Clearside Biomedical (CLSD) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Entity Registrant Name	Clearside Biomedical, Inc.
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	false
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		60,150,442
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	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 34,372	$ 30,436
Accounts receivable	0	10,000
Prepaid expenses	563	921
Other current assets	339	779
Total current assets	35,274	42,136
Property and equipment, net	301	238
Operating lease right-of-use asset	324	369
Restricted cash	160	160
Total assets	36,059	42,903
Current liabilities:
Accounts payable	1,396	941
Accrued liabilities	2,171	3,312
Current portion of operating lease liabilities	391	387
Deferred revenue	198	0
Total current liabilities	4,156	4,640
Operating lease liabilities	200	288
Total liabilities	4,356	4,928
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no shares issued at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value; 100,000,000 shares authorized at March 31, 2022 and December 31, 2021; 60,147,618 and 59,722,930 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	60	60
Additional paid-in capital	294,778	293,406
Accumulated deficit	(263,135)	(255,491)
Total stockholders’ equity	31,703	37,975
Total liabilities and stockholders’ equity	$ 36,059	$ 42,903

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	60,147,618	59,722,930
Common stock, shares outstanding	60,147,618	59,722,930

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 347	$ 34
Type of Revenue [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 4,536	$ 5,490
General and administrative	3,457	2,893
Total operating expenses	7,993	8,383
Loss from operations	(7,646)	(8,349)
Other income	2	998
Net loss	$ (7,644)	$ (7,351)
Net loss per share of common stock — basic and diluted	$ (0.13)	$ (0.13)
Weighted average shares outstanding — basic and diluted	60,064,209	57,038,664

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, 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 and settlement 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, 2021	37,975	$ 60	293,406	(255,491)
Beginning balance, shares at Dec. 31, 2021		59,722,930
Exercise of stock options	3		3
Exercise of stock options, shares		22,727
Vesting and settlement of restricted stock units, shares		375,331
Issuance of common shares under employee stock purchase plan	62		62
Issuance of common shares under employee stock purchase plan, shares		26,630
Share-based compensation expense	1,307		1,307
Net loss	(7,644)			(7,644)
Ending balance at Mar. 31, 2022	$ 31,703	$ 60	$ 294,778	$ (263,135)
Ending balance, shares at Mar. 31, 2022		60,147,618

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (7,644)	$ (7,351)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	46	45
Share-based compensation expense	1,307	1,154
Gain on extinguishment of debt	0	(998)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	10,689	279
Other assets and liabilities	(39)	(36)
Accounts payable and accrued liabilities	(686)	1,348
Deferred revenue	198	0
Net cash used in operating activities	3,871	(5,559)
Investing activities
Net cash used in investing activities	0	0
Financing activities
Proceeds from registered direct offering, net of issuance costs	0	11,078
Proceeds from at-the-market sales agreement, net of issuance costs	0	3,249
Proceeds from exercise of stock options	3	38
Proceeds from shares issued under employee stock purchase plan	62	54
Net cash provided by financing activities	65	14,419
Net increase (decrease) in cash, cash equivalents and restricted cash	3,936	8,860
Cash, cash equivalents and restricted cash, beginning of period	30,696	17,647
Cash, cash equivalents and restricted cash, end of period	34,632	26,507
Supplemental disclosure of noncash financing activities
Forgiveness of PPP Loan and accrued interest	0	998
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	34,372	26,147
Restricted cash (including $100 for each period recorded in other current assets)	260	360
Cash, cash equivalents and restricted cash at end of period	$ 34,632	$ 26,507

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Restricted Cash	$ 260	$ 360
Other Current Assets [Member]
Restricted Cash	$ 100	$ 100

