Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38241 | |
Entity Registrant Name | OPTINOSE, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1771610 | |
Entity Address, Address Line One | 1020 Stony Hill Road | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Yardley | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19067 | |
City Area Code | 267 | |
Local Phone Number | 364-3500 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | OPTN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,309,012 | |
Entity Central Index Key | 0001494650 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 93,916 | $ 144,156 |
Accounts receivable, net | 20,715 | 23,394 |
Inventory | 13,303 | 9,042 |
Prepaid expenses and other current assets | 4,660 | 4,060 |
Total current assets | 132,594 | 180,652 |
Property and equipment, net | 1,685 | 2,028 |
Other assets | 5,236 | 6,133 |
Total assets | 139,515 | 188,813 |
Current liabilities: | ||
Accounts payable | 3,471 | 5,489 |
Accrued expenses and other current liabilities | 43,327 | 46,683 |
Total current liabilities | 46,798 | 52,172 |
Long-term debt, net | 126,043 | 125,202 |
Other liabilities | 3,747 | 4,651 |
Total liabilities | 176,588 | 182,025 |
Stockholders' equity (deficit): | ||
Common stock, $0.001 par value; 200,000,000 shares authorized at June 30, 2021 and December 31, 2020; 53,285,133 and 52,945,865 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 53 | 53 |
Additional paid-in capital | 540,277 | 534,585 |
Accumulated deficit | (577,320) | (527,765) |
Accumulated other comprehensive loss | (83) | (85) |
Total stockholders' equity (deficit) | (37,073) | 6,788 |
Total liabilities and stockholders' equity (deficit) | $ 139,515 | $ 188,813 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Shares authorized (in shares) | 200,000,000 | 200,000,000 |
Shares issued (in shares) | 53,285,133 | 52,945,865 |
Shares outstanding (in shares) | 53,285,133 | 52,945,865 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total revenues | $ 18,357 | $ 10,272 | $ 30,317 | $ 17,334 |
Costs and expenses: | ||||
Cost of product sales | 2,425 | 1,700 | 4,165 | 3,056 |
Research and development | 8,179 | 5,474 | 13,404 | 10,406 |
Selling, general and administrative | 27,308 | 25,697 | 54,493 | 52,757 |
Total operating expenses | 37,912 | 32,871 | 72,062 | 66,219 |
Loss from operations | (19,555) | (22,599) | (41,745) | (48,885) |
Other (income) expense: | ||||
Interest income | (12) | (33) | (33) | (365) |
Interest expense | 4,012 | 3,293 | 7,888 | 6,156 |
Foreign currency (gains) losses | 14 | (7) | 22 | 32 |
Gain on sale of equipment | (67) | 0 | (67) | 0 |
Net loss | $ (23,502) | $ (25,852) | $ (49,555) | $ (54,708) |
Net loss per share of common stock, basic (in USD per share) | $ (0.44) | $ (0.56) | $ (0.93) | $ (1.19) |
Net loss per share of common stock — diluted (in USD per share) | $ (0.44) | $ (0.56) | $ (0.93) | $ (1.19) |
Weighted average common shares outstanding — basic (in shares) | 53,120,574 | 45,908,104 | 53,059,492 | 45,907,133 |
Weighted average common shares outstanding — diluted (in shares) | 53,120,574 | 45,908,104 | 53,059,492 | 45,907,133 |
Net product revenues | ||||
Total revenues | $ 18,357 | $ 10,272 | $ 29,317 | $ 17,334 |
Licensing revenues | ||||
Total revenues | $ 0 | $ 0 | $ 1,000 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (23,502) | $ (25,852) | $ (49,555) | $ (54,708) |
Other comprehensive loss: | ||||
Foreign currency translation adjustment | 0 | (5) | 2 | (30) |
Comprehensive loss | $ (23,502) | $ (25,857) | $ (49,553) | $ (54,738) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2019 | 45,906,162 | ||||
Beginning balance at Dec. 31, 2019 | $ 61,583 | $ 46 | $ 489,565 | $ (427,980) | $ (48) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation expense | 2,429 | 2,429 | |||
Foreign currency translation adjustment | (25) | (25) | |||
Net loss | (28,856) | (28,856) | |||
Ending balance at Mar. 31, 2020 | 35,131 | $ 46 | 491,994 | (456,836) | (73) |
Ending balance (in shares) at Mar. 31, 2020 | 45,906,162 | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 45,906,162 | ||||
Beginning balance at Dec. 31, 2019 | 61,583 | $ 46 | 489,565 | (427,980) | (48) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (54,708) | ||||
Ending balance at Jun. 30, 2020 | 12,609 | $ 46 | 495,329 | (482,688) | (78) |
Ending balance (in shares) at Jun. 30, 2020 | 45,992,273 | ||||
Beginning balance (in shares) at Mar. 31, 2020 | 45,906,162 | ||||
Beginning balance at Mar. 31, 2020 | 35,131 | $ 46 | 491,994 | (456,836) | (73) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation expense | 2,748 | 2,748 | |||
Exercise of common stock options (in shares) | 15,806 | ||||
Exercise of common stock options | 71 | 71 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 70,305 | ||||
Issuance of common stock under employee stock purchase plan | 516 | 516 | |||
Foreign currency translation adjustment | (5) | (5) | |||
Net loss | (25,852) | (25,852) | |||
Ending balance at Jun. 30, 2020 | 12,609 | $ 46 | 495,329 | (482,688) | (78) |
Ending balance (in shares) at Jun. 30, 2020 | 45,992,273 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 52,945,865 | ||||
Beginning balance at Dec. 31, 2020 | 6,788 | $ 53 | 534,585 | (527,765) | (85) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation expense | 2,596 | 2,596 | |||
Vesting of restricted stock units (in shares) | 166,709 | ||||
Foreign currency translation adjustment | 2 | 2 | |||
Net loss | (26,053) | (26,053) | |||
Ending balance at Mar. 31, 2021 | (16,667) | $ 53 | 537,181 | (553,818) | (83) |
Ending balance (in shares) at Mar. 31, 2021 | 53,112,574 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 52,945,865 | ||||
Beginning balance at Dec. 31, 2020 | 6,788 | $ 53 | 534,585 | (527,765) | (85) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (49,555) | ||||
Ending balance at Jun. 30, 2021 | (37,073) | $ 53 | 540,277 | (577,320) | (83) |
Ending balance (in shares) at Jun. 30, 2021 | 53,285,133 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 53,112,574 | ||||
Beginning balance at Mar. 31, 2021 | (16,667) | $ 53 | 537,181 | (553,818) | (83) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock compensation expense | 2,729 | 2,729 | |||
Vesting of restricted stock units (in shares) | 37,034 | ||||
Issuance of common stock under employee stock purchase plan (in shares) | 135,525 | ||||
Issuance of common stock under employee stock purchase plan | 367 | 367 | |||
Foreign currency translation adjustment | 0 | 0 | |||
Net loss | (23,502) | (23,502) | |||
Ending balance at Jun. 30, 2021 | $ (37,073) | $ 53 | $ 540,277 | $ (577,320) | $ (83) |
Ending balance (in shares) at Jun. 30, 2021 | 53,285,133 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (49,555) | $ (54,708) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation and amortization | 324 | 563 |
Stock-based compensation | 5,343 | 5,232 |
Amortization of debt discount and issuance costs | 861 | 570 |
Gain on sale of equipment | (67) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,679 | (453) |
Grants and other receivables | 0 | 0 |
Prepaid expenses and other assets | 451 | 1,244 |
Inventory | (4,218) | (2,620) |
Accounts payable | (1,900) | 253 |
Accrued expenses and other liabilities | (4,436) | (1,599) |
Cash used in operating activities | (50,518) | (51,518) |
Investing activities: | ||
