Aclaris Therapeutics (ACRS) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37581
Entity Registrant Name	Aclaris Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0571712
Entity Address, Address Line One	640 Lee Road, Suite 200
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	484
Local Phone Number	324-7933
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	ACRS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,683,191
Entity Central Index Key	0001557746
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 61,653	$ 27,349
Short-term marketable securities	186,409	164,065
Accounts receivable, net	597	623
Prepaid expenses and other current assets	7,914	12,995
Total current assets	256,573	205,032
Marketable securities		34,242
Property and equipment, net	1,145	1,335
Intangible assets	6,992	7,048
Other assets	2,922	3,554
Total assets	267,632	251,211
Current liabilities:
Accounts payable	7,667	9,985
Accrued expenses	9,154	10,051
Current portion of lease liabilities	766	693
Discontinued operations	2,202	2,202
Total current liabilities	19,789	22,931
Other liabilities	1,638	2,172
Contingent consideration	26,000	28,400
Deferred tax liability	367	367
Total liabilities	47,794	53,870
Commitments and contingencies (Note 16)
Stockholders' Equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued or outstanding at September 30, 2022 and December 31, 2021
Common stock, $0.00001 par value; 100,000,000 shares authorized at September 30, 2022 and December 31, 2021; 66,679,641 and 61,228,446 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	1	1
Additional paid-in capital	875,982	792,971
Accumulated other comprehensive loss	(1,465)	(224)
Accumulated deficit	(654,680)	(595,407)
Total stockholders' equity	219,838	197,341
Total liabilities and stockholders' equity	$ 267,632	$ 251,211

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	66,679,641	61,228,446
Common stock, shares outstanding	66,679,641	61,228,446

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenue	$ 19,018	$ 1,659	$ 21,999	$ 5,260
Costs and expenses:
Cost of revenue	923	1,099	3,146	3,564
Research and development expense	23,656	13,976	56,741	29,711
General and administrative expense	5,813	5,979	17,987	16,676
Licensing	7,300		7,300
Revaluation of contingent consideration	2,200	900	(2,400)	22,139
Total costs and expenses	39,892	21,954	82,774	72,090
Loss from operations	(20,874)	(20,295)	(60,775)	(66,830)
Other income (expense), net	922	(851)	1,502	(1,231)
Net loss	$ (19,952)	$ (21,146)	$ (59,273)	$ (68,061)
Net loss per share, basic	$ (0.30)	$ (0.35)	$ (0.92)	$ (1.23)
Net loss per share, diluted	$ (0.30)	$ (0.35)	$ (0.92)	$ (1.23)
Weighted average common shares outstanding, basic	66,675,337	61,219,321	64,718,008	55,215,037
Weighted average common shares outstanding, diluted	66,675,337	61,219,321	64,718,008	55,215,037
Other comprehensive (loss) income:
Unrealized gain (loss) on marketable securities, net of tax of $0	$ (139)	$ 5	$ (1,241)	$ (5)
Foreign currency translation adjustment		176		96
Total other comprehensive (loss) income	(139)	181	(1,241)	91
Comprehensive loss	(20,091)	(20,965)	(60,514)	(67,970)
Contract research
Revenues:
Total revenue	1,090	1,415	3,529	4,556
Licensing
Revenues:
Total revenue	17,898	214	18,378	612
Other
Revenues:
Total revenue	$ 30	$ 30	$ 92	$ 92

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Unrealized loss on marketable securities, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Public Offering	Common Stock At The Market Offering	Common Stock	Additional Paid-in Capital Public Offering	Additional Paid-in Capital At The Market Offering	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Public Offering	At The Market Offering	Total
Balance at beginning of period at Dec. 31, 2020						$ 542,286	$ (94)	$ (504,542)			$ 37,650
Balance at beginning of period (in shares) at Dec. 31, 2020			45,109,314
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units						(2,579)					(2,579)
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			666,144
Issuance of common stock, net of offering costs				$ 103,348					$ 103,348
Issuance of common stock, net of offering costs (in shares)	6,306,271
Unrealized gain (loss) on marketable securities							(35)				(35)
Foreign currency translation adjustment							(11)				(11)
Stock-based compensation expense						2,675					2,675
Net loss								(28,754)			(28,754)
Balance at end of period at Mar. 31, 2021						645,730	(140)	(533,296)			112,294
Balance at end of period (in shares) at Mar. 31, 2021			52,081,729
Balance at beginning of period at Dec. 31, 2020						542,286	(94)	(504,542)			37,650
Balance at beginning of period (in shares) at Dec. 31, 2020			45,109,314
Increase (Decrease) in Stockholders' Equity
Net loss											(68,061)
Balance at end of period at Sep. 30, 2021			$ 1			789,186	(3)	(572,603)			216,581
Balance at end of period (in shares) at Sep. 30, 2021			61,226,750
Balance at beginning of period at Mar. 31, 2021						645,730	(140)	(533,296)			112,294
Balance at beginning of period (in shares) at Mar. 31, 2021			52,081,729
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units						1,041					1,041
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			1,024,666
Issuance of common stock, net of offering costs	$ 1			$ 134,851					$ 134,852
Issuance of common stock, net of offering costs (in shares)	8,098,592
Unrealized gain (loss) on marketable securities							25				25
Foreign currency translation adjustment							(69)				(69)
Stock-based compensation expense						3,833					3,833
Net loss								(18,161)			(18,161)
Balance at end of period at Jun. 30, 2021			$ 1			785,455	(184)	(551,457)			233,815
Balance at end of period (in shares) at Jun. 30, 2021			61,204,987
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units						29					29
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			21,763
Unrealized gain (loss) on marketable securities							5				5
Foreign currency translation adjustment							176				176
Stock-based compensation expense						3,702					3,702
Net loss								(21,146)			(21,146)
Balance at end of period at Sep. 30, 2021			$ 1			789,186	(3)	(572,603)			216,581
Balance at end of period (in shares) at Sep. 30, 2021			61,226,750
Balance at beginning of period at Dec. 31, 2021			$ 1			792,971	(224)	(595,407)			$ 197,341
Balance at beginning of period (in shares) at Dec. 31, 2021			61,228,446								61,228,446
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units						49					$ 49
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			509,037
Unrealized gain (loss) on marketable securities							(748)				(748)
Stock-based compensation expense						2,346					2,346
Net loss								(18,789)			(18,789)
Balance at end of period at Mar. 31, 2022			$ 1			795,366	(972)	(614,196)			180,199
Balance at end of period (in shares) at Mar. 31, 2022			61,737,483
Balance at beginning of period at Dec. 31, 2021			$ 1			792,971	(224)	(595,407)			$ 197,341
Balance at beginning of period (in shares) at Dec. 31, 2021			61,228,446								61,228,446
Increase (Decrease) in Stockholders' Equity
Net loss											$ (59,273)
Balance at end of period at Sep. 30, 2022			$ 1			875,982	(1,465)	(654,680)			$ 219,838
Balance at end of period (in shares) at Sep. 30, 2022			66,679,641								66,679,641
Balance at beginning of period at Mar. 31, 2022			$ 1			795,366	(972)	(614,196)			$ 180,199
Balance at beginning of period (in shares) at Mar. 31, 2022			61,737,483
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units						88					88
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			91,388
Issuance of common stock, net of offering costs					$ 72,659					$ 72,659
Issuance of common stock, net of offering costs (in shares)		4,838,709
Unrealized gain (loss) on marketable securities							(354)				(354)
Stock-based compensation expense						3,692					3,692
Net loss								(20,532)			(20,532)
Balance at end of period at Jun. 30, 2022			$ 1			871,805	(1,326)	(634,728)			235,752
Balance at end of period (in shares) at Jun. 30, 2022			66,667,580
Increase (Decrease) in Stockholders' Equity
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units						(11)					(11)
Issuance of common stock in connection with exercise of stock options and warrants and vesting of restricted stock units (in shares)			12,061
Unrealized gain (loss) on marketable securities							(139)				(139)
Stock-based compensation expense						4,188					4,188
Net loss								(19,952)			(19,952)
Balance at end of period at Sep. 30, 2022			$ 1			$ 875,982	$ (1,465)	$ (654,680)			$ 219,838
Balance at end of period (in shares) at Sep. 30, 2022			66,679,641								66,679,641

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021
Public Offering
Offering costs netted against proceeds		$ 8,899	$ 7,011
At The Market Offering
Offering costs netted against proceeds	$ 2,341

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (59,273)	$ (68,061)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	607	726
Stock-based compensation expense	10,226	10,209
Revaluation of contingent consideration	(2,400)	22,139
Loss on extinguishment of debt		752
Changes in operating assets and liabilities:
Accounts receivable	26	(39)
Prepaid expenses and other assets	3,408	(8)
Accounts payable	(2,319)	1,293
Accrued expenses	1,273	(2,070)
Net cash used in operating activities	(48,452)	(35,059)
Cash flows from investing activities:
Purchases of property and equipment	(500)	(108)
Purchases of marketable securities	(118,729)	(199,862)
Proceeds from sales and maturities of marketable securities	129,155	41,514
Net cash provided by (used in) investing activities	9,926	(158,456)
Cash flows from financing activities:
Repayment of debt		(11,483)
Payments of employee withholding taxes related to restricted stock unit award vesting	(34)	(3,122)
Proceeds from exercise of employee stock options and the issuance of stock	120	1,459
Net cash provided by financing activities	72,830	225,054
Net increase in cash and cash equivalents	34,304	31,539
Cash and cash equivalents at beginning of period	27,349	22,063
Cash and cash equivalents at end of period	61,653	53,602
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable	4
Public Offering
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		$ 238,200
At The Market Offering
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	$ 72,744

