Clearside Biomedical (CLSD) 10-Q 10 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Entity Registrant Name	Clearside Biomedical, Inc.
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	CLSD
Document Type	10-Q
Entity Central Index Key	0001539029
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Interactive Data Current	Yes
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		59,479,568
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	001-37783
Entity Tax Identification Number	45-2437375
Entity Address, Address Line One	900 North Point Parkway
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Alpharetta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30005
City Area Code	678
Local Phone Number	270-3631

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 26,414	$ 17,287
Prepaid expenses	359	722
Other current assets	880	109
Total current assets	27,653	18,118
Property and equipment, net	327	416
Operating lease right-of-use asset	452	528
Restricted cash	160	260
Total assets	28,592	19,322
Current liabilities:
Accounts payable	1,220	1,997
Accrued liabilities	2,196	1,582
Current portion of long-term debt		991
Current portion of operating lease liabilities	380	373
Deferred revenue	5,000	5,000
Total current liabilities	8,796	9,943
Operating lease liabilities	458	616
Total liabilities	9,254	10,559
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no shares issued at June 30, 2021 and December 31, 2020
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2021 and December 31, 2020; 59,091,591 and 51,860,941 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	59	52
Additional paid-in capital	288,592	264,578
Accumulated deficit	(269,313)	(255,867)
Total stockholders’ equity	19,338	8,763
Total liabilities and stockholders’ equity	$ 28,592	$ 19,322

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	59,091,591	51,860,941
Common stock, shares outstanding	59,091,591	51,860,941

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
License and other revenue	$ 780	$ 354	$ 814	$ 4,451
Type of Revenue [Extensible List]	clsd:LicenseAndOtherRevenueMember	clsd:LicenseAndOtherRevenueMember	clsd:LicenseAndOtherRevenueMember	clsd:LicenseAndOtherRevenueMember
Operating expenses:
Research and development	$ 4,060	$ 3,300	$ 9,550	$ 7,111
General and administrative	2,816	2,611	5,709	5,733
Total operating expenses	6,876	5,911	15,259	12,844
Loss from operations	(6,096)	(5,557)	(14,445)	(8,393)
Other income	1	0	999	0
Other expense	0	(197)	0	(272)
Net loss	$ (6,095)	$ (5,754)	$ (13,446)	$ (8,665)
Net loss per share of common stock — basic and diluted	$ (0.11)	$ (0.13)	$ (0.23)	$ (0.19)
Weighted average shares outstanding — basic and diluted	57,745,465	45,214,500	57,394,017	44,984,005

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 11,157	$ 44	$ 248,770	$ (237,657)
Beginning balance, shares at Dec. 31, 2019		44,413,372
Issuance of common shares under at-the-market sales agreement	1,193	$ 1	1,192
Issuance of common shares under at-the-market sales agreement, shares		455,186
Share-based compensation expense	1,001		1,001
Net loss	(2,911)			(2,911)
Ending balance at Mar. 31, 2020	10,440	$ 45	250,963	(240,568)
Ending balance, shares at Mar. 31, 2020		44,868,558
Beginning balance at Dec. 31, 2019	11,157	$ 44	248,770	(237,657)
Beginning balance, shares at Dec. 31, 2019		44,413,372
Net loss	(8,665)
Ending balance at Jun. 30, 2020	7,287	$ 46	253,563	(246,322)
Ending balance, shares at Jun. 30, 2020		46,274,970
Beginning balance at Mar. 31, 2020	10,440	$ 45	250,963	(240,568)
Beginning balance, shares at Mar. 31, 2020		44,868,558
Issuance of common shares under at-the-market sales agreement	1,607	$ 1	1,606
Issuance of common shares under at-the-market sales agreement, shares		800,170
Exercise of stock options	72		72
Exercise of stock options, shares		58,333
Vesting of restricted stock units, shares		512,550
Issuance of common shares under employee stock purchase plan	31		31
Issuance of common shares under employee stock purchase plan, shares		35,359
Share-based compensation expense	891		891
Net loss	(5,754)			(5,754)
Ending balance at Jun. 30, 2020	7,287	$ 46	253,563	(246,322)
Ending balance, shares at Jun. 30, 2020		46,274,970
Beginning balance at Dec. 31, 2020	8,763	$ 52	264,578	(255,867)
Beginning balance, shares at Dec. 31, 2020		51,860,941
Issuance of common shares under a direct registered offering	11,078	$ 4	11,074
Issuance of common shares under a direct registered offering, shares		4,209,050
Issuance of common shares under at-the-market sales agreement	3,249	$ 2	3,247
Issuance of common shares under at-the-market sales agreement, shares		1,186,579
Exercise of stock options	38		38
Exercise of stock options, shares		62,493
Vesting of restricted stock units, shares		227,754
Issuance of common shares under employee stock purchase plan	54		54
Issuance of common shares under employee stock purchase plan, shares		31,908
Share-based compensation expense	1,154		1,154
Net loss	(7,351)			(7,351)
Ending balance at Mar. 31, 2021	16,985	$ 58	280,145	(263,218)
Ending balance, shares at Mar. 31, 2021		57,578,725
Beginning balance at Dec. 31, 2020	8,763	$ 52	264,578	(255,867)
Beginning balance, shares at Dec. 31, 2020		51,860,941
Net loss	(13,446)
Ending balance at Jun. 30, 2021	19,338	$ 59	288,592	(269,313)
Ending balance, shares at Jun. 30, 2021		59,091,591
Beginning balance at Mar. 31, 2021	16,985	$ 58	280,145	(263,218)
Beginning balance, shares at Mar. 31, 2021		57,578,725
Issuance of common shares under at-the-market sales agreement	7,084	$ 1	7,083
Issuance of common shares under at-the-market sales agreement, shares		1,397,436
Exercise of stock options	33		33
Exercise of stock options, shares		21,673
Vesting of restricted stock units, shares		93,757
Share-based compensation expense	1,331		1,331
Net loss	(6,095)			(6,095)
Ending balance at Jun. 30, 2021	$ 19,338	$ 59	$ 288,592	$ (269,313)
Ending balance, shares at Jun. 30, 2021		59,091,591

