,673,785	65,500,275

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Product revenues, net	$ 2,100	$ 3,051	$ 3,472	$ 6,317
Costs and expenses:
Cost of product revenues	1,774	1,016	2,549	1,771
Selling, general and administrative	22,673	27,986	49,655	55,685
Research and development	4,473	3,094	8,939	6,220
(Gain) loss on fair value remeasurement of deferred purchase consideration	(789)		262
Gain on fair value remeasurement of contingent consideration	(59)		(1,047)
Total costs and expenses	28,072	32,096	60,358	63,676
Loss from operations	(25,972)	(29,045)	(56,886)	(57,359)
Other income (expense):
Interest and other income	68	33	76	76
Interest and other expense	(2,207)	(2,091)	(4,242)	(4,232)
Loss on extinguishment of debt		(5,395)		(5,395)
Total interest and other expense	(2,139)	(7,453)	(4,166)	(9,551)
Net loss	$ (28,111)	$ (36,498)	$ (61,052)	$ (66,910)
Net loss per share-basic (in dollar per share)	$ (0.38)	$ (0.57)	$ (0.83)	$ (1.06)
Net loss per share- diluted (in dollar per share)	$ (0.38)	$ (0.57)	$ (0.83)	$ (1.06)
Weighted average shares outstanding-basic (in shares)	73,676,819	64,554,506	73,658,924	63,113,194
Weighted average shares outstanding-diluted (in shares)	73,676,819	64,554,506	73,658,924	63,113,194
Statement of Comprehensive Loss
Net loss	$ (28,111)	$ (36,498)	$ (61,052)	$ (66,910)
Other comprehensive loss:
Change in unrealized gains on investments	1	(3)	(1)	(4)
Total other comprehensive loss	1	(3)	(1)	(4)
Total comprehensive loss	$ (28,110)	$ (36,501)	$ (61,053)	$ (66,914)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Balance as of beginning of period at Dec. 31, 2020	$ 59	$ 499,715	$ 4	$ (399,783)	$ 99,995
Balance as of beginning of period (in shares) at Dec. 31, 2020	58,915,375
Stockholders' Equity
At the market offering, net of sales agent commission	$ 6	40,724			40,730
At the market offering, net of sales agent commission (in shares)	5,583,329
Exercise of stock options		248			248
Exercise of stock options (in shares)	88,888
Issuance of common stock for vested restricted stock units (in shares)	107,780
Issuance of common stock under employee stock purchase plan		431			431
Issuance of common stock under employee stock purchase plan (in shares)	74,847
Stock-based compensation expense		9,780			9,780
Change in fair value of investments			(4)		(4)
Net loss				(66,910)	(66,910)
Balance as of end of period at Jun. 30, 2021	$ 65	550,898		(466,693)	84,270
Balance as of end of period (in shares) at Jun. 30, 2021	64,770,219
Balance as of beginning of period at Dec. 31, 2020	$ 59	499,715	4	(399,783)	99,995
Balance as of beginning of period (in shares) at Dec. 31, 2020	58,915,375
Balance as of end of period at Dec. 31, 2021	$ 66	559,126		(542,388)	16,804
Balance as of end of period (in shares) at Dec. 31, 2021	65,500,275
Balance as of beginning of period at Mar. 31, 2021	$ 64	539,920	3	(430,195)	109,792
Balance as of beginning of period (in shares) at Mar. 31, 2021	63,805,108
Stockholders' Equity
At the market offering, net of sales agent commission	$ 1	6,020			6,021
At the market offering, net of sales agent commission (in shares)	837,257
Exercise of stock options		64			64
Exercise of stock options (in shares)	20,074
Issuance of common stock for vested restricted stock units (in shares)	107,780
Stock-based compensation expense		4,894			4,894
Change in fair value of investments			(3)		(3)
Net loss				(36,498)	(36,498)
Balance as of end of period at Jun. 30, 2021	$ 65	550,898		(466,693)	84,270
Balance as of end of period (in shares) at Jun. 30, 2021	64,770,219
Balance as of beginning of period at Dec. 31, 2021	$ 66	559,126		(542,388)	16,804
Balance as of beginning of period (in shares) at Dec. 31, 2021	65,500,275
Stockholders' Equity
Exercise of stock options		3			3
Exercise of stock options (in shares)	5,088
Issuance of common stock for vested restricted stock units (in shares)	198,244
Issuance of common stock to satisfy deferred purchase consideration	$ 7	7,929			7,936
Issuance of common stock to satisfy deferred purchase consideration (in shares)	6,815,072
Issuance of common stock under employee stock purchase plan		160			160
Issuance of common stock under employee stock purchase plan (in shares)	155,106
Stock-based compensation expense		4,596			4,596
Change in fair value of investments			(1)		(1)
Net loss				(61,052)	(61,052)
Balance as of end of period at Jun. 30, 2022	$ 73	571,814	(1)	(603,440)	(31,554)
Balance as of end of period (in shares) at Jun. 30, 2022	72,673,785
Balance as of beginning of period at Mar. 31, 2022	$ 73	569,974	(2)	(575,329)	(5,284)
Balance as of beginning of period (in shares) at Mar. 31, 2022	72,594,005
Stockholders' Equity
Issuance of common stock for vested restricted stock units (in shares)	79,780
Stock-based compensation expense		1,840			1,840
Change in fair value of investments			1		1
Net loss				(28,111)	(28,111)
Balance as of end of period at Jun. 30, 2022	$ 73	$ 571,814	$ (1)	$ (603,440)	$ (31,554)
Balance as of end of period (in shares) at Jun. 30, 2022	72,673,785

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
Sales agent commission	$ 170
Offering costs		$ 1,161

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net loss			$ (61,052)	$ (66,910)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization			306	504
Non-cash operating lease cost			403	1,118
Loss on extinguishment of debt		$ 5,395		5,395
Loss on fair value remeasurement of deferred purchase consideration	$ (789)		262
Gain on fair value remeasurement of contingent consideration	(59)		(1,047)
Amortization of debt discount and other non-cash interest			871	645
Stock-based compensation			4,721	9,412
Other non-cash (gains) losses			(27)	22
Change in operating assets and liabilities:
Accounts receivable			1,523	(2,255)
Prepaid expenses and other current assets			3,467	826
Inventory			(1,584)	(5,387)
Accounts payable			5,643	1,250
Accrued expenses and other current liabilities			(2,670)	1,966
Lease liabilities and other long-term liabilities			(324)	(834)
Net cash used in operating activities			(49,508)	(54,248)
Cash flows from investing activities:
Purchases of property and equipment and other assets			(253)	(545)
Purchases of short-term investments			(4,992)
Proceeds from sales or maturities of short-term investments			3,000	71,250
Net cash (used in) provided by investing activities			(2,245)	70,705
Cash flows from financing activities:
Proceeds from issuance of debt, net of debt issuance costs of $2,218				77,782
Payment of principal, prepayment premium and exit fee on debt				(78,010)
Proceeds from common stock offerings, net of offering costs				40,730
Payment of principal on finance lease			(19)	(17)
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan			163	679
Net cash provided by financing activities			144	41,164
Net (decrease) increase in cash, cash equivalents and restricted cash:			(51,609)	57,621
Cash, cash equivalents and restricted cash at beginning of period			94,878	89,756	$ 89,756
Cash, cash equivalents and restricted cash at end of period	43,269	147,377	43,269	147,377	94,878
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents, and restricted cash at end of period	43,269	147,377	43,269	147,377	94,878
Less restricted cash (Notes 9 and 10)	(700)	(2,742)	(700)	(2,742)
Cash and cash equivalents at end of period	$ 42,569	$ 144,635	42,569	144,635	$ 92,136
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses			139	318
Supplemental disclosure:
Cash paid for interest			3,315	3,030
Right-of-use assets obtained in exchange of operating lease obligations			$ 424	$ 1,218

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	Jun. 30, 2021 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Debt issuance costs	$ 2,218