The Company

The Company	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	1. The Company Clearside Biomedical, Inc. (the “Company”) is a biopharmaceutical company focused on revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space (SCS ® ). 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's licensees successfully commercialize XIPERE ® , its other licensees receive regulatory approval and successfully commercializes its product candidates or the Company 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 $ 34.4 million as of March 31, 2022. On October 25, 2021, the Company announced that the U.S. Food and Drug Administration (the "FDA") approved XIPERE (triamcinolone acetonide injectable suspension) for the treatment of macular edema associated with uveitis, a form of eye inflammation. In January 2022, the Company received $ 10.0 million from Bausch + Lomb, a division of Bausch Health Companies, Inc. ("Bausch"), upon completion of pre-launch activities for XIPERE pursuant to the license agreement granting Bausch an exclusive license to develop and commercialize XIPERE in the United States and Canada. Bausch launched XIPERE in the United States in the first quarter of 2022. 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 complete the development and conduct clinical trials for the regulatory approval of its product candidates if requested by regulatory bodies. 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 generate significant revenue from its licensees' commercialization of XIPERE. 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. Based on its current plans and forecasted expenses, the Company expects that its cash and cash equivalents as of the filing date, May 12, 2022, will enable it to fund its planned operating expenses and capital expenditure requirements for at least the next twelve months from that date. The Company has based this estimate on assumptions that may prove to be wrong, and it could exhaus t 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, statements of operations for the three months ended March 31, 2022 and 2021, statements of stockholders’ equity for the three months ended March 31, 2022 and 2021 and statements of cash flows for the three months ended March 31, 2022 and 2021 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 March 31, 2022, its results of its operations for the three months ended March 31, 2022 and 2021, its changes in stockholders’ equity for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are unaudited. The results for the three months ended March 31, 2022 are not indicative of results to be expected for the year ending December 31, 2022, 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, 2021. 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 is expected to continue to result in global economic uncertainty. 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 trial activities, are recognized based on an evaluation of the estimated total costs for the clinical trial, progress to completion of specific tasks using data such as patient enrollment, pass through expenses, clinical site activations, data from the clinical sites 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 contracts and any subsequent amendments, 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, directors and consultants 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. 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 recipient's underlying role 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.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
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 March 31, December 31, Furniture and fixtures 5 $ 337 $ 337 Machinery and equipment 5 285 176 Computer equipment 3 13 13 Leasehold improvements Lesser of or 667 667 1,302 1,193 Less: Accumulated depreciation ( 1,001 ) ( 955 ) $ 301 $ 238

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued research and development $ 1,114 $ 1,083 Accrued employee costs 519 1,854 Accrued professional fees 106 30 Accrued expense 432 345 $ 2,171 $ 3,312

CARES Act Paycheck Protection P

CARES Act Paycheck Protection Program Loan	3 Months Ended
	Mar. 31, 2022
Unusual or Infrequent Items, or Both [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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, there were 60,147,618 and 59,722,930 shares of common stock outstanding, respectively.

Stock Purchase Warrants

Stock Purchase Warrants	3 Months Ended
	Mar. 31, 2022
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 4.5 years as of March 31, 2022.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [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 2022 2021 Research and development $ 402 $ 377 General and administrative 514 422 Total $ 916 $ 799 The following table summarizes the activity related to stock options during the three months ended March 31, 2022: Weighted Number of Average Shares Exercise Price Options outstanding at December 31, 2021 5,762,328 $ 4.07 Granted 1,310,940 2.17 Exercised ( 22,727 ) 0.15 Forfeited — — Options outstanding at March 31, 2022 7,050,541 3.73 Options exercisable at December 31, 2021 3,148,502 4.59 Options exercisable at March 31, 2022 3,743,739 4.47 As of March 31, 2022, the Company had $ 6.9 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 2.8 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 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 2022 2021 Research and development $ 197 $ 171 General and administrative 186 170 Total $ 383 $ 341 The following table summarizes the activity related to RSUs during the three months ended March 31, 2022: Weighted Average Number of Grant Date Shares Fair Value Non-vested RSUs outstanding at December 31, 2021 1,317,347 $ 3.58 Granted 648,460 2.19 Vested ( 375,331 ) 3.44 Non-vested RSUs outstanding at March 31, 2022 1,590,476 3.04 As of March 31, 2022, the Company had $ 4.5 million of unrecognized compensation expense related to the RSUs which is expected to be recognized over a weighted average period of 3.0 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 2022 2021 Research and development $ 5 $ 8 General and administrative 3 6 Total $ 8 $ 14 During the three months ended March 31, 2022, the Company issued 26,630 shares of common stock purchased under the 2016 ESPP.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2022
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): March 31, Operating lease right-of-use asset $ 324 Liabilities Current portion of operating lease liabilities $ 391 Operating lease liabilities 200 Total operating lease liabilities $ 591 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 March 31, 2022, the Company’s weighted average discount rate was 11.0 % and the weighted average lease term was 1.5 years. Minimum lease payments were as follows at March 31, 2022 (in thousands): Year Ending December 31, 2022 308 2023 316 Total minimum lease payments 624 Less imputed interest ( 33 ) Total operating lease liabilities $ 591 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 March 31, 2022 and 2021. Variable lease cost was $ 24,000 for each of the three months ended March 31, 2022 and 2021. Short-term lease cost was $ 21,000 and $ 2,000 for the three months ended March 31, 2022 and 2021. Cash payments included in operating activities on the statement of cash flows for operating lease liabilities were $ 99,000 and $ 95,000 for the three months ended March 31, 2022 and 2021, 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	3 Months Ended
	Mar. 31, 2022
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 (as amended, the "Bausch License Agreement”) with 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 SCS 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 “Territory”) for the treatment of ophthalmology indications, including non-infectious uveitis. Pursuant to the Bausch License Agreement, Bausch paid the Company an upfront payment of $ 5.0 million in October 2019. In October 2021, the FDA approved XIPERE. The Company received $ 5.0 million from Bausch as a result of the approval. In December 2021, $ 10.0 million was recorded upon completion of pre-launch activities for XIPERE and payment was received in January 2022. In addition, Bausch has agreed to pay up to an aggregate of $ 55.0 million in additional milestone payments upon the achievement of (i) specified regulatory approvals for specifi ed additional indications of XIPERE 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 Territory, 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 Territory. Bausch launched XIPERE in the United States in the first quarter of 2022. 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 December 2021, the Company received a milestone payment of $ 4.0 million following the receipt of FDA approval of XIPERE in the United States. In addition, Arctic Vision has agreed to pay the Company up to $ 22.5 million in development and sales milestones. 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. In August 2021, the Company entered into an amendment to the Arctic Vision License Agreement to expand the territories covered by the license to include India and the ASEAN Countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam). In September 2021, the Company entered into a second amendment to the Arctic Vision License Agreement to expand the Arctic Territory to include Australia and New Zealand. The Company received an aggregate of $ 3.0 million in consideration for the expansion of the Arctic Territory. 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	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements The Company’s material financial instruments at March 31, 2022 and December 31, 2021 consisted primarily of cash and cash equivalents. 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. There were no significant transfers between Levels 1, 2 and 3 during the three months ended March 31, 2022 and the year ended December 31, 2021.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Outstanding stock options 7,050,541 5,816,856 Non-vested restricted stock units 1,590,476 1,504,861 Stock purchase warrants 29,796 29,796 8,670,813 7,351,513