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2022
Organization and Nature of Business
Organization and Nature of Business	1. Organization and Nature of Business ​ Overview ​ Aclaris Therapeutics, Inc. was incorporated under the laws of the State of Delaware in 2012. In 2015, Aclaris Therapeutics International Limited (“ATIL”) was established under the laws of the United Kingdom as a wholly-owned subsidiary of Aclaris Therapeutics, Inc. In 2017, Confluence Life Sciences, Inc. (now known as Aclaris Life Sciences, Inc.) (“Confluence”) was acquired by Aclaris Therapeutics, Inc. and became a wholly-owned subsidiary thereof. Aclaris Therapeutics, Inc., ATIL and Confluence are referred to collectively as the “Company.” The Company is a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases. In addition to developing its novel drug candidates, the Company is pursuing strategic alternatives, including identifying and consummating transactions with third-party partners, to further develop, obtain marketing approval for and/or commercialize its novel drug candidates. ​ Liquidity ​ The Company’s condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. As of September 30, 2022, the Company had cash, cash equivalents and marketable securities of $248.1 million and an accumulated deficit of $654.7 million. Since inception, the Company has incurred net losses and negative cash flows from its operations. Prior to the acquisition of Confluence, the Company had never generated revenue. There can be no assurance that profitable operations will ever be achieved, and, if achieved, will be sustained on a continuing basis. In addition, development activities, including clinical and preclinical testing of the Company’s drug candidates, will require significant additional financing. The future viability of the Company is dependent on its ability to successfully develop its drug candidates and to generate revenue from identifying and consummating transactions with third-party partners to further develop, obtain marketing approval for and/or commercialize its development assets or to raise additional capital to finance its operations. The Company will require additional capital to complete the clinical development of zunsemetinib (ATI-450), ATI-1777 and ATI-2138, to develop its preclinical compounds, and to support its discovery efforts. ​ Additional funds may not be available on a timely basis, on commercially acceptable terms, or at all, and such funds, if raised, may not be sufficient to enable the Company to continue to implement its long-term business strategy. The Company’s ability to raise additional capital may be adversely impacted by the potential worsening of global economic conditions, including inflationary pressures, and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the COVID-19 pandemic and geopolitical tensions. If the Company is unable to raise sufficient additional capital or generate revenue from transactions with potential third-party partners for the development and/or commercialization of its drug candidates, it may need to substantially curtail planned operations. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. ​ The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that its condensed consolidated financial statements are issued. As of the report date, the Company does not believe that substantial doubt exists about its ability to continue as a going concern. The Company believes its existing cash, cash equivalents and marketable securities are sufficient to fund its operating and capital expenditure requirements for a period greater than 12 months from the date of issuance of these condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	​ 2. Summary of Significant Accounting Policies ​ Unaudited Interim Financial Information ​ The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statement of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2022, the results of its operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, its changes in stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are unaudited. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. The unaudited interim financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. ​ Basis of Presentation ​ The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP. The condensed consolidated financial statements of the Company include the accounts of the operating parent company, Aclaris Therapeutics, Inc., and its wholly-owned subsidiaries, ATIL and Confluence. All intercompany transactions have been eliminated. Based upon the Company’s revenue, the Company believes that gross profit does not provide a meaningful measure of profitability and, therefore, has not included a line item for gross profit on the condensed consolidated statement of operations. ​ Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, contingent consideration and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from the Company’s estimates. ​ Reclassifications ​ Certain prior year amounts have been reclassified to conform to the current year financial statement presentation. ​ Significant Accounting Policies ​ The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. Except as set forth below, there have been no changes to the Company’s significant accounting policies from those disclosed in the annual report. ​ Contingent Consideration ​ The Company initially recorded a contingent consideration liability at fair value on the date of acquisition related to future potential payments resulting from the acquisition of Confluence based upon significant unobservable inputs including the achievement of development, regulatory and commercial milestones, as well as estimated future sales levels and the discount rates applied to calculate the present value of the potential payments. Significant judgement was involved in determining the appropriateness of these assumptions. These assumptions are considered Level 3 inputs. Revaluation of the contingent consideration liability can result from changes to one or more of these assumptions. The Company evaluates the fair value estimate of the contingent consideration liability on a quarterly basis with changes, if any, recorded as income or expense in the condensed consolidated statement of operations. ​ The fair value of contingent consideration is estimated using a probability-weighted expected payment model for regulatory milestone payments and a Monte Carlo simulation model for commercial milestone and royalty payments and then applying a risk-adjusted discount rate to calculate the present value of the potential payments. Significant assumptions used in the Company’s estimates include the probability of achieving regulatory milestones and commencing commercialization, which are based on an asset’s current stage of development and a review of existing clinical data. Probability of success on the year of each potential payment . ​ Revenue Recognition ​ The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. Under ASC Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ​ To determine revenue recognition in accordance with ASC Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) performance obligations are satisfied. At contract inception, the Company assesses the goods or services promised within a contract with a customer to identify the performance obligations, and to determine if they are distinct. The Company recognizes the revenue that is allocated to each distinct performance obligation when (or as) that performance obligation is satisfied. The Company only recognizes revenue when collection of the consideration it is entitled to under a contract with a customer is probable. ​ Licensing Revenue ​ Licenses of Intellectual Property ​ Milestone and Royalty Payments – The Company considers any future potential milestones and sales-based royalties to be variable consideration. The Company recognizes royalties and commercial milestone payments as revenue when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 - 10-55-65. The Company recognizes revenue from regulatory milestones when the regulatory milestone is achieved. ​ ​

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Assets and Liabilities
Fair Value of Financial Assets and Liabilities	3. Fair Value of Financial Assets and Liabilities ​ The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring and non-recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 (In thousands) Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents ​ $ 46,713 ​ $ — ​ $ — ​ $ 46,713 Marketable securities ​ — ​ ​ 186,409 ​ ​ — ​ ​ 186,409 Total assets ​ $ 46,713 ​ $ 186,409 ​ $ — ​ $ 233,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 26,000 ​ $ 26,000 Total liabilities ​ $ — ​ $ — ​ $ 26,000 ​ $ 26,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents ​ $ 21,678 ​ $ — ​ $ — ​ $ 21,678 Marketable securities ​ — ​ ​ 198,307 ​ ​ — ​ ​ 198,307 Total assets ​ $ 21,678 ​ $ 198,307 ​ $ — ​ $ 219,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 28,400 ​ $ 28,400 Total liabilities ​ $ — ​ $ — ​ $ 28,400 ​ $ 28,400 ​ As of September 30, 2022 and December 31, 2021, the Company’s cash equivalents consisted of a money market fund, which was valued based upon Level 1 inputs. The Company’s marketable securities as of September 30, 2022 and December 31, 2021 consisted of commercial paper, and asset-backed, U.S. government, foreign government agency and corporate debt securities, which were all valued based upon Level 2 inputs. Marketable securities also included U.S. government agency debt securities as of September 30, 2022, which were valued based upon Level 2 inputs. ​ In determining the fair value of its Level 2 investments, the Company relies on quoted prices for identical securities in markets that are not active. These quoted prices are obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical securities. The Company compares the quoted prices obtained from the third-party pricing service to other available independent pricing information to validate the reasonableness of the quoted prices provided. The Company evaluates whether adjustments to third-party pricing are necessary and, historically, the Company has not made adjustments to quoted prices obtained from the third-party pricing service. During the three and nine months ended September 30, 2022 and 2021, there were no transfers into or out of Level 3. ​ The overall $2.4 million decrease in the fair value of the contingent consideration liability during the nine months ended September 30, 2022 was mainly due to higher discount rates, resulting from higher risk-free rates and wider credit spreads, being applied to potential payments relative to prior periods. The decrease was partially offset by an increase in the contingent consideration liability as a result of the impact of the passage of time and other valuation model assumption modifications. ​ As of September 30, 2022 and December 31, 2021, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (In thousands) ​ Cost ​ Gain ​ Loss ​ Value Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ 47,270 ​ $ — ​ $ (472) ​ $ 46,798 Commercial paper ​ ​ 59,659 ​ ​ — ​ ​ — ​ ​ 59,659 Asset-backed debt securities ​ ​ 21,366 ​ ​ — ​ ​ (176) ​ ​ 21,190 Foreign government agency debt securities ​ ​ 4,039 ​ ​ — ​ ​ (27) ​ ​ 4,012 U.S. government and agency debt securities ​ ​ 55,542 ​ ​ — ​ ​ (792) ​ ​ 54,750 Total marketable securities ​ $ 187,876 ​ $ — ​ $ (1,467) ​ $ 186,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (In thousands) ​ Cost ​ Gain ​ Loss ​ Value Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities (1) ​ $ 40,993 ​ $ 6 ​ $ (50) ​ $ 40,949 Commercial paper ​ ​ 71,837 ​ ​ — ​ ​ — ​ ​ 71,837 Asset-backed debt securities ​ ​ 36,166 ​ ​ — ​ ​ (43) ​ ​ 36,123 Foreign government agency debt securities ​ ​ 4,073 ​ ​ — ​ ​ (13) ​ ​ 4,060 U.S. government debt securities (2) ​ ​ 45,465 ​ ​ — ​ ​ (127) ​ ​ 45,338 Total marketable securities ​ $ 198,534 ​ $ 6 ​ $ (233) ​ $ 198,307 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property and Equipment, Net
Property and Equipment, Net	4. Property and Equipment, Net ​ Property and equipment, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, (In thousands) ​ 2022 ​ 2021 Computer equipment $ 1,381 $ 1,380 Lab equipment ​ ​ 1,886 ​ ​ 1,605 Furniture and fixtures ​ ​ 620 ​ ​ 620 Leasehold improvements ​ ​ 1,123 ​ ​ 1,123 Property and equipment, gross ​ 5,010 ​ 4,728 Accumulated depreciation ​ (3,865) ​ (3,393) Property and equipment, net ​ $ 1,145 ​ $ 1,335 ​ Depreciation expense was $0.2 million for each of the three months ended September 30, 2022 and 2021, and $0.6 million for each of the nine months ended September 30, 2022 and 2021.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Intangible Assets
Intangible Assets	5. Intangible Assets ​ Intangible assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Cost ​ Accumulated Amortization ​ ​ ​ Remaining ​ ​ September 30, ​ ​ December 31, ​ ​ September 30, ​ ​ December 31, (In thousands, except years) ​ Life (years) 2022 2021 2022 2021 Other intangible assets ​ ​ 4.8 ​ $ 751 ​ $ 751 ​ $ 388 ​ $ 332 In-process research and development ​ ​ n/a ​ ​ 6,629 ​ ​ 6,629 ​ ​ — ​ ​ — Total intangible assets ​ ​ ​ ​ $ 7,380 ​ $ 7,380 ​ $ 388 ​ $ 332 ​ Amortization expense was $19 thousand for each of the three months ended September 30, 2022 and 2021, and $56 thousand for each of the nine months ended September 30, 2022 and 2021. ​ As of September 30, 2022, estimated future amortization expense was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Year Ending (In thousands) ​ December 31, 2022 ​ $ 18 2023 ​ 75 2024 ​ 75 2025 ​ ​ 75 2026 ​ ​ 75 Thereafter ​ ​ 45 Total ​ $ 363 ​