Purchases of property and equipment | (115) | (309) |
Proceeds from sale of property and equipment | 105 | 0 |
Cash used in investing activities | (10) | (309) |
Financing activities: | ||
Proceeds from long-term debt | 0 | 34,447 |
Repayment of long-term debt | 0 | (4,447) |
Cash paid for financing costs | (91) | (637) |
Proceeds from issuance of common stock under employee stock purchase plan | 367 | 516 |
Proceeds from the exercise of stock options | 0 | 71 |
Cash provided by financing activities | 276 | 29,950 |
Effects of exchange rate changes on cash and cash equivalents | 0 | (9) |
Net decrease in cash, cash equivalents and restricted cash | (50,252) | (21,886) |
Cash, cash equivalents and restricted cash at beginning of period | 144,179 | 147,165 |
Cash, cash equivalents and restricted cash at end of period | 93,927 | 125,279 |
Supplemental disclosure of noncash activities: | ||
Fixed asset purchases within accounts payable and accrued expenses | 23 | 82 |
Recognition of right-of-use assets | 157 | 742 |
Recognition of lease liabilities | $ 157 | $ 742 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business OptiNose, Inc. (the Company) was incorporated in Delaware in May 2010 (inception) and has facilities in Yardley, Pennsylvania, Ewing, New Jersey, and Oslo, Norway. The Company's predecessor entity, OptiNose AS, was formed under the laws of Norway in September 2000. In 2010, OptiNose AS became a wholly-owned subsidiary of the Company as part of an internal reorganization. The Company is a specialty pharmaceutical company focused on the development and commercialization of products for patients treated by ear, nose and throat (ENT) and allergy specialists. The Company's first commercial product, XHANCE ® (fluticasone propionate) nasal spray, 93 mcg, is a therapeutic utilizing its proprietary Exhalation Delivery System (EDS) device that delivers a topically-acting corticosteroid for the treatment of chronic rhinosinusitis with nasal polyps and, if approved, chronic rhinosinusitis without nasal polyps (also referred to as chronic sinusitis). XHANCE was approved by the United States (US) Food and Drug Administration (FDA) in September 2017 for the treatment of nasal polyps in patients 18 years of age or older. XHANCE was made widely available through commercial channels in April 2018. |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Liquidity Since inception, the Company's operations have focused on organization and staffing, business planning, raising capital, establishing an intellectual property portfolio, conducting preclinical studies and clinical trials, pursuing regulatory approvals and most recently, commercializing XHANCE in the US. As of June 30, 2021, the Company had cash and cash equivalents of $93,916. The Company will likely require additional capital in the future, secured through equity or debt financings, partnerships, collaborations, or other sources, in order to meet its debt service obligations, including repayment, under the Company's outstanding senior secured notes, and to carry out the Company's planned development and commercial activities. The terms of the outstanding senior secured notes, including applicable covenants, are described in Note 8. If additional capital is not secured when required, the Company may need to delay or curtail its operations until additional funding is received. The Company is subject to a number of risks similar to other life sciences companies, including, but not limited to, successful discovery, development and commercialization of its products and product candidates, raising additional capital, the development by its competitors of new technological innovations, protection of proprietary technology and market acceptance of the Company's products. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in conformity with US generally accepted accounting principles (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). In the opinion of management, the accompanying unaudited interim financial statements include all normal and recurring adjustments (which consist primarily of accruals and estimates that impact the financial statements) considered necessary to present fairly the Company's financial position as of June 30, 2021 and its results of operations for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The unaudited interim financial statements, presented herein, do not contain the required disclosures under GAAP for annual financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2020 contained in the Company’s annual report on Form 10-K for the year ended December 31, 2020 , filed with the SEC on March 3, 2021. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. The Company generally invests its cash in deposits with high credit quality financial institutions. Additionally, the Company performs periodic evaluations of the relative credit standing of these financial institutions. Customer and supplier concentration XHANCE is sold to wholesale pharmaceutical distributors and Preferred Pharmacy Network (PPN) partners, who, in turn, sell XHANCE to pharmacies, hospitals and other customers. Five customers represented approximately 44% of the Company's accounts receivable at June 30, 2021 and five customers represented approximately 31% of the Company's net product sales for the three and six months ended June 30, 2021. The Company purchases XHANCE and its components from several third-party suppliers and manufacturing partners, certain of which are available through a single source. Although the Company could obtain each of these components from alternative third-party suppliers, it would need to qualify and obtain FDA approval for another supplier as a source for each such component. Fair value of financial instruments At June 30, 2021 and December 31, 2020, the Company's financial instruments included cash and cash equivalents, accounts receivable, grants receivable, accounts payable and accrued expenses. The carrying amounts reported in the Company's financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments. In addition, the Company believes that at June 30, 2021, the carrying value of long-term debt approximated fair value as the interest rates are reflective of the rate the Company could obtain on debt with similar terms and conditions. At June 30, 2021 and December 31, 2020, there were no financial assets or liabilities measured at fair value on a recurring basis. Restricted cash As of June 30, 2021 and December 31, 2020, the restricted cash balance included in prepaid expenses and other assets was $11 and $23, respectively. Net product revenues The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (ASC 606), which the Company adopted on January 1, 2018. The Company recognizes revenue from XHANCE sales at the point customers obtain control of the product, which generally occurs upon delivery. The transaction price that is recognized as revenue for products includes an estimate of variable consideration. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available. The components of the Company’s variable consideration include the following: Provider Chargebacks and Discounts. 