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (13,446)	$ (8,665)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	89	90
Share-based compensation expense	2,485	1,892
Gain on extinguishment of debt	(998)
Non-cash interest expense		59
Accretion of debt discount		129
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(408)	1,418
Other assets and liabilities	(75)	(68)
Accounts payable and accrued liabilities	(156)	(878)
Net cash used in operating activities	(12,509)	(6,023)
Investing activities
Acquisition of property and equipment		(55)
Net cash provided by (used in) investing activities		55
Financing activities
Proceeds from registered direct offering, net of issuance costs	11,078
Proceeds from at-the-market sales agreement, net of issuance costs	10,333	2,800
Proceeds from exercise of stock options	71	72
Proceeds from shares issued under employee stock purchase plan	54	31
Proceeds from long-term debt	0	991
Payments made on long-term debt	0	(5,340)
Net cash provided by (used in) financing activities	21,536	1,446
Net increase (decrease) in cash, cash equivalents and restricted cash	9,027	7,524
Cash, cash equivalents and restricted cash, beginning of period	17,647	22,955
Cash, cash equivalents and restricted cash, end of period	26,674	15,431
Supplemental disclosure of noncash financing activities
Forgiveness of PPP Loan and accrued interest	998
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	26,414	15,071
Restricted cash	260	360
Cash, cash equivalents and restricted cash at end of period	$ 26,674	$ 15,431

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) $ in Thousands	Jun. 30, 2021USD ($)
Restricted Cash	$ 260
Other Current Assets [Member]
Restricted Cash	$ 100

The Company

The Company	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
The Company	1. The Company Clearside Biomedical, Inc. (the “Company”) is a biopharmaceutical company dedicated to developing and delivering treatments that restore and preserve vision for people with serious back of the eye diseases. The Company’s proprietary SCS Microinjector targets the suprachoroidal space and offers unique access to the macula, retina and choroid where sight-threatening disease often occurs. This suprachoroidal space injection is an inherently flexible, in-office, non-surgical procedure, intended to provide targeted delivery to the site of disease and to work with both established and new formulations of medications, as well as future therapeutic innovations. Incorporated in the State of Delaware on May 26, 2011 , the Company has its corporate headquarters in Alpharetta, Georgia. The Company’s activities since inception have primarily consisted of developing product and technology rights, raising capital and performing research and development activities. The Company has no current source of revenue to sustain present activities, and does not expect to generate meaningful revenue until and unless the Company receives regulatory approval of and successfully commercializes its product candidates, either on its own or with a third party. The Company is subject to a number of risks and uncertainties similar to those of other life science companies at a similar stage of development, including, among others, the need to obtain adequate additional financing, successful development efforts including regulatory approval of products, compliance with government regulations, successful commercialization of potential products, protection of proprietary technology and dependence on key individuals. Liquidity The Company had cash and cash equivalents of $ 26.4 million as of June 30, 2021. On January 6, 2021, the Company entered into a securities purchase agreement with certain institutional purchasers that purchased 4.2 million shares of its common stock in a registered direct offering at a price of $ 2.851 per share. The Company raised net proceeds of $ 11.1 million after deducting offering expenses. During the six months ended June 30, 2021, the Company sold 2.6 million shares of its common stock for net proceeds of $ 10.3 million under its at-the-market agreement with Cowen and Company, LLC. Subsequent to June 30, 2021, the Company sold an additional 0.3 million shares of its common stock for net proceeds of $ 1.9 million under its at-the-market agreement with Cowen and Company, LLC. The Company has funded its operations primarily through the sale of common stock and convertible preferred stock and the issuance of long-term debt. The Company will continue to need to obtain additional financing to fund future operations, including completing the development, partnering and potential commercialization of its primary product candidates. The Company will need to obtain financing to conduct additional trials for the regulatory approval of its product candidates if requested by regulatory bodies, and completing the development of any product candidates that might be acquired. If such products were to receive regulatory approval, the Company would need to obtain financing to prepare for the potential commercialization of its product candidates, if the Company decides to commercialize the products on its own. The Company has suffered recurring losses and negative cash flows from operations since inception and anticipates incurring additional losses until such time, if ever, that it can obtain regulatory approval to sell, and then generate significant revenue from commercializing its lead product candidate, XIPERE™ (triamcinolone acetonide suprachoroidal injectable suspension) with its licensees. In the absence of product or other revenues, the amount, timing, nature or source of which cannot be predicted, the Company’s losses will continue as it conducts its research and development activities. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Based on its current plans and forecasted expenses, the Company expects that its cash and cash equivalents as of the filing date, August 10, 2021, will enable it to fund its planned operating expenses and capital expenditure requirements into the second quarter of 2022. This estimate does not give effect to additional development milestone payments the Company might receive under the agreements with Bausch, REGENXBIO or Arctic Vision, or in connection with any other potential license or collaboration agreement for XIPERE or any future product candidates. The Company has based this estimate on assumptions that may prove to be wrong, and it could exhaust its capital resources sooner than expected. Until the Company can generate sufficient revenue, the Company will need to finance future cash needs through public or private equity offerings, license agreements, debt financings or restructurings, collaborations, strategic alliances and marketing or distribution arrangements. The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result should the Company be unable to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Unaudited Interim Financial Information The accompanying balance sheet as of June 30 2021, statements of operations for the three and six months ended June 30, 2021 and 2020, statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021, its results of its operations for the three and six months ended June 30, 2021 and 2020, its changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are unaudited. The results for the six months ended June 30, 2021 are not indicative of results to be expected for the year ending December 31, 2021, any other interim periods or any future year or period. These unaudited financial statements should be read in conjunction with the audited financial statements and related footnotes, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with U.S. 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 financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, the accounting for useful lives to calculate depreciation and amortization, clinical trial expense accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates. Effects of COVID-19 The COVID-19 pandemic has created global volatility, economic uncertainty and general market disruption. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require us to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our financial statements. Revenue Recognition The Company recognizes revenue from its contracts with customers under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company’s primary revenue arrangements are license agreements which typically include upfront payments, regulatory and commercial milestone payments and royalties based on future product sales. The arrangements may also include payments for the Company’s SCS Microinjector devices as well as payments for assistance and oversight of the customer’s use of the Company’s technology. In determining the amount of revenue to be recognized under these agreements, the Company performs the following steps: (i) identifies the promised goods and services to be transferred in the contract, (ii) identifies the performance obligations, (iii) determines the transaction price, (iv) allocates the transaction price to the performance obligations and (v) recognizes revenue as the performance obligations are satisfied. The Company receives payments from its customers based on billing schedules established in each contract. Upfront and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under the arrangement. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Research and Development Costs Research and development costs are charged to expense as incurred and include:  employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel;  expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct preclinical studies and clinical trials;  costs associated with preclinical and clinical development activities;  costs associated with submitting regulatory approval applications for the Company’s product candidates;  costs associated with training physicians on the suprachoroidal injection procedure and educating and providing them with appropriate product candidate information;  costs associated with technology and intellectual property licenses;  costs for the Company’s research and development facility; and  depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued expense. Share-Based Compensation Compensation cost related to share-based awards granted to employees is measured based on the estimated fair value of the award at the grant date. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Compensation expense for options granted to non-employees is determined as the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of restricted stock units granted is measured based on the market value of the Company’s common stock on the date of grant. Share-based compensation costs are expensed on a straight-line basis over the relevant vesting period. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six-month withholding period prior to the purchase date. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the underlying employees’ roles within the Company. Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase. Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances. Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. The Company adopted ASU 2019-12 on January 1, 2021, and the adoption did not have a material impact on its financial statements and related disclosures.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment, Net	3. Property and Equipment, Net Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated June 30, December 31, Furniture and fixtures 5 $ 337 $ 337 Machinery and equipment 5 176 176 Computer equipment 3 13 13 Leasehold improvements Lesser of or 667 667 1,193 1,193 Less: Accumulated depreciation ( 866 ) ( 777 ) $ 327 $ 416

