Tricida (TCDAQ) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - $ / shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38558
Entity Registrant Name	TRICIDA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3372526
Entity Address, Address Line One	7000 Shoreline Court
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	415
Local Phone Number	429-7800
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	TCDA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,424,875
Common stock, par value (in USD per share)	$ 0.001		$ 0.001
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001595585
Current Fiscal Year End Date	--12-31

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 17,712	$ 21,113
Short-term investments	106,014	119,419
Prepaid expenses and other current assets	4,269	5,004
Total current assets	127,995	145,536
Long-term investments	0	10,043
Property and equipment, net	688	769
Operating lease right-of-use assets	11,731	12,158
Total assets	140,414	168,506
Current liabilities:
Accounts payable	5,535	10,023
Current operating lease liabilities	2,756	2,736
Accrued expenses and other current liabilities	16,703	16,721
Total current liabilities	24,994	29,480
Convertible Senior Notes, net	194,894	127,512
Non-current operating lease liabilities	10,826	11,296
Total liabilities	230,714	168,288
Commitments and contingencies (Note 5)
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; 40,000,000 shares authorized, no shares issued or outstanding as of March 31, 2022 and December 31, 2021.	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 55,397,158 and 55,363,461 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.	55	55
Additional paid-in capital	737,685	810,618
Accumulated other comprehensive income (loss)	(377)	(91)
Accumulated deficit	(827,663)	(810,364)
Total stockholders’ equity (deficit)	(90,300)	218
Total liabilities and stockholders’ equity	$ 140,414	$ 168,506

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, outstanding (in shares)	0	0
Preferred stock, shares issued, (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	55,397,158	55,363,461
Common stock, shares outstanding (in shares)	55,397,158	55,363,461

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 18,504	$ 32,175
General and administrative	9,170	9,895
Total operating expenses	27,674	42,070
Loss from operations	(27,674)	(42,070)
Other income (expense), net	8	445
Interest expense	(1,973)	(5,613)
Loss on early extinguishment of Term Loan	0	6,124
Net loss	(29,639)	(53,362)
Other comprehensive income (loss):
Net unrealized gain (loss) on available-for-sale investments, net of tax	(286)	(105)
Total comprehensive loss	$ (29,925)	$ (53,467)
Net loss per share, basic (in dollars per share)	$ (0.51)	$ (1.06)
Net loss per share, diluted (in dollars per share)	$ (0.51)	$ (1.06)
Weighted-average number of shares outstanding, basic (in shares)	57,718,979	50,247,698
Weighted-average number of shares outstanding, diluted (in shares)	57,718,979	50,247,698

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2020			50,210,779
Beginning balance at Dec. 31, 2020	$ 108,871		$ 50	$ 742,555		$ 64	$ (633,798)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)			61,946
Issuance of common stock under equity incentive plans	115			115
Stock-based compensation	6,042			6,042
Net unrealized gain (loss) on available-for-sale investments, net of tax	(105)					(105)
Net loss	(53,362)						(53,362)
Ending balance (in shares) at Mar. 31, 2021			50,272,725
Ending balance at Mar. 31, 2021	61,561		$ 50	748,712		(41)	(687,160)
Beginning balance (in shares) at Dec. 31, 2020			50,210,779
Beginning balance at Dec. 31, 2020	$ 108,871		$ 50	742,555		64	(633,798)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06 [Member]
Ending balance (in shares) at Dec. 31, 2021	55,363,461		55,363,461
Ending balance at Dec. 31, 2021	$ 218	$ (67,158)	$ 55	810,618	$ (79,498)	(91)	(810,364)	$ 12,340
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity incentive plans (in shares)			33,697
Issuance of common stock under equity incentive plans	41			41
Stock-based compensation	6,524			6,524
Net unrealized gain (loss) on available-for-sale investments, net of tax	(286)					(286)
Net loss	$ (29,639)						(29,639)
Ending balance (in shares) at Mar. 31, 2022	55,397,158		55,397,158
Ending balance at Mar. 31, 2022	$ (90,300)		$ 55	$ 737,685		$ (377)	$ (827,663)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net loss	$ (29,639)	$ (53,362)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	81	134
Non-cash operating lease costs	(24)	248
Amortization of premiums and accretion of discounts on investments, net	(29)	209
Accretion of Term Loan and Convertible Senior Notes	223	2,628
Loss on early extinguishment of Term Loan	0	6,124
Stock-based compensation	6,524	6,042
Changes in compound derivative liability	0	(202)
Other non-cash items	0	(29)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	737	1,520
Accounts payable	(4,488)	1,815
Accrued expenses and other liabilities	213	3,895
Net cash used in operating activities	(26,402)	(30,978)
Investing activities:
Purchases of investments	(32,059)	(59,932)
Proceeds from maturities of investments	55,250	76,824
Purchases of property and equipment	0	(76)
Net cash provided by investing activities	23,191	16,816
Financing activities:
Proceeds from equity offerings, net	(33)	0
Proceeds from issuance of common stock under equity incentive plans	41	115
Payments for taxes related to net share settlement of equity awards	(198)	0
Repayment of leasehold improvement loan	0	(15)
Cash paid for early extinguishment of Term Loan	0	(83,285)
Net cash used in financing activities	(190)	(83,185)
Net decrease in cash and cash equivalents	(3,401)	(97,347)
Cash and cash equivalents at beginning of period	21,113	137,857
Cash and cash equivalents at end of period	17,712	40,510
Supplemental disclosures
Cash paid for interest	$ 0	$ 1,774

