Cidara Therapeutics (CDTX) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36912
Entity Registrant Name	CIDARA THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1537286
Entity Address, Address Line One	6310 Nancy Ridge Drive,
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	(858)
Local Phone Number	752-6170
Title of 12(b) Security	Common Stock, Par Value $0.0001 Per Share
Trading Symbol	CDTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		70,075,708
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001610618
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 24,637	$ 59,680
Restricted cash	370	2,593
Accounts receivable	4,833	5,356
Prepaid expenses and other current assets	6,706	4,069
Total current assets	36,546	71,698
Property and equipment, net	201	256
Operating lease right-of-use asset	1,764	2,287
Other assets	1,013	1,084
Total assets	39,524	75,325
Current liabilities:
Accounts payable	3,091	1,301
Accrued liabilities	8,567	10,198
Accrued compensation and benefits	3,464	4,859
Current deferred revenue	14,730	13,920
Current portion of term loan	370	2,591
Current portion of lease liability	1,233	1,148
Total current liabilities	31,455	34,017
Long-term deferred revenue	15,351	18,413
Lease liability	679	1,322
Total liabilities	47,485	53,752
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2022 and December 31, 2021; 69,238,508 shares issued and outstanding at June 30, 2022 and 67,863,674 shares issued and outstanding at December 31, 2021	7	7
Additional paid-in capital	400,599	398,733
Accumulated deficit	(408,567)	(377,167)
Total stockholders' equity (deficit)	(7,961)	21,573
Total liabilities and stockholders' equity	39,524	75,325
Series X Convertible Preferred Stock
Stockholders' equity:
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	69,238,508	67,863,674
Common stock, shares outstanding (in shares)	69,238,508	67,863,674
Series X Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	4,947,759	4,947,759
Preferred stock, shares issued (in shares)	1,870,713	1,818,472
Preferred stock, shares outstanding (in shares)	1,870,713	1,818,472

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue, Product and Service [Extensible Enumeration]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]	Collaboration Revenue [Member]
Revenue	$ 6,216	$ 32,863	$ 13,325	$ 35,271
Operating expenses:
Research and development	15,255	17,720	35,421	33,569
General and administrative	4,074	4,370	9,278	9,151
Total operating expenses	19,329	22,090	44,699	42,720
Income (loss) from operations	(13,113)	10,773	(31,374)	(7,449)
Other expense:
Interest expense, net	(6)	(62)	(26)	(132)
Total other expense, net	(6)	(62)	(26)	(132)
Net income (loss) and comprehensive income (loss)	(13,119)	10,711	(31,400)	(7,581)
Net income (loss) and comprehensive income (loss)	(13,119)	10,711	(31,400)	(7,581)
Allocation of earnings to participating securities	0	(1,892)	0	0
Net income (loss) attributable to common stockholders	$ (13,119)	$ 8,819	$ (31,400)	$ (7,581)
Basic net earnings (loss) per common share (in dollars per share)	$ (0.19)	$ 0.18	$ (0.46)	$ (0.16)
Diluted net earnings (loss) per common share (in dollars per share)	$ (0.19)	$ 0.18	$ (0.46)	$ (0.16)
Shares used to compute basic net earnings (loss) per common share (in shares)	69,133,700	48,677,008	68,638,651	47,826,812
Shares used to compute diluted net earnings (loss) per common share (in shares)	69,133,700	59,323,220	68,638,651	47,826,812

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (31,400)	$ (7,581)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock-based compensation	2,016	1,750
Depreciation and amortization	77	107
Non-cash interest expense	1	8
Amortization of debt issuance costs	0	2
Amortization of operating lease right-of-use assets	523	422
Changes in assets and liabilities:
Accounts receivable	524	8,018
Prepaid expenses, other current assets, and other assets	(2,567)	(1,793)
Accounts payable and accrued liabilities	(483)	(1,838)
Accrued compensation and benefits	(1,324)	(512)
Deferred revenue	(2,252)	3,519
Operating lease liabilities	(559)	(455)
Net cash (used in) provided by operating activities	(35,444)	1,647
Investing activities:
Purchases of property and equipment	(100)	(29)
Net cash used in investing activities	(100)	(29)
Financing activities:
Proceeds from public offering of common stock, net of issuance costs	500	10,748
Proceeds from exercise of stock options	0	6
Principal repayments of Term Loan	(2,222)	(2,222)
Net cash (used in) provided by financing activities	(1,722)	8,532
Net (decrease) increase in cash, cash equivalents, and restricted cash	(37,266)	10,150
Cash, cash equivalents, and restricted cash at beginning of period	62,273	42,949
Cash, cash equivalents, and restricted cash at end of period	25,007	53,099
Supplemental disclosure of cash flows:
Interest paid	38	139
Non-cash investing activities:
Purchases of property and equipment, included in accounts payable and accrued liabilities	0	12
Non-cash financing activities:
Purchase of shares pursuant to Employee Stock Purchase Plan	69	252
Proceeds from public offering of common stock, net of issuance costs, included in prepaid expenses and other current assets	0	66
Issuance costs incurred but not yet paid, included in accounts payable and accrued liabilities	$ 720	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Series X Convertible Preferred Stock Preferred Stock
Balance, beginning (in shares) at Dec. 31, 2020		44,876,408			1,044,278
Balance, beginning at Dec. 31, 2020	$ 10,715	$ 4	$ 345,411	$ (334,700)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Public offering of common stock, net of issuance costs (in shares)		3,327,706
Public offering of common stock, net of issuance costs	8,589	$ 1	8,588
Issuance of common stock for exercise of stock options (in shares)		486
Issuance of common stock for exercise of options	1		1
Issuance of common stock for restricted share units vested (in shares)		84,070
Stock-based compensation	879		879
Net income (loss)	(18,292)			(18,292)
Balance, ending (in shares) at Mar. 31, 2021		48,288,670			1,044,278
Balance, ending at Mar. 31, 2021	1,892	$ 5	354,879	(352,992)	$ 0
Balance, beginning (in shares) at Dec. 31, 2020		44,876,408			1,044,278
Balance, beginning at Dec. 31, 2020	10,715	$ 4	345,411	(334,700)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchase of shares pursuant to Employee Stock Purchase Plan	252
Net income (loss)	(7,581)
Balance, ending (in shares) at Jun. 30, 2021		49,506,268			1,044,278
Balance, ending at Jun. 30, 2021	15,789	$ 5	358,065	(342,281)	$ 0
Balance, beginning (in shares) at Mar. 31, 2021		48,288,670			1,044,278
Balance, beginning at Mar. 31, 2021	1,892	$ 5	354,879	(352,992)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Public offering of common stock, net of issuance costs (in shares)		1,050,928
Public offering of common stock, net of issuance costs	2,058		2,058
Issuance of common stock for exercise of stock options (in shares)		2,444
Issuance of common stock for exercise of options	5		5
Issuance of common stock for restricted share units vested (in shares)		18,530
Issuance of common stock under Employee Stock Purchase Plan (in shares)		145,696
Purchase of shares pursuant to Employee Stock Purchase Plan	252		252
Stock-based compensation	871		871
Net income (loss)	10,711			10,711
Balance, ending (in shares) at Jun. 30, 2021		49,506,268			1,044,278
Balance, ending at Jun. 30, 2021	15,789	$ 5	358,065	(342,281)	$ 0
Balance, beginning (in shares) at Dec. 31, 2021		67,863,674			1,818,472
Balance, beginning at Dec. 31, 2021	21,573	$ 7	398,733	(377,167)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Public offering of common stock, net of issuance costs (in shares)		644,265
Public offering of common stock, net of issuance costs	500		500
Issuance of common stock for restricted share units vested (in shares)		541,308
Stock-based compensation	1,165		1,165
Net income (loss)	(18,281)			(18,281)
Balance, ending (in shares) at Mar. 31, 2022		69,049,247			1,818,472
Balance, ending at Mar. 31, 2022	4,957	$ 7	400,398	(395,448)	$ 0
Balance, beginning (in shares) at Dec. 31, 2021		67,863,674			1,818,472
Balance, beginning at Dec. 31, 2021	$ 21,573	$ 7	398,733	(377,167)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for exercise of stock options (in shares)	0
Purchase of shares pursuant to Employee Stock Purchase Plan	$ 69
Net income (loss)	(31,400)
Balance, ending (in shares) at Jun. 30, 2022		69,238,508			1,818,472
Balance, ending at Jun. 30, 2022	(7,961)	$ 7	400,599	(408,567)	$ 0
Balance, beginning (in shares) at Mar. 31, 2022		69,049,247			1,818,472
Balance, beginning at Mar. 31, 2022	4,957	$ 7	400,398	(395,448)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for restricted share units vested (in shares)		5,042
Issuance of common stock under Employee Stock Purchase Plan (in shares)		184,219
Purchase of shares pursuant to Employee Stock Purchase Plan	69		69
Stock-based compensation	852		852
Issuance costs for underwritten public offering	(720)		(720)
Net income (loss)	(13,119)			(13,119)
Balance, ending (in shares) at Jun. 30, 2022		69,238,508			1,818,472
Balance, ending at Jun. 30, 2022	$ (7,961)	$ 7	$ 400,599	$ (408,567)	$ 0