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Accrued Expenses	6. Accrued Expenses ​ Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In thousands) 2022 2021 Employee compensation expenses ​ $ 3,830 ​ $ 4,389 Research and development expenses ​ ​ 3,587 ​ ​ 1,278 Litigation settlements (see Note 16) ​ ​ — ​ ​ 2,650 Other ​ 1,737 ​ 1,734 Total accrued expenses ​ $ 9,154 ​ $ 10,051 ​ ​

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt
Debt	7. Debt ​ Loan and Security Agreement – Silicon Valley Bank ​ In March 2020, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”). The Loan and Security Agreement provided for $11.0 million in term loans, of which the Company borrowed the entire amount on March 30, 2020. In connection with the Loan and Security Agreement, the Company issued to SVB a warrant to purchase up to 460,251 shares of common stock (the “Warrant”) (see Note 8). The proceeds of the Loan and Security Agreement were allocated to the term loan and Warrant using a relative fair value approach. ​ In July 2021, the Company repaid in full the $11.0 million that was outstanding under the Loan and Security Agreement, together with all accrued and unpaid interest and fees as of the payoff date, for a total payment of $11.7 million. ​ ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity
Stockholders' Equity	8. Stockholders’ Equity ​ Preferred Stock ​ As of September 30, 2022 and December 31, 2021, the Company’s amended and restated certificate of incorporation authorized the Company to issue 10,000,000 shares of undesignated preferred stock. There were no shares of preferred stock outstanding as of September 30, 2022 or December 31, 2021. ​ Common Stock ​ As of September 30, 2022 and December 31, 2021, the Company’s amended and restated certificate of incorporation authorized the Company to issue 100,000,000 shares of $0.00001 par value common stock. There were 66,679,641 and 61,228,446 shares of common stock issued outstanding ​ Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to any preferential dividend rights of any series of preferred stock that may be outstanding. No dividends have been declared through September 30, 2022. ​ Warrants ​ The Warrant issued to SVB in March 2020 had an initial exercise price of $0.956 per share, subject to adjustment as provided in the Warrant. The Warrant became immediately exercisable in full upon the funding of the term loan facility. The Company assigned a fair value of $0.4 million to the Warrant using a Black-Scholes valuation methodology, and also concluded that the Warrant was indexed to its own stock and therefore classified the Warrant as an equity instrument. In January 2021, SVB net exercised the Warrant in full, and the Company issued 388,119 shares of common stock to SVB. ​ January 2021 Public Offering ​ In January 2021, the Company closed a public offering in which it sold 6,306,271 shares of common stock at a price to the public of $17.50 per share, for aggregate gross proceeds of $110.4 million. The Company paid underwriting discounts and commissions of $6.6 million, and also incurred expenses of $0.4 million in connection with the offering. As a result, the net offering proceeds received by the Company, after deducting underwriting discounts, commissions and offering expenses, were $103.3 million. ​ June 2021 Public Offering ​ In June 2021, the Company closed a public offering in which it sold 8,098,592 shares of common stock at a price to the public of $17.75 per share, for aggregate gross proceeds of $143.8 million. The Company paid underwriting discounts and commissions of $8.6 million, and also incurred expenses of $0.3 million in connection with the offering. As a result, the net offering proceeds received by the Company, after deducting underwriting discounts, commissions and offering expenses, were $134.9 million. ​ Sales of Common Stock Pursuant to At-The-Market Facility ​ In April 2022, the Company sold 4,838,709 shares of its common stock at a weighted average price per share of $15.50 , for aggregate gross proceeds of $75.0 million, pursuant to a sales agreement with SVB Securities LLC and Cantor Fitzgerald & Co., as sales agents, dated May 20, 2021. The Company paid selling commissions and other fees of $2.2 million in connection with the sale. ​ ​