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization —Tricida, Inc., or the Company, was incorporated in the state of Delaware on May 22, 2013. The Company is focused on the development and commercialization of its investigational drug candidate, veverimer (also known as TRC101), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis and slow chronic kidney disease, or CKD, progression in patients with metabolic acidosis and CKD. Funding Requirements —The Company has sustained operating losses and expects such annual losses to continue over the next several years. The Company’s ultimate success depends on the outcome of its research and development and commercialization activities for veverimer, for which it expects to incur additional losses in the future. Through March 31, 2022, the Company has relied primarily on the proceeds from equity offerings and debt financing to finance its operations. The Company has incurred losses and negative cash flows from operations since its inception in 2013 and management anticipates that the Company will continue to incur net losses for the foreseeable future. As of March 31, 2022, the Company had an accumulated deficit of $827.7 million. Existing cash, cash equivalents and investments are not likely to be sufficient to fund the Company's operations through the second quarter of 2023 as management expects to incur additional losses in the future to conduct research and development and pre-commercialization activities. Management recognizes that the Company will need to raise additional capital to fully implement its business plan. The Company plans to evaluate obtaining additional capital prior to the end of 2022. In addition, the Company has Common Warrants outstanding that are eligible for exercise at the discretion of the holders starting on May 15, 2022. See a full description of the Common Warrants in Note 6. "Stockholders' Equity". If financing is not available at adequate levels, on reasonable terms or within a reasonable time frame, the Company will need to reevaluate its operating plans and could be required to significantly reduce operating expenses and delay, reduce the scope of, or eliminate some of its development programs or its future commercialization efforts, out-license intellectual property rights to its investigational drug candidates and sell unsecured assets, or a combination of the above, any of which may have a material adverse effect on its business, results of operations, financial condition and/or its ability to fund its scheduled obligations on a timely basis or at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the date of the issuance of these condensed financial statements. The accompanying unaudited condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The unaudited condensed financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Basis of Presentation —The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed financial statements as of and for the three months ended March 31, 2022 and 2021 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed balance sheet as of December 31, 2021 has been derived from audited financial statements. Although the Company believes that the disclosures in these condensed financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, other than the adoption of ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), or ASU 2020-06, as described below. Recent Accounting Pronouncements Adopted Standards In August 2020, the FASB issued ASU 2020-06. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in Accounting Standards Codification, or ASC, 470-20, Debt – Debt with Conversion and Other Options , or ASC 470-20, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract. The Company adopted ASU 2020-06 effective January 1, 2022, using the modified retrospective method. On adoption, the Company accounted for the Convertible Senior Notes as a single liability measured at amortized cost resulting in reduced prospective non-cash interest expense due to the de-recognition of the remaining debt discount associated with the equity component. The cumulative impact of the adoption of ASU 2020-06 reflected on the Company's condensed balance sheet as of January 1, 2022 is as follows. in thousands Balance at December 31, 2021 Cumulative Impact of ASU 2020-06 Adoption Balance at January 1, 2022 Liabilities Convertible Senior Notes, net $ 127,512 $ 67,158 $ 194,670 Stockholder's Equity Additional paid-in capital 810,618 (79,498) 731,120 Accumulated deficit (810,364) 12,340 (798,024) Under the modified retrospective method, financial information and disclosures for periods before January 1, 2022 will continue to be presented in accordance with ASC 470-20. The adoption did not impact previously reported amounts in our condensed statements of operations and comprehensive loss and cash flows and our basic and diluted net loss per share amounts.

