Societal CDMO (SCTL) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Recro Pharma, Inc.
Entity Central Index Key	0001588972
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		23,640,494
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Trading Symbol	REPH
Entity File Number	001-36329
Entity Tax Identification Number	26-1523233
Entity Address, Address Line One	490 Lapp Road
Entity Address, City or Town	Malvern
City Area Code	484
Local Phone Number	395-2470
Entity Address, Postal Zip Code	19355
Entity Address, State or Province	PA
Entity Incorporation, State or Country Code	PA
Document Quarterly Report	true
Document Transition Report	false
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.01

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 22,787	$ 19,148
Accounts receivable	11,584	14,389
Contract asset	8,911	8,851
Inventory	11,772	15,072
Prepaid expenses and other current assets	2,986	2,700
Total current assets	58,040	60,160
Property, plant and equipment, net	42,448	42,212
Intangible assets, net	1,991	3,283
Goodwill	4,319	4,319
Other assets	399	485
Total assets	107,197	110,459
Current liabilities:
Accounts payable	871	989
Accrued expenses and other current liabilities	4,870	4,324
Current portion of debt	7,289
Liabilities of discontinued operation		1,172
Total current liabilities	13,030	6,485
Debt, net	109,265	110,319
Other liabilities	313	367
Total liabilities	122,608	117,171
Commitments and contingencies (note 11)
Stockholders’ deficit:
Preferred stock, $0.01 par value. 10,000,000 shares authorized, none issued or outstanding
Common stock, $0.01 par value. 50,000,000 shares authorized, 23,638,906 issued and outstanding at June 30, 2020 and 23,312,928 shares issued and outstanding at December 31, 2019	236	233
Additional paid-in capital	204,940	199,938
Accumulated deficit	(220,587)	(206,883)
Total stockholders’ deficit	(15,411)	(6,712)
Total liabilities and stockholders’ deficit	$ 107,197	$ 110,459

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
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	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	23,638,906	23,312,928
Common stock, shares outstanding	23,638,906	23,312,928

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 15,522	$ 31,256	$ 37,299	$ 56,322
Operating expenses:
Cost of sales (excluding amortization of intangible assets)	11,634	14,100	29,888	28,491
Selling, general and administrative	4,259	5,533	9,705	12,037
Amortization of intangible assets	646	646	1,292	1,292
Change in warrant valuation		1,041		779
Total operating expenses	16,539	21,320	40,885	42,599
Operating income (loss) from continuing operations	(1,017)	9,936	(3,586)	13,723
Interest expense	(4,995)	(5,176)	(10,118)	(8,766)
(Loss) income from continuing operations	(6,012)	4,760	(13,704)	4,957
Loss on discontinued operations	(7,596)	(7,596)		(9,771)
Net loss	$ (6,012)	$ (2,836)	$ (13,704)	$ (4,814)
Income (loss) per share information:
Net income (loss) per share from continuing operations, basic	$ (0.25)	$ 0.21	$ (0.58)	$ 0.22
Net loss per share from discontinued operations, basic		(0.34)		(0.44)
Net loss per share, basic	$ (0.25)	$ (0.13)	$ (0.58)	$ (0.22)
Weighted average common shares outstanding, basic	23,577,255	22,265,612	23,486,011	22,092,853
Net income (loss) per share from continuing operations, diluted	$ (0.25)	$ 0.21	$ (0.58)	$ 0.22
Net loss per share from discontinued operations, diluted		(0.33)		(0.43)
Net loss per share, diluted	$ (0.25)	$ (0.12)	$ (0.58)	$ (0.21)
Weighted average common shares outstanding, diluted	23,577,255	22,926,402	23,486,011	22,825,910

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2018	$ (19,500)	$ 218	$ 168,535	$ (188,253)
Balance, Shares at Dec. 31, 2018		21,799,961
Stock-based compensation expense	2,826		2,826
Exercise of stock options, net	185		185
Exercise of stock options, net, Shares		29,750
Vesting of restricted stock units, net	(862)	$ 3	(865)
Vesting of restricted stock units, net		268,915
Issuance of common stock for equity facility	301		301
Issuance of common stock for equity facility, Shares		34,762
Net loss	(1,978)			(1,978)
Balance at Mar. 31, 2019	(19,028)	$ 221	170,982	(190,231)
Balance, Shares at Mar. 31, 2019		22,133,388
Balance at Dec. 31, 2018	(19,500)	$ 218	168,535	(188,253)
Balance, Shares at Dec. 31, 2018		21,799,961
Net loss	(4,814)
Balance at Jun. 30, 2019	(18,709)	$ 224	174,134	(193,067)
Balance, Shares at Jun. 30, 2019		22,414,607
Balance at Mar. 31, 2019	(19,028)	$ 221	170,982	(190,231)
Balance, Shares at Mar. 31, 2019		22,133,388
Stock-based compensation expense	2,359		2,359
Exercise of stock options, net	909	$ 2	907
Exercise of stock options, net, Shares		206,625
Vesting of restricted stock units, net	(113)	$ 1	(114)
Vesting of restricted stock units, net		74,594
Net loss	(2,836)			(2,836)
Balance at Jun. 30, 2019	(18,709)	$ 224	174,134	(193,067)
Balance, Shares at Jun. 30, 2019		22,414,607
Balance at Dec. 31, 2019	(6,712)	$ 233	199,938	(206,883)
Balance, Shares at Dec. 31, 2019		23,312,928
Stock-based compensation expense	3,231		3,231
Exercise of stock options, net	(105)		(105)
Exercise of stock options, net, Shares		37,063
Vesting of restricted stock units, net	(916)	$ 1	(917)
Vesting of restricted stock units, net		105,242
Net loss	(7,692)			(7,692)
Balance at Mar. 31, 2020	(12,194)	$ 234	202,147	(214,575)
Balance, Shares at Mar. 31, 2020		23,455,233
Balance at Dec. 31, 2019	$ (6,712)	$ 233	199,938	(206,883)
Balance, Shares at Dec. 31, 2019		23,312,928
Exercise of stock options, net, Shares	178,747
Issuance of common stock for equity facility, Shares	0
Net loss	$ (13,704)
Balance at Jun. 30, 2020	(15,411)	$ 236	204,940	(220,587)
Balance, Shares at Jun. 30, 2020		23,638,906
Balance at Mar. 31, 2020	(12,194)	$ 234	202,147	(214,575)
Balance, Shares at Mar. 31, 2020		23,455,233
Stock-based compensation expense	2,446		2,446
Exercise of stock options, net	379	$ 1	378
Exercise of stock options, net, Shares		105,606
Vesting of restricted stock units, net	(30)	$ 1	(31)
Vesting of restricted stock units, net		78,067
Net loss	(6,012)			(6,012)
Balance at Jun. 30, 2020	$ (15,411)	$ 236	$ 204,940	$ (220,587)
Balance, Shares at Jun. 30, 2020		23,638,906

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities, continuing operations:
Net loss	$ (13,704)	$ (4,814)
Loss on discontinued operations		9,771
Adjustments to reconcile income or loss from continuing operations to net cash provided by operating activities, continuing operations:
Stock-based compensation expense	5,677	3,541
Non-cash interest expense	2,919	2,414
Depreciation expense	3,008	2,784
Amortization of intangible assets	1,292	1,292
Change in warrant valuation		779
Changes in operating assets and liabilities:
Accounts receivable	2,805	(4,930)
Contract asset	(60)	(2,953)
Inventory	3,300	1,060
Prepaid expenses and other assets	(200)	(1,896)
Accounts payable, accrued expenses and other liabilities	(631)	(453)
Net cash provided by operating activities, continuing operations	4,406	6,595
Cash flows from investing activities, continuing operations:
Purchases of property and equipment	(2,239)	(7,462)
Purchases of short-term investments		(12,021)
Proceeds from maturity of investments		10,100
Net cash used in investing activities, continuing operations	(2,239)	(9,383)
Cash flows from financing activities, continuing operations:
Proceeds from issuance of debt, net of original issue discount of $11,400 for the six months ended June 30, 2019	4,416	43,600
Repayments of debt	(1,100)
Payment of deferred financing costs		(2,936)
Net payments related to vesting of restricted stock units	(1,181)	(974)
Net proceeds related to exercise of stock options	509	1,094
Net cash provided by financing activities, continuing operations	2,644	40,784
Net increase in cash and cash equivalents from continuing operations	4,811	37,996
Discontinued operations:
Cash flows used in operating activities	(1,172)	(34,382)
Cash flows used in investing activities		(1,728)
Cash flows used in financing activities		(10,000)
Net decrease in cash and cash equivalents from discontinued operations	(1,172)	(46,110)
Cash and cash equivalents, beginning of period	19,148	38,514
Cash and cash equivalents, end of period	22,787	30,400
Supplemental disclosures of cash flow information:
Cash paid for interest	7,228	6,644
Purchases of property, plant and equipment included in accrued expenses and accounts payable	$ 1,293	257
Common stock issued in connection with equity facility		$ 301

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Statement Of Cash Flows [Abstract]
Issuance of long-term debt, original issue discount	$ 11,400

