Cidara Therapeutics (CDTX) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		7,046,633
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001610618
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 127,386	$ 35,778
Accounts receivable	1,699	14,075
Prepaid expenses and other current assets	27,686	1,712
Current assets from discontinued operations	0	9,290
Total current assets	156,771	60,855
Property and equipment, net	561	557
Finance lease right-of-use asset, net	722	782
Operating lease right-of-use asset	3,035	3,788
Other assets	1,242	114
Noncurrent assets from discontinued operations	0	934
Total assets	162,331	67,030
Current liabilities:
Accounts payable	2,967	3,772
Accrued liabilities	8,569	14,177
Accrued indirect tax liabilities	26,289	18,040
Accrued compensation and benefits	4,933	5,034
Current contract liabilities	0	430
Current portion of finance lease liability	259	218
Current portion of operating lease liability	1,322	1,082
Current liabilities from discontinued operations	0	24,665
Total current liabilities	44,339	67,418
Long-term finance lease liability	378	575
Long-term operating lease liability	1,984	3,002
Noncurrent liabilities from discontinued operations	0	4,245
Total liabilities	46,701	75,240
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock
Common stock, $0.0001 par value; 50,000,000 shares authorized at September 30, 2024 and 20,000,000 shares authorized at December 31, 2023; 7,046,633 shares issued and outstanding at September 30, 2024 and 4,530,113 shares issued and outstanding at December 31, 2023	1	1
Additional paid-in capital	674,580	433,220
Accumulated deficit	(558,951)	(441,431)
Total stockholders’ equity (deficit)	115,630	(8,210)
Total liabilities and stockholders’ equity (deficit)	162,331	67,030
Series A Convertible Voting Preferred Stock
Stockholders’ equity (deficit):
Preferred stock	0	0
Series X Convertible Preferred Stock
Stockholders’ equity (deficit):
Preferred stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	50,000,000	20,000,000
Common stock, shares issued (in shares)	7,046,633	4,530,113
Common stock, shares outstanding (in shares)	7,046,633	4,530,113
Series A Convertible Voting Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	204,725	0
Preferred stock, shares issued (in shares)	240,000
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)	204,725	0
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)	2,156,713	2,104,472
Preferred stock, shares outstanding (in shares)	2,156,713	2,104,472

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Collaboration revenue	$ 0	$ 9,217,000	$ 1,275,000	$ 20,527,000
Total revenues	0	9,217,000	1,275,000	20,527,000
Operating expenses:
Acquired in-process research and development	0	0	84,883,000	0
Research and development	12,429,000	10,386,000	25,005,000	28,753,000
Selling, general and administrative	4,965,000	3,299,000	13,307,000	10,133,000
Total operating expenses	17,394,000	13,685,000	123,195,000	38,886,000
Loss from operations	(17,394,000)	(4,468,000)	(121,920,000)	(18,359,000)
Other income, net:
Interest income, net	1,859,000	613,000	3,998,000	1,468,000
Total other income, net	1,859,000	613,000	3,998,000	1,468,000
Net loss from continuing operations before income tax expense	(15,535,000)	(3,855,000)	(117,922,000)	(16,891,000)
Income tax benefit (expense)	0	32,000	0	(8,000)
Net loss from continuing operations	(15,535,000)	(3,823,000)	(117,922,000)	(16,899,000)
Income (loss) from discontinued operations (including loss on disposal of discontinued operations of zero and $1,799 during the three and nine months ended September 30, 2024, respectively), net of income taxes	(450,000)	(5,284,000)	402,000	(2,819,000)
Net loss and comprehensive loss	(15,985,000)	(9,107,000)	(117,520,000)	(19,718,000)
Net loss and comprehensive loss	$ (15,985,000)	$ (9,107,000)	$ (117,520,000)	$ (19,718,000)
Basic net loss per common share from continuing operations (in dollars per share)	$ (2.38)	$ (0.85)	$ (22.61)	$ (3.91)
Diluted net loss per common share from continuing operations (in dollars per share)	(2.38)	(0.85)	(22.61)	(3.91)
Basic net earnings (loss) per common share from discontinued operations (in dollars per share)	(0.07)	(1.17)	0.08	(0.65)
Diluted net earnings (loss) per common share from discontinued operations (in dollars per share)	(0.07)	(1.17)	0.08	(0.65)
Basic net loss per common share (in dollars per share)	(2.45)	(2.02)	(22.53)	(4.56)
Diluted net loss per common share (in dollars per share)	$ (2.45)	$ (2.02)	$ (22.53)	$ (4.56)
Shares used to compute basic net earnings (loss) per common share (in shares)	6,530,111	4,514,381	5,215,365	4,319,536
Shares used to compute diluted net earnings (loss) per common share (in shares)	6,530,111	4,514,381	5,215,365	4,319,536

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (117,520,000)	$ (19,718,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of discontinued operations	1,799,000	0
Stock-based compensation	2,249,000	2,231,000
Non-cash operating lease expense	753,000	895,000
Depreciation and amortization	114,000	79,000
Amortization of costs to obtain a contract with a customer	184,000	53,000
Amortization of finance lease right-of-use asset	60,000	0
Non-cash interest expense	44,000	0
Changes in assets and liabilities:
Accounts receivable	14,270,000	2,655,000
Inventory	6,097,000	(2,901,000)
Prepaid expenses, other current assets, and other assets	(26,832,000)	2,776,000
Accounts payable and accrued liabilities	(6,422,000)	6,204,000
Accrued indirect tax liabilities	8,249,000	3,155,000
Accrued compensation and benefits	(46,000)	(402,000)
Contract liabilities	(29,340,000)	(3,956,000)
Operating lease liabilities	(778,000)	(781,000)
Net cash used in operating activities	(147,119,000)	(9,710,000)
Investing activities:
Purchases of property and equipment	(129,000)	(327,000)
Net cash used in investing activities	(129,000)	(327,000)
Financing activities:
Proceeds from private placement, net of issuance costs	239,095,000	0
Proceeds from underwritten public offering, net of issuance costs	0	17,256,000
Proceeds from public offering of common stock, net of issuance costs	0	8,706,000
Proceeds from exercise of stock options	0	14,000
Payment of finance lease liabilities	(200,000)	0
Payment for shares withheld to fund payroll taxes	(39,000)	0
Net cash provided by financing activities	238,856,000	25,976,000
Net increase in cash and cash equivalents	91,608,000	15,939,000
Cash and cash equivalents at beginning of period	35,778,000	32,731,000
Cash and cash equivalents at end of period	127,386,000	48,670,000
Supplemental disclosure of cash flows:
Income taxes paid	95,000	651,000
Non-cash investing activities:
Purchases of property and equipment, included in accounts payable and accrued liabilities	0	178,000
Right-of-use asset obtained in exchange for lease liability	0	3,847,000
Non-cash financing activities:
Purchase of shares pursuant to Employee Stock Purchase Plan	$ 55,000	$ 63,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Private Placement	Underwritten Public Offerings	Public Offering	Common Stock	Common Stock Underwritten Public Offerings	Common Stock Public Offering	Additional Paid-In Capital	Additional Paid-In Capital Private Placement	Additional Paid-In Capital Underwritten Public Offerings	Additional Paid-In Capital Public Offering	Accumulated Deficit	Series A Convertible Voting Preferred Stock	Series A Convertible Voting Preferred Stock Preferred Stock	Series A Convertible Voting Preferred Stock Preferred Stock Private Placement	Series X Convertible Preferred Stock	Series X Convertible Preferred Stock Preferred Stock	Series X Convertible Preferred Stock Preferred Stock Underwritten Public Offerings
Balance, beginning (in shares) at Dec. 31, 2022																	1,818,472
Balance, beginning at Dec. 31, 2022	$ (14,438)				$ 1			$ 404,061				$ (418,500)					$ 0
Balance, beginning (in shares) at Dec. 31, 2022					3,623,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net of issuance costs (in shares)						554,300	307,936											286,000
Issuance of stock, net of issuance costs			$ 17,256	$ 8,622						$ 17,256	$ 8,622
Issuance of common stock for exercise of options (in shares)					812
Issuance of common stock for exercise of options	14							14
Issuance of common stock upon vesting of restricted stock units (in shares)					14,617
Stock-based compensation	640							640
Net income (loss)	3,013											3,013
Balance, ending (in shares) at Mar. 31, 2023																	2,104,472
Balance, ending at Mar. 31, 2023	15,107				$ 1			430,593				(415,487)					$ 0
Balance, ending (in shares) at Mar. 31, 2023					4,501,256
Balance, beginning (in shares) at Dec. 31, 2022																	1,818,472
Balance, beginning at Dec. 31, 2022	(14,438)				$ 1			404,061				(418,500)					$ 0
Balance, beginning (in shares) at Dec. 31, 2022					3,623,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under Employee Stock Purchase Plan	63
Net income (loss)	(19,718)
Balance, ending (in shares) at Sep. 30, 2023																	2,104,472
Balance, ending at Sep. 30, 2023	(5,894)				$ 1			432,323				(438,218)					$ 0
Balance, ending (in shares) at Sep. 30, 2023					4,520,814
Balance, beginning (in shares) at Mar. 31, 2023																	2,104,472
Balance, beginning at Mar. 31, 2023	15,107				$ 1			430,593				(415,487)					$ 0
Balance, beginning (in shares) at Mar. 31, 2023					4,501,256
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net of issuance costs (in shares)							3,047
Issuance of stock, net of issuance costs				$ 76							$ 76
Issuance of common stock upon vesting of restricted stock units (in shares)					232
Issuance of common stock under Employee Stock Purchase Plan (in shares)					8,060
Issuance of common stock under Employee Stock Purchase Plan	63							63
Stock-based compensation	795							795
Net income (loss)	(13,624)											(13,624)
Balance, ending (in shares) at Jun. 30, 2023																	2,104,472
Balance, ending at Jun. 30, 2023	2,417				$ 1			431,527				(429,111)					$ 0
Balance, ending (in shares) at Jun. 30, 2023					4,512,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of restricted stock units (in shares)					8,219
Stock-based compensation	796							796
Net income (loss)	(9,107)											(9,107)
Balance, ending (in shares) at Sep. 30, 2023																	2,104,472
Balance, ending at Sep. 30, 2023	(5,894)				$ 1			432,323				(438,218)					$ 0
Balance, ending (in shares) at Sep. 30, 2023					4,520,814
Balance, beginning (in shares) at Dec. 31, 2023													0	0		2,104,472	2,104,472
Balance, beginning at Dec. 31, 2023	$ (8,210)				$ 1			433,220				(441,431)		$ 0			$ 0
Balance, beginning (in shares) at Dec. 31, 2023	4,530,113				4,530,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon vesting of restricted stock units (in shares)					31,583
Value of shares withheld to fund payroll taxes	$ (39)							(39)
Stock-based compensation	795							795
Net income (loss)	(10,326)											(10,326)
Balance, ending (in shares) at Mar. 31, 2024														0			2,104,472
Balance, ending at Mar. 31, 2024	(17,780)				$ 1			433,976				(451,757)		$ 0			$ 0
Balance, ending (in shares) at Mar. 31, 2024					4,561,696
Balance, beginning (in shares) at Dec. 31, 2023													0	0		2,104,472	2,104,472
Balance, beginning at Dec. 31, 2023	$ (8,210)				$ 1			433,220				(441,431)		$ 0			$ 0
Balance, beginning (in shares) at Dec. 31, 2023	4,530,113				4,530,113
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for exercise of options (in shares)	0
Issuance of common stock under Employee Stock Purchase Plan	$ 55
Net income (loss)	(117,520)
Balance, ending (in shares) at Sep. 30, 2024													204,725	204,725		2,156,713	2,104,472
Balance, ending at Sep. 30, 2024	$ 115,630				$ 1			674,580				(558,951)		$ 0			$ 0
Balance, ending (in shares) at Sep. 30, 2024	7,046,633				7,046,633
Balance, beginning (in shares) at Mar. 31, 2024														0			2,104,472
Balance, beginning at Mar. 31, 2024	$ (17,780)				$ 1			433,976				(451,757)		$ 0			$ 0
Balance, beginning (in shares) at Mar. 31, 2024					4,561,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock, net of issuance costs (in shares)															240,000
Issuance of stock, net of issuance costs		$ 239,167							$ 239,167
Issuance of common stock upon vesting of restricted stock units (in shares)					245
Issuance of common stock under Employee Stock Purchase Plan (in shares)					7,050
Issuance of common stock under Employee Stock Purchase Plan	55							55
Stock-based compensation	703							703
Net income (loss)	(91,209)											(91,209)
Balance, ending (in shares) at Jun. 30, 2024														240,000			2,104,472
Balance, ending at Jun. 30, 2024	130,936				$ 1			673,901				(542,966)		$ 0			$ 0
Balance, ending (in shares) at Jun. 30, 2024					4,568,991
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon conversion of Series A Convertible Voting Preferred Stock (in shares)					2,469,250									(35,275)
Issuance of common stock upon vesting of restricted stock units (in shares)					8,392
Stock-based compensation	751							751
Issuance costs for private placement		$ (72)							$ (72)
Net income (loss)	(15,985)											(15,985)
Balance, ending (in shares) at Sep. 30, 2024													204,725	204,725		2,156,713	2,104,472
Balance, ending at Sep. 30, 2024	$ 115,630				$ 1			$ 674,580				$ (558,951)		$ 0			$ 0
Balance, ending (in shares) at Sep. 30, 2024	7,046,633				7,046,633