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, statements of operations for the three months ended March 31, 2022 and 2021, statements of stockholders’ equity for the three months ended March 31, 2022 and 2021 and statements of cash flows for the three months ended March 31, 2022 and 2021 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 March 31, 2022, its results of its operations for the three months ended March 31, 2022 and 2021, its changes in stockholders’ equity for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are unaudited. The results for the three months ended March 31, 2022 are not indicative of results to be expected for the year ending December 31, 2022, 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, 2021.
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 is expected to continue to result in global economic uncertainty. 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 trial activities, are recognized based on an evaluation of the estimated total costs for the clinical trial, progress to completion of specific tasks using data such as patient enrollment, pass through expenses, clinical site activations, data from the clinical sites 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 contracts and any subsequent amendments, 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, directors and consultants 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. 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 recipient's underlying role 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.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated March 31, December 31, Furniture and fixtures 5 $ 337 $ 337 Machinery and equipment 5 285 176 Computer equipment 3 13 13 Leasehold improvements Lesser of or 667 667 1,302 1,193 Less: Accumulated depreciation ( 1,001 ) ( 955 ) $ 301 $ 238

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued research and development $ 1,114 $ 1,083 Accrued employee costs 519 1,854 Accrued professional fees 106 30 Accrued expense 432 345 $ 2,171 $ 3,312

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Research and development $ 402 $ 377 General and administrative 514 422 Total $ 916 $ 799
Summary of Activity Related to Stock Options	The following table summarizes the activity related to stock options during the three months ended March 31, 2022: Weighted Number of Average Shares Exercise Price Options outstanding at December 31, 2021 5,762,328 $ 4.07 Granted 1,310,940 2.17 Exercised ( 22,727 ) 0.15 Forfeited — — Options outstanding at March 31, 2022 7,050,541 3.73 Options exercisable at December 31, 2021 3,148,502 4.59 Options exercisable at March 31, 2022 3,743,739 4.47
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 2022 2021 Research and development $ 197 $ 171 General and administrative 186 170 Total $ 383 $ 341
Summary of the Activity Related to RSUs	The following table summarizes the activity related to RSUs during the three months ended March 31, 2022: Weighted Average Number of Grant Date Shares Fair Value Non-vested RSUs outstanding at December 31, 2021 1,317,347 $ 3.58 Granted 648,460 2.19 Vested ( 375,331 ) 3.44 Non-vested RSUs outstanding at March 31, 2022 1,590,476 3.04
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 2022 2021 Research and development $ 5 $ 8 General and administrative 3 6 Total $ 8 $ 14

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, Operating lease right-of-use asset $ 324 Liabilities Current portion of operating lease liabilities $ 391 Operating lease liabilities 200 Total operating lease liabilities $ 591
Future Minimum Commitments Due Under Non-Cancelable Operating Leases	Minimum lease payments were as follows at March 31, 2022 (in thousands): Year Ending December 31, 2022 308 2023 316 Total minimum lease payments 624 Less imputed interest ( 33 ) Total operating lease liabilities $ 591

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Outstanding stock options 7,050,541 5,816,856 Non-vested restricted stock units 1,590,476 1,504,861 Stock purchase warrants 29,796 29,796 8,670,813 7,351,513