FAIR VALUE MEASUREMENTS AND FAI

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in the FASB's ASC Topic 820, Fair Value Measurements and Disclosures, or Topic 820. Topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy of Topic 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels: Level 1 —Observable inputs, such as quoted prices in active markets; Level 2 —Inputs, other than the quoted prices in active markets, which are observable either directly or indirectly such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life; and Level 3 —Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Our financial instruments consist primarily of cash and cash equivalents, short-term and long-term investments, accounts payable and the Convertible Senior Notes. Cash, cash equivalents and investments are reported at their respective fair values on the Company's condensed balance sheets. Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds and U.S. Treasury securities as Level 1. When quoted market prices are not available for a specific security, then the Company estimates fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models incorporate expected future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to benchmark yields, reported trades and broker/dealer quotes. Where applicable the market approach utilizes prices and information from market transactions for similar or identical assets. The Company classifies U.S. government agency securities, commercial paper and corporate debt securities as Level 2. The Company's short-term and long-term investments are classified as available-for-sale. The following tables set forth the value of the Company's financial assets remeasured on a recurring basis based on the three-tier fair value hierarchy by significant investment category as of March 31, 2022 and December 31, 2021. March 31, 2022 Reported as: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 2,370 $ — $ — $ 2,370 $ 2,370 $ — $ — Level 1: Money market funds 10,351 — — 10,351 10,351 — — U.S. Treasury securities 31,087 — (107) 30,980 — 30,980 — Subtotal 41,438 — (107) 41,331 10,351 30,980 — Level 2: U.S. government agency securities 5,000 — (13) 4,987 — 4,987 — Commercial paper 73,182 — (144) 73,038 4,991 68,047 — Corporate debt securities 2,022 — (22) 2,000 — 2,000 — Subtotal 80,204 — (179) 80,025 4,991 75,034 — Total assets measured at fair value $ 124,012 $ — $ (286) $ 123,726 $ 17,712 $ 106,014 $ — December 31, 2021 Reported as: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 2,965 $ — $ — $ 2,965 $ 2,965 $ — $ — Level 1: Money market funds 18,148 — — 18,148 18,148 — — U.S. Treasury securities 8,028 — (11) 8,017 — — 8,017 Subtotal 26,176 — (11) 26,165 18,148 — 8,017 Level 2: U.S. government agency securities 10,000 — — 10,000 — 10,000 — Commercial paper 107,397 20 (4) 107,413 — 107,413 — Corporate debt securities 4,036 — (4) 4,032 — 2,006 2,026 Subtotal 121,433 20 (8) 121,445 — 119,419 2,026 Total assets measured at fair value $ 150,574 $ 20 $ (19) $ 150,575 $ 21,113 $ 119,419 $ 10,043 The following table presents a reconciliation of financial liabilities related to the compound derivative liability associated with the Loan and Security Agreement, or Term Loan, with Hercules Capital Inc., measured at fair value on a recurring basis using Level 3 unobservable inputs for the three months ended March 31, 2022 and 2021. The key valuation assumptions used were the discount rate and the probability of the occurrence of certain events. In conjunction with early extinguishment of the Term Loan on March 12, 2021, the Company extinguished the compound derivative liability associated with the Term Loan. Three Months Ended (in thousands) 2022 2021 Fair value at beginning of period $ — $ 202 Extinguishment of compound derivative liability upon extinguishment of Term Loan — (202) Fair value at end of period $ — $ — The estimated fair value of the Convertible Senior Notes was $105.6 million as of March 31, 2022 measured using Level 3 inputs. The key valuation assumptions used consist of the discount rate of 21.8% and volatility of 85.0%.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS On May 22, 2020, the Company issued $200.0 million aggregate principal amount of 3.50% convertible senior notes due 2027, or the Convertible Senior Notes. The Convertible Senior Notes are convertible into cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock at the Company’s election at an initial conversion rate of 30.0978 shares of the Company’s common stock per $1,000 principal amount of the Convertible Senior Notes, which is equivalent to an initial conversion price of approximately $33.23 per share of the Company’s common stock. The conversion rate is subject to customary adjustments for certain events as described in the Indenture. It is the Company’s current intent to settle conversions through combination settlement, which involves repayment of the principal portion in cash and any excess of the conversion value over the principal amount in shares of its common stock. As of March 31, 2022, the “if-converted value” did not exceed the remaining principal amount of the Convertible Senior Notes. At issuance, the Convertible Senior Notes were bifurcated into liability and equity components and accounted for separately. The carrying amount of the liability component was calculated to be $117.7 million by measuring the fair value of similar debt instruments that did not have an associated convertible feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the Convertible Senior Notes. The carrying amount of the equity component was calculated to be $82.3 million and was recorded in additional paid-in capital. The allocation of proceeds into the equity component resulted in a debt discount for the Convertible Senior Notes that was amortized to interest expense at an effective interest rate of 13.5% through December 31, 2021, over the effective life of the Convertible Senior Notes of 7.0 years, using the effective interest method. As discussed in Note 2. "Summary of Significant Accounting Policies", effective January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method and, as a result, accounted for the Convertible Senior Notes as a single liability measured at amortized cost. The following table presents the Convertible Senior Notes' outstanding balances as of March 31, 2022 and December 31, 2021. (in thousands) March 31, December 31, Liability component: Principal $ 200,000 $ 200,000 Unamortized discount - equity component — (68,926) Unamortized underwriter discounts and issuance costs (5,106) (3,562) Net carrying amount $ 194,894 $ 127,512 Equity component, net of underwriter discounts and issuance costs $ — $ 79,498 The remaining unamortized debt discount is being amortized to interest expense at an effective interest rate of 4.1% over approximately 5.2 years which is also the remaining life of the Senior Convertible Notes. The following table presents the interest expense related to the Convertible Senior Notes for the three months ended March 31, 2022 and 2021. Three Months Ended (in thousands) 2022 2021 Contractual interest expense $ 1,750 $ 1,750 Amortization of debt discount — 2,047 Amortization of underwriter discounts and issuance costs 223 59 Total interest expense $ 1,973 $ 3,856