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Accrued research and development $ 1,095 $ 234 Accrued employee costs 837 1,132 Accrued professional fees 27 56 Accrued expense 237 160 $ 2,196 $ 1,582

CARES Act Paycheck Protection P

CARES Act Paycheck Protection Program Loan	6 Months Ended
	Jun. 30, 2021
Extraordinary And Unusual Items [Abstract]
CARES Act Paycheck Protection Program Loan	5 . CARES Act Paycheck Protection Program Loan On April 20, 2020, the Company entered into a loan agreement with Silicon Valley Bank (the “PPP Lender”) under the terms of which the PPP Lender made a loan to the Company in an aggregate principal amount of $ 1.0 million (the “PPP Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is evidenced by a promissory note (the “Note”) containing the terms and conditions for repayment of the PPP Loan. Under the terms of the Note and the PPP Loan, interest accrued on the outstanding principal amount at the rate of 1.0 % per annum. The term of the Note was until April 2022 , with the Company obligated to make equal monthly payments of principal and interest, beginning in November 2020 and continuing until the maturity date. The CARES Act and the PPP provide a mechanism for forgiveness of up to the full amount borrowed. On January 11, 2021, the Company was notified by the PPP Lender that the PPP Loan had been forgiven in full, including approximately $ 7,000 of accrued interest. In accordance with ASC 405-20, Extinguishment of Liabilities , the income from the forgiveness of the amount borrowed and the accrued interest was recognized in the statement of operations in other income as a gain on extinguishment of debt.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock	6. Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue 100,000,000 shares of $ 0.001 par value common stock. As of June 30, 2021 and December 31, 2020, there were 59,091,591 and 51,860,941 shares of common stock outstanding, respectively.