Background

Background	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Background	(1) Background Recro Pharma, Inc. (the “Company”) was incorporated in Pennsylvania on November 15, 2007. The Company is a leading contract development and manufacturing organization (“CDMO”) with integrated solutions for the development, formulation, regulatory support, manufacturing, and packaging of oral solid dose drug products. It leverages its formulation and development expertise to develop and manufacture pharmaceutical products using proprietary delivery technologies and know-how for commercial partners who commercialize or plan to commercialize these products. The Company operates in one segment. In November 2019, the Company’s former Acute Care business, which developed products for hospital and other acute care settings, was spun-out through its former wholly-owned subsidiary, Baudax Bio, Inc. (“Baudax Bio”) when the Company completed a special dividend distribution of all the outstanding shares of common stock of Baudax Bio to its shareholders. See note 3 to the consolidated financial statements for additional information about the spin-off of Baudax Bio. The Company has incurred net losses since inception and has an accumulated deficit of $220,587 as of June 30, 2020, which is mostly related to activities that are presented as discontinued operations as a result of the spin-off of Baudax Bio. The Company’s future operations are highly dependent on the continued profitability of its manufacturing operations. Management believes that it is probable that the Company will be able to meet its obligations as they become due within one year after the date the financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Principles	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Principles	( 2 ) Summary of Significant Accounting Principles (a) Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. In accordance with SEC rules for interim financial statements, certain information required by U.S. GAAP may be condensed or omitted. The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s results for the interim periods. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. (b) Use of Estimates The preparation of financial statements and the notes to the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. (c) Cash and Cash Equivalents Cash and cash equivalents represent cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of the changes in interest rates. (d) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are as follows: three to ten years for furniture, office and computer equipment; six to ten years for manufacturing equipment; 40 years for buildings; and the shorter of the lease term or useful life for leasehold improvements. Repairs and maintenance costs are expensed as incurred. ( e ) Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a one-step method for determining impairment. The one-step quantitative test calculates the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Intangible assets include the Company’s royalties and contract manufacturing relationships assets. The royalties and contract manufacturing relationships intangible asset is considered a definite-lived intangible asset and is amortized on a straight-line basis over a useful life of six years The Company performs its annual goodwill impairment test as of November 30 th Since the last annual test, the Company has only identified the ongoing novel strain of coronavirus (“COVID-19”) pandemic as a potential indicator of impairment. The Company has performed periodic interim impairment testing that has resulted in no impairment of goodwill or other assets. The Company continues to monitor the impact of the COVID-19 pandemic. ( f ) Revenue Recognition The Company generates revenues from manufacturing, packaging, research and development and related services for multiple pharmaceutical companies. The agreements that the Company has with its commercial partners provide for manufacturing revenues, sales-based royalties and/or profit-sharing components. Manufacturing revenue Manufacturing and other related services revenue is recognized upon transfer of control of a product to a customer, generally upon shipment, based on a transaction price that reflects the consideration the Company expects to be entitled to as specified in the agreement with the commercial partner, which could include pricing and volume-based adjustments. Royalty Revenue In addition to manufacturing and packaging revenue, certain customer agreements may have intellectual property sales-based royalties and/or profit-sharing consideration, collectively referred to as royalties, computed on the net product sales of the commercial partner. Royalty revenues are generally recognized under the terms of the applicable license, development and/or supply agreement. For arrangements that include sales-based royalties where the license for intellectual property is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue when the related sales occur by the commercial partner. For arrangements that include sales-based royalties where the license for intellectual property is not deemed to be the predominant item to which the royalties relate, the Company recognizes revenue upon transfer of control of the manufactured product. In these cases, significant judgment is required to calculate this estimated variable consideration using the most-likely amount method based on historical customer pricing and deductions and is partially constrained due to items that are outside of the Company’s control including the uncertainty of the timing of future commercial partner sales, mix of volume, customer stocking and ordering patterns, as well as unforeseen price adjustments made by the Company’s commercial partners. Research and Development Research and development revenue includes services associated with formulation, process development, CTM services, as well as custom development of manufacturing processes and analytical methods for a customer’s non-clinical, clinical and commercial products. Such revenues are recognized at a point in time or over time depending on the nature and particular facts and circumstances associated with the contract terms. In contracts that specify milestones, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments related to arrangements under which we have continuing performance obligations would be deferred and recognized over the period of performance. Milestone payments that are not within our control, such as submission for approval to regulators by a commercial partner or approvals from regulators, are not considered probable of being achieved until those submissions are submitted by the customer or approvals are received. In contracts that require revenue recognition over time, the Company utilizes input or output methods, depending on the specifics of the contract, that compare the cumulative work-in-process to date to the most current estimates for the entire performance obligation. Under these contracts, the customer typically owns the product details and process, which have no alternative use. These projects are customized to each customer to meet its specifications and typically only one performance obligation is included. Each project represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created or enhanced by the Company’s services and can make changes to its process or specifications upon request. ( g ) Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company manages its cash and cash equivalents based on established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company’s accounts receivable balances are primarily concentrated among four customers. If any of these customers’ receivable balances should be deemed uncollectible, it could have a material adverse effect on the Company’s results of operations and financial condition. The Company is dependent on its relationships with a small number of commercial partners, with its four largest customers having generated 95% or more of its revenues for the periods presented. A portion of the Company’s revenues are dependent on U.S. based customers selling to end-users outside the United States. ( h ) Stock-based Compensation Expense The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. The Company accounts for forfeitures as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and/or management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future stock option exercise patterns, w based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses the historical volatility of its publicly traded stock in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Upon exercise of stock options or vesting of restricted stock units, the holder may elect to cover tax withholdings by forfeiting shares of an equivalent value. In such cases, the Company issues net new shares to the holder, pays the tax withholding on behalf of the participant and presents the payment similar to a capital distribution as both a reduction to additional paid-in-capital and a financing cash outflow in the consolidated financial statements. For non-employee stock-based awards, the Company recognizes compensation expense on a straight-line basis over the vesting period of each separated vesting tranche of the award, which is known as the accelerated attribution method. The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts are recognized as an adjustment in the period in which estimates are revised. ( i ) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is recorded to the extent it is more likely than not that some portion or all of the deferred tax assets will not be realized. A full valuation allowance was recorded as of June 30, 2020 and December 31, 2019. Unrecognized income tax benefits represent income tax positions taken on income tax returns that have not been recognized in the consolidated financial statements. The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company does not anticipate significant changes in the amount of unrecognized income tax benefits over the next year. ( j ) Income or Loss Per Share Basic income or loss per common share is determined by dividing net income or loss by the weighted average common shares outstanding during the period. For purposes of calculating diluted income or loss per common share, the numerator and denominator of basic income or loss per share are adjusted to eliminate the income or loss and the dilutive effects on shares, respectively, caused by outstanding common stock options, warrants and unvested restricted stock units, using the treasury stock method, if the inclusion of such instruments would be dilutive. There were no differences in the basic and diluted calculations for the three and six months ended June 30, 2020 because the Company reported net losses for those periods. There were also no differences in the income or loss used to calculate basic and diluted per share results in either of the three- or six-month periods ended June 30, 2019. The following table presents the reconciliation of weighted average shares outstanding used for basic and diluted per share results for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Weighted average shares outstanding, basic 22,265,612 22,092,853 Dilutive impact of: Restricted stock units 218,745 303,326 Stock options 360,899 359,077 Warrants 81,146 70,654 Weighted average shares outstanding, diluted 22,926,402 22,825,910 The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding, as they would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Options and restricted stock units outstanding 4,371,266 3,267,522 2,433,452 3,488,802 Warrants 348,664 350,000 174,332 350,000 Amounts in the table above reflect the common stock equivalents of the noted instruments. ( k ) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, Fair Value Measurement Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,”

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	( 3 ) Discontinued Operations On November 21, 2019 (the “Distribution Date”), the Company completed the separation (the “Separation”) of its former Acute Care business by distributing to the Company’s shareholders on a pro rata basis all of the issued and outstanding common stock of Baudax Bio, the entity the Company incorporated to hold such businesses. To effect the Separation, the Company distributed to its shareholders 1 share of Baudax Bio common stock for every 2.5 shares of the Company’s common stock outstanding as of November 15, 2019, the record date for the distribution. Fractional shares of Baudax Bio common stock that otherwise would have been distributed were aggregated and sold into the public market and the proceeds distributed to the Company’s shareholders. Additionally, in connection with the Separation, the Company contributed $ 19,000 of cash to Baudax Bio , the Company retained significant net operating loss carryforwards, and the Company was released from significant milestone and royalty payment obligations . The accounting requirements for reporting the Separation of Baudax Bio as a discontinued operation were met when the Separation was completed. Accordingly, the accompanying consolidated financial statements for all periods presented reflect this business as a discontinued operation. In connection with the Separation, the Company and Baudax Bio entered into various agreements to effect the Separation and provide a framework for their relationship after the Separation, including a transition services agreement, an employee matters agreement, a tax matters agreement and an intellectual property matters agreement. These agreements provide for the allocation between the Company and Baudax Bio of assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at, and after Baudax Bio’s separation from the Company and govern certain relationships between the Company and Baudax Bio after the Separation. The historical consolidated balance sheet and statements of operations of the Company and the related notes to the consolidated financial statements have been presented as discontinued operations in the consolidated financial statements and prior periods have been recast. Discontinued operations include results of the Company’s Acute Care business except for certain corporate overhead costs and certain costs associated with transition services provided by Baudax Bio to the Company, following the Separation, which are included in continuing operations. The Separation and Distribution Agreement with Baudax Bio sets forth, among other things, the assets that were transferred, the liabilities assumed, and the contracts that were assigned to each of Baudax Bio and the Company as part of the Separation of the Company into two companies, and provided for when and how these transfers, assumptions and assignments were to occur. The tax matters agreement governs the respective rights, responsibilities and obligations of Baudax Bio and the Company with respect to taxes (including taxes arising in the ordinary course of business and taxes, if any, incurred as a result of any failure of the Distribution and certain related transactions to qualify as tax-free for U.S. federal income tax purposes), tax attributes, uncertain tax positions, tax returns, tax proceedings and certain other tax matters. The employee matters agreement governs certain compensation and employee benefit obligations and allocates liabilities and responsibilities relating to employment matters, employee compensation and benefit plans and programs and other related matters, including the transfer or assignment of employees from the Company to Baudax Bio. As of December 31, 2019, certain current liabilities of discontinued operations remained on the Company’s consolidated balance sheet due to timing of payment, which consisted of $22 of accounts payable and $1,150 of accrued expenses, which were paid in the quarter ended March 31, 2020. The following is a summary of the Acute Care business expenses for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Operating expenses: Research and development $ 7,180 $ 16,734 Selling, general and administrative 4,464 12,138 Change in contingent consideration valuation (4,059 ) (19,150 ) Total operating expenses 7,585 9,722 Other income (expense), net (11 ) (49 ) Loss on discontinued operations $ (7,596 ) $ (9,771 )