Stock-Based Awards

Stock-Based Awards	9 Months Ended
	Sep. 30, 2022
Stock-Based Awards
Stock-Based Awards	9. Stock-Based Awards ​ 2015 Equity Incentive Plan ​ In September 2015, the Company’s board of directors adopted the 2015 Equity Incentive Plan (the “2015 Plan”), and the Company’s stockholders approved the 2015 Plan. The 2015 Plan became effective in connection with the Company’s initial public offering in October 2015. Beginning at the time the 2015 Plan became effective, no further grants may be made under the Company’s 2012 Equity Compensation Plan, as amended and restated (the “2012 Plan”). The 2015 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, performance stock awards, cash-based awards and other stock-based awards. The number of shares initially reserved for issuance under the 2015 Plan was 1,643,872 shares of common stock. The number of shares of common stock that may be issued under the 2015 Plan will automatically increase on January 1 of each year ending on January 1, 2025, in an amount equal to the lesser of (i) 4.0% of the shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or (ii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that expire, are otherwise terminated, settled in cash or repurchased by the Company under the 2015 Plan and the 2012 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan. As of January 1, 2022, the number of shares of common stock that may be issued under the 2015 Plan was automatically increased by 2,449,137 shares. As of September 30, 2022, 3,019,432 shares remained available for grant under the 2015 Plan. The Company had 4,343,087 stock options and 1,585,184 RSUs outstanding as of September 30, 2022 under the 2015 Plan. ​ 2017 Inducement Plan ​ In July 2017, the Company’s board of directors adopted the 2017 Inducement Plan (the “2017 Inducement Plan”). The 2017 Inducement Plan is a non-stockholder approved stock plan adopted pursuant to the “inducement exception” provided under Nasdaq listing rules. The Company had 370,600 stock options outstanding as of September 30, 2022 under the 2017 Inducement Plan. All shares of common stock that were eligible for issuance under the 2017 Inducement Plan after October 1, 2018, including any shares underlying any awards that expire or are otherwise terminated, reacquired to satisfy tax withholding obligations, settled in cash or repurchased by the Company in the future that would have been eligible for re-issuance under the 2017 Inducement Plan, were retired. ​ 2012 Equity Compensation Plan ​ Upon the 2015 Plan becoming effective, no further grants can be made under the 2012 Plan. The Company granted stock options to purchase a total of 1,140,524 shares under the 2012 Plan, of which 473,977 were outstanding as of September 30, 2022. Stock options granted under the 2012 Plan expire after ten years. ​ Stock Option Valuation ​ The weighted average assumptions the Company used to estimate the fair value of stock options granted during the nine months ended September 30, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2022 ​ ​ 2021 ​ Risk-free interest rate 2.07 % ​ 0.90 % Expected term (in years) 6.2 ​ ​ 6.2 ​ Expected volatility 77.95 % ​ 76.60 % Expected dividend yield 0 % ​ 0 % ​ The Company recognizes compensation expense for awards over their vesting period. Compensation expense for awards includes the impact of forfeitures in the period when they occur. ​ Stock Options ​ The following table summarizes stock option activity for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number ​ Exercise ​ Contractual ​ Intrinsic (In thousands, except share and per share data and years) ​ of Shares ​ Price ​ Term ​ Value ​ ​ ​ ​ ​ ​ ​ (in years) ​ ​ ​ Outstanding as of December 31, 2021 3,792,450 ​ $ 17.50 6.8 ​ $ 13,710 Granted 2,334,750 ​ ​ 14.27 ​ ​ ​ ​ ​ Exercised (85,672) ​ ​ 1.40 ​ ​ ​ ​ 1,115 Forfeited and cancelled (853,864) ​ ​ 18.70 ​ ​ ​ ​ ​ Outstanding as of September 30, 2022 5,187,664 ​ $ 16.11 7.4 ​ $ 15,376 Options vested and expected to vest as of September 30, 2022 5,187,664 ​ $ 16.11 7.4 ​ $ 15,376 Options exercisable as of September 30, 2022 2,307,984 ​ $ 17.35 5.2 ​ $ 9,345 The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2022 was $9.83 per share. ​ Restricted Stock Units ​ The following table summarizes RSU activity for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ Grant Date ​ Aggregate ​ ​ Number ​ Fair Value ​ Intrinsic (In thousands, except share and per share data) ​ of Shares ​ Per Share ​ Value Outstanding as of December 31, 2021 ​ 1,496,946 ​ $ 12.75 ​ ​ ​ Granted ​ 867,707 ​ ​ 14.33 ​ ​ ​ Vested ​ (526,706) ​ ​ 11.55 ​ $ 7,839 Forfeited and cancelled ​ (252,763) ​ ​ 12.30 ​ ​ ​ Outstanding as of September 30, 2022 ​ 1,585,184 ​ $ 14.09 ​ ​ ​ ​ Stock-Based Compensation ​ Stock-based compensation expense included in total costs and expenses on the condensed consolidated statement of operations included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In thousands) 2022 2021 2022 2021 Cost of revenue $ 307 $ 206 $ 837 $ 787 Research and development ​ ​ 1,400 ​ ​ 939 ​ ​ 2,228 ​ ​ 2,969 General and administrative ​ 2,481 ​ 2,557 ​ 7,161 ​ 6,453 Total stock-based compensation expense ​ $ 4,188 ​ $ 3,702 ​ $ 10,226 ​ $ 10,209 ​ As of September 30, 2022, the Company had unrecognized stock-based compensation expense for stock options and RSUs of $25.5 million and $18.3 million, respectively, which is expected to be recognized over weighted average periods of 3.1 years and 2.9 years, respectively.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2022
Net Loss per Share
Net Loss per Share	10. Net Loss per Share ​ Basic and diluted net loss per share is summarized in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In thousands, except for share and per share data) ​ 2022 ​ 2021 2022 2021 Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (19,952) ​ $ (21,146) ​ $ (59,273) ​ $ (68,061) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding, basic and diluted ​ 66,675,337 ​ 61,219,321 ​ 64,718,008 ​ 55,215,037 Net loss per share, basic and diluted ​ $ (0.30) ​ $ (0.35) ​ $ (0.92) ​ $ (1.23) ​ The Company’s potentially dilutive securities, which include stock options and RSUs, have been excluded from the computation of diluted net loss per share since the effect would be to reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. The following table presents potential shares of common stock excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2022 and 2021. All share amounts presented in the table below represent the total number outstanding as of September 30, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 ​ 2021 Options to purchase common stock ​ 5,187,664 ​ 3,743,725 Restricted stock unit awards ​ 1,585,184 ​ 1,465,963 Total potential shares of common stock ​ 6,772,848 ​ 5,209,688 ​

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases
Leases	11. Leases ​ Operating Leases ​ Agreements for Office and Laboratory Space ​ The Company has a sublease agreement pursuant to which it subleases 33,019 square feet of office space for its headquarters in Wayne, Pennsylvania. The sublease has a term that runs through October 2023. If for any reason the lease between the landlord and sublandlord is terminated or expires prior to October 2023, the Company’s sublease will automatically terminate. In December 2020, the Company entered into a sub-sublease agreement under which it sub-subleased 8,115 square feet to a third party. The sub-sublease term runs concurrently with the original sublease agreement. ​ In February 2019, the Company entered into a sublease agreement with a third party for 20,433 square feet of office and laboratory space in St. Louis, Missouri. The lease commenced in June 2019 and has a term that runs through June 2029. ​ Supplemental balance sheet information related to operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, (In thousands) ​ 2022 ​ 2021 Operating Leases: ​ ​ ​ ​ ​ ​ Gross cost ​ $ 5,240 ​ $ 5,240 Accumulated amortization ​ ​ (2,364) ​ ​ (1,803) Other assets ​ $ 2,876 ​ $ 3,437 ​ ​ ​ ​ ​ ​ ​ Current portion of lease liabilities ​ $ 766 ​ $ 693 Other liabilities ​ ​ 1,617 ​ ​ 2,151 Total operating lease liabilities ​ $ 2,383 ​ $ 2,844 ​ Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $0.3 million for each of the three months ended September 30, 2022 and 2021 and $0.8 million for each of the nine months ended September 30, 2022 and 2021.

Agreements Related to Intellect

Agreements Related to Intellectual Property	9 Months Ended
	Sep. 30, 2022
Agreements Related to Intellectual Property
Agreements Related to Intellectual Property	12. Agreements Related to Intellectual Property ​ Asset Purchase Agreement – EPI Health, LLC ​ In October 2019, the Company sold RHOFADE (oxymetazoline hydrochloride) cream, 1% (“RHOFADE”) to EPI Health, LLC (“EPI Health”) pursuant to an asset purchase agreement. EPI Health agreed to pay the Company a high single-digit royalty calculated as a percentage of net sales on a country-by-country basis until the date that the patent rights related to RHOFADE have expired or, if later, ten years from the date of the first commercial sale of RHOFADE in such country. The Company recorded royalty income under the asset purchase agreement of $0.3 million and $0.2 million during the three months ended September 30, 2022 and 2021, respectively, and $0.8 million and $0.6 million during the nine months ended September 30, 2022 and 2021, respectively. Royalty income is included in licensing revenue on the condensed consolidated statements of operations and comprehensive loss. EPI Health has also agreed to pay the Company potential sales milestone payments of up to $20.0 million in the aggregate upon the achievement of specified levels of net sales of products covered by the asset purchase agreement, and 25% of any upfront, license, milestone, maintenance or fixed payment received by EPI Health in connection with any license or sublicense of the assets transferred in the disposition in any territory outside of the United States, subject to specified exceptions. ​ Agreement and Plan of Merger – Confluence ​ The Company entered into an Agreement and Plan of Merger, pursuant to which it acquired Confluence (the “Confluence Agreement”). Under the Confluence Agreement, the Company has agreed to pay the former Confluence equity holders aggregate remaining contingent consideration of up to $75.0 million based upon the achievement of specified future regulatory and commercial milestones set forth in the Confluence Agreement. In addition, the Company has agreed to pay the former Confluence equity holders future royalty payments calculated as a low single-digit percentage of annual net sales, subject to specified reductions, limitations and other adjustments, until the date that all of the patent rights for that product have expired, as determined on a country-by-country and product-by-product basis or, in specified circumstances, ten years from the first commercial sale of such product. In addition to the payments described above, if the Company sells, licenses or transfers any of the intellectual property acquired from Confluence pursuant to the Confluence Agreement to a third party, the Company will be obligated to pay the former Confluence equity holders a portion of any consideration received from such sale, license or transfer in specified circumstances. ​ As of September 30, 2022 and December 31, 2021, the balance of the Company’s contingent consideration liability was $26.0 million and $28.4 million, respectively (see Note 3). ​ License Agreement – Eli Lilly and Company ​ In August 2022, the Company entered into a non-exclusive patent license agreement with Eli Lilly and Company (“Lilly”). Under the license agreement, the Company granted Lilly non-exclusive rights under certain patents and patent applications that the Company exclusively licenses from a third party. The patents and patent applications relate to the use of baricitinib, Lilly’s JAK inhibitor, to treat alopecia areata. Under the license agreement, Lilly has agreed to pay the Company an upfront payment, regulatory and commercial milestone payments, anniversary payments, and a low single-digit royalty calculated as a percentage of Lilly’s net sales of baricitinib for the treatment of alopecia areata. The Company has separate contractual obligations under which the Company has agreed to pay to third parties an amount equal to any regulatory and commercial milestone payments it receives under the Lilly license agreement, as well as a portion of the upfront consideration and a portion of the royalties it may receive under the license agreement. ​ The Company accounts for the Lilly license agreement under ASC Topic 606 and identified the non-exclusive license as a distinct performance obligation, since Lilly can benefit from the license on its own by developing and commercializing the underlying product using its own resources. The Company determined that the license was a right to use the intellectual property and that the Company had provided all necessary information to Lilly to benefit from the license. ​ During the three months ended September 30, 2022, the Company received $17.6 million from Lilly, a portion of which represented payments for regulatory and commercial milestones that were deemed to have been achieved as of the execution of the license agreement. The Company remains eligible to receive future milestone payments, all of which will be paid by the Company to third parties following receipt as described above. The Company recognized the upfront payment and milestone payments received during the three months ended September 30, 2022, and will recognize future anniversary payments, milestone payments and royalties that may be received from Lilly under the license agreement, as licensing revenue on its condensed consolidated statements of operations and comprehensive loss. During each of the three and nine months ended September 30, 2022, the Company recorded amounts paid to third parties of $7.3 million, and will record amounts it pays out to third parties under its contractual obligations in the future, as licensing expense on its condensed consolidated statements of operations and comprehensive loss. ​ The Company considers any future potential milestones and the sales-based royalty to be variable consideration. The Company expects that the royalties and commercial milestone payments will be recognized as revenue when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC Subtopic 606-10-55-65 because the license is the predominant item to which the royalty or sales-based milestones relate. ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	13. Income Taxes ​ The Company did not record a federal or state income tax benefit for losses incurred during the three and nine months ended September 30, 2022 and 2021. The Company concluded that it is more likely than not that its deferred tax assets will not be realized which resulted in recording a full valuation allowance during those periods. ​ ​