THE COMPANY AND BASIS OF PRESEN

THE COMPANY AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND BASIS OF PRESENTATION	THE COMPANY AND BASIS OF PRESENTATION Description of Business Cidara Therapeutics, Inc., or the Company, was originally incorporated in Delaware in December 2012 as K2 Therapeutics, Inc., and its name was changed to Cidara Therapeutics, Inc. in July 2014. The Company is a biotechnology company focused on the discovery, development and commercialization of long-acting therapeutics designed to transform the standard of care for patients facing serious diseases. The Company is focused on infectious diseases and oncology. The Company’s lead product candidate is rezafungin acetate, an intravenous formulation of a novel echinocandin antifungal. Rezafungin is being developed as a once-weekly, high-exposure therapy for the first-line treatment and prevention of serious, invasive fungal infections. In addition, the Company is using its Cloudbreak® platform to develop a potential new class of drugs called drug-Fc conjugates, or DFCs, for the prevention and treatment of serious diseases. The Company's most advanced DFC program is CD388, which is being developed for the prevention and treatment of influenza and is in Phase 1 clinical trials. Additional programs are targeting the SARS-CoV-2 strains causing COVID-19 and multiple solid tumor oncology indications. The Company formed wholly-owned subsidiaries, Cidara Therapeutics UK Limited, in England, and Cidara Therapeutics (Ireland) Limited, in Ireland, in March 2016 and October 2018, respectively, for the purpose of developing its product candidates in Europe. Basis of Presentation The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operating activities since its inception. At June 30, 2022, the Company had an accumulated deficit of $408.6 million. The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. At June 30, 2022, the Company had cash, cash equivalents and restricted cash of $25.0 million. Based on the Company’s current business plan, management believes that existing cash and cash equivalents will not be sufficient to fund the Company’s obligations for twelve months from the issuance of these financial statements. The Company’s ability to execute its operating plan depends on its ability to obtain additional funding through equity offerings, debt financings or potential licensing and collaboration arrangements. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. However, the Company’s current working capital, anticipated operating expenses and net losses and the uncertainties surrounding its ability to raise additional capital as needed, as discussed below, raise substantial doubt about its ability to continue as a going concern for a period of one year following the date that these financial statements are issued. The condensed consolidated financial statements do not include any adjustments for the recovery and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company plans to continue to fund its losses from operations through cash and cash equivalents on hand, as well as through future equity offerings, debt financings, other third party funding, and potential licensing or collaboration arrangements. There can be no assurance that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to the Company. Even if the Company raises additional capital, it may also be required to modify, delay or abandon some of its plans which could have a material adverse effect on the Company’s business, operating results and financial condition and the Company’s ability to achieve its intended business objectives. Any of these actions could materially harm the Company’s business, results of operations and future prospects. In addition to the foregoing, the Company is monitoring closely the impact of the COVID-19 pandemic on its business and has taken steps designed to protect the health and safety of its employees while continuing its operations. Given the level of uncertainty regarding the duration and impact of the COVID-19 pandemic on capital markets and the United States, or U.S., economy, the Company is currently unable to assess the impact of the COVID-19 pandemic on its future access to capital. The Company is continuing to monitor the spread of COVID-19 and its potential impact on the Company's operations. The full extent to which the COVID-19 pandemic will impact the Company's business, results of operations, financial condition, clinical trials, and preclinical research will depend on future developments that are highly uncertain, including actions taken to contain or treat COVID-19 and their effectiveness, as well as the economic impact on national and international markets. Unaudited Interim Financial Data The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with U.S. generally accepted accounting principles, or GAAP, as found in the Accounting Standards Codification, or ASC, of the Financial Accounting Standards Board, or FASB. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 2022 and 2021. Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s condensed consolidated financial statements relate to estimating the fair value of the Company’s stock options, estimated collaboration expenses and incurred expenses related to the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement (each as defined below), certain accruals, including those related to nonclinical and clinical activities, and the Standalone Selling Price of performance obligations associated with license agreements. Although the estimates are based on the Company’s knowledge of current events, comparable companies, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash, Cash Equivalents, and Restricted Cash The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. Restricted cash represents cash that the Company is required to maintain on hand in order to maintain compliance with an operating covenant in the Third Amendment to the Company's Loan Agreement with Pacific Western Bank. See Note 4 for additional information. Accounts Receivable Accounts receivable are recorded at their net invoice value and are not interest bearing. The Company reserves specific receivables when collectability is no longer probable. These reserves are re-evaluated on a regular basis and are adjusted, as needed. Once a receivable is deemed to be uncollectable, such balance is recorded as an allowance for credit losses. No such allowance existed at June 30, 2022 or December 31, 2021. Property and Equipment The Company records property and equipment at cost, which consists of lab equipment, computer equipment and software, office equipment, furniture and fixtures and leasehold improvements. Property and equipment is depreciated using the straight-line method over the estimated useful lives (generally three Income Taxes The Company follows the FASB ASC 740, Income Taxes , or ASC 740, in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Revenue Recognition The Company recognizes revenue is accordance with ASC Topic 606, Revenue from Contracts with Customers , or Topic 606, which applies to all contracts with customers, except for elements of certain contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity 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 (or as) the performance obligation is satisfied. In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in a contract, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or a collaboration partner’s control, such as operational developmental milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. To date, the Company has not recognized any royalty revenue from collaborative arrangements. In September 2019, the Company entered into a Collaboration and License Agreement, or the Mundipharma Collaboration Agreement, with Mundipharma Medical Company, or Mundipharma. The Company concluded that there were three significant performance obligations under the Mundipharma Collaboration Agreement: the license, the research and development services, and the clinical supply services, and that the obligations are distinct from each other. Revenue associated with the license was recognized upon delivery in September 2019. In March 2021, the Company entered into an exclusive worldwide license and collaboration agreement, or the Janssen Collaboration Agreement, with Janssen Pharmaceuticals, Inc., or Janssen, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. The Company concluded that there were three significant performance obligations under the Janssen Collaboration Agreement: the license, the research and development services, and the clinical supply services, and that the obligations are distinct from each other. Revenue associated with the license was recognized upon delivery in May 2021. The Company concluded that progress towards completion of the research and development and clinical supply performance obligations related to the Mundipharma Collaboration Agreement is best measured in an amount proportional to the collaboration expenses incurred and the total estimated collaboration expenses. The Company periodically reviews and updates the estimated collaboration expenses, when appropriate, which may adjust revenue recognized for the period. While such changes to the Company’s estimates have no impact on the Company’s reported cash flows, the amount of revenue recorded in the period could be materially impacted. Revenue from research and development services for the Janssen Collaboration Agreement is recognized based on actual amounts billed as the underlying services are provided and billed at market rates. The transaction prices to be recognized as revenue under both the Mundipharma Collaboration Agreement and the Janssen Collaboration Agreement consist of upfront payments and estimated reimbursable research and development and clinical supply costs. Potential future payments for variable consideration, such as clinical, regulatory or commercial milestones, will be recognized when it is probable that, if recorded, a significant reversal will not take place. Potential future royalty payments will be recorded as revenue when the associated sales occur. See Note 7 for additional information. Research and Development Costs Research and development expenses consist of wages, benefits and stock-based compensation charges for research and development employees, scientific consultant fees, facilities and overhead expenses, laboratory supplies, manufacturing expenses, and nonclinical and clinical trial costs. The Company accrues nonclinical and clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of studies, and other events. Costs incurred in purchasing technology assets and intellectual property are charged to research and development expense if the technology has not been conclusively proven to be feasible and has no alternative future use. Preclinical and Clinical Trial Accruals The Company makes estimates of its accrued expenses as of each balance sheet date in the financial statements based on the facts and circumstances known at that time. Accrued expenses for preclinical studies and clinical trials are based on estimates of costs incurred and fees that may be associated with services provided by contract research organizations, or CROs, clinical trial investigational sites and other clinical trial-related activities. Payments under certain contracts with such parties depend on factors such as successful enrollment of patients, site initiation and the completion of clinical trial milestones. In accruing for these services, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If possible, the Company obtains information regarding unbilled services directly from these service providers. However, the Company may be required to estimate these services based on other available information. If the Company underestimates or overestimates the activities or fees associated with a study or service at a given point in time, adjustments to research and development expenses may be necessary in future periods. Historically, estimated accrued liabilities have approximated actual expense incurred. Subsequent changes in estimates may result in a material change in accruals. Stock-Based Compensation The Company accounts for stock-based compensation expense related to stock options, restricted stock units, or RSUs, performance-based RSUs, or PRSUs, and Employee Stock Purchase Plan, or ESPP, rights by estimating the fair value on the date of grant. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes option pricing model. The fair value of RSUs and PRSUs granted to employees is estimated based on the closing price of the Company's common stock on the date of grant. The assumptions included in the Black-Scholes option pricing model include (a) the risk-free interest rate, (b) the expected volatility of the Company's stock, (c) the expected term of the award, and (d) the expected dividend yield. The Company computed the expected volatility data using the daily close prices for the Company's common stock during the equivalent period of the calculated expected term of the Company's stock-based awards. The Company estimated the expected life of employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities. The expected dividend yield of zero reflects that the Company has not paid cash dividends since inception and do not intend to pay cash dividends in the foreseeable future. For awards subject to time-based vesting conditions, including those with a graded vesting schedule, stock-based compensation expense is recognized using the straight-line method. For performance-based awards to employees, (i) the fair value of the award is determined on the grant date, (ii) the Company assesses the probability of the individual performance milestones under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. The Company recognizes forfeitures related to stock-based compensation as they occur and any compensation cost previously recognized for awards for which the requisite service has not been completed is reversed in the period that the award is forfeited. Net Earnings (Loss) Per Share The Company follows the guidance in FASB ASC 260, Earnings Per Share , or ASC 260, which establishes standards regarding the computation of earnings per share, or EPS, by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of a company. The guidance requires earnings to be hypothetically allocated between the common, preferred, and other participating stockholders based on their respective rights to receive non-forfeitable dividends, whether or not declared. Participating securities include Series X Preferred Stock (see Note 5). Basic net earnings per share is then calculated by dividing income allocable to common stockholders (after the reduction for any preferred stock and assuming current income for the period had been distributed) by the weighted-average number of common shares outstanding for the period. The Company calculates diluted net earnings per share using the more dilutive of the (1) if-converted method or contingently issuable share method, as applicable, or (2) the two-class method. Basic net loss per share is calculated by dividing the net loss allocable to common shares by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss allocable to common shares by the weighted-average number of common shares and dilutive stock equivalents outstanding for the period determined using the if-converted method. Dilutive common stock equivalents are comprised of warrants, Series X Convertible Preferred Stock, RSUs, PRSUs and options outstanding under the Company’s stock option plans. In loss periods, basic and diluted net loss per share are identical because the otherwise dilutive potential common shares become anti-dilutive and are therefore excluded. The following table sets forth the computation of basic and diluted net earnings (loss) per common share (in thousands, except share and per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Net income (loss) $ (13,119) $ 10,711 $ (31,400) $ (7,581) Allocation of earnings to participating securities — (1,892) — — Numerator for basic net earnings (loss) per share - net income (loss) attributable to common stockholders $ (13,119) $ 8,819 $ (31,400) $ (7,581) Effect of participating securities: Add back allocation of earnings to participating securities — 1,892 — — Numerator for diluted net earnings (loss) per share - net income (loss) attributable to common stockholders after assumed conversions $ (13,119) $ 10,711 $ (31,400) $ (7,581) Denominator: Denominator for basic net earnings (loss) per share - common shares outstanding 69,133,700 48,677,008 68,638,651 47,826,812 Effect of dilutive securities: Series X Convertible Preferred Stock, as converted — 10,442,780 — — Common stock options, RSUs, PRSUs, and ESPP — 203,432 — — Denominator for diluted net earnings (loss) per share - adjusted weighted average shares outstanding 69,133,700 59,323,220 68,638,651 47,826,812 Basic net earnings (loss) per common share $ (0.19) $ 0.18 $ (0.46) $ (0.16) Diluted net earnings (loss) per common share $ (0.19) $ 0.18 $ (0.46) $ (0.16) The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net earnings (loss) per share because doing so would be anti-dilutive (in common stock equivalent shares): Three Months Ended Six Months Ended 2022 2021 2022 2021 Common stock warrants 12,517,328 12,517,328 12,517,328 12,517,328 Series X Convertible Preferred Stock 18,184,720 — 18,184,720 10,442,780 Common stock options, RSUs and PRSUs issued and outstanding 11,025,711 8,736,943 11,025,711 8,926,448 Total 41,727,759 21,254,271 41,727,759 31,886,556 Fair Value of Financial Instruments The Company follows ASC 820-10 issued by the FASB with respect to fair value reporting for financial assets and liabilities. The guidance defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, lease liability, and a term loan. Fair value estimates of these instruments are made at each reporting period end based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates available to the Company for loans with similar terms, which is considered a Level 2 input as described in Note 3, the Company believes that the fair value of the term loan approximates its carrying value. Recently Issued Accounting Standards Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity," simplifies the accounting for certain convertible instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. Additionally, this ASU amends the diluted EPS calculation for convertible instruments by requiring the use of the if-converted method. The treasury stock method is no longer available. Entities may adopt this ASU using either a full or modified retrospective approach, and it is effective for interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2020. The Company adopted ASU 2020-06 effective January 1, 2022. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows ASC 820-10, Fair Value Measurements and Disclosures, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions, which reflect those that a market participant would use. The Company classifies investments in money market funds within Level 1 as the prices are available from quoted prices in active markets. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands): TOTAL LEVEL 1 LEVEL 2 LEVEL 3 June 30, 2022 Assets: Cash and money market funds $ 24,637 $ 24,637 $ — $ — Restricted cash and money market accounts 370 370 — — Total assets at fair value $ 25,007 $ 25,007 $ — $ — December 31, 2021 Assets: Cash and money market accounts $ 59,680 $ 59,680 $ — $ — Restricted cash and money market accounts 2,593 2,593 — — Total assets at fair value $ 62,273 $ 62,273 $ — $ —