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Loss on disposal of discontinued operations	$ 0	$ 1,799,000	$ 0

THE COMPANY AND BASIS OF PRESEN

THE COMPANY AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
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 using its proprietary Cloudbreak ® platform to develop drug-Fc conjugate, or DFC, immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases. The Company’s proprietary Cloudbreak platform enables development of novel DFCs that inhibit specific disease targets while simultaneously engaging the immune system. The Company’s most advanced DFC program is CD388, a highly potent antiviral designed to deliver universal prevention and treatment of seasonal and pandemic influenza, which has completed Phase 1 and Phase 2a clinical trials under a partnership with J&J Innovative Medicine, previously Janssen Pharmaceuticals, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, or Janssen. On April 23, 2024, the Company and Janssen entered into a license and technology transfer agreement, or the Janssen License Agreement, under which the Company reacquired all rights for CD388 from Janssen to develop and commercialize CD388. The Company’s first commercially approved product in the United States, or U.S., was REZZAYO ® (rezafungin for injection) which is indicated for the treatment of candidemia and invasive candidiasis in adults with limited or no alternative treatment options. On April 24, 2024, the Company and Napp Pharmaceutical Group Limited, or Napp, an affiliate of Mundipharma Medical Company, or Mundipharma, entered into an Asset Purchase Agreement, or the Napp Purchase Agreement, pursuant to which the Company sold to Napp all of the Company’s rezafungin assets and related contracts. The Company completed all conditions of the sale on April 24, 2024. The Company determined that the sale of rezafungin represented a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, the sale of rezafungin is classified as discontinued operations. See Note 9 for additional information. 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 September 30, 2024, the Company had an accumulated deficit of $559.0 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 September 30, 2024, the Company had cash and cash equivalents of $127.4 million, which the Company expects will provide sufficient liquidity to support its planned operations through the middle of the fourth quarter of 2025. The Company’s current financial resources may not be sufficient to support its planned operations beyond such date without securing additional financing. The Company’s ability to execute its current business plan depends on its ability to obtain additional funding through equity offerings, debt financings, other third-party funding, or potential licensing or collaboration arrangements. The Company may not be able to raise additional funding on terms acceptable to the Company, or at all, and any failure to raise funds as and when needed will compromise the Company’s ability to execute on its business plan. 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, or 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, the Company 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. 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 September 30, 2024 and 2023. Reverse Stock Split On April 23, 2024, the Company effected the approved 1-for-20 reverse stock split of its shares of common stock, or the Reverse Stock Split. All references in this Quarterly Report on Form 10-Q to number of common shares, price per share and weighted average number of shares outstanding have been adjusted to reflect the Reverse Stock Split on a retroactive basis. As a result of the Reverse Stock Split, an immaterial amount was reclassified from common stock to additional paid-in capital. 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 estimated collaboration expenses related to the Company’s collaboration and license agreements, certain accruals, including those related to nonclinical and clinical activities, and the stand-alone selling price of performance obligations associated with the Company’s collaboration and 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	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further analysis is required to determine whether the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets. Discontinued Operations The Company presents discontinued operations when there is a disposal of a component or a group of components that represents a strategic shift that will have a major effect on operations and financial results. The results from discontinued operations of the rezafungin assets prior and subsequent to its sale are presented as net income (loss) from discontinued operations in the unaudited condensed consolidated statements of operations and comprehensive loss for all periods presented, including any gain or loss recognized on closing. The assets and liabilities for the rezafungin operations related activities prior and subsequent to its sale have been classified as discontinued operations and segregated for all periods presented in the unaudited condensed consolidated balance sheets. See Note 9 for additional information. Cash and Cash Equivalents The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. Accounts Receivable Accounts receivable is stated at the original invoice amount and consists of amounts due from customers related to milestones achieved, certain research and development, or R&D, and clinical supply costs subject to reimbursement under the collaboration and license agreements, royalties earned, product sales and the associated indirect taxes collectible from customers. The Company records accounts receivable net of any allowances for doubtful accounts for potential credit losses. An allowance for doubtful accounts is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectability as these patterns are established over a longer period of time. The Company did not record any credit losses as of September 30, 2024 or December 31, 2023. Inventory The Company began capitalizing inventory for REZZAYO, which received approval by the U.S. Food and Drug Administration, or FDA, in March 2023. REZZAYO (rezafungin for injection) is approved for the treatment of candidemia and invasive candidiasis in adults with limited or no alternative treatment options. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. Inventory is comprised of raw materials and work-in-process, and includes costs related to materials, third-party contract manufacturing, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. The Company performs an assessment of recoverability of capitalized inventory during each reporting period based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life, and writes down any excess, obsolete or unsaleable inventory to its estimated realizable value in the period which the required reserve is first identified. Such write downs, should they occur, are charged to cost of product revenue in the condensed consolidated statements of operations and comprehensive loss. See Note 9 for additional information. Property and Equipment The Company records property and equipment at cost, which consists of laboratory 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 Finance Lease In accordance with Accounting Standards Codification , or ASC, 842, Leases , or ASC 842, the Company determines if a contract contains a lease at inception and recognizes finance lease right-of-use assets and finance lease liabilities based on the present value of the future minimum lease payments at the commencement date. The implicit rate within the Company’s finance lease was determinable and therefore used in determining the present value of future payments at the commencement date. Lease agreements that have lease and non-lease components are accounted for as a single lease component. The Company recognizes amortization of the right-of-use assets and interest on the lease liabilities for its finance lease. Finance lease right-of-use assets are amortized on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the right-of-use assets are amortized to the end of the useful life of the underlying asset. Operating Lease In accordance with ASC 842 the Company determines if a contract contains a lease at inception and recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company’s operating leases do not provide an implicit rate, management develops incremental borrowing rates based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. Income Taxes The Company reports deferred income taxes in accordance with ASC 740, Income Taxes , or ASC 740. 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. Indirect Taxes The Company’s purchases of clinical drug supplies and raw materials, inventory transfers, and sales of commercial drug product are subject to indirect taxation in various jurisdictions outside of the U.S. Indirect tax payable is included in accrued indirect tax liabilities, the related expense is included in R&D expenses, and the related interest and penalties are included in selling, general and administrative, or SG&A, expenses. The accrual is for the indirect tax incurred in various tax jurisdictions outside of the U.S. as a consequence of the Company’s supply chain activities or in connection with commercial sales of REZZAYO. To the extent that any accrued indirect taxes are determined to not be due and payable, then any associated liabilities and operating expenses will be reversed at that time. Indirect tax amounts on commercial sales (product revenue) and asset disposals that can be billed to and recovered from our customers are included in accounts receivables. Indirect tax amounts related to inventory purchases and manufacturing are included within inventory. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , or ASC 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 ASC 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 ASC 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 ASC 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. Collaboration Revenue 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 development 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 recognizes 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. See Note 6 and Note 9 for additional information. Product Revenue In December 2022 and January 2023, the Company entered into separate Commercial Supply Agreements with Mundipharma and Melinta Therapeutics, LLC, or Melinta, respectively, for the batch supply of REZZAYO naked vials for commercial use. Under the Commercial Supply Agreements, Mundipharma and Melinta were required to submit purchase orders to the Company for batches of REZZAYO naked vials. The Company concluded that the delivery of each batch of REZZAYO naked vials and the related quality assessment certification represented a distinct performance obligation. The Commercial Supply Agreements were terminated upon the effectiveness of the assignment to Napp on April 24, 2024 (see Note 9 for additional information). The transaction price recognized as revenue for each performance obligation under the Commercial Supply Agreements consisted of variable consideration which was determined based on the estimated per vial costs, plus the contractually stated margin rate. The amounts recognized as revenue were adjusted, as needed, each reporting period based on actual costs incurred for each batch. Variable consideration was included in the transaction price only to the extent that it was considered probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration was subsequently resolved. The Company has made an accounting policy election to exclude from the transaction price any indirect taxes collected from customers. As a result, any such collections were recorded as indirect tax liabilities. The transaction price was fully allocated to the single performance obligation. The Company concluded that the performance obligation was satisfied and product revenue was recognized when the customer obtained control of the product, which occurred at a point in time, typically upon the later of (i) completion of a positive quality assessment, or (ii) shipment of the Company’s product to the customer. Shipping and handling activities that were performed after a customer obtained control of the product were treated as activities to fulfill the promise to a customer and any amounts billed to a customer represented revenues for the product provided. Costs related to such shipping and handling were classified as cost of product revenue. Cost of Product Revenue Cost of product revenue consists primarily of costs related to materials, third-party contract manufacturing, freight-in and overhead. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. Acquired In-process Research and Development Expenses Acquired in-process research and development, or IPR&D, expenses include consideration for the purchase of IPR&D through asset acquisitions and license agreements as well as payments made in connection with asset acquisitions and license agreements upon the achievement of development milestones. The Company evaluates license agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the license agreement for IPR&D does not meet the definition of a business and the assets have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its condensed consolidated statements of operations and comprehensive loss. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones will be capitalized and amortized to cost of revenue. Research and Development Expenses R&D expenses consist of wages, benefits and stock-based compensation charges for R&D employees, scientific consultant fees, facilities and overhead expenses, laboratory supplies, manufacturing expenses in preclinical development and certain manufacturing expenses before FDA approval, nonclinical and clinical trial costs, and indirect taxes on clinical supplies and development materials. 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. Selling, General and Administrative Expenses SG&A expenses relate to selling, finance, human resources, legal and other administrative activities. SG&A expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, legal, business development, commercial planning and support functions. Other SG&A expenses include facility and overhead costs not otherwise included in cost of product revenue or R&D expenses, consultant expenses, travel expenses, professional fees for auditing, tax, legal, and other services, the branded prescription drug fee, and any accrued interest and penalties on accrued indirect tax liabilities. 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 R&D 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 2015 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 does 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 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 A Convertible Voting Preferred Stock and Series X Convertible Preferred Stock, see Note 4 for additional information. Basic net EPS is then calculated by dividing the net income attributable 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 EPS by using the more dilutive of the (1) treasury stock method, reverse treasury stock method or if-converted method, as applicable, or (2) the two-class method. Dilutive common stock equivalents are comprised of warrants, Series A Convertible Voting Preferred Stock, Series X Convertible Preferred Stock, RSUs, PRSUs and options outstanding under the Company’s stock option plans and ESPP, on an as converted basis. Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive stock equivalents outstanding for the period determined using the treasury stock method or if-converted method. Under the two-class method, the net loss attributable to common stockholders is not allocated to the Series A Convertible Voting Preferred Stock or the Series X Convertible Preferred Stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses. 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. In accordance with ASC 260, if a company had a discontinued operation, the company uses income (loss) from continuing operations as its control number to determine whether potential common shares are dilutive or anti-dilutive for purposes of reporting basic and diluted net earnings (loss) per common share from discontinued operations. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of basic and diluted net loss per share because doing so would be anti-dilutive (in common stock equivalent shares): Three and Nine Months Ended September 30, 2024 2023 Common stock warrants 866 866 Series A Convertible Voting Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,454,822 646,233 Total 17,838,674 1,699,335 Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures , or ASC 820-10, 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, accounts receivable, accounts payable, accrued liabilities, accrued compensation and benefits, and lease liabilities. The carrying amount of these financial instruments are generally considered to be representative of their respective fair values because of their short-term nature. Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. In November 2023, the FASB issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine its impact on the Company’s consolidated financial statements or related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company plans to adopt this guidance for the fiscal year ending December 31, 2025 and believes, based on its preliminary assessment, that this new guidance will not have a material impact on the Company’s consolidated financial statements or related disclosures. The Company believes, based on its preliminary assessment, that any other recently issued, but not yet adopted, accounting pronouncements will not have a material impact on the Company’s condensed consolidated financial statements or related disclosures, or do not apply to the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows ASC 820-10, 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 accounts 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 September 30, 2024 Assets: Cash and money market accounts $ 127,386 $ 127,386 $ — $ — Total assets at fair value $ 127,386 $ 127,386 $ — $ — December 31, 2023 Assets: Cash and money market accounts $ 35,778 $ 35,778 $ — $ — Total assets at fair value $ 35,778 $ 35,778 $ — $ —