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
NATURE OF BUSINESS AND BASIS OF PRESENTATION
NATURE OF BUSINESS AND BASIS OF PRESENTATION	1. NATURE OF BUSINESS AND BASIS OF PRESENTATION ​ Nature of Business On November 15, 2021, the Company and its newly formed, direct wholly owned subsidiary, Ceres Merger Sub, Inc. (the “Merger Subsidiary”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Combangio, Inc. (“Combangio”) and Fortis Advisors LLC, solely in its capacity as Combangio Equityholder Representative in connection with the Merger Agreement, pursuant to which on November 15, 2021, the Merger Subsidiary merged with and into Combangio with Combangio surviving such merger and becoming a direct wholly owned subsidiary of the Company (the “Combangio Acquisition”). Combangio is a clinical-stage biotechnology company focused on developing regenerative biotherapeutics for severe ocular diseases based on mesenchymal stem cell secretomes (“MSC-S”) platform, including its lead product candidate, CMB-012 for the treatment of persistent corneal epithelial defects (“PCED”), which the Company now refers to as KPI-012. The Company expects to commercialize in the United States any of its product candidates that receive marketing approval. In connection with the determination to focus its research and development efforts on KPI-012, The Company previously developed and commercialized two marketed products, EYSUVIS ® (loteprednol etabonate ophthalmic suspension) 0.25%, for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease, and INVELTYS ® (loteprednol etabonate ophthalmic suspension) 1%, a topical twice-a-day ocular steroid for the treatment of post-operative inflammation and pain following ocular surgery. Both products applied a proprietary mucus-penetrating particle drug delivery technology, which the Company referred to as the AMPPLIFY ® Drug Delivery Technology. On July 8, 2022, the Company closed the transaction (the “Alcon Transaction”), contemplated by the asset purchase agreement, dated as of May 21, 2022 (the “Asset Purchase Agreement”), by and between the Company, Alcon Pharmaceuticals Ltd. and Alcon Vision, LLC (together referred to as “Alcon”), pursuant to which Alcon purchased the rights to manufacture, sell, distribute, market and commercialize EYSUVIS and INVELTYS and to develop, manufacture, market and otherwise exploit the Company’s AMPPLIFY Drug Delivery Technology (collectively, the “Commercial Business”). Alcon also assumed certain liabilities with respect to the Commercial Business. See Note 3, “Assets Held for Sale”, and Note 17, “Subsequent Events”, for additional information about the Alcon Transaction. The Company’s success is dependent upon its ability to develop, obtain regulatory approval for and commercialize KPI-012 and any other product candidate it may develop in the future, the success of its research and development efforts, whether it receives the commercial-based sales milestone payments from Alcon, its ability to raise additional capital when needed and, ultimately, attain profitable operations. ​ Liquidity research and development, including preclinical studies and clinical trials, and, prior to the sale of its Commercial Business to Alcon in July 2022, engaging in activities to launch and commercialize EYSUVIS and INVELTYS. As a result of the Combangio Acquisition and the sale of the Company’s Commercial Business to Alcon, the Company intends to devote substantial financial resources to the research and development and potential commercialization of KPI-012. Although the Company is eligible to receive up to $325,000 in payments from Alcon based upon the achievement of specified commercial sales-based milestones with respect to EYSUVIS and INVELTYS, there can be no assurance when the Company may receive such milestone payments or the amount of milestone payments the Company may receive, if any. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future, including in connection with its continued development, regulatory approval efforts and commercialization, if any, of KPI-012. The Company may never achieve or maintain profitability. Net losses may fluctuate significantly from quarter-to-quarter and year-to-year. The Company expects that its cash, cash equivalents and short-term investments as of June 30, 2022, together with the upfront payment of $60,000 received from Alcon upon the closing of the Alcon Transaction in July 2022 and the cash purchase by Alcon of $5,026 for EYSUVIS and INVELTYS inventory on-hand at the closing of the sale of the Commercial Business, net of a $40,000 prepayment to Oxford Finance, will enable it to fund its operating expenses, debt service obligations and capital expenditure requirements for at least twelve months from the date these condensed consolidated financial statements were issued. This evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the condensed consolidated financial statements are issued. As a result, the Company could deplete its available capital resources sooner than it currently expects. This evaluation also assumes that the Company remains in compliance with the covenants under the Loan Agreement (defined below), including as a result of the delisting of the Company’s common stock from the Nasdaq Global Select Market. On May 24, 2022, the Company received a deficiency letter from the Nasdaq Stock Market LLC (“Nasdaq”) notifying it that, for 30 consecutive business days, the bid price of its common stock had closed below the $1.00 per share minimum bid price requirement for continued inclusion on Nasdaq pursuant to Nasdaq Listing Rule 5450(a)(1), and on July 6, 2022, the Company received another deficiency letter from Nasdaq notifying it that it was not in compliance with Nasdaq Listing Rule 5450(b)(2)(A), as the market value of its common stock was less than $50,000,000 for the previous 30 consecutive business days. Each of the deficiency letters indicated that if the Company is unable to cure such deficiency or otherwise regain compliance with the Nasdaq Listing Rules within 180 calendar days from the date of the respective deficiency letter, the Company’s common stock will be subject to delisting. COVID-19 In addition, government restrictions have at times led to moratoria on elective ocular surgeries in many jurisdictions, which had significantly reduced the demand for INVELTYS, which is indicated for the treatment of post-operative inflammation and pain following ocular surgery. While surgeries have returned to historical levels, the COVID-19 pandemic had negatively impacted revenues from INVELTYS in prior periods. In addition, the COVID-19 pandemic has generally had an adverse impact on the launch of pharmaceutical products, and the Company believes the pandemic impacted the launch of EYSUVIS. The Company cannot predict whether the COVID-19 pandemic will impact Alcon’s ability to commercialize EYSUVIS and INVELTYS, and as a result, it cannot be certain whether the COVID-19 pandemic might adversely affect when the Company may receive milestone payments from Alcon, which milestone payments the Company may receive and if the Company will receive any milestone payments at all. The Company also does not know the extent to which the COVID-19 pandemic will impact its development of KPI-012 or any other product candidate it develops. commercialization efforts of EYSUVIS and INVELTYS, the Company’s development of KPI-012 and any other product candidate it may develop in the future and the Company’s virus, the availability and effectiveness of vaccines, and the impact of the foregoing on customers, employees, vendors and government agencies, all of which are uncertain and cannot be predicted. The Company cannot reasonably estimate the extent to which the disruption may materially impact its condensed consolidated results of operations or financial position. Use of Estimates Net Loss per Share The weighted average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, warrants and unvested RSUs and PSUs. Common stock equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three and six months ended June 30, 2022 and 2021. (See Note 14). Unaudited Interim Financial Information The unaudited condensed consolidated financial statements include the accounts of Kala Pharmaceuticals, Inc. and its wholly owned subsidiaries, Kala Pharmaceuticals Security Corporation and Combangio, Inc. All intercompany transactions and balances have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” to the consolidated financial statements included in the Annual Report. There have been no material changes to the significant accounting policies during the three months ended June 30, 2022 , other than as described below Assets Held for Sale ​ The Company classifies its long-lived assets to be sold as held for sale, as specified by ASC 360, Property, Plant, and Equipment ​ As of June 30, 2022, certain assets met the criteria to be classified as held for sale in connection with the Alcon Transaction and the Company concluded that there was no impairment loss related to held for sale assets for the three or six months ended June 30, 2022. The Company reclassified the property and equipment, inventory, and certain other assets, which had a combined carrying value of $22,507, to current assets held for sale on the condensed consolidated balance sheet as of June 30, 2022. Fair value was determined based on the estimated proceeds from the sale of the Commercial Business utilizing the purchase price as defined in the Asset Purchase Agreement. The sale of these assets was completed on July 8, 2022. See Note 3, “Assets Held for Sale”, and Note 17, “Subsequent Events”, for additional information. There were no assets that met the criteria for classification as held for sale as of December 31, 2021. ​ Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) , public business entities that meet the definition of an SEC filer, excluding entities eligible to be , for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and for all other entities, including SRCs, The Company is currently evaluating the impact of the on its consolidated financial statements. The

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2022
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	3. ASSETS HELD FOR SALE As of June 30, 2022, the Company presented assets to be disposed of in connection with the Alcon Transaction Presentation of Financial Statements—Discontinued Operations ​ The following is a summary of the major categories of assets that have been reclassified to held for sale on the : ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2022 ​ ​ ​ ​ Inventories ​ $ 19,651 Prepaid expenses and other current assets ​ ​ 594 Property and equipment, net ​ ​ 1,828 Restricted cash and other long-term assets ​ ​ 434 Total assets held for sale ​ $ 22,507 ​ ​ ​ See Note 2, “Summary of Significant Accounting Policies”, and Note 17, “Subsequent Events”, for further information on the sale of the Company’s Commercial Business. ​ ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	4. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company from time to time has short-term investments which are considered financial instruments that are measured on a recurring basis. Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s financial instruments as of June 30, 2022 consisted primarily of cash equivalents, short-term investments in U.S. treasury securities and contingent consideration. The Company’s financial instruments as of December 31, 2021 consisted primarily of cash equivalents and contingent consideration. Cash equivalents, short-term investments and contingent consideration are reported at their respective fair values on the Company’s condensed consolidated balance sheets. See Note 5, “Investments” for additional information. T he Company acquired Combangio in November 2021 and in connection with the closing of the Combangio Acquisition, an aggregate of 7,788,637 shares (the “Deferred Purchase Consideration”) of the Company’s common stock to former Combangio stockholders and other equityholders (the “Combangio Equityholders”) consisting of (i) an aggregate of 6,815,072 shares of common stock issued on January 3, 2022 (the “Upfront Shares”) and (ii) an aggregate of 973,565 shares of common stock that have been held back by the Company and will be issuable subject to the terms of the Merger Agreement to the Combangio Equityholders on the date that is fifteen months after the closing (the “Escrow Release Date”). The Company established liabilities for the Deferred Purchase Consideration. T ​ Additionally, the purchase price in connection with the Combangio Acquisition included potential future payments of up to $105,000 that are contingent upon the achievement of specified development, regulatory and commercialization milestones and are required to be recorded at fair value. Contingent consideration liabilities related to acquisitions are measured at fair value each reporting period using Level 3 unobservable inputs. The fair values of the contingent consideration liabilities were based on a probability-adjusted discounted cash flow calculation using Level 3 fair value measurements. Changes in these estimates and assumptions could have a significant impact on the fair value of the contingent consideration liabilities. Any changes in the fair value of these contingent consideration liabilities are included in loss from operations in the condensed consolidated statements of operations and comprehensive loss. During the three and six months ended June 30, 2022, the change in fair value of the contingent consideration liabilities was $59 and $1,047, respectively, primarily due to changes in discount rates, partially offset by the passage of time, and were recognized as a gain on fair value remeasurement of contingent consideration in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022. ​ The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 34,184 ​ $ 34,184 ​ $ — ​ $ — Short-term investments ​ ​ 1,999 ​ ​ 1,999 ​ ​ — ​ ​ — Total Assets ​ $ 36,183 ​ $ 36,183 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred purchase consideration ​ $ 219 ​ $ — ​ $ — ​ $ 219 Contingent consideration ​ ​ 7,611 ​ ​ — ​ ​ — ​ ​ 7,611 Total Liabilities ​ $ 7,830 ​ $ — ​ $ — ​ $ 7,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 86,135 ​ $ 86,135 ​ $ — ​ $ — Total Assets ​ $ 86,135 ​ $ 86,135 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred purchase consideration ​ $ 7,892 ​ $ — ​ $ — ​ $ 7,892 Contingent consideration ​ ​ 8,658 ​ ​ — ​ ​ — ​ ​ 8,658 Total Liabilities ​ $ 16,550 ​ $ — ​ $ — ​ $ 16,550 ​ The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of the Level 3 inputs as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ Range Financial Instrument ​ 2022 ​ Valuation Technique ​ Unobservable Input ​ (Average) Deferred purchase consideration ​ $ 219 ​ Option pricing model ​ Discount for lack of marketability ​ 25% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 7,611 ​ Probability-adjusted ​ Period of expected milestone achievement ​ 2022 - 2027 (2025) ​ ​ ​ ​ ​ discounted cash flow model ​ Probabilities of achievement ​ 18.9% - 90.0% (42.5%) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 17.5% ​ ​ ​ ​ ​ ​ ​ Discount for lack of marketability ​ 20.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ Range Financial Instrument ​ 2021 ​ Valuation Technique ​ Unobservable Input ​ (Average) Deferred purchase consideration ​ $ 7,892 ​ Option pricing model ​ Discount for lack of marketability ​ 15.0% - 25.0% (20.0%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 8,658 ​ Probability-adjusted ​ Period of expected milestone achievement ​ 2022 - 2027 (2025) ​ ​ ​ ​ ​ discounted cash flow model ​ Probabilities of achievement ​ 18.9% - 90.0% (42.5%) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 10.3% ​ ​ ​ ​ ​ ​ ​ Discount for lack of marketability ​ 12.0% ​ ​ ​ ​ The following table summarizes the changes in the Deferred Purchase Consideration and contingent consideration liabilities measured at fair value using Level 3 inputs for the three and six months ended June 30, 2022: ​ ​ ​ ​ ​ Deferred purchase consideration ​ ​ ​ Balance at January 1, 2022 ​ $ 7,892 Fair value adjustments ​ ​ 1,051 Settlements ​ ​ (7,935) Balance at March 31, 2022 ​ $ 1,008 Fair value adjustments ​ ​ (789) Balance at June 30, 2022 ​ $ 219 ​ ​ ​ ​ Contingent consideration ​ ​ ​ Balance at January 1, 2022 ​ $ 8,658 Fair value adjustments ​ ​ (988) Balance at March 31, 2022 ​ $ 7,670 Fair value adjustments ​ ​ (59) Balance at June 30, 2022 ​ $ 7,611 ​ During the three and six months ended June 30, 2022 and the year ended December 31, 2021, there were no transfers between Level 1 , Level 2 , and Level 3 .

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2022
INVESTMENTS
INVESTMENTS	5. INVESTMENTS Investments by security type consisted of the following as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ ​ Gross ​ Gross ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost ​ Gains ​ Losses ​ Value U.S. treasury securities $ 2,000 ​ $ — ​ $ (1) ​ $ 1,999 Total $ 2,000 ​ $ — ​ $ (1) ​ $ 1,999 ​ As of June 30, 2022, all of the Company’s investments had a contractual maturity within one year. The fair value of all of the Company’s investments are classified as short-term on its condensed consolidated balance sheets. The Company held no short-term investments as of December 31, 2021.