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On October 4, 2019, the Company and Patheon Austria GmbH & Co KG, or Patheon, entered into a multi-year Manufacturing and Commercial Supply Agreement as amended by Amendment No. 1 dated March 30, 2021, and Amendment No. 2 dated August 26, 2021, collectively the Supply Agreement, under which Patheon agreed to manufacture and supply veverimer to support the Company's commercialization efforts. Patheon has also agreed to manufacture and supply veverimer to support the Company’s drug development and clinical trial activities. Under the Supply Agreement, the Company is obligated to make certain purchases of API. The Company and Patheon are also parties to a Master Development/Validation Services and Clinical/Launch Supply Agreement, or the MDA, pursuant to which Patheon agreed to manufacture and supply veverimer. Certain manufacturing activities previously governed by the MDA are now subject to the Supply Agreement, whereas other ongoing manufacturing activities under the MDA will continue to be governed by the MDA until such activities are complete. The Supply Agreement may be terminated by either party following an uncured material breach by the other party, in the event the other party becomes insolvent or subject to bankruptcy proceedings, or in connection with a force majeure event that continues beyond 12 months. In addition, the Supply Agreement may be terminated by the Company upon the occurrence of certain regulatory events or actions, including: (i) if the Company does not obtain regulatory approval for veverimer by a specified date or (ii) if the Company terminates its commercialization of veverimer or fails to launch veverimer by a specified date. The Company’s obligation to purchase veverimer is subject to minimum and maximum annual commitments, with the minimum commitments subject to modest reduction in certain circumstances. Patheon has agreed to make facility improvements under the Supply Agreement and will be the exclusive owner of the purchased equipment and facility improvements. Patheon may manufacture other products with the facility improvements when not occupied by manufacturing veverimer. Under the Supply Agreement, the Company has agreed to reimburse Patheon up to a specified amount for plant modifications. These payments will be expensed to research and development prior to U.S. Food and Drug Administration, or FDA, approval of veverimer. The Company has contractual obligations from its manufacturing service contracts as of March 31, 2022. The purchase obligations are comprised of our non-cancelable purchase commitments under our Supply Agreement with Patheon. These amounts are based on forecasts that may include estimates of our future market demand, quantity discounts and manufacturing efficiencies. (in thousands) Total 2022 2023 - 2024 2025 - 2026 Thereafter Manufacturing and service contracts $ 549,848 $ 13,475 $ 123,083 $ 110,210 $ 303,080 Contingencies On January 6, 2021, a putative securities class action was filed in the U.S. District Court for the Northern District of California against the Company and its CEO and CFO, Pardi v. Tricida, Inc., et al., 21-cv-00076 (the "Securities Class Action"). In April 2021, the court appointed Jeffrey Fiore as lead plaintiff and Block & Leviton LLP as lead plaintiffs’ counsel. In June 2021, the lead plaintiff filed an amended complaint which alleges that during the period between June 28, 2018 through February 25, 2021, the Company and its senior officers violated federal securities laws, including under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, through alleged public misrepresentations and/or omissions of material facts concerning the Company's New Drug Application, or NDA, for veverimer and the likelihood and timing of approval of veverimer by the FDA. The amended complaint makes claims against the Company and its CEO. In July 2021, the defendants filed a motion to dismiss the amended complaint. A hearing on the defendants' motion was scheduled for December 2021, but the court vacated the hearing date and the motion will be decided on the briefs submitted by the parties without any oral argument. In December 2021, the original judge assigned to the case was confirmed to the Ninth Circuit Court of Appeals and in January 2022, the case was reassigned to U.S. District Court Judge Haywood S. Gilliam, Jr. No damages amount is specified in the Securities Class Action. On February 15, 2021, a derivative action was filed in the District of Delaware, brought by and on behalf of Tricida, Inc. as a Nominal Defendant, against the Company’s directors as well as its CEO and CFO, Ricks v. Alpern et al., Case No, 1:21-cv-000205 (the "Ricks Derivative Case"). The Ricks Derivative Case is based on the allegations of the Securities Class Action and asserts that by allowing the Company and senior executives to make the allegedly false and misleading statements at issue in the Securities Class Action, the defendants breached their fiduciary duties and wasted corporate assets. Additionally, the complaint asserts claims against the senior officers for violation of Sections 10(b) and 21D of the Securities Exchange Act of 1934. No damages amount is specified in the Ricks Derivative Case. On April 8, 2021 a second derivative action was filed in the District of Delaware, brought by and on behalf of Tricida, Inc. as a Nominal Defendant, against the Company’s directors as well as its CEO and CFO, Goodman v. Klaerner et al., Case No, 1:21-cv-00510 (the “Goodman Derivative Case”). As with the Ricks Derivative Case, the Goodman Derivative Case is based on the allegations of the Securities Class Action and asserts that by allowing the Company and senior executives to make the allegedly false and misleading statements at issue in the Securities Class Action, the defendants breached their fiduciary duties. Additionally, the complaint asserts claims against the senior officers for violation of Sections 10(b) and 21D of the Securities Exchange Act of 1934. No damages amount is specified in the Goodman Derivative Case. On May 27, 2021, a third derivative action was filed in the District of Delaware, brought by and on behalf of Tricida, Inc. as a Nominal Defendant, against the Company’s directors as well as its CEO and CFO, Verica v. Veitinger et al., Case No, 1:21-cv-00759 (the "Verica Derivative Case" and collectively with the Goodman Derivative Case and Ricks Derivative Case, the "Derivative Cases"). As with the Goodman Derivative Case and Ricks Derivative Case, the Verica Derivative Case is based on the allegations of the Securities Class Action and asserts that by allowing the Company and senior executives to make the allegedly false and misleading statements at issue in the Securities Class Action, the defendants breached their fiduciary duties. Additionally, the complaint asserts claims for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and for unjust enrichment and waste of corporate assets. No damages amount is specified in the Verica Derivative Case. The Derivative Cases have been consolidated by order of the District of Delaware Court and lead plaintiffs' counsel has been appointed. Pursuant to an agreement between the parties, the Delaware court issued an order on October 12, 2021, staying the consolidated derivative case pending final resolution of any motions to dismiss filed in the Securities Class Action. A consolidated derivative complaint has not yet been filed. As of March 31, 2022, the Company has not provided for a loss contingency in its condensed financial statements relating to the Securities Class Action and the Derivative Cases since it is not probable that a loss has been incurred. The Company does not believe that any ultimate liability resulting from any of these claims will have a material adverse effect on its results of operations, financial position, or liquidity. However, the Company cannot give any assurance regarding the ultimate outcome of these claims, and their resolution could be material to operating results for any particular period. Further, while there are no other material legal proceedings that the Company is aware of, the Company may become party to various claims and complaints arising in the ordinary course of business.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITYOn November 15, 2021, the Company entered into a securities purchase agreement with several investors and an officer of the Company, or Registered Direct Equity Financing, pursuant to which the Company agreed to issue and sell to the investors, in a private placement, an aggregate of (i) 4,666,667 shares of the Company’s common stock, together with warrants, or the Common Warrants, to purchase up to 4,666,667 shares of common stock, with each Common Warrant exercisable for one share of common stock at a price of $11.00, and (ii) 2,333,333 pre-funded warrants, or Pre-Funded Warrants, together with the Common Warrants to purchase up to 2,333,333 shares of common stock at a nominal exercise price of $0.001. Each share of common stock and accompanying Common Warrant and each Pre-Funded Warrant and accompanying Common Warrant were sold together at a combined offering price of $6.00. The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. The Pre-Funded Warrants have an expiration date of the earliest of (i) November 15, 2026, (ii) the date the Pre-Funded Warrants are exercised in full and (iii) immediately prior to the consummation of a fundamental transaction. The Common Warrants are exercisable commencing on May 15, 2022 until their expiration date, which will be the earliest of: (a) the third anniversary of the date of issuance, (b) immediately prior to the closing of certain fundamental transactions or (c) five Net proceeds from the Registered Direct Equity Financing were approximately $41.5 million, after deducting offering costs of $0.5 million. An officer of the Company participated in the Registered Direct Equity Financing and purchased 166,667 shares of common stock and 166,667 Common Warrants at the same terms as the other investors. Common stock reserved for future issuance as of March 31, 2022 and December 31, 2021, consisted of the following. March 31, December 31, Stock options and restricted stock units issued and outstanding 13,846,367 10,889,603 Stock options, restricted stock units and employee stock purchase plan shares authorized for future issuance 8,086,648 8,308,937 Pre-Funded Warrants authorized for future issuance 2,333,333 2,333,333 Common Warrants authorized for future issuance 7,000,000 7,000,000 Total 31,266,348 28,531,873