Stock Purchase Warrants

Stock Purchase Warrants	6 Months Ended
	Jun. 30, 2021
Stock Purchase Warrants [Abstract]
Stock Purchase Warrants	7. Stock Purchase Warrants In September 2016, in connection with a loan agreement, the Company issued warrants to purchase up to 29,796 shares of common stock at a price per share of $ 10.74 . The warrants expire in September 2026 , or earlier upon the occurrence of specified mergers or acquisitions of the Company, and are immediately exercisable . The warrants were recorded in equity and had a weighted average remaining life of 5.50 years as of June 30, 2021.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	8. Share-Based Compensation Share-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation . Stock Options The Company has granted stock option awards to employees, directors and consultants from its 2011 Stock Incentive Plan (the “2011 Plan”) and its 2016 Equity Incentive Plan (the “2016 Plan”). The estimated fair value of options granted is determined as of the date of grant using the Black-Scholes option pricing model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the awards. Share-based compensation expense for options granted under the 2011 Plan and the 2016 Plan is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 414 $ 286 $ 791 $ 592 General and administrative 514 379 936 792 Total $ 928 $ 665 $ 1,727 $ 1,384 The following table summarizes the activity related to stock options during the six months ended June 30, 2021: Weighted Number of Average Shares Exercise Price Options outstanding at December 31, 2020 4,248,193 $ 3.95 Granted 1,794,906 3.93 Exercised ( 84,166 ) 0.83 Forfeited — — Options outstanding at June 30, 2021 5,958,933 3.99 Options exercisable at December 31, 2020 2,355,900 4.96 Options exercisable at June 30, 2021 3,015,204 4.55 As of June 30, 2021, the Company had $ 7.4 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 2.9 years. Restricted Stock Units The Company has granted restricted stock units (“RSUs”) to employees from the 2016 Plan. The shares underlying the RSU awards have vesting terms of two to four years from the date of grant subject to the employees’ continuous service and subject to accelerated vesting in specified circumstances. The fair value of the RSUs granted is measured based on the market value of the Company’s common stock on the date of grant and is recognized ratably over the requisite service period, which is generally the vesting period of the awards. The total share-based compensation expense related to RSUs is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 196 $ 109 $ 367 $ 234 General and administrative 192 114 362 268 Total $ 388 $ 223 $ 729 $ 502 The following table summarizes the activity related to RSUs during the six months ended June 30, 2021: Weighted Average Number of Grant Date Shares Fair Value Non-vested RSUs outstanding at December 31, 2020 767,271 $ 1.78 Granted 965,344 4.01 Vested ( 321,511 ) 1.43 Non-vested RSUs outstanding at June 30, 2021 1,411,104 3.39 As of June 30, 2021, the Company had $ 4.2 million of unrecognized compensation expense related to the RSUs which is expected to be recognized over a weighted average period of 3.3 years. Employee Stock Purchase Plan The 2016 Employee Stock Purchase Plan (the “2016 ESPP”) became effective on June 1, 2016. The 2016 ESPP is considered a compensatory plan and the fair value of the discount and the look-back period are estimated using the Black-Scholes option pricing model and expense is recognized over the six-month withholding period prior to the purchase date. The share-based compensation expense recognized for the 2016 ESPP is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 9 $ 1 $ 17 $ 2 General and administrative 6 2 12 4 Total $ 15 $ 3 $ 29 $ 6 During the six months ended June 30, 2021, the Company issued 31,908 shares of common stock purchased under the 2016 ESPP.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Lease Commitment Summary In November 2016, the Company signed an office lease agreement to lease approximately 20,000 square feet of office space in Alpharetta, Georgia for its corporate headquarters. The lease agreement is for a 6.5 year term with a renewal option for one additional five-year term. Rental payments are $ 35,145 per month subject to an increase of 3 % per year. Rent expense under this lease is recognized on a straight-line basis over the term of the lease. In addition, the lease agreement requires payment of the pro-rata share of the annual operating expenses associated with the premises. The Company’s operating leases included on the balance sheet are as follows (in thousands): June 30, Operating lease right-of-use asset $ 452 Liabilities Current portion of operating lease liabilities $ 380 Operating lease liabilities 458 Total operating lease liabilities $ 838 The Company recognizes a right-of-use asset for the right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments over the lease term. The renewal option is not included in the calculation of the right-of-use asset and the lease liabilities as the Company has not yet determined if the Alpharetta, Georgia lease will be renewed. The present value of the lease payments is calculated using an incremental borrowing rate as the Company’s leases do not provide an implicit interest rate. At June 30, 2021, the Company’s weighted average discount rate was 11.0 % and the weighted average lease term was 2.25 years. Minimum lease payments were as follows at June 30, 2021 (in thousands): Year Ending December 31, 2021 $ 198 2022 407 2023 316 Total minimum lease payments 921 Less imputed interest ( 83 ) Total operating lease liabilities $ 838 Equipment leases with an initial term of 12 months or less are not recorded with operating lease liabilities. The Company recognizes expense for these leases on a straight-line basis over the lease term. The equipment leases were deemed to be immaterial. Operating lease cost was $ 62,000 for each of the three months ended June 30, 2021 and 2020, and $ 123,000 for each of the six months ended June 30, 2021 and 2020. Variable lease cost was $ 24,000 for each of the three months ended June 30, 2021 and 2020, and $ 47,000 for each of the six months ended June 30, 2021 and 2020. Short-term lease cost was $ 2,000 and $ 4,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 4,000 and $ 8,000 for the six months ended June 30, 2021 and 2020, respectively. Cash payments included in operating activities on the statement of cash flows for operating lease liabilities were $ 194,000 and $ 187,000 for the six months ended June 30, 2021 and 2020, respectively. Contract Service Providers In the course of the Company’s normal business operations, it has agreements with contract service providers to assist in the performance of its research and development, clinical research and manufacturing. Substantially all of these contracts are on an as needed basis.