REVENUE & ACCOUNTS RECEIVABLE,

REVENUE & ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Jun. 30, 2022
REVENUE & ACCOUNTS RECEIVABLE, NET
REVENUE & ACCOUNTS RECEIVABLE, NET	6. REVENUE & ACCOUNTS RECEIVABLE, NET The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers Product revenues, net The Company sells EYSUVIS and INVELTYS primarily to wholesalers in the United States (collectively, “Customers”). These Customers subsequently resell the Company’s products to specialty and other retail pharmacies. In addition to agreements with Customers, the Company enters into arrangements with third-party payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts for the purchase of the Company’s products. The goods promised in the Company’s product sales contracts represent a single performance obligation. The Company recognizes revenue from product sales at the point the Customer obtains control of the product, which occurs upon delivery. The transaction price (“net sales price”) that is recognized as revenue for product sales includes the selling price to the Customer and an estimate of variable consideration. Components of variable consideration include prompt pay and other discounts, product returns, government rebates, third-party payor rebates, coverage gap rebates, incentives such as patient co-pay assistance, and other fees paid to Customers and other third-party payors where a distinct good or service is not received. Variable consideration is recorded on the condensed consolidated balance sheet as either a reduction of accounts receivable, if payable to a Customer, or as a current liability, if payable to a third-party other than a Customer. The Company considers all relevant information when estimating variable consideration such as assessment of its current and anticipated sales and demand forecasts, actual payment history, information from third parties regarding the payor mix for products, information from third parties regarding the units remaining in the distribution channel, specific known market events and trends, industry data and current contractual and statutory requirements that are reasonably available. The Company includes estimated amounts for variable consideration in the net sales price to the extent it is determined probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Payment terms with Customers do not exceed one year and, therefore, the Company does not account for a significant financing component in its arrangements. The Company expenses incremental cost of obtaining a contract with a Customer when incurred as the period of benefit is generally less than one year. Reserves for Variable Consideration Trade Discounts and Allowances The Company provides its Customers with certain trade discounts and allowances including discounts for prompt payments and other discounts and fees paid for distribution, data and administrative services. These discounts and fees are based on contractually-determined percentages and are recorded as a reduction of revenue and accounts receivable in the period in which the related product revenue is recognized. Chargebacks Chargebacks for fees and discounts to providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to Customers who directly purchase the product from the Company. Customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. These components of variable consideration are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Reserves for chargebacks consist of credits the Company expects to issue for units that remain in the distribution channel at the end of each reporting period and that the Company expects will be sold to qualified healthcare providers, as well as chargebacks that Customers have claimed, but for which the Company has not yet issued a credit. Product Returns Consistent with industry practice, the Company has a product returns policy that provides Customers right of return for product purchased within a specified period prior to and subsequent to the product’s expiration date. The Company estimates the amount of its products that may be returned and presents this amount as a reduction of revenue in the period the related product revenue is recognized, in addition to establishing a liability. The Company’s estimates for product returns are based upon available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel as well as historical returns, which develop over time. Commercial Payor and Medicare Part D Rebates The Company contracts with certain third-party payors, primarily pharmacy benefit managers (“PBMs”) and health plans (“Plans”), for the payment of rebates with respect to utilization of its product. These rebates are based on contractual percentages applied to the amount of product prescribed to patients who are covered by the PBMs or the Plans with which it contracts. The Company estimates the rebates for commercial and Medicare Part D payors based on the contractual discount percentage, the various payor mix for EYSUVIS and INVELTYS as well as future rebates that will be made for product that has been recognized as revenue but remains in the distribution channel at the end of each reporting period. The Company also estimates the number of patients in the prescription drug coverage gap for whom it will owe an additional liability under the Medicare Part D program. Such estimates are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Government Rebates The Company is subject to discount obligations under Medicaid and other government programs. For Medicaid, reserves are based on actual payment history, and estimates of future Medicaid beneficiary utilization applied to the Medicaid unit rebate formula established by the Centers for Medicaid and Medicare Services. The Company’s liability for these rebates consists of estimates of claims for the current period and estimated future claims that will be made for product that has been recognized as revenue but remains in the distribution channel at the end of each reporting period. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Co-pay Assistance Programs The Company offers co-pay assistance programs (the “co-pay programs”), which are intended to provide financial assistance to patients who may or may not be covered by commercial insurance or, with respect to INVELTYS, who opt out of Medicare Part D programs. The calculation of accruals for the co-pay programs is based on actual claims processed during the period as well as an estimate of the number and cost per claim that the Company expects to receive associated with product that has been recognized as revenue but remains in the distribution channel at the end of each reporting period. Allowances for estimated co-pay claims are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. The following tables summarize activity in each of the Company’s product revenue provision and allowance categories for the three and six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade Discounts, ​ ​ ​ ​ ​ ​ ​ ​ Allowances and ​ ​ ​ ​ Rebates and ​ ​ Chargebacks (1) Product Returns (2) Incentives (3) Balance as of December 31, 2021 ​ $ 2,672 ​ $ 1,140 ​ $ 11,280 Provision related to current period sales ​ ​ 2,133 ​ ​ 210 ​ ​ 13,359 Changes in estimate related to prior period sales ​ ​ (1) ​ ​ (138) ​ ​ (242) Credit/payments made ​ ​ (3,261) ​ ​ (415) ​ ​ (10,108) Balance as of March 31, 2022 ​ $ 1,543 ​ $ 797 ​ $ 14,289 Provision related to current period sales ​ ​ 2,602 ​ ​ 214 ​ ​ 15,413 Changes in estimate related to prior period sales ​ ​ (41) ​ ​ (199) ​ ​ (107) Credit/payments made ​ ​ (2,041) ​ ​ (112) ​ ​ (14,878) Balance as of June 30, 2022 ​ $ 2,063 ​ $ 700 ​ $ 14,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade Discounts, ​ ​ ​ ​ ​ ​ ​ ​ Allowances and ​ ​ ​ ​ Rebates and ​ ​ Chargebacks (1) Product Returns (2) Incentives (3) Balance as of December 31, 2020 ​ $ 1,157 ​ $ 600 ​ $ 4,904 Provision related to current period sales ​ ​ 2,201 ​ ​ 245 ​ ​ 10,216 Changes in estimate related to prior period sales ​ ​ 3 ​ ​ 30 ​ ​ (26) Credit/payments made ​ ​ (1,823) ​ ​ (419) ​ ​ (7,880) Balance as of March 31, 2021 ​ $ 1,538 ​ $ 456 ​ $ 7,214 Provision related to current period sales ​ ​ 2,103 ​ ​ 356 ​ ​ 11,193 Changes in estimate related to prior period sales ​ ​ 30 ​ ​ 142 ​ ​ (353) Credit/payments made ​ ​ (2,260) ​ ​ (253) ​ ​ (9,801) Balance as of June 30, 2021 ​ $ 1,411 ​ $ 701 ​ $ 8,253 (1) Trade discounts, allowances and chargebacks include fees for distribution service fees, prompt pay and other discounts, and chargebacks. Estimated trade discounts, allowances and chargebacks are deducted from gross revenue at the time revenues are recognized and are recorded as a reduction to accounts receivable on the Company’s condensed consolidated balance sheets. (2) Estimated provisions for product returns are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. (3) Rebates and incentives include managed care rebates, government rebates, co-pay program incentives, and sales incentives and allowances. Estimated provisions for rebates and discounts are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. ​ Accounts Receivable, net Accounts receivable are reported on the condensed consolidated balance sheets at outstanding amounts due from customers for product sales. The Company deducts sales discounts for prompt payments and other discounts, contractual fees for service arrangements and chargebacks from accounts receivable. The Company evaluates the collectability of accounts receivable on a regular basis, by reviewing the financial condition and payment history of customers, an overall review of collections experience on other accounts, and economic factors or events expected to affect future collections experience. An allowance for doubtful accounts is recorded when a receivable is deemed to be uncollectible. The Company recorded no allowance for doubtful accounts as of June 30, 2022 or December 31, 2021. The Company recorded an allowance of $2,063 and $2,672 for expected sales discounts, related to prompt pay discounts and other discounts, contractual fee for service arrangements and chargebacks, to wholesalers and distributors as of June 30, 2022 and December 31, 2021, respectively.

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2022
INVENTORY
INVENTORY	7. INVENTORY Inventory held and used consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Raw materials ​ $ — ​ $ 1,328 Work in progress ​ ​ — ​ ​ 9,799 Finished goods ​ ​ 25 ​ ​ 7,090 Total inventory ​ $ 25 ​ $ 18,217 ​ As of June 30, 2022, the Company had $25 of current inventory and $19,651 of inventory classified as held for sale (s ee Note 3, “Assets Held for Sale”)