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Reverse Stock Split On April 23, 2024, the Company effected the Reverse Stock Split of its shares of common stock and decreased its authorized number of shares of common stock from 200,000,000 shares to 20,000,000 shares. All references in this Quarterly Report on Form 10-Q to number of common shares, price per share and weighted average number of shares outstanding have been adjusted to reflect the Reverse Stock Split on a retroactive basis. Controlled Equity Sales Agreement In September 2019, the Company began to sell shares of common stock under a controlled equity sales agreement, or the Sales Agreement, entered into on November 8, 2018 with Cantor Fitzgerald & Co, or Cantor. During the nine months ended September 30, 2024, the Company sold zero shares of its common stock under the Sales Agreement. During the nine months ended September 30, 2023, the Company sold 310,983 shares of its common stock under the Sales Agreement for net proceeds of approximately $8.7 million after deducting placement agent fees. The Company has not sold shares of its common stock under the Sales Agreement since July 2023. The Company will not be able to sell shares of its common stock under the Sales Agreement until April 16, 2025, due to the loss of its Form S-3 eligibility for primary and secondary offerings. As of September 30, 2024, the remaining capacity under the Sales Agreement is $37.1 million. 2023 Underwritten Public Offering On March 7, 2023, the Company completed concurrent but separate underwritten public offerings with Cantor, the underwriter, to issue and sell 554,300 shares of its common stock, including the exercise in full by Cantor of their option to purchase an additional 72,300 shares of common stock, and 286,000 shares of the Company’s Series X Convertible Preferred Stock. Cantor agreed to purchase the shares of common stock at a price of $25.34 per share and the shares of Series X Convertible Preferred Stock at a price of $12.67 per share. The total gross proceeds from the offerings, including the full exercise by Cantor of its option to purchase additional shares of common stock, were approximately $19.5 million, before deducting underwriting discounts and commissions and offering expenses. The Company received total net proceeds of approximately $17.3 million, after deducting underwriting discounts, commissions, and other expenses payable by the Company. 2024 Private Placement On April 23, 2024, the Company entered into a securities purchase agreement, or the Securities Purchase Agreement, with certain institutional and other accredited investors, or the Purchasers, pursuant to which the Company issued and sold, in a private placement, or the Private Placement, 240,000 shares of Series A Convertible Voting Preferred Stock, par value $0.0001 per share, or the Series A Convertible Preferred Stock, at a purchase price of $1,000 per share. The closing of the Private Placement took place on April 24, 2024, and the Company received total gross proceeds of $240.0 million. The Company received total net proceeds of approximately $239.1 million, after deducting issuance costs payable by the Company. Preferred Stock Under the Company's Amended and Restated Certificate of Incorporation, as amended, 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 September 30, 2024. Series A Convertible Preferred Stock In April 2024, the Company designated 240,000 shares of preferred stock as Series A Convertible Preferred Stock with a par value of $0.0001 per share. On July 18, 2024, the Company’s stockholders approved, for purposes of Nasdaq Listing Rule 5635(b), the issuance of up to 16,800,000 shares of common stock upon conversion of 240,000 shares of Series A Convertible Preferred Stock issued in the Private Placement completed in April 2024. On July 19, 2024, the Company issued 2,469,250 shares of common stock upon automatic conversion of 35,275 shares of Series A Convertible Preferred Stock, subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock, including that shares of Series A Convertible Preferred Stock shall not be convertible if the conversion would result in a holder beneficially owning more than 9.99% of the Company's outstanding shares of common stock as of the applicable conversion date. After conversion, the converted shares of Series A Convertible Preferred Stock resumed the status of authorized but unissued shares of preferred stock and are no longer designated as Series A Convertible Preferred Stock. As of September 30, 2024, shares of preferred stock designated as Series A Convertible Preferred Stock totaled 204,725. The specific terms of the Series A Convertible Preferred Stock are as follows: Conversion: Each share of Series A Convertible Preferred Stock is convertible at the option of the holder into 70 shares of common stock. Holders are not permitted to convert Series A 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 Securities Exchange Act of 1934, as amended, or the Exchange Act, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after the conversion, or the Beneficial Ownership Limitation. Dividends: Holders of Series A 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 A Convertible Preferred Stock are entitled to participate in such dividends on an as-if-converted basis. Liquidation: Upon the liquidation, dissolution, or winding up of the Company, each holder of Series A Convertible Preferred Stock will participate pari passu with any distribution of proceeds to holders of Series X Convertible Preferred Stock and common stock. Voting: Holders of the Series A Convertible Preferred Stock are entitled to vote together with the holders of common stock on an as-if-converted basis on all matters submitted to a vote of stockholders. The Company evaluated the Series A Convertible Preferred Stock for liability or equity classification under ASC 480, Distinguishing Liabilities from Equity , and determined that equity treatment is appropriate as it does not meet the criteria for liability accounting. Additionally, the Series A 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 A Convertible Preferred Stock is recorded as permanent equity. Series X Convertible Preferred Stock 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 26,120 shares of the Company’s common stock. After conversion, the converted shares of Series X Convertible Preferred Stock resumed the status of authorized but unissued shares of preferred stock and are no longer designated as Series X Convertible Preferred Stock. As of September 30, 2024 and December 31, 2023, 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 0.5 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 On July 18, 2024, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, as amended, to increase the authorized number of shares of common stock from 20,000,000 shares to 50,000,000 shares, which amendment was filed by the Company with the Secretary of State of the State of Delaware on July 18, 2024 and was effective as of such date. The Company had 50,000,000 shares of common stock authorized as of September 30, 2024. 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 September 30, 2024 and December 31, 2023, warrants to purchase 866 shares of the Company’s common stock were outstanding with a weighted average exercise price of $230.95 per share. The warrants had no intrinsic value at September 30, 2024 and December 31, 2023. 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): September 30, December 31, Common stock warrants 866 866 Series A Convertible Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,454,822 638,037 Authorized for future stock awards 1,052,406 170,783 Awards available under the ESPP 67,089 49,623 Total 18,958,169 1,911,545

EQUITY INCENTIVE PLANS

EQUITY INCENTIVE PLANS	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY INCENTIVE PLANS	EQUITY INCENTIVE PLANS 2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan In May 2024, the Company’s board of directors approved and adopted the Company’s 2024 Equity Incentive Plan, or 2024 EIP. In July 2024, the Company’s stockholders approved the adoption of the 2024 EIP. The 2024 EIP is the successor to and continuation of the Company’s 2015 Equity Incentive Plan, or 2015 EIP, previously approved and adopted in March 2015 by the Company’s board of directors and stockholders. The 2024 EIP became effective on July 18, 2024. Upon the effectiveness of the 2024 EIP, no additional awards were or will be granted under the 2015 EIP, although all outstanding stock awards granted under the 2015 EIP continue to be governed by the terms of the 2015 EIP. Under the 2024 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. 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. Terms of stock award agreements, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2024 EIP, 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 ESPP. The number of shares of stock available for issuance under the ESPP will be automatically increased each January 1 through and including January 1, 2025, 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) 24,516 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 nine months ended September 30, 2024 and 2023, 7,050 shares and 8,060 shares, respectively, were issued pursuant to the ESPP. As of September 30, 2024, total unrecognized compensation expense related to the ESPP was $0.1 million and is expected to be recognized over approximately 0.6 years. Restricted Stock Units The following table summarizes RSU and PRSU activity during the nine months ended September 30, 2024: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 104,886 $ 22.83 RSUs and PRSUs granted 153,012 12.30 RSUs and PRSUs vested (43,053) 24.24 RSUs and PRSUs canceled (17,705) 24.68 Outstanding at September 30, 2024 197,140 $ 14.18 The weighted-average grant date fair value of RSUs and PRSUs granted by the Company during the nine months ended September 30, 2023 was $20.10 per share. The total fair value of RSUs and PRSUs vested during the nine months ended September 30, 2024 and 2023 was approximately $1.0 million and $0.7 million, respectively. At September 30, 2024, estimated unrecognized compensation expense related to RSUs and PRSUs granted was approximately $2.3 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.6 years. Stock Options The following table summarizes stock option activity during the nine months ended September 30, 2024: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Total Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 533,151 $ 44.61 6.72 $ 57 Options granted 1,796,401 11.14 Options exercised — — Options canceled (71,870) 31.68 Outstanding at September 30, 2024 2,257,682 $ 18.39 9.10 $ 1 Vested and expected to vest at September 30, 2024 2,257,682 $ 18.39 9.10 $ 1 Exercisable at September 30, 2024 420,941 $ 48.19 5.74 $ 1 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 nine months ended September 30, 2024 and 2023 was $8.05 and $14.45 per share, respectively. As of September 30, 2024, total unrecognized share-based compensation expense related to unvested stock options was approximately $15.2 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.9 years. Stock-based compensation expense recognized for RSUs, PRSUs, stock options, and the ESPP has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Stock compensation expense: Research and development $ 344 $ 207 $ 868 $ 629 Selling, general and administrative 407 403 1,150 1,038 Stock compensation expense recorded in continuing operations 751 610 2,018 1,667 Stock compensation expense recorded in discontinued operations — 186 231 564 Total stock compensation expense $ 751 $ 796 $ 2,249 $ 2,231