License and Other Agreements

License and Other Agreements	6 Months Ended
	Jun. 30, 2021
License And Other Agreement [Abstract]
License and Other Agreements	10. License and Other Agreements Bausch + Lomb On October 22, 2019, the Company entered into a License Agreement with Bausch + Lomb, a division of Bausch Health Companies, Inc. (“Bausch”). Pursuant to the Bausch License Agreement, the Company has granted an exclusive license to Bausch to develop, manufacture, distribute, promote, market and commercialize XIPERE using the Company’s proprietary microinjector (the “Device”), as well as specified other steroids, corticosteroids and NSAIDs in combination with the Device (“Other Products,” and together with XIPERE, the “Products”), subject to specified exceptions, in the United States and Canada (the “Original Territory”) for the treatment of ophthalmology indications, including non-infectious uveitis. On April 27, 2020, the Company and Bausch entered into an amendment to the Company’s License Agreement with Bausch dated October 22, 2019 (as amended, the “Bausch License Agreement”). Pursuant to the Bausch License Agreement, the Company has granted Bausch an exclusive option (the “Option”) to develop, manufacture, distribute, promote, market and commercialize XIPERE in one or more of the following regions: (i) the European Union, including the United Kingdom, (ii) Australia and New Zealand and (iii) South America and Mexico (such regions, the “Additional Regions” and together with the Original Territory, the “Territory”). The Option may be exercised any time before the earlier of regulatory approval of XIPERE in the United States and August 31, 2021. Pursuant to the Bausch License Agreement, Bausch made an upfront payment of $ 5.0 million (the “Upfront Payment”) in October 2019, which is subject to a refund if the Bausch License Agreement is terminated in specified circumstances. In addition, Bausch has agreed to make additional payments of up to $ 15.0 million upon the achievement of specified pre-launch development and regulatory milestones (the “Pre-Launch Milestone Payments”) and up to an aggregate of $ 57.3 million in additional milestone payments upon the achievement of (i) specified regulatory approvals for specified additional indications of XIPERE (including certain regulatory and commercial milestones if Bausch exercises its Option in the European Union) and (ii) specified levels of annual net sales (as defined in the Bausch License Agreement). Further, during the applicable royalty term, the Company will also be entitled to receive tiered royalties at increasing percentages, from the high-teens to twenty percent, based on XIPERE achieving certain annual net sales thresholds in the Original Territory, as well as a lower royalty on annual net sales of Other Products in the Original Territory and on annual net sales of Xipere in the Additional Regions if Bausch exercises its Option, in each case subject to reductions in specified circumstances; provided that the Company will not receive any royalties on the first $ 45.0 million of cumulative net sales of all products in the Original Territory. The Bausch License Agreement will expire upon expiration of the royalty terms for all Products and countries in the Territory, with each royalty term for a given Product and country ending on the latest of (i) the date of expiration of the last-to-expire valid claim of any licensed patent rights covering such Product in such country in the Territory, (ii) the date of the loss of regulatory exclusivity for such Product in such country in the Territory, or (iii) ten years from the later of the first sale of such Product in such country in the Territory. For a specified period of time, Bausch may terminate the Bausch License Agreement immediately and have the Upfront Payment refunded if the U.S. Food and Drug Administration (the “FDA”) has not approved the Company’s New Drug Application (“NDA”) for XIPERE by August 31, 2021. Following the payment of the Pre-Launch Milestone Payments, Bausch may also terminate the Bausch License Agreement for convenience upon 180 days’ written notice. In addition, the Company can terminate the Bausch License Agreement if Bausch commences a legal action challenging the validity, enforceability or scope of any of the licensed patents. If the FDA requires an additional clinical trial prior to approving the NDA for XIPERE and the Company notifies Bausch that the Company will not conduct the trial at the Company’s expense, then Bausch may terminate the Bausch License Agreement and have the Upfront Payment refunded within 60 days of the receipt of such notice from the Company. Both parties may terminate the Bausch License Agreement (i) upon a material breach of the Bausch License Agreement, subject to a specified cure period and specified exceptions, or (ii) if the other party encounters bankruptcy or insolvency. The Company is responsible for all development expenses for XIPERE in the Original Territory until the NDA is approved by the FDA, subject to specified exceptions, as well as manufacturing costs in connection with the NDA. The Company is also responsible for all clinical and development expenses conducted to satisfy the FDA’s requests in the complete response letter issued on October 18, 2019 related to the NDA and any subsequent complete response letter related to the NDA (the “CRL-related expenses”). If XIPERE is approved by the FDA, Bausch will be responsible for all expenses following such approval; provided that the Company will be responsible for the CRL-related expenses and for one-half of the costs of any post-approval clinical trials required by the FDA, up to a specified maximum amount. Due to the refund provisions in the License Agreement, the upfront payment of $ 5.0 million received from Bausch was included on the balance sheet as deferred revenue as of June 30, 2021 and December 31, 2020 and will remain in deferred revenue until the refund provisions lapse. Arctic Vision (Hong Kong) Limited On March 10, 2020, the Company entered into a License Agreement (the “License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”). Pursuant to the License Agreement, the Company has granted an exclusive license to Arctic Vision to develop, distribute, promote, market and commercialize XIPERE, subject to specified exceptions, in China, Hong Kong, Macau, Taiwan and South Korea (the “Arctic Territory”). Under the terms of the License Agreement, neither party may commercialize XIPERE in the other party’s territory. Arctic Vision has agreed to use commercially reasonably efforts to pursue development and commercialization of XIPERE for indications associated with uveitis in the Arctic Territory. In addition, upon receipt of the Company’s consent, Arctic Vision will have the right, but not the obligation, to develop and commercialize XIPERE for additional indications in the Arctic Territory. Pursuant to the License Agreement, Arctic Vision paid the Company an upfront payment of $ 4.0 million in March 2020. In addition, Arctic Vision has agreed to pay up to $ 31.5 million in development milestone payments for specified events, including $ 4.0 million upon receipt of FDA approval of XIPERE in the United States and sales milestone payments for achievement of specified levels of net sales. Further, during the applicable royalty term, the Company will also be entitled to receive tiered royalties of ten to twelve percent of net sales based on achieving certain annual net sales thresholds in the Territory, subject to customary reductions, payable on a product-by-product and country-by-country basis, commencing at launch in such country and lasting until the latest of (i) the date that all valid claims within the licensed patent rights covering XIPERE have expired, (ii) the date of the loss of marketing or regulatory exclusivity of XIPERE in a given country, or (iii) ten years from the first commercial sale of XIPERE in a given country. Other The Company periodically enters into short-term agreements with other customers to evaluate the potential use of its proprietary SCS Microinjector with third-party product candidates for the treatment of various diseases. Funds received from these agreements are recognized as revenue over the term of the agreement.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures , on fair value measurements. As defined in the guidance, fair value, defined as an exit price, represents the amount that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants. As a result, fair value is a market-based approach that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering these assumptions, the guidance defines a three-tier value hierarchy that prioritizes the inputs used in the valuation methodologies in measuring fair value.  Level 1—Unadjusted quoted prices in active, accessible markets for identical assets or liabilities.  Level 2—Other inputs that are directly or indirectly observable in the marketplace.  Level 3—Unobservable inputs that are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s material financial instruments at June 30, 2021 and December 31, 2020 consisted primarily of cash and cash equivalents and long-term debt. The fair values of cash and cash equivalents, other current assets and accounts payable approximate their respective carrying values due to the short term nature of these instruments and are classified as Level 1 in the fair value hierarchy. The fair value of long-term debt approximates the carrying value due to variable interest rates that correspond to market rates and is classified as Level 1 in the fair value hierarchy. There were no significant transfers between Levels 1, 2 and 3 during the six months ended June 30, 2021 and the year ended December 31, 2020.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	12. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration of the dilutive effect of potential common stock equivalents. Diluted net loss per share gives effect to all dilutive potential shares of common stock outstanding during this period. For all periods presented, the Company’s potential common stock equivalents, which included stock options, restricted stock units and stock purchase warrants, have been excluded from the computation of diluted net loss per share as their inclusion would have the effect of reducing the net loss per share. Therefore, the denominator used to calculate both basic and diluted net loss per share is the same in all periods presented. The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Three Months Ended Six Months Ended 2021 2020 2021 2020 Outstanding stock options 5,958,933 5,034,701 5,958,933 5,034,701 Non-vested restricted stock units 1,411,104 1,236,050 1,411,104 1,236,050 Stock purchase warrants 29,796 29,796 29,796 29,796 7,399,833 6,300,547 7,399,833 6,300,547