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. Trade Discounts and Allowances. The Company generally provides customers with discounts that include incentive fees which are explicitly stated in the Company’s contracts. These discounts are recorded as a reduction of revenue and accounts receivable in the period in which the related product revenue is recognized. Product Returns. Consistent with industry practice, the Company has a product returns policy that provides customers a 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 product 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 considers several factors in the estimation process, including expiration dates of product shipped to customers, inventory levels within the distribution channel, product shelf life, prescription trends and other relevant factors. Government Rebates. The Company is subject to discount obligations under state Medicaid programs and Medicare. Reserves related to these discount obligations 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 Company’s liability for these rebates consists of estimates of claims for the current quarter and estimated future claims that will be made for product that has been recognized as revenue but remains in the distribution channel inventories at the end of the reporting period. Payor Rebates. The Company contracts with certain third-party payors, primarily health insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of its products. These rebates are based on contractual percentages applied to the amount of product prescribed to patients who are covered by the plan or the organization with which it contracts. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Patient Assistance. Other programs that the Company offers include voluntary co-pay patient assistance programs intended to provide financial assistance to eligible patients with prescription drug co-payments required by payors and coupon programs for cash payors. The calculation of the current liability for this assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue but remains in the distribution channel inventories at the end of each reporting period. Licensing revenues The Company has license agreements with Inexia Limited (Inexia) and Currax Pharmaceuticals LLC (Currax). These license agreements provide for exclusive licensed rights to certain intellectual property, a non-refundable up-front payment, potential milestone payment(s) and potential royalty payment(s). The Company analyzed the performance obligations under the license agreements, the consideration received to date and the consideration the Company could receive in the future as part of its analysis related to ASC 606. The Company recognized $1,000 as licensing revenue from Currax during the six months ended June 30, 2021 and is not eligible to receive any further payments under the Currax license agreement other than reimbursement for certain expenses. Net income (loss) per common share Basic net income (loss) per common share is determined by dividing net income (loss) applicable to Company common stock (Common Stock) holders by the weighted average common shares outstanding during the period. For the three and six months ended June 30, 2021 and 2020, the outstanding Common Stock options, Common Stock warrants and shares to be issued under the Company's 2017 Employee Stock Purchase Plan have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted net loss per share are the same. Diluted net loss per common share for the periods presented do not reflect the following potential common shares, as the effect would be antidilutive: June 30, 2021 2020 Stock options 7,980,424 8,385,831 Restricted stock units 2,198,766 1,274,354 Common stock warrants 810,357 2,677,188 Total 10,989,547 12,337,373 Income taxes In accordance with ASC 270, Interim Reporting , and ASC 740, Income Taxes , the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. For the three and six months ended June 30, 2021 and 2020, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. As of June 30, 2021 and December 31, 2020, the Company concluded that a full valuation allowance would be necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying consolidated financial statements. Recent accounting pronouncements In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors—Certain leases with variable payments. ASU No. 2021-05 is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU No. 2021-04 requires that issuers clarify and reduce diversity in accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminated certain exceptions and changed guidance on other matters. The exceptions relate to the allocation of income taxes in separate company financial statements, tax accounting for equity method investments and accounting for income taxes when the interim period year-to-date loss exceeds the anticipated full year loss. Changes relate to the accounting for franchise taxes that are income-based and non-income-based, determining if a step up in tax basis is part of a business combination or if it is a separate transaction, when enacted tax law changes should be included in the annual effective tax rate computation, and the allocation of taxes in separate company financial statements to a legal entity that is not subject to income tax. The Company has adopted ASU 2019-12 in the first quarter of 2021, and there was no significant impact. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-03, in conjunction with ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 for companies deemed to be smaller reporting companies as of November 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consisted of the following: June 30, 2021 December 31, 2020 Raw materials $ 3,336 $ 2,669 Work-in-process 3,500 2,676 Finished goods 6,467 3,697 Total inventory $ 13,303 $ 9,042 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment, net, consisted of the following: June 30, 2021 December 31, 2020 Computer equipment and software $ 1,144 $ 1,128 Furniture and fixtures 366 366 Machinery and equipment 3,266 3,440 Leasehold improvements 609 609 Construction in process 216 271 5,601 5,814 Less: accumulated depreciation (3,916) (3,786) $ 1,685 $ 2,028 Depreciation expense was $119 and $254 for the three months ended June 30, 2021 and 2020, respectively. Depreciation expense was $323 and $562 for the six months ended June 30, 2021 and 2020, respectively. In addition, depreciation expense of $520 and $16 was charged to inventory and prepaid expenses and other assets, respectively, as of June 30, 2021, which represents depreciation expense related to equipment involved in the manufacturing process. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of: June 30, 2021 December 31, 2020 Accrued expenses: Selling, general and administrative expenses $ 7,678 $ 7,385 Research and development expenses 6,862 5,202 Payroll expenses 5,694 9,063 Product revenue allowances 18,339 20,917 Other 2,630 2,008 Total accrued expenses 41,203 44,575 Other current liabilities: Lease liability 2,124 2,108 Total other current liabilities 2,124 2,108 Total accrued expenses and other current liabilities $ 43,327 $ 46,683 |
Licensing Revenue