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2022 and 2021. Three Months Ended (In thousands, except share and per share amounts) 2022 2021 Numerator: Net loss $ (29,639) $ (53,362) Denominator: Weighted-average common shares outstanding 55,385,646 50,247,698 Weighted-average Pre-Funded Warrants outstanding 2,333,333 — Weighted-average number of shares used in basic and diluted net loss per share 57,718,979 50,247,698 Net loss per share, basic and diluted $ (0.51) $ (1.06) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive. March 31, 2022 2021 Warrants to purchase common stock (excluding Pre-Funded Warrants, which are included in weighted-average common shares outstanding) 7,031,352 31,352 Assumed conversion of Convertible Senior Notes 6,019,560 6,019,560 Stock options and restricted stock units issued and outstanding 13,846,367 11,704,679 Total potential common shares excluded from the computation of diluted net loss per share 26,897,279 17,755,591

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed financial statements as of and for the three months ended March 31, 2022 and 2021 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed balance sheet as of December 31, 2021 has been derived from audited financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Standards In August 2020, the FASB issued ASU 2020-06. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in Accounting Standards Codification, or ASC, 470-20, Debt – Debt with Conversion and Other Options , or ASC 470-20, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. In addition, the amendments revise the scope exception from derivative accounting in ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification. These amendments are expected to result in more freestanding financial instruments qualifying for equity classification (and, therefore, not accounted for as derivatives), as well as fewer embedded features requiring separate accounting from the host contract.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Expected Cumulative Impact of the Adoption	The cumulative impact of the adoption of ASU 2020-06 reflected on the Company's condensed balance sheet as of January 1, 2022 is as follows. in thousands Balance at December 31, 2021 Cumulative Impact of ASU 2020-06 Adoption Balance at January 1, 2022 Liabilities Convertible Senior Notes, net $ 127,512 $ 67,158 $ 194,670 Stockholder's Equity Additional paid-in capital 810,618 (79,498) 731,120 Accumulated deficit (810,364) 12,340 (798,024)