SIGNIFICANT AGREEMENTS AND CONT

SIGNIFICANT AGREEMENTS AND CONTRACTS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT AGREEMENTS AND CONTRACTS	SIGNIFICANT AGREEMENTS AND CONTRACTS Janssen License Agreement On April 23, 2024, the Company and Janssen entered into a license and technology transfer agreement, or the Janssen License Agreement, which effectively terminated the Janssen Collaboration Agreement (as defined below), including the license granted by the Company to Janssen. Under the Janssen License Agreement, the Company also assumed responsibility for further clinical development, manufacture, registration and commercialization of DFCs based on the Company’s Cloudbreak platform for the prevention and treatment of influenza, including CD388 and products or compounds containing CD388. Janssen granted the Company an exclusive, worldwide, fee-bearing royalty-free license for certain Janssen-controller technology to develop, manufacture, and commercialize compounds and products, including CD388. Janssen agreed to (i) transfer and disclose to the Company certain Janssen-controlled know-how related to CD388, including manufacturing know-how, data and documentation, (ii) transfer all existing quantities of CD388 clinical materials, and (iii) transfer the cell banks used by or on behalf of Janssen for the production of CD388. The Company paid Janssen an upfront payment of $85.0 million on April 24, 2024. The Company is also obligated to pay Janssen up to $150.0 million in development and regulatory milestone payments with respect to CD388 and up to $455.0 million in commercialization milestone payments with respect to CD388. The Company has no obligation to pay any royalties to Janssen for future sales of any commercialized CD388 product. As the Company had an existing revenue contract with Janssen, or the Janssen Collaboration Agreement, the Company considered the contract modification and consideration payable to a customer guidance in ASC 606. The Company determined this bundled arrangement would be accounted for as a termination of the existing revenue contract and the creation of a new arrangement. No amounts paid or payable to Janssen were recorded against revenue as the consideration payable to Janssen does not exceed the fair value of the distinct assets acquired in the Janssen License Agreement. In accordance with authoritative guidance, the Company was determined to be the accounting acquirer and substantially all of the fair value of the gross assets acquired is concentrated in the IPR&D of CD388. The reacquired license to develop, manufacture, and commercialize activities of CD388 is part of the acquired IPR&D. The transaction was accounted for as an asset acquisition. The acquired IPR&D did not have an alternative future use as of the acquisition date. Therefore the initial purchase price of $85.4 million, inclusive of $0.4 million in direct transaction costs, was expensed as of the acquisition date as acquired IPR&D in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024. Prior to the acquisition, the Company had $0.5 million in contract liabilities related to deferred revenue balances and unearned cancelled performance obligations associated with the Janssen Collaboration Agreement. The settlement of the preexisting contract liabilities was recorded as an offset to the Janssen License Agreement’s initial purchase price resulting in $84.9 million expensed as acquired IPR&D in condensed consolidated statements of operations and comprehensive loss. The Company’s contingent future obligation to pay Janssen up to $150.0 million in development and regulatory milestone payments with respect to CD388 and up to $455.0 million in commercialization milestone payments with respect to CD388 will be recognized if and when the contingency is resolved and the consideration is paid or becomes payable. Janssen Collaboration Agreement On March 31, 2021, the Company and Janssen entered into an exclusive, worldwide license and collaboration agreement, or Janssen Collaboration Agreement, to develop and commercialize one or more DFCs 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 collaborated 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 R&D 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 Phase 2 Study. The Company was 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 was the IND holder for the Research Plan clinical trials. Both parties were responsible for conducting certain specified CMC development activities under the Research Plan. Janssen was solely responsible, and reimbursed 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. In September 2023, Janssen delivered its Election to Proceed Notice for CD388, whereby Janssen assumed the future development, manufacturing and commercialization activities of CD388 under the Janssen Collaboration Agreement. The Company continued to work in collaboration with Janssen to complete the Phase 1 and Phase 2a clinical trials and was reimbursed for all ongoing development activities by Janssen as per the Janssen Collaboration Agreement. Following Janssen’s Election to Proceed Notice, Janssen was obligated at its sole expense to diligently continue development and commercialization. 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. Non-Compete Covenant . The Company covenanted 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 does 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 was eligible for reimbursement by Janssen of up to $58.2 million in R&D costs incurred in conducting Research Plan activities. The Company was also eligible to receive up to $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 . The Janssen Collaboration Agreement was terminated upon the effectiveness of the Janssen License Agreement on April 24, 2024, and all potential future milestone payments and royalties were forfeited by the Company. Revenue Recognition Prior to the Janssen Collaboration Agreement termination on April 24, 2024, the Company determined the transaction price is equal to the up-front fee of $27.0 million, plus the R&D funding of $47.8 million, plus milestones achieved of $10.0 million. The transaction price included the total estimated costs related to R&D and clinical supply services. No revenue was reversed due to the change in transaction price as revenue is recognized based on actual amounts billed. 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 utilized discounted cash flows and developed assumptions that required judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success, costs to continue the R&D 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 performance obligation, was as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represented 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 $26.8 million in May 2021 as collaboration revenue in its condensed consolidated statements of operations and comprehensive loss. Research and Development Services. The R&D services performed represents a distinct performance obligation. The Company recognized revenue based on actual amounts incurred as the underlying services were 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 recognized revenue based on actual amounts incurred as the underlying services were provided and billed at fair value. Milestone Payments. In March 2022 and September 2023, the Company achieved milestones of $3.0 million and $7.0 million, respectively, under the Janssen Collaboration Agreement that the Company deemed to be tied to all the performance obligations identified in the original agreement. Revenue associated with these milestones 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 was recognized based on the progress of these performance obligations, the unrecognized portion was recorded as contract liabilities in prior reporting period ends and was expected to be recognized as revenue over the remaining progress of these performance obligations. The Company received payment for these milestones in May 2022 and September 2023, respectively. Royalties. As the license was deemed to be the predominant item to which sales-based royalties related, the Company recognized royalty revenue when the related sales occurred. No royalty revenue was recognized during the three and nine months ended September 30, 2024 and 2023. Contract Liabilities The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Janssen Collaboration Agreement during the nine months ended September 30, 2024 (in thousands): Opening balance, December 31, 2023 $ 430 Revenue from performance obligations satisfied during reporting period (370) Gain on settlement of unsatisfied performance obligations (60) Closing balance, September 30, 2024 $ — As of September 30, 2024, the aggregate transaction price allocated to performance obligations that are unsatisfied is zero under the Janssen Collaboration Agreement. As of September 30, 2024, the Company recorded no accounts receivable associated with the Janssen Collaboration Agreement. As of December 31, 2023, the Company recorded $1.9 million in accounts receivable associated with the Janssen Collaboration Agreement. The following table presents our collaboration revenue under the Janssen Collaboration Agreement (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue from Janssen Collaboration Agreement: Point in Time: License of Intellectual Property - upon milestone achieved $ — $ 2,347 $ — $ 2,347 Over Time: Research and Development Services $ — $ 5,592 $ 1,273 $ 16,324 Clinical Supply Services — 1,278 2 1,856 Total Revenue from Janssen Collaboration Agreement $ — $ 9,217 $ 1,275 $ 20,527

