Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SCPH | |
Entity Registrant Name | SCPHARMACEUTICALS INC. | |
Entity Central Index Key | 0001604950 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38293 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-5184075 | |
Entity Address, Address Line One | 2400 District Avenue | |
Entity Address, Address Line Two | Suite 310 | |
Entity Address, City or Town | Burlington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01803 | |
City Area Code | 617 | |
Local Phone Number | 517-0730 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 35,857,045 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 71,350 | $ 71,061 |
Short-term investments | 31,527 | 47,125 |
Restricted cash | 182 | |
Accounts receivable | 1,610 | |
Inventory | 5,832 | 1,230 |
Prepaid expenses | 1,835 | 2,282 |
Deposits and other current assets | 1,420 | 1,428 |
Total current assets | 113,574 | 123,308 |
Property and equipment, net | 45 | 54 |
Right-of-use lease assets - operating, net | 363 | 566 |
Deposits and other assets | 189 | 267 |
Total assets | 114,171 | 124,195 |
Current liabilities | ||
Accounts payable | 1,182 | 1,518 |
Accrued expenses | 5,120 | 5,289 |
Lease obligation - operating, short-term | 267 | 567 |
Other current liabilities | 66 | 42 |
Total current liabilities | 6,635 | 7,416 |
Term loan, long-term | 37,741 | 36,794 |
Derivative liability | 6,267 | 7,517 |
Lease obligation - operating, long-term | 4 | 7 |
Other liabilities | 97 | 28 |
Total liabilities | 50,744 | 51,762 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding | ||
Common stock, $0.0001 par value; 150,000,000 shares authorized as of June 30, 2023; 34,257,916 and 35,849,482 shares issued and outstanding as of December 31, 2022 and June 30, 2023, respectively | 4 | 3 |
Additional paid-in capital | 315,329 | 298,934 |
Accumulated deficit | (251,900) | (226,536) |
Accumulated other comprehensive income (loss) | (6) | 32 |
Total stockholders’ equity | 63,427 | 72,433 |
Total liabilities and stockholders’ equity | $ 114,171 | $ 124,195 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 35,849,482 | 34,257,916 |
Common stock, shares outstanding | 35,849,482 | 34,257,916 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Product revenues, net | $ 1,638 | $ 3,701 | ||
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | us-gaap:ProductMember | us-gaap:ProductMember | ||
Operating expenses: | ||||
Cost of product revenues | $ 354 | $ 959 | ||
Research and development | 2,934 | $ 5,142 | 5,050 | $ 9,489 |
Selling, general and administrative | 12,096 | 4,279 | 22,992 | 7,172 |
Total operating expenses | 15,384 | 9,421 | 29,001 | 16,661 |
Loss from operations | (13,746) | (9,421) | (25,300) | (16,661) |
Other income | 239 | 64 | 1,229 | 78 |
Interest income | 1,363 | 107 | 2,678 | 120 |
Interest expense | (2,010) | (447) | (3,971) | (965) |
Net loss | $ (14,154) | $ (9,697) | $ (25,364) | $ (17,428) |
Net loss per share - basic | $ (0.36) | $ (0.35) | $ (0.66) | $ (0.64) |
Net loss per share - diluted | $ (0.36) | $ (0.35) | $ (0.66) | $ (0.64) |
Weighted average common shares outstanding - basic | 38,692,624 | 27,378,507 | 38,249,255 | 27,373,459 |
Weighted average common shares outstanding - diluted | 38,692,624 | 27,378,507 | 38,249,255 | 27,373,459 |
Other comprehensive loss: | ||||
Unrealized loss on short-term investments | $ (14) | $ (3) | $ (38) | $ (6) |
Comprehensive loss | $ (14,168) | $ (9,700) | $ (25,402) | $ (17,434) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2021 | $ 56,470 | $ 3 | $ 246,166 | $ (189,698) | $ (1) |
Beginning Balance, Shares at Dec. 31, 2021 | 27,366,707 | ||||
Net loss | (7,731) | (7,731) | |||
Issuance of common stock upon exercise of stock options | 21 | 21 | |||
Issuance of common stock upon exercise of stock options, Shares | 4,781 | ||||
Stock-based compensation | 636 | 636 | |||
Unrealized loss on short-term investments | (3) | (3) | |||
Ending Balance at Mar. 31, 2022 | 49,393 | $ 3 | 246,823 | (197,429) | (4) |
Ending Balance, Shares at Mar. 31, 2022 | 27,371,488 | ||||
Beginning Balance at Dec. 31, 2021 | 56,470 | $ 3 | 246,166 | (189,698) | (1) |
Beginning Balance, Shares at Dec. 31, 2021 | 27,366,707 | ||||
Net loss | (17,428) | ||||
Unrealized loss on short-term investments | (6) | ||||
Ending Balance at Jun. 30, 2022 | 40,457 | $ 3 | 247,587 | (207,126) | (7) |
Ending Balance, Shares at Jun. 30, 2022 | 27,395,146 | ||||
Beginning Balance at Dec. 31, 2021 | 56,470 | $ 3 | 246,166 | (189,698) | (1) |
Beginning Balance, Shares at Dec. 31, 2021 | 27,366,707 | ||||
Ending Balance at Dec. 31, 2022 | 72,433 | $ 3 | 298,934 | (226,536) | 32 |
Ending Balance, Shares at Dec. 31, 2022 | 34,257,916 | ||||
Beginning Balance at Mar. 31, 2022 | 49,393 | $ 3 | 246,823 | (197,429) | (4) |
Beginning Balance, Shares at Mar. 31, 2022 | 27,371,488 | ||||
Net loss | (9,697) | (9,697) | |||
Issuance of common stock upon exercise of stock options | 84 | ||||
Issuance of common stock through employee stock purchase plan | 84 | ||||
Issuance of common stock through employee stock purchase plan, Shares | 23,658 | ||||
Stock-based compensation | 680 | 680 | |||
Unrealized loss on short-term investments | (3) | (3) | |||
Ending Balance at Jun. 30, 2022 | 40,457 | $ 3 | 247,587 | (207,126) | (7) |
Ending Balance, Shares at Jun. 30, 2022 | 27,395,146 | ||||
Beginning Balance at Dec. 31, 2022 | 72,433 | $ 3 | 298,934 | (226,536) | 32 |
Beginning Balance, Shares at Dec. 31, 2022 | 34,257,916 | ||||
Net loss | (11,210) | (11,210) | |||
Issuance of common stock under at-the-market offering, net of issuance costs | 13,628 | $ 1 | 13,627 | ||
Issuance of common stock under at-the-market offering, net of issuance costs, Shares | 1,511,157 | ||||
Stock-based compensation | 980 | 980 | |||
Unrealized loss on short-term investments | (24) | (24) | |||
Ending Balance at Mar. 31, 2023 | 75,807 | $ 4 | 313,541 | (237,746) | 8 |
Ending Balance, Shares at Mar. 31, 2023 | 35,769,073 | ||||
Beginning Balance at Dec. 31, 2022 | 72,433 | $ 3 | 298,934 | (226,536) | 32 |
Beginning Balance, Shares at Dec. 31, 2022 | 34,257,916 | ||||
Net loss | $ (25,364) | ||||
Issuance of common stock upon exercise of stock options, Shares | 18,000 | ||||
Unrealized loss on short-term investments | $ (38) | ||||
Ending Balance at Jun. 30, 2023 | 63,427 | $ 4 | 315,329 | (251,900) | (6) |
Ending Balance, Shares at Jun. 30, 2023 | 35,849,482 | ||||
Beginning Balance at Mar. 31, 2023 | 75,807 | $ 4 | 313,541 | (237,746) | 8 |
Beginning Balance, Shares at Mar. 31, 2023 | 35,769,073 | ||||
Net loss | (14,154) | (14,154) | |||
Issuance of common stock under at-the-market offering, net of issuance costs | 332 | 332 | |||
Issuance of common stock under at-the-market offering, net of issuance costs, Shares | 33,333 | ||||
Issuance of common stock upon exercise of stock options | 101 | 101 | |||
Issuance of common stock upon exercise of stock options, Shares | 18,000 | ||||
Issuance of common stock through employee stock purchase plan | 176 | 176 | |||
Issuance of common stock through employee stock purchase plan, Shares | 29,076 | ||||
Stock-based compensation | 1,179 | 1,179 | |||
Unrealized loss on short-term investments | (14) | (14) | |||
Ending Balance at Jun. 30, 2023 | $ 63,427 | $ 4 | $ 315,329 | $ (251,900) | $ (6) |
Ending Balance, Shares at Jun. 30, 2023 | 35,849,482 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (25,364,000) | $ (17,428,000) |
Adjustments to reconcile net loss to cash used in operating activities | ||
Depreciation expense | 12,000 | 18,000 |
Amortization expense - right-of-use leased assets - operating | 202,000 | 212,000 |
Accretion on short-term investments | (871,000) | (24,000) |
Stock-based compensation | 2,159,000 | 1,316,000 |
Non-cash interest expense | 1,017,000 | 218,000 |
Fair value adjustment to derivative liability | (1,250,000) | |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,610,000) | |
Inventory | (4,602,000) | |
Prepaid expenses and other assets | 456,000 | 809,000 |
Accounts payable, accrued expenses and other liabilities | (784,000) | 335,000 |
Net cash used in operating activities | (30,635,000) | (14,544,000) |
Cash flows from investing activities | ||
Purchases of property and equipment | (3,000) | (6,000) |
Maturities of short-term investments | 28,100,000 | 7,000,000 |
Purchases of short-term investments | (11,670,000) | (20,645,000) |
Net cash (used in) provided by investing activities | 16,427,000 | (13,651,000) |
Cash flows from financing activities | ||
Proceeds from at-the-market offering, net | 14,038,000 | |
Principal payments on term loan | (5,000,000) | |
Proceeds from employee stock purchase plan | 176,000 | 84,000 |
Proceeds from the exercise of vested stock options | 101,000 | 21,000 |
Net cash (used in) provided by financing activities | 14,315,000 | (4,895,000) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 107,000 | (33,090,000) |
Cash, cash equivalents and restricted cash at beginning of period | 71,243,000 | 74,450,000 |
Cash, cash equivalents and restricted cash at end of period | 71,350,000 | 41,360,000 |
Supplemental cash flow information | ||
Interest paid | 2,970,000 | 794,000 |
Taxes paid | 156,000 | $ 114,000 |
Supplemental disclosure of non-cash activities | ||