Licensing Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Licensing Revenue | Licensing Revenue Currax License Agreement On September 25, 2019, OptiNose AS entered into a license agreement (the Currax License Agreement) with Currax pursuant to which the Company granted Currax a license to certain intellectual property for the commercialization of Onzetra Xsail ® in the US, Canada and Mexico. Under the terms of the Currax License Agreement, Currax paid the Company an upfront payment of $3,730, which was recognized as license revenue during the year ended December 31, 2019. On December 29, 2020, the Company received an additional $750 upon the expiration of the escrow that was established for a limited period to cover potential indemnification obligations. In addition, in January 2021 the Company received a $1,000 milestone payment in connection with the achievement of a specified regulatory milestone. The Company does not expect to receive any further payments from Currax under the terms of the Currax License Agreement other than reimbursement for certain expenses. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt On September 12, 2019 (the Closing Date), the Company entered into a Note Purchase Agreement (the Pharmakon Senior Secured Notes) with funds managed by Pharmakon Advisors, LP (Pharmakon), the investment manager of the BioPharma Credit funds (BioPharma). The Pharmakon Senior Secured Notes provide the Company with $130,000 in debt financing, of which $80,000 was issued on the Closing Date, $30,000 was issued on February 13, 2020 (the First Delayed Draw Notes) after achieving the $9,000 XHANCE net sales and royalties threshold for the quarter ended December 31, 2019 and $20,000 was issued on December 1, 2020 after achieving the $14,500 XHANCE net sales and royalties threshold for the quarter ended September 30, 2020. On August 13, 2020, the Company entered into a letter agreement (the Pharmakon Letter Agreement) to the Pharmakon Senior Secured Notes. The Pharmakon Letter Agreement provided the Company with the option to issue an additional $20,000 of Pharmakon Senior Secured Notes, subject to the Company achieving XHANCE net sales and royalties for the quarter ended June 30, 2021 of at least $26,000 and certain other conditions. As consideration for the Pharmakon Letter Agreement, the Company issued 44,643 shares of Common Stock to Pharmakon. The aggregate fair value of $250 was recorded as debt issuance costs and is being amortized to interest expense over the term of the Pharmakon Senior Notes. As of June 30, 2021, the Company is no longer eligible for the $20,000 additional Pharmakon Senior Secured Notes as the requisite conditions were not satisfied. On March 2, 2021, the Company entered into an amendment to the Pharmakon Senior Secured Notes. The amendment revised certain minimum trailing twelve-month consolidated XHANCE net sales and royalties the Company is required to achieve. As consideration for the amendment, the Company will pay an amendment fee of $1,300 upon the earlier of the prepayment of the Pharmakon Senior Secured Notes and the Maturity Date (defined below). The amendment fee was recorded as debt issuance costs and is being amortized to interest expense over the term of the Pharmakon Senior Secured Notes. The Pharmakon Senior Secured Notes bear interest at a fixed per annum rate of 10.75% and are scheduled to mature on September 12, 2024 (the Maturity Date). The Company is required to make quarterly interest payments until the Maturity Date. The Company is also required to make principal payments, which are payable in eight equal quarterly installments beginning on December 15, 2022 and continuing until the Maturity Date; provided that the Company may, at its election, postpone any such principal payment until the Maturity Date if, as of the applicable payment date, certain trailing four-quarter consolidated XHANCE net sales and royalties thresholds have been achieved. In conjunction with the Pharmakon Senior Secured Notes, the Company paid an upfront fee of $1,125 on the Closing Date and issued warrants to purchase an aggregate of 810,357 shares of Common Stock at an exercise price equal to $6.72 per share, which expire on September 12, 2022. The upfront fees were recorded as debt discount at issuance and are being amortized to interest expense over the five The Company is required to repay the Pharmakon Senior Secured Notes in full upon the occurrence of a change of control (as defined in the Note Purchase Agreement). In addition, the Company may make voluntary prepayments in whole or in part. All mandatory and voluntary prepayments are subject to the payment of prepayment premiums as follows: (i) if prepayment occurs prior to the third anniversary of the Closing Date, an amount equal to 2% of the principal prepaid, (ii) if prepayment occurs on or after the third anniversary of the Closing Date but prior to the fourth anniversary of the Closing Date, an amount equal to 1% of the principal prepaid, and (iii) if prepayment occurs on or after the fourth anniversary of the Closing Date, no prepayment premium is required. The Company is also required to pay a "make-whole" amount in respect of any principal payments (whether mandatory or voluntary) made prior to the 30-month anniversary of the issuance of the applicable note, in an amount equal to the interest that would have accrued through the 30-month anniversary in respect of such note but for such principal payment. The Pharmakon Senior Secured Notes are secured by a pledge of substantially all of the Company's assets and the Note Purchase Agreement contains affirmative and negative covenants customary for financings of this type, including limitations on the Company’s and its subsidiaries’ ability, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions, repay junior indebtedness and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the Pharmakon Senior Secured Notes contain financial covenants requiring the Company to maintain at all times certain minimum trailing twelve-month consolidated XHANCE net sales and royalties, tested on a quarterly basis, and at least $30,000 of cash and cash equivalents. As of June 30, 2021, the Company was in compliance with the covenants. The Note Purchase Agreement also includes events of default customary for financings of this type, in certain cases subject to customary periods to cure, following which BioPharma may accelerate all amounts outstanding under the notes. The Company recorded interest expense of $4,012 and $3,293 during the three months ended June 30, 2021 and 2020, respectively, and $7,888 and $6,156 during the six months ended June 30, 2021 and 2020, respectively. Interest expense included total coupon interest and the amortization of debt issuance costs. The long-term debt balance is comprised of the following: June 30, 2021 December 31, 2020 Face amount $ 130,000 $ 130,000 Front end fees (775) (855) Debt issuance costs (4,482) (3,943) Back end fees 1,300 — Long-term debt, net $ 126,043 $ 125,202 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans For US employees, the Company maintains a defined contribution 401(k) retirement plan. As of June 30, 2021, approximately $118 was recorded in accrued liabilities related to the Company match. The Company's contributions are made in cash. For Norway and UK employees, the Company maintains defined contribution pension plans which meet the statutory requirements of those jurisdictions. The Company incurred costs related to the pension plans of $1 and $5 for the three months ended June 30, 2021 and 2020, respectively, and $3 and $10 for the six months ended June 30, 2021 and 2020, respectively. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity As of June 30, 2021, the Company had the following warrants outstanding to purchase shares of Common Stock: Number of Shares Exercise Price Per Share Expiration Date 810,357 $ 6.72 September 12, 2022 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Company recorded stock-based compensation expense related to stock options and shares issued under the Company's 2017 Employee Stock Purchase Plan (2017 Plan) in the following expense categories of its accompanying consolidated statements of operations for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of product sales $ 6 $ 34 $ 17 $ 88 Research and development 286 331 567 588 General and administrative 2,441 2,407 4,759 4,556 $ 2,733 $ 2,772 $ 5,343 $ 5,232 In addition, stock-based compensation expense of $90 and $2 was charged to inventory and prepaid expenses and other assets, respectively, during the six months ended June 30, 2021, which represents the total stock-based compensation expense incurred related to employees involved in the manufacturing process of finished goods and samples during the period. Stock Options The Company issues stock-based awards pursuant to its 2010 Stock Incentive Plan. Effective as of October 12, 2017, the Company's 2010 Stock Incentive Plan was amended and restated (A&R Plan).The Company has issued service-based and performance-based stock options that generally have a contractual life of up to 10 years and may be exercisable in cash or as otherwise determined by the Company's board of directors or committee thereof. Vesting generally occurs over a period of not greater than four The following table summarizes the activity related to stock option grants to employees and nonemployees for the six months ended June 30, 2021: Shares Weighted Weighted Outstanding at December 31, 2020 6,852,733 $ 10.34 6.84 Granted 1,542,696 3.52 Exercised — — Expired (284,889) 12.59 Forfeited (130,116) 6.46 Outstanding at June 30, 2021 7,980,424 $ 9.00 6.92 Exercisable at June 30, 2021 4,837,027 $ 11.17 5.66 Vested and expected to vest at June 30, 2021 7,980,424 $ 9.00 6.92 During the six months ended June 30, 2021, stock options to purchase 1,542,696 shares of Common Stock were granted to employees and generally vest over four four Included in the table above are 140,000 of options granted outside the A&R Plan. The grants were made pursuant to the NASDAQ inducement grant exception in accordance with NASDAQ Listing Rule 5635(c)(4). The grant date fair value of each stock option grant was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted average assumptions: Six Months Ended June 30, 2021 2020 Risk free interest rate 1.00 % 0.72 % Expected term (in years) 6.08 6.03 Expected volatility 74.28 % 68.64 % Annual dividend yield 0.00 % 0.00 % Fair value of common stock $ 3.52 $ 5.64 At June 30, 2021, the unrecognized compensation cost related to unvested stock options expected to vest was $10,695. This unrecognized compensation will be recognized over an estimated weighted-average amortization period of 2.29 years. Restricted Stock Units The Company has issued service-based and performance-based restricted stock units (RSUs). Vesting generally occurs over a period not greater than four years. Vesting of the performance-based RSUs is subject to the achievement of certain milestones in connection with the Company's development programs. The following table summarizes the activity related to RSUs granted to employees for the six months ended June 30, 2021: Shares Balance at Outstanding at December 31, 2020 1,491,589 Granted 957,990 Vested and settled (203,743) Expired/ forfeited/ canceled (47,070) Balance at Outstanding at June 30, 2021 2,198,766 Expected to vest at June 30, 2021 2,198,766 In March 2021, the Company granted 957,990 RSUs at a grant date fair value of $3.51, all of which were service-based RSUs. No performance-based RSUs were granted in 2021. As of June 30, 2021, the milestones associated with previously granted performance based-RSUs were not probable of achievement, and accordingly, no stock based compensation expense has been recognized for these awards. At June 30, 2021, the unrecognized compensation cost related to unvested service-based RSUs expected to vest was $6,064, to be recognized over an estimated weighted-average amortization period of 2.54 years. The unrecognized compensation cost related to unvested performance-based RSUs was $3,095, which will be recognized commencing in the period in which the performance condition is deemed probable of achievement over the remaining service period. Included in the table above are 60,000 RSUs granted outside the A&R Plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). 2017 Employee Stock Purchase Plan Under the 2017 Plan, shares of Common Stock may be purchased by eligible employees who elect to participate in the 2017 Plan at 85% of the lower of the fair market value of Common Stock on the first or last day of designated offering periods. The Company recognized stock-based compensation expense of $91 and $137 during the three months ended June 30, 2021 and 2020, respectively, and $199 and $287 during the six months ended June 30, 2021 and 2020, respectively, related to the 2017 Plan. The Company calculated the fair value of each option grant and the shares issued under the 2017 Plan on the respective dates of grant using the following weighted average assumptions: Six Months Ended June 30, 2021 2020 Risk free interest rate 0.09 % 1.57 % Expected term (in years) 0.5 0.5 Expected volatility 86.88 % 79.59 % Annual dividend yield 0.00 % 0.00 % |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events On August 11, 2021, the Company entered into an Open Market Sale Agreement SM (the Sale Agreement) with Jefferies LLC, as sales agent (Jefferies), under which the Company may issue and sell its Common Stock from time to time for an aggregate sales price of up to $50,000 through Jefferies (the Shares). |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of estimates | Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and reported amounts of expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary. |
Concentration of credit risk and customer and supplier concentration | Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. The Company generally invests its cash in deposits with high credit quality financial institutions. Additionally, the Company performs periodic evaluations of the relative credit standing of these financial institutions. Customer and supplier concentration |
Fair value of financial instruments | Fair value of financial instrumentsAt June 30, 2021 and December 31, 2020, the Company's financial instruments included cash and cash equivalents, accounts receivable, grants receivable, accounts payable and accrued expenses. The carrying amounts reported in the Company's financial statements for these instruments approximate their respective fair values because of the short-term nature of these instruments. In addition, the Company believes that at June 30, 2021, the carrying value of long-term debt approximated fair value as the interest rates are reflective of the rate the Company could obtain on debt with similar terms and conditions. |
Restricted cash | Restricted cashAs of June 30, 2021 and December 31, 2020, the restricted cash balance included in prepaid expenses and other assets was $11 and $23, respectively. |