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Term Loan On October 3, 2016, the Company entered into a loan and security agreement, or the Loan Agreement, with Pacific Western Bank, as the collateral agent and a lender, or the Lender, pursuant to which the Company has borrowed $10.0 million from the Lender, or the Term A Loan. At June 30, 2022, the Term A Loan bears interest at 5.5% and matures on July 3, 2022. On April 4, 2022, the Company and the Lender entered into a Fifth Amendment to the Loan Agreement, which modified certain debt covenants under the original agreement but had no impact on current or future cash flows. Upon the occurrence of certain events, including but not limited to the Company’s failure to satisfy its payment obligations under the Loan Agreement, the breach of certain of its other covenants under the Loan Agreement or the occurrence of a material adverse change, the Lender has the right, among other remedies, to declare all principal and interest and other amounts due to the Lender under the Loan Agreement immediately due and payable. The Company has not been notified of an event of default by the Lenders as of the date of the filing of this Form 10-Q. As of June 30, 2022, future principal payments due under the Loan Agreement, as amended, are as follows (in thousands): Year ended: December 31, 2022 $ 370 Total future principal payments due under the Loan Agreement $ 370

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Controlled Equity Sales Agreement In September 2019, the Company began to sell shares of common stock under a controlled equity sales agreement with Cantor Fitzgerald & Co, or the Sales Agreement. During the six months ended June 30, 2022 and 2021, the company sold 644,265 and 4,378,634 shares of common stock, respectively, for net proceeds of approximately $0.5 million and $10.6 million, respectively, after deducting placement agent fees. As of June 30, 2022, the aggregate offering price remaining under the Sales Agreement is $48.0 million. 2021 Public Offering On October 13, 2021, the Company completed concurrent but separate public offerings of 17,064,511 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 2,225,805 shares of common stock, at a price to the public of $1.55 per share, and 774,194 shares of its Series X Convertible Preferred Stock at a price to the public of $15.50 per share, for aggregate gross proceeds of $38.5 million. The Company received total net proceeds of $35.8 million, after deducting underwriting discounts, commissions, and other expenses payable by the Company. Preferred Stock Under the amended and restated certificate of incorporation, the Company’s board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, to fix the rights, preferences and privileges of the shares of each wholly unissued series and any qualifications, limitations or restrictions thereon and to increase or decrease the number of shares of any such series, but not below the number of shares of such series then outstanding. The Company had 10,000,000 shares of preferred stock authorized at June 30, 2022. In May 2018, the Company designated 5,000,000 shares of preferred stock as Series X Convertible Preferred Stock with a par value of $0.0001 per share. On August 12, 2020, at the request of certain holders, 52,241 shares of the Company’s Series X Convertible Preferred Stock were converted to an aggregate of 522,410 shares of the Company’s common stock. As of June 30, 2022 and December 31, 2021, shares of preferred stock designated as Series X Convertible Preferred Stock totaled 4,947,759. The specific terms of the Series X Convertible Preferred Stock are as follows: Conversion: Each share of Series X Convertible Preferred Stock is convertible at the option of the holder into 10 shares of common stock. Holders are not permitted to convert Series X Convertible Preferred Stock into common stock if, after conversion, the holder, its affiliates, and any other person whose beneficial ownership of common stock would be aggregated with the holder's for purposes of Section 13(d) or Section 16 of the Exchange Act, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after the conversion. Dividends: Holders of Series X Convertible Preferred Stock are not entitled to receive any dividends except to the extent that dividends are paid on the Company's common stock. If dividends are paid on shares of common stock, holders of Series X Convertible Preferred Stock are entitled to participate in such dividends on an as-converted basis. Liquidation: Upon the liquidation, dissolution, or winding up of the company, each holder of Series X Convertible Preferred Stock will participate pari passu with any distribution of proceeds to holders of common stock. Voting: Shares of Series X Convertible Preferred Stock will generally have no voting rights, except as required by law and except that the consent of the holders of a majority of the outstanding Series X Convertible Preferred Stock will be required to amend the terms of the Series X Convertible Preferred Stock, if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series X Convertible Preferred Stock, or to increase or decrease (other than by conversion) the number of authorized shares of Series X Convertible Preferred Stock. The Company evaluated the Series X Convertible Preferred Stock for liability or equity classification under ASC 480, Distinguishing Liabilities from Equity , and determined that equity treatment was appropriate because the Series X Convertible Preferred Stock did not meet the definition of liability instruments defined thereunder as convertible instruments. Additionally, the Series X Convertible Preferred Stock is not redeemable for cash or other assets (i) on a fixed or determinable date, (ii) at the option of the holder, and (iii) upon the occurrence of an event that is not solely within control of the Company. As such, the Series X Convertible Preferred Stock is recorded as permanent equity. Common Stock The Company had 200,000,000 shares of common stock authorized as of June 30, 2022. Holders of outstanding shares of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the holders of common stock. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds. In the event of a liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in the net assets remaining after payment of liabilities, subject to prior rights of preferred stock, if any, then outstanding. The common stock has no preemptive rights, conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights. Common Stock Warrants As of June 30, 2022 and December 31, 2021, warrants to purchase 12,517,328 shares of the Company's common stock were outstanding with a weighted average exercise price of $6.82 per share. The warrants had no intrinsic value at June 30, 2022 and December 31, 2021. The intrinsic value of a common stock warrant is the difference between the market price of the common stock at the measurement date and the exercise price of the warrant. Common Stock Reserved for Future Issuance Common stock reserved for future issuance is as follows (in common stock equivalent shares): June 30, December 31, Common stock warrants 12,517,328 12,517,328 Series X Convertible Preferred Stock 18,184,720 18,184,720 Stock options, RSUs and PRSUs issued and outstanding 11,025,711 9,470,178 Authorized for future stock awards 3,049,647 2,436,984 Awards available under the ESPP 986,345 680,228 Total 45,763,751 43,289,438

EQUITY INCENTIVE PLANS

EQUITY INCENTIVE PLANS	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
EQUITY INCENTIVE PLANS	EQUITY INCENTIVE PLANS 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan In December 2020, the Company's board of directors approved and adopted the 2020 Inducement Incentive Plan, or 2020 IIP. Under the 2020 IIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who were not previously employees or directors of the Company, or who are returning to employment following a bona fide period of non-employment with the Company, as an inducement material to such persons entering into employment with the Company. In March 2015, the Company’s board of directors and stockholders approved and adopted the 2015 Equity Incentive Plan, or 2015 EIP. Under the 2015 EIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who are employees, officers, directors or consultants of the Company. The number of shares of stock available for issuance under the 2015 EIP is automatically increased each January 1 by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number as determined by the Company’s board of directors. Terms of stock award agreements, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2020 IIP and 2015 EIP. Stock options granted by the Company generally vest over a three 2015 Employee Stock Purchase Plan In March 2015, the Company’s board of directors and stockholders approved and adopted the 2015 Employee Stock Purchase Plan, or the ESPP. The number of shares of stock available for issuance under the ESPP will be automatically increased each January 1 by the lesser of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, (ii) 490,336 shares, or (iii) such lesser number as determined by the Company’s board of directors. The ESPP allows substantially all employees to purchase the Company’s common stock through a payroll deduction at a price equal to 85% of the lower of the fair market value of the stock as of the beginning or the end of each purchase period. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s eligible compensation. During the six months ended June 30, 2022 and 2021, 184,219 shares and 145,696 shares, respectively, were issued pursuant to the ESPP. As of June 30, 2022, total unrecognized compensation expense related to the ESPP was approximately $0.4 million. This unrecognized compensation cost is expected to be recognized over approximately 0.7 years. Restricted Stock Units The following table summarizes RSU and PRSU activity during the six months ended June 30, 2022: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 1,174,087 $ 2.53 RSUs and PRSUs granted 1,466,954 0.83 RSUs and PRSUs vested (754,296) 1.34 RSUs and PRSUs canceled (52,950) 2.78 Outstanding at June 30, 2022 1,833,795 $ 1.65 The weighted-average grant date fair value of RSUs and PRSUs granted during the six months ended June 30, 2021 was $2.49 per share. The total fair value of RSUs and PRSUs vested during the six months ended June 30, 2022 and 2021 was approximately $1.0 million and $0.3 million, respectively. At June 30, 2022, estimated unrecognized compensation expense related to RSUs and PRSUs grants was approximately $2.5 million. Stock Options The following table summarizes stock option activity during the six months ended June 30, 2022: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Total Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 8,296,091 $ 3.21 6.31 $ — Options granted 2,005,700 0.80 Options exercised — — Options canceled (1,109,875) 3.11 Outstanding at June 30, 2022 9,191,916 $ 2.70 7.03 $ — Vested and expected to vest at June 30, 2022 9,191,916 $ 2.70 7.03 $ — Exercisable at June 30, 2022 5,177,319 $ 3.54 5.79 $ — The intrinsic value of a stock option is the difference between the market price of the common stock at the measurement date and the exercise price of the option. The weighted-average grant date fair value of stock options granted by the Company during the six months ended June 30, 2022 and 2021 was $0.51 and $1.47 per share, respectively. Stock-based compensation expense recognized for restricted shares, RSUs, PRSUs, stock options, and the ESPP has been reported in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 468 $ 399 $ 923 $ 790 General and administrative 384 472 1,267 960 Total $ 852 $ 871 $ 2,190 $ 1,750 As of June 30, 2022, total unrecognized share-based compensation expense related to unvested stock options was approximately $3.7 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.3 years.