Transfer of issuance costs from other noncurrent assets to equity | $ 79,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business scPharmaceuticals LLC was formed as a limited liability company under the laws of the State of Delaware on February 19, 2013. On March 24, 2014, scPharmaceuticals LLC was converted to a Delaware corporation and changed its name to scPharmaceuticals Inc. (“the Company”). The Company is a pharmaceutical company focused on developing and commercializing products that have the potential to optimize the delivery of infused therapies, advance patient care and reduce healthcare costs. The Company’s strategy is designed to enable the subcutaneous administration of therapies that have previously been limited to intravenous (“IV”) delivery. The Company’s headquarters and primary place of business is Burlington, Massachusetts. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiary, scPharmaceuticals Securities Corporation. Certain information and disclosures normally included in financial statements in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 22, 2023. The Company has determined that it operates in one segment. The accompanying condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations and comprehensive loss and stockholders’ equity for the three and six months ended June 30, 2022 and 2023 and condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2023 are unaudited. The unaudited condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the Company’s audited annual financial statements and include, in the opinion of management, adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023. Liquidity As of June 30, 2023 , the Company had an accumulated deficit of approximately $ 251.9 million. Management expects to continue to incur operating losses for the foreseeable future. The Company has financed its operations to date from proceeds from the sale of common stock, preferred stock and the incurrence of debt. As of June 30, 2023 , the Company had cash, cash equivalents, and short-term investments of $ 102.9 million. On October 13, 2022 (the “Closing Date”), the Company entered into a Credit Agreement and Guaranty (the "Oaktree Agreement") with, among others, the lenders from time to time party thereto (the "Lenders") and Oaktree Fund Administration, LLC, in its capacity as administrative agent for the Lenders (Note 9). The Company's existing cash, cash equivalents and short-term investments, including the available proceeds from the first tranche of the Oaktree Agreement, will be sufficient to meet its cash commitments for at least the next 12 months after the date that the interim condensed consolidated financial statements are issued. Additionally, the Company expects to have access to funds pursuant to an at-the-market offering program with Cowen and Company, LLC (Note 10), or could otherwise seek additional funding through a combination of public or private equity offerings if it believes additional resources are needed. Additional financing may not be available on a timely basis on terms acceptable to the Company, or at all. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reported periods. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consists of bank deposits and money market accounts with financial institutions. Cash equivalents are carried at cost which approximates fair value due to their short-term nature and which the Company believes do not have a material exposure to credit risk. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Cash, cash equivalents and restricted cash consists of the following (in thousands): December 31, June 30, Cash and cash equivalents $ 71,061 $ 71,350 Restricted cash 182 - Cash, cash equivalents and restricted cash $ 71,243 $ 71,350 Accounts Receivable Accounts receivable are recorded net of any estimated expected credit losses. The Company's measurement of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. To date, expected credit losses have not been material. Concentration of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. The Company’s short-term investments consist of United States Treasury securities, commercial paper and United States Government Agency securities. The Company has adopted an investment policy that limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to hold a minimum rating, thereby reducing credit risk exposure . As the Company executes its commercial launch, the Company has a limited number of specialty pharmacy customers. As of June 30, 2023 , one customer represents 99 % of accounts receivable. For the three and six months ended June 30, 2023 , one customer represents 99 % and 94 % of revenue, respectively. Investments The Company invests excess cash balances in available-for-sale debt securities. The Company determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company reports available-for-sale investments at fair value at each balance sheet date and includes any unrealized gains and losses in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s consolidated statements of operations and comprehensive loss . Inventory Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and finished goods. The Company began capitalizing inventory costs following U.S. Food and Drug Administration ("FDA") approval of FUROSCIX on October 7, 2022. Inventory is sold on a first in, first out ("FIFO") basis. The Company periodically reviews inventory for expiry and obsolescence and writes it down accordingly, if necessary. Prior to FDA approval of FUROSCIX, the Company expensed all inventory-related costs, including that used for clinical development, to research and development ("R&D") costs in the period incurred. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) lease assets, current portion of lease obligations, and long-term lease obligations on the Company’s balance sheets. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU lease asset excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term . Debt Issuance Costs Debt issuance costs are amortized to interest expense using the effective interest rate method over the term of the debt. Debt issuance costs paid to the lender and third parties are reflected as a discount to the debt in the consolidated balance sheets . Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangement that the Company determines are within the scope of Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customer (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. The Company has identified one performance obligation, the delivery of FUROSCIX to its customers. The Company has not incurred any incremental costs associated with obtaining contracts with customers. The Company’s revenues consist solely of the sale of FUROSCIX to customers in the United States. Product Net Sales FUROSCIX was approved by the FDA on October 7, 2022. The Company launched sales of FUROSCIX in the first quarter of 2023 to specialty pharmacies (“SPs”). The Company recognizes revenue from product sales at a point in time, typically upon receipt of product at the SPs, the date at which the rights, title, interest and risk of loss are transferred. Revenues from product sales are recorded at the net sales price, which includes estimates of variable consideration that result from (a) sales discounts, (b) rebates (c) co-pay assistance, and (d) product returns. Reserves are established for the estimates of variable consideration based on the amounts earned or to be claimed on the related sales. The reserves for variable consideration are reflected as either as a reduction to the related account receivable or as an accrued liability, depending on how the consideration is settled. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results vary from its estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Sales Discounts : Sales discounts are agreed-upon discounts, from negotiated contracts, taken directly off the Company’s sales invoices. Sales discounts are recorded as an offset to revenue based on contractual terms at the time revenue from the sale is recognized. Rebates : Allowance for rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit, TRICARE program and contractual rebates with commercial payers. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or statutory requirements. The allowance for rebates is based on contracted or statutory discount rates and expected utilization by benefit plan participants. The Company’s estimates for expected utilization of rebates are based on utilization data received from the SPs since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for prior quarters’ unpaid rebates. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirement. Co-payment assistance is accrued at the time of product sale to SPs based on estimated patient participation and average co-pay benefit to be paid per a claim. The Company’s estimated amounts are compared to actual program participation and co-pay amounts paid using data provided by third-party administrators. If actual amounts differ from the original estimates the assumptions being applied are updated and adjustment for prior period accruals will be adjusted in the current period. Product Returns: Consistent with industry practice, the Company offers SPs limited product return rights for damages, shipment errors, and expiring product, provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SPs and has the ability to control the amount of product that is sold to the SPs, it is able to make a reasonable estimate of future potential product returns based on this on-hand channel inventory data and sell-through data obtained from the SPs. In arriving at its estimate, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry. Research and Development Costs Research and development costs are expensed as incurred. Nonrefundable advance payments, if any, for goods or services used in research and development are initially recorded as an asset and then recognized as an expense as the related goods are delivered or services are performed. Research and development expenses include contract services, consulting, salaries, materials and supplies and overhead . Income Taxes The Company accounts for income taxes in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. Deferred tax assets and liabilities are recorded to reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured under enacted tax laws. A valuation allowance is required to offset any net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. The tax benefits recorded are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is “more likely than not” to be realized following resolution of any uncertainty related to the tax benefit, assuming that the matter in question will be raised by the tax authorities. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. At June 30, 2023 , the Company had no such accruals. As part of the Tax Cuts and Jobs Act of 2017 ("TCJA"), beginning with the Company’s fiscal year ended December 31, 2022, the Company is required to capitalize research and development expenses, as defined under section 174 of the Internal Revenue Code of 1986, as amended. For expenses that are incurred for research and development in the United States, the amounts will be amortized over 5 years, and expenses that are incurred for research and experimentation outside the United States will be amortized over 15 years. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per Share Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share of common stock (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Net loss $ ( 9,697 ) $ ( 14,154 ) $ ( 17,428 ) $ ( 25,364 ) Weighted-average shares used in computing net loss per share 27,378,507 38,692,624 27,373,459 38,249,255 Net loss per share, basic and diluted $ ( 0.35 ) $ ( 0.36 ) $ ( 0.64 ) $ ( 0.66 ) Basic and diluted weighted average shares of common stock outstanding for the three and six months ended June 30, 2023 include the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $ 0.001 per share. The Company’s potentially dilutive securities, which include unexercised stock options outstanding, unexercised warrants and unvested restricted stock units, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Stock options to purchase common stock 3,771,435 4,734,049 3,771,435 4,734,049 Warrants to purchase common stock - 516,345 - 516,345 Unvested restricted stock units 42,250 341,408 42,250 341,408 Total 3,813,685 5,591,802 3,813,685 5,591,802 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. Investments Cash in excess of the Company’s immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. A summary of the Company’s available-for-sale classified investments as of December 31, 2022 and June 30, 2023 consisted of the following (in thousands): At December 31, 2022 Investments - Current: Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value Commercial paper $ 16,741 $ - $ - $ 16,741 United States Treasury securities 15,768 7 - 15,775 United States Government Agency securities 14,584 25 - 14,609 Total $ 47,093 $ 32 $ - $ 47,125 At June 30, 2023 Investments - Current: Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value United States Government Agency securities $ 14,886 $ - $ ( 7 ) $ 14,879 Commercial paper 10,771 1 - 10,772 United States Treasury securities 5,876 - - 5,876 Total $ 31,533 $ 1 $ ( 7 ) $ 31,527 The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of June 30, 2023 consisted of the following (in thousands): Amortized Cost Fair Value Due in one year or less $ 31,533 $ 31,527 Total $ 31,533 $ 31,527 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory The Company's inventory balance consists of the following (in thousands): December 31, June 30, Raw materials $ 1,201 $ 888 Work-in-process 29 4,249 Finished goods - 695 $ 1,230 $ 5,832 Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Purchased property and equipment consist of the following (dollars in thousands): ESTIMATED December 31, June 30, Office equipment 5 years $ 6 $ 9 Office furniture 7 years 126 126 Computer equipment 3 years 15 15 Leasehold improvements Life of lease 95 95 242 245 Less: Accumulated depreciation ( 188 ) ( 200 ) Property and equipment, net $ 54 $ 45 Depreciation expense for the three months ended June 30, 2022 and June 30, 2023 was $ 9,000 and $ 6,000 , respectively. Depreciation expense for the six months ended June 30, 2022 and 2023 was $ 18,000 and $ 12,000 , respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, June 30, Employee compensation and related costs $ 2,754 $ 2,369 Accrued sales allowances and related costs — 914 Consulting and professional service fees 603 856 Contract research and development 1,827 565 Accrued manufacturing costs — 174 State taxes 49 157 Accrued royalty payable — 43 Financing related costs 29 — Interest 16 — Other 11 42 Total accrued expenses $ 5,289 $ 5,120 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 8. Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), provides a fair value hierarchy, which classifies fair value measurements based on the inputs used in measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and observable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying values of the Company’s cash and restricted cash, prepaid expenses and deposits approximate their fair values due to their short-term nature. The carrying value of the Company’s loan payable is considered a reasonable estimate of fair value because the Company’s interest rate is near current market rates for instruments with similar characteristics. The following tables summarize the Company’s assets that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of December 31, 2022 TOTAL Quoted Prices Significant Significant Assets: Cash equivalents $ 65,875 $ 65,875 $ — $ — Total cash equivalents 65,875 65,875 — — Commercial Paper 16,741 — 16,741 — United States Treasury securities 15,775 15,775 — — United States Government Agency securities 14,609 — 14,609 — Investments 47,125 15,775 31,350 — Total $ 113,000 $ 81,650 $ 31,350 $ — Liabilities: Derivative liability $ 7,517 $ — $ — $ 7,517 Total $ 7,517 $ — $ — $ 7,517 As of June 30, 2023 TOTAL Quoted Prices Significant Significant Assets: Cash equivalents $ 69,967 $ 69,967 $ — $ — Total cash equivalents 69,967 69,967 — — United States Government Agency securities 14,879 — 14,879 — Commercial paper 10,772 — 10,772 — United States Treasury securities 5,876 5,876 — — Investments 31,527 5,876 25,651 — Total $ 101,494 $ 75,843 $ 25,651 $ — Liabilities: Derivative liability $ 6,267 $ — $ — $ 6,267 Total $ 6,267 $ — $ — $ 6,267 Changes in the fair value of the Company's Level 3 derivative liability for the six months ended June 30, 2023 are as follows (in thousands): At December 31, 2022 $ 7,517 Change in fair value of derivative liability ( 1,250 ) At June 30, 2023 $ 6,267 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt The following table presents the carrying value of the Company's debt balance as of December 31, 2022 and June 30, 2023 (in thousands): December 31, June 30, Face value $ 50,000 $ 50,000 Less: discount ( 13,206 ) ( 12,259 ) Total 36,794 $ 37,741 Less: current portion — — Long-term portion $ 36,794 $ 37,741 Oaktree Agreement On October 13, 2022 (“Closing Date”), the Company entered into a Credit Agreement and Guaranty (the “Oaktree Agreement”) with Oaktree Fund Administration, LLC as administrative agent, and the lenders party thereto (collectively “Oaktree”) to borrow up to $ 100.0 million in three tranches with a maturity date of October 13, 2027 . The first tranche of $ 50.0 million was drawn immediately, with $ 9.8 million of the proceeds used to repay in full the outstanding loan and fees under the 2019 Loan Agreement with SLR Investment Corp. and Silicon Valley Bank and $ 2.7 million in fees and expenses incurred in connection with the financing, leaving $ 37.5 million in available proceeds from the first tranche. The ability to draw the remaining $ 50.0 million is contingent upon reaching certain net sales revenue milestone targets prior to September 30, 2024 and December 31, 2024, respectively. The term loan initially bears interest at the three-month term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin of 8.75 % (with a SOFR floor of 1.00 % and a 3.00 % cap). Once FUROSCIX achieves at least $ 100.0 million in trailing 12-month net sales, the applicable margin will step down to 8.25 %. The Company is required to make quarterly interest-only payments until the third anniversary of the Closing Date, after which the Company is required to make quarterly amortizing payments, with the remaining balance of the principal plus accrued and unpaid interest due at maturity. In connection with entering into the Oaktree Agreement, the Company granted warrants to Oaktree to purchase up to an aggregate of 516,345 shares of the Company’s common stock at an exercise price of $ 5.40 per share. Upon inception, the Company evaluated the warrants and determined that they met all the requirements for equity classification under ASC Topic 815 Derivatives and Hedging ("ASC 815"). This transaction was accounted for as a detachable warrant at its fair value, using the relative fair value method, which is based on a number of unobservable inputs and is recorded as an increase to additional paid-in-capital on the consolidated statement of stockholder’s equity. The relative fair value of the warrants, $ 2.0 million, was reflected as a discount to the term loan and will be amortized over the life of the term loan using the effective interest method. The Company used the Black-Scholes option pricing model to determine the fair value of the warrants. Assumptions included the fair market value per share of common stock on the valuation date of $ 5.50 , the exercise price per warrant equal to $ 5.40 , the expected volatility of 77 %, the risk-free interest rate of 4.11 %, the expected term of 7 years and the absence of a dividend. The warrants are immediately exercisable and the exercise period expires on October 13, 2029. The Company identified a number of embedded derivatives that require bifurcation from the term loan and that were separately accounted for in the consolidated financial statements as one compound derivative liability. Certain of these embedded features include contingent interest rate reset upon event of default, contingent put options, including change in control and going concern provisions, and additional costs as a result of changes in law. These embedded features met the criteria requiring these to be bifurcated because