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying balance sheet as of June 30 2021, statements of operations for the three and six months ended June 30, 2021 and 2020, statements of stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021, its results of its operations for the three and six months ended June 30, 2021 and 2020, its changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are unaudited. The results for the six months ended June 30, 2021 are not indicative of results to be expected for the year ending December 31, 2021, any other interim periods or any future year or period. These unaudited financial statements should be read in conjunction with the audited financial statements and related footnotes, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. 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 financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, the accounting for useful lives to calculate depreciation and amortization, clinical trial expense accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates.
Effects of COVID-19	Effects of COVID-19 The COVID-19 pandemic has created global volatility, economic uncertainty and general market disruption. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require us to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to our financial statements.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from its contracts with customers under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company’s primary revenue arrangements are license agreements which typically include upfront payments, regulatory and commercial milestone payments and royalties based on future product sales. The arrangements may also include payments for the Company’s SCS Microinjector devices as well as payments for assistance and oversight of the customer’s use of the Company’s technology. In determining the amount of revenue to be recognized under these agreements, the Company performs the following steps: (i) identifies the promised goods and services to be transferred in the contract, (ii) identifies the performance obligations, (iii) determines the transaction price, (iv) allocates the transaction price to the performance obligations and (v) recognizes revenue as the performance obligations are satisfied. The Company receives payments from its customers based on billing schedules established in each contract. Upfront and other payments may require deferral of revenue recognition to a future period until the Company performs its obligations under the arrangement. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense as incurred and include:  employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel;  expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct preclinical studies and clinical trials;  costs associated with preclinical and clinical development activities;  costs associated with submitting regulatory approval applications for the Company’s product candidates;  costs associated with training physicians on the suprachoroidal injection procedure and educating and providing them with appropriate product candidate information;  costs associated with technology and intellectual property licenses;  costs for the Company’s research and development facility; and  depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued expense.
Share-Based Compensation	Share-Based Compensation Compensation cost related to share-based awards granted to employees is measured based on the estimated fair value of the award at the grant date. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Compensation expense for options granted to non-employees is determined as the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of restricted stock units granted is measured based on the market value of the Company’s common stock on the date of grant. Share-based compensation costs are expensed on a straight-line basis over the relevant vesting period. Compensation cost related to shares purchased through the Company’s employee stock purchase plan, which is considered compensatory, is based on the estimated fair value of the shares on the offering date, including consideration of the discount and the look back period. The Company estimates the fair value of the shares using a Black-Scholes option pricing model. Compensation expense is recognized over the six-month withholding period prior to the purchase date. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations based upon the underlying employees’ roles within the Company.
Cash Equivalents	Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase.
Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits	Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. The Company adopted ASU 2019-12 on January 1, 2021, and the adoption did not have a material impact on its financial statements and related disclosures.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated June 30, December 31, Furniture and fixtures 5 $ 337 $ 337 Machinery and equipment 5 176 176 Computer equipment 3 13 13 Leasehold improvements Lesser of or 667 667 1,193 1,193 Less: Accumulated depreciation ( 866 ) ( 777 ) $ 327 $ 416