SIGNIFICANT AGREEMENTS AND CONT

SIGNIFICANT AGREEMENTS AND CONTRACTS	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT AGREEMENTS AND CONTRACTS	SIGNIFICANT AGREEMENTS AND CONTRACTS Mundipharma Collaboration Agreement On September 3, 2019, the Company entered into the Mundipharma Collaboration Agreement with Mundipharma, a related party, for a strategic collaboration to develop and commercialize rezafungin in an intravenous formulation, or the Licensed Product for the treatment and prevention of invasive fungal infections. Under the Mundipharma Collaboration Agreement, the Company is responsible for leading the conduct of an agreed global development plan, or the Global Development Plan, that includes the Company’s ongoing Phase 3 pivotal clinical trial of the Licensed Product for the treatment of candidemia and/or invasive candidiasis, or the ReSTORE Trial, and the Company’s ongoing Phase 3 pivotal clinical trial of the Licensed Product for the prophylaxis of invasive fungal infections in adult allogeneic blood and marrow transplant recipients, or the ReSPECT Trial, as well as specified GLP-compliant non‑clinical studies and chemistry, manufacturing and controls, or CMC, development activities for the Licensed Product. Mundipharma is responsible for performing all development activities, other than Global Development Plan activities, that may be necessary to obtain and maintain regulatory approvals for the Licensed Product in the Mundipharma Territory, at Mundipharma’s sole cost. Pursuant to the Mundipharma Collaboration Agreement, the Company granted Mundipharma an exclusive, royalty‑bearing license to develop, register and commercialize the Licensed Product outside of the U.S. and Japan, or the Mundipharma Territory, subject to the Company’s retained right to lead a global development program for the Licensed Product in both the Mundipharma Territory and in the U.S. and Japan, or the Company Territory, as described below. The Company also granted Mundipharma an option to obtain exclusive licenses to develop, register and commercialize rezafungin in a formulation for subcutaneous administration, or Subcutaneous Product, and in formulations for other modes of administration, or Other Products, in the Mundipharma Territory, subject to similar retained rights of the Company to conduct mutually agreed global development activities for such products. In addition, the Company granted Mundipharma a co‑exclusive, worldwide license to manufacture the Licensed Product and rezafungin. Until the seventh anniversary of the first commercial sale of the Licensed Product in the Mundipharma Territory, each party has granted the other party an exclusive, time-limited right of first negotiation to obtain a license to any anti-fungal product (other than Licensed Product, Subcutaneous Product and Other Products) that such party proposes to out-license in the other party’s territory. However, in the event of the acquisition of a party by a third party, this right of first negotiation will not apply to any such anti‑fungal product of the acquiring third party prior to consummation of the acquisition of such party, acquired by such acquiring third party from another third party after consummation of the acquisition of such party, or developed internally by the acquiring third party, either before or after consummation of the acquisition of such party, without the use of, reliance upon or reference to any technology of the acquired party that is licensed to the other party under the Mundipharma Collaboration Agreement, any technology of the other party that is licensed to the acquired party under the Mundipharma Collaboration Agreement, or any technology jointly developed by the parties pursuant to the Mundipharma Collaboration Agreement. As of June 30, 2022, the Company retained the exclusive right to develop, register and commercialize the Licensed Product, Subcutaneous Product and Other Products in the Company Territory, and Mundipharma has granted the Company certain licenses under Mundipharma-controlled technology and jointly-developed technology to develop, register and commercialize Licensed Product, Subcutaneous Product and Other Products in the Company Territory and to manufacture such products and rezafungin worldwide. The parties have agreed to share equally (50/50) the costs of Global Development Plan activities, or Global Development Costs, subject to a cap on Mundipharma’s Global Development Cost share of $31.2 million. The total potential transaction value is $568.4 million, including an equity investment, an up-front payment, global development funding, and certain development, regulatory, and commercial milestones. The Company is also eligible for double-digit royalties in the teens on tiers of annual net sales. Either party may terminate the Mundipharma Collaboration Agreement for uncured material breach by the other party. Mundipharma may terminate the Mundipharma Collaboration Agreement at will, provided that if Mundipharma terminates the Mundipharma Collaboration Agreement in its entirety prior to the last visit of the last patient in both the ReSPECT Trial and the ReSTORE Trial, Mundipharma will continue to be liable for its share of Global Development Costs as described above. The Company may terminate the Mundipharma Collaboration Agreement if Mundipharma or any of its affiliates or sublicensees, directly or indirectly through any third party, commences any interference or opposition proceeding with respect to, challenges the validity or enforceability of, or opposes any extension of or the grant of a supplementary protection certificate with respect to, any of the Company's patent rights licensed to Mundipharma, or upon an insolvency event of Mundipharma. Revenue Recognition As of June 30, 2022, the Company determined the transaction price is equal to the up-front fee of $30.0 million plus the research and development funding of $31.2 million, plus milestones achieved of $2.8 million. The common stock issued pursuant to the Mundipharma Stock Purchase Agreement was determined to be issued at fair market value after applying a lack of marketability discount as Mundipharma received restricted shares. Therefore, no additional premium or discount was allocated to the transaction price of the Mundipharma Collaboration Agreement for the share issuance. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. A description of the distinct performance obligations identified under the Mundipharma Collaboration Agreement, as well as the amount of revenue allocated to each distinct significant performance obligation, is as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represents a distinct performance obligation. The license and associated know-how was transferred to Mundipharma during September 2019, therefore the Company recognized the full revenue related to this performance obligation in the amount of $17.9 million in September 2019 as collaboration revenue in its condensed consolidated statements of operations and comprehensive loss. Research and Development Services. The Company and Mundipharma share equally in the costs of ongoing rezafungin clinical development in the Licensed Territory up to the specified cap, which represents a distinct performance obligation. The Company records these cost-sharing payments due from Mundipharma as collaboration revenue. The Company concluded that progress towards completion of the performance obligation related to the research and development services is best measured in an amount proportional to the research and development expenses incurred and the total estimated research and development expenses. Clinical Supply Services. The Company's initial obligation to supply rezafungin for ongoing clinical development in the Licensed Territory represents a distinct performance obligation. The Company concluded that progress towards completion of the performance obligations related to the clinical supply services is best measured in an amount proportional to the clinical supply services expenses incurred and the total estimated clinical supply services. Milestone Payments. The Company determined that as of June 30, 2022, all remaining potential milestone payments are probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company's control or are otherwise constrained under the variable consideration guidance. Therefore, these payments have been fully constrained and are therefore not included in the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint. In November 2020, the Company achieved a $11.1 million milestone under the Mundipharma Collaboration Agreement, which is recorded as long-term deferred revenue as of June 30, 2022 because the rights to consideration is not expected to be satisfied within one year. The Company received payment for this milestone in January 2021. Mundipharma is entitled to credit the full amount of this milestone payment toward future royalties payable to the Company, subject to a limit on the amount by which royalty payments to the Company may be reduced in any quarter. If Mundipharma has not fully credited the amount of such milestone payment toward royalties payable to the Company before the earlier of (i) December 31, 2024 and (ii) termination of the Mundipharma Collaboration Agreement by Mundipharma, the Company will be obligated to refund the uncredited portion of such milestone payment to Mundipharma on the earlier of such dates. In December 2021, the Company achieved a $2.8 million milestone under the Mundipharma Collaboration Agreement that the Company deems to be tied to all the performance obligations identified in the original agreement. Revenue associated with the milestone has been allocated proportionately to the original transaction price which was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In conjunction with the performance obligations already delivered, revenue is recognized based on the progress of these performance obligations, the unrecognized portion is recorded as deferred revenue at the reporting period end and will be recognized as revenue over the remaining progress of these performance obligations. The Company received payment for this milestone in January 2022. Royalties. As the license is deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur. No royalty revenue was recognized during the three and six months ended June 30, 2022 or 2021. Janssen Collaboration Agreement On March 31, 2021, the Company and Janssen entered into the Janssen Collaboration Agreement to develop and commercialize one or more DFCs (previously called Antiviral Drug Conjugates, or AVCs) based on the Company's Cloudbreak platform, for the prevention and treatment of influenza, including CD388 and CD377, or the Products. The effectiveness of the Janssen Collaboration Agreement, including the effectiveness of the terms and conditions described below, was subject to the expiration or earlier termination of all applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or HSR. HSR clearance was obtained on May 12, 2021 and the Janssen Collaboration Agreement became effective on the same date. Collaboration . The Company and Janssen will collaborate in the research, preclinical development and early clinical development of CD388 or another mutually-agreed influenza DFC development candidate, or, in each case, the Development Candidate, under a mutually-agreed research and development plan, or the Research Plan, with the objective of advancing such Development Candidate through the completion of mutually-agreed Phase 1 clinical trials and the first Phase 2 clinical trial, or the Phase 2 Study. Unless otherwise agreed by the parties, the Company will be responsible for performing, or having performed, all investigational new drug application, or IND, -enabling studies and clinical trials under the Research Plan, and the Company will be the IND holder for the Research Plan clinical trials. Both parties will be responsible for conducting certain specified chemistry, manufacturing and controls development activities under the Research Plan. Janssen will be solely responsible, and reimburse the Company, for internal full-time equivalent and out-of-pocket costs incurred by the Company in performing Research Plan activities in accordance with a mutually-agreed budget. Within 90 days after delivery by the Company to Janssen of results of the Phase 2 Study and all then-available data from other clinical trials of the Development Candidate conducted under the Research Plan, or the Election Period, Janssen will be obligated to notify the Company of Janssen’s election to proceed with further clinical development of Products, such notice, an Election to Proceed Notice. If Janssen fails to deliver an Election to Proceed Notice prior to expiration of the Election Period, the Company will have the right to terminate the Janssen Collaboration Agreement upon written notice to Janssen. If Janssen provides an Election to Proceed Notice prior to expiration of the Election Period, then the parties will continue any then-ongoing Research Plan activities to completion, and Janssen will otherwise be solely responsible for the development, manufacture and commercialization of Products, at Janssen’s sole expense. Licenses . Upon the effectiveness of the Janssen Collaboration Agreement, the Company granted Janssen an exclusive, worldwide, royalty-bearing license to develop, register and commercialize Products, subject to the Company’s retained right to conduct Research Plan activities as described above. In addition, the Company granted Janssen an exclusive right of first negotiation until December 31, 2021, to negotiate and enter into a separate definitive agreement pursuant to which the parties would collaborate in the research and development of DFCs for the treatment or prevention of respiratory syncytial virus. This right of first negotiation expired on December 31, 2021. Non-Compete Covenant . The Company will covenant that, except for the performance of Research Plan activities, from the effectiveness of the Janssen Collaboration Agreement until the fifth anniversary of the completion of all Research Plan activities and the Company’s delivery to Janssen of all Research Plan deliverables, the Company and its affiliates will not directly or indirectly (including through any third-party contractor or through or in collaboration with any third-party licensee) develop, file any IND or application for marketing approval for, or commercialize any DFC that binds influenza or influenza viral proteins at therapeutic levels, except that the Company has the right to conduct limited internal research of such DFCs for the purposes of generating data to support patent filings and improving and further developing the Company’s DFC technology more broadly. The Company’s non-compete covenant described above will not apply to any DFC that demonstrates high specificity for a virus other than the influenza virus and does not possess significant activity against the influenza virus. Financial Terms . Upon the effectiveness of the Janssen Collaboration Agreement, Janssen paid the Company an upfront payment of $27.0 million. As of the execution of the Janssen Collaboration Agreement, the Company is entitled to reimbursement by Janssen of up to $58.2 million in research and development costs incurred in conducting Research Plan activities. The Company will also be entitled to receive up to an additional $695.0 million in development, regulatory and commercial milestone payments, as well as royalties on tiers of annual net sales at rates from the mid-single digits to the high-single digits. Termination . In addition to the Company’s right to terminate the Janssen Collaboration Agreement for Janssen’s failure to deliver the Election to Proceed Notice prior to expiration of the Election Period, the Janssen Collaboration Agreement includes standard termination provisions upon material breach, insolvency or safety concerns. In addition, Janssen may terminate the Janssen Collaboration Agreement for convenience as follows: • prior to the completion of all Research Plan activities and the Company’s delivery to Janssen of all Research Plan deliverables, upon 90 days’ written notice to the Company, provided that if any clinical trial under the Research Plan is ongoing at the time of such termination, such clinical trial will be completed in accordance with the terms of the Janssen Collaboration Agreement; • after completion of the Phase 2 Study and before expiration of the Election Period, immediately upon written notice to the Company; or • after delivery of the Election to Proceed Notice, upon 90 days’ written notice to the Company, which termination may be of the Janssen Collaboration Agreement in its entirety or on a country-by-country or Product-by-Product basis. Revenue Recognition As of June 30, 2022, the Company determined the transaction price is equal to the up-front fee of $27.0 million, the research and development funding of $60.7 million, plus milestones achieved of $3.0 million. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success, costs to continue the research and development efforts and costs for manufacturing clinical supplies. A description of the distinct performance obligations identified under the Janssen Collaboration Agreement, as well as the amount of revenue allocated to each distinct significant performance obligation, is as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represents a distinct performance obligation. The license and associated know-how was transferred to Janssen in May 2021, therefore the Company recognized the revenue related to this performance obligation in the amount of $27.0 million in May 2021 as collaboration revenue in its condensed consolidated statements of operations and comprehensive loss. Research and Development Services. The research and development services to be performed represents a distinct performance obligation. The Company recognizes revenue based on actual amounts incurred as the underlying services are provided and billed at fair value. Clinical Supply Services. The Company's initial obligation to supply drug supply for ongoing development represents a distinct performance obligation. The Company recognizes revenue based on actual amounts incurred as the underlying services are provided and billed at fair value. Milestone Payments. The Company determined that as of the latest financial statement date all remaining potential milestone payments are probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company's control or are otherwise constrained under the variable consideration guidance. Therefore, these payments have been fully constrained and are not included in the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint. In March 2022, the Company achieved a $3.0 million milestone under the Janssen Collaboration Agreement that the Company deems to be tied to all the performance obligations identified in the original agreement. Revenue associated with the milestone has been allocated proportionately to the original transaction price which was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In conjunction with the performance obligations already delivered, revenue is recognized based on the progress of these performance obligations, the unrecognized portion is recorded as deferred revenue at the reporting period end and will be recognized as revenue over the remaining progress of these performance obligations. The Company received payment for this milestone in May 2022. Royalties. As the license is deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur. No royalty revenue was recognized during the three and six months ended June 30, 2022. Contract Liabilities The following table presents a summary of the activity in the Company's contract liabilities (recorded as deferred revenue on the balance sheet) pertaining to the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement during the six months ended June 30, 2022 (in thousands): Opening balance, December 31, 2021 $ 32,333 Payments received in advance 1,357 Payments receivable 381 Revenue from performance obligations satisfied during reporting period (3,990) Closing balance, June 30, 2022 $ 30,081 Current portion of deferred revenue $ 14,730 Long-term portion of deferred revenue 15,351 Total deferred revenue, June 30, 2022 $ 30,081 As of June 30, 2022, aggregate transaction price allocated to performance obligations that are unsatisfied is $13.9 million and $45.5 million under the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement, respectively. These amounts are expected to be recognized over 1.5 years which represent the remaining research periods under the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement. As of June 30, 2022, the Company recorded $0.7 million and $4.1 million in accounts receivable associated with the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement, respectively. The following table presents our contract revenues disaggregated by timing of revenue recognition and excludes royalty revenue (in thousands): Three Months Ended Six Months Ended Point in Time Over Time Point in Time Over Time Revenue from Mundipharma Collaboration Agreement: Research and Development Services $ — $ 1,746 $ — $ 4,020 Clinical Supply Services — 177 — 429 Total revenue from Mundipharma Collaboration Agreement $ — $ 1,923 $ — $ 4,449 Revenue from Janssen Collaboration Agreement: License of Intellectual Property $ — $ — $ 816 $ — Research and Development Services — 2,629 — 4,985 Clinical Supply Services — 1,664 — 3,075 Total revenue from Janssen Collaboration Agreement $ — $ 4,293 $ 816 $ 8,060 Three Months Ended Six Months Ended Point in Time Over Time Point in Time Over Time Revenue from Mundipharma Collaboration Agreement: Research and Development Services $ — $ 2,431 $ — $ 4,762 Clinical Supply Services — 284 — 361 Total revenue from Mundipharma Collaboration Agreement $ — $ 2,715 $ — $ 5,123 Revenue from Janssen Collaboration Agreement: License of Intellectual Property $ 27,000 $ — $ 27,000 $ — Research and Development Services — 1,675 — 1,675 Clinical Supply Services — 1,473 — 1,473 Total revenue from Janssen Collaboration Agreement $ 27,000 $ 3,148 $ 27,000 $ 3,148