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	( 4 ) Fair Value of Financial Instruments The Company follows the provisions of FASB ASC Topic 820, “ Fair Value Measurements and Disclosures • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: Inputs that are other than quoted prices in active markets for identical assets and liabilities, inputs that are quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are either directly or indirectly observable; and • Level 3: Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has classified assets and liabilities measured at fair value on a recurring basis as follows: Fair value measurements at reporting date using Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) At June 30, 2020: Assets: Cash equivalents (See note 5) Money market mutual funds $ 15,347 $ — $ — Total cash equivalents $ 15,347 $ — $ — At December 31, 2019: Assets: Cash equivalents (See note 5) Money market mutual funds $ 11,609 $ — $ — Total cash equivalents $ 11,609 $ — $ — The Company follows the disclosure provisions of FASB ASC Topic 825, “ Financial Instruments The fair value of long-term debt, where a quoted market price is not available, is evaluated based on, among other factors, interest rates currently available to the Company for debt with similar terms, remaining payments and considerations of the Company’s creditworthiness. The Company determined that the recorded book value of its debt, a level 2 measurement, approximated fair value at June 30, 2020 because (i) the terms of borrowings under the Credit Agreement are equivalent to the terms of other borrowings currently available to the Company; and (ii) the fair value of the PPP Note, which carries a fixed interest rate below market, is not materially different from its carrying value.

Cash Equivalents

Cash Equivalents	6 Months Ended
	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Cash Equivalents	( 5 ) Cash Equivalents The following is a summary of the Company’s cash equivalents: June 30, 2020 Amortized Gross unrealized Estimated cost Gain Loss fair value Money market mutual funds $ 15,347 $ — $ — $ 15,347 Total investments $ 15,347 $ — $ — $ 15,347 December 31, 2019 Amortized Gross unrealized Estimated cost Gain Loss fair value Money market mutual funds $ 11,609 $ — $ — $ 11,609 Total investments $ 11,609 $ — $ — $ 11,609

Inventory

Inventory	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventory	( 6 ) Inventory Inventory is stated at the lower of cost and net realizable value. Included in inventory are raw materials and work-in-process used in the production of commercial products. Items are issued out of inventory using the first-in, first-out method. Inventory was as follows: June 30, 2020 December 31, 2019 Raw materials $ 3,298 $ 3,240 Work in process 4,537 6,430 Finished goods 4,402 5,892 Inventory, prior to provision 12,237 15,562 Provision for inventory obsolescence (465 ) (490 ) Inventory $ 11,772 $ 15,072 Adjustments to inventory are determined at the raw materials, work-in-process, and finished good levels to reflect obsolescence or impaired balances. Inventory is primarily ordered to meet specific customer orders and largely reflects demand. Factors influencing inventory obsolescence include changes in demand, product life cycle, product pricing, physical deterioration and quality concerns.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	( 7 ) Property, Plant and Equipment Property, plant and equipment consists of the following: June 30, 2020 December 31, 2019 Land $ 3,263 $ 3,263 Building and improvements 20,900 20,900 Furniture, office and computer equipment 5,869 5,847 Manufacturing equipment 36,573 35,699 Construction in progress 3,077 729 Property, plant and equipment, gross 69,682 66,438 Less: accumulated depreciation (27,234 ) (24,226 ) Property, plant and equipment, net $ 42,448 $ 42,212 Depreciation expense for the three months ended June 30, 2020 and 2019 was $1,508 and $1,467, respectively. Depreciation expense for the six months ended June 30, 2020 and 2019 was $3,008 and $2,784, respectively.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	( 8 ) Intangible Assets The following table presents the components of our royalties and contract manufacturing relationships asset, which was the only class of intangible asset for the periods presented: June 30, 2020 December 31, 2019 Cost $ 15,500 $ 15,500 Accumulated amortization (13,509 ) (12,217 ) Net intangible assets $ 1,991 $ 3,283 Amortization expense was $646 for the three months ended June 30, 2020 and 2019 and $1,292 for the six months ended June 30, 2020 and 2019. As of June 30, 2020, future amortization expense is as follows: Amortization Remainder of 2020 $ 1,291 2021 700 Total $ 1,991

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	( 9 ) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 30, 2020 December 31, 2019 Contract liabilities (see note 14) $ 1,727 $ 337 Payroll and related costs 1,383 2,958 Property, plant and equipment 1,002 88 Professional and consulting fees 221 370 Other 537 571 Total $ 4,870 $ 4,324

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	(1 0 ) Debt The carrying value of debt consists of the following as of June 30, 2020: Term loans under Credit Agreement PPP Note Total Principal balance outstanding $ 125,000 $ 3,316 $ 128,316 Unamortized deferred issuance costs (12,333 ) — (12,333 ) Exit fee accretion 571 — 571 Total debt 113,238 3,316 116,554 Current portion of debt (6,000 ) (1,289 ) (7,289 ) Debt, net $ 107,238 $ 2,027 $ 109,265 The following table presents the maturity of debt principal (including exit fee): Term loans under Credit Agreement PPP Note Total Remainder of 2020 $ — $ 184 $ 184 2021 12,000 2,210 14,210 2022 114,250 922 115,172 Total debt $ 126,250 $ 3,316 $ 129,566 Term Loans under Credit Agreement On November 17, 2017, the Company entered into a $100,000 Credit Agreement (the “Credit Agreement”) with Athyrium Opportunities III Acquisition LP (“Athyrium”). The Credit Agreement provided for a term loan in the original principal amount of $60,000 funded at closing. In December 2018, the Company amended the Credit Agreement (the “First Amendment”). Pursuant to the First Amendment, the $20,000 term B loan and $20,000 term C loan provided for under the Credit Agreement, which were contingent on the Company receiving approval of IV meloxicam (developed by the Company’s Acute Care segment) by December 31, 2018, were restructured into (i) a $10,000 term B-1 loan, funded on December 28, 2018; (ii) a $15,000 term B-2 loan; and (iii) a $15,000 term C loan. On February 28, 2019, the Company entered into a Second Amendment to Credit Agreement (the “Second Amendment”) with Athyrium. Pursuant to the Second Amendment, (i) the total commitments of the term loan credit facility governed by the Credit Agreement was increased from $100,000 to $125,000, (ii) the $15,000 term B-2 loan and $15,000 term C loan provided for under the Credit Agreement were restructured into a $55,000 term B-2 loan, which was funded on the date of execution of the Second Amendment and (iii) the maturity date was extended to March 31, 2023 (the “Maturity Date”). Beginning on March 31, 2021, the Company must repay the outstanding principal amount in quarterly installments of $3,000 with the outstanding principal balance due on the Maturity Date. On October 22, 2019, the Company entered into a Third Amendment to Credit Agreement (the “Third Amendment”) with Athyrium. The Third Amendment authorized the release of two of the Company’s subsidiaries, Baudax Bio and Baudax Bio N.A. LLC (formerly known as Recro N.A. LLC) (“Baudax Bio N.A.”), from their respective obligations as guarantors and the release of any liens granted to or held by Athyrium on collateral provided by or equity interests in Baudax Bio and Baudax Bio N.A., including the security interest in Baudax Bio Limited (formerly Recro Ireland Limited) (the “Release”) under the Credit Agreement, as amended. The Release was applicable only to Baudax Bio and Baudax Bio N.A. and did not affect or modify any obligations of the Company or the Guarantors (other than Baudax Bio and Baudax Bio N.A.) under the Credit Agreement, except that it increased the permitted leverage ratio (which is the Company’s indebtedness under the Credit Agreement divided by EBITDA, each as defined) to 5.00:1.00. The term loans bear interest at a rate equal to the three-month LIBOR rate, with a 1% floor plus 9.75% per annum. In addition, in accordance with the Credit Agreement, as amended (the “Amended Credit Agreement”) the Company will have to pay a 1% exit fee, which is $1,250 at the current outstanding loan balance and is being accreted to the carrying amount of the debt using the effective interest method over the term of the loan. In addition, if there is an early repayment, there is a sliding scale of prepayment penalties beginning with a 10% penalty and including a make-whole interest payment. No prepayment penalties are assessed for payments made after March 31, 2022. The Amended Credit Agreement contains certain usual and customary affirmative and negative covenants, as well as financial covenants that the Company will need to satisfy on a monthly and quarterly basis . As of June 30, 2020, the Company was in compliance with the covenants. In connection with the Credit Agreement, the Company issued warrants to each of Athyrium and its affiliate, Athyrium Opportunities II Acquisition LP (“Athyrium II”), to purchase an aggregate of 348,664 shares of the Company’s common stock with an exercise price of $8.6043 per share. In connection with the First Amendment, the warrants were amended to decrease the exercise price to $6.84 per share. and revaluation adjustment from the repricing of the warrants In addition, the Company recorded debt issuance costs for the Amended Credit Agreement at original signing, an amendment fee of $500 as well as certain other fees and expenses in December 2018, and recorded debt issuance costs for the Second Amendment consisting of a $ 2,500 amendment fee, $ 436 closing fee and $ 11,400 original issue discount which, along with the fair value of warrants, are being amortized using the effective interest method over the term of the Amend ed Credit Agreement . Debt issuance cost amortization is included in interest expense within the Consolidated Statements of Operations. As of June 30, 2020 , the effective interest rate was 15.98 %, which takes into consideration the non-cash accretion of the exit fee , the amortization of the debt issuance cost and the original issue discount . The Company recorded debt issuance cost amortization related to the Amended Credit Agreement of $1,384 for the three months ended June 30, 2020 and 2019 and $2,768 and $2,362 for the six months ended June 30, 2020 and 2019, respectively. Paycheck Protection Program (“PPP”) Note On May 12, 2020, the Company entered into a $4,416 promissory note with PNC Bank under the Small Business Administration (“SBA”) Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act,” collectively the “PPP Note”). The note has a two-year The PPP Note may be partially or fully forgiven if the Company complies with the provisions of the CARES Act, including the use of note proceeds for payroll costs, rent, utilities and other expenses, and at least 60% of the note proceeds must be used for payroll costs as defined by the CARES Act. Any forgiveness of the note will be subject to approval by the SBA and PNC Bank, and will require the Company to apply for such treatment in the future. Should the Company meet the requirements for forgiveness, it would extinguish the note upon receiving legal release from PNC Bank and record a gain on extinguishment in that period.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(1 1 ) Commitments and Contingencies Litigation The Company is involved, from time to time, in various claims and legal proceedings arising in the ordinary course of its business. Except as disclosed below, the Company is not currently a party to any such claims or proceedings that, if decided adversely to it, would either individually or in the aggregate have a material adverse effect on its business, financial condition or results of operations. On May 31, 2018, a securities class action lawsuit (the “Securities Litigation”) was filed against the Company and certain of its officers and directors in the U.S. District Court for the Eastern District of Pennsylvania (Case No. 2:18-cv-02279-MMB) that purported to state a claim for alleged violations of Section 10(b) and 20(a) of the Exchange Act and Rule 10(b)(5) promulgated thereunder, based on statements made by the Company concerning the NDA for IV meloxicam. The complaint seeks unspecified damages, interest, attorneys’ fees and other costs. On December 10, 2018, the lead plaintiff filed an amended complaint that asserted the same claims and sought the same relief but included new allegations and named additional officers as defendants. On February 8, 2019, the Company filed a motion to dismiss the amended complaint in its entirety, which the lead plaintiff opposed on April 9, 2019. On May 9, 2019, the Company filed its response and briefing was completed on the motion to dismiss. In response to questions from the Judge, the parties submitted supplemental briefs with regard to the motion to dismiss the amended complaint during the fall of 2019. On February 18, 2020, the motion to dismiss was granted without prejudice. On April 25, 2020, the plaintiff filed a second amended complaint. The Company filed a motion to dismiss the second amended complaint on June 18, 2020. The plaintiff’s deadline to file an opposition to the Company’s motion to dismiss is August 17, 2020, and the Company will have thirty days from the filing of the plaintiff’s opposition to file a reply in support of the motion to dismiss. In connection with the separation of Baudax Bio, Baudax Bio accepted assignment by the Company of all of its obligations in connection with the Securities Litigation and agreed to indemnify it for all liabilities related to the Securities Litigation. The Company and Baudax Bio believe that the lawsuit is without merit and intend to vigorously defend against it. Purchase Commitments As of June 30, 2020, the Company had outstanding non-cancelable purchase commitments in the aggregate amount of $10,721 related to inventory, capital expenditures, transition services agreement and other goods and services.