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES
ACCRUED EXPENSES	8. ACCRUED EXPENSES Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Accrued revenue reserves (1) ​ $ 7,320 ​ $ 10,300 Compensation and benefits ​ ​ 5,480 ​ ​ 6,324 Commercial costs ​ ​ 2,293 ​ ​ 2,134 Professional services ​ ​ 1,147 ​ ​ 881 Contract manufacturing ​ ​ 1,075 ​ ​ 396 Development costs ​ ​ 522 ​ ​ 127 Other ​ ​ 469 ​ ​ 824 Accrued expenses ​ $ 18,306 ​ $ 20,986 (1) There were additional revenue reserves included in accounts payable of $8,097 and $2,120, as of June 30, 2022 and December 31, 2021, respectively.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
LEASES
LEASES	9. LEASES Operating leases Terminated Watertown Lease On February 28, 2018, the Company entered into a lease agreement with 480 Arsenal Group LLC for the lease of a portion of the building located at 490 Arsenal Way, Watertown, Massachusetts (the “Watertown Lease”). The initial term of the Watertown Lease was eight years with an option to extend On November 12, 2021, the Company entered into a lease termination agreement (the “Lease Termination Agreement”) with the landlord of the Watertown Lease, which Lease Termination Agreement was amended on December 22, 2021, which modified the lease to accelerate the lease termination date to January 11, 2022 (the “Lease Termination Date”). Under the terms of the Lease Termination Agreement, the Company was entitled to receive a payment of $2,000 due from the landlord in January 2022, which was collected during the six months ended June 30, 2022. The Company was obligated to make rent payments outlined in the lease agreement until the Lease Termination Date. In connection with the signing of the Lease Termination Agreement, the Company remeasured the lease liability and right-of-use asset and recognized a gain of approximately $1,311 , which was included in gain on lease modification in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. Additionally, pursuant to the Lease Termination Agreement, $ 2,042 of restricted cash was released during the six months June 30, 2022 that was pledged as collateral under a letter of credit with cash on deposit. The restricted cash was included within short-term restricted cash on the consolidated balance sheet as of December 31, 2021. Vehicle Fleet lease During the year ended December 31, 2019, the Company entered into a master fleet lease agreement (the “Vehicle Fleet Lease”). The Vehicle Fleet Lease commenced upon the delivery of the initial vehicles in March 2019 and has been subject to modifications as the number of leased vehicles has increased or decreased. As of June 30, 2022 and in connection with the closing of the Alcon Transaction, the Company initiated the termination of the Vehicle Fleet Lease and remeasured the right-of-use asset and corresponding lease liability for the estimated lease term of two months which were de minimis ​ The components of lease expense and related cash flows were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Lease cost ​ ​ ​ ​ Operating lease cost ​ $ 219 ​ $ 1,268 ​ $ 395 ​ $ 2,484 Short-term lease cost ​ ​ 54 ​ ​ — ​ ​ 94 ​ ​ — Variable lease cost ​ ​ 179 ​ ​ 584 ​ ​ 626 ​ ​ 1,093 Total lease cost ​ $ 452 ​ $ 1,852 ​ $ 1,115 ​ $ 3,577 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ $ 251 ​ $ 1,659 ​ $ 970 ​ $ 3,243 ​ The weighted average remaining lease term and weighted average discount rate of operating leases are as follows: ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 ​ 2021 Weighted average remaining lease term 0.8 years ​ 2.4 years Weighted average discount rate 10.2% ​ 2.6% ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
DEBT
DEBT	​ 10. DEBT ​ Athyrium Credit Facility On October 1, 2018, the Company entered into a credit agreement (the “Athyrium Credit Facility”) with Athyrium Opportunities III Acquisition LP (“Athyrium”) for up to $110,000. The Athyrium Credit Facility provided for a Term Loan A in the aggregate principal amount of $75,000 (the “Term Loan A”), and a Term Loan B in the aggregate principal amount of $35,000 (the “Term Loan B”). On October 1, 2018, the Company borrowed the entire principal amount of the Term Loan A, which bore interest at a rate of 9.875% per annum, with quarterly, interest-only payments until the fourth anniversary of the Term Loan A. The maturity date of the Athyrium Credit Facility was October 1, 2024, the six-year anniversary of the close. As of March 31, 2021, the unpaid principal balance on the Athyrium Credit Facility was $75,000. On May 4, 2021, the Company repaid all amounts owed under the Athyrium Credit Facility and terminated all commitments by Athyrium to extend further credit thereunder and all guarantees and security interests granted by the Company to the lenders thereunder. In connection with the termination of the Athyrium Credit Facility, the Company paid to the lenders a prepayment premium of $2,250 and an exit fee of $750. The transaction resulted in a loss on extinguishment of debt of $5,395 for the year ended December 31, 2021, consisting of the prepayment premium, the unamortized debt discount and issuance costs and the unaccreted exit fee. Additionally, in May 2021, the Company released $10,000 of restricted Athyrium Credit Facility. Loan and Security Agreement ​ On May 4, 2021 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Oxford Finance, in its capacity as lender (in such capacity, the “Lender”), and in its capacity as collateral agent (in such capacity, the “Agent”), pursuant to which a term loan of up to an aggregate principal amount of $125,000 is available to the Company, consisting of (i) a tranche A term loan that was disbursed on the Closing Date in the aggregate principal amount of $80,000; (ii) a contingent tranche B term loan in the aggregate principal amount of $20,000 available to the Company through June 30, 2023 and within 90 days of the Company achieving trailing 6-month product revenue equal to or greater than $75,000, subject to certain other terms and conditions; and (iii) a contingent tranche C term loan in the aggregate principal amount of $25,000 available to the Company through December 31, 2023 and within 90 days of the Company achieving trailing 6-month ​ The term loans bear interest at a floating rate equal to the greater of (i) 30-day LIBOR and (ii) 0.11%, plus 7.89%. The Loan Agreement, prior to the Loan Amendment (as defined below), provided for interest-only payments until December 1, 2024 if neither the tranche B term loan nor the tranche C term loan are made, and until June 1, 2025 if either the tranche B term loan or the tranche C term loan is made (the “Amortization Date”). The aggregate outstanding principal balance of the term loans were required to be repaid in monthly installments starting on the Amortization Date based on a repayment schedule equal to (i) 18 months if neither the tranche B term loan nor the tranche C term loan is made and (ii) 12 months if either the tranche B term loan or the tranche C term loan is made. All unpaid principal and accrued and unpaid interest with respect to each term loan is due and payable in full on May 1, 2026 (the “Maturity Date”). ​ The Company paid a facility fee of $400 on the Closing Date and has agreed to pay a facility fee of $100 upon closing of the tranche B term loan and a $125 facility fee upon the closing of the tranche C term loan. The Company will be required to make a final payment fee of 7.00% of the original principal amount of any funded term loan payable on the earlier of (i) the prepayment of the term loan in full or (ii) the Maturity Date. At the Company’s option, the Company may elect to make partial repayments of the term loan to the Lender, subject to specified conditions, including the payment of applicable fees and accrued and unpaid interest on the principal amount of the term loan being repaid. ​ In connection with its entry into the Loan Agreement, the Company granted the Agent a security interest in substantially all of the Company’s personal property owned or later acquired, including intellectual property and the Commercial Business. The Loan Agreement also contains customary representations and warranties and affirmative and negative covenants, as well as customary events of default, including the delisting of its common stock from The Nasdaq Global Select Market. On May 24, 2022, the Company received a deficiency letter from the Nasdaq Stock Market LLC (“Nasdaq”) notifying it that, for 30 consecutive business days, the bid price of its common stock had closed below the $1.00 per share minimum bid price requirement for continued inclusion on Nasdaq pursuant to Nasdaq Listing Rule 5450(a)(1), and on July 6, 2022, the Company received another deficiency letter from Nasdaq notifying it that it was not in compliance with Nasdaq Listing Rule 5450(b)(2)(A), as the market value of its common stock was less than $50,000,000 for the previous 30 consecutive business days. Each of the deficiency letters indicated that if the Company is unable to cure such deficiency or otherwise regain compliance with the Nasdaq Listing Rules within 180 calendar days from the date of the respective deficiency letter, the Company’s common stock will be subject to delisting. Certain of the customary negative covenants limit the ability of the Company and certain of its subsidiaries, among other things, to incur future debt, grant liens, make investments, make acquisitions, distribute dividends, make certain restricted payments and sell assets, subject in each case to certain exceptions. ​ The Loan Agreement includes features requiring (i) additional interest rate upon an event of default accrued at an additional 5% , and (ii) the Lender’s right to declare all outstanding principal and interest immediately payable upon an event of default. These two features were analyzed and determined to be embedded derivatives to be valued as separate financial instruments. These embedded derivatives were bundled and valued as one compound derivative in accordance with the applicable accounting guidance for derivatives and hedging transactions. The Company determined that, due to the unlikely event of default, the embedded derivatives have a de minimis value as of June 30, 2022. The derivative liability will be remeasured at fair value at each reporting date, with changes in fair value being recorded as other income (expense) in the condensed consolidated statements of operations and comprehensive loss. In addition, in connection with the Loan Agreement, the Company paid certain fees to the Lender and other third-party service providers. The fees paid to the Lender were recorded as a debt discount while the fees paid to other third-party service providers were recorded as debt issuance cost. These costs are being amortized using the effective interest method over the term of the Loan Agreement. The amortization of debt discount and debt issuance cost is included in interest expense within the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2022, the effective interest rate was 11.43%, which takes into consideration the non-cash accretion of the exit fee and the amortization of the debt discount and issuance costs. On May 21, 2022, in connection with its entry into the Asset Purchase Agreement, the Company entered into an amendment to the Loan Agreement (the “Loan Amendment”). Pursuant to the Loan Amendment, the Lender and Agent consented to the entry by the Company into the Asset Purchase Agreement and the sale of the Commercial Business to Alcon and agreed to release its liens on the Commercial Business in consideration for the payment by the Company at the closing of the Alcon Transaction of an aggregate amount of $40,000 (the “Prepayment”) to the Lender and Agent, representing a partial prepayment of principal in the amount of $36,697 of the $80,000 principal amount outstanding under the term loan advanced by the Lender under the Loan Agreement, plus a prepayment fee of $734 and a final payment fee of $2,569. In addition, the Company was required to pay all accrued and unpaid interest on the principal amount of the term loan being repaid. In addition, under the Loan Amendment, the Lender and Agent agreed that, following the closing of the Alcon Transaction and the Prepayment, the Amortization Date would be extended from December 1, 2024 to January 1, 2026, at which time the aggregate principal balance of the term loan then outstanding under the Loan Agreement is required to be repaid in five monthly installments. Pursuant to the Loan Amendment, the Company may also make partial prepayments of the term loan to the Lender, subject to specified conditions, including the payment of applicable fees and accrued and unpaid interest on the principal amount of the term loan being repaid. On July 8, 2022, the Prepayment was paid in connection with the closing of Alcon Transaction, and as such, the Amortization Date was extended to January 1, 2026. See Note 17, “Subsequent Events” for more information. During the three months ended June 30, 2022, the Company recognized interest expense of $2,124 for the Loan Agreement and during the three months ended June 30, 2021, the Company recognized interest expense of $2,077 for the Athyrium Credit Facility This consisted of amortization of debt discount of $116 and $150 for the three months ended June 30, 2022 and June 30, 2021, respectively, accretion of the final payment fee of $323 and $217 for the three months ended June 30, 2022 and June 30, 2021, respectively, and the contractual coupon interest expense of $1,685 and $1,710 for the three months ended June 30, 2022 and June 30, 2021, respectively. for the Athyrium Credit Facility This consisted of amortization of debt discount of $229 and $390 for the six months ended June 30, 2022 and June 30, 2021, respectively, accretion of the final payment fee of $642 and $254 for the six months ended June 30, 2022 and June 30, 2021, respectively, and the contractual coupon interest expense of $3,285 and $3,562 for the six months ended June 30, 2022 and June 30, 2021, respectively. ​ The components of the carrying value of the debt as of June 30, 2022 and December 31, 2021 are detailed below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Principal loan balance ​ $ 80,000 ​ $ 80,000 Unamortized debt discount and issuance cost ​ ​ (1,698) ​ ​ (1,927) Cumulative accretion of exit fee ​ ​ 1,498 ​ ​ 856 Long-term debt, net ​ $ 79,800 ​ $ 78,929 ​ The annual principal payments due under the Loan Agreement as of June 30, 2022 were as follows: ​ ​ ​ ​ Years Ending December 31, ​ ​ 2022 (remaining six months) ​ $ — 2023 ​ ​ — 2024 ​ ​ 4,445 2025 ​ ​ 53,333 2026 ​ ​ 22,222 Total (1) ​ $ 80,000 (1) In connection with the entry into the Loan Amendment, the remaining principal payments all became due in the year ended December 31, 2026.

WARRANTS

WARRANTS	6 Months Ended
	Jun. 30, 2022
WARRANTS.
WARRANTS	11. WARRANTS The following table summarizes the common stock warrants outstanding as of June 30, 2022 and December 31, 2021, each exercisable into the number of shares of common stock set forth below as of the specified dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Exercisable at ​ ​ Exercise Expiration Exercisable June 30, December 31, Issued Price ​ Date ​ From ​ 2022 ​ 2021 2014 ​ $ 7.50 November 2024 July 2017 ​ 16,000 ​ 16,000 2016 ​ $ 8.27 October 2026 September 2017 ​ 14,512 ​ 14,512 2018 ​ $ 12.18 ​ October 2025 ​ October 2018 ​ 184,660 ​ 184,660 ​ ​ ​ ​ ​ ​ ​ ​ ​ 215,172 ​ 215,172 ​