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Finance Lease Obligations The Company has a finance lease for lab equipment which was entered into in November 2023. The finance lease has a term of 36 months, monthly lease payments of $25,009, and an option to purchase the lab equipment for $1 at the end of the finance lease term. As of September 30, 2024, the Company was reasonably certain that it would exercise the option to purchase the lab equipment at the end of the finance lease term. The useful life of the lab equipment is estimated to be 10 years. The rate implicit to the finance lease used in measuring the Company’s finance lease liability was 8.0%. The following table presents information about the amount and timing of cash flows arising from the Company’s finance lease as of September 30, 2024 (in thousands): 2024 $ 75 2025 300 2026 300 2027 25 Total undiscounted finance lease payments 700 Less: Imputed interest (63) Present value of finance lease payments $ 637 The balance sheet classification of the Company’s finance lease is as follows (in thousands): Balance Sheet Classification: Finance lease right-of-use asset $ 788 Accumulated amortization (66) Net finance lease right-of-use asset $ 722 Current portion of finance lease liability $ 259 Long-term finance lease liability 378 Total finance lease liabilities $ 637 As of September 30, 2024, the weighted average remaining finance lease term was 2.3 years. Cash paid for amounts included in the measurement of finance lease liabilities was $0.2 million for the nine months ended September 30, 2024. Finance lease costs were immaterial and $0.1 million for the three and nine months ended September 30, 2024, respectively. Operating Lease Obligations The Company has an operating lease for laboratory and office space in San Diego, California which was entered into in June 2014. Amendments for additional space were entered into in February 2015, March 2015 and August 2015. On April 20, 2023, the Company entered into a seventh amendment to its operating lease with Nancy Ridge Technology Center, L.P. which extended the term of the operating lease by an additional 36 months and increased the base rent to $133,371 per month effective January 1, 2024, subject to 4% increases every January. The operating lease expires on December 31, 2026 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 September 30, 2024, 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 operating lease term for accounting purposes. The incremental borrowing rate used in measuring the Company’s operating lease liability was 12.0%. The following table presents information about the amount and timing of cash flows arising from the Company’s operating lease as of September 30, 2024 (in thousands): 2024 $ 400 2025 1,664 2026 1,731 Total undiscounted operating lease payments 3,795 Less: Imputed interest (489) Present value of operating lease payments $ 3,306 The balance sheet classification of the Company’s operating lease is as follows (in thousands): Balance Sheet Classification: Operating lease right-of-use asset $ 3,035 Current portion of operating lease liability $ 1,322 Long-term operating lease liability 1,984 Total operating lease liabilities $ 3,306 As of September 30, 2024, the weighted average remaining operating lease term was 2.3 years. Cash paid for amounts included in the measurement of operating lease liabilities was $1.2 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively. Operating lease costs were $0.5 million and $1.3 million for the three and nine months ended September 30, 2024, respectively, and $0.4 million and $1.2 million for the three and nine months ended September 30, 2023, respectively. These costs are primarily related to the Company’s 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 R&D activities, manufacturing, and professional services. These contracts generally provide for termination either on notice or after a notice period. Reduction in Force On September 9, 2024, management of the Company, as authorized by the board of directors of the Company, approved a reduction in the Company’s workforce (the “Reduction”) of 20 employees, which represented approximately 30% of the Company’s workforce. The Reduction reflects the Company’s focus on the clinical development of CD388, its influenza product candidate. The Reduction was substantially completed by November 1, 2024. As a result of the Reduction, the Company incurred charges of approximately $1.2 million for severance payments and employee benefits included in R&D expenses in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024. The Company does not expect to incur additional charges related to the Reduction. As of September 30, 2024, these charges were unpaid and included in accrued compensation and benefits in the condensed consolidated balance sheets. The Company expects these charges to be paid during the fourth quarter of 2024.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company estimates an annual effective income tax rate based on projected results for the year and applied the rate to net income or (loss) before taxes to calculate income tax expense or (benefit). When applicable, the income tax provision also includes adjustments for discrete tax items. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. For the three and nine months ended September 30, 2024 the Company recognized no income tax expense from continuing operations, and income tax benefit (expense) from continuing operations recognized for the three and nine months ended September 30, 2023 was immaterial.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On April 24, 2024, the Company and Napp, entered into the Napp Purchase Agreement, pursuant to which the Company sold to Napp, effective as of April 24, 2024, the following: • all of the Company’s rezafungin assets, including all of the Company’s right to receive future milestones and royalties under the Melinta License Agreement and the Mundipharma Collaboration Agreement, • all rezafungin intellectual property rights, including patents and know-how, all product data, regulatory approvals and documentation, • rezafungin and comparator inventory, • specified prepaid assets and specified contracts, in exchange for Napp’s assumption of certain liabilities of the rezafungin business, including the ongoing costs of the ReSPECT Phase 3 clinical trial and the ReSTORE Phase 3 clinical trial in China and the Company’s obligations from and after closing under the Melinta License Agreement, • the Commercial Supply Agreement dated January 23, 2023 between the Company and Melinta, and • the Commercial Supply Agreement, dated December 12, 2022 between the Company and Mundipharma, or the Mundipharma Commercial Supply Agreement. No Company employees were transferred to Napp. The Company, Napp and Mundipharma also entered into an Assignment and Novation Agreement to transfer the Mundipharma Collaboration Agreement and Mundipharma Commercial Supply Agreement from the Company to Napp, or the Novation Agreement. In the Novation Agreement, Mundipharma agreed to forgive the Company’s obligation to refund a $11.1 million development milestone advance due as of December 31, 2024, net of royalties, to Mundipharma under the Mundipharma Collaboration Agreement, provided that (a) the Company performs its obligation to provide carryover services under a Transition Services Agreement with Napp, or the TSA, for a period of 45 days following the closing, (b) the Company delivers all of the purchased assets, including product know-how and product-data, in accordance with the Napp Purchase Agreement and a know-how transfer plan delivered in connection with the Napp Purchase Agreement and (c) the Company performs its obligation to provide other services in accordance with the TSA for 75 days following the closing. If such conditions are not met, the Company will be obligated to refund the development milestone advance, net of royalties, within 10 business days of the date on which it is determined that the conditions for forgiveness were not satisfied. On July 18, 2024, the Company received a notice of satisfaction from Mundipharma that it had completed the required performance obligations under the TSA and, accordingly, the $11.1 million development milestone advance previously made to the Company, and reimbursable to Mundipharma, was forgiven by Mundipharma. In connection with the Napp Purchase Agreement and as a condition to entering into the Napp Purchase Agreement, the Company entered into an amendment, dated April 23, 2024, to the Melinta License Agreement that, among other changes, modified the future regulatory milestones payable upon receipt of marketing approval of the current rezafungin acetate product. The Melinta License Agreement, as amended, was assigned and novated to Napp at the closing of the asset sale. The action to divest rezafungin was taken because of the Company’s strategy to streamline its portfolio and focus on the Cloudbreak platform and other financial considerations. The Company has determined that the sale of rezafungin represents a strategic shift that had a major effect on its result of operations. Rezafungin met the criteria to be reported as discontinued operations in the period ended September 30, 2024. The Company has separately reported the financial results of rezafungin as discontinued operations in the condensed consolidated statements of operations and comprehensive loss for all periods presented. Assets and liabilities classified as discontinued operations in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 consist of the following: September 30, December 31, (In thousands) Carrying amount of major assets included as part of discontinued operations: Current assets: Accounts receivable $ — $ 2,171 Inventory — 6,097 Prepaid expenses and other current assets — 1,022 Current assets from discontinued operations — 9,290 Noncurrent assets: Other assets — 934 Noncurrent assets from discontinued operations — 934 Total assets from discontinued operations $ — $ 10,224 Carrying amount of major liabilities included as part of discontinued operations: Current liabilities: Current contract liabilities — 24,665 Current liabilities from discontinued operations — 24,665 Noncurrent liabilities: Long-term contract liabilities — 4,245 Noncurrent liabilities from discontinued operations — 4,245 Total liabilities from discontinued operations $ — $ 28,910 Inventory consisted of the following (in thousands): September 30, December 31, Raw materials $ — $ 2,691 Work-in-process — 3,406 Total inventory $ — $ 6,097 The Company’s capitalized inventory consisted of costs incurred subsequent to FDA approval of REZZAYO in March 2023. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. There were no inventory write downs during the nine months ended September 30, 2024. The results of operations from discontinued operations during the three and nine months ended September 30, 2024 and 2023 have been reflected as income (loss) from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss and consist of the following: Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Major line items constituting pretax income (loss) of discontinued operations Revenues: Total revenues $ 11 $ 3,501 $ 29,263 $ 25,795 Operating expenses: Cost of product revenue — 387 9,030 387 Research and development 458 7,003 10,572 25,061 Selling, general and administrative 3 1,133 7,460 2,795 Total operating expenses 461 8,523 27,062 28,243 Income (loss) from operations (450) (5,022) 2,201 (2,448) Other expense, net: Loss on disposal of discontinued operations — — (1,799) — Total other expense, net — — (1,799) — Income (loss) from discontinued operations before income tax expense (450) (5,022) 402 (2,448) Income tax expense — (262) — (371) Income (loss) from discontinued operations, net of income taxes $ (450) $ (5,284) $ 402 $ (2,819) The cash flows related to discontinued operations have not been segregated and are included in the condensed consolidated statements of cash flows. The total net cash used in operating activities from discontinued operations was $18.1 million and $9.3 million for the nine months ended September 30, 2024 and 2023, respectively. There were no investing or financing activities from discontinued operations for the nine months ended September 30, 2024 and 2023. Napp Purchase Agreement In connection with the execution of the Napp Purchase Agreement, the Company modified its existing collaboration and license arrangements and Commercial Supply Agreements with Mundipharma and Melinta. As a result of the modified revenue contracts and the termination of these revenue arrangements, the Company concluded the Napp Purchase Agreement and the other aforementioned arrangements represented a bundled arrangement with a single commercial objective that required assessment under the guidance for revenue recognition. As a result, the Company identified the distinct performance obligations within the arrangements (including whether the distinct performance obligations were within the scope of ASC 606), determined the transaction price and the standalone selling prices of the distinct performance obligations, and allocated the transaction price using the relative standalone selling price method to the distinct performance obligations. Revenue Recognition On April 24, 2024, as of the execution date of the Napp Purchase Agreement (and all other bundled arrangements), the Company determined the transaction price is equal to $21.2 million for the sale of all rezafungin assets, including the Company’s right to receive future milestones and royalties from Mundipharma and Melinta, all rezafungin intellectual property rights, including patents and know-how, rezafungin and comparator inventory, specified prepaid assets, the Commercial Supply Agreements with Melinta and Mundipharma, and certain transition services. The transaction price includes the forgiveness of $25.3 million in contract liabilities (inclusive of the $11.1 million development milestone advance) and $0.6 million for the transition services agreement. The Company paid $2.1 million to Napp and forgave $2.6 million in accounts receivable, both of which are included as a reduction to the transaction price. The $21.2 million transaction price was allocated to the distinct performance obligations on the basis of their respective relative standalone selling prices. All Rezafungin assets . The Company transferred all rezafungin assets, including all rezafungin intellectual property rights, including patents and know-how, rezafungin and comparator inventory in April 2024 at a point in time. Therefore, the Company recognized the revenue related to this bundled performance obligations in the amount of $20.8 million as revenue in the results from operations from discontinued operations. Specified Prepaid Assets and Contracts . The Company transferred specified prepaid and contracts in April 2024 at a point in time. The nature of the assets transferred were determined to be outside the scope of ASC 606 and therefore, the $0.3 million was recorded as part of the loss on disposal of discontinued operations. Transition Services . The Company performed its services under the TSA over the initial 76-day period subsequent to the effective date of the Napp Purchase Agreement. In connection with the carryover services provided after the sale of rezafungin, the Company recognized $0.1 million as revenue in the results of operations from discontinued operations during the three and nine months ended September 30, 2024. The Company's costs to provide the TSA services predominantly relate to employee labor costs which are reported within R&D and SG&A expenses within the results of operations from discontinued operations during the three and nine months ended September 30, 2024. The remaining unsatisfied performance obligation as of September 30, 2024 was zero. 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 Mundipharma Licensed Product, for the treatment and prevention of invasive fungal infections. Collaboration . Under the Mundipharma Collaboration Agreement, the Company was responsible for leading the conduct of an agreed global development plan, or the Global Development Plan, that included the Phase 3 pivotal clinical trial of the Mundipharma Licensed Product for the treatment of candidemia and/or invasive candidiasis, or the ReSTORE Trial, and the Phase 3 pivotal clinical trial of the Mundipharma 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 Mundipharma Licensed Product. Mundipharma was responsible for performing all development activities, other than Global Development Plan activities, that were necessary to obtain and maintain regulatory approvals for the Mundipharma Licensed Product outside of the U.S. and Japan, or the Mundipharma Territory, at Mundipharma’s sole cost. Licenses . Pursuant to the Mundipharma Collaboration Agreement, the Company granted Mundipharma an exclusive, royalty‑bearing license to develop, register and commercialize the Mundipharma Licensed Product in the Mundipharma Territory, subject to the Company’s retained right in Japan before the Mundipharma Collaboration Agreement was terminated. 