Capital Structure

Capital Structure	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Capital Structure	(1 2 ) Capital Structure (a) Common Stock The Company is authorized to issue up to 50,000,000 shares of common stock, with a par value of $0.01 per share. Reflected below are the Company’s capital raises since its initial public offering (“IPO”): On March 12, 2014, the Company completed an IPO in which the Company sold 4,312,500 shares of common stock at $8.00 per share, resulting in gross proceeds of $34,500. In connection with the IPO, the Company paid $4,244 in underwriting discounts, commissions and offering expenses, resulting in net proceeds of $30,256. Also, in connection with the IPO, all of the outstanding shares of the Company’s Series A Redeemable Convertible Preferred Stock, including accreted dividends, and certain bridge notes, including accrued interest, were converted into common stock. On July 7, 2015, the Company closed a private placement with certain accredited investors in which the Company sold 1,379,311 shares of common stock at a price of $11.60 per share, for net proceeds of $14,812. The Company paid the placement agents a fee equal to 6.0% of the aggregate gross proceeds from the private placement, plus reimbursement of certain expenses. On August 19, 2016, the Company closed an underwritten public offering in which the company sold 1,986,666 shares of common stock at a price per share of $7.50, for net proceeds of $13,367 after deducting underwriting discounts, commissions and offering expenses. On December 16, 2016, the Company closed an underwritten public offering in which the company sold 6,670,000 shares of common stock at a price per share of $6.00, for net proceeds of $36,888 after deducting underwriting discounts, commissions and offering expenses. On December 29, 2017, the Company entered into a sales agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, pursuant to which the Company may sell from time to time, at its option, shares of its common stock, $0.01 par value per share, having an aggregate offering price of up to $40,000 through Cowen, as the placement agent. As of June 30, 2020, the Company did not have any sales of common stock under the Sales Agreement. The Sales Agreement will terminate on August 11, 2020. (b) Common Stock Purchase Agreement On March 2, 2018, the Company entered into a Common Stock Purchase Agreement (the “2018 Purchase Agreement”) with Aspire Capital Fund LLC (“Aspire Capital”), which provides that, upon the terms and subject to the conditions and limitations set forth in the 2018 Purchase Agreement, Aspire Capital is committed to purchase, at the Company’s sole election, up to an aggregate of $20,000 of shares of the Company’s common stock over the approximately 30-month term of the 2018 Purchase Agreement. On the execution of the 2018 Purchase Agreement, the Company agreed to issue 33,040 shares of common stock to Aspire Capital as consideration for entering into the 2018 Purchase Agreement. As of June 30, 2020, the Company sold 1,950,000 shares of common stock under the 2018 Purchase Agreement for proceeds of $16,999, at an average per share price of $8.72, all of which transactions occurred during 2018. The Amended Purchase Agreement, as defined below, replaces the 2018 Purchase Agreement. On February 19, 2019, the Company entered into a common stock purchase agreement (the “2019 Purchase Agreement”) with Aspire Capital, which provides that, upon the terms and subject to the conditions and limitations set forth in the 2019 Purchase Agreement, Aspire Capital is committed to purchase, at the Company’s sole election, up to an aggregate of $20,000 of its shares of common stock over the approximately 30-month term of the 2019 Purchase Agreement. On the execution of the 2019 Purchase Agreement, the Company agreed to issue 34,762 shares of common stock to Aspire Capital as consideration for entering into the 2019 Purchase Agreement. As of June 30, 2020, the Company did not have any sales of common stock under the 2019 Purchase Agreement. On August 7 , 2020 , the Company entered into a First Amendment to the 2019 Purchase Agreement with Aspire Capital (the “Amended Purchase Agreement”) which amended the 2019 Purchase Agreement to, among other things, in crease the aggregate amount of shares of common stock Aspire is committed to purchase to $ and extend the term of the 2019 Purchase Agreement to March 20, 2022 . (c) Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $0.01 per share. As of June 30, 2020, no preferred stock was issued or outstanding. (d) Warrants As of June 30, 2020, the Company had the following warrants outstanding to purchase shares of the Company’s common stock: Number of Shares Exercise Price per Share Expiration Date 348,664 $ 6.84 November 2024 The warrant to purchase 348,664 shares related to Athyrium is equity classified. During March 2019, the warrant to purchase 140,000 shares originally issued to Aegis Capital Corporation, which was equity classified, was forfeited upon expiration. In November 2019, the warrant to purchase 350,000 shares issued to Alkermes, which was liability classified as it contained a contingent net cash settlement feature, was exercised on a cashless basis, with Alkermes surrendering 165,673 shares to cover the aggregate exercise price, resulting in the issuance of 184,327 shares of common stock based on the closing bid price of the Company’s common stock on November 8, 2019 of $17.45.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	(1 3 ) Stock-Based Compensation In October 2013, the Company established the 2013 Equity Incentive Plan (the “2013 Plan”), which allows for the grant of stock options, stock appreciation rights and stock awards for a total of 600,000 shares of common stock. In June 2015, the Company’s shareholders approved the Amended and Restated Equity Incentive Plan (the “2015 A&R Plan”), which amended and restated the 2013 Plan and increased the aggregate amount of shares available for issuance to 2,000,000. In May 2018, the Company’s shareholders approved the 2018 Amended and Restated Equity Incentive Plan (the “A&R Plan”) which amended and restated the 2015 A&R Plan to increase the aggregate amount of shares available for issuance to 8,119,709. At June 30, 2020, the total number of shares authorized under the A&R Plan was 9,281,402, of which 3,369,127 shares were available for future grants. On December 1 st st Stock options Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years. The weighted average grant-date fair value of the options awarded to employees during the six months ended June 30, 2020 and 2019 was $8.24 and $5.60, respectively. The fair value of the options was estimated on the date of grant using a Black-Scholes option pricing model with the following assumptions: June 30, 2020 2019 Range of expected option life 5.5 - 6 years 5.5 - 6 years Expected volatility 75.34% - 81.09% 79.11% - 81.54% Risk-free interest rate 0.34 - 1.40% 1.82 - 2.66% Expected dividend yield — — The intrinsic value of options exercised during the six months ended June 30, 2020 and 2019 was $1,058 and $1,033, respectively. The following table summarizes stock option activity during the six months ended June 30, 2020: Number of shares Weighted average exercise price Aggregate intrinsic value Weighted average remaining contractual life Balance, December 31, 2019 3,695,649 $ 7.97 Granted 347,750 12.34 Exercised (178,747 ) 4.52 Forfeited or expired (111,579 ) 8.25 Balance, June 30, 2020 3,753,073 8.53 $ 304 6.8 years Exercisable 2,407,433 8.11 304 6.0 years Included in the table above are 438,000 options outstanding as of June 30, 2020 that were granted outside the plan. The grants were made pursuant to the NASDAQ inducement grant exception in accordance with NASDAQ Listing Rule 5635(c)(4). Restricted stock units Restricted stock units (“RSUs”) generally vest over four years. The fair value of RSUs on the date of grant is measured as the closing price of our common stock on that date. The weighted average grant-date fair value of RSUs awarded to employees during the six months ended June 30, 2020 and 2019 was $15.11 and $8.12, respectively. The fair value of RSUs vested during the six months ended June 30, 2020 and 2019 was $3,227 and $3,952, respectively. The following table summarizes RSU activity during the six months ended June 30, 2020: Number of shares Weighted average grant date fair value Balance, December 31, 2019 1,197,502 $ 10.92 Granted 274,775 15.11 Vested (243,682 ) 9.23 Forfeited (295,611 ) 8.73 Balance, June 30, 2020 932,984 13.29 Included in the table above are 15,000 time-based RSUs outstanding as of June 30, 2020 that were granted outside the plan. The grants were made pursuant to the NASDAQ inducement grant exception in accordance with NASDAQ Listing Rule 5635(c)(4). Other information Stock-based compensation expense from continuing operations for the six months ended June 30, 2020 and 2019 was $5,677 and $3,541, respectively. Of these amounts, $1,991 and $845, respectively, were classified as cost of sales and $3,686 and $2,696, respectively, were classified as selling, general and administrative expenses. For the six months ended June 30, 2020, this represents stock-based compensation expense for the Company’s employees as well as Baudax Bio employees that continue to provide services to the Company through the transition services agreement (See note 3). For the six months ended June 30, 2019, additional stock-based compensation expense of $1,644 is included in amounts presented in the line item “Loss from discontinued operations” on the Company’s Consolidated Statements of Operations. In conjunction with the Separation, the employment of certain of the Company’s employees was transferred to Baudax Bio pursuant to the Employee Matters Agreement dated November 20, 2019 by and between the Company and Baudax Bio. In accordance with the terms of the Employee Matters Agreement, the Recro equity grants held by such former employees continue to vest in accordance with their respective vesting schedules. Any stock-based compensation expense with respect to former employees who no longer provide services to the Company is reflected in Baudax Bio’s financial statements . As of June 30, 2020, there was $11,106 of unrecognized compensation expense related to unvested options and time-based RSUs that are expected to vest and will be expensed over a weighted average period of 2.2 years. As of June 30, 2020, there was $2,707 of unrecognized compensation expense related to unvested performance-based RSUs. The performance-based RSUs will be expensed if the performance criteria are achieved or become probable of being achieved.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	(1 4 ) Revenue Recognition Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists, and therefore invoicing or associated reporting from the customer regarding the computation of the net product sales has not yet occurred. Contract assets were $8,911 and $8,851 at June 30, 2020 and December 31, 2019, respectively. Generally, the contract assets balance is impacted by the recognition of additional contract assets, offset by amounts invoiced to customers or actual net product sale amounts reported by the commercial partner for the period. The following table presents changes in the Company’s contract assets and liabilities for the six months ended June 30, 2020: Contract assets Contract liabilities Balance at beginning of period $ 8,851 $ (337 ) Changes to the beginning balance of contract assets arising from: Reclassification to receivables as a result of rights to consideration becoming unconditional (9,559 ) — Changes in estimate related to the transaction price 2,700 — Contract assets recognized since beginning of period, net of reclassification to receivables and changes in estimates 6,919 Changes to contract liabilities: Cash received in advance of contract performance — (2,434 ) Revenue recognized — 1,044 Balance at end of period $ 8,911 $ (1,727 ) The following table disaggregates revenue by timing of revenue recognition: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Point in time $ 14,365 $ 30,432 $ 35,420 $ 55,382 Over time 1,157 824 1,879 940 Total $ 15,522 $ 31,256 $ 37,299 $ 56,322 The Company’s payment terms for manufacturing revenue and development services are typically 30 to 45 days. Royalty revenue is recorded to accounts receivable in the quarter that the product is sold by the commercial partner upon reporting from the commercial partner and payment terms are generally 45 days after quarter end.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Lessee Disclosure [Abstract]
Leases	(15) Leases The Company is a party to various operating leases in Georgia for office, manufacturing, chemistry, and manufacturing and controls development space. The Company is also a party to leases for office equipment and storage. Operating lease assets, current lease liabilities and noncurrent lease liabilities are classified as other assets, other current liabilities and other liabilities, respectively, on the Consolidated Balance Sheets. The Company determines if an arrangement is a lease at inception. The arrangement is a lease if it conveys the right to the Company to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Lease terms vary based on the nature of operations, however, all leased facilities are classified as operating leases with remaining lease terms between less than one year and 5 years. Most leases contain specific renewal options where notice to renew must be provided in advance of lease expiration or automatic renewals where no advance notice is required. Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain. Costs determined to be variable and not based on an index or rate were not included in the measurement of operating lease liabilities. As most leases do not provide an implicit rate, the Company's incremental borrowing rate was used to discount its lease liabilities. The Company’s leases with an initial term of 12 months or less that do not have a purchase option or extension that is reasonably certain to be exercised are not included in the right-of-use asset or lease liability. Lease expense is recognized on a straight-line basis over the lease term. As of June 30, 2020, undiscounted future lease payments for non-cancellable operating leases are as follows: Lease payments Remainder of 2020 $ 80 2021 160 2022 156 2023 156 2024 156 2025 and thereafter 91 Total lease payments 799 Less imputed interest (373 ) Total operating lease liabilities $ 426 At June 30, 2020, the weighted average remaining lease term was 5 years and the weighted average discount rate was 16%. The components of the Company’s lease cost were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Operating lease cost $ 56 $ 50 $ 113 $ 113 Short-term lease cost 1 20 16 28 Variable lease cost 3 1 9 9 Total lease cost $ 60 $ 71 $ 138 $ 150