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIALINSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured on a Recurring Basis	The following tables set forth the value of the Company's financial assets remeasured on a recurring basis based on the three-tier fair value hierarchy by significant investment category as of March 31, 2022 and December 31, 2021. March 31, 2022 Reported as: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 2,370 $ — $ — $ 2,370 $ 2,370 $ — $ — Level 1: Money market funds 10,351 — — 10,351 10,351 — — U.S. Treasury securities 31,087 — (107) 30,980 — 30,980 — Subtotal 41,438 — (107) 41,331 10,351 30,980 — Level 2: U.S. government agency securities 5,000 — (13) 4,987 — 4,987 — Commercial paper 73,182 — (144) 73,038 4,991 68,047 — Corporate debt securities 2,022 — (22) 2,000 — 2,000 — Subtotal 80,204 — (179) 80,025 4,991 75,034 — Total assets measured at fair value $ 124,012 $ — $ (286) $ 123,726 $ 17,712 $ 106,014 $ — December 31, 2021 Reported as: (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 2,965 $ — $ — $ 2,965 $ 2,965 $ — $ — Level 1: Money market funds 18,148 — — 18,148 18,148 — — U.S. Treasury securities 8,028 — (11) 8,017 — — 8,017 Subtotal 26,176 — (11) 26,165 18,148 — 8,017 Level 2: U.S. government agency securities 10,000 — — 10,000 — 10,000 — Commercial paper 107,397 20 (4) 107,413 — 107,413 — Corporate debt securities 4,036 — (4) 4,032 — 2,006 2,026 Subtotal 121,433 20 (8) 121,445 — 119,419 2,026 Total assets measured at fair value $ 150,574 $ 20 $ (19) $ 150,575 $ 21,113 $ 119,419 $ 10,043
Reconciliation of Liabilities Using Level 3 Unobservable Inputs	The following table presents a reconciliation of financial liabilities related to the compound derivative liability associated with the Loan and Security Agreement, or Term Loan, with Hercules Capital Inc., measured at fair value on a recurring basis using Level 3 unobservable inputs for the three months ended March 31, 2022 and 2021. The key valuation assumptions used were the discount rate and the probability of the occurrence of certain events. In conjunction with early extinguishment of the Term Loan on March 12, 2021, the Company extinguished the compound derivative liability associated with the Term Loan. Three Months Ended (in thousands) 2022 2021 Fair value at beginning of period $ — $ 202 Extinguishment of compound derivative liability upon extinguishment of Term Loan — (202) Fair value at end of period $ — $ —

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table presents the Convertible Senior Notes' outstanding balances as of March 31, 2022 and December 31, 2021. (in thousands) March 31, December 31, Liability component: Principal $ 200,000 $ 200,000 Unamortized discount - equity component — (68,926) Unamortized underwriter discounts and issuance costs (5,106) (3,562) Net carrying amount $ 194,894 $ 127,512 Equity component, net of underwriter discounts and issuance costs $ — $ 79,498
Schedule of Convertible Debt	The following table presents the interest expense related to the Convertible Senior Notes for the three months ended March 31, 2022 and 2021. Three Months Ended (in thousands) 2022 2021 Contractual interest expense $ 1,750 $ 1,750 Amortization of debt discount — 2,047 Amortization of underwriter discounts and issuance costs 223 59 Total interest expense $ 1,973 $ 3,856

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	These amounts are based on forecasts that may include estimates of our future market demand, quantity discounts and manufacturing efficiencies. (in thousands) Total 2022 2023 - 2024 2025 - 2026 Thereafter Manufacturing and service contracts $ 549,848 $ 13,475 $ 123,083 $ 110,210 $ 303,080

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance as of March 31, 2022 and December 31, 2021, consisted of the following. March 31, December 31, Stock options and restricted stock units issued and outstanding 13,846,367 10,889,603 Stock options, restricted stock units and employee stock purchase plan shares authorized for future issuance 8,086,648 8,308,937 Pre-Funded Warrants authorized for future issuance 2,333,333 2,333,333 Common Warrants authorized for future issuance 7,000,000 7,000,000 Total 31,266,348 28,531,873

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2022 and 2021. Three Months Ended (In thousands, except share and per share amounts) 2022 2021 Numerator: Net loss $ (29,639) $ (53,362) Denominator: Weighted-average common shares outstanding 55,385,646 50,247,698 Weighted-average Pre-Funded Warrants outstanding 2,333,333 — Weighted-average number of shares used in basic and diluted net loss per share 57,718,979 50,247,698 Net loss per share, basic and diluted $ (0.51) $ (1.06)
Antidilutive Securities Excluded From Computation	The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive. March 31, 2022 2021 Warrants to purchase common stock (excluding Pre-Funded Warrants, which are included in weighted-average common shares outstanding) 7,031,352 31,352 Assumed conversion of Convertible Senior Notes 6,019,560 6,019,560 Stock options and restricted stock units issued and outstanding 13,846,367 11,704,679 Total potential common shares excluded from the computation of diluted net loss per share 26,897,279 17,755,591

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 827,663	$ 810,364

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Expected Cumulative Impact of the Adoption (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Liabilities
Convertible Senior Notes, net	$ 194,894		$ 127,512
Stockholder's Equity
Additional paid-in capital	737,685		810,618
Accumulated deficit	$ (827,663)		$ (810,364)
Cumulative Effect, Period of Adoption, Adjustment
Liabilities
Convertible Senior Notes, net		$ 67,158
Stockholder's Equity
Additional paid-in capital		(79,498)
Accumulated deficit		12,340
Cumulative Effect, Period of Adoption, Adjusted Balance
Liabilities
Convertible Senior Notes, net		194,670
Stockholder's Equity
Additional paid-in capital		731,120
Accumulated deficit		$ (798,024)