they were not clearly and closely related to the host instrument in accordance with ASC 815-15 and the derivative liability is presented separately in the condensed consolidated balance sheet as of June 30, 2023 . The fair value of the embedded derivative liabilities associated with the term loan was estimated using a hybrid between the discounted cash flow and Monte Carlo simulation methods. This involves significant Level 3 inputs and assumptions including an estimated probability and timing of a change in control. The Company re-evaluates this assessment each reporting period and any changes in estimated fair value is recorded as other income (expense). The initial recognition of the embedded derivative liability upon issuance of the Term Loan was $ 8.9 million. At June 30, 2023 , the fair value of the embedded derivative liability was $ 6.3 million. In connection with the issuance of the term loan, the Company recorded a debt discount of $ 13.6 million, inclusive of debt issuance costs, the derivative liability and the relative fair value of the warrants. The discount will be amortized over the life of the term loan using the effective interest method. For the three and six months ended June 30, 2023 , the Company recorded $ 488,000 and $ 947,000 related to the amortization of the debt discount associated with the Oaktree Agreement, respectively. Prepayments of the term loan, in whole or in part, will be subject to a prepayment fee which declines each year until the fourth anniversary date of the Closing Date, after which no prepayment fee is required. The Company is also required to pay an exit fee upon any payment or prepayment equal to 2.0 % of the aggregate principal amount of the loans funded under the Oaktree Agreement. The Company recorded an additional debt discount of $ 1.0 million related to the exit fee. For the three and six months ended June 30, 2023 , the Company recorded $ 36,000 and $ 70,000 related to the amortization of the exit fee associated with the Oaktree Agreement, respectively. The Oaktree Agreement contains customary representations, warranties and affirmative and negative covenants, including financial covenants requiring the Company to (i) maintain unrestricted cash of at least $ 15.0 million at all times, increasing to $ 20.0 million upon accessing the second tranche of the term loan and (ii) meet minimum quarterly net sales revenue targets. In addition, the Oaktree Agreement contains customary events of default that could cause the Company’s indebtedness to become immediately due and payable. The lenders could declare the Company in default under its debt obligation upon the occurrence of any event that the lenders interpret as having a material adverse effect as defined under the Oaktree Agreement. Upon the occurrence and for the duration of an event of default, an additional interest rate equal to 2.0 % per annum could apply to all obligations owed under the Oaktree Agreement. Among other loan covenant requirements, the Oaktree Agreement also requires the Company to provide an audit opinion of its annual financial statements not subject to any "going concern" or like qualification or exception. SLR Investment Corp. and Silicon Valley Bank Term Loan In May 2017, the Company entered into a loan and security agreement (the “2017 Loan Agreement”), with SLR Investment Corp. (f/k/a Solar Capital Ltd.) and Silicon Valley Bank (together, the “Lenders”), for $ 10.0 million. In September 2019, the Company replaced the 2017 Loan Agreement with a new $ 20.0 million term loan with the Lenders (the “2019 Loan Agreement”). The 2019 Loan Agreement extended the term of the credit facility until September 17, 2023 . Debt issuance costs for the 2019 Loan Agreement, including unamortized issuance costs for the 2017 Loan Agreement, were to be amortized to interest expense over the remaining term of the 2019 Loan Agreement using the effective-interest method. The interest rate under the 2019 Loan Agreement was the higher of (i) LIBOR plus 7.95 % or (ii) 10.18 % and there was an interest-only period until September 30, 2021. The rate at December 31, 2022 was 10.18 %. Pursuant to the 2019 Loan Agreement, the Company provided a first priority security interest in substantially all of the Company’s assets, including intellectual property, subject to certain exceptions. The Company entered into an Exit Agreement in connection with the 2019 Loan Agreement which provided for an aggregate payment of 4 % of the loan commitment, or $ 800,000 , to the lenders upon the occurrence of an exit event (the “Exit Fee”). The Company paid the Exit Fee during 2020 in conjunction with the Company’s public offering, which was deemed to be an exit event pursuant to the Exit Agreement. The 2019 Loan Agreement allowed the Company to voluntarily prepay all (but not less than all) of the outstanding principal at any time. A prepayment premium of 3 % or 1 % through the one-year anniversary and the two-year anniversary, respectively, would be assessed on the outstanding principal. After the two-year anniversary, a 0.5 % prepayment premium would be assessed on the outstanding principal. A final payment fee of $ 500,000 was due upon the earlier to occur of the maturity date or prepayment of such borrowings. In connection with the Oaktree Agreement, the Company paid off all unpaid borrowings under the 2019 Loan Agreement on October 13, 2022, including the $ 500,000 final fee and a prepayment premium of $ 46,000 . For the three and six months ended June 30, 2022, the Company recorded $ 74,000 and $ 155,000 , respectively, related to the amortization of debt discount associated with the 2019 Loan Agreement. For the three and six months ended June 30, 2022, the Company recorded $ 29,000 and $ 63,000 , respectively, related to the amortization of the final payment fee associated with the 2019 Loan Agreement. In an event of default under the 2019 Loan Agreement, the interest rate would have been increased by 5 % and the balance under the loan may have become immediately due and payable at the option of the lenders. The 2019 Loan Agreement included restrictions on, among other things, the Company’s ability to incur additional indebtedness, change the name or location of the Company’s business, merge with or acquire other entities, pay dividends or make other distributions to holders of its capital stock, make certain investments, engage in transactions with affiliates, create liens, sell assets or pay subordinated debt. As of June 30, 2023, future principal payments due under the Oaktree Agreement were as follows (in thousands): Year ended: December 31, 2023 $ — December 31, 2024 — December 31, 2025 2,500 December 31, 2026 10,000 December 31, 2027 37,500 Total $ 50,000 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity 2021 At-the-Market Issuance Sales Agreement On March 23, 2021, the Company entered into an Open Market Sale Agreement (the “2021 ATM Agreement”) with Cowen and Company, LLC (“Cowen”) with respect to an at-the-market offering program under which the Company could offer and sell shares of its common stock (the “2021 ATM Shares”), having an aggregate offering price of up to $ 50.0 million through Cowen as its sales agent. The Company agreed to pay Cowen a commission up to 3.0 % of the gross sales proceeds of such 2021 ATM Shares. As of December 31, 2022, the Company had sold a total of 181,553 2021 ATM Shares under the 2021 ATM Program at a weighted average gross selling price of $ 6.33 per share for net proceeds of $ 1.1 million . During the six months ended June 30, 2023 , the Company sold 1,544,490 2021 ATM Shares under the 2021 ATM Agreement at a weighted average gross selling price of $ 9.32 per share for net proceeds of $ 14.0 million. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation Stock Options The Company’s 2017 Stock Option and Incentive Plan (the “2017 Stock Plan”) became effective in November 2017 , upon the closing of the Company’s initial public offering and will expire in October 2027 . Under the 2017 Stock Plan, the Company may grant incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units (“RSUs”) and other stock-based awards. The Company’s 2014 Stock Incentive Plan (the “2014 Stock Plan”) was terminated in November 2017 effective upon the completion of the Company’s initial public offering and no further options will be granted under the 2014 Stock Plan. At June 30, 2023 , there were 598,411 options outstanding under the 2014 Stock Plan. As of June 30, 2023 , there were 7,457,463 shares of the Company’s common stock authorized for issuance under the 2017 Stock Plan, including 359,860 options that have been forfeited from the 2014 Stock Plan. At June 30, 2023 , there were 3,067,825 options available for issuance under the 2017 Stock Plan, 4,008,138 options outstanding and 341,408 RSUs outstanding. On February 1, 2023, the Board of Directors of the Company adopted the 2023 Employment Inducement Award Plan (the "Inducement Plan") and, subject to the adjustment provisions of the Inducement Plan, reserved 500,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan. At June 30, 2023 , there were 372,500 options available for issuance under the Inducement Plan, and 127,500 options outstanding. Awards granted under the 2017 Stock Plan and the Inducement Plan have a term of ten years . Vesting of awards under the 2017 Stock Plan and Inducement Plan is determined by the board of directors, but is generally over one to four-year terms. The fair value of options at date of grant was estimated using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended 2022 2023 Risk-free interest rate 1.67 % - 3.58 % 3.40 % - 4.17 % Expected dividend yield 0 % 0 % Expected life 5.5 - 6.7 years 5.5 - 7.0 years Expected volatility 70 %- 73 % 77 %- 85 % Weighted-average grant date fair value $ 2.97 $ 5.31 The following table summarizes information about stock option activity during the six months ended June 30, 2023 (in