Net product revenues and licensing revenues | Net product revenues The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (ASC 606), which the Company adopted on January 1, 2018. The Company recognizes revenue from XHANCE sales at the point customers obtain control of the product, which generally occurs upon delivery. The transaction price that is recognized as revenue for products includes an estimate of variable consideration. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available. The components of the Company’s variable consideration include the following: Provider Chargebacks and Discounts. 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. Trade Discounts and Allowances. The Company generally provides customers with discounts that include incentive fees which are explicitly stated in the Company’s contracts. These discounts are recorded as a reduction of revenue and accounts receivable in the period in which the related product revenue is recognized. Product Returns. Consistent with industry practice, the Company has a product returns policy that provides customers a 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 product 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 considers several factors in the estimation process, including expiration dates of product shipped to customers, inventory levels within the distribution channel, product shelf life, prescription trends and other relevant factors. Government Rebates. The Company is subject to discount obligations under state Medicaid programs and Medicare. Reserves related to these discount obligations 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 Company’s liability for these rebates consists of estimates of claims for the current quarter and estimated future claims that will be made for product that has been recognized as revenue but remains in the distribution channel inventories at the end of the reporting period. Payor Rebates. The Company contracts with certain third-party payors, primarily health insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of its products. These rebates are based on contractual percentages applied to the amount of product prescribed to patients who are covered by the plan or the organization with which it contracts. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Patient Assistance. Other programs that the Company offers include voluntary co-pay patient assistance programs intended to provide financial assistance to eligible patients with prescription drug co-payments required by payors and coupon programs for cash payors. The calculation of the current liability for this assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue but remains in the distribution channel inventories at the end of each reporting period. Licensing revenues The Company has license agreements with Inexia Limited (Inexia) and Currax Pharmaceuticals LLC (Currax). These license agreements provide for exclusive licensed rights to certain intellectual property, a non-refundable up-front payment, potential milestone payment(s) and potential royalty payment(s). The Company analyzed the performance obligations under the license agreements, the consideration received to date and the consideration the Company could receive in the future as part of its analysis related to ASC 606. The Company recognized $1,000 as licensing revenue from Currax during the six months ended June 30, 2021 and is not eligible to receive any further payments under the Currax license agreement other than reimbursement for certain expenses. |
Net income (loss) per common share | Net income (loss) per common shareBasic net income (loss) per common share is determined by dividing net income (loss) applicable to Company common stock (Common Stock) holders by the weighted average common shares outstanding during the period. For the three and six months ended June 30, 2021 and 2020, the outstanding Common Stock options, Common Stock warrants and shares to be issued under the Company's 2017 Employee Stock Purchase Plan have been excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted net loss per share are the same. |
Income taxes | Income taxes In accordance with ASC 270, Interim Reporting , and ASC 740, Income Taxes , the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. For the three and six months ended June 30, 2021 and 2020, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. As of June 30, 2021 and December 31, 2020, the Company concluded that a full valuation allowance would be necessary for all of its net deferred tax assets. The Company had no amounts recorded for uncertain tax positions, interest or penalties in the accompanying consolidated financial statements. |
Recent accounting pronouncements | Recent accounting pronouncements In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors—Certain leases with variable payments. ASU No. 2021-05 is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. ASU No. 2021-04 requires that issuers clarify and reduce diversity in accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminated certain exceptions and changed guidance on other matters. The exceptions relate to the allocation of income taxes in separate company financial statements, tax accounting for equity method investments and accounting for income taxes when the interim period year-to-date loss exceeds the anticipated full year loss. Changes relate to the accounting for franchise taxes that are income-based and non-income-based, determining if a step up in tax basis is part of a business combination or if it is a separate transaction, when enacted tax law changes should be included in the annual effective tax rate computation, and the allocation of taxes in separate company financial statements to a legal entity that is not subject to income tax. The Company has adopted ASU 2019-12 in the first quarter of 2021, and there was no significant impact. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-03, in conjunction with ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 for companies deemed to be smaller reporting companies as of November 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this standard on its results of operations, financial position and cash flows and related disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Antidilutive Shares Excluded From Computation of Net Loss Per Share | Diluted net loss per common share for the periods presented do not reflect the following potential common shares, as the effect would be antidilutive: June 30, 2021 2020 Stock options 7,980,424 8,385,831 Restricted stock units 2,198,766 1,274,354 Common stock warrants 810,357 2,677,188 Total 10,989,547 12,337,373 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following: June 30, 2021 December 31, 2020 Raw materials $ 3,336 $ 2,669 Work-in-process 3,500 2,676 Finished goods 6,467 3,697 Total inventory $ 13,303 $ 9,042 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net, consisted of the following: June 30, 2021 December 31, 2020 Computer equipment and software $ 1,144 $ 1,128 Furniture and fixtures 366 366 Machinery and equipment 3,266 3,440 Leasehold improvements 609 609 Construction in process 216 271 5,601 5,814 Less: accumulated depreciation (3,916) (3,786) $ 1,685 $ 2,028 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of: June 30, 2021 December 31, 2020 Accrued expenses: Selling, general and administrative expenses $ 7,678 $ 7,385 Research and development expenses 6,862 5,202 Payroll expenses 5,694 9,063 