The Company - Additional Inform

The Company - Additional Information (Details) - USD ($) $ in Thousands	Oct. 25, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity incorporation date		May 26, 2011
Cash and cash equivalents		$ 34,372	$ 30,436	$ 26,147
Bausch Health Ireland Limited
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate milestone payments from the licensees	$ 10,000

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and Equipment, gross	$ 1,302	$ 1,193
Less: Accumulated depreciation	(1,001)	(955)
Property and equipment, net	301	238
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	$ 285	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 of useful life or remaining lease term

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development	$ 1,114	$ 1,083
Accrued employee costs	519	1,854
Accrued professional fees	106	30
Accrued expense	432	345
Accrued liabilities, current	$ 2,171	$ 3,312

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
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	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	60,147,618	59,722,930

Stock Purchase Warrants - Addit

Stock Purchase Warrants - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended
	Sep. 30, 2016	Mar. 31, 2022
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		4 years 6 months

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
2016 Employee Stock Purchase Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 8	$ 14
2016 Employee Stock Purchase Plan | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	5	8
2016 Employee Stock Purchase Plan | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	3	6
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	916	799
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	402	377
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	422
Restricted Stock Units (RSUs)
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	383	341
Restricted Stock Units (RSUs) | Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	197	171
Restricted Stock Units (RSUs) | General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 186	$ 170

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Activity Related to Stock Options (Details) - Stock Options - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Options outstanding, Beginning balance	5,762,328
Number of Shares, Granted	1,310,940
Number of Shares, Exercised	(22,727)
Number of Shares, Forfeited
Number of Shares, Options outstanding, Ending balance	7,050,541
Number of Shares, Options exercisable	3,743,739	3,148,502
Weighted Average Exercise Price, Options outstanding, Beginning balance	$ 4.07
Weighted Average Exercise Price, Granted	2.17
Weighted Average Exercise Price, Exercised	0.15
Weighted Average Exercise Price, Forfeited	0
Weighted Average Exercise Price, Options outstanding, Ending balance	3.73
Weighted Average Exercise Price, Options exercisable	$ 4.47	$ 4.59

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares
2016 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common shares under employee stock purchase plan, shares | shares	26,630
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested stock options	$ 6.9
Expected to be recognized over a weighted average period	2 years 9 months 18 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
Unrecognized compensation expense related to the RSUs	$ 4.5

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of the Activity Related to RSUs (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested units outstanding, Number of Shares, Beginning balance | shares	1,317,347
Number of Shares, Granted | shares	648,460
Number of Shares, Vested | shares	(375,331)
Non-vested units outstanding, Number of Shares, Ending balance | shares	1,590,476
Non-vested units outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares	$ 3.58
Weighted Average Exercise Price, Granted | $ / shares	2.19
Weighted Average Exercise Price, Vested | $ / shares	3.44
Non-vested units outstanding, Weighted Average Exercise Price, Ending balance | $ / shares	$ 3.04

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details)	1 Months Ended	3 Months Ended
	Nov. 30, 2016USD ($)ft²	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
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%
Operating lease, remaining lease term		1 year 6 months
Operating Lease, Cost		$ 62,000	$ 62,000
Variable Lease, Cost		24,000	24,000
Short-term Lease, Cost		21,000	2,000
Cash payments included in operating activities for operating lease liabilities		$ 99,000	$ 95,000
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	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 324	$ 369
Liabilities
Current portion of operating lease liabilities	391	387
Operating lease liabilities	200	$ 288
Total operating lease liabilities	$ 591

Commitment and Contingencies _3

Commitment and Contingencies - Future Minimum Commitments Due Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 308
2023	316
Total minimum lease payments	624
Less imputed interest	(33)
Total operating lease liabilities	$ 591

License and Other Agreements -

License and Other Agreements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 10, 2020	Oct. 22, 2019	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Oct. 31, 2021
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue			$ 0		$ 198
Revenue					347	$ 34
Bausch Health Ireland Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payment		$ 5,000
Bausch Health Ireland Limited | Upfront Payment
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue							$ 5,000
Arctic Vision Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
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] | Bausch Health Ireland Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Pre-launch milestone payments			10,000
First cumulative net sales of products					$ 45,000
XIPERE [Member] | Bausch Health Ireland Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Additional milestone payments		$ 55,000
XIPERE [Member] | Arctic Vision Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone Payments			$ 4,000
License Arrangement | Arctic Vision Limited
Research And Development Arrangement Contract To Perform For Others [Line Items]
Consideration for Territory Expansion Received				$ 3,000
License Arrangement | Arctic Vision Limited | Upfront Payment
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront payment	$ 4,000
License Arrangement | Arctic Vision Limited | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Development milestone payments	$ 22,500

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
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
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,670,813	7,351,513
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,050,541	5,816,856
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	1,590,476	1,504,861
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