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Accrued research and development $ 1,095 $ 234 Accrued employee costs 837 1,132 Accrued professional fees 27 56 Accrued expense 237 160 $ 2,196 $ 1,582

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Summary of Share-based Compensation Expense	Share-based compensation expense for options granted under the 2011 Plan and the 2016 Plan is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 414 $ 286 $ 791 $ 592 General and administrative 514 379 936 792 Total $ 928 $ 665 $ 1,727 $ 1,384
Summary of Activity Related to Stock Options	The following table summarizes the activity related to stock options during the six months ended June 30, 2021: Weighted Number of Average Shares Exercise Price Options outstanding at December 31, 2020 4,248,193 $ 3.95 Granted 1,794,906 3.93 Exercised ( 84,166 ) 0.83 Forfeited — — Options outstanding at June 30, 2021 5,958,933 3.99 Options exercisable at December 31, 2020 2,355,900 4.96 Options exercisable at June 30, 2021 3,015,204 4.55
Restricted Stock Units (RSUs)
Summary of Share-based Compensation Expense	The total share-based compensation expense related to RSUs is reflected in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 196 $ 109 $ 367 $ 234 General and administrative 192 114 362 268 Total $ 388 $ 223 $ 729 $ 502
Summary of the Activity Related to RSUs	The following table summarizes the activity related to RSUs during the six months ended June 30, 2021: Weighted Average Number of Grant Date Shares Fair Value Non-vested RSUs outstanding at December 31, 2020 767,271 $ 1.78 Granted 965,344 4.01 Vested ( 321,511 ) 1.43 Non-vested RSUs outstanding at June 30, 2021 1,411,104 3.39
2016 Employee Stock Purchase Plan
Summary of Share-based Compensation Expense	The share-based compensation expense recognized for the 2016 ESPP is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 9 $ 1 $ 17 $ 2 General and administrative 6 2 12 4 Total $ 15 $ 3 $ 29 $ 6

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Operating Leases Included on the Balance Sheet	The Company’s operating leases included on the balance sheet are as follows (in thousands): June 30, Operating lease right-of-use asset $ 452 Liabilities Current portion of operating lease liabilities $ 380 Operating lease liabilities 458 Total operating lease liabilities $ 838
Future Minimum Commitments Due Under Non-Cancelable Operating Leases	Minimum lease payments were as follows at June 30, 2021 (in thousands): Year Ending December 31, 2021 $ 198 2022 407 2023 316 Total minimum lease payments 921 Less imputed interest ( 83 ) Total operating lease liabilities $ 838

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share	The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Three Months Ended Six Months Ended 2021 2020 2021 2020 Outstanding stock options 5,958,933 5,034,701 5,958,933 5,034,701 Non-vested restricted stock units 1,411,104 1,236,050 1,411,104 1,236,050 Stock purchase warrants 29,796 29,796 29,796 29,796 7,399,833 6,300,547 7,399,833 6,300,547

The Company - Additional Inform

The Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 01, 2021	Jan. 06, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Class of Stock [Line Items]
Entity incorporation date			May 26, 2011
Cash and cash equivalents			$ 26,414	$ 17,287	$ 15,071
Net proceeds after deducting offering expenses			$ (11,078)
Private Placement | Common Stock
Class of Stock [Line Items]
Purchase of common stock by institutional purchasers		4.2
Purchase price per share		$ 2.851
Net proceeds after deducting offering expenses		$ 11,100
At-the-market Sales Agreement | Cowen and Company LLC | Common Stock
Class of Stock [Line Items]
Number of shares sold under facility			2.6
Net proceeds from issuance of stock			$ 10,300
At-the-market Sales Agreement | Cowen and Company LLC | Common Stock | Subsequent Event [Member]
Class of Stock [Line Items]
Number of shares sold under facility	0.3
Net proceeds from issuance of stock	$ 1,900

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and Equipment, gross	$ 1,193	$ 1,193
Less: Accumulated depreciation	(866)	(777)
Property and equipment, net	327	416
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and Equipment, gross	$ 337	337
Estimated Useful Lives (Years)	5 years
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property and Equipment, gross	$ 176	176
Estimated Useful Lives (Years)	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Property and Equipment, gross	$ 13	13
Estimated Useful Lives (Years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and Equipment, gross	$ 667	$ 667
Estimated Useful Lives (Years)	Lesser ofuseful life orremaininglease term

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued research and development	$ 1,095	$ 234
Accrued employee costs	837	1,132
Accrued professional fees	27	56
Accrued expense	237	160
Accrued liabilities, current	$ 2,196	$ 1,582

CARES Act Paycheck Protection_2

CARES Act Paycheck Protection Program Loan - Additional Information (Details) - PPP Loan - USD ($) $ in Thousands	Jan. 11, 2021	Apr. 20, 2020
Interest Expense
Short Term Debt [Line Items]
Interest expense on borrowings	$ 7,000
Silicon Valley Bank
Short Term Debt [Line Items]
Aggregate principal amount		$ 1,000
Interest rate on outstanding principal amount		1.00%
Note, Maturity date		Apr. 30, 2022

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	59,091,591	51,860,941

Stock Purchase Warrants - Addit

Stock Purchase Warrants - Additional Information (Details) - $ / shares	1 Months Ended	6 Months Ended
	Sep. 30, 2016	Jun. 30, 2021
Maximum
Class Of Warrant Or Right [Line Items]
Number of stock that can be purchased by each warrant	29,796
Convertible Stock Warrant
Class Of Warrant Or Right [Line Items]
Class of warrant Exercise	$ 10.74
Warrants expiration term	2026-09
Weighted average remaining life of warrants		5 years 6 months