EQUITY FINANCINGS

EQUITY FINANCINGS	6 Months Ended
	Jun. 30, 2022
EQUITY FINANCINGS
EQUITY FINANCINGS	12. EQUITY FINANCINGS On August 9, 2018, the Company filed a shelf registration statement on Form S-3 with the SEC, which was declared effective on August 27, 2018 (the “2018 Shelf Registration”) and registered up to $250,000 of a variety of securities, including common stock. Under the 2018 Shelf Registration, which expired in August 2021, the Company issued an aggregate of 30,549,976 shares of common stock, including under the ATM Offering, resulting in aggregate gross proceeds of $231,666. On May 7, 2020, the Company filed a shelf registration statement on Form S-3 with the SEC, which was declared effective on May 19, 2020 (the “2020 Shelf Registration”). Under the 2020 Shelf Registration, the Company may offer and sell up to $350,000 of a variety of securities including common stock, preferred stock, warrants, depositary shares, debt securities or units during the three-year period that commenced upon the 2020 Shelf Registration becoming effective. In connection with the filing of the 2020 Shelf Registration, the Company entered into an amended and restated sales agreement with Jefferies pursuant to which of $75,000 of its common stock under its ATM Offering through Jefferies, as a sales agent. Through December 31, 2021, the Company issued and sold an aggregate of 8,581,257 shares of its common stock under the ATM Offering, resulting in net proceeds of $61,843, which included 837,257 and 5,583,329 shares of common stock issued and sold during the three and six months ended June 30, 2021, respectively, resulting in net proceeds of $6,021 and $40,730, respectively. The Company did not sell any shares of its common stock under the ATM Offering during the six months ended June 30, 2022. As of June 30, 2022, there were $11,344 of shares of common stock remaining under the ATM Offering and, excluding the shares of common stock that may be offered under the ATM Offering, there was approximately $275,000 of securities available to be issued under the 2020 Shelf Registration.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	13. STOCK‑BASED COMPENSATION During the six months ended June 30, 2022, the Company granted options for the purchase of 4,001,408 shares of common stock, including options with performance criteria as described below, options to directors and inducement grant options to purchase 65,000 shares of common stock to new employees made outside of our 2017 Equity Incentive Plan and 345,865 restricted stock units. In January 2022, employees of the Company purchased an aggregate of 155,106 shares under the Employee Stock Purchase Plan. The assumptions used in determining fair value of the stock options granted during the six months ended June 30, 2022 are as follows: ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 Expected volatility 72.9% – 84.3% Risk-free interest rate 1.43% – 3.36% Expected dividend yield ​ 0% ​ Expected term (in years) 5.50 – 6.10 ​ During the six months ended June 30, 2022, the weighted average grant-date fair value of options granted was $0.83. In January 2022, the Company granted stock options to purchase up to 742,500 shares of common stock to certain executives tied to certain performance criteria. The options will vest, if at all, upon satisfying the performance criteria. The Company has assessed the probability of achievement of the performance criteria and has recorded related stock compensation expense to the extent they are determined to be probable as of June 30, 2022. ​ In June 2020, the Company issued 693,537 PSUs to certain executives and other employees tied to certain performance criteria, which vested as to 50% of the PSUs in October 2021 on the first anniversary of satisfying the performance criteria and the remaining 50% will vest upon the second anniversary of satisfying the performance criteria. The Company has determined that the performance criteria for these awards has been achieved but not all of the awards have vested as of June 30, 2022. As of June 30, 2022, a total of 853,478 RSUs and PSUs were outstanding, consisting of 680,478 unvested shares and 173,000 vested and deferred shares by directors. Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows for the three and six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Cost of product revenues ​ $ 114 ​ $ 37 ​ $ 162 ​ $ 71 Research and development ​ ​ 322 ​ ​ 986 ​ ​ 847 ​ ​ 1,952 Selling, general and administrative ​ ​ 1,480 ​ ​ 3,687 ​ ​ 3,712 ​ ​ 7,389 Total ​ $ 1,916 ​ $ 4,710 ​ $ 4,721 ​ $ 9,412 ​

LOSS PER SHARE

LOSS PER SHARE	6 Months Ended
	Jun. 30, 2022
LOSS PER SHARE
LOSS PER SHARE	​ ​ 14. LOSS PER SHARE ​ Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the three and six months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders $ (28,111) ​ $ (36,498) ​ $ (61,052) ​ $ (66,910) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic and diluted (1) ​ 73,676,819 ​ ​ 64,554,506 ​ ​ 73,658,924 ​ ​ 63,113,194 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share attributable to common stockholders, basic and diluted $ (0.38) ​ $ (0.57) ​ $ (0.83) ​ $ (1.06) (1) Included in the weighted-average common shares outstanding, basic and diluted for the three and six months ended June 30, 2022 is an aggregate of 973,565 shares of common stock that have been held back by the Company and will be issuable subject to the terms of the Merger Agreement to the Combangio Equityholders on the Escrow Release Date of February 15, 2023. The following potential common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect for the three and six months ended June 30: ​ ​ ​ ​ ​ ​ 2022 2021 Options to purchase shares of common stock 12,414,950 ​ 10,043,748 Unvested RSUs and PSUs 680,478 ​ 1,282,830 Unexercised warrants 215,172 ​ 215,172 ​ 13,310,600 ​ 11,541,750 ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	15. INCOME TAXES The Company did not record a provision or benefit for income taxes during the three and six months ended June 30, 2022 and 2021. The Company continues to maintain a full valuation allowance for its U.S. federal and state deferred tax assets. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its generation of limited revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence at each reporting period. Realization of the future tax benefits is dependent on many factors, including the Company’s ability to generate taxable income within the net operating loss carryforward period. Under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended, certain substantial changes in the Company’s ownership, including a sale of the Company, or significant changes in ownership due to sales of equity, may have limited, or may limit in the future, the amount of net operating loss carryforwards, which could be used annually to offset future taxable income. The Company previously completed an analysis and determined that an ownership change has materially limited the net operating loss carryforwards and research and development tax credits available to offset future tax liabilities. The Company may be further limited by any changes that may have occurred or may occur subsequent to December 31, 2021. The Company files its corporate income tax returns in the United States and various states. All tax years since the date of incorporation remain open to examination by the major taxing jurisdictions (state and federal) to which the Company is subject, as carryforward attributes generated in years past may still be adjusted upon examination by the Internal Revenue Service (“IRS”) or other authorities if they have or will be used in a future period. The Company is not currently under examination by the IRS or any other jurisdictions for any tax year. As of June 30, 2022 and December 31, 2021, the Company had no uncertain tax positions. The Company’s policy is to recognize interest and penalties related to income tax matters as a component of income tax expense, of which no interest or penalties were recorded for the three and six months ended June 30, 2022 and 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Johns Hopkins University License Agreement After 2016 and until the first commercial sale of product, which occurred in January 2019, the minimum annual payment was $38. Upon the first commercial sale of INVELTYS, the annual minimum payment increased to $113. The Company was obligated to pay JHU low single-digit running royalties based upon a percentage of net sales of the licensed products, which was applied to the annual minimum payment. During the three and six months ended June 30, 2022 and 2021, amounts paid to JHU for royalties were de minimis The Company paid JHU a $150 milestone payment during the six months ended June 30, 2021, which was triggered by the first commercial sale of EYSUVIS in the United States in December 2020. de minimis Stanford License Agreement agreement with Stanford (the “Stanford Agreement”), the Company has a worldwide, exclusive, sublicensable license under certain patent rights (“licensed patents”), directed to methods to promote eye wound healing, to make, have made, use, import, offer to sell and sell products (“licensed products”) that are covered by the licensed patents for use in all fields. Under the Stanford Agreement, the Company is required to pay Stanford annual license maintenance fees and milestone payments upon the achievement of specified development, regulatory and sales milestones, as well as tiered royalties on net sales of licensed products that are covered by a valid claim of a licensed patent. Amounts paid to Stanford in the three and six months ended June 30, 2022 were de minimis Litigation Other Commitments The commercial supply agreement contains annual minimum purchase requirements, which follow the contract year from July 1st to June 30th. The Company had the following remaining minimum purchase obligations for EYSUVIS and INVELTYS as of June 30, 2022: ​ ​ ​ ​ Years Ending December 31, ​ ​ 2022 (remaining six months) (1) ​ $ 3,033 2023 ​ ​ 6,190 2024 ​ ​ 6,380 2025 (2) ​ ​ 9,370 2026 (2) ​ ​ 7,028 Thereafter (2) ​ ​ 14,411 Total minimum purchase commitments ​ $ 46,412 (1) Amount presented is net of amounts paid towards the minimum purchase obligation as of June 30, 2022. (2) Beginning with the contract year July 1, 2025 to June 30, 2026, the minimum contract amounts above are 75% of the actual dollar value of the units ordered for commercial products, in the aggregate, in the contract year immediately prior to the applicable contract year. The table above assumes purchases are 75% of the prior year purchases in each contract year beginning July 1, 2025. ​ The commitments due under the commercial supply agreement for 2023 and beyond were transferred to Alcon upon the closing of the Alcon Transaction. ​ Contingencies related to the Merger Agreement

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS ​ Sale of Commercial Business to Alcon ​ On July 8, 2022, the Company closed the Alcon Transaction contemplated by the Asset Purchase Agreement, pursuant to which Alcon purchased the Commercial Business and assumed certain liabilities with respect to the Commercial Business. Alcon paid to the Company an upfront cash payment of $60,000 upon the closing of the Alcon Transaction. In addition, pursuant to the Asset Purchase Agreement, the Company is eligible to receive from Alcon up to four commercial-based sales milestone payments as follows: (1) $25,000 upon the achievement of $50,000 or more in aggregate worldwide net sales of EYSUVIS and INVELTYS in a calendar year from 2023 to 2028, (2) $65,000 upon the achievement of $100,000 or more in aggregate worldwide net sales of EYSUVIS and INVELTYS in a calendar year from 2023 to 2028, (3) $75,000 upon the achievement of $175,000 or more in aggregate worldwide net sales of EYSUVIS and INVELTYS in a calendar year from 2023 to 2029 and (4) $160,000 upon the achievement of $250,000 or more in aggregate worldwide net sales of EYSUVIS and INVELTYS in a calendar year from 2023 to 2029. Each milestone payment will only become payable once, if at all, upon the first time such milestone is achieved, and only one milestone payment will be paid with respect to a calendar year. In the event that more than one milestone is achieved in a calendar year, the higher milestone payment will become payable and the lower milestone payment will become payable only if the corresponding milestone is achieved again in a subsequent calendar year. ​ Pursuant to the Asset Purchase Agreement, on July 8, 2022, the Company entered into supply and commercial agreements under which the Company agreed to supply EYSUVIS and INVELTYS to Alcon and distribute EYSUVIS and INVELTYS to third-party customers of the Commercial Business on behalf of Alcon for a period of six months following the closing of the Alcon Transaction, subject to early termination. In addition, the Company entered into a transition services agreement under which the Company agreed to provide agreed upon transition services to Alcon on a cost-plus pricing arrangement for up to six months following the closing of the Alcon Transaction. Pursuant to the supply agreement, Alcon purchased from the Company, at the closing of the Alcon Transaction, $5,026 of EYSUVIS and INVELTYS inventory on-hand at the Company. ​ The Asset Purchase Agreement further provides that the Company and the Buyers will indemnify each other for losses arising from certain breaches of the Asset Purchase Agreement, including breaches of certain representations and warranties, and for certain other matters and subject to certain limitations as more fully described in the Asset Purchase Agreement. ​ Amendment to Loan and Security Agreement and Partial Prepayment ​ On May 21, 2022, in connection with its entry into the Asset Purchase Agreement, the Company entered into the Loan Amendment. Pursuant to the Loan Amendment, the Lender and Agent consented to the entry by the Company into the Asset Purchase Agreement and the sale of the Commercial Business to Alcon and agreed to release its liens on the Commercial Business in consideration for the Prepayment at the closing of the Alcon Transaction of an aggregate amount of $40,000 to the Lender and Agent. The Prepayment, which represented a partial prepayment of principal in the amount of $36,697 of the $80,000 principal amount outstanding under the term loan advanced by the Lender under the Loan Agreement, plus a prepayment fee of $734 and a final payment fee of $2,569, was paid on July 8, 2022 in connection with the closing of the Alcon Transaction. The Company was also required to pay all accrued and unpaid interest on the principal amount of the term loan being repaid. In addition, under the Loan Amendment, the Lender and Agent agreed that, following the closing of the Alcon Transaction and the Prepayment, the Amortization Date would be extended from December 1, 2024 to January 1, 2026, at which time the aggregate principal balance of the term loan then outstanding under the Loan Agreement is required to be repaid in five monthly installments. Pursuant to the Loan Amendment, the Company may also make partial prepayments of the term loan to the Lender, subject to specified conditions, including the payment of applicable fees and accrued and unpaid interest on the principal amount of the term loan being repaid. Workforce Reduction ​ On June 16, 2022, the Board of Directors of the Company committed to a course of action to terminate 113 employees, consisting of the Company’s entire commercial sales force and certain employees in its commercial, scientific, manufacturing, finance and administrative functions. The determination to proceed with the workforce reduction was made in the context of the anticipated closing of the Alcon Transaction and the Company’s determination to focus its resources on the development of KPI-012. ​ The Company expects to incur a charge of approximately $2,500 primarily in the third quarter of 2022 related to the workforce reduction, consisting of severance, benefits and related costs, all of which are anticipated to be paid prior to the end of the first quarter of 2023. The Company expects to substantially complete the workforce reduction by December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Assets Held for sale	Assets Held for Sale ​ The Company classifies its long-lived assets to be sold as held for sale, as specified by ASC 360, Property, Plant, and Equipment ​ As of June 30, 2022, certain assets met the criteria to be classified as held for sale in connection with the Alcon Transaction and the Company concluded that there was no impairment loss related to held for sale assets for the three or six months ended June 30, 2022. The Company reclassified the property and equipment, inventory, and certain other assets, which had a combined carrying value of $22,507, to current assets held for sale on the condensed consolidated balance sheet as of June 30, 2022. Fair value was determined based on the estimated proceeds from the sale of the Commercial Business utilizing the purchase price as defined in the Asset Purchase Agreement. The sale of these assets was completed on July 8, 2022. See Note 3, “Assets Held for Sale”, and Note 17, “Subsequent Events”, for additional information. There were no assets that met the criteria for classification as held for sale as of December 31, 2021.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) , public business entities that meet the definition of an SEC filer, excluding entities eligible to be , for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and for all other entities, including SRCs, The Company is currently evaluating the impact of the on its consolidated financial statements. The