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	( 1 6 ) Related Party Transactions Baudax Bio is a related party to the Company. As part of the Separation, the Company entered into a transition services agreement with Baudax Bio. Under the transition services agreement, Baudax Bio provides certain services to the Company, each related to corporate functions which are charged to the Company. Additionally, the Company may incur expenses that are directly related to Baudax Bio after the Separation, which are billed to Baudax Bio. Our continuing involvement with Baudax Bio as a result of the transition services agreement is expected to end by late 2020, unless extended. During the three and six months ended June 30, 2020, the Company recorded expense of $516 and $1,032, respectively, related to its transition services agreement with Baudax Bio. These expenses are included in selling, general and administrative expenses on the Company’s Consolidated Statements of Operations. The Company recorded a net receivable of $33 and a net payable of $273 for such activities and other activity with Baudax Bio as of June 30, 2020 and December 31, 2019, respectively.

Retirement Plan

Retirement Plan	6 Months Ended
	Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement Plan	( 1 7 ) Retirement Plan The Company has a voluntary 401(k) Savings Plan (the 401(k) Plan) in which all employees are eligible to participate. The Company’s policy is to match 100% of the employee contributions up to a maximum of 5% of employee compensation. Total Company contributions to the 401(k) plan for the three months ended June 30, 2020 and 2019 were $223 and $237, respectively. Total Company contributions to the 401(k) plan for the six months ended June 30, 2020 and 2019 were $539 and $528, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	(a) Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. In accordance with SEC rules for interim financial statements, certain information required by U.S. GAAP may be condensed or omitted. The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s results for the interim periods. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Use of Estimates	(b) Use of Estimates The preparation of financial statements and the notes to the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.
Cash and Cash Equivalents	(c) Cash and Cash Equivalents Cash and cash equivalents represent cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of the changes in interest rates.
Property and Equipment	(d) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are as follows: three to ten years for furniture, office and computer equipment; six to ten years for manufacturing equipment; 40 years for buildings; and the shorter of the lease term or useful life for leasehold improvements. Repairs and maintenance costs are expensed as incurred.
Goodwill and Intangible Assets	( e ) Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a one-step method for determining impairment. The one-step quantitative test calculates the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Intangible assets include the Company’s royalties and contract manufacturing relationships assets. The royalties and contract manufacturing relationships intangible asset is considered a definite-lived intangible asset and is amortized on a straight-line basis over a useful life of six years The Company performs its annual goodwill impairment test as of November 30 th Since the last annual test, the Company has only identified the ongoing novel strain of coronavirus (“COVID-19”) pandemic as a potential indicator of impairment. The Company has performed periodic interim impairment testing that has resulted in no impairment of goodwill or other assets. The Company continues to monitor the impact of the COVID-19 pandemic.
Revenue Recognition	( f ) Revenue Recognition The Company generates revenues from manufacturing, packaging, research and development and related services for multiple pharmaceutical companies. The agreements that the Company has with its commercial partners provide for manufacturing revenues, sales-based royalties and/or profit-sharing components. Manufacturing revenue Manufacturing and other related services revenue is recognized upon transfer of control of a product to a customer, generally upon shipment, based on a transaction price that reflects the consideration the Company expects to be entitled to as specified in the agreement with the commercial partner, which could include pricing and volume-based adjustments. Royalty Revenue In addition to manufacturing and packaging revenue, certain customer agreements may have intellectual property sales-based royalties and/or profit-sharing consideration, collectively referred to as royalties, computed on the net product sales of the commercial partner. Royalty revenues are generally recognized under the terms of the applicable license, development and/or supply agreement. For arrangements that include sales-based royalties where the license for intellectual property is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue when the related sales occur by the commercial partner. For arrangements that include sales-based royalties where the license for intellectual property is not deemed to be the predominant item to which the royalties relate, the Company recognizes revenue upon transfer of control of the manufactured product. In these cases, significant judgment is required to calculate this estimated variable consideration using the most-likely amount method based on historical customer pricing and deductions and is partially constrained due to items that are outside of the Company’s control including the uncertainty of the timing of future commercial partner sales, mix of volume, customer stocking and ordering patterns, as well as unforeseen price adjustments made by the Company’s commercial partners. Research and Development Research and development revenue includes services associated with formulation, process development, CTM services, as well as custom development of manufacturing processes and analytical methods for a customer’s non-clinical, clinical and commercial products. Such revenues are recognized at a point in time or over time depending on the nature and particular facts and circumstances associated with the contract terms. In contracts that specify milestones, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments related to arrangements under which we have continuing performance obligations would be deferred and recognized over the period of performance. Milestone payments that are not within our control, such as submission for approval to regulators by a commercial partner or approvals from regulators, are not considered probable of being achieved until those submissions are submitted by the customer or approvals are received. In contracts that require revenue recognition over time, the Company utilizes input or output methods, depending on the specifics of the contract, that compare the cumulative work-in-process to date to the most current estimates for the entire performance obligation. Under these contracts, the customer typically owns the product details and process, which have no alternative use. These projects are customized to each customer to meet its specifications and typically only one performance obligation is included. Each project represents a distinct service that is sold separately and has stand-alone value to the customer. The customer also retains control of its product as the product is being created or enhanced by the Company’s services and can make changes to its process or specifications upon request.
Concentration of Credit Risk	( g ) Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. The Company manages its cash and cash equivalents based on established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company’s accounts receivable balances are primarily concentrated among four customers. If any of these customers’ receivable balances should be deemed uncollectible, it could have a material adverse effect on the Company’s results of operations and financial condition. The Company is dependent on its relationships with a small number of commercial partners, with its four largest customers having generated 95% or more of its revenues for the periods presented. A portion of the Company’s revenues are dependent on U.S. based customers selling to end-users outside the United States.
Stock-based Compensation Expense	( h ) Stock-based Compensation Expense The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. The Company accounts for forfeitures as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and/or management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future stock option exercise patterns, w based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses the historical volatility of its publicly traded stock in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Upon exercise of stock options or vesting of restricted stock units, the holder may elect to cover tax withholdings by forfeiting shares of an equivalent value. In such cases, the Company issues net new shares to the holder, pays the tax withholding on behalf of the participant and presents the payment similar to a capital distribution as both a reduction to additional paid-in-capital and a financing cash outflow in the consolidated financial statements. For non-employee stock-based awards, the Company recognizes compensation expense on a straight-line basis over the vesting period of each separated vesting tranche of the award, which is known as the accelerated attribution method. The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts are recognized as an adjustment in the period in which estimates are revised.
Income Taxes	( i ) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is recorded to the extent it is more likely than not that some portion or all of the deferred tax assets will not be realized. A full valuation allowance was recorded as of June 30, 2020 and December 31, 2019. Unrecognized income tax benefits represent income tax positions taken on income tax returns that have not been recognized in the consolidated financial statements. The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company does not anticipate significant changes in the amount of unrecognized income tax benefits over the next year.
Income or Loss Per Share	( j ) Income or Loss Per Share Basic income or loss per common share is determined by dividing net income or loss by the weighted average common shares outstanding during the period. For purposes of calculating diluted income or loss per common share, the numerator and denominator of basic income or loss per share are adjusted to eliminate the income or loss and the dilutive effects on shares, respectively, caused by outstanding common stock options, warrants and unvested restricted stock units, using the treasury stock method, if the inclusion of such instruments would be dilutive. There were no differences in the basic and diluted calculations for the three and six months ended June 30, 2020 because the Company reported net losses for those periods. There were also no differences in the income or loss used to calculate basic and diluted per share results in either of the three- or six-month periods ended June 30, 2019. The following table presents the reconciliation of weighted average shares outstanding used for basic and diluted per share results for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Weighted average shares outstanding, basic 22,265,612 22,092,853 Dilutive impact of: Restricted stock units 218,745 303,326 Stock options 360,899 359,077 Warrants 81,146 70,654 Weighted average shares outstanding, diluted 22,926,402 22,825,910 The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding, as they would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Options and restricted stock units outstanding 4,371,266 3,267,522 2,433,452 3,488,802 Warrants 348,664 350,000 174,332 350,000 Amounts in the table above reflect the common stock equivalents of the noted instruments.
Recent Accounting Pronouncements	( k ) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, Fair Value Measurement Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,”