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Obligations On July 14, 2021, the Company entered into a sixth amendment to its lease with Nancy Ridge Technology Center, L.P. which extended the term of the lease by an additional 24 months and increases the base rent to $103,733 per month effective January 1, 2022, subject to 3% increases every January. The lease expires on December 31, 2023 with options for two individual two-year extensions, as described in the original lease agreement, which have not been exercised, and remain in effect and available to the Company. As of June 30, 2022, the Company was not reasonably certain that it would exercise the extension options, and therefore did not include these options in the determination of the total lease term for accounting purposes. The incremental borrowing rate used in measuring the Company's lease liability was 10.8%. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company's operating lease as of June 30, 2022 (in thousands): 2022 $ 680 2023 1,400 Total undiscounted operating lease payments $ 2,080 Less: Imputed interest (168) Present value of lease payments $ 1,912 The balance sheet classification of the Company's operating lease is as follows (in thousands): Balance Sheet Classification: Operating lease right-of-use asset $ 1,764 Current portion of lease liability $ 1,233 Lease liability 679 Total operating lease liability $ 1,912 As of June 30, 2022, the weighted average remaining lease term was 1.5 years. Cash paid for amounts included in the present value of operating lease liabilities was $0.7 million and $0.5 million for the six months ended June 30, 2022 and 2021, respectively. Operating lease costs were $0.7 million and $0.5 million for the six months ended June 30, 2022 and 2021 respectively. These costs are primarily related to the Company's long-term operating lease, but also include immaterial amounts for variable leases and short-term leases with terms greater than 30 days. Contractual Obligations The Company enters into contracts in the normal course of business with vendors for research and development activities, manufacturing, and professional services. These contracts generally provide for termination either on notice or after a notice period.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Melinta License Agreement On July 26, 2022, the Company entered into a License Agreement, or the Melinta License Agreement, with Melinta Therapeutics, Inc., or Melinta, under which the Company granted Melinta an exclusive license to develop and commercialize products that contain or incorporate rezafungin in the U.S. Melinta will be solely responsible for the commercialization of rezafungin in the U.S., at its sole expense. The Company will be responsible for conducting an agreed upon development plan that includes, among other activities, completion of the ongoing ReSPECT Phase 3 pivotal clinical trial for the prevention of invasive fungal infections in adult allogeneic blood and marrow transplant recipients. The Company will initially remain the holder of all U.S. Food and Drug Administration, or FDA, submissions, including the rezafungin IND and New Drug Application, or NDA. The FDA submissions will transfer to Melinta on a Transfer Date determined based on the status of the ReSPECT trial and the associated supplemental NDA for the prophylaxis indication. Following the Transfer Date, the Company will remain financially responsible for post-marketing commitments and other remaining development obligations and the costs for those will be deducted from royalties owed to the Company by Melinta. The total potential transaction value is $460.0 million, including a $30.0 million upfront payment and up to $430.0 million in regulatory and commercial milestones. In addition, the Company is entitled to tiered royalties on U.S. sales in the low double digits to mid-teens.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operating activities since its inception. At June 30, 2022, the Company had an accumulated deficit of $408.6 million. The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. At June 30, 2022, the Company had cash, cash equivalents and restricted cash of $25.0 million. Based on the Company’s current business plan, management believes that existing cash and cash equivalents will not be sufficient to fund the Company’s obligations for twelve months from the issuance of these financial statements. The Company’s ability to execute its operating plan depends on its ability to obtain additional funding through equity offerings, debt financings or potential licensing and collaboration arrangements. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. However, the Company’s current working capital, anticipated operating expenses and net losses and the uncertainties surrounding its ability to raise additional capital as needed, as discussed below, raise substantial doubt about its ability to continue as a going concern for a period of one year following the date that these financial statements are issued. The condensed consolidated financial statements do not include any adjustments for the recovery and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company plans to continue to fund its losses from operations through cash and cash equivalents on hand, as well as through future equity offerings, debt financings, other third party funding, and potential licensing or collaboration arrangements. There can be no assurance that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to the Company. Even if the Company raises additional capital, it may also be required to modify, delay or abandon some of its plans which could have a material adverse effect on the Company’s business, operating results and financial condition and the Company’s ability to achieve its intended business objectives. Any of these actions could materially harm the Company’s business, results of operations and future prospects. In addition to the foregoing, the Company is monitoring closely the impact of the COVID-19 pandemic on its business and has taken steps designed to protect the health and safety of its employees while continuing its operations. Given the level of uncertainty regarding the duration and impact of the COVID-19 pandemic on capital markets and the United States, or U.S., economy, the Company is currently unable to assess the impact of the COVID-19 pandemic on its future access to capital. The Company is continuing to monitor the spread of COVID-19 and its potential impact on the Company's operations. The full extent to which the COVID-19 pandemic will impact the Company's business, results of operations, financial condition, clinical trials, and preclinical research will depend on future developments that are highly uncertain,
Unaudited Interim Financial Data	Unaudited Interim Financial Data The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with U.S. generally accepted accounting principles, or GAAP, as found in the Accounting Standards Codification, or ASC, of the Financial Accounting Standards Board, or FASB. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 2022 and 2021.
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s condensed consolidated financial statements relate to estimating the fair value of the Company’s stock options, estimated collaboration expenses and incurred expenses related to the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement (each as defined below), certain accruals, including those related to nonclinical and clinical activities, and the Standalone Selling Price of performance obligations associated with license agreements. Although the estimates are based on the Company’s knowledge of current events, comparable companies, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Segment Information	Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. Restricted cash represents cash that the Company is required to maintain on hand in order to maintain compliance with an operating covenant in the Third Amendment to the Company's Loan Agreement with Pacific Western Bank. See Note 4 for additional information.
Accounts Receivable	Accounts Receivable Accounts receivable are recorded at their net invoice value and are not interest bearing. The Company reserves specific receivables when collectability is no longer probable. These reserves are re-evaluated on a regular basis and are adjusted, as needed. Once a receivable is deemed to be uncollectable, such balance is recorded as an allowance for credit losses. No such allowance existed at June 30, 2022 or December 31, 2021.
Property and Equipment	Property and Equipment The Company records property and equipment at cost, which consists of lab equipment, computer equipment and software, office equipment, furniture and fixtures and leasehold improvements. Property and equipment is depreciated three
Income Taxes	Income Taxes The Company follows the FASB ASC 740, Income Taxes , or ASC 740, in reporting deferred income taxes. ASC 740 requires a company to recognize deferred tax assets and liabilities for expected future income tax consequences of events that have been recognized in the Company’s condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Revenue Recognition	Revenue Recognition The Company recognizes revenue is accordance with ASC Topic 606, Revenue from Contracts with Customers , or Topic 606, which applies to all contracts with customers, except for elements of certain contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity 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 (or as) the performance obligation is satisfied. In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price. If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in a contract, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or a collaboration partner’s control, such as operational developmental milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect collaboration revenues and earnings in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative collaboration revenues and earnings in the period of adjustment. For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. To date, the Company has not recognized any royalty revenue from collaborative arrangements. In September 2019, the Company entered into a Collaboration and License Agreement, or the Mundipharma Collaboration Agreement, with Mundipharma Medical Company, or Mundipharma. The Company concluded that there were three significant performance obligations under the Mundipharma Collaboration Agreement: the license, the research and development services, and the clinical supply services, and that the obligations are distinct from each other. Revenue associated with the license was recognized upon delivery in September 2019. In March 2021, the Company entered into an exclusive worldwide license and collaboration agreement, or the Janssen Collaboration Agreement, with Janssen Pharmaceuticals, Inc., or Janssen, one of the Janssen Pharmaceutical Companies of Johnson & Johnson. The Company concluded that there were three significant performance obligations under the Janssen Collaboration Agreement: the license, the research and development services, and the clinical supply services, and that the obligations are distinct from each other. Revenue associated with the license was recognized upon delivery in May 2021. The Company concluded that progress towards completion of the research and development and clinical supply performance obligations related to the Mundipharma Collaboration Agreement is best measured in an amount proportional to the collaboration expenses incurred and the total estimated collaboration expenses. The Company periodically reviews and updates the estimated collaboration expenses, when appropriate, which may adjust revenue recognized for the period. While such changes to the Company’s estimates have no impact on the Company’s reported cash flows, the amount of revenue recorded in the period could be materially impacted. Revenue from research and development services for the Janssen Collaboration Agreement is recognized based on actual amounts billed as the underlying services are provided and billed at market rates. The transaction prices to be recognized as revenue under both the Mundipharma Collaboration Agreement and the Janssen Collaboration Agreement consist of upfront payments and estimated reimbursable research and development and clinical supply costs. Potential future payments for variable consideration, such as clinical, regulatory or commercial milestones, will be recognized when it is probable that, if recorded, a significant reversal will not take place. Potential future royalty payments will be recorded as revenue when the associated sales occur. See Note 7 for additional information.
Research and Development Costs	Research and Development Costs Research and development expenses consist of wages, benefits and stock-based compensation charges for research and development employees, scientific consultant fees, facilities and overhead expenses, laboratory supplies, manufacturing expenses, and nonclinical and clinical trial costs. The Company accrues nonclinical and clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of studies, and other events. Costs incurred in purchasing technology assets and intellectual property are charged to research and development expense if the technology has not been conclusively proven to be feasible and has no alternative future use.
Preclinical and Clinical Trial Accruals	Preclinical and Clinical Trial Accruals The Company makes estimates of its accrued expenses as of each balance sheet date in the financial statements based on the facts and circumstances known at that time. Accrued expenses for preclinical studies and clinical trials are based on estimates of costs incurred and fees that may be associated with services provided by contract research organizations, or CROs, clinical trial investigational sites and other clinical trial-related activities. Payments under certain contracts with such parties depend on factors such as successful enrollment of patients, site initiation and the completion of clinical trial milestones. In accruing for these services, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If possible, the Company obtains information regarding unbilled services directly from these service providers. However, the Company may be required to estimate these services based on other available information. If the Company underestimates or overestimates the activities or fees associated with a study or service at a given point in time, adjustments to research and development expenses may be necessary in future
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation expense related to stock options, restricted stock units, or RSUs, performance-based RSUs, or PRSUs, and Employee Stock Purchase Plan, or ESPP, rights by estimating the fair value on the date of grant. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes option pricing model. The fair value of RSUs and PRSUs granted to employees is estimated based on the closing price of the Company's common stock on the date of grant. The assumptions included in the Black-Scholes option pricing model include (a) the risk-free interest rate, (b) the expected volatility of the Company's stock, (c) the expected term of the award, and (d) the expected dividend yield. The Company computed the expected volatility data using the daily close prices for the Company's common stock during the equivalent period of the calculated expected term of the Company's stock-based awards. The Company estimated the expected life of employee stock options using the “simplified” method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon U.S. treasury securities. The expected dividend yield of zero reflects that the Company has not paid cash dividends since inception and do not intend to pay cash dividends in the foreseeable future. For awards subject to time-based vesting conditions, including those with a graded vesting schedule, stock-based compensation expense is recognized using the straight-line method. For performance-based awards to employees, (i) the fair value of the award is determined on the grant date, (ii) the Company assesses the probability of the individual performance milestones under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. The Company recognizes forfeitures related to stock-based compensation as they occur and any compensation cost previously recognized for awards for which the requisite service has not been completed is reversed in the period that the award is forfeited.
Net Earnings (Loss) Per Share	Net Earnings (Loss) Per Share The Company follows the guidance in FASB ASC 260, Earnings Per Share , or ASC 260, which establishes standards regarding the computation of earnings per share, or EPS, by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of a company. The guidance requires earnings to be hypothetically allocated between the common, preferred, and other participating stockholders based on their respective rights to receive non-forfeitable dividends, whether or not declared. Participating securities include Series X Preferred Stock (see Note 5). Basic net earnings per share is then calculated by dividing income allocable to common stockholders (after the reduction for any preferred stock and assuming current income for the period had been distributed) by the weighted-average number of common shares outstanding for the period. The Company calculates diluted net earnings per share using the more dilutive of the (1) if-converted method or contingently issuable share method, as applicable, or (2) the two-class method. Basic net loss per share is calculated by dividing the net loss allocable to common shares by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss allocable to common shares by the weighted-average number of common shares and dilutive stock equivalents outstanding for the period determined using the if-converted method. Dilutive common stock equivalents are comprised of warrants, Series X Convertible Preferred Stock, RSUs, PRSUs and options outstanding under the Company’s stock option plans. In loss periods, basic and diluted net loss per share are identical because the otherwise dilutive potential common shares become anti-dilutive and are therefore excluded.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows ASC 820-10 issued by the FASB with respect to fair value reporting for financial assets and liabilities. The guidance defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, lease liability, and a term loan. Fair value estimates of these instruments are made at each
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity," simplifies the accounting for certain convertible instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. As a result, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. Additionally, this ASU amends the diluted EPS calculation for convertible instruments by requiring the use of the if-converted method. The treasury stock method is no longer available. Entities may adopt this ASU using either a full or modified retrospective approach, and it is effective for interim and annual reporting periods beginning after December 15, 2021. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2020. The Company adopted ASU 2020-06 effective January 1, 2022. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted Net Earnings (loss) Per Common Share	The following table sets forth the computation of basic and diluted net earnings (loss) per common share (in thousands, except share and per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator: Net income (loss) $ (13,119) $ 10,711 $ (31,400) $ (7,581) Allocation of earnings to participating securities — (1,892) — — Numerator for basic net earnings (loss) per share - net income (loss) attributable to common stockholders $ (13,119) $ 8,819 $ (31,400) $ (7,581) Effect of participating securities: Add back allocation of earnings to participating securities — 1,892 — — Numerator for diluted net earnings (loss) per share - net income (loss) attributable to common stockholders after assumed conversions $ (13,119) $ 10,711 $ (31,400) $ (7,581) Denominator: Denominator for basic net earnings (loss) per share - common shares outstanding 69,133,700 48,677,008 68,638,651 47,826,812 Effect of dilutive securities: Series X Convertible Preferred Stock, as converted — 10,442,780 — — Common stock options, RSUs, PRSUs, and ESPP — 203,432 — — Denominator for diluted net earnings (loss) per share - adjusted weighted average shares outstanding 69,133,700 59,323,220 68,638,651 47,826,812 Basic net earnings (loss) per common share $ (0.19) $ 0.18 $ (0.46) $ (0.16) Diluted net earnings (loss) per common share $ (0.19) $ 0.18 $ (0.46) $ (0.16)
Summary of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Earnings (Loss) Per Share	The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net earnings (loss) per share because doing so would be anti-dilutive (in common stock equivalent shares): Three Months Ended Six Months Ended 2022 2021 2022 2021 Common stock warrants 12,517,328 12,517,328 12,517,328 12,517,328 Series X Convertible Preferred Stock 18,184,720 — 18,184,720 10,442,780 Common stock options, RSUs and PRSUs issued and outstanding 11,025,711 8,736,943 11,025,711 8,926,448 Total 41,727,759 21,254,271 41,727,759 31,886,556