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 Mundipharma Licensed Product and rezafungin. Until the seventh anniversary of the first commercial sale of the Mundipharma Licensed Product in the Mundipharma Territory, each party granted the other party an exclusive, time-limited right of first negotiation to obtain a license to any anti-fungal product (other than Mundipharma Licensed Product, Subcutaneous Product and Other Products) that such party proposes to out-license in the other party’s territory. Financial Terms . As of the execution of the Mundipharma Collaboration Agreement, the parties 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 was $568.4 million, including an equity investment, an up-front payment, global development funding, and certain development, regulatory, and commercial milestones. The Company was also eligible to receive double-digit royalties in the teens on tiers of annual net sales. Termination . The Mundipharma Collaboration Agreement was terminated upon the effectiveness of the assignment to Napp on April 24, 2024. Revenue Recognition Prior to the Mundipharma Collaboration Agreement termination on April 24, 2024, the Company determined the transaction price was equal to the up-front fee of $30.0 million, plus the R&D funding of $31.2 million, plus milestones achieved of $27.9 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 utilized discounted cash flows and developed assumptions that required 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 performance obligation, was as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represented a distinct performance obligation. The license and associated know-how was transferred to Mundipharma during September 2019, therefore the Company recognized the 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 shared equally in the costs of ongoing rezafungin clinical development in the Mundipharma Territory up to the specified cap, which represented a distinct performance obligation. The Company recorded these cost-sharing payments due from Mundipharma as collaboration revenue. The Company concluded that progress towards completion of the performance obligation related to the R&D services was best measured in an amount proportional to the R&D expenses incurred and the total estimated R&D expenses. Clinical Supply Services. The Company’s initial obligation to supply rezafungin for ongoing clinical development in the Mundipharma Territory represented a distinct performance obligation. The Company concluded that progress towards completion of the performance obligations related to the clinical supply services was best measured in an amount proportional to the clinical supply services expenses incurred and the total estimated clinical supply services. Milestone Payments. In November 2020, the Company achieved a $11.1 million milestone under the Mundipharma Collaboration Agreement, which was previously recorded as current contract liabilities as of December 31, 2023 because the rights to consideration were expected to be satisfied within one year. The Company received payment for this milestone in January 2021. Mundipharma was 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 had 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 would have been obligated to refund the uncredited portion of such milestone payment to Mundipharma on the earlier of such dates. The full amount was forgiven in July 2024 as part of the rezafungin asset sale and the Company included $11.1 million in the transaction price of the Napp Purchase Agreement. In December 2021, August 2022, December 2023 and January 2024, the Company achieved milestones of $2.8 million, $11.1 million, $11.1 million and $2.8 million, respectively, under the Mundipharma Collaboration Agreement that the Company deemed to be tied to all the performance obligations identified in the original agreement. Revenue associated with these milestones 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 was recognized based on the progress of these performance obligations, the unrecognized portion was recorded as contract liabilities at the reporting period end and was recognized as revenue over the remaining progress of these performance obligations. The Company received payment for these milestones in January 2022, September 2022, February 2024 and April 2024, respectively. Royalties. As the license was deemed to be the predominant item to which sales-based royalties related, the Company recognized royalty revenue when the related sales occurred. Royalty revenue recognized during the three and nine months ended September 30, 2024 was immaterial. No royalty revenue was recognized during the three and nine months ended September 30, 2023. Melinta License Agreement On July 26, 2022, the Company entered into the Melinta License Agreement with Melinta under which the Company granted Melinta an exclusive license to develop and commercialize products that contained or incorporated rezafungin, or the Melinta Licensed Product, in the U.S., or the Melinta Territory. Licenses . Pursuant to the Melinta License Agreement, the Company granted Melinta an exclusive, royalty‑bearing license (including the right to sublicense through multiple tiers), to develop, register and commercialize the Melinta Licensed Product for all uses in humans and non-human animals in the Melinta Territory, subject to the Company’s retained right, as described below. Non-Compete Covenant . Until the fifth anniversary of the first commercial sale of the first Melinta Licensed Product in the Melinta Territory, neither the Company nor Melinta, nor any of their respective majority-owned subsidiaries could, directly or indirectly, itself or in collaboration with any third party, developed, manufactured for development or commercialization, or commercialized any product in the echinocandin class of drugs in the Melinta Territory without the other party’s prior written consent, subject to certain provisions in connection with a change of control of a party. Commercialization. Melinta was solely responsible for the commercialization of rezafungin in the Melinta Territory, at its sole expense. Continued Development and Regulatory Activities. The Company was responsible, at its sole expense, for conducting an agreed upon development plan, or the Melinta Development Plan, that included, among other activities, (a) completion of the ReSPECT Phase 3 pivotal clinical trial for the prophylaxis of invasive fungal infections in adult allogeneic blood and marrow transplant recipients, or the Prophylaxis Indication, (b) preparation and submission to the FDA of a supplemental new drug application, or sNDA, for the Melinta Licensed Product in the Prophylaxis Indication, (c) site close-out activity worldwide (outside of China) for the ReSTORE Phase 3 pivotal clinical trial for the treatment of candidemia and invasive candidiasis, or the Treatment Indication, (d) certain nonclinical studies and other nonclinical activities, (e) certain CMC activities for the Melinta Licensed Product, and (f) all other development activities that were required by the FDA to obtain marketing approval of the Melinta Licensed Product in the Treatment Indication and the Prophylaxis Indication in the Melinta Territory. The Company remained the holder of the rezafungin IND and new drug application, or NDA, before the Melinta License Agreement was assigned. Both regulatory applications were to transfer to Melinta on a transfer date determined based on the status of the ReSPECT trial and the associated sNDA for the Prophylaxis Indication, after which Melinta would have been responsible for performing all activities that may have been necessary to maintain NDA approvals for the Melinta Licensed Product in the Treatment Indication and the Prophylaxis Indication in the Melinta Territory, at Melinta’s sole expense, subject to Melinta’s right to deduct from royalties payable to the Company the internal expenses (not to exceed a specified dollar amount per calendar year) and certain out-of-pocket expenses incurred by Melinta. Supply and Transfer of CMC activities. Until Melinta assumed responsibility for the manufacture and supply of the Melinta Licensed Product for development and commercialization in the Melinta Territory, which it may do by direct purchase from the Company’s contract manufacturing organizations for the Melinta Licensed Product or by having a manufacturing technology transfer to Melinta or its designee performed at Melinta’s sole expense, which, in either case, will be no later than December 31, 2026, the Company was responsible for the manufacture and supply of the Melinta Licensed Product for development and commercialization by Melinta in the Melinta Territory, and during such period, supplied Melinta Licensed Product to Melinta pursuant to the terms of a supply agreement negotiated by the parties. Financial Terms. Upon execution of the Melinta License Agreement, the total potential transaction value was $460.0 million, including a $30.0 million upfront payment and up to $430.0 million in regulatory and commercial milestone payments. In addition, the Company was eligible to receive tiered royalties on U.S. sales in the low double digits to mid-teens. Termination. The Melinta License Agreement was terminated upon the effectiveness of the assignment to Napp on April 24, 2024. Revenue Recognition Prior to the Melinta License Agreement termination on April 24, 2024, the Company determined the transaction price was equal to the up-front fee of $30.0 million, plus a milestone achieved of $20.0 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 utilized discounted cash flows and developed assumptions that required judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success, costs to continue the R&D efforts and costs for manufacturing clinical supplies. A description of the distinct performance obligations identified under the Melinta License Agreement, as well as the amount of revenue allocated to each distinct performance obligation, was as follows: Licenses of Intellectual Property. The license to the Company’s intellectual property, bundled with the associated know-how, represented a distinct performance obligation. The license and associated know-how was transferred to Melinta in August 2022, therefore the Company recognized the revenue related to this performance obligation in the amount of $25.9 million in August 2022 as collaboration revenue in its condensed consolidated statements of operations and comprehensive loss. Research and Development Services. The Company was required to provide R&D services, at its sole expense, as described under the Melinta Development Plan, which represented a distinct performance obligation. The Company concluded that progress towards completion of the performance obligation related to the R&D services was best measured in an amount proportional to the R&D expenses incurred and the total estimated R&D expenses. Clinical Supply Services. The Company’s obligation to supply rezafungin for ongoing clinical development in the Melinta Territory represented a distinct performance obligation. The Company concluded that progress towards completion of the performance obligations related to the clinical supply services was best measured in an amount proportional to the clinical supply services expenses incurred and the total estimated clinical supply services. Revenue related to the clinical supply services performance obligation recognized during the three and nine months ended September 30, 2024 was immaterial. Milestone Payments. In March 2023, the Company achieved a $20.0 million milestone under the Melinta License Agreement that the Company deemed 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 was recognized based on the progress of these performance obligations, the unrecognized portion was recorded as contract liabilities at the reporting period end and was recognized as revenue over the remaining progress of these performance obligations. The Company received payment for this milestone in April 2023. Royalties. As the license was deemed to be the predominant item to which sales-based royalties related, the Company recognized royalty revenue when the related sales occurred. Royalty revenue recognized during the three months ended September 30, 2024 was immaterial and the Company recognized $0.1 million in royalty revenue during the nine months ended September 30, 2024 following the commercial launch of REZZAYO by Melinta in the U.S. on July 31, 2023. No royalty revenue was recognized during the three and nine months ended September 30, 2023. Costs to Obtain a Contract with a Customer The Company incurred costs to a third party to obtain the Melinta License Agreement and capitalized $2.0 million upon execution of the Melinta License Agreement, and capitalized an additional $0.5 million upon achievement of a milestone, in accordance with ASC 340, Other Assets and Deferred Costs . The Company incurred these costs in connection with all the performance obligations identified in the Melinta License Agreement and allocated the capitalized contract costs to performance obligations on a relative basis (i.e., in proportion to the transaction price allocated to each performance obligation) to determine the period of amortization. The expense recognized during the three and nine months ended September 30, 2024 was $0.2 million and the expense recognized during the three and nine months ended September 30, 2023 was immaterial and $0.5 million, respectively, and is included within the results of operations from discontinued operations. As of September 30, 2024 there was no balance remaining of the asset recognized from costs to obtain the Melinta License Agreement. Contract Liabilities The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Mundipharma Collaboration Agreement and Melinta License Agreement during the nine months ended September 30, 2024 (in thousands): Opening balance, December 31, 2023 $ 28,910 Revenue from performance obligations satisfied during reporting period (28,910) Closing balance, September 30, 2024 $ — Current portion of contract liabilities $ — Long-term portion of contract liabilities — Total contract liabilities, September 30, 2024 $ — As of September 30, 2024, the aggregate transaction price allocated to performance obligations that are unsatisfied is zero under both the Mundipharma Collaboration Agreement and the Melinta License Agreement. As of September 30, 2024, the Company recorded no accounts receivable associated with the Mundipharma Collaboration Agreement and Melinta License Agreement. As of September 30, 2024, the Company recorded accounts receivable associated with the Napp Purchase Agreement of $1.7 million. As of December 31, 2023, the Company recorded $13.9 million and $0.4 million in accounts receivable associated with the Mundipharma Collaboration Agreement and Melinta License Agreement, respectively. The following table presents our collaboration revenue disaggregated by collaborator and timing of revenue recognition (in thousands): Three Months Ended Nine Months Ended Mundipharma Melinta Mundipharma Melinta Revenue from Collaboration, License and Purchase Agreements: Point in Time: Rezafungin Assets, including Sale of IP and Inventory $ — $ — $ 20,833 $ — License of Intellectual Property - upon milestone achieved — — 813 — Product Revenue — — 2,826 — Royalty Revenue — — 37 125 Over Time: Research and Development Services — — 3,895 457 Clinical Supply Services — — 175 — Transition Services 11 — 102 — Total Revenue from Collaboration, License and Purchase Agreements $ 11 $ — $ 28,681 $ 582 Three Months Ended Nine Months Ended Mundipharma Melinta Mundipharma Melinta Revenue from Collaboration and License Agreements: Point in Time: License of Intellectual Property - upon milestone achieved $ — $ — $ — $ 17,257 Clinical Drug Supply — — 26 — Product Revenue — 1,468 — 1,468 Royalty Revenue — 70 — 70 Over Time: Research and Development Services 1,550 408 4,870 1,859 Clinical Supply Services 5 — 245 — Total Revenue from Collaboration and License Agreements $ 1,555 $ 1,946 $ 5,141 $ 20,654