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Weighted Average Shares Outstanding Basic And Diluted	The following table presents the reconciliation of weighted average shares outstanding used for basic and diluted per share results for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Weighted average shares outstanding, basic 22,265,612 22,092,853 Dilutive impact of: Restricted stock units 218,745 303,326 Stock options 360,899 359,077 Warrants 81,146 70,654 Weighted average shares outstanding, diluted 22,926,402 22,825,910
Schedule of Anti-Dilutive Securities	The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding, as they would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Options and restricted stock units outstanding 4,371,266 3,267,522 2,433,452 3,488,802 Warrants 348,664 350,000 174,332 350,000

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Summary of Operating Results Related to Discontinued Operations	The following is a summary of the Acute Care business expenses for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Operating expenses: Research and development $ 7,180 $ 16,734 Selling, general and administrative 4,464 12,138 Change in contingent consideration valuation (4,059 ) (19,150 ) Total operating expenses 7,585 9,722 Other income (expense), net (11 ) (49 ) Loss on discontinued operations $ (7,596 ) $ (9,771 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company has classified assets and liabilities measured at fair value on a recurring basis as follows: Fair value measurements at reporting date using Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) At June 30, 2020: Assets: Cash equivalents (See note 5) Money market mutual funds $ 15,347 $ — $ — Total cash equivalents $ 15,347 $ — $ — At December 31, 2019: Assets: Cash equivalents (See note 5) Money market mutual funds $ 11,609 $ — $ — Total cash equivalents $ 11,609 $ — $ —

Cash Equivalents (Tables)

Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2020
Cash And Cash Equivalents [Abstract]
Schedule of Cash Equivalents	The following is a summary of the Company’s cash equivalents: June 30, 2020 Amortized Gross unrealized Estimated cost Gain Loss fair value Money market mutual funds $ 15,347 $ — $ — $ 15,347 Total investments $ 15,347 $ — $ — $ 15,347 December 31, 2019 Amortized Gross unrealized Estimated cost Gain Loss fair value Money market mutual funds $ 11,609 $ — $ — $ 11,609 Total investments $ 11,609 $ — $ — $ 11,609

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Components of Inventory	Inventory was as follows: June 30, 2020 December 31, 2019 Raw materials $ 3,298 $ 3,240 Work in process 4,537 6,430 Finished goods 4,402 5,892 Inventory, prior to provision 12,237 15,562 Provision for inventory obsolescence (465 ) (490 ) Inventory $ 11,772 $ 15,072

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: June 30, 2020 December 31, 2019 Land $ 3,263 $ 3,263 Building and improvements 20,900 20,900 Furniture, office and computer equipment 5,869 5,847 Manufacturing equipment 36,573 35,699 Construction in progress 3,077 729 Property, plant and equipment, gross 69,682 66,438 Less: accumulated depreciation (27,234 ) (24,226 ) Property, plant and equipment, net $ 42,448 $ 42,212

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Balance of Intangible Assets	The following table presents the components of our royalties and contract manufacturing relationships asset, which was the only class of intangible asset for the periods presented: June 30, 2020 December 31, 2019 Cost $ 15,500 $ 15,500 Accumulated amortization (13,509 ) (12,217 ) Net intangible assets $ 1,991 $ 3,283
Schedule of Future Amortization Expense	As of June 30, 2020, future amortization expense is as follows: Amortization Remainder of 2020 $ 1,291 2021 700 Total $ 1,991

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: June 30, 2020 December 31, 2019 Contract liabilities (see note 14) $ 1,727 $ 337 Payroll and related costs 1,383 2,958 Property, plant and equipment 1,002 88 Professional and consulting fees 221 370 Other 537 571 Total $ 4,870 $ 4,324

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Carrying Value of Debt	The carrying value of debt consists of the following as of June 30, 2020: Term loans under Credit Agreement PPP Note Total Principal balance outstanding $ 125,000 $ 3,316 $ 128,316 Unamortized deferred issuance costs (12,333 ) — (12,333 ) Exit fee accretion 571 — 571 Total debt 113,238 3,316 116,554 Current portion of debt (6,000 ) (1,289 ) (7,289 ) Debt, net $ 107,238 $ 2,027 $ 109,265
Schedule of Maturities of Debt	The following table presents the maturity of debt principal (including exit fee): Term loans under Credit Agreement PPP Note Total Remainder of 2020 $ — $ 184 $ 184 2021 12,000 2,210 14,210 2022 114,250 922 115,172 Total debt $ 126,250 $ 3,316 $ 129,566

Capital Structure (Tables)

Capital Structure (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Warrants Outstanding to Purchase Shares of Common Stock	As of June 30, 2020, the Company had the following warrants outstanding to purchase shares of the Company’s common stock: Number of Shares Exercise Price per Share Expiration Date 348,664 $ 6.84 November 2024

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model	The fair value of the options was estimated on the date of grant using a Black-Scholes option pricing model with the following assumptions: June 30, 2020 2019 Range of expected option life 5.5 - 6 years 5.5 - 6 years Expected volatility 75.34% - 81.09% 79.11% - 81.54% Risk-free interest rate 0.34 - 1.40% 1.82 - 2.66% Expected dividend yield — —
Summary of Stock Option Activity	The following table summarizes stock option activity during the six months ended June 30, 2020: Number of shares Weighted average exercise price Aggregate intrinsic value Weighted average remaining contractual life Balance, December 31, 2019 3,695,649 $ 7.97 Granted 347,750 12.34 Exercised (178,747 ) 4.52 Forfeited or expired (111,579 ) 8.25 Balance, June 30, 2020 3,753,073 8.53 $ 304 6.8 years Exercisable 2,407,433 8.11 304 6.0 years
Summary of Restricted Stock Units Activity	The following table summarizes RSU activity during the six months ended June 30, 2020: Number of shares Weighted average grant date fair value Balance, December 31, 2019 1,197,502 $ 10.92 Granted 274,775 15.11 Vested (243,682 ) 9.23 Forfeited (295,611 ) 8.73 Balance, June 30, 2020 932,984 13.29