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis	The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands): TOTAL LEVEL 1 LEVEL 2 LEVEL 3 June 30, 2022 Assets: Cash and money market funds $ 24,637 $ 24,637 $ — $ — Restricted cash and money market accounts 370 370 — — Total assets at fair value $ 25,007 $ 25,007 $ — $ — December 31, 2021 Assets: Cash and money market accounts $ 59,680 $ 59,680 $ — $ — Restricted cash and money market accounts 2,593 2,593 — — Total assets at fair value $ 62,273 $ 62,273 $ — $ —

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	As of June 30, 2022, future principal payments due under the Loan Agreement, as amended, are as follows (in thousands): Year ended: December 31, 2022 $ 370 Total future principal payments due under the Loan Agreement $ 370

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance is as follows (in common stock equivalent shares): June 30, December 31, Common stock warrants 12,517,328 12,517,328 Series X Convertible Preferred Stock 18,184,720 18,184,720 Stock options, RSUs and PRSUs issued and outstanding 11,025,711 9,470,178 Authorized for future stock awards 3,049,647 2,436,984 Awards available under the ESPP 986,345 680,228 Total 45,763,751 43,289,438

EQUITY INCENTIVE PLANS (Tables)

EQUITY INCENTIVE PLANS (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Units and Performance-based Restricted Stock Units Activity	The following table summarizes RSU and PRSU activity during the six months ended June 30, 2022: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 1,174,087 $ 2.53 RSUs and PRSUs granted 1,466,954 0.83 RSUs and PRSUs vested (754,296) 1.34 RSUs and PRSUs canceled (52,950) 2.78 Outstanding at June 30, 2022 1,833,795 $ 1.65
Summary of Stock Option Activity	The following table summarizes stock option activity during the six months ended June 30, 2022: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Total Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 8,296,091 $ 3.21 6.31 $ — Options granted 2,005,700 0.80 Options exercised — — Options canceled (1,109,875) 3.11 Outstanding at June 30, 2022 9,191,916 $ 2.70 7.03 $ — Vested and expected to vest at June 30, 2022 9,191,916 $ 2.70 7.03 $ — Exercisable at June 30, 2022 5,177,319 $ 3.54 5.79 $ —
Schedule of Stock-based Compensation Expense	Stock-based compensation expense recognized for restricted shares, RSUs, PRSUs, stock options, and the ESPP has been reported in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 468 $ 399 $ 923 $ 790 General and administrative 384 472 1,267 960 Total $ 852 $ 871 $ 2,190 $ 1,750

SIGNIFICANT AGREEMENTS AND CO_2

SIGNIFICANT AGREEMENTS AND CONTRACTS (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Collaborative Agreement Liabilities and Revenues Disaggregated by Timing of Revenue Recognition	The following table presents a summary of the activity in the Company's contract liabilities (recorded as deferred revenue on the balance sheet) pertaining to the Mundipharma Collaboration Agreement and Janssen Collaboration Agreement during the six months ended June 30, 2022 (in thousands): Opening balance, December 31, 2021 $ 32,333 Payments received in advance 1,357 Payments receivable 381 Revenue from performance obligations satisfied during reporting period (3,990) Closing balance, June 30, 2022 $ 30,081 Current portion of deferred revenue $ 14,730 Long-term portion of deferred revenue 15,351 Total deferred revenue, June 30, 2022 $ 30,081 The following table presents our contract revenues disaggregated by timing of revenue recognition and excludes royalty revenue (in thousands): Three Months Ended Six Months Ended Point in Time Over Time Point in Time Over Time Revenue from Mundipharma Collaboration Agreement: Research and Development Services $ — $ 1,746 $ — $ 4,020 Clinical Supply Services — 177 — 429 Total revenue from Mundipharma Collaboration Agreement $ — $ 1,923 $ — $ 4,449 Revenue from Janssen Collaboration Agreement: License of Intellectual Property $ — $ — $ 816 $ — Research and Development Services — 2,629 — 4,985 Clinical Supply Services — 1,664 — 3,075 Total revenue from Janssen Collaboration Agreement $ — $ 4,293 $ 816 $ 8,060 Three Months Ended Six Months Ended Point in Time Over Time Point in Time Over Time Revenue from Mundipharma Collaboration Agreement: Research and Development Services $ — $ 2,431 $ — $ 4,762 Clinical Supply Services — 284 — 361 Total revenue from Mundipharma Collaboration Agreement $ — $ 2,715 $ — $ 5,123 Revenue from Janssen Collaboration Agreement: License of Intellectual Property $ 27,000 $ — $ 27,000 $ — Research and Development Services — 1,675 — 1,675 Clinical Supply Services — 1,473 — 1,473 Total revenue from Janssen Collaboration Agreement $ 27,000 $ 3,148 $ 27,000 $ 3,148

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Lease	The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company's operating lease as of June 30, 2022 (in thousands): 2022 $ 680 2023 1,400 Total undiscounted operating lease payments $ 2,080 Less: Imputed interest (168) Present value of lease payments $ 1,912
Supplemental Balance Sheet Information	The balance sheet classification of the Company's operating lease is as follows (in thousands): Balance Sheet Classification: Operating lease right-of-use asset $ 1,764 Current portion of lease liability $ 1,233 Lease liability 679 Total operating lease liability $ 1,912

THE COMPANY AND BASIS OF PRES_2

THE COMPANY AND BASIS OF PRESENTATION (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (408,567)	$ (377,167)
Cash, cash equivalents, and restricted cash at end of period	$ 25,007	$ 62,273	$ 53,099	$ 42,949
Number of operating segments | segment	1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected dividend rate	0%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life	7 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss)	$ (13,119)	$ (18,281)	$ 10,711	$ (18,292)	$ (31,400)	$ (7,581)
Allocation of earnings to participating securities	0		(1,892)		0	0
Net income (loss) attributable to common stockholders	(13,119)		8,819		(31,400)	(7,581)
Effect of participating securities:
Add back allocation of earnings to participating securities	0		1,892		0	0
Numerator for diluted net earnings (loss) per share - net income (loss) attributable to common stockholders after assumed conversions	$ (13,119)		$ 10,711		$ (31,400)	$ (7,581)
Denominator:
Denominator for basic net earnings (loss) per share - common shares outstanding (in shares)	69,133,700		48,677,008		68,638,651	47,826,812
Effect of dilutive securities:
Series X Preferred Stock, as converted (in shares)	0		10,442,780		0	0
Common stock options, RSUs, PRSUs, and ESPP (in shares)	0		203,432		0	0
Denominator for diluted net earnings (loss) per share - adjusted weighted average shares outstanding (in shares)	69,133,700		59,323,220		68,638,651	47,826,812
Basic net earnings (loss) per common share (in dollars per share)	$ (0.19)		$ 0.18		$ (0.46)	$ (0.16)
Diluted net earnings (loss) per common share (in dollars per share)	$ (0.19)		$ 0.18		$ (0.46)	$ (0.16)

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Antidilutive Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	41,727,759	21,254,271	41,727,759	31,886,556
Common stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	12,517,328	12,517,328	12,517,328	12,517,328
Series X Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	18,184,720	0	18,184,720	10,442,780
Common stock options, RSUs and PRSUs issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	11,025,711	8,736,943	11,025,711	8,926,448

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Cash and money market funds	$ 24,637	$ 59,680
Restricted cash and money market accounts	370	2,593
Total assets at fair value	25,007	62,273
LEVEL 1
Assets:
Cash and money market funds	24,637	59,680
Restricted cash and money market accounts	370	2,593
Total assets at fair value	25,007	62,273
LEVEL 2
Assets:
Cash and money market funds	0	0
Restricted cash and money market accounts	0	0
Total assets at fair value	0	0
LEVEL 3
Assets:
Cash and money market funds	0	0
Restricted cash and money market accounts	0	0
Total assets at fair value	$ 0	$ 0

DEBT - Additional Information (

DEBT - Additional Information (Details) - Term Loan - Term A Loan - USD ($)	Jun. 30, 2022	Oct. 03, 2016
Debt Instrument [Line Items]
Borrowed from the lender		$ 10,000,000
Variable annual rate	5.50%

DEBT - Schedule of Future Princ

DEBT - Schedule of Future Principal Payments (Details) - Term A Loan - Term Loan $ in Thousands	Jun. 30, 2022 USD ($)
Year ended:
Remainder of fiscal year	$ 370
Total future principal payments due under the Loan Agreement	$ 370

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details)			6 Months Ended
	Oct. 13, 2021 USD ($) $ / shares shares	Aug. 12, 2020 shares	Jun. 30, 2022 USD ($) vote $ / shares shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	May 31, 2018 $ / shares shares
Class of Stock [Line Items]
Sale of stock, proceeds | $	$ 35,800,000
Preferred stock, shares authorized (in shares)			10,000,000		10,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.0001		$ 0.0001
Common stock, shares authorized (in shares)			200,000,000		200,000,000
Number of votes for each share held | vote			1
Common Stock Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)			12,517,328		12,517,328
Warrants, aggregate intrinsic value, outstanding | $			$ 0		$ 0
Common Stock
Class of Stock [Line Items]
Offering price (in dollars per share) | $ / shares	$ 1.55
Issuance of common stock upon conversion of Series X Convertible Preferred Stock (in shares)		522,410
Series X Convertible Preferred Stock
Class of Stock [Line Items]
Offering price (in dollars per share) | $ / shares	$ 15.50
Preferred stock, shares issued (in shares)	774,194		1,870,713		1,818,472
Proceeds from right offerings | $	$ 38,500,000
Preferred stock, shares authorized (in shares)			4,947,759		4,947,759	5,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.0001		$ 0.0001	$ 0.0001
Issuance of common stock upon conversion of Series X Convertible Preferred Stock (in shares)		52,241
Common stock issued for each preferred stock (in shares)			10
Maximum ownership following conversion			9.99%
Weighted Average | Common Stock Warrant
Class of Stock [Line Items]
Exercise price of warrant (in dollars per share) | $ / shares			$ 6.82		$ 6.82
Controlled Equity Sales Agreement, Cantor Fitzgerald and Company
Class of Stock [Line Items]
Shares sold (in shares)			644,265	4,378,634
Net proceeds | $			$ 500,000	$ 10,600,000
Consideration remaining on transaction | $			$ 48,000,000
Public Stock Offering | Common Stock
Class of Stock [Line Items]
Shares sold (in shares)	17,064,511
Over-Allotment Option | Common Stock
Class of Stock [Line Items]
Shares sold (in shares)	2,225,805

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Total (in shares)	45,763,751	43,289,438
Common stock warrants
Class of Stock [Line Items]
Total (in shares)	12,517,328	12,517,328
Series X Convertible Preferred Stock
Class of Stock [Line Items]
Total (in shares)	18,184,720	18,184,720
Stock options, RSUs and PRSUs issued and outstanding
Class of Stock [Line Items]
Total (in shares)	11,025,711	9,470,178
Authorized for future stock awards
Class of Stock [Line Items]
Total (in shares)	3,049,647	2,436,984
Awards available under the ESPP
Class of Stock [Line Items]
Total (in shares)	986,345	680,228