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, the Company had an accumulated deficit of $559.0 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 September 30, 2024, the Company had cash and cash equivalents of $127.4 million, which the Company expects will provide sufficient liquidity to support its planned operations through the middle of the fourth quarter of 2025. The Company’s current financial resources may not be sufficient to support its planned operations beyond such date without securing additional financing. The Company’s ability to execute its current business plan depends on its ability to obtain additional funding through equity offerings, debt financings, other third-party funding, or potential licensing or collaboration arrangements. The Company may not be able to raise additional funding on terms acceptable to the Company, or at all, and any failure to raise funds as and when needed will compromise the Company’s ability to execute on its business plan. 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, or 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, the Company 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.
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 September 30, 2024 and 2023.
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 estimated collaboration expenses related to the Company’s collaboration and license agreements, certain accruals, including those related to nonclinical and clinical activities, and the stand-alone selling price of performance obligations associated with the Company’s collaboration and 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.
Acquisitions	Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further analysis is required to determine whether the Company has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets.
Discontinued Operations	Discontinued Operations The Company presents discontinued operations when there is a disposal of a component or a group of components that represents a strategic shift that will have a major effect on operations and financial results. The results from discontinued operations of the rezafungin assets prior and subsequent to its sale are presented as net income (loss) from discontinued operations in the unaudited condensed consolidated statements of operations and comprehensive loss for all periods presented, including any gain or loss recognized on closing. The assets and liabilities for the rezafungin operations related activities prior and subsequent to its sale have been classified as discontinued operations and segregated for all periods presented in the unaudited condensed consolidated balance sheets. See Note 9 for additional information.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents.
Accounts Receivable	Accounts Receivable Accounts receivable is stated at the original invoice amount and consists of amounts due from customers related to milestones achieved, certain research and development, or R&D, and clinical supply costs subject to reimbursement under the collaboration and license agreements, royalties earned, product sales and the associated indirect taxes collectible from customers. The Company records accounts receivable net of any allowances for doubtful accounts for potential credit losses. An allowance for doubtful accounts is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectability as these patterns are established over a longer period of time. The Company did not record any credit losses as of September 30, 2024 or December 31, 2023.
Inventory	Inventory The Company began capitalizing inventory for REZZAYO, which received approval by the U.S. Food and Drug Administration, or FDA, in March 2023. REZZAYO (rezafungin for injection) is approved for the treatment of candidemia and invasive candidiasis in adults with limited or no alternative treatment options. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred. Inventory is comprised of raw materials and work-in-process, and includes costs related to materials, third-party contract manufacturing, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. The Company performs an assessment of recoverability of capitalized inventory during each reporting period based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life, and writes down any excess, obsolete or unsaleable inventory to its estimated realizable value in the period which the required reserve is first identified. Such write downs, should they occur, are charged to cost of product revenue in the condensed consolidated statements of operations and comprehensive loss. See Note 9 for additional information.
Property and Equipment	Property and Equipment The Company records property and equipment at cost, which consists of laboratory 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
Finance Lease and Operating Lease	Finance Lease In accordance with Accounting Standards Codification , or ASC, 842, Leases , or ASC 842, the Company determines if a contract contains a lease at inception and recognizes finance lease right-of-use assets and finance lease liabilities based on the present value of the future minimum lease payments at the commencement date. The implicit rate within the Company’s finance lease was determinable and therefore used in determining the present value of future payments at the commencement date. Lease agreements that have lease and non-lease components are accounted for as a single lease component. The Company recognizes amortization of the right-of-use assets and interest on the lease liabilities for its finance lease. Finance lease right-of-use assets are amortized on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the right-of-use assets are amortized to the end of the useful life of the underlying asset. Operating Lease In accordance with ASC 842 the Company determines if a contract contains a lease at inception and recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As the Company’s operating leases do not provide an implicit rate, management develops incremental borrowing rates based on the information available at the commencement date in determining the present value of future payments. Lease agreements that have lease and non-lease components are accounted for as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.
Income Taxes	Income Taxes The Company reports deferred income taxes in accordance with ASC 740, Income Taxes , or ASC 740. 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.
Indirect Taxes	Indirect Taxes The Company’s purchases of clinical drug supplies and raw materials, inventory transfers, and sales of commercial drug product are subject to indirect taxation in various jurisdictions outside of the U.S. Indirect tax payable is included in accrued indirect tax liabilities, the related expense is included in R&D expenses, and the related interest and penalties are included in selling, general and administrative, or SG&A, expenses. The accrual is for the indirect tax incurred in various tax jurisdictions outside of the U.S. as a consequence of the Company’s supply chain activities or in connection with commercial sales of REZZAYO. To the extent that any accrued indirect taxes are determined to not be due and payable, then any associated liabilities and operating expenses will be reversed at that time. Indirect tax amounts on commercial sales (product revenue) and asset disposals that can be billed to and recovered from our customers are included in accounts receivables. Indirect tax amounts related to inventory purchases and manufacturing are included within inventory.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , or ASC 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 ASC 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 ASC 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 ASC 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. Collaboration Revenue 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 development 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 recognizes 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. See Note 6 and Note 9 for additional information. Product Revenue In December 2022 and January 2023, the Company entered into separate Commercial Supply Agreements with Mundipharma and Melinta Therapeutics, LLC, or Melinta, respectively, for the batch supply of REZZAYO naked vials for commercial use. Under the Commercial Supply Agreements, Mundipharma and Melinta were required to submit purchase orders to the Company for batches of REZZAYO naked vials. The Company concluded that the delivery of each batch of REZZAYO naked vials and the related quality assessment certification represented a distinct performance obligation. The Commercial Supply Agreements were terminated upon the effectiveness of the assignment to Napp on April 24, 2024 (see Note 9 for additional information). The transaction price recognized as revenue for each performance obligation under the Commercial Supply Agreements consisted of variable consideration which was determined based on the estimated per vial costs, plus the contractually stated margin rate. The amounts recognized as revenue were adjusted, as needed, each reporting period based on actual costs incurred for each batch. Variable consideration was included in the transaction price only to the extent that it was considered probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration was subsequently resolved. The Company has made an accounting policy election to exclude from the transaction price any indirect taxes collected from customers. As a result, any such collections were recorded as indirect tax liabilities. The transaction price was fully allocated to the single performance obligation. The Company concluded that the performance obligation was satisfied and product revenue was recognized when the customer obtained control of the product, which occurred at a point in time, typically upon the later of (i) completion of a positive quality assessment, or (ii) shipment of the Company’s product to the customer. Shipping and handling activities that were performed after a customer obtained control of the product were treated as activities to fulfill the promise to a customer and any amounts billed to a customer represented revenues for the product provided. Costs related to such shipping and handling were classified as cost of product revenue.
Cost of Product Revenue	Cost of Product Revenue Cost of product revenue consists primarily of costs related to materials, third-party contract manufacturing, freight-in and overhead. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to R&D expense in the period incurred.
Acquired In-process Research and Development Expenses	Acquired In-process Research and Development Expenses Acquired in-process research and development, or IPR&D, expenses include consideration for the purchase of IPR&D through asset acquisitions and license agreements as well as payments made in connection with asset acquisitions and license agreements upon the achievement of development milestones. The Company evaluates license agreements for IPR&D projects to determine if it meets the definition of a business and thus should be accounted for as a business combination. If the license agreement for IPR&D does not meet the definition of a business and the assets have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its condensed consolidated statements of operations and comprehensive loss. In those cases, payments for milestones achieved and payments for a product license prior to regulatory approval of the product are expensed in the period incurred. Payments made in connection with regulatory and sales-based milestones will be capitalized and amortized to cost of revenue.
Research and Development Expenses	Research and Development Expenses R&D expenses consist of wages, benefits and stock-based compensation charges for R&D employees, scientific consultant fees, facilities and overhead expenses, laboratory supplies, manufacturing expenses in preclinical development and certain manufacturing expenses before FDA approval, nonclinical and clinical trial costs, and indirect taxes on clinical supplies and development materials. 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.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses SG&A expenses relate to selling, finance, human resources, legal and other administrative activities. SG&A expenses consist primarily of salaries and related benefits, including stock-based compensation, related to our executive, finance, legal, business development, commercial planning and support functions. Other SG&A expenses include facility and overhead costs not otherwise included in cost of product revenue or R&D expenses, consultant expenses, travel expenses, professional fees for auditing, tax, legal, and other services, the branded prescription drug fee, and any accrued interest and penalties on accrued indirect tax liabilities.
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 R&D 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	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 2015 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 does 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 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 A Convertible Voting Preferred Stock and Series X Convertible Preferred Stock, see Note 4 for additional information. Basic net EPS is then calculated by dividing the net income attributable 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 EPS by using the more dilutive of the (1) treasury stock method, reverse treasury stock method or if-converted method, as applicable, or (2) the two-class method. Dilutive common stock equivalents are comprised of warrants, Series A Convertible Voting Preferred Stock, Series X Convertible Preferred Stock, RSUs, PRSUs and options outstanding under the Company’s stock option plans and ESPP, on an as converted basis. Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive stock equivalents outstanding for the period determined using the treasury stock method or if-converted method. Under the two-class method, the net loss attributable to common stockholders is not allocated to the Series A Convertible Voting Preferred Stock or the Series X Convertible Preferred Stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses. 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. In accordance with ASC 260, if a company had a discontinued operation, the company uses income (loss) from continuing operations as its control number to determine whether potential common shares are dilutive or anti-dilutive for purposes of reporting basic and diluted net earnings (loss) per common share from discontinued operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows ASC 820-10, Fair Value Measurements and Disclosures , or ASC 820-10, 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, accounts receivable, accounts payable, accrued liabilities, accrued compensation and benefits, and lease liabilities. The carrying amount of these financial instruments are generally considered to be representative of their respective fair values because of their short-term nature.
Recently Issued and Recently Adopted Accounting Pronouncements	Recently Issued and Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. In November 2023, the FASB issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine its impact on the Company’s consolidated financial statements or related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company plans to adopt this guidance for the fiscal year ending December 31, 2025 and believes, based on its preliminary assessment, that this new guidance will not have a material impact on the Company’s consolidated financial statements or related disclosures. The Company believes, based on its preliminary assessment, that any other recently issued, but not yet adopted, accounting pronouncements will not have a material impact on the Company’s condensed consolidated financial statements or related disclosures, or do not apply to the Company.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Outstanding Potentially Dilutive Securities Excluded from Calculation of Basic and Diluted Net Loss Per Share	The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of basic and diluted net loss per share because doing so would be anti-dilutive (in common stock equivalent shares): Three and Nine Months Ended September 30, 2024 2023 Common stock warrants 866 866 Series A Convertible Voting Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,454,822 646,233 Total 17,838,674 1,699,335