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations.
Discontinued Operations	14. Discontinued Operations ​ The following table presents information related to liabilities reported as discontinued operations in the Company’s condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In thousands) 2022 2021 Accrued expenses $ 2,202 ​ $ 2,202 Discontinued operations - current liabilities ​ $ 2,202 ​ $ 2,202 ​ ​

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Information
Segment Information	15. Segment Information ​ The Company has two reportable segments, therapeutics and contract research. The therapeutics segment is focused on identifying and developing innovative therapies to address significant unmet needs for immuno-inflammatory diseases. The contract research segment earns revenue from the provision of laboratory services. Contract research revenue is generally evidenced by contracts with clients which are on an agreed upon fixed-price, fee-for-service basis. Corporate and other includes general and administrative expenses as well as eliminations of intercompany transactions. The Company does not report balance sheet information by segment since it is not reviewed by the chief operating decision maker, and all of the Company’s tangible assets are held in the United States. ​ The Company’s results of operations by segment for the three and nine months ended September 30, 2022 and 2021 are summarized in the tables below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Three Months Ended September 30, 2022 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 17,928 ​ $ 4,299 ​ $ (3,209) ​ $ 19,018 Cost of revenue ​ ​ — ​ ​ 3,925 ​ ​ (3,002) ​ ​ 923 Research and development expense ​ ​ 23,863 ​ ​ — ​ ​ (207) ​ ​ 23,656 General and administrative expense ​ ​ — ​ ​ 875 ​ ​ 4,938 ​ ​ 5,813 Licensing expense ​ ​ 7,300 ​ ​ — ​ ​ — ​ ​ 7,300 Revaluation of contingent consideration ​ ​ 2,200 ​ ​ — ​ ​ — ​ ​ 2,200 Loss from operations ​ $ (15,435) ​ $ (501) ​ $ (4,938) ​ $ (20,874) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Three Months Ended September 30, 2021 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 244 ​ $ 3,335 ​ $ (1,920) ​ $ 1,659 Cost of revenue ​ ​ — ​ ​ 2,912 ​ ​ (1,813) ​ ​ 1,099 Research and development expense ​ ​ 14,083 ​ ​ — ​ ​ (107) ​ ​ 13,976 General and administrative expense ​ ​ — ​ ​ 837 ​ ​ 5,142 ​ ​ 5,979 Revaluation of contingent consideration ​ ​ 900 ​ ​ — ​ ​ — ​ ​ 900 Loss from operations ​ $ (14,739) ​ $ (414) ​ $ (5,142) ​ $ (20,295) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Nine Months Ended September 30, 2022 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 18,469 ​ $ 12,795 ​ $ (9,265) ​ $ 21,999 Cost of revenue ​ ​ — ​ ​ 11,823 ​ ​ (8,677) ​ ​ 3,146 Research and development expense ​ ​ 57,329 ​ ​ — ​ ​ (588) ​ ​ 56,741 General and administrative expense ​ ​ — ​ ​ 2,570 ​ ​ 15,417 ​ ​ 17,987 Licensing expense ​ ​ 7,300 ​ ​ — ​ ​ — ​ ​ 7,300 Revaluation of contingent consideration ​ ​ (2,400) ​ ​ — ​ ​ — ​ ​ (2,400) Loss from operations ​ $ (43,760) ​ $ (1,598) ​ $ (15,417) ​ $ (60,775) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Nine Months Ended September 30, 2021 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 704 ​ $ 10,016 ​ $ (5,460) ​ $ 5,260 Cost of revenue ​ ​ — ​ ​ 8,705 ​ ​ (5,141) ​ ​ 3,564 Research and development expense ​ ​ 30,030 ​ ​ — ​ ​ (319) ​ ​ 29,711 General and administrative expense ​ ​ — ​ ​ 2,344 ​ ​ 14,332 ​ ​ 16,676 Revaluation of contingent consideration ​ ​ 22,139 ​ ​ — ​ ​ — ​ ​ 22,139 Loss from operations ​ $ (51,465) ​ $ (1,033) ​ $ (14,332) ​ $ (66,830) ​ Intersegment Revenue ​ Revenue for the contract research segment included $3.2 million and $1.9 million for services performed on behalf of the therapeutics segment for the three months ended September 30, 2022 and 2021, respectively, and $9.3 million and $5.5 million for the nine months ended September 30, 2022 and 2021, respectively. All intersegment revenue has been eliminated in the Company’s condensed consolidated statement of operations.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2022
Legal Proceedings
Legal Proceedings	16. Legal Proceedings ​ Securities Class Action ​ On July 30, 2019, plaintiff Linda Rosi (“Rosi”) filed a putative class action complaint captioned Rosi v. Aclaris Therapeutics, Inc., et al. ​ On September 5, 2019, an additional plaintiff, Robert Fulcher (“Fulcher”), filed a substantially identical putative class action complaint captioned Fulcher v. Aclaris Therapeutics, Inc., et al. ​ On November 6, 2019, the court consolidated the Rosi and Fulcher actions (together, the “Consolidated Securities Action”) and appointed Fulcher “lead plaintiff” for the putative class. ​ On January 24, 2020, Fulcher filed a consolidated amended complaint in the Consolidated Securities Action, naming two additional executive officers as defendants, extending the putative class period to August 12, 2019, and adding allegations concerning, among other things, alleged statements and omissions throughout the putative class period concerning ESKATA’s risks, tolerability and effectiveness. The defendants filed a motion to dismiss the consolidated amended complaint on April 17, 2020. Following briefing and oral argument on February 25, 2021, the motion was granted in part and denied in part on March 29, 2021, and the issues in dispute significantly narrowed. The defendants filed an answer to the remaining aspects of the consolidated amended complaint on April 19, 2021. ​ In June 2021, the defendants and the plaintiffs agreed to settle the Consolidated Securities Action. The parties signed and filed a settlement agreement in July 2021. On August 18, 2021, the court preliminarily approved the proposed settlement, directed that notice be given to the putative class and scheduled the final approval settlement hearing for November 30, 2021. Notice was subsequently given to the putative class. The court granted final approval of the settlement on December 9, 2021. ​ The Company’s financial obligation under the settlement was $2.7 million, which was within the limits of its insurance coverage. ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Unaudited Interim Financial Information	Unaudited Interim Financial Information ​ The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statement of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2022, the results of its operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, its changes in stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2022 and 2021 are unaudited. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. The unaudited interim financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022.
Basis of Presentation	Basis of Presentation ​ The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP. The condensed consolidated financial statements of the Company include the accounts of the operating parent company, Aclaris Therapeutics, Inc., and its wholly-owned subsidiaries, ATIL and Confluence. All intercompany transactions have been eliminated. Based upon the Company’s revenue, the Company believes that gross profit does not provide a meaningful measure of profitability and, therefore, has not included a line item for gross profit on the condensed consolidated statement of operations.
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, contingent consideration and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update to its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from the Company’s estimates. ​
Reclassifications	Reclassifications ​ Certain prior year amounts have been reclassified to conform to the current year financial statement presentation.
Significant Accounting Policies	Significant Accounting Policies ​ The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022. Except as set forth below, there have been no changes to the Company’s significant accounting policies from those disclosed in the annual report.
Contingent Consideration	Contingent Consideration ​ The Company initially recorded a contingent consideration liability at fair value on the date of acquisition related to future potential payments resulting from the acquisition of Confluence based upon significant unobservable inputs including the achievement of development, regulatory and commercial milestones, as well as estimated future sales levels and the discount rates applied to calculate the present value of the potential payments. Significant judgement was involved in determining the appropriateness of these assumptions. These assumptions are considered Level 3 inputs. Revaluation of the contingent consideration liability can result from changes to one or more of these assumptions. The Company evaluates the fair value estimate of the contingent consideration liability on a quarterly basis with changes, if any, recorded as income or expense in the condensed consolidated statement of operations. ​ The fair value of contingent consideration is estimated using a probability-weighted expected payment model for regulatory milestone payments and a Monte Carlo simulation model for commercial milestone and royalty payments and then applying a risk-adjusted discount rate to calculate the present value of the potential payments. Significant assumptions used in the Company’s estimates include the probability of achieving regulatory milestones and commencing commercialization, which are based on an asset’s current stage of development and a review of existing clinical data. Probability of success on the year of each potential payment .
Revenue Recognition	Revenue Recognition ​ The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. Under ASC Topic 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ​ To determine revenue recognition in accordance with ASC Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) performance obligations are satisfied. At contract inception, the Company assesses the goods or services promised within a contract with a customer to identify the performance obligations, and to determine if they are distinct. The Company recognizes the revenue that is allocated to each distinct performance obligation when (or as) that performance obligation is satisfied. The Company only recognizes revenue when collection of the consideration it is entitled to under a contract with a customer is probable. ​ Licensing Revenue ​ Licenses of Intellectual Property ​ Milestone and Royalty Payments – The Company considers any future potential milestones and sales-based royalties to be variable consideration. The Company recognizes royalties and commercial milestone payments as revenue when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 - 10-55-65. The Company recognizes revenue from regulatory milestones when the regulatory milestone is achieved.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Assets and Liabilities
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 (In thousands) Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents ​ $ 46,713 ​ $ — ​ $ — ​ $ 46,713 Marketable securities ​ — ​ ​ 186,409 ​ ​ — ​ ​ 186,409 Total assets ​ $ 46,713 ​ $ 186,409 ​ $ — ​ $ 233,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 26,000 ​ $ 26,000 Total liabilities ​ $ — ​ $ — ​ $ 26,000 ​ $ 26,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Cash equivalents ​ $ 21,678 ​ $ — ​ $ — ​ $ 21,678 Marketable securities ​ — ​ ​ 198,307 ​ ​ — ​ ​ 198,307 Total assets ​ $ 21,678 ​ $ 198,307 ​ $ — ​ $ 219,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ — ​ $ — ​ $ 28,400 ​ $ 28,400 Total liabilities ​ $ — ​ $ — ​ $ 28,400 ​ $ 28,400
Schedule of the fair value of available for sale marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (In thousands) ​ Cost ​ Gain ​ Loss ​ Value Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities ​ $ 47,270 ​ $ — ​ $ (472) ​ $ 46,798 Commercial paper ​ ​ 59,659 ​ ​ — ​ ​ — ​ ​ 59,659 Asset-backed debt securities ​ ​ 21,366 ​ ​ — ​ ​ (176) ​ ​ 21,190 Foreign government agency debt securities ​ ​ 4,039 ​ ​ — ​ ​ (27) ​ ​ 4,012 U.S. government and agency debt securities ​ ​ 55,542 ​ ​ — ​ ​ (792) ​ ​ 54,750 Total marketable securities ​ $ 187,876 ​ $ — ​ $ (1,467) ​ $ 186,409 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair (In thousands) ​ Cost ​ Gain ​ Loss ​ Value Marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt securities (1) ​ $ 40,993 ​ $ 6 ​ $ (50) ​ $ 40,949 Commercial paper ​ ​ 71,837 ​ ​ — ​ ​ — ​ ​ 71,837 Asset-backed debt securities ​ ​ 36,166 ​ ​ — ​ ​ (43) ​ ​ 36,123 Foreign government agency debt securities ​ ​ 4,073 ​ ​ — ​ ​ (13) ​ ​ 4,060 U.S. government debt securities (2) ​ ​ 45,465 ​ ​ — ​ ​ (127) ​ ​ 45,338 Total marketable securities ​ $ 198,534 ​ $ 6 ​ $ (233) ​ $ 198,307 (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property and Equipment, Net
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, (In thousands) ​ 2022 ​ 2021 Computer equipment $ 1,381 $ 1,380 Lab equipment ​ ​ 1,886 ​ ​ 1,605 Furniture and fixtures ​ ​ 620 ​ ​ 620 Leasehold improvements ​ ​ 1,123 ​ ​ 1,123 Property and equipment, gross ​ 5,010 ​ 4,728 Accumulated depreciation ​ (3,865) ​ (3,393) Property and equipment, net ​ $ 1,145 ​ $ 1,335