thousands, except share and per share data): NUMBER OF WEIGHTED- WEIGHTED- AGGREGATE Outstanding, December 31, 2022 4,008,177 $ 5.76 Granted 843,972 7.45 Exercised ( 18,000 ) 5.66 Forfeited ( 100,100 ) 5.69 Outstanding, June 30, 2023 4,734,049 $ 6.07 7.41 $ 20,286 Vested and exercisable, June 30, 2023 2,596,264 $ 5.90 6.19 $ 11,646 Vested and expected to vest, June 30, 2023 4,181,799 $ 6.06 7.21 $ 17,989 The following table summarizes information about RSU activity during the six months ended June 30, 2023: RSUs AVERAGE GRANT Outstanding, December 31, 2022 — $ — Granted 350,825 6.19 Forfeited ( 9,417 ) 6.14 RSUs outstanding at June 30, 2023 341,408 $ 6.19 Unrecognized compensation expense related to unvested options as of June 30, 2023 was $ 6.1 million and will be recognized over the remaining vesting periods of the underlying awards. The weighted-average period over which such compensation is expected to be recognized is 2.4 years. Unrecognized compensation expense related to unvested RSUs as of June 30, 2023 was $ 1.2 million and will be recognized over the remaining vesting periods of the underlying awards. The weighted-average period over which such compensation is expected to be recognized is 3.5 years. During the three months ended June 30, 2023, as part of a severance arrangement, the Company extended the exercise period to six months for 111,532 vested options, with a weighted exercise price of $ 6.25 , and recorded incremental stock based compensation of $ 87,000 . Employee Stock Purchase Plan In October 2017, the board of directors approved the 2017 Employee Stock Purchase Plan (the "ESPP") which became effective in November 2017, upon the closing of the Company's IPO. As part of the ESPP, eligible employees may acquire an ownership interest in the Company by purchasing common stock, at a discount, through payroll deductions. Eligible employees who elected to participate were able to participate in the ESPP beginning September 1, 2021. During the six months ended June 30, 2023, 29,076 shares of common stock were issued under the ESPP. As of June 30, 2023 , there were 1,318,615 shares of common stock available for issuance under the ESPP. The Company recorded stock-based compensation expense in the following expense categories of its accompanying condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2023 (in thousands): Three Months Ended Six Months Ended 2022 2023 2022 2023 Research and development $ 265 $ 365 $ 519 $ 705 General and administrative 415 814 797 1,454 Total $ 680 $ 1,179 $ 1,316 $ 2,159 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Operating Leases The Company leases office facilities and equipment under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2025 and do not include renewal options. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally also include real estate taxes and common area maintenance charges in the annual rental payments. Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does no t record a related lease asset or liability for such leases. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2023 (in thousands): Year ended: December 31, 2023 $ 271 December 31, 2024 9 December 31, 2025 1 Total minimum lease payments 281 Less imputed interest ( 10 ) Total $ 271 Six Months Ended 2022 2023 Lease cost: Operating lease cost $ 250 $ 226 Short-term lease cost 18 19 Sublease income ( 26 ) - Total lease cost $ 242 $ 245 Other information Cash paid for amounts included in the measurement of lease liabilities $ 264 $ 326 Operating cash flows from operating leases $ ( 26 ) $ ( 101 ) Weighted-average remaining lease term - operating leases 1.4 years 0.5 years Weighted-average discount rate - operating leases 10.1 % 10.2 % Research and Development Agreements As part of the Company’s research and development efforts, the Company enters into research and development agreements with certain companies. These agreements contain varying terms and provisions which include fees and milestones to be paid by the Company. Some of these agreements also contain provisions which require the Company to make payments for exclusivity in the development of products in the area of loop diuretics. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reported periods. Actual results could differ from those estimates. |
Cash Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consists of bank deposits and money market accounts with financial institutions. Cash equivalents are carried at cost which approximates fair value due to their short-term nature and which the Company believes do not have a material exposure to credit risk. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Cash, cash equivalents and restricted cash consists of the following (in thousands): December 31, June 30, Cash and cash equivalents $ 71,061 $ 71,350 Restricted cash 182 - Cash, cash equivalents and restricted cash $ 71,243 $ 71,350 |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded net of any estimated expected credit losses. The Company's measurement of expected credit losses is based on relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. To date, expected credit losses have not been material. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. The Company’s short-term investments consist of United States Treasury securities, commercial paper and United States Government Agency securities. The Company has adopted an investment policy that limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to hold a minimum rating, thereby reducing credit risk exposure As the Company executes its commercial launch, the Company has a limited number of specialty pharmacy customers. As of June 30, 2023 , one customer represents 99 % of accounts receivable. For the three and six months ended June 30, 2023 , one customer represents 99 % and 94 % of revenue, respectively. |
Investments | Investments The Company invests excess cash balances in available-for-sale debt securities. The Company determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company reports available-for-sale investments at fair value at each balance sheet date and includes any unrealized gains and losses in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s consolidated statements of operations and comprehensive loss |
Inventory | Inventory Inventory is stated at the lower of cost and net realizable value and consists of raw materials, work-in-process and finished goods. The Company began capitalizing inventory costs following U.S. Food and Drug Administration ("FDA") approval of FUROSCIX on October 7, 2022. Inventory is sold on a first in, first out ("FIFO") basis. The Company periodically reviews inventory for expiry and obsolescence and writes it down accordingly, if necessary. Prior to FDA approval of FUROSCIX, the Company expensed all inventory-related costs, including that used for clinical development, to research and development ("R&D") costs in the period incurred. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) lease assets, current portion of lease obligations, and long-term lease obligations on the Company’s balance sheets. ROU lease assets represent the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligation to make lease payments arising from the lease. Operating ROU lease assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU lease asset excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized to interest expense using the effective interest rate method over the term of the debt. Debt issuance costs paid to the lender and third parties are reflected as a discount to the debt in the consolidated balance sheets |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangement that the Company determines are within the scope of Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customer (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. The Company has identified one performance obligation, the delivery of FUROSCIX to its customers. The Company has not incurred any incremental costs associated with obtaining contracts with customers. The Company’s revenues consist solely of the sale of FUROSCIX to customers in the United States. Product Net Sales FUROSCIX was approved by the FDA on October 7, 2022. The Company launched sales of FUROSCIX in the first quarter of 2023 to specialty pharmacies (“SPs”). The Company recognizes revenue from product sales at a point in time, typically upon receipt of product at the SPs, the date at which the rights, title, interest and risk of loss are transferred. Revenues from product sales are recorded at the net sales price, which includes estimates of variable consideration that result from (a) sales discounts, (b) rebates (c) co-pay assistance, and (d) product returns. Reserves are established for the estimates of variable consideration based on the amounts earned or to be claimed on the related sales. The reserves for variable consideration are reflected as either as a reduction to the related account receivable or as an accrued liability, depending on how the consideration is settled. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results vary from its estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Sales Discounts : Sales discounts are agreed-upon discounts, from negotiated contracts, taken directly off the Company’s sales invoices. Sales discounts are recorded as an offset to revenue based on contractual terms at the time revenue from the sale is recognized. Rebates : Allowance for rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit, TRICARE program and contractual rebates with commercial payers. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or statutory requirements. The allowance for rebates is based on contracted or statutory discount rates and expected utilization by benefit plan participants. The Company’s estimates for expected utilization of rebates are based on utilization data received from the SPs since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for prior quarters’ unpaid rebates. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirement. Co-payment assistance is accrued at the time of product sale to SPs based on estimated patient participation and average co-pay benefit to be paid per a claim. The Company’s estimated amounts are compared to actual program participation and co-pay amounts paid using data provided by third-party administrators. If actual amounts differ from the original estimates the assumptions being applied are updated and adjustment for prior period accruals will be adjusted in the current period. Product Returns: Consistent with industry practice, the Company offers SPs limited product return rights for damages, shipment errors, and expiring product, provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SPs and has the ability to control the amount of product that is sold to the SPs, it is able to make a reasonable estimate of future potential product returns based on this on-hand channel inventory data and sell-through data obtained from the SPs. In arriving at its estimate, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Nonrefundable advance payments, if any, for goods or services used in research and development are initially recorded as an asset and then recognized as an expense as the related goods are delivered or services are performed. Research and development expenses include contract services, consulting, salaries, materials and supplies and overhead |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. Deferred tax assets and liabilities are recorded to reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured under enacted tax laws. A valuation allowance is required to offset any net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realized. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. The tax benefits recorded are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is “more likely than not” to be realized following resolution of any uncertainty related to the tax benefit, assuming that the matter in question will be raised by the tax authorities. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. At June 30, 2023 , the Company had no such accruals. As part of the Tax Cuts and Jobs Act of 2017 ("TCJA"), beginning with the Company’s fiscal year ended December 31, 2022, the Company is required to capitalize research and development expenses, as defined under section 174 of the Internal Revenue Code of 1986, as amended. For expenses that are incurred for research and development in the United States, the amounts will be amortized over 5 years, and expenses that are incurred for research and experimentation outside the United States will be amortized over 15 years. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash consists of the following (in thousands): December 31, June 30, Cash and cash equivalents $ 71,061 $ 71,350 Restricted cash 182 - Cash, cash equivalents and restricted cash $ 71,243 $ 71,350 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share of Common Stock | The following table sets forth the computation of basic and diluted net loss per share of common stock (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Net loss $ ( 9,697 ) $ ( 14,154 ) $ ( 17,428 ) $ ( 25,364 ) Weighted-average shares used in computing net loss per share 27,378,507 38,692,624 27,373,459 38,249,255 Net loss per share, basic and diluted $ ( 0.35 ) $ ( 0.36 ) $ ( 0.64 ) $ ( 0.66 ) |
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share | The Company’s potentially dilutive securities, which include unexercised stock options outstanding, unexercised warrants and unvested restricted stock units, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Stock options to purchase common stock 3,771,435 4,734,049 3,771,435 4,734,049 Warrants to purchase common stock - 516,345 - 516,345 Unvested restricted stock units 42,250 341,408 42,250 341,408 Total 3,813,685 5,591,802 3,813,685 5,591,802 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Classified Investments | A summary of the Company’s available-for-sale classified investments as of December 31, 2022 and June 30, 2023 consisted of the following (in thousands): At December 31, 2022 Investments - Current: Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value Commercial paper $ 16,741 $ - $ - $ 16,741 United States Treasury securities 15,768 7 - 15,775 United States Government Agency securities 14,584 25 - 14,609 Total $ 47,093 $ 32 $ - $ 47,125 At June 30, 2023 Investments - Current: Cost Basis Accumulated Unrealized Gains Accumulated Unrealized Losses Fair Value United States Government Agency securities $ 14,886 $ - $ ( 7 ) $ 14,879 Commercial paper 10,771 1 - 10,772 United States Treasury securities 5,876 - - 5,876 Total $ 31,533 $ 1 $ ( 7 ) $ 31,527 |
Summary of Amortized Cost and Fair Value of Available-for-Sale Investments by Contract Maturity | The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of June 30, 2023 consisted of the following (in thousands): Amortized Cost Fair Value Due in one year or less $ 31,533 $ 31,527 Total $ 31,533 $ 31,527 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company's inventory balance consists of the following (in thousands): December 31, June 30, Raw materials $ 1,201 $ 888 Work-in-process 29 4,249 Finished goods - 695 $ 1,230 $ 5,832 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Purchased Property and Equipment | Purchased property and equipment consist of the following (dollars in thousands): ESTIMATED December 31, June 30, Office equipment 5 years $ 6 $ 9 Office furniture 7 years 126 126 Computer equipment 3 years 15 15 Leasehold improvements Life of lease 95 95 242 245 Less: Accumulated depreciation ( 188 ) ( 200 ) Property and equipment, net $ 54 $ 45 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): December 31, June 30, Employee compensation and related costs $ 2,754 $ 2,369 Accrued sales allowances and related costs — 914 Consulting and professional service fees 603 856 Contract research and development 1,827 565 Accrued manufacturing costs — 174 State taxes 49 157 Accrued royalty payable — 43 Financing related costs 29 — Interest 16 — Other 11 42 Total accrued expenses $ 5,289 $ 5,120 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s assets that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of December 31, 2022 TOTAL Quoted Prices Significant Significant Assets: Cash equivalents $ 65,875 $ 65,875 $ — $ — Total cash equivalents 65,875 65,875 — — Commercial Paper 16,741 — 16,741 — United States Treasury securities 15,775 15,775 — — United States Government Agency securities 14,609 — 14,609 — Investments 47,125 15,775 31,350 — Total $ 113,000 $ 81,650 $ 31,350 $ — Liabilities: Derivative liability $ 7,517 $ — $ — $ 7,517 Total $ 7,517 $ — $ — $ 7,517 As of June 30, 2023 TOTAL Quoted Prices Significant Significant Assets: Cash equivalents $ 69,967 $ 69,967 $ — $ — Total cash equivalents 69,967 69,967 — — United States Government Agency securities 14,879 — 14,879 — Commercial paper 10,772 — 10,772 — United States Treasury securities 5,876 5,876 — — Investments 31,527 5,876 25,651 — Total $ 101,494 $ 75,843 $ 25,651 $ — Liabilities: Derivative liability $ 6,267 $ — $ — $ 6,267 Total $ 6,267 $ — $ — $ 6,267 |
Schedule of Changes in Fair Value of Level 3 Derivative Liability | Changes in the fair value of the Company's Level 3 derivative liability for the six months ended June 30, 2023 are as follows (in thousands): At December 31, 2022 $ 7,517 Change in fair value of derivative liability ( 1,250 ) At June 30, 2023 $ 6,267 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Value of Debt Balnce | The following table presents the carrying value of the Company's debt balance as of December 31, 2022 and June 30, 2023 (in thousands): December 31, June 30, Face value $ 50,000 $ 50,000 Less: discount ( 13,206 ) ( 12,259 ) Total 36,794 $ 37,741 Less: current portion — — Long-term portion $ 36,794 $ 37,741 |
Schedule of Future Principal Payments Due | As of June 30, 2023, future principal payments due under the Oaktree Agreement were as follows (in thousands): Year ended: December 31, 2023 $ — December 31, 2024 — December 31, 2025 2,500 December 31, 2026 10,000 December 31, 2027 37,500 Total $ 50,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Estimated Fair Value of Options Valuation Assumptions | The fair value of options at date of grant was estimated using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended 2022 2023 Risk-free interest rate 1.67 % - 3.58 % 3.40 % - 4.17 % Expected dividend yield 0 % 0 % Expected life 5.5 - 6.7 years 5.5 - 7.0 years Expected volatility 70 %- 73 % 77 %- 85 % Weighted-average grant date fair value $ 2.97 $ 5.31 |
Summary of Information about Stock Option Activity | The following table summarizes information about stock option activity during the six months ended June 30, 2023 (in thousands, except share and per share data): NUMBER OF WEIGHTED- WEIGHTED- AGGREGATE Outstanding, December 31, 2022 4,008,177 $ 5.76 Granted 843,972 7.45 Exercised ( 18,000 ) 5.66 Forfeited ( 100,100 ) 5.69 Outstanding, June 30, 2023 4,734,049 $ 6.07 7.41 $ 20,286 Vested and exercisable, June 30, 2023 2,596,264 $ 5.90 6.19 $ 11,646 Vested and expected to vest, June 30, 2023 4,181,799 $ 6.06 7.21 $ 17,989 |
Schedule of RSU Activity | The following table summarizes information about RSU activity during the six months ended June 30, 2023: RSUs AVERAGE GRANT Outstanding, December 31, 2022 — $ — Granted 350,825 6.19 Forfeited ( 9,417 ) 6.14 RSUs outstanding at June 30, 2023 341,408 $ 6.19 |
Summary of Stock-Based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories of its accompanying condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2023 (in thousands): Three Months Ended Six Months Ended 2022 2023 2022 2023 Research and development $ 265 $ 365 $ 519 $ 705 General and administrative 415 814 797 1,454 Total $ 680 $ 1,179 $ 1,316 $ 2,159 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Maturity Analysis of Annual Undiscounted Cash Flows of Operating Lease Liabilities | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2023 (in thousands): Year ended: December 31, 2023 $ 271 December 31, 2024 9 December 31, 2025 1 Total minimum lease payments 281 Less imputed interest ( 10 ) Total $ 271 |