Product revenue allowances 18,339 20,917 Other 2,630 2,008 Total accrued expenses 41,203 44,575 Other current liabilities: Lease liability 2,124 2,108 Total other current liabilities 2,124 2,108 Total accrued expenses and other current liabilities $ 43,327 $ 46,683 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The long-term debt balance is comprised of the following: June 30, 2021 December 31, 2020 Face amount $ 130,000 $ 130,000 Front end fees (775) (855) Debt issuance costs (4,482) (3,943) Back end fees 1,300 — Long-term debt, net $ 126,043 $ 125,202 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Warrants Outstanding | As of June 30, 2021, the Company had the following warrants outstanding to purchase shares of Common Stock: Number of Shares Exercise Price Per Share Expiration Date 810,357 $ 6.72 September 12, 2022 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Allocated Stock-Based Compensation Expense | The Company recorded stock-based compensation expense related to stock options and shares issued under the Company's 2017 Employee Stock Purchase Plan (2017 Plan) in the following expense categories of its accompanying consolidated statements of operations for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of product sales $ 6 $ 34 $ 17 $ 88 Research and development 286 331 567 588 General and administrative 2,441 2,407 4,759 4,556 $ 2,733 $ 2,772 $ 5,343 $ 5,232 |
Schedule of Stock Option Activity | The following table summarizes the activity related to stock option grants to employees and nonemployees for the six months ended June 30, 2021: Shares Weighted Weighted Outstanding at December 31, 2020 6,852,733 $ 10.34 6.84 Granted 1,542,696 3.52 Exercised — — Expired (284,889) 12.59 Forfeited (130,116) 6.46 Outstanding at June 30, 2021 7,980,424 $ 9.00 6.92 Exercisable at June 30, 2021 4,837,027 $ 11.17 5.66 Vested and expected to vest at June 30, 2021 7,980,424 $ 9.00 6.92 |
Schedule of Fair Value Options using Black-Scholes Pricing Model | The grant date fair value of each stock option grant was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted average assumptions: Six Months Ended June 30, 2021 2020 Risk free interest rate 1.00 % 0.72 % Expected term (in years) 6.08 6.03 Expected volatility 74.28 % 68.64 % Annual dividend yield 0.00 % 0.00 % Fair value of common stock $ 3.52 $ 5.64 The Company calculated the fair value of each option grant and the shares issued under the 2017 Plan on the respective dates of grant using the following weighted average assumptions: Six Months Ended June 30, 2021 2020 Risk free interest rate 0.09 % 1.57 % Expected term (in years) 0.5 0.5 Expected volatility 86.88 % 79.59 % Annual dividend yield 0.00 % 0.00 % |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the activity related to RSUs granted to employees for the six months ended June 30, 2021: Shares Balance at Outstanding at December 31, 2020 1,491,589 Granted 957,990 Vested and settled (203,743) Expired/ forfeited/ canceled (47,070) Balance at Outstanding at June 30, 2021 2,198,766 Expected to vest at June 30, 2021 2,198,766 |
Liquidity (Details)
Liquidity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash and cash equivalents | $ 93,916 | $ 144,156 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk - Five Customers | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021customer | Jun. 30, 2021customer | |
Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Number of customers | 5 | 5 |
Concentration risk (as a percent) | 44.00% | |
Sales Revenue, Net | ||
Concentration Risk [Line Items] | ||
Number of customers | 5 | 5 |
Concentration risk (as a percent) | 31.00% | 31.00% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Other Current Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Restricted cash | $ 11 | $ 23 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Net product revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Total revenues | $ 18,357 | $ 10,272 | $ 30,317 | $ 17,334 |
Licensing revenues | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 1,000 | $ 0 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Antidilutive Shares Excluded From Computation of Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of net loss per common share | 10,989,547 | 12,337,373 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of net loss per common share | 7,980,424 | 8,385,831 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of net loss per common share | 2,198,766 | 1,274,354 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of net loss per common share | 810,357 | 2,677,188 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,336 | $ 2,669 |
Work-in-process | 3,500 | 2,676 |
Finished goods | 6,467 | 3,697 |
Total inventory | $ 13,303 | $ 9,042 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,601 | $ 5,814 |
Less: accumulated depreciation | (3,916) | (3,786) |
Property and equipment, net | 1,685 | 2,028 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,144 | 1,128 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 366 | 366 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,266 | 3,440 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 609 | 609 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 216 | $ 271 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 119 | $ 254 | $ 323 | $ 562 |
Inventory | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | 520 | |||
Prepaid expenses and other assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 16 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued expenses: | ||
Selling, general and administrative expenses | $ 7,678 | $ 7,385 |
Research and development expenses | 6,862 | 5,202 |
Payroll expenses | 5,694 | 9,063 |
Product revenue allowances | 18,339 | 20,917 |
Other | 2,630 | 2,008 |
Total accrued expenses | 41,203 | 44,575 |
Other current liabilities: | ||
Lease liability | 2,124 | 2,108 |
Total other current liabilities | 2,124 | 2,108 |
Total accrued expenses and other current liabilities | $ 43,327 | $ 46,683 |
Licensing Revenue (Details)
Licensing Revenue (Details) - USD ($) $ in Thousands | Dec. 29, 2020 | Jan. 31, 2021 | Dec. 31, 2019 |
Currax License Agreement | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Upfront payment received | $ 3,730 | ||
Additional revenue eligible and held in escrow | $ 750 | ||
Royalty Agreement Terms | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Sales milestone payments eligible to be received (up to) | $ 1,000 |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) $ / shares in Units, $ in Thousands | Aug. 13, 2020USD ($)shares | Sep. 12, 2019USD ($)installment$ / sharesshares | Jun. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Mar. 02, 2021USD ($) | Dec. 01, 2020USD ($) | Feb. 13, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||||
Amendment fee | $ 1,300 | ||||||||||
Warrants Expiring September 12, 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of shares called by warrants | shares | 810,357 | ||||||||||
Warrants exercise price (in USD per share) | $ / shares | $ 6.72 | $ 6.72 | $ 6.72 | ||||||||
Senior Notes | Note Purchase Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt maximum borrowing capacity | $ 130,000 | ||||||||||
Debt face amount | 80,000 | ||||||||||
Debt issuance costs | $ 6,514 | ||||||||||
Stated interest rate | 10.75% | ||||||||||