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2022
ASSETS HELD FOR SALE
Schedule of the major categories of assets that have been reclassified to held for sale	​ ​ ​ ​ ​ ​ ​ June 30, ​ 2022 ​ ​ ​ ​ Inventories ​ $ 19,651 Prepaid expenses and other current assets ​ ​ 594 Property and equipment, net ​ ​ 1,828 Restricted cash and other long-term assets ​ ​ 434 Total assets held for sale ​ $ 22,507

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 34,184 ​ $ 34,184 ​ $ — ​ $ — Short-term investments ​ ​ 1,999 ​ ​ 1,999 ​ ​ — ​ ​ — Total Assets ​ $ 36,183 ​ $ 36,183 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred purchase consideration ​ $ 219 ​ $ — ​ $ — ​ $ 219 Contingent consideration ​ ​ 7,611 ​ ​ — ​ ​ — ​ ​ 7,611 Total Liabilities ​ $ 7,830 ​ $ — ​ $ — ​ $ 7,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 86,135 ​ $ 86,135 ​ $ — ​ $ — Total Assets ​ $ 86,135 ​ $ 86,135 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred purchase consideration ​ $ 7,892 ​ $ — ​ $ — ​ $ 7,892 Contingent consideration ​ ​ 8,658 ​ ​ — ​ ​ — ​ ​ 8,658 Total Liabilities ​ $ 16,550 ​ $ — ​ $ — ​ $ 16,550
Schedule of fair values of warrants, using the Black Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ ​ ​ Range Financial Instrument ​ 2022 ​ Valuation Technique ​ Unobservable Input ​ (Average) Deferred purchase consideration ​ $ 219 ​ Option pricing model ​ Discount for lack of marketability ​ 25% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 7,611 ​ Probability-adjusted ​ Period of expected milestone achievement ​ 2022 - 2027 (2025) ​ ​ ​ ​ ​ discounted cash flow model ​ Probabilities of achievement ​ 18.9% - 90.0% (42.5%) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 17.5% ​ ​ ​ ​ ​ ​ ​ Discount for lack of marketability ​ 20.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ Range Financial Instrument ​ 2021 ​ Valuation Technique ​ Unobservable Input ​ (Average) Deferred purchase consideration ​ $ 7,892 ​ Option pricing model ​ Discount for lack of marketability ​ 15.0% - 25.0% (20.0%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 8,658 ​ Probability-adjusted ​ Period of expected milestone achievement ​ 2022 - 2027 (2025) ​ ​ ​ ​ ​ discounted cash flow model ​ Probabilities of achievement ​ 18.9% - 90.0% (42.5%) ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 10.3% ​ ​ ​ ​ ​ ​ ​ Discount for lack of marketability ​ 12.0%
Schedule of changes in Level 3 fair value measurements	​ ​ ​ ​ ​ Deferred purchase consideration ​ ​ ​ Balance at January 1, 2022 ​ $ 7,892 Fair value adjustments ​ ​ 1,051 Settlements ​ ​ (7,935) Balance at March 31, 2022 ​ $ 1,008 Fair value adjustments ​ ​ (789) Balance at June 30, 2022 ​ $ 219 ​ ​ ​ ​ Contingent consideration ​ ​ ​ Balance at January 1, 2022 ​ $ 8,658 Fair value adjustments ​ ​ (988) Balance at March 31, 2022 ​ $ 7,670 Fair value adjustments ​ ​ (59) Balance at June 30, 2022 ​ $ 7,611

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
INVESTMENTS
Schedule of investments by security type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ ​ ​ Gross ​ Gross ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost ​ Gains ​ Losses ​ Value U.S. treasury securities $ 2,000 ​ $ — ​ $ (1) ​ $ 1,999 Total $ 2,000 ​ $ — ​ $ (1) ​ $ 1,999

REVENUE & ACCOUNTS RECEIVABLE_2

REVENUE & ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2022
REVENUE & ACCOUNTS RECEIVABLE, NET
Schedule of co-pay assistance program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade Discounts, ​ ​ ​ ​ ​ ​ ​ ​ Allowances and ​ ​ ​ ​ Rebates and ​ ​ Chargebacks (1) Product Returns (2) Incentives (3) Balance as of December 31, 2021 ​ $ 2,672 ​ $ 1,140 ​ $ 11,280 Provision related to current period sales ​ ​ 2,133 ​ ​ 210 ​ ​ 13,359 Changes in estimate related to prior period sales ​ ​ (1) ​ ​ (138) ​ ​ (242) Credit/payments made ​ ​ (3,261) ​ ​ (415) ​ ​ (10,108) Balance as of March 31, 2022 ​ $ 1,543 ​ $ 797 ​ $ 14,289 Provision related to current period sales ​ ​ 2,602 ​ ​ 214 ​ ​ 15,413 Changes in estimate related to prior period sales ​ ​ (41) ​ ​ (199) ​ ​ (107) Credit/payments made ​ ​ (2,041) ​ ​ (112) ​ ​ (14,878) Balance as of June 30, 2022 ​ $ 2,063 ​ $ 700 ​ $ 14,717 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade Discounts, ​ ​ ​ ​ ​ ​ ​ ​ Allowances and ​ ​ ​ ​ Rebates and ​ ​ Chargebacks (1) Product Returns (2) Incentives (3) Balance as of December 31, 2020 ​ $ 1,157 ​ $ 600 ​ $ 4,904 Provision related to current period sales ​ ​ 2,201 ​ ​ 245 ​ ​ 10,216 Changes in estimate related to prior period sales ​ ​ 3 ​ ​ 30 ​ ​ (26) Credit/payments made ​ ​ (1,823) ​ ​ (419) ​ ​ (7,880) Balance as of March 31, 2021 ​ $ 1,538 ​ $ 456 ​ $ 7,214 Provision related to current period sales ​ ​ 2,103 ​ ​ 356 ​ ​ 11,193 Changes in estimate related to prior period sales ​ ​ 30 ​ ​ 142 ​ ​ (353) Credit/payments made ​ ​ (2,260) ​ ​ (253) ​ ​ (9,801) Balance as of June 30, 2021 ​ $ 1,411 ​ $ 701 ​ $ 8,253 (1) Trade discounts, allowances and chargebacks include fees for distribution service fees, prompt pay and other discounts, and chargebacks. Estimated trade discounts, allowances and chargebacks are deducted from gross revenue at the time revenues are recognized and are recorded as a reduction to accounts receivable on the Company’s condensed consolidated balance sheets. (2) Estimated provisions for product returns are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. (3) Rebates and incentives include managed care rebates, government rebates, co-pay program incentives, and sales incentives and allowances. Estimated provisions for rebates and discounts are deducted from gross revenues at the time revenues are recognized and are included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets.

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2022
INVENTORY
Schedule of Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Raw materials ​ $ — ​ $ 1,328 Work in progress ​ ​ — ​ ​ 9,799 Finished goods ​ ​ 25 ​ ​ 7,090 Total inventory ​ $ 25 ​ $ 18,217

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Accrued revenue reserves (1) ​ $ 7,320 ​ $ 10,300 Compensation and benefits ​ ​ 5,480 ​ ​ 6,324 Commercial costs ​ ​ 2,293 ​ ​ 2,134 Professional services ​ ​ 1,147 ​ ​ 881 Contract manufacturing ​ ​ 1,075 ​ ​ 396 Development costs ​ ​ 522 ​ ​ 127 Other ​ ​ 469 ​ ​ 824 Accrued expenses ​ $ 18,306 ​ $ 20,986 (1) There were additional revenue reserves included in accounts payable of $8,097 and $2,120, as of June 30, 2022 and December 31, 2021, respectively.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Lease cost ​ ​ ​ ​ Operating lease cost ​ $ 219 ​ $ 1,268 ​ $ 395 ​ $ 2,484 Short-term lease cost ​ ​ 54 ​ ​ — ​ ​ 94 ​ ​ — Variable lease cost ​ ​ 179 ​ ​ 584 ​ ​ 626 ​ ​ 1,093 Total lease cost ​ $ 452 ​ $ 1,852 ​ $ 1,115 ​ $ 3,577 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ $ 251 ​ $ 1,659 ​ $ 970 ​ $ 3,243
Schedule of weighted average remaining lease term and weighted average discount rate of operating leases	​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 ​ 2021 Weighted average remaining lease term 0.8 years ​ 2.4 years Weighted average discount rate 10.2% ​ 2.6%

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
DEBT
Schedule of carrying value of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Principal loan balance ​ $ 80,000 ​ $ 80,000 Unamortized debt discount and issuance cost ​ ​ (1,698) ​ ​ (1,927) Cumulative accretion of exit fee ​ ​ 1,498 ​ ​ 856 Long-term debt, net ​ $ 79,800 ​ $ 78,929
Schedule of maturities of long-term debt	​ ​ ​ ​ Years Ending December 31, ​ ​ 2022 (remaining six months) ​ $ — 2023 ​ ​ — 2024 ​ ​ 4,445 2025 ​ ​ 53,333 2026 ​ ​ 22,222 Total (1) ​ $ 80,000 (1) In connection with the entry into the Loan Amendment, the remaining principal payments all became due in the year ended December 31, 2026.