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-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
2016 Employee Stock Purchase Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 15	$ 3	$ 29	$ 6
2016 Employee Stock Purchase Plan | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	9	1	17	2
2016 Employee Stock Purchase Plan | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	6	2	12	4
Stock Options | 2011 Stock Incentive Plan, 2016 Equity Incentive Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	928	665	1,727	1,384
Stock Options | 2011 Stock Incentive Plan, 2016 Equity Incentive Plan | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	414	286	791	592
Stock Options | 2011 Stock Incentive Plan, 2016 Equity Incentive Plan | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	514	379	936	792
Restricted Stock Units (RSUs)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	388	223	729	502
Restricted Stock Units (RSUs) | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	196	109	367	234
Restricted Stock Units (RSUs) | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 192	$ 114	$ 362	$ 268

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Activity Related to Stock Options (Details) - Stock Options	6 Months Ended
	Jun. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Options outstanding, Beginning balance | shares	4,248,193
Number of Shares, Granted | shares	1,794,906
Number of Shares, Exercised | shares	(84,166)
Number of Shares, Forfeited | shares
Number of Shares, Options outstanding, Ending balance | shares	5,958,933
Number of Shares, Options exercisable | shares	3,015,204	2,355,900
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ / shares	$ 3.95
Weighted Average Exercise Price, Granted | $ / shares	3.93
Weighted Average Exercise Price, Exercised | $ / shares	0.83
Weighted Average Exercise Price, Forfeited | $ / shares
Weighted Average Exercise Price, Options outstanding, Ending balance | $ / shares	3.99
Weighted Average Exercise Price, Options exercisable | $ / shares	$ 4.55	$ 4.96

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
2016 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 15	$ 3	$ 29	$ 6
Issuance of common shares under employee stock purchase plan, shares			31,908
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested stock options	7,400		$ 7,400
Expected to be recognized over a weighted average period			2 years 10 months 24 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected to be recognized over a weighted average period			3 years 3 months 18 days
Share-based compensation expense	388	$ 223	$ 729	$ 502
Unrecognized compensation expense related to the RSUs	$ 4,200		$ 4,200

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of the Activity Related to RSUs (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested units outstanding, Number of Shares, Beginning balance | shares	767,271
Number of Shares, Granted | shares	965,344
Number of Shares, Vested | shares	(321,511)
Non-vested units outstanding, Number of Shares, Ending balance | shares	1,411,104
Non-vested units outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.78
Weighted Average Exercise Price, Granted | $ / shares	4.01
Weighted Average Exercise Price, Vested | $ / shares	1.43
Non-vested units outstanding, Weighted Average Exercise Price, Ending balance | $ / shares	$ 3.39

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2016USD ($)ft²	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Commitment And Contingencies [Line Items]
Lessee, operating lease, option to extend, description				The renewal option is not included in the calculation of the right-of-use asset and the lease liabilities as the Company has not yet determined if the Alpharetta, Georgia lease will be renewed.
Incremental borrowing rate		11.00%		11.00%
Operating lease, remaining lease term		2 years 3 months		2 years 3 months
Operating Lease, Cost		$ 62,000	$ 62,000	$ 123,000	$ 123,000
Variable Lease, Cost		24,000	24,000	47,000	47,000
Short-term Lease, Cost		$ 2,000,000	$ 4,000,000	4,000,000	8,000,000
Cash payments included in operating activities for operating lease liabilities				$ 194,000,000	$ 187,000
GEORGIA
Commitment And Contingencies [Line Items]
Area of office leased | ft²	20,000
Operating lease agreement term	6 years 6 months
Operating lease agreement renewal option term	5 years
Minimum monthly lease payments	$ 35,145
Percentage of increase per year	3.00%

Commitment and Contingencies _2

Commitment and Contingencies - Operating Leases Included on the Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 452	$ 528
Liabilities
Current portion of operating lease liabilities	380	373
Operating lease liabilities	458	$ 616
Total operating lease liabilities	$ 838

Commitment and Contingencies _3

Commitment and Contingencies - Future Minimum Commitments Due Under Non-Cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 198
2022	407
2023	316
Total minimum lease payments	921
Less imputed interest	(83)
Total operating lease liabilities	$ 838

License and Other Agreements -

License and Other Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 10, 2020	Oct. 22, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue			$ 5,000		$ 5,000		$ 5,000
License and other revenue			780	$ 354	814	$ 4,451
Bausch Health Ireland Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payment		$ 5,000
First cumulative net sales of products		45,000
Bausch Health Ireland Limited | Upfront Payment
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payment	$ 4,000
Deferred revenue			$ 5,000		$ 5,000		$ 5,000
Arctic Vision Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development milestone payments	$ 31,500
Threshold percentage of sales for tiered royalties	12.00%
Arctic Vision Limited | Minimum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Threshold percentage of sales for tiered royalties	10.00%
XIPERE [Member] | Arctic Vision Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development milestone payments	$ 4,000
Commercial Arrangement | Bausch Health Ireland Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Pre-launch milestone payments		15,000
Additional milestone payments		$ 57,300

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Significant transfers between Levels 1, 2 and 3	$ 0	$ 0

Net Loss Per Share - Potential

Net Loss Per Share - Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,399,833	6,300,547	7,399,833	6,300,547
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5,958,933	5,034,701	5,958,933	5,034,701
Non-vested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,411,104	1,236,050	1,411,104	1,236,050
Stock Purchase Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		29,796	29,796	29,796