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Cost ​ Accumulated Amortization ​ ​ ​ Remaining ​ ​ September 30, ​ ​ December 31, ​ ​ September 30, ​ ​ December 31, (In thousands, except years) ​ Life (years) 2022 2021 2022 2021 Other intangible assets ​ ​ 4.8 ​ $ 751 ​ $ 751 ​ $ 388 ​ $ 332 In-process research and development ​ ​ n/a ​ ​ 6,629 ​ ​ 6,629 ​ ​ — ​ ​ — Total intangible assets ​ ​ ​ ​ $ 7,380 ​ $ 7,380 ​ $ 388 ​ $ 332
Schedule of estimated future amortization expenses	​ ​ ​ ​ ​ ​ ​ ​ Year Ending (In thousands) ​ December 31, 2022 ​ $ 18 2023 ​ 75 2024 ​ 75 2025 ​ ​ 75 2026 ​ ​ 75 Thereafter ​ ​ 45 Total ​ $ 363

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In thousands) 2022 2021 Employee compensation expenses ​ $ 3,830 ​ $ 4,389 Research and development expenses ​ ​ 3,587 ​ ​ 1,278 Litigation settlements (see Note 16) ​ ​ — ​ ​ 2,650 Other ​ 1,737 ​ 1,734 Total accrued expenses ​ $ 9,154 ​ $ 10,051

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	9 Months Ended
	Sep. 30, 2022
Stock-Based Awards
Assumptions used to determine fair value of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ ​ 2022 ​ ​ 2021 ​ Risk-free interest rate 2.07 % ​ 0.90 % Expected term (in years) 6.2 ​ ​ 6.2 ​ Expected volatility 77.95 % ​ 76.60 % Expected dividend yield 0 % ​ 0 %
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ Number ​ Exercise ​ Contractual ​ Intrinsic (In thousands, except share and per share data and years) ​ of Shares ​ Price ​ Term ​ Value ​ ​ ​ ​ ​ ​ ​ (in years) ​ ​ ​ Outstanding as of December 31, 2021 3,792,450 ​ $ 17.50 6.8 ​ $ 13,710 Granted 2,334,750 ​ ​ 14.27 ​ ​ ​ ​ ​ Exercised (85,672) ​ ​ 1.40 ​ ​ ​ ​ 1,115 Forfeited and cancelled (853,864) ​ ​ 18.70 ​ ​ ​ ​ ​ Outstanding as of September 30, 2022 5,187,664 ​ $ 16.11 7.4 ​ $ 15,376 Options vested and expected to vest as of September 30, 2022 5,187,664 ​ $ 16.11 7.4 ​ $ 15,376 Options exercisable as of September 30, 2022 2,307,984 ​ $ 17.35 5.2 ​ $ 9,345
Summary of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ Grant Date ​ Aggregate ​ ​ Number ​ Fair Value ​ Intrinsic (In thousands, except share and per share data) ​ of Shares ​ Per Share ​ Value Outstanding as of December 31, 2021 ​ 1,496,946 ​ $ 12.75 ​ ​ ​ Granted ​ 867,707 ​ ​ 14.33 ​ ​ ​ Vested ​ (526,706) ​ ​ 11.55 ​ $ 7,839 Forfeited and cancelled ​ (252,763) ​ ​ 12.30 ​ ​ ​ Outstanding as of September 30, 2022 ​ 1,585,184 ​ $ 14.09 ​ ​ ​
Stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In thousands) 2022 2021 2022 2021 Cost of revenue $ 307 $ 206 $ 837 $ 787 Research and development ​ ​ 1,400 ​ ​ 939 ​ ​ 2,228 ​ ​ 2,969 General and administrative ​ 2,481 ​ 2,557 ​ 7,161 ​ 6,453 Total stock-based compensation expense ​ $ 4,188 ​ $ 3,702 ​ $ 10,226 ​ $ 10,209

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Net Loss per Share
Basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In thousands, except for share and per share data) ​ 2022 ​ 2021 2022 2021 Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (19,952) ​ $ (21,146) ​ $ (59,273) ​ $ (68,061) Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of common stock outstanding, basic and diluted ​ 66,675,337 ​ 61,219,321 ​ 64,718,008 ​ 55,215,037 Net loss per share, basic and diluted ​ $ (0.30) ​ $ (0.35) ​ $ (0.92) ​ $ (1.23)
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 ​ 2021 Options to purchase common stock ​ 5,187,664 ​ 3,743,725 Restricted stock unit awards ​ 1,585,184 ​ 1,465,963 Total potential shares of common stock ​ 6,772,848 ​ 5,209,688

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases
Schedule of supplemental balance sheet information related to operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ December 31, (In thousands) ​ 2022 ​ 2021 Operating Leases: ​ ​ ​ ​ ​ ​ Gross cost ​ $ 5,240 ​ $ 5,240 Accumulated amortization ​ ​ (2,364) ​ ​ (1,803) Other assets ​ $ 2,876 ​ $ 3,437 ​ ​ ​ ​ ​ ​ ​ Current portion of lease liabilities ​ $ 766 ​ $ 693 Other liabilities ​ ​ 1,617 ​ ​ 2,151 Total operating lease liabilities ​ $ 2,383 ​ $ 2,844

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations.
Schedule of discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In thousands) 2022 2021 Accrued expenses $ 2,202 ​ $ 2,202 Discontinued operations - current liabilities ​ $ 2,202 ​ $ 2,202