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Changes in Contract Assets and Liabilities	The following table presents changes in the Company’s contract assets and liabilities for the six months ended June 30, 2020: Contract assets Contract liabilities Balance at beginning of period $ 8,851 $ (337 ) Changes to the beginning balance of contract assets arising from: Reclassification to receivables as a result of rights to consideration becoming unconditional (9,559 ) — Changes in estimate related to the transaction price 2,700 — Contract assets recognized since beginning of period, net of reclassification to receivables and changes in estimates 6,919 Changes to contract liabilities: Cash received in advance of contract performance — (2,434 ) Revenue recognized — 1,044 Balance at end of period $ 8,911 $ (1,727 )
Disaggregation of Revenue by Timing of Revenue Recognition	The following table disaggregates revenue by timing of revenue recognition: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Point in time $ 14,365 $ 30,432 $ 35,420 $ 55,382 Over time 1,157 824 1,879 940 Total $ 15,522 $ 31,256 $ 37,299 $ 56,322

Leases - (Tables)

Leases - (Tables)	6 Months Ended
	Jun. 30, 2020
Lessee Disclosure [Abstract]
Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases	As of June 30, 2020, undiscounted future lease payments for non-cancellable operating leases are as follows: Lease payments Remainder of 2020 $ 80 2021 160 2022 156 2023 156 2024 156 2025 and thereafter 91 Total lease payments 799 Less imputed interest (373 ) Total operating lease liabilities $ 426
Schedule of Components Least Cost	The components of the Company’s lease cost were as follows: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Operating lease cost $ 56 $ 50 $ 113 $ 113 Short-term lease cost 1 20 16 28 Variable lease cost 3 1 9 9 Total lease cost $ 60 $ 71 $ 138 $ 150

Background - Additional Informa

Background - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Entity incorporation date	Nov. 15, 2007
Accumulated deficit | $	$ 220,587	$ 206,883
Number of operating segment | Segment	1

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020USD ($)Customer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill impairment | $	$ 0
Indefinite-lived intangible assets impairment | $	$ 0
Accounts Receivable [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of customers | Customer	4
Sales Revenue, Net [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of customers | Customer	4
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk percentage	95.00%
Royalties and Contract Manufacturing Relationships [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Definite-lived intangible asset, useful lives	6 years
Furniture and Office Equipment [Member] | Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	3 years
Furniture and Office Equipment [Member] | Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	10 years
Manufacturing Equipment [Member] | Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	6 years
Manufacturing Equipment [Member] | Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	10 years
Buildings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	40 years
Leasehold Improvements [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment useful life	the shorter of the lease term or useful life

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Weighted Average Shares Outstanding Basic And Diluted (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share Diluted [Line Items]
Weighted average common shares outstanding, basic	23,577,255	22,265,612	23,486,011	22,092,853
Dilutive impact of:
Weighted average common shares outstanding, diluted	23,577,255	22,926,402	23,486,011	22,825,910
Warrants [Member]
Dilutive impact of:
Weighted average common shares outstanding, diluted		81,146		70,654
Stock options [Member]
Dilutive impact of:
Weighted average common shares outstanding, diluted		360,899		359,077
Restricted stock units [Member]
Dilutive impact of:
Weighted average common shares outstanding, diluted		218,745		303,326

Summary of Significant Accoun_6

Summary of Significant Accounting Principles - Schedule of Anti-Dilutive Securities (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Options [Member] | Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding	4,371,266	3,267,522	2,433,452	3,488,802
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding	348,664	350,000	174,332	350,000

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 21, 2019	Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Discontinued operations, description	the Company distributed to its shareholders 1 share of Baudax Bio common stock for every 2.5 shares of the Company’s common stock outstanding as of November 15, 2019, the record date for the distribution. Fractional shares of Baudax Bio common stock that otherwise would have been distributed were aggregated and sold into the public market and the proceeds distributed to the Company’s shareholders. Additionally, in connection with the Separation, the Company contributed $19,000 of cash to Baudax Bio
Cash contributions related to separation	$ 19,000
Accounts payable		$ 22
Accrued expenses		$ 1,150

Discontinued Operations - Summa

Discontinued Operations - Summary of Operating Results Related to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Research and development	$ 7,180		$ 16,734
Selling, general and administrative	4,464		12,138
Change in contingent consideration valuation	(4,059)		(19,150)
Total operating expenses	7,585		9,722
Other income (expense), net	(11)		(49)
Loss on discontinued operations	$ (7,596)	$ (7,596)	$ (9,771)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Total cash equivalents	$ 15,347	$ 11,609
Money Market Mutual Funds [Member]
Assets:
Total cash equivalents	$ 15,347	$ 11,609

Cash Equivalents - Summary of C

Cash Equivalents - Summary of Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 15,347	$ 11,609
Estimated Fair Value	15,347	11,609
Money Market Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	15,347	11,609
Estimated Fair Value	$ 15,347	$ 11,609

Inventory - Components of Inven

Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 3,298	$ 3,240
Work in process	4,537	6,430
Finished goods	4,402	5,892
Inventory, prior to provision	12,237	15,562
Provision for inventory obsolescence	(465)	(490)
Inventory	$ 11,772	$ 15,072

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 69,682	$ 66,438
Less: accumulated depreciation	(27,234)	(24,226)
Property, plant and equipment, net	42,448	42,212
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	3,263	3,263
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	20,900	20,900
Furniture, Office & Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	5,869	5,847
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	36,573	35,699
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,077	$ 729

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1,508	$ 1,467	$ 3,008	$ 2,784

Intangible Assets - Summary of

Intangible Assets - Summary of Balance of Intangible Assets (Detail) - Royalties and Contract Manufacturing Relationships [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Cost, Definite-lived	$ 15,500	$ 15,500
Accumulated Amortization	(13,509)	(12,217)
Net Intangible Assets, Definite-lived	$ 1,991	$ 3,283

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Intangible Assets Net Excluding Goodwill [Abstract]
Amortization expense	$ 646	$ 646	$ 1,292	$ 1,292

Intangible Assets - Schedule of

Intangible Assets - Schedule of Future Amortization Expense (Detail) - Royalties and Contract Manufacturing Relationships [Member] - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Remainder of 2020	$ 1,291
2021	700
Net Intangible Assets, Definite-lived	$ 1,991	$ 3,283

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Contract liabilities (see note 14)	$ 1,727	$ 337
Payroll and related costs	1,383	2,958
Property, plant and equipment	1,002	88
Professional and consulting fees	221	370
Other	537	571
Total accrued expenses	$ 4,870	$ 4,324

Long-Term Debt - Schedule of Ca

Long-Term Debt - Schedule of Carrying Value of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal balance outstanding	$ 128,316
Unamortized deferred issuance costs	(12,333)
Exit fee accretion	571
Total debt	116,554
Current portion of debt	(7,289)
Debt, net	109,265	$ 110,319
Term loans under Credit Agreement
Debt Instrument [Line Items]
Principal balance outstanding	125,000
Unamortized deferred issuance costs	(12,333)
Exit fee accretion	571
Total debt	113,238
Current portion of debt	(6,000)
Debt, net	107,238
PPP note
Debt Instrument [Line Items]
Principal balance outstanding	3,316
Total debt	3,316
Current portion of debt	(1,289)
Debt, net	$ 2,027

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Debt (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Remainder of 2020	$ 184
2021	14,210
2022	115,172
Total debt	129,566
Term loans under Credit Agreement
Debt Instrument [Line Items]
2021	12,000
2022	114,250
Total debt	126,250
PPP note
Debt Instrument [Line Items]
Remainder of 2020	184
2021	2,210
2022	922
Total debt	$ 3,316

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	May 18, 2020	May 12, 2020	Feb. 28, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Nov. 17, 2017
Debt Instrument [Line Items]
Debt instrument, exit fee				$ 571,000		$ 571,000
Amortization of debt issuance costs				$ 1,384,000	$ 1,384,000	2,768,000	$ 2,362,000
Repayments of Long-term Debt						$ 1,100,000
Athyrium Opportunities II Acquisition LP | Seven Year Warrant [Member]
Debt Instrument [Line Items]
Purchase common stock with warrant issue						348,664
Warrant, exercise price per share				$ 8.6043		$ 8.6043
Warrants, exercisable date						Nov. 17, 2024
PPP note
Debt Instrument [Line Items]
Debt instrument, face amount		$ 4,416,000
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Long-term Debt, Term		2 years
Repayments of Long-term Debt	$ 1,100,000
Percentage Of Royalty Payments		60.00%
Athyrium Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 100,000,000
Term loan interest rate, Description						interest at a rate equal to the three-month LIBOR rate, with a 1% floor plus 9.75% per annum
Exit fee percentage									1.00%
Debt instrument, exit fee									$ 1,250,000
Debt instrument, covenant description						The Amended Credit Agreement contains certain usual and customary affirmative and negative covenants, as well as financial covenants that the Company will need to satisfy on a monthly and quarterly basis. As of June 30, 2020, the Company was in compliance with the covenants.
Debt instrument early repayment of prepayment penalty percentage						10.00%
Debt instrument, early repayment terms						if there is an early repayment, there is a sliding scale of prepayment penalties beginning with a 10% penalty and including a make-whole interest payment.
Prepayment penalties assessed for payments after March 31, 2022						$ 0
Debt issuance costs related to credit agreement								$ 4,439,000
Amendment and other fees and expenses								500,000
Athyrium Credit Agreement [Member] | Warrants [Member]
Debt Instrument [Line Items]
Initial warrant fair value and revaluation adjustment				$ 2,232,000		$ 2,232,000
Athyrium Credit Agreement [Member] | Floor [Member]
Debt Instrument [Line Items]
Term loan variable interest rate						1.00%
Athyrium Credit Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Term loan variable interest rate						9.75%
Athyrium Credit Agreement [Member] | Tranche One Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount									60,000,000
Athyrium Credit Agreement [Member] | Term B Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount									20,000,000
Athyrium Credit Agreement [Member] | Term C Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount									$ 20,000,000
Athyrium Amended Credit Agreement [Member]
Debt Instrument [Line Items]
Warrant, exercise price per share				$ 6.84		$ 6.84
Athyrium Amended Credit Agreement [Member] | Term C Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount								15,000,000
Athyrium Amended Credit Agreement [Member] | Term B-1 Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount								10,000,000
Athyrium Amended Credit Agreement [Member] | Term B-2 Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount								$ 15,000,000
Athyrium Existing Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 100,000,000
Athyrium Existing Credit Agreement [Member] | Term C Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			15,000,000
Athyrium Existing Credit Agreement [Member] | Term B-2 Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			15,000,000
Athyrium Second Amendment Credit Agreement [Member]
Debt Instrument [Line Items]
Increase in borrowing capacity			$ 125,000,000
Debt instrument, extended maturity date			Mar. 31, 2023
Debt instrument, quarterly installment outstanding principal payment			$ 3,000,000
Debt instrument, date of first required payment			Mar. 31, 2021
Debt instrument, frequency of interest payment			quarterly
Debt issuance costs related to credit agreement				$ 11,400,000		$ 11,400,000
Effective interest rate				15.98%		15.98%
Amendment and other fees and expenses						$ 2,500,000
Debt instrument closing fee				$ 436,000		$ 436,000
Athyrium Second Amendment Credit Agreement [Member] | Term B-2 Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 55,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Purchase Commitment [Member]
Supply Commitment [Line Items]
Purchase commitment non cancelable and cancelable	$ 10,721