EQUITY INCENTIVE PLANS - Additi

EQUITY INCENTIVE PLANS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term for stock options to be granted	10 years
Price of stock option as percentage of estimated fair value of shares on date of grant	100%
Voting power threshold	10%
Weighted-average grant date fair value of employee stock options granted (in dollars per share)		$ 0.51	$ 1.47
Unrecognized share-based compensation expense, options		$ 3.7
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic annual increase in shares authorized for issuance in equity incentive plan	1%
Price of stock option as percentage of estimated fair value of shares on date of grant	85%
Limit on employee's payroll deductions as a percentage of eligible compensation		15%
Issuance of common stock under Employee Stock Purchase Plan (in shares)		184,219	145,696
Estimated unrecognized share-based compensation expense		$ 0.4
Weighted-average period to recognize unrecognized compensation cost		8 months 12 days
Restricted Stock Units and Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated unrecognized share-based compensation expense		$ 2.5
RSUs and PRSUs granted (in dollars per share)		$ 0.83	$ 2.49
Fair value of RSUs and PRSUs		$ 1	$ 0.3
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period to recognize unrecognized compensation cost		2 years 3 months 18 days
More than 10% of voting power
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price of stock option as percentage of estimated fair value of shares on date of grant	110%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic increase in number of shares available for issuance (in shares)	490,336
2015 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Automatic annual increase in shares authorized for issuance in equity incentive plan	4%

EQUITY INCENTIVE PLANS - Summar

EQUITY INCENTIVE PLANS - Summary of Restricted Stock Units and Performance-based Restricted Stock Units Activity (Details) - Restricted Stock Units and Performance-based Restricted Stock Units - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of RSUs and PRSUs
Outstanding, beginning balance (in shares)	1,174,087
RSUs and PRSUs granted (in shares)	1,466,954
RSUs and PRSUs vested (in shares)	(754,296)
RSUs and PRSUs canceled (in shares)	(52,950)
Outstanding, ending balance (in shares)	1,833,795
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 2.53
RSUs and PRSUs granted (in dollars per share)	0.83	$ 2.49
RSUs and PRSUs vested (in dollars per share)	1.34
RSUs and PRSUs canceled (in dollars per share)	2.78
Outstanding, end of period (in dollars per share)	$ 1.65

EQUITY INCENTIVE PLANS - Summ_2

EQUITY INCENTIVE PLANS - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Shares
Outstanding, beginning balance (in shares)	8,296,091
Options granted (in shares)	2,005,700
Options exercised (in shares)	0
Options canceled (in shares)	(1,109,875)
Outstanding, ending balance (in shares)	9,191,916	8,296,091
Vested and expected to vest (in shares)	9,191,916
Exercisable (in shares)	5,177,319
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 3.21
Options granted (in dollars per share)	0.80
Options exercised (in dollars per share)	0
Options canceled (in dollars per share)	3.11
Outstanding, ending balance (in dollars per share)	2.70	$ 3.21
Vested and expected to vest (in dollars per share)	2.70
Exercisable (in dollars per share)	$ 3.54
Weighted Average Remaining Contractual Life in Years
Outstanding	7 years 10 days	6 years 3 months 21 days
Vested and expected to vest	7 years 10 days
Exercisable	5 years 9 months 14 days
Total Aggregate Intrinsic Value (in thousands)
Outstanding	$ 0	$ 0
Vested and expected to vest	0
Exercisable	$ 0

EQUITY INCENTIVE PLANS - Schedu

EQUITY INCENTIVE PLANS - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 852	$ 871	$ 2,190	$ 1,750
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	468	399	923	790
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 384	$ 472	$ 1,267	$ 960

SIGNIFICANT AGREEMENTS AND CO_3

SIGNIFICANT AGREEMENTS AND CONTRACTS - Narrative (Details) - USD ($)			1 Months Ended				3 Months Ended		6 Months Ended
	Mar. 31, 2021	Sep. 03, 2019	Mar. 31, 2022	Dec. 31, 2021	May 31, 2021	Sep. 30, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							$ 6,216,000	$ 32,863,000	$ 13,325,000	$ 35,271,000
Mundipharma Medical Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost sharing percentage		50%
Mundipharma Medical Company | Affiliated Entity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, maximum cost share		$ 31,200,000							31,200,000
Collaborative agreement, potential transaction value		$ 568,400,000
Payments related to collaborative agreement									30,000,000
Accounts receivable, related parties							700,000		700,000
Mundipharma Medical Company | Affiliated Entity | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Mundipharma Medical Company | Affiliated Entity | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							1,923,000	2,715,000	4,449,000	5,123,000
Mundipharma Medical Company | Affiliated Entity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount							$ 13,900,000		$ 13,900,000
Revenue, remaining performance obligation, expected timing of satisfaction, period							1 year 6 months		1 year 6 months
Mundipharma Medical Company | Affiliated Entity | License of Intellectual Property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement						$ 17,900,000
Long-term portion of deferred revenue							$ 11,100,000		$ 11,100,000
Mundipharma Medical Company | Affiliated Entity | Milestone Achievement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement				$ 2,800,000
Mundipharma Medical Company | Affiliated Entity | Royalty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Mundipharma Medical Company | Affiliated Entity | Research and Development Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Mundipharma Medical Company | Affiliated Entity | Research and Development Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							1,746,000	2,431,000	4,020,000	4,762,000
Mundipharma Medical Company | Affiliated Entity | Clinical Supply Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Mundipharma Medical Company | Affiliated Entity | Clinical Supply Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							177,000	284,000	429,000	361,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, maximum cost share									60,700,000
Payments related to collaborative agreement									27,000,000
Election to proceed notice, period post delivery of results	90 days
Termination provisions, required period of written notice	90 days
Accounts receivable, related parties							4,100,000		4,100,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	27,000,000	816,000	27,000,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							4,293,000	3,148,000	8,060,000	3,148,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, amount							45,500,000		45,500,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | License of Intellectual Property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement					$ 27,000,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | License of Intellectual Property | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	27,000,000	816,000	27,000,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | License of Intellectual Property | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Milestone Achievement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement			$ 3,000,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Royalty
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0		0
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Research and Development Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Research and Development Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							2,629,000	1,675,000	4,985,000	1,675,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Clinical Supply Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							0	0	0	0
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Clinical Supply Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement							$ 1,664,000	$ 1,473,000	$ 3,075,000	$ 1,473,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Upfront Payment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement	$ 27,000,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | R&D Funding
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value	58,200,000
Janssen Pharmaceuticals, Inc. | Affiliated Entity | Development, Regulatory, and Commercial Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value	$ 695,000,000

SIGNIFICANT AGREEMENTS AND CO_4

SIGNIFICANT AGREEMENTS AND CONTRACTS - Summary of Contract Liability Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Opening balance, December 31, 2021	$ 13,920
Closing balance, June 30, 2022	14,730
Current portion of deferred revenue	14,730	$ 13,920
Long-term portion of deferred revenue	15,351	18,413
Total deferred revenue	30,081
Affiliated Entity | Mundipharma Medical Company
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Opening balance, December 31, 2021	32,333
Payments received in advance	1,357
Payments receivable	381
Revenue from performance obligations satisfied during reporting period	(3,990)
Closing balance, June 30, 2022	30,081
Current portion of deferred revenue	$ 30,081	$ 32,333

SIGNIFICANT AGREEMENTS AND CO_5

SIGNIFICANT AGREEMENTS AND CONTRACTS - Revenues Disaggregated by Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2021	Sep. 30, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 6,216	$ 32,863	$ 13,325	$ 35,271
Affiliated Entity | Mundipharma Medical Company | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	0	0	0
Affiliated Entity | Mundipharma Medical Company | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			1,923	2,715	4,449	5,123
Affiliated Entity | Mundipharma Medical Company | License of Intellectual Property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		$ 17,900
Affiliated Entity | Mundipharma Medical Company | Research and Development Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	0	0	0
Affiliated Entity | Mundipharma Medical Company | Research and Development Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			1,746	2,431	4,020	4,762
Affiliated Entity | Mundipharma Medical Company | Clinical Supply Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	0	0	0
Affiliated Entity | Mundipharma Medical Company | Clinical Supply Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			177	284	429	361
Affiliated Entity | Janssen Pharmaceuticals, Inc. | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	27,000	816	27,000
Affiliated Entity | Janssen Pharmaceuticals, Inc. | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			4,293	3,148	8,060	3,148
Affiliated Entity | Janssen Pharmaceuticals, Inc. | License of Intellectual Property
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 27,000
Affiliated Entity | Janssen Pharmaceuticals, Inc. | License of Intellectual Property | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	27,000	816	27,000
Affiliated Entity | Janssen Pharmaceuticals, Inc. | License of Intellectual Property | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	0	0	0
Affiliated Entity | Janssen Pharmaceuticals, Inc. | Research and Development Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	0	0	0
Affiliated Entity | Janssen Pharmaceuticals, Inc. | Research and Development Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			2,629	1,675	4,985	1,675
Affiliated Entity | Janssen Pharmaceuticals, Inc. | Clinical Supply Services | Transferred at Point in Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			0	0	0	0
Affiliated Entity | Janssen Pharmaceuticals, Inc. | Clinical Supply Services | Transferred over Time | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 1,664	$ 1,473	$ 3,075	$ 1,473

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)		6 Months Ended
	Jul. 14, 2021 USD ($) option	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Renewal term	24 months
Base rent per month	$ 103,733
Percentage increase in base rent annual	3%
Number of options to extend | option	2
Option renewal term	2 years
Incremental borrowing rate	10.80%
Weighted average remaining lease term		1 year 6 months
Lease payments		$ 700,000	$ 500,000
Lease cost		$ 700,000	$ 500,000
Variable lease and short-term lease term included within operating lease cost (greater than)		30 days

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Amount, Timing and Uncertainty of Cash Flows from Operating Lease (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 680
2023	1,400
Total undiscounted operating lease payments	2,080
Less: Imputed interest	(168)
Present value of lease payments	$ 1,912

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 1,764	$ 2,287
Current portion of lease liability	1,233	1,148
Lease liability	679	$ 1,322
Total operating lease liability	$ 1,912

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Melinta Therapeutics, Inc. - Affiliated Entity - Subsequent Event $ in Millions	Jul. 26, 2022 USD ($)
Subsequent Event [Line Items]
Collaborative agreement, potential transaction value	$ 460
Upfront Payment
Subsequent Event [Line Items]
Collaborative agreement, potential transaction value	30
Development, Regulatory, and Commercial Milestones
Subsequent Event [Line Items]
Collaborative agreement, potential transaction value	$ 430