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Information
Summary of results of operations by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Three Months Ended September 30, 2022 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 17,928 ​ $ 4,299 ​ $ (3,209) ​ $ 19,018 Cost of revenue ​ ​ — ​ ​ 3,925 ​ ​ (3,002) ​ ​ 923 Research and development expense ​ ​ 23,863 ​ ​ — ​ ​ (207) ​ ​ 23,656 General and administrative expense ​ ​ — ​ ​ 875 ​ ​ 4,938 ​ ​ 5,813 Licensing expense ​ ​ 7,300 ​ ​ — ​ ​ — ​ ​ 7,300 Revaluation of contingent consideration ​ ​ 2,200 ​ ​ — ​ ​ — ​ ​ 2,200 Loss from operations ​ $ (15,435) ​ $ (501) ​ $ (4,938) ​ $ (20,874) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Three Months Ended September 30, 2021 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 244 ​ $ 3,335 ​ $ (1,920) ​ $ 1,659 Cost of revenue ​ ​ — ​ ​ 2,912 ​ ​ (1,813) ​ ​ 1,099 Research and development expense ​ ​ 14,083 ​ ​ — ​ ​ (107) ​ ​ 13,976 General and administrative expense ​ ​ — ​ ​ 837 ​ ​ 5,142 ​ ​ 5,979 Revaluation of contingent consideration ​ ​ 900 ​ ​ — ​ ​ — ​ ​ 900 Loss from operations ​ $ (14,739) ​ $ (414) ​ $ (5,142) ​ $ (20,295) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Nine Months Ended September 30, 2022 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 18,469 ​ $ 12,795 ​ $ (9,265) ​ $ 21,999 Cost of revenue ​ ​ — ​ ​ 11,823 ​ ​ (8,677) ​ ​ 3,146 Research and development expense ​ ​ 57,329 ​ ​ — ​ ​ (588) ​ ​ 56,741 General and administrative expense ​ ​ — ​ ​ 2,570 ​ ​ 15,417 ​ ​ 17,987 Licensing expense ​ ​ 7,300 ​ ​ — ​ ​ — ​ ​ 7,300 Revaluation of contingent consideration ​ ​ (2,400) ​ ​ — ​ ​ — ​ ​ (2,400) Loss from operations ​ $ (43,760) ​ $ (1,598) ​ $ (15,417) ​ $ (60,775) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Contract ​ Corporate ​ Total Nine Months Ended September 30, 2021 ​ Therapeutics ​ Research ​ and Other ​ Company Total revenue ​ $ 704 ​ $ 10,016 ​ $ (5,460) ​ $ 5,260 Cost of revenue ​ ​ — ​ ​ 8,705 ​ ​ (5,141) ​ ​ 3,564 Research and development expense ​ ​ 30,030 ​ ​ — ​ ​ (319) ​ ​ 29,711 General and administrative expense ​ ​ — ​ ​ 2,344 ​ ​ 14,332 ​ ​ 16,676 Revaluation of contingent consideration ​ ​ 22,139 ​ ​ — ​ ​ — ​ ​ 22,139 Loss from operations ​ $ (51,465) ​ $ (1,033) ​ $ (14,332) ​ $ (66,830)

Organization and Nature of Bu_2

Organization and Nature of Business (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization and Nature of Business
Cash, cash equivalents and marketable securities	$ 248,100
Accumulated deficit	$ 654,680	$ 595,407

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2022
Minimum
Contingent Consideration [Abstract]
Probability of success assumptions	10%
Discount range	10.90%
Maximum
Contingent Consideration [Abstract]
Probability of success assumptions	40%
Discount range	11.60%

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Assets:
Marketable securities	$ 186,409		$ 186,409		$ 198,307
Liabilities:
Transfers into or out of Level 3	0	$ 0	0	$ 0
Revaluation of contingent consideration	2,200	$ 900	(2,400)	$ 22,139
Confluence
Liabilities:
Revaluation of contingent consideration			2,400
Recurring
Assets:
Cash equivalents	46,713		46,713		21,678
Marketable securities	186,409		186,409		198,307
Total assets measured at fair value	233,122		233,122		219,985
Liabilities:
Contingent consideration	26,000		26,000		28,400
Total liabilities measured at fair value	26,000		26,000		28,400
Recurring | Level 1
Assets:
Cash equivalents	46,713		46,713		21,678
Total assets measured at fair value	46,713		46,713		21,678
Recurring | Level 2
Assets:
Marketable securities	186,409		186,409		198,307
Total assets measured at fair value	186,409		186,409		198,307
Recurring | Level 3
Liabilities:
Contingent consideration	26,000		26,000		28,400
Total liabilities measured at fair value	$ 26,000		$ 26,000		$ 28,400

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - By Type (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Marketable securities:
Amortized Cost	$ 187,876	$ 198,534
Gross Unrealized Gain		6
Gross Unrealized Loss	(1,467)	(233)
Fair Value	186,409	198,307
Corporate debt securities
Marketable securities:
Amortized Cost	47,270	40,993
Gross Unrealized Gain		6
Gross Unrealized Loss	(472)	(50)
Fair Value	46,798	40,949
Debt securities, maturity dates between one and five years		9,200
Commercial paper
Marketable securities:
Amortized Cost	59,659	71,837
Fair Value	59,659	71,837
Asset-backed securities
Marketable securities:
Amortized Cost	21,366	36,166
Gross Unrealized Loss	(176)	(43)
Fair Value	21,190	36,123
Foreign Government Agency Debt Securities
Marketable securities:
Amortized Cost	4,039	4,073
Gross Unrealized Loss	(27)	(13)
Fair Value	4,012	4,060
U.S. government and agency debt securities
Marketable securities:
Amortized Cost	55,542	45,465
Gross Unrealized Loss	(792)	(127)
Fair Value	$ 54,750	45,338
Debt securities, maturity dates between one and five years		$ 25,000

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property and Equipment, Net
Property and equipment, gross	$ 5,010		$ 5,010		$ 4,728
Accumulated depreciation	(3,865)		(3,865)		(3,393)
Property and equipment, net	1,145		1,145		1,335
Depreciation expense	200	$ 200	600	$ 600
Computer equipment
Property and Equipment, Net
Property and equipment, gross	1,381		1,381		1,380
Lab equipment
Property and Equipment, Net
Property and equipment, gross	1,886		1,886		1,605
Furniture and fixtures
Property and Equipment, Net
Property and equipment, gross	620		620		620
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	$ 1,123		$ 1,123		$ 1,123

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Definite-lived intangible assets
Accumulated Amortization	$ 388	$ 332
Intangible assets, net
Gross cost	7,380	7,380
In-process research and development
Indefinite-lived intangible assets
Gross cost	$ 6,629	6,629
Other intangible assets
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Remaining life	4 years 9 months 18 days
Definite-lived intangible assets
Gross Cost	$ 751	751
Accumulated Amortization	$ 388	$ 332

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 19	$ 19	$ 56,000	$ 56,000
Future amortization expenses
2022	18		18
2023	75		75
2024	75		75
2025	75		75
2026	75		75
Thereafter	45		45
Total	$ 363		$ 363

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Employee compensation expenses	$ 3,830	$ 4,389
Research and development expenses	3,587	1,278
Litigation settlements (see Note 16)		2,650
Other	1,737	1,734
Total accrued expenses	$ 9,154	$ 10,051

Debt (Details)

Debt (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2021	Jan. 31, 2021	Mar. 31, 2020
SVB
Debt Instrument [Line Items]
Common stock warrants		388,119	460,251
Term Loan Facility
Debt Instrument [Line Items]
Loan borrowed			$ 11
Term Loan Facility | SVB
Debt Instrument [Line Items]
Loan borrowed	$ 11
Loan repaid	$ 11.7

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Jan. 31, 2021 shares	Mar. 31, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Common stock, shares issued	66,679,641	61,228,446
Common stock, shares outstanding	66,679,641	61,228,446
Dividend declared | $	$ 0
Number of votes per share | Vote	1
SVB
Class of Stock [Line Items]
Common stock warrants			388,119	460,251
Initial exercise price | $ / shares				$ 0.956
Fair value of warrants | $				$ 400

Stockholders' Equity - Other Of

Stockholders' Equity - Other Offerings and ATM Facility (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2022	Jun. 30, 2021	Jan. 31, 2021
January 2021 Public Offering
Subsidiary, Sale of Stock [Line Items]
Common stock, sold			6,306,271
Common stock, price per share			$ 17.50
Aggregate gross proceeds			$ 110.4
Underwriting discounts and commissions			6.6
Payments of stock offering costs			0.4
Proceeds from common stock			$ 103.3
June 2021 Public Offering
Subsidiary, Sale of Stock [Line Items]
Common stock, sold		8,098,592
Common stock, price per share		$ 17.75
Aggregate gross proceeds		$ 143.8
Underwriting discounts and commissions		8.6
Payments of stock offering costs		0.3
Proceeds from common stock		$ 134.9
At The Market Offering | Silicon Valley Bank Securities LLC and Cantor Fitzgerald & Co.
Subsidiary, Sale of Stock [Line Items]
Common stock, sold	4,838,709
Common stock, price per share	$ 15.50
Payments of stock offering costs	$ 2.2
Proceeds from common stock	$ 75