Schedule of Lease Cost and Other Information of Operating Lease Liabilities | Six Months Ended 2022 2023 Lease cost: Operating lease cost $ 250 $ 226 Short-term lease cost 18 19 Sublease income ( 26 ) - Total lease cost $ 242 $ 245 Other information Cash paid for amounts included in the measurement of lease liabilities $ 264 $ 326 Operating cash flows from operating leases $ ( 26 ) $ ( 101 ) Weighted-average remaining lease term - operating leases 1.4 years 0.5 years Weighted-average discount rate - operating leases 10.1 % 10.2 % |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (251,900) | $ (226,536) |
Cash, cash equivalents, restricted cash, and short-term investments | $ 102,900 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 71,350 | $ 71,061 | ||
Restricted cash | 182 | |||
Cash, cash equivalents and restricted cash | $ 71,350 | $ 71,243 | $ 41,360 | $ 74,450 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) Customer | Jun. 30, 2023 USD ($) Customer | |
Schedule Of Accounting Policies [Line Items] | ||
Potential interest and penalties associated with uncertain tax positions, accruals | $ | $ 0 | $ 0 |
Amortized period for expenses incurred for research and development in united states | 5 years | |
Amortized period for expenses incurred for research and development outside united states | 15 years | |
Number of Customer | Customer | 1 | 1 |
Customer Concentration Risk | Accounts Receivable | Customer One | ||
Schedule Of Accounting Policies [Line Items] | ||
Percentage of concentration risk | 99% | |
Customer Concentration Risk | Revenue | Customer One | ||
Schedule Of Accounting Policies [Line Items] | ||
Percentage of concentration risk | 99% | 94% |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (14,154) | $ (9,697) | $ (25,364) | $ (17,428) |
Weighted-average shares used in computing net loss per share, basic | 38,692,624 | 27,378,507 | 38,249,255 | 27,373,459 |
Weighted-average shares used in computing net loss per share, diluted | 38,692,624 | 27,378,507 | 38,249,255 | 27,373,459 |
Net loss per share, basic | $ (0.36) | $ (0.35) | $ (0.66) | $ (0.64) |
Net loss per share, diluted | $ (0.36) | $ (0.35) | $ (0.66) | $ (0.64) |
Net Loss per Share (Additional
Net Loss per Share (Additional Information) (Details) | Jun. 30, 2023 $ / shares |
Earnings Per Share [Abstract] | |
Exercise price per share | $ 0.001 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 5,591,802 | 3,813,685 | 5,591,802 | 3,813,685 |
Stock Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 4,734,049 | 3,771,435 | 4,734,049 | 3,771,435 |
Warrants to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 516,345 | 516,345 | ||
Unvested Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 341,408 | 42,250 | 341,408 | 42,250 |
Investments - Summary of Availa
Investments - Summary of Available-for-Sale Classified Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Cost Basis | $ 31,533 | $ 47,093 |
Accumulated Unrealized Gains | 1 | 32 |
Accumulated Unrealized Losses | (7) | |
Fair Value | 31,527 | 47,125 |
Commercial Paper | ||
Marketable Securities [Line Items] | ||
Cost Basis | 10,771 | 16,741 |
Accumulated Unrealized Gains | 1 | |
Fair Value | 10,772 | 16,741 |
United States Treasury Securities | ||
Marketable Securities [Line Items] | ||
Cost Basis | 5,876 | 15,768 |
Accumulated Unrealized Gains | 7 | |
Fair Value | 5,876 | 15,775 |
United States Government Agency Securities | ||
Marketable Securities [Line Items] | ||
Cost Basis | 14,886 | 14,584 |
Accumulated Unrealized Gains | 25 | |
Accumulated Unrealized Losses | (7) | |
Fair Value | $ 14,879 | $ 14,609 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Value of Available-for-Sale Investments by Contract Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 31,533 | |
Amortized Cost, Total | 31,533 | $ 47,093 |
Fair Value, Due in one year or less | 31,527 | |
Fair Value, Total | $ 31,527 | $ 47,125 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 888 | $ 1,201 |
Work-in-process | 4,249 | 29 |
Finished goods | 695 | |
Inventory, Net, Total | $ 5,832 | $ 1,230 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Purchased Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 245 | $ 242 |
Less: Accumulated depreciation | (200) | (188) |
Property and equipment, net | $ 45 | 54 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
ESTIMATED USEFUL LIFE | 5 years | |
Property and equipment, gross | $ 9 | 6 |
Office Furniture | ||
Property Plant And Equipment [Line Items] | ||
ESTIMATED USEFUL LIFE | 7 years | |
Property and equipment, gross | $ 126 | 126 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
ESTIMATED USEFUL LIFE | 3 years | |
Property and equipment, gross | $ 15 | 15 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | us-gaap:UsefulLifeTermOfLeaseMember | |
Property and equipment, gross | $ 95 | $ 95 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 6,000 | $ 9,000 | $ 12,000 | $ 18,000 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Employee compensation and related costs | $ 2,369 | $ 2,754 |
Accrued sales allowances and related costs | 914 | |
Consulting and professional service fees | 856 | 603 |
Contract research and development | 565 | 1,827 |
Accrued manufacturing costs | 174 | |
State taxes | 157 | 49 |
Accrued royalty payable | 43 | |
Financing related costs | 29 | |
Interest | 16 | |
Other | 42 | 11 |
Total accrued expenses | $ 5,120 | $ 5,289 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Derivative liability | $ 6,267 | $ 7,517 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Cash equivalents | 69,967 | 65,875 |
Investments | 31,527 | 47,125 |
Total | 101,494 | 113,000 |
Liabilities: | ||
Derivative liability | 6,267 | 7,517 |
Total | 6,267 | 7,517 |
Fair Value, Measurements, Recurring | Commercial Paper | ||
Assets: | ||
Investments | 10,772 | 16,741 |
Fair Value, Measurements, Recurring | United States Treasury Securities | ||
Assets: | ||
Investments | 5,876 | 15,775 |
Fair Value, Measurements, Recurring | United States Government Agency Securities | ||
Assets: | ||
Investments | 14,879 | 14,609 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Cash equivalents | 69,967 | 65,875 |
Investments | 5,876 | 15,775 |
Total | 75,843 | 81,650 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) [Member] | United States Treasury Securities | ||
Assets: | ||
Investments | 5,876 | 15,775 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Investments | 25,651 | 31,350 |
Total | 25,651 | 31,350 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper | ||
Assets: | ||
Investments | 10,772 | 16,741 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) [Member] | United States Government Agency Securities | ||
Assets: | ||
Investments | 14,879 | 14,609 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Derivative liability | 6,267 | 7,517 |
Total | $ 6,267 | $ 7,517 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Changes in Fair Value of Level 3 Derivative Liability (Details) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 7,517 |
Change in fair value of derivative liability | $ (1,250) |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) |
Ending balance | $ 6,267 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Value of Debt Balance (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Face value | $ 50,000 | $ 50,000 |
Less: discount | (12,259) | (13,206) |
Total | 37,741 | 36,794 |
Long-term portion | $ 37,741 | $ 36,794 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Oct. 13, 2022 | Sep. 30, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 31, 2017 | |
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||
Exercise price per share | $ 0.001 | $ 0.001 | ||||||
Fair market value per share of common stock | $ 5.31 | $ 2.97 | ||||||
Unamortized debt discount | $ (12,259,000) | $ (12,259,000) | $ (13,206,000) | |||||
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Expected life | 5 years 6 months | 5 years 6 months | ||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Expected life | 7 years | 6 years 8 months 12 days | ||||||
SLR Investment Corp. and Silicon Valley Bank | 2017 Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | $ 10,000,000 | |||||||
SLR Investment Corp. and Silicon Valley Bank | 2019 Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | $ 20,000,000 | $ 50,000,000 | $ 50,000,000 | |||||
Loan agreement, maturity date | Sep. 17, 2023 | |||||||
Amortization of debt discount | $ 74,000 | $ 155,000 | ||||||
Final payment fee | $ 500,000 | |||||||
Amortization of final payment fee | $ 29,000 | $ 63,000 | ||||||
Debt instrument, interest rate terms | The interest rate under the 2019 Loan Agreement was the higher of (i) LIBOR plus 7.95% or (ii) 10.18% | |||||||
Debt instrument, effective interest rate | 10.18% | |||||||
Exit fee, percentage | 4% | |||||||
Exit fee | $ 800,000 | |||||||
Prepayment premium percentage after year two | 0.50% | |||||||
Increase in interest rate on default | 5% | |||||||
Long term debt prepayment premium amount | $ 46,000 | |||||||
SLR Investment Corp. and Silicon Valley Bank | 2019 Loan Agreement | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, minimum | 10.18% | 10.18% | ||||||
Prepayment premium percentage two | 0.01 | |||||||
SLR Investment Corp. and Silicon Valley Bank | 2019 Loan Agreement | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment premium percentage one | 0.03 | |||||||
SLR Investment Corp. and Silicon Valley Bank | 2019 Loan Agreement | Libor | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable base rate | 7.95% | |||||||