WARRANTS (Tables)

WARRANTS (Tables)	6 Months Ended
	Jun. 30, 2022
WARRANTS.
Schedule of outstanding warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares Exercisable at ​ ​ Exercise Expiration Exercisable June 30, December 31, Issued Price ​ Date ​ From ​ 2022 ​ 2021 2014 ​ $ 7.50 November 2024 July 2017 ​ 16,000 ​ 16,000 2016 ​ $ 8.27 October 2026 September 2017 ​ 14,512 ​ 14,512 2018 ​ $ 12.18 ​ October 2025 ​ October 2018 ​ 184,660 ​ 184,660 ​ ​ ​ ​ ​ ​ ​ ​ ​ 215,172 ​ 215,172

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION
Schedule of assumptions used in determining fair value of the stock options granted	​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 Expected volatility 72.9% – 84.3% Risk-free interest rate 1.43% – 3.36% Expected dividend yield ​ 0% ​ Expected term (in years) 5.50 – 6.10
Schedule of stock based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Cost of product revenues ​ $ 114 ​ $ 37 ​ $ 162 ​ $ 71 Research and development ​ ​ 322 ​ ​ 986 ​ ​ 847 ​ ​ 1,952 Selling, general and administrative ​ ​ 1,480 ​ ​ 3,687 ​ ​ 3,712 ​ ​ 7,389 Total ​ $ 1,916 ​ $ 4,710 ​ $ 4,721 ​ $ 9,412

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
LOSS PER SHARE
Schedule of computation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common stockholders $ (28,111) ​ $ (36,498) ​ $ (61,052) ​ $ (66,910) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding, basic and diluted (1) ​ 73,676,819 ​ ​ 64,554,506 ​ ​ 73,658,924 ​ ​ 63,113,194 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share attributable to common stockholders, basic and diluted $ (0.38) ​ $ (0.57) ​ $ (0.83) ​ $ (1.06) (1) Included in the weighted-average common shares outstanding, basic and diluted for the three and six months ended June 30, 2022 is an aggregate of 973,565 shares of common stock that have been held back by the Company and will be issuable subject to the terms of the Merger Agreement to the Combangio Equityholders on the Escrow Release Date of February 15, 2023.
Schedule of outstanding securities excluded from the computation of diluted weighted average shares outstanding as they would have been anti-dilutive	​ ​ ​ ​ ​ ​ 2022 2021 Options to purchase shares of common stock 12,414,950 ​ 10,043,748 Unvested RSUs and PSUs 680,478 ​ 1,282,830 Unexercised warrants 215,172 ​ 215,172 ​ 13,310,600 ​ 11,541,750

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES.
Schedule of minimum purchase obligations	​ ​ ​ ​ Years Ending December 31, ​ ​ 2022 (remaining six months) (1) ​ $ 3,033 2023 ​ ​ 6,190 2024 ​ ​ 6,380 2025 (2) ​ ​ 9,370 2026 (2) ​ ​ 7,028 Thereafter (2) ​ ​ 14,411 Total minimum purchase commitments ​ $ 46,412 (1) Amount presented is net of amounts paid towards the minimum purchase obligation as of June 30, 2022. (2) Beginning with the contract year July 1, 2025 to June 30, 2026, the minimum contract amounts above are 75% of the actual dollar value of the units ordered for commercial products, in the aggregate, in the contract year immediately prior to the applicable contract year. The table above assumes purchases are 75% of the prior year purchases in each contract year beginning July 1, 2025.

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 08, 2022	Jun. 30, 2022	Dec. 31, 2021	Nov. 15, 2021
Acquisition of Combangio, Inc
Accumulated deficit		$ 603,440	$ 542,388
Loan and Security Agreement with Oxford Finance LLC
Acquisition of Combangio, Inc
Upfront payment		$ 40,000
Loan and Security Agreement with Oxford Finance LLC | Subsequent Events
Acquisition of Combangio, Inc
Debt repayments	$ 40,000
Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations | Subsequent Events
Acquisition of Combangio, Inc
Amount receivable upon the achievement of specified commercial sales-based milestones	325,000
Upfront payment	60,000
Proceeds from inventory transfer	$ 5,026
Combangio, Inc | Maximum
Acquisition of Combangio, Inc
Contingent milestone consideration				$ 105,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Disposed of by sale not discontinued operations - Commercial Business Sale to Alcon $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss related to held for sale assets	$ 0	$ 0
Assets reclassified to current assets held for sale	$ 22,507	$ 22,507

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Major categories of assets that have been reclassified to held for sale on the condensed consolidated balance sheet a
Inventories	$ 19,651	$ 19,651
Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets reclassified to current assets held for sale	22,507	22,507
Impairment loss related to held for sale assets	0	0
Transaction costs	758	758
Major categories of assets that have been reclassified to held for sale on the condensed consolidated balance sheet a
Inventories	19,651	19,651
Prepaid expenses and other current assets	594	594
Property and equipment, net	1,828	1,828
Restricted cash and other long-term assets	434	434
Total assets held for sale	$ 22,507	$ 22,507

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Nov. 15, 2021	Jun. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settled liability upon the issuance of Upfront Shares			$ 7,935
Gain (loss) on fair value remeasurement of deferred purchase consideration		$ 789	$ (262)
Shares Not Issued Until Escrow Release date of February 15, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares		973,565	973,565
Combangio, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares	7,788,637
Combangio, Inc | Shares Issued on January 3, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares	6,815,072
Combangio, Inc | Shares Not Issued Until Escrow Release date of February 15, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares	973,565
Combangio, Inc | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent milestone consideration	$ 105,000

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring and Nonrecurring Fair value Measurements Within Hierarchy (Details) - Fair Value - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets Measured on Recurring and Non recurring Basis
Financial assets by level within fair value hierarchy	$ 36,183	$ 86,135
Fair Value Liabilities Measured on Recurring and Non recurring Basis
Financial liabilities by level within fair value hierarchy	7,830	16,550
Deferred purchase consideration
Fair Value Liabilities Measured on Recurring and Non recurring Basis
Financial liabilities by level within fair value hierarchy	219	7,892
Contingent Consideration
Fair Value Liabilities Measured on Recurring and Non recurring Basis
Financial liabilities by level within fair value hierarchy	7,611	8,658
Cash equivalents
Fair Value Assets Measured on Recurring and Non recurring Basis
Financial assets by level within fair value hierarchy	34,184	86,135
Short-term investments.
Fair Value Assets Measured on Recurring and Non recurring Basis
Financial assets by level within fair value hierarchy	1,999
Level 1
Fair Value Assets Measured on Recurring and Non recurring Basis
Financial assets by level within fair value hierarchy	36,183	86,135
Level 1 | Cash equivalents
Fair Value Assets Measured on Recurring and Non recurring Basis
Financial assets by level within fair value hierarchy	34,184	86,135
Level 1 | Short-term investments.
Fair Value Assets Measured on Recurring and Non recurring Basis
Financial assets by level within fair value hierarchy	1,999
Level 3
Fair Value Liabilities Measured on Recurring and Non recurring Basis
Financial liabilities by level within fair value hierarchy	7,830	16,550
Level 3 | Deferred purchase consideration
Fair Value Liabilities Measured on Recurring and Non recurring Basis
Financial liabilities by level within fair value hierarchy	219	7,892
Level 3 | Contingent Consideration
Fair Value Liabilities Measured on Recurring and Non recurring Basis
Financial liabilities by level within fair value hierarchy	$ 7,611	$ 8,658

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative information and assumptions (Details) - Level 3 $ in Thousands	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Deferred purchase consideration
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Financial liabilities by level within fair value hierarchy	$ 219	$ 7,892
Deferred purchase consideration | Option pricing model | Discount for lack of marketability
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input	25
Deferred purchase consideration | Option pricing model | Discount for lack of marketability | Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input		15
Deferred purchase consideration | Option pricing model | Discount for lack of marketability | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input		25
Deferred purchase consideration | Option pricing model | Discount for lack of marketability | Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input		20
Contingent Consideration
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Financial liabilities by level within fair value hierarchy	$ 7,611	$ 8,658
Contingent Consideration | Discounted cash flow model | Discount for lack of marketability
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input	20	12
Contingent Consideration | Discounted cash flow model | Probabilities of achievement | Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input	18.9	18.9
Contingent Consideration | Discounted cash flow model | Probabilities of achievement | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input	90	90
Contingent Consideration | Discounted cash flow model | Probabilities of achievement | Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input	42.5	42.5
Contingent Consideration | Discounted cash flow model | Discount rate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Measurement input	17.5	10.3

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair value measurement levels (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Transfer from level 1 to level 2, Assets	$ 0		$ 0	$ 0
Transfer from level 2 to level 1, Assets	0		0	0
Transfer from level 1 to level 2, Liability	0		0	0
Transfer from level 2 to level 1, Liability	0		0	0
Transfer into level 3, Assets	0		0	0
Transfer out of level 3, Assets	0		0	0
Transfer into level 3, Liability	0		0	0
Transfer out of level 3, Liability	0		0	0
Settlements			(7,935)
Level 3 | Deferred purchase consideration
Beginning balance	1,008	$ 7,892	7,892
Fair value adjustments	(789)	1,051
Settlements		(7,935)
Ending balance	219	1,008	219	7,892
Level 3 | Contingent Consideration
Beginning balance	7,670	8,658	8,658
Fair value adjustments	(59)	(988)
Settlements	59		1,047
Ending balance	$ 7,611	$ 7,670	$ 7,611	$ 8,658

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Investments by security type
Amortized Cost	$ 2,000
Gross Unrealized Losses	(1)
Fair Value	$ 1,999	$ 0
Investments contractual maturity term	1 year
U.S. treasury securities
Investments by security type
Amortized Cost	$ 2,000
Gross Unrealized Losses	(1)
Fair Value	$ 1,999

REVENUE & ACCOUNTS RECEIVABLE_3

REVENUE & ACCOUNTS RECEIVABLE, NET - Product Revenue Provision and Allowance Categories (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Product Information [Line Items]
Allowance for doubtful accounts	$ 0				$ 0
Sales discounts and contractual fee for service arrangements
Product Information [Line Items]
Beginning balance		$ 2,672
Ending balance	2,063
Trade Discounts, Allowances and Chargebacks
Product Information [Line Items]
Beginning balance	1,543	2,672	$ 1,538	$ 1,157
Provision related to current period sales	2,602	2,133	2,103	2,201
Changes in estimate related to prior period sales	(41)	(1)	30	3
Credit/payments made	(2,041)	(3,261)	(2,260)	(1,823)
Ending balance	2,063	1,543	1,411	1,538
Product Returns
Product Information [Line Items]
Beginning balance	797	1,140	456	600
Provision related to current period sales	214	210	356	245
Changes in estimate related to prior period sales	(199)	(138)	142	30
Credit/payments made	(112)	(415)	(253)	(419)
Ending balance	700	797	701	456
Rebates and Incentives
Product Information [Line Items]
Beginning balance	14,289	11,280	7,214	4,904
Provision related to current period sales	15,413	13,359	11,193	10,216
Changes in estimate related to prior period sales	(107)	(242)	(353)	(26)
Credit/payments made	(14,878)	(10,108)	(9,801)	(7,880)
Ending balance	$ 14,717	$ 14,289	$ 8,253	$ 7,214

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORY
Raw Materials		$ 1,328
Work in Progress		9,799
Finished Goods	$ 25	7,090
Total inventory	25	18,217
Current inventory	25	8,639
Inventories classified as held for sale	$ 19,651
Long-term inventory		$ 9,578

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued revenue reserves (1)	$ 7,320	$ 10,300
Compensation and benefits	5,480	6,324
Commercial costs	2,293	2,134
Professional services	1,147	881
Contract manufacturing	1,075	396
Development costs	522	127
Other	469	824
Accrued expenses	18,306	20,986
Accounts payable
Accrued revenue reserves (1)	$ 8,097	$ 2,120

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Leases
Short-term restricted cash			$ 450		$ 450		$ 2,042
Term of vehicle lease					2 months
Amount borrowed			450		$ 450		$ 450
Lease cost
Operating lease cost			219	$ 1,268	395	$ 2,484
Short-term lease cost			54		94
Variable lease cost			179	584	626	1,093
Total lease cost			452	1,852	1,115	3,577
Operating cash outflows from operating leases			$ 251	$ 1,659	$ 970	$ 3,243
Weighted average remaining lease term			9 months 18 days		9 months 18 days		2 years 4 months 24 days
Weighted average discount rate			10.20%		10.20%		2.60%
Watertown Lease
Leases
Lease term	8 years
Existence of option to extend	true
Payment received from lease termination		$ 2,000
Restricted cash			$ 2,042		$ 2,042
Renewal term	5 years
Watertown Lease | Gain on lease termination
Leases
Remeasured the lease liability and right-of-use asset and recognized					$ 1,311