Stock-Based Awards (Details)

Stock-Based Awards (Details) - shares		9 Months Ended		44 Months Ended
	Jan. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 14, 2015	Dec. 31, 2021	Sep. 30, 2015
Stock-based awards
Options granted (in shares)		2,334,750
Options outstanding		5,187,664			3,792,450
Stock Option Valuation
Risk-free interest rate (as a percent)		2.07%	0.90%
Expected term (in years)		6 years 2 months 12 days	6 years 2 months 12 days
Expected volatility (as a percent)		77.95%	76.60%
Expected dividend yield (as a percent)		0%	0%
2017 Inducement Plan
Stock-based awards
Options outstanding		370,600
2015 Equity Incentive Plan
Stock-based awards
Number of shares authorized						1,643,872
Number of shares available for grant		3,019,432
Percentage increase to shares available for grant from common outstanding as of preceding December 31 (as a percent)		4%
Additional shares available	2,449,137
Options outstanding		4,343,087
2015 Equity Incentive Plan | Restricted stock unit awards
Stock-based awards
Number of shares outstanding		1,585,184
2012 Equity Compensation Plan
Stock-based awards
Number of shares available for grant		0
Options granted (in shares)				1,140,524
Options outstanding		473,977
Term of award (in years)		10 years

Stock-Based Awards - Option Act

Stock-Based Awards - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Options, Number of Shares
Number of Shares, beginning balance	3,792,450
Number of Shares, Granted	2,334,750
Number of Shares, Exercised	(85,672)
Number of Shares, Forfeited and cancelled	(853,864)
Number of Shares, ending balance	5,187,664	3,792,450
Number of Shares, Options vested and expected to vest	5,187,664
Number of Shares, Options exercisable	2,307,984
Options, Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance (in dollars per share)	$ 17.50
Weighted Average Exercise Price, Granted (in dollars per share)	14.27
Weighted Average Exercise Price, Exercised (in dollars per share)	1.40
Weighted Average Exercise Price, Forfeited and cancelled (in dollars per share)	18.70
Weighted Average Exercise Price, ending balance (in dollars per share)	16.11	$ 17.50
Weighted Average Exercise Price, Options vested and expected to vest (in dollars per share)	16.11
Weighted Average Exercise Price, Options exercisable (in dollars per share)	$ 17.35
Options, Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term (in years)	7 years 4 months 24 days	6 years 9 months 18 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest (in years)	7 years 4 months 24 days
Weighted Average Remaining Contractual Term, Options exercisable (in years)	5 years 2 months 12 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 15,376	$ 13,710
Aggregate Intrinsic Value, Exercised	1,115
Aggregate Intrinsic Value, Options vested and expected to vest	15,376
Aggregate Intrinsic Value, Options exercisable	$ 9,345
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 9.83

Stock-Based Awards - RSUs (Deta

Stock-Based Awards - RSUs (Details) - Restricted stock unit awards $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
RSU, Number of Units
Units outstanding, beginning of period | shares	1,496,946
Granted | shares	867,707
Vested | shares	(526,706)
Forfeited and cancelled | shares	(252,763)
Units outstanding, end of period | shares	1,585,184
RSU, Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 12.75
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	14.33
Weighted average grant date fair value, vested (in dollars per share) | $ / shares	11.55
Weighted average grant date fair value, forfeited and cancelled (in dollars per share) | $ / shares	12.30
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 14.09
Aggregate intrinsic value of awards that vested during the period | $	$ 7,839

Stock-Based Awards - Compensati

Stock-Based Awards - Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation expense
Stock-based compensation expense	$ 4,188	$ 3,702	$ 10,226	$ 10,209
Unrecognized stock-based compensation expense, options	25,500		25,500
Unrecognized stock-based compensation expense, RSUs	18,300		18,300
Cost of revenue.
Stock-based compensation expense
Stock-based compensation expense	307	206	837	787
Research and development
Stock-based compensation expense
Stock-based compensation expense	1,400	939	2,228	2,969
General and administrative
Stock-based compensation expense
Stock-based compensation expense	$ 2,481	$ 2,557	$ 7,161	$ 6,453
Options to purchase common stock
Stock-based compensation expense
Weighted average recognition period unrecognized stock-based compensation cost (in years)			3 years 1 month 6 days
Restricted stock unit awards
Stock-based compensation expense
Weighted average recognition period unrecognized stock-based compensation cost (in years)			2 years 10 months 24 days

Net Loss per Share (Details)

Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (19,952)	$ (20,532)	$ (18,789)	$ (21,146)	$ (18,161)	$ (28,754)	$ (59,273)	$ (68,061)
Denominator:
Weighted average common shares outstanding, basic	66,675,337			61,219,321			64,718,008	55,215,037
Weighted average common shares outstanding, diluted	66,675,337			61,219,321			64,718,008	55,215,037
Net loss per share, basic	$ (0.30)			$ (0.35)			$ (0.92)	$ (1.23)
Net loss per share, diluted	$ (0.30)			$ (0.35)			$ (0.92)	$ (1.23)

Net Loss per Share - Anti-dilut

Net Loss per Share - Anti-dilution (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	6,772,848	5,209,688
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	5,187,664	3,743,725
Restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders	1,585,184	1,465,963

Leases (Details)

Leases (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2020 ft²	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ft²	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2019 ft²
Lessee, Lease, Description [Line Items]
Area leased, sublease agreement | ft²		33,019		33,019			20,433
Sub-subleased | ft²	8,115
Amortization expense		$ 300	$ 300	$ 800	$ 800
Operating Leases:
Accumulated amortization		388		388		$ 332
Other assets		6,992		6,992		7,048
Current portion of lease liabilities		766		766		693
Other liabilities		$ 1,617		$ 1,617		$ 2,151
Financial position		Other liabilities		Other liabilities		Other liabilities
Total operating lease liabilities		$ 2,383		$ 2,383		$ 2,844
Operating Leases
Operating Leases:
Gross cost		5,240		5,240		5,240
Accumulated amortization		2,364		2,364		1,803
Other assets		$ 2,876		$ 2,876		$ 3,437

Agreements Related to Intelle_2

Agreements Related to Intellectual Property (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Agreements Related to Intellectual Property
Revenue, Net		$ 19,018	$ 1,659	$ 21,999	$ 5,260
Contingent consideration		26,000		26,000		$ 28,400
Licensing Expenses		7,300		$ 7,300
Agreement and Plan of Merger
Agreements Related to Intellectual Property
Term of agreement				10 years
Additional contingent consideration based on milestones, maximum, per Agreement		75,000		$ 75,000
Patent License Agreement | Eli Lilly and Company [Member]
Agreements Related to Intellectual Property
Regulatory and commercial milestones		17,600
Licensing Expenses		7,300		7,300
APA
Agreements Related to Intellectual Property
Potential milestone payments		20,000		20,000
Percentage of upfront and license fees	25%
Term of agreement	10 years
APA | Royalty
Agreements Related to Intellectual Property
Revenue, Net		$ 300	$ 200	$ 800	$ 600

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Taxes
Federal income tax benefit	$ 0	$ 0	$ 0	$ 0
State income tax benefit	$ 0	$ 0	$ 0	$ 0

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Accrued expenses	$ 2,202	$ 2,202
Discontinued operations - current liabilities	$ 2,202	$ 2,202

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Total revenue	$ 19,018	$ 1,659	$ 21,999	$ 5,260
Cost of revenue	923	1,099	3,146	3,564
Research and development expense	23,656	13,976	56,741	29,711
General and administrative expense	5,813	5,979	17,987	16,676
Licensing expense	7,300		7,300
Revaluation of contingent consideration	2,200	900	(2,400)	22,139
Loss from operations	(20,874)	(20,295)	(60,775)	(66,830)
Dermatology Therapeutics Segment
Segment Reporting Information [Line Items]
Total revenue	17,928	244	18,469	704
Research and development expense	23,863	14,083	57,329	30,030
Licensing expense	7,300		7,300
Revaluation of contingent consideration	2,200	900	(2,400)	22,139
Loss from operations	(15,435)	(14,739)	(43,760)	(51,465)
Contract Research Segment
Segment Reporting Information [Line Items]
Total revenue	4,299	3,335	12,795	10,016
Cost of revenue	3,925	2,912	11,823	8,705
General and administrative expense	875	837	2,570	2,344
Loss from operations	(501)	(414)	(1,598)	(1,033)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	(3,209)	(1,920)	(9,265)	(5,460)
Cost of revenue	(3,002)	(1,813)	(8,677)	(5,141)
Research and development expense	(207)	(107)	(588)	(319)
General and administrative expense	4,938	5,142	15,417	14,332
Loss from operations	(4,938)	(5,142)	(15,417)	(14,332)
Intersegment Eliminations | Contract Research Segment
Segment Reporting Information [Line Items]
Total revenue	$ 3,200	$ 1,900	$ 9,300	$ 5,500

Legal Proceedings (Details)

Legal Proceedings (Details) $ in Thousands	Jan. 24, 2020 item	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Accrual for estimated financial obligation			$ 2,650
Consolidated Securities Action
Other Commitments [Line Items]
Accrual for estimated financial obligation		$ 2,700
Consolidated Securities Action | Executive officer
Other Commitments [Line Items]
Number of defendants | item	2