FAIR VALUE MEASUREMENTS AND F_3

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	$ 17,712	$ 21,113
Level 2:
Short-term investments	106,014	119,419
Long-term investments	0	10,043
Fair Value, Measurements, Recurring
Total assets measured at fair value
Amortized Cost	124,012	150,574
Gross Unrealized Gains	0	20
Gross Unrealized Losses	(286)	(19)
Estimated Fair Value	123,726	150,575
Cash | Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	2,370	2,965
Level 1:
Estimated Fair Value	2,370	2,965
Cash and Cash Equivalents | Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	17,712	21,113
Cash and Cash Equivalents | Cash | Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	2,370	2,965
Short-Term Investments | Fair Value, Measurements, Recurring
Level 2:
Short-term investments	106,014	119,419
Long-Term Investments | Fair Value, Measurements, Recurring
Level 2:
Long-term investments	0	10,043
Level 1: | Fair Value, Measurements, Recurring
Level 2:
Amortized Cost	41,438	26,176
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(107)	(11)
Estimated Fair Value	41,331	26,165
Level 1: | Fair Value, Measurements, Recurring | U.S. Treasury securities
Level 2:
Amortized Cost	31,087	8,028
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(107)	(11)
Estimated Fair Value	30,980	8,017
Level 1: | Money market funds | Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	10,351	18,148
Level 1:
Estimated Fair Value	10,351	18,148
Level 1: | Cash and Cash Equivalents | Fair Value, Measurements, Recurring
Level 2:
Estimated Fair Value	10,351	18,148
Level 1: | Cash and Cash Equivalents | Fair Value, Measurements, Recurring | U.S. Treasury securities
Level 2:
Estimated Fair Value	0	0
Level 1: | Cash and Cash Equivalents | Money market funds | Fair Value, Measurements, Recurring
Debt Securities, Available-for-sale [Line Items]
Cash and Cash Equivalents	10,351	18,148
Level 1: | Short-Term Investments | Fair Value, Measurements, Recurring
Level 2:
Short-term investments	30,980	0
Level 1: | Short-Term Investments | Fair Value, Measurements, Recurring | U.S. Treasury securities
Level 2:
Short-term investments	30,980	0
Level 1: | Long-Term Investments | Fair Value, Measurements, Recurring
Level 2:
Long-term investments	0	8,017
Level 1: | Long-Term Investments | Fair Value, Measurements, Recurring | U.S. Treasury securities
Level 2:
Long-term investments	0	8,017
Level 2: | Fair Value, Measurements, Recurring
Level 2:
Amortized Cost	80,204	121,433
Gross Unrealized Gains	0	20
Gross Unrealized Losses	(179)	(8)
Estimated Fair Value	80,025	121,445
Level 2: | Fair Value, Measurements, Recurring | U.S. government agency securities
Level 2:
Amortized Cost	5,000	10,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(13)	0
Estimated Fair Value	4,987	10,000
Level 2: | Fair Value, Measurements, Recurring | Commercial paper
Level 2:
Amortized Cost	73,182	107,397
Gross Unrealized Gains	0	20
Gross Unrealized Losses	(144)	(4)
Estimated Fair Value	73,038	107,413
Level 2: | Fair Value, Measurements, Recurring | Corporate debt securities
Level 2:
Amortized Cost	2,022	4,036
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(22)	(4)
Estimated Fair Value	2,000	4,032
Level 2: | Cash and Cash Equivalents | Fair Value, Measurements, Recurring
Level 2:
Estimated Fair Value	4,991	0
Level 2: | Cash and Cash Equivalents | Fair Value, Measurements, Recurring | U.S. government agency securities
Level 2:
Estimated Fair Value	0	0
Level 2: | Cash and Cash Equivalents | Fair Value, Measurements, Recurring | Commercial paper
Level 2:
Estimated Fair Value	4,991	0
Level 2: | Cash and Cash Equivalents | Fair Value, Measurements, Recurring | Corporate debt securities
Level 2:
Estimated Fair Value	0	0
Level 2: | Short-Term Investments | Fair Value, Measurements, Recurring
Level 2:
Short-term investments	75,034	119,419
Level 2: | Short-Term Investments | Fair Value, Measurements, Recurring | U.S. government agency securities
Level 2:
Short-term investments	4,987	10,000
Level 2: | Short-Term Investments | Fair Value, Measurements, Recurring | Commercial paper
Level 2:
Short-term investments	68,047	107,413
Level 2: | Short-Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities
Level 2:
Short-term investments	2,000	2,006
Level 2: | Long-Term Investments | Fair Value, Measurements, Recurring
Level 2:
Long-term investments	0	2,026
Level 2: | Long-Term Investments | Fair Value, Measurements, Recurring | U.S. government agency securities
Level 2:
Long-term investments	0	0
Level 2: | Long-Term Investments | Fair Value, Measurements, Recurring | Commercial paper
Level 2:
Long-term investments	0	0
Level 2: | Long-Term Investments | Fair Value, Measurements, Recurring | Corporate debt securities
Level 2:
Long-term investments	$ 0	$ 2,026