DEBT- Athyrium Credit Facility

DEBT- Athyrium Credit Facility (Details) $ in Thousands			3 Months Ended	6 Months Ended	12 Months Ended
	May 04, 2021 USD ($)	Oct. 01, 2018 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Aggregate principal amount					$ 80,000	$ 80,000
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Restricted Cash And Other Assets Noncurrent
Loss on extinguishment of debt			$ 5,395	$ 5,395
Athyrium Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount							$ 75,000
Restricted Cash	$ 10,000
Prepayment fees paid	2,250
Exit fees paid	$ 750
Loss on extinguishment of debt					$ (5,395)
Athyrium
Debt Instrument [Line Items]
Number of derivatives | item						1
Athyrium | Athyrium Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount		$ 110,000
Debt term (in years)		6 years
Additional interest rate upon an event of default accrued (as a percent)		5%
Athyrium | Tranche A term loan
Debt Instrument [Line Items]
Aggregate principal amount		$ 75,000
Interest rate (as a percent)		9.875%
Athyrium | Contingent tranche B term loan
Debt Instrument [Line Items]
Aggregate principal amount		$ 35,000

DEBT - Oxford Finance Loan and

DEBT - Oxford Finance Loan and Security Agreement (Details) $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 08, 2022 USD ($) installment	May 04, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Debt instruments
Aggregate principal amount			$ 80,000		$ 80,000		$ 80,000
Interest expense			2,207	$ 2,091	4,242	$ 4,232
Athyrium Credit Facility
Debt instruments
Aggregate principal amount								$ 75,000
Amount of principal outstanding			80,000		80,000
Prepayment fees paid		$ 2,250
Accretion of final prepayment fee			323	217	642	254
Interest expense			2,124	2,077	4,156	4,206
Amortization of debt discount			116	150	229	390
Contractual coupon interest			$ 1,685	$ 1,710	$ 3,285	$ 3,562
Loan and Security Agreement with Oxford Finance LLC
Debt instruments
Aggregate principal amount		$ 125,000
Floating interest rate (as a percent)		0.11%
Facility fees paid		$ 400
Percentage of final payment fees		7%
Effective interest rate			11.43%		11.43%
Loan and Security Agreement with Oxford Finance LLC | Subsequent Events
Debt instruments
Debt repayments	$ 40,000
Partial prepayment	36,697
Amount of principal outstanding	80,000
Prepayment fees paid	734
Final prepayment fee	$ 2,569
Number of monthly installments | installment	5
Loan and Security Agreement with Oxford Finance LLC | Neither the tranche B term loan nor the tranche C term loan is made
Debt instruments
Duration of periodic monthly payment installments under a scenario		18 months
Loan and Security Agreement with Oxford Finance LLC | Either tranche B term loan nor tranche C term loan is made
Debt instruments
Duration of periodic monthly payment installments under a scenario		12 months
Loan and Security Agreement with Oxford Finance LLC | 30-day LIBOR
Debt instruments
Spread on variable rate		7.89%
Tranche A term loan
Debt instruments
Aggregate principal amount		$ 80,000
Contingent tranche B term loan
Debt instruments
Aggregate principal amount		$ 20,000
Revenue achievement trailing period		6 months
Minimum target revenue		$ 75,000
Facility fees paid		100
Contingent tranche C term loan
Debt instruments
Aggregate principal amount		$ 25,000
Revenue achievement trailing period		6 months
Minimum target revenue		$ 100,000
Facility fees paid		$ 125

DEBT - Carrying Value (Details)

DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
DEBT
Principal Loan Balance	$ 80,000	$ 80,000
Unamortized debt discount and issuance cost	(1,698)	(1,927)
Cumulative accretion of exit fee	1,498	856
Long-term debt, net	$ 79,800	$ 78,929

DEBT - Future annual principal

DEBT - Future annual principal payments (Details) - Athyrium Credit Facility $ in Thousands	Jun. 30, 2022 USD ($)
Maturities of long-term debt
2024	$ 4,445
2025	53,333
2026	22,222
Total	$ 80,000

WARRANTS (Details)

WARRANTS (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Preferred stock warrants
Shares Exercisable	215,172	215,172
Warrants 2014
Preferred stock warrants
Exercise Price	$ 7.50
Shares Exercisable	16,000	16,000
Warrants 2016
Preferred stock warrants
Exercise Price	$ 8.27
Shares Exercisable	14,512	14,512
Warrants 2018
Preferred stock warrants
Exercise Price	$ 12.18
Shares Exercisable	184,660	184,660

EQUITY FINANCINGS (Details)

EQUITY FINANCINGS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	May 07, 2020	Aug. 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Jun. 30, 2022	Aug. 27, 2018
Shelf Registration
Equity Offerings
Additional authorized value of securities						$ 275,000
Common stock offering, net of issuance cost and underwriting fees (in shares)		30,549,976
Common stock offering, net of issuance cost and underwriting fees		$ 231,666
Registration period	3 years
Shelf Registration | Maximum
Equity Offerings
Additional authorized value of securities	$ 350,000						$ 250,000
ATM
Equity Offerings
Additional authorized value of securities						$ 11,344
Common stock offering, net of issuance cost and underwriting fees (in shares)			837,257	5,583,329	8,581,257
Net proceeds			$ 6,021	$ 40,730	$ 61,843
ATM | Maximum
Equity Offerings
Additional authorized value of securities	$ 75,000

STOCK-BASED COMPENSATION - Indu

STOCK-BASED COMPENSATION - Inducement Stock Option Awards (Details) - $ / shares	1 Months Ended	6 Months Ended
	Jan. 31, 2022	Jun. 30, 2022
Stock-based compensation
Granted (in shares)		4,001,408
Weighted average grant date fair value of options granted		$ 0.83
Stock Options
Stock-based compensation
Granted (in shares)		65,000
Stock Options | Executive Officer | Maximum
Stock-based compensation
Number of common stock issuable upon exercise of rights under equity compensation plans	742,500
ESPP
Stock-based compensation
Issuance of common stock under employee stock purchase plan (in shares)	155,106
RSU
Stock-based compensation
Granted (in shares)		345,865

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details)	6 Months Ended
	Jun. 30, 2022
Assumptions used in determining fair value of the stock options granted
Expected volatility (minimum)	72.90%
Expected volatility (maximum)	84.30%
Risk-free interest rate (minimum)	1.43%
Risk-free interest rate (maximum)	3.36%
Expected dividend yield	0%
Minimum
Assumptions used in determining fair value of the stock options granted
Expected term (in years)	5 years 6 months
Maximum
Assumptions used in determining fair value of the stock options granted
Expected term (in years)	6 years 1 month 6 days

STOCK-BASED COMPENSATION - RSUs

STOCK-BASED COMPENSATION - RSUs and PSUs (Details)	1 Months Ended
	Jun. 30, 2020 shares	Jun. 30, 2022 USD ($) shares
RSU and PSU
Stock-based compensation
Outstanding balance at end of period (in shares)		853,478
Unvested outstanding balance at end of period (in shares) | $		680,478
Vested and deferred (in shares)		173,000
Executive Officer | PSU | First anniversary
Stock-based compensation
Granted (in shares)	693,537
Vesting percentage	50%
Executive Officer | PSU | Second anniversary
Stock-based compensation
Vesting percentage	50%

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation
Stock based compensation expense	$ 1,916	$ 4,710	$ 4,721	$ 9,412
Cost of product revenues
Stock-based compensation
Stock based compensation expense	114	37	162	71
Research and development
Stock-based compensation
Stock based compensation expense	322	986	847	1,952
Selling, general and administrative
Stock-based compensation
Stock based compensation expense	$ 1,480	$ 3,687	$ 3,712	$ 7,389

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net loss attributable to common stockholders	$ (28,111)	$ (36,498)	$ (61,052)	$ (66,910)
Numerator:
Weighted Average Number of Shares Outstanding, Basic	73,676,819	64,554,506	73,658,924	63,113,194
Weighted Average Number of Shares Outstanding, Diluted	73,676,819	64,554,506	73,658,924	63,113,194
Denominator:
Net loss per share-basic (in dollar per share)	$ (0.38)	$ (0.57)	$ (0.83)	$ (1.06)
Net loss per share- diluted (in dollar per share)	$ (0.38)	$ (0.57)	$ (0.83)	$ (1.06)
Shares Not Issued Until Escrow Release date of February 15, 2023
Denominator:
Number of shares	973,565		973,565

LOSS PER SHARE - Antidilutive s

LOSS PER SHARE - Antidilutive securities (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Outstanding securities excluded from the computation of diluted weighted average shares outstanding as they would have been anti dilutive:
Outstanding securities excluded from the computation of diluted weighted average shares outstanding (in shares)	13,310,600	11,541,750
Stock Options
Outstanding securities excluded from the computation of diluted weighted average shares outstanding as they would have been anti dilutive:
Outstanding securities excluded from the computation of diluted weighted average shares outstanding (in shares)	12,414,950	10,043,748
RSU and PSU
Outstanding securities excluded from the computation of diluted weighted average shares outstanding as they would have been anti dilutive:
Outstanding securities excluded from the computation of diluted weighted average shares outstanding (in shares)	680,478	1,282,830
Warrants
Outstanding securities excluded from the computation of diluted weighted average shares outstanding as they would have been anti dilutive:
Outstanding securities excluded from the computation of diluted weighted average shares outstanding (in shares)	215,172	215,172

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
INCOME TAXES
Uncertain tax positions	$ 0		$ 0		$ 0
Interest or penalties recorded	$ 0	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - License Agreement (Details) - The Johns Hopkins University ("JHU") $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Contingencies
Minimum annual payment	$ 38
License fee, if the company achieves the first commercial sale	113
Milestone payment	$ 150

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Purchase obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES.
2022 (remaining six months)	$ 3,033
2023	6,190
2024	6,380
2025	9,370
2026	7,028
Thereafter	14,411
Total minimum purchase commitments	$ 46,412
Minimum contract amount (as a percent)	75%

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Contingencies related to the Merger Agreement (Details) - Combangio, Inc $ in Thousands	Nov. 15, 2021 USD ($)
Other Commitments [Line Items]
Contingent upon specified development, regulatory and commercialization milestones	$ 40,000
Achievement of sales based milestone relating to KPI-012 product
Other Commitments [Line Items]
Potential maximum payout for contingent consideration	$ 65,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands		3 Months Ended
	Jul. 08, 2022 USD ($) installment item	Sep. 30, 2022 USD ($)	Jun. 16, 2022 employee
Subsequent Event [Line Items]
Number of employees to be terminated | employee			113
Subsequent Events | Forecast
Subsequent Event [Line Items]
Workforce reduction costs		$ 2,500
Subsequent Events | Loan and Security Agreement with Oxford Finance LLC
Subsequent Event [Line Items]
Debt repayments	$ 40,000
Partial prepayment	36,697
Amount of principal outstanding	80,000
Prepayment fees paid	734
Final prepayment fee	$ 2,569
Number of monthly installments | installment	5
Subsequent Events | Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations
Subsequent Event [Line Items]
Upfront payment	$ 60,000
Number of commercial-based sales milestone payments | item	4
Amount receivable upon the achievement of specified commercial sales-based milestones	$ 325,000
Proceeds from inventory transfer	5,026
Subsequent Events | Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations | Achievement of $50,000 or more in aggregate worldwide net sales
Subsequent Event [Line Items]
Sales based milestone achivement	50,000
Amount receivable upon the achievement of specified commercial sales-based milestones	25,000
Subsequent Events | Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations | Achievement of $100,000 or more in aggregate worldwide net sales
Subsequent Event [Line Items]
Sales based milestone achivement	100,000
Amount receivable upon the achievement of specified commercial sales-based milestones	65,000
Subsequent Events | Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations | Achievement of $175,000 or more in aggregate worldwide net sales
Subsequent Event [Line Items]
Sales based milestone achivement	175,000
Amount receivable upon the achievement of specified commercial sales-based milestones	75,000
Subsequent Events | Commercial Business Sale to Alcon | Disposed of by sale not discontinued operations | Achievement of $250,000 or more in aggregate worldwide net sales
Subsequent Event [Line Items]
Sales based milestone achivement	250,000
Amount receivable upon the achievement of specified commercial sales-based milestones	$ 160,000