Debt principal payments, number of installments | installment | 8 | ||||||||||
Debt upfront fee | $ 1,125 | ||||||||||
Loans, term | 5 years | ||||||||||
Fair value of warrants | $ 2,404 | ||||||||||
Prepayment fee, after second and before third anniversary | 2.00% | ||||||||||
Prepayment fee, after third and before fourth anniversary | 1.00% | ||||||||||
Debt covenant, cash and cash equivalents | $ 30,000 | ||||||||||
Interest expense | $ 4,012 | $ 3,293 | $ 7,888 | $ 6,156 | |||||||
Senior Notes | Note Purchase Agreement - First Delayed Draw Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 30,000 | ||||||||||
Senior Notes | Note Purchase Agreement - First Delayed Draw Notes | Quarter Ended December 31, 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance criteria term, net sales and royalties benchmark | $ 9,000 | ||||||||||
Senior Notes | Note Purchase Agreement - Third Delayed Draw Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 20,000 | ||||||||||
Senior Notes | Note Purchase Agreement - Third Delayed Draw Notes | Quarter Ended September 30, 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance criteria term, net sales and royalties benchmark | $ 14,500 | ||||||||||
Senior Notes | Note Purchase Agreement Additional Delayed Draw Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt face amount | $ 20,000 | ||||||||||
Debt issuance criteria term, net sales and royalties benchmark | $ 26,000 | ||||||||||
Common stock issued (in shares) | shares | 44,643 | ||||||||||
Debt issuance costs | $ 250 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Long-term debt, net | $ 126,043,000 | $ 125,202,000 |
Note Purchase Agreement | Senior Notes | ||
Short-term Debt [Line Items] | ||
Face amount | 130,000,000 | 130,000,000 |
Front end fees | (775,000) | (855,000) |
Debt issuance costs | (4,482,000) | (3,943,000) |
Back end fees | 1,300,000 | 0 |
Long-term debt, net | $ 126,043,000 | $ 125,202,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Accrued liabilities related to the Company match | $ 118 | $ 118 | ||
Norway and UK employee plans | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution plan, cost | $ 1 | $ 5 | $ 3 | $ 10 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Warrants Outstanding (Details) - Warrants Expiring September 12, 2022 - $ / shares | Jun. 30, 2021 | Sep. 12, 2019 |
Class of Stock [Line Items] | ||
Warrants outstanding (in shares) | 810,357 | |
Warrants exercise price (in USD per share) | $ 6.72 | $ 6.72 |
Stock-based Compensation - Allo
Stock-based Compensation - Allocated Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 2,733 | $ 2,772 | $ 5,343 | $ 5,232 |
Cost of product sales | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 6 | 34 | 17 | 88 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 286 | 331 | 567 | 588 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 2,441 | $ 2,407 | $ 4,759 | $ 4,556 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 2,733,000 | $ 2,772,000 | $ 5,343,000 | $ 5,232,000 | |
Plan options contractual life (up to) | 10 years | ||||
Award vesting period | 4 years | ||||
Service Based Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | 4 years | |||
Stock options to purchase shares (in shares) | 1,542,696 | 1,259,331 | |||
Weighted average grant date fair value (usd per share) | $ 2.29 | $ 3.44 | |||
Unrecognized cost related to unvested RSUs expected to vest | 10,695,000 | $ 10,695,000 | |||
Estimated weighted-average amortization period | 2 years 3 months 14 days | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Granted (in shares) | 957,990 | 957,990 | |||
Restricted shares fair value at grant date (usd per share) | $ 3.51 | ||||
Restricted Stock Units, Service-Based | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized cost related to unvested RSUs expected to vest | 6,064,000 | $ 6,064,000 | |||
Estimated weighted-average amortization period | 2 years 6 months 14 days | ||||
Restricted Stock Units, Performance-Based | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 0 | ||||
Unrecognized cost related to unvested RSUs expected to vest | 3,095,000 | $ 3,095,000 | |||
NASDAQ Inducement Grant Exception | Service Based Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options to purchase shares (in shares) | 140,000 | ||||
NASDAQ Inducement Grant Exception | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 60,000 | ||||
2017 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 91,000 | $ 137,000 | $ 199,000 | $ 287,000 | |
2017 Plan | Employee Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ESPP purchase price of common stock, percent of market price | 85.00% | ||||
Inventory | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 90,000 | ||||
Prepaid expenses and other assets | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 2,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - Service Based Stock Options - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Shares | |||
Beginning balance (in shares) | 6,852,733 | ||
Granted (in shares) | 1,542,696 | 1,259,331 | |
Exercised (in shares) | 0 | ||
Expired (in shares) | (284,889) | ||
Forfeited (in shares) | (130,116) | ||
Ending balance (in shares) | 7,980,424 | 6,852,733 | |
Exercisable (in shares) | 4,837,027 | ||
Vested and expected to vest (in shares) | 7,980,424 | ||
Weighted average exercise price per share | |||
Beginning balance (usd per share) | $ 10.34 | ||
Granted (usd per share) | 3.52 | ||
Exercised (usd per share) | 0 | ||
Expired (usd per share) | 12.59 | ||
Forfeited (usd per share) | 6.46 | ||
Ending balance (usd per share) | 9 | $ 10.34 | |
Exercisable (usd per share) | 11.17 | ||
Vested and expected to vest (usd per share) | $ 9 | ||
Weighted average remaining contractual life | |||
Options outstanding, weighted average remaining contractual life | 6 years 11 months 1 day | 6 years 10 months 2 days | |
Options exercisable, weighted average remaining contractual life | 5 years 7 months 28 days | ||
Vested and expected to vest, weighted average remaining contractual life | 6 years 11 months 1 day |
Stock-based Compensation - Fair
Stock-based Compensation - Fair Value Options using Black-Scholes Pricing Model (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
2017 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 0.09% | 1.57% |
Expected term (in years) | 6 months | 6 months |
Expected volatility | 86.88% | 79.59% |
Annual dividend yield | 0.00% | 0.00% |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.00% | 0.72% |
Expected term (in years) | 6 years 29 days | 6 years 10 days |
Expected volatility | 74.28% | 68.64% |
Annual dividend yield | 0.00% | 0.00% |
Fair value of common stock (usd per share) | $ 3.52 | $ 5.64 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted stock units - shares | 1 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Balance at December 31, 2020 (in shares) | 1,491,589 | |
Granted (in shares) | 957,990 | 957,990 |
Vested and settled (in shares) | (203,743) | |
Expired/ forfeited/ canceled (in shares) | (47,070) | |
Balance at June 30, 2021 (in shares) | 2,198,766 | |
Expected to vest at June 30, 2021 (in shares) | 2,198,766 |
Subsequent events (Details)
Subsequent events (Details) - Subsequent Event $ in Thousands | Aug. 11, 2021USD ($) |
Subsequent Event [Line Items] | |
Maximum commission rate (in percent) | 0.03% |
Maximum | |
Subsequent Event [Line Items] | |
Aggregate sales price | $ 50,000 |