FAIR VALUE MEASUREMENTS AND F_4

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of Liabilities Measured using Level 3 (Details) - Fair Value, Inputs, Level 3 - Derivative Financial Instruments, Liabilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 0	$ 202
Extinguishment of compound derivative liability upon extinguishment of Term Loan	0	(202)
Fair value at end of period	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND F_5

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional information (Details) - Convertible Senior Notes - Fair Value, Inputs, Level 3 $ in Millions	Mar. 31, 2022USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value	$ 105.6
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation assumptions as a percentage	0.218
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Valuation assumptions as a percentage	0.850

BORROWINGS - Additional informa

BORROWINGS - Additional information (Details) - Senior Notes - 3.50% Due 2027	May 22, 2020USD ($)$ / shares	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt aggregate principal amount	$ 200,000,000
Debt interest rate	0.035%
Carrying amount of liability component	$ 117,700,000	$ 194,894,000	$ 127,512,000
Equity component, net of underwriter discounts and issuance costs	$ 82,300,000	$ 0	$ 79,498,000
Effective interest rate	13.50%
Amortization rate		4.10%
Amortization period	7 years	5 years 2 months 12 days
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Conversion rate (in shares)	0.0300978
Conversion price (in dollars per share) | $ / shares	$ 33.23

BORROWINGS - Carrying Amount of

BORROWINGS - Carrying Amount of Liability and Equity Components (Details) - Senior Notes - 3.50% Due 2027 - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	May 22, 2020
Debt Instrument [Line Items]
Principal	$ 200,000	$ 200,000
Unamortized discount - equity component	0	(68,926)
Unamortized underwriter discounts and issuance costs	(5,106)	(3,562)
Net carrying amount	194,894	127,512	$ 117,700
Equity component, net of underwriter discounts and issuance costs	$ 0	$ 79,498	$ 82,300

BORROWINGS - Interest Expense (

BORROWINGS - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Total interest expense	$ 1,973	$ 5,613
Senior Notes | 3.50% Due 2027
Debt Instrument [Line Items]
Contractual interest expense	1,750	1,750
Amortization of debt discount	0	2,047
Amortization of underwriter discounts and issuance costs	223	59
Total interest expense	$ 1,973	$ 3,856

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total	$ 549,848
2022	13,475
2023 - 2024	123,083
2025 - 2026	110,210
Thereafter	$ 303,080

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional information (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 15, 2021	Mar. 31, 2022
Class of Stock [Line Items]
Number of common stock issued (in shares)	4,666,667
Number of shares called by warrant (in shares)	4,666,667
Number of shares called by warrant (in shares)	1
Exercise price of warrant (in USD per share)	$ 11
Warrants combined offering price (in USD per share)	$ 6
Proceeds from issuance of common stock		$ 75
Share price (in USD per share)		$ 13.50
Proceeds from equity offerings, net		$ 41.5
Offering costs		$ 0.5
Common Stock
Class of Stock [Line Items]
Stock issued to members (in shares)		166,667
Pre Funded Warrants
Class of Stock [Line Items]
Number of common stock issued (in shares)	2,333,333
Number of shares called by warrant (in shares)	2,333,333
Exercise price of warrant (in USD per share)	$ 0.001
Exercise period		5 days
Share price (in USD per share)		$ 15
Common Warrant
Class of Stock [Line Items]
Stock issued to members (in shares)		166,667

STOCKHOLDERS' EQUITY - Common s

STOCKHOLDERS' EQUITY - Common stock (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Stock options and restricted stock units issued and outstanding (in shares)	13,846,367	10,889,603
Total (in shares)	31,266,348	28,531,873
Pre Funded Warrants
Class of Warrant or Right [Line Items]
Shares authorized for future issuance (in shares)	2,333,333	2,333,333
Common Warrant
Class of Warrant or Right [Line Items]
Shares authorized for future issuance (in shares)	7,000,000	7,000,000
Stock Options, RSUs and ESPP Shares
Class of Warrant or Right [Line Items]
Shares authorized for future issuance (in shares)	8,086,648	8,308,937

NET LOSS PER SHARE - Basic and

NET LOSS PER SHARE - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (29,639)	$ (53,362)
Denominator:
Weighted average shares outstanding (in shares)	55,385,646	50,247,698
Weighted-average number of shares outstanding, diluted (in shares)	57,718,979	50,247,698
Weighted-average number of shares outstanding, basic (in shares)	57,718,979	50,247,698
Net loss per share, diluted (in dollars per share)	$ (0.51)	$ (1.06)
Net loss per share, basic (in dollars per share)	$ (0.51)	$ (1.06)
Pre Funded Warrants
Denominator:
Weighted average shares outstanding (in shares)	2,333,333	0

NET LOSS PER SHARE - Antidiluti

NET LOSS PER SHARE - Antidilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	26,897,279	17,755,591
Warrants to purchase common stock (excluding Pre-Funded Warrants, which are included in weighted-average common shares outstanding)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,031,352	31,352
Assumed conversion of Convertible Senior Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,019,560	6,019,560
Stock options and restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	13,846,367	11,704,679