Capital Structure - Additional

Capital Structure - Additional Information (Detail) - USD ($)

Feb. 19, 2019

Mar. 02, 2018

Dec. 29, 2017

Dec. 16, 2016

Aug. 19, 2016

Jul. 07, 2015

Mar. 12, 2014

Nov. 30, 2019

Mar. 31, 2019

Mar. 31, 2019

Jun. 30, 2020

Dec. 31, 2019

Nov. 08, 2019

Schedule Of Capitalization Equity [Line Items]

Common stock, shares authorized to issue

50,000,000

50,000,000

Common stock, par value

$ 0.01

$ 0.01

Common stock issuance, shares

0

Common stock issuance

$ 301,000

Preferred stock, shares authorized

10,000,000

10,000,000

Preferred stock, par value

$ 0.01

$ 0.01

Preferred stock, shares issued

0

0

Preferred stock, shares outstanding

0

0

Common Stock [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance, shares

34,762

Warrants, Exercise Price $6.84, Expiring on November 2024 [Member]

Schedule Of Capitalization Equity [Line Items]

Warrants outstanding to purchase shares, Number of Shares

348,664

Warrant to purchase shares forfeited upon expiration

140,000

Cowen and Company, LLC [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock, par value

$ 0.01

Sale agreement termination date

Aug. 11, 2020

Cowen and Company, LLC [Member] | Maximum [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance

$ 40,000,000

Aspire Capital [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance, shares

34,762

33,040

1,950,000

Common stock issuance price

$ 8.72

Proceeds from sale of common stock, net of transaction costs

$ 16,999,000

Term of purchase agreement

30 months

30 months

Purchase mended And Restated Agreement Date

Aug. 7, 2020

Purchase commitment of common stock

$ 30,000,000,000

Aspire Capital [Member] | Maximum [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance

$ 20,000,000

$ 20,000,000

Athyrium [Member] | Warrants, Exercise Price $6.84, Expiring on November 2024 [Member] | Equity [Member]

Schedule Of Capitalization Equity [Line Items]

Warrants outstanding to purchase shares, Number of Shares

348,664

Alkermes Plc [Member] | Common Stock [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock warrants repurchase

165,673

Cashless exercise of warrants, Shares

184,327

Common stock share price

$ 17.45

Alkermes Plc [Member] | Warrants, Exercise Price $6.84, Expiring on November 2024 [Member] | Liability Contingent Net Cash Settlement Feature [Member]

Schedule Of Capitalization Equity [Line Items]

Warrants outstanding to purchase shares, Number of Shares

350,000

Investor [Member]

Schedule Of Capitalization Equity [Line Items]

Aggregate net proceeds from private placement

$ 14,812,000

Placement agents fee percentage

6.00%

Initial Public Offering (IPO) [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance, shares

4,312,500

Sale of stock, price per share

$ 8

Gross proceeds on sale of common stock in initial public offering

$ 34,500,000

Payments on underwriting discounts, commissions and offering costs

4,244,000

Common stock issuance

$ 30,256,000

Private Placement [Member] | Investor [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance, shares

1,379,311

Common stock issuance price

$ 11.60

Underwritten Public Offering [Member]

Schedule Of Capitalization Equity [Line Items]

Common stock issuance, shares

6,670,000

1,986,666

Common stock issuance price

$ 6

$ 7.50

Proceeds from sale of common stock, net of transaction costs

$ 36,888,000

$ 13,367,000

Capital Structure - Schedule of

Capital Structure - Schedule of Warrants Outstanding to Purchase Shares of Common Stock (Detail) - Warrants, Exercise Price $6.84, Expiring on November 2024 [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Class Of Warrant Or Right [Line Items]
Warrants outstanding to purchase shares, Number of Shares | shares	348,664
Warrants outstanding to purchase shares, Exercise Price per Share | $ / shares	$ 6.84
Warrants outstanding to purchase shares, Expiration Date	2024-11

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	May 31, 2018	Jun. 30, 2015	Oct. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercisable period				10 years
Stock options vest period				4 years
Weighted average grant-date fair value of the options awarded to employees				$ 8.24	$ 5.60
Intrinsic value of options exercised				$ 1,058	$ 1,033
Number of shares, Granted				15,000
Stock-based compensation expense				$ 5,677	3,541
Additional stock -based compensation expense				1,644
Unrecognized compensation expense related to unvested options and time-based RSUs, expected to vest				$ 11,106
Unrecognized compensation expense related to unvested options, weighted average period				2 years 2 months 12 days
Unrecognized compensation expense related to unvested performance RSUs, expected to vest				$ 2,707
Cost Of Sales [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				1,991	845
Selling General And Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 3,686	$ 2,696
Stock Options Granted Outside Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted				438,000
Restricted stock units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vest period				4 years
Weighted average grant-date fair value of the options awarded to employees				$ 15.11	$ 8.12
Fair value vested				$ 3,227	$ 3,952
Number of shares, Granted				274,775
2013 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant								600,000
Shares available for future grants				3,369,127
A&R Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant				9,281,402		8,119,709	2,000,000
Percentage of outstanding common stock	5.00%	5.00%	5.00%

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model (Detail)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of expected option life	5 years 6 months	5 years 6 months
Expected volatility	75.34%	79.11%
Risk-free interest rate	0.34%	1.82%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of expected option life	6 years	6 years
Expected volatility	81.09%	81.54%
Risk-free interest rate	1.40%	2.66%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares, beginning balance	3,695,649
Number of shares, Granted	347,750
Number of shares, Exercised	(178,747)
Number of shares, Forfeited or expired	(111,579)
Number of shares, ending balance	3,753,073
Number of shares, Exercisable	2,407,433
Weighted average exercise price, beginning balance	$ 7.97
Weighted average exercise price, Granted	12.34
Weighted average exercise price, Exercised	4.52
Weighted average exercise price, Forfeited or expired	8.25
Weighted average exercise price, ending balance	8.53
Weighted average exercise price, Exercisable	$ 8.11
Weighted average remaining contractual life	6 years 9 months 18 days
Weighted average remaining contractual life, Exercisable	6 years
Aggregate intrinsic value	$ 304
Aggregate intrinsic value, Exercisable	$ 304

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Granted	15,000
Number of shares, Granted	$ 8.24	$ 5.60
Restricted stock units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance	1,197,502
Number of shares, Granted	274,775
Number of shares, Vested	(243,682)
Number of shares, Forfeited	(295,611)
Number of shares, ending balance	932,984
Number of shares, beginning balance	$ 10.92
Number of shares, Granted	15.11	$ 8.12
Number of shares, Vested	9.23
Number of shares, Forfeited	8.73
Number of shares, ending balance	$ 13.29

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Contract asset	$ 8,911	$ 8,851

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Contract with Customer Asset
Balance at beginning of period	$ 8,851
Changes to the beginning balance of contract assets arising from:
Reclassification to receivables as a result of rights to consideration becoming unconditional	(9,559)
Changes in estimate related to the transaction price	2,700
Contract assets recognized since beginning of period, net of reclassification to receivables and changes in estimates	6,919
Balance at end of period	8,911
Contract with Customer, Liability
Balance at beginning of period	(337)
Changes to contract liabilities:
Cash received in advance of contract performance	(2,434)
Revenue recognized	1,044
Balance at end of period	$ (1,727)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue by Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenue	$ 15,522	$ 31,256	$ 37,299	$ 56,322
Point In Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	14,365	30,432	35,420	55,382
Over Time [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,157	$ 824	$ 1,879	$ 940

Leases - Additional Information

Leases - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend	Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain.
Lessee, operating lease, existence of option to extend	true
Operating lease, weighted average remaining term	5 years
Operating lease, weighted average discount rate percent	16.00%
Minimum [Member]
Lessee Lease Description [Line Items]
Operating leases with remaining lease term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating leases with remaining lease term	5 years

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2020USD ($)
Lessee Disclosure [Abstract]
Remainder of 2020	$ 80
2021	160
2022	156
2023	156
2024	156
2025 and thereafter	91
Total lease payments	799
Less imputed interest	(373)
Total operating lease liabilities	$ 426

Leases - Schedule of Components

Leases - Schedule of Components Least Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee Disclosure [Abstract]
Operating lease cost	$ 56	$ 50	$ 113	$ 113
Short-term lease cost	1	20	16	28
Variable lease cost	3	1	9	9
Total lease cost	$ 60	$ 71	$ 138	$ 150

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Baudax Bio [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Selling, general, and administrative expenses	$ 516	$ 1,032
Accounts receivable, related parties, current	$ 33	$ 33
Accounts payable, related parties, current			$ 273

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Percentage of company's matching contribution with respect to each participant's contribution	100.00%
Company matching contributions to maximum employees eligible compensation	5.00%
Total company contributions to 401 (k) plan	$ 223	$ 237	$ 539	$ 528