Oaktree Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan agreement, maturity date | Oct. 13, 2027 | |||||||
Basis spread on variable base rate | 8.25% | |||||||
Proceeds from (Repayments of) Debt, Total | $ 9,800,000 | |||||||
Payment of Financing and Stock Issuance Costs | 2,700,000 | |||||||
Long term additional debt discount exit fee | $ 1,000,000 | |||||||
Embedded derivative liability upon issuance of Term Loan | 8,900,000 | |||||||
Fair value of embedded derivative liability | $ 6,300,000 | 6,300,000 | ||||||
Amortization of debt discount | 488,000 | 947,000 | ||||||
Unamortized debt discount | $ (13,600,000) | |||||||
Exit fee | $ 36,000,000 | $ 70,000,000 | ||||||
Prepayment premium percentage one | 0.02 | |||||||
Increase in interest rate on default | 2% | |||||||
Oaktree Agreement [Member] | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Trailing of net sales | $ 100,000,000 | |||||||
Oaktree Agreement [Member] | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | $ 100,000,000 | |||||||
Oaktree Agreement [Member] | Warrants | ||||||||
Debt Instrument [Line Items] | ||||||||
Exercise price per share | $ 5.4 | |||||||
Relative fair value of detachable warrants | $ 2,000,000 | |||||||
Risk-free rate | 4.11% | |||||||
Expected life | 7 years | |||||||
Fair market value per share of common stock | $ 5.5 | |||||||
Exercise price per warrant | $ 5.4 | |||||||
Expected volatility | 77% | |||||||
Oaktree Agreement [Member] | Warrants | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase shares of common stock | 516,345 | |||||||
Oaktree Agreement [Member] | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable base rate | 8.75% | |||||||
Oaktree Agreement [Member] | SOFR | Interest Rate Floor [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable base rate | 1% | |||||||
Oaktree Agreement [Member] | SOFR | Interest Rate Cap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable base rate | 3% | |||||||
Oaktree Agreement [Member] | Borrowings One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | $ 50,000,000 | |||||||
Proceeds from term loan | 37,500,000 | |||||||
Unrestricted cash | 15,000,000 | |||||||
Oaktree Agreement [Member] | Borrowings Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | 50,000,000 | |||||||
Unrestricted cash | 20,000,000 | |||||||
Oaktree Agreement [Member] | Borrowings Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan and security agreement, amount | $ 50,000,000 |
Debt - Schedule of Future Princ
Debt - Schedule of Future Principal Payments Due (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2019 |
Debt Instrument [Line Items] | |||
Total | $ 50,000 | $ 50,000 | |
2019 Loan Agreement | SLR Investment Corp. and Silicon Valley Bank | |||
Debt Instrument [Line Items] | |||
December 31, 2025 | 2,500 | ||
December 31, 2026 | 10,000 | ||
December 31, 2027 | 37,500 | ||
Total | $ 50,000 | $ 20,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 23, 2021 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Common Stock | |||||
Stockholders Equity Note [Line Items] | |||||
Number of shares sold | 33,333 | 1,511,157 | |||
2021 ATM Agreement | |||||
Stockholders Equity Note [Line Items] | |||||
Number of shares sold | 1,544,490 | 181,553 | |||
Selling price per share | $ 9.32 | $ 9.32 | $ 6.33 | ||
Proceeds from sale of shares,Net | $ 14,000,000 | $ 1,100,000 | |||
2021 ATM Agreement | Cowen | Common Stock | Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Aggregate offering price | $ 50,000,000 | ||||
Percentage of commission on gross sales proceeds | 3% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 01, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Additional options granted | 843,972 | |||
Stock option, number of shares outstanding | 4,734,049 | 4,734,049 | 4,008,177 | |
Unrecognized compensation expense | $ 6.1 | $ 6.1 | ||
Recognition period (in years) | 2 years 4 months 24 days | |||
Vested options, number of shares | 111,532 | |||
Weighted exercise price | $ 6.25 | |||
Incremental stock based compensation | 87,000 | |||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1.2 | $ 1.2 | ||
Recognition period (in years) | 3 years 6 months | |||
2017 Stock Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option and incentive plan effective date | Nov. 30, 2017 | |||
Stock option and incentive plan expiration date | Oct. 31, 2027 | |||
Stock option, number of shares outstanding | 4,008,138 | 4,008,138 | ||
Number of common shares authorized for issuance | 7,457,463 | 7,457,463 | ||
Stock options, available for issuance | 3,067,825 | 3,067,825 | ||
Term of option granted | 10 years | |||
2017 Stock Plan | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Term of option granted | 1 year | |||
2017 Stock Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Term of option granted | 4 years | |||
2017 Stock Plan | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of restricted stock units outstanding | 341,408 | 341,408 | ||
2014 Stock Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Additional options granted | 0 | |||
Stock option and incentive plan expiration date | Nov. 30, 2017 | |||
Stock option, number of shares outstanding | 598,411 | 598,411 | ||
Number of options forfeited | 359,860 | 359,860 | ||
2017 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common stock shares issued | 29,076 | |||
Number of common stock shares available for issuance | 1,318,615 | 1,318,615 | ||
2023 Employment Inducement Award Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option, number of shares outstanding | 127,500 | 127,500 | ||
Stock options, available for issuance | 372,500 | 372,500 | ||
Equity awards granted under the inducement , Granted | 500,000 | |||
Term of option granted | 10 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Estimated Fair Value of Options Valuation Assumptions (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 3.40% | 1.67% |
Risk-free interest rate, maximum | 4.17% | 3.58% |
Expected dividend yield | 0% | 0% |
Expected volatility, minimum | 77% | 70% |
Expected volatility, maximum | 85% | 73% |
Weighted-average grant date fair value | $ 5.31 | $ 2.97 |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life | 5 years 6 months | 5 years 6 months |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life | 7 years | 6 years 8 months 12 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Information about Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 | |
NUMBER OF SHARES | |
Number of shares outstanding, beginning balance | 4,008,177 |
Additional options granted | 843,972 |
Number of shares exercised | (18,000) |
Number of shares forfeited | (100,100) |
Number of shares outstanding, ending balance | 4,734,049 |
Vested and exercisable, ending balance | 2,596,264 |
Vested and expected to vest, ending balance | 4,181,799 |
WEIGHTED-AVERAGE EXERCISE PRICE | |
Weighted average exercise prices, outstanding beginning balance | $ 5.76 |
Weighted average exercise prices, granted | 7.45 |
Weighted average exercise prices, exercised | 5.66 |
Weighted average exercise prices, forfeited | 5.69 |
Weighted average exercise prices, outstanding ending balance | 6.07 |
Weighted average exercise prices, vested and exercisable ending balance | 5.90 |
Weighted average exercise prices, vested and expected to vest ending balance | $ 6.06 |
WEIGHTED-AVERAGE REMAINING CONTRACTUAL TERM | |
Weighted average remaining contractual term, outstanding | 7 years 4 months 28 days |
Weighted average remaining contractual term, vested and exercisable | 6 years 2 months 8 days |
Weighted average remaining contractual term, vested and expected to vest | 7 years 2 months 15 days |
AGGREGATE INTRINSIC VALUE | |
Aggregate intrinsic value, outstanding ending balance | $ 20,286 |
Aggregate intrinsic value, vested and exercisable ending balance | 11,646 |
Aggregate intrinsic value, vested and expected to vest ending balance | $ 17,989 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs Outstanding, December 31, 2022 | shares | 0 |
RSUs Granted | shares | 350,825 |
RSUs Forfeited | shares | (9,417) |
RSUs outstanding at June 30, 2023 | shares | 341,408 |
AVERAGE GRANT DATE FAIR VALUE, Outstanding, December 31, 2022 | $ / shares | $ 0 |
AVERAGE GRANT DATE FAIR VALUE, Granted | $ / shares | 6.19 |
AVERAGE GRANT DATE FAIR VALUE, Forfeited | $ / shares | 6.14 |
AVERAGE GRANT DATE FAIR VALUE, RSUs outstanding at June 30, 2023 | $ / shares | $ 6.19 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,179 | $ 680 | $ 2,159 | $ 1,316 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 365 | 265 | 705 | 519 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 814 | $ 415 | $ 1,454 | $ 797 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | ||
Operating leases expire | 2025 | |
Short-term lease asset | $ 363,000 | $ 566,000 |
Short-term lease liability | 267,000 | $ 567,000 |
Short-term Leases Recognized on Straight-line Basis | ||
Commitments And Contingencies [Line Items] | ||
Short-term lease asset | 0 | |
Short-term lease liability | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturity Analysis of Annual Undiscounted Cash Flows of Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Year ended: | |
December 31, 2023 | $ 271 |
December 31, 2024 | 9 |
December 31, 2025 | 1 |
Total minimum lease payments | 281 |
Less imputed interest | (10) |
Total | $ 271 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Lease Cost and Other Information of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Lease cost: | ||
Operating lease cost | $ 226 | $ 250 |
Short-term lease cost | 19 | 18 |
Sublease income | (26) | |
Total lease cost | 245 | 242 |
Other information | ||
Cash paid for amounts included in the measurement of lease liabilities | 326 | 264 |
Operating cash flows from operating leases | $ (101) | $ (26) |
Weighted-average remaining lease term - operating leases | 6 months | 1 year 4 months 24 days |
Weighted-average discount rate - operating leases | 10.20% | 10.10% |