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule 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 September 30, 2024 Assets: Cash and money market accounts $ 127,386 $ 127,386 $ — $ — Total assets at fair value $ 127,386 $ 127,386 $ — $ — December 31, 2023 Assets: Cash and money market accounts $ 35,778 $ 35,778 $ — $ — Total assets at fair value $ 35,778 $ 35,778 $ — $ —

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance is as follows (in common stock equivalent shares): September 30, December 31, Common stock warrants 866 866 Series A Convertible Preferred Stock 14,330,750 — Series X Convertible Preferred Stock 1,052,236 1,052,236 Common stock options, RSUs and PRSUs issued and outstanding 2,454,822 638,037 Authorized for future stock awards 1,052,406 170,783 Awards available under the ESPP 67,089 49,623 Total 18,958,169 1,911,545

EQUITY INCENTIVE PLANS (Tables)

EQUITY INCENTIVE PLANS (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units and Performance-based Restricted Stock Units Activity	The following table summarizes RSU and PRSU activity during the nine months ended September 30, 2024: Number of Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 104,886 $ 22.83 RSUs and PRSUs granted 153,012 12.30 RSUs and PRSUs vested (43,053) 24.24 RSUs and PRSUs canceled (17,705) 24.68 Outstanding at September 30, 2024 197,140 $ 14.18
Schedule of Stock Option Activity	The following table summarizes stock option activity during the nine months ended September 30, 2024: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Total Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2023 533,151 $ 44.61 6.72 $ 57 Options granted 1,796,401 11.14 Options exercised — — Options canceled (71,870) 31.68 Outstanding at September 30, 2024 2,257,682 $ 18.39 9.10 $ 1 Vested and expected to vest at September 30, 2024 2,257,682 $ 18.39 9.10 $ 1 Exercisable at September 30, 2024 420,941 $ 48.19 5.74 $ 1
Schedule of Stock-based Compensation Expense	Stock-based compensation expense recognized for RSUs, PRSUs, stock options, and the ESPP has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Stock compensation expense: Research and development $ 344 $ 207 $ 868 $ 629 Selling, general and administrative 407 403 1,150 1,038 Stock compensation expense recorded in continuing operations 751 610 2,018 1,667 Stock compensation expense recorded in discontinued operations — 186 231 564 Total stock compensation expense $ 751 $ 796 $ 2,249 $ 2,231

SIGNIFICANT AGREEMENTS AND CO_2

SIGNIFICANT AGREEMENTS AND CONTRACTS (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule 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 pertaining to the Janssen Collaboration Agreement during the nine months ended September 30, 2024 (in thousands): Opening balance, December 31, 2023 $ 430 Revenue from performance obligations satisfied during reporting period (370) Gain on settlement of unsatisfied performance obligations (60) Closing balance, September 30, 2024 $ — The following table presents our collaboration revenue under the Janssen Collaboration Agreement (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue from Janssen Collaboration Agreement: Point in Time: License of Intellectual Property - upon milestone achieved $ — $ 2,347 $ — $ 2,347 Over Time: Research and Development Services $ — $ 5,592 $ 1,273 $ 16,324 Clinical Supply Services — 1,278 2 1,856 Total Revenue from Janssen Collaboration Agreement $ — $ 9,217 $ 1,275 $ 20,527 The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Mundipharma Collaboration Agreement and Melinta License Agreement during the nine months ended September 30, 2024 (in thousands): Opening balance, December 31, 2023 $ 28,910 Revenue from performance obligations satisfied during reporting period (28,910) Closing balance, September 30, 2024 $ — Current portion of contract liabilities $ — Long-term portion of contract liabilities — Total contract liabilities, September 30, 2024 $ — The following table presents our collaboration revenue disaggregated by collaborator and timing of revenue recognition (in thousands): Three Months Ended Nine Months Ended Mundipharma Melinta Mundipharma Melinta Revenue from Collaboration, License and Purchase Agreements: Point in Time: Rezafungin Assets, including Sale of IP and Inventory $ — $ — $ 20,833 $ — License of Intellectual Property - upon milestone achieved — — 813 — Product Revenue — — 2,826 — Royalty Revenue — — 37 125 Over Time: Research and Development Services — — 3,895 457 Clinical Supply Services — — 175 — Transition Services 11 — 102 — Total Revenue from Collaboration, License and Purchase Agreements $ 11 $ — $ 28,681 $ 582 Three Months Ended Nine Months Ended Mundipharma Melinta Mundipharma Melinta Revenue from Collaboration and License Agreements: Point in Time: License of Intellectual Property - upon milestone achieved $ — $ — $ — $ 17,257 Clinical Drug Supply — — 26 — Product Revenue — 1,468 — 1,468 Royalty Revenue — 70 — 70 Over Time: Research and Development Services 1,550 408 4,870 1,859 Clinical Supply Services 5 — 245 — Total Revenue from Collaboration and License Agreements $ 1,555 $ 1,946 $ 5,141 $ 20,654

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Amount, Timing and Uncertainty of Cash Flows from Finance Lease	The following table presents information about the amount and timing of cash flows arising from the Company’s finance lease as of September 30, 2024 (in thousands): 2024 $ 75 2025 300 2026 300 2027 25 Total undiscounted finance lease payments 700 Less: Imputed interest (63) Present value of finance lease payments $ 637
Schedule of Supplemental Balance Sheet Information For Finance Leases	The balance sheet classification of the Company’s finance lease is as follows (in thousands): Balance Sheet Classification: Finance lease right-of-use asset $ 788 Accumulated amortization (66) Net finance lease right-of-use asset $ 722 Current portion of finance lease liability $ 259 Long-term finance lease liability 378 Total finance lease liabilities $ 637
Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Lease	The following table presents information about the amount and timing of cash flows arising from the Company’s operating lease as of September 30, 2024 (in thousands): 2024 $ 400 2025 1,664 2026 1,731 Total undiscounted operating lease payments 3,795 Less: Imputed interest (489) Present value of operating lease payments $ 3,306
Schedule of 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 $ 3,035 Current portion of operating lease liability $ 1,322 Long-term operating lease liability 1,984 Total operating lease liabilities $ 3,306

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	Assets and liabilities classified as discontinued operations in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 consist of the following: September 30, December 31, (In thousands) Carrying amount of major assets included as part of discontinued operations: Current assets: Accounts receivable $ — $ 2,171 Inventory — 6,097 Prepaid expenses and other current assets — 1,022 Current assets from discontinued operations — 9,290 Noncurrent assets: Other assets — 934 Noncurrent assets from discontinued operations — 934 Total assets from discontinued operations $ — $ 10,224 Carrying amount of major liabilities included as part of discontinued operations: Current liabilities: Current contract liabilities — 24,665 Current liabilities from discontinued operations — 24,665 Noncurrent liabilities: Long-term contract liabilities — 4,245 Noncurrent liabilities from discontinued operations — 4,245 Total liabilities from discontinued operations $ — $ 28,910 Inventory consisted of the following (in thousands): September 30, December 31, Raw materials $ — $ 2,691 Work-in-process — 3,406 Total inventory $ — $ 6,097 The results of operations from discontinued operations during the three and nine months ended September 30, 2024 and 2023 have been reflected as income (loss) from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss and consist of the following: Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Major line items constituting pretax income (loss) of discontinued operations Revenues: Total revenues $ 11 $ 3,501 $ 29,263 $ 25,795 Operating expenses: Cost of product revenue — 387 9,030 387 Research and development 458 7,003 10,572 25,061 Selling, general and administrative 3 1,133 7,460 2,795 Total operating expenses 461 8,523 27,062 28,243 Income (loss) from operations (450) (5,022) 2,201 (2,448) Other expense, net: Loss on disposal of discontinued operations — — (1,799) — Total other expense, net — — (1,799) — Income (loss) from discontinued operations before income tax expense (450) (5,022) 402 (2,448) Income tax expense — (262) — (371) Income (loss) from discontinued operations, net of income taxes $ (450) $ (5,284) $ 402 $ (2,819)
Schedule 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 pertaining to the Janssen Collaboration Agreement during the nine months ended September 30, 2024 (in thousands): Opening balance, December 31, 2023 $ 430 Revenue from performance obligations satisfied during reporting period (370) Gain on settlement of unsatisfied performance obligations (60) Closing balance, September 30, 2024 $ — The following table presents our collaboration revenue under the Janssen Collaboration Agreement (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue from Janssen Collaboration Agreement: Point in Time: License of Intellectual Property - upon milestone achieved $ — $ 2,347 $ — $ 2,347 Over Time: Research and Development Services $ — $ 5,592 $ 1,273 $ 16,324 Clinical Supply Services — 1,278 2 1,856 Total Revenue from Janssen Collaboration Agreement $ — $ 9,217 $ 1,275 $ 20,527 The following table presents a summary of the activity in the Company’s contract liabilities pertaining to the Mundipharma Collaboration Agreement and Melinta License Agreement during the nine months ended September 30, 2024 (in thousands): Opening balance, December 31, 2023 $ 28,910 Revenue from performance obligations satisfied during reporting period (28,910) Closing balance, September 30, 2024 $ — Current portion of contract liabilities $ — Long-term portion of contract liabilities — Total contract liabilities, September 30, 2024 $ — The following table presents our collaboration revenue disaggregated by collaborator and timing of revenue recognition (in thousands): Three Months Ended Nine Months Ended Mundipharma Melinta Mundipharma Melinta Revenue from Collaboration, License and Purchase Agreements: Point in Time: Rezafungin Assets, including Sale of IP and Inventory $ — $ — $ 20,833 $ — License of Intellectual Property - upon milestone achieved — — 813 — Product Revenue — — 2,826 — Royalty Revenue — — 37 125 Over Time: Research and Development Services — — 3,895 457 Clinical Supply Services — — 175 — Transition Services 11 — 102 — Total Revenue from Collaboration, License and Purchase Agreements $ 11 $ — $ 28,681 $ 582 Three Months Ended Nine Months Ended Mundipharma Melinta Mundipharma Melinta Revenue from Collaboration and License Agreements: Point in Time: License of Intellectual Property - upon milestone achieved $ — $ — $ — $ 17,257 Clinical Drug Supply — — 26 — Product Revenue — 1,468 — 1,468 Royalty Revenue — 70 — 70 Over Time: Research and Development Services 1,550 408 4,870 1,859 Clinical Supply Services 5 — 245 — Total Revenue from Collaboration and License Agreements $ 1,555 $ 1,946 $ 5,141 $ 20,654

THE COMPANY AND BASIS OF PRES_2

THE COMPANY AND BASIS OF PRESENTATION (Details) $ in Thousands		9 Months Ended
	Apr. 23, 2024	Sep. 30, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit		$ 558,951	$ 441,431
Cash and cash equivalents		$ 127,386	$ 35,778	$ 48,670	$ 32,731
Reverse stock split	0.05
Number of operating segments | segment		1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Credit losses	$ 0	$ 0
Expected dividend rate (as a percent)	0%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life (in years)	7 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Outstanding Potentially Dilutive Securities Excluded from Calculation of Basic and Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	17,838,674	1,699,335	17,838,674	1,699,335
Common stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	866	866	866	866
Convertible Preferred Stock | Series A Convertible Voting Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	14,330,750	0	14,330,750	0
Convertible Preferred Stock | Series X Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	1,052,236	1,052,236	1,052,236	1,052,236
Common stock options, RSUs and PRSUs issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded in the calculation of basic and diluted net loss per share (in shares)	2,454,822	646,233	2,454,822	646,233

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and money market accounts	$ 127,386	$ 35,778
Total assets at fair value	127,386	35,778
LEVEL 1
Assets:
Cash and money market accounts	127,386	35,778
Total assets at fair value	127,386	35,778
LEVEL 2
Assets:
Cash and money market accounts	0	0
Total assets at fair value	0	0
LEVEL 3
Assets:
Cash and money market accounts	0	0
Total assets at fair value	$ 0	$ 0

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Details)							1 Months Ended		9 Months Ended		15 Months Ended
	Jul. 19, 2024 shares	Jul. 18, 2024 shares	Apr. 24, 2024 USD ($)	Apr. 23, 2024 $ / shares shares	Mar. 07, 2023 USD ($) $ / shares shares	Aug. 12, 2020 shares	Apr. 30, 2024 $ / shares shares	May 31, 2018 $ / shares shares	Sep. 30, 2024 USD ($) vote $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Jul. 17, 2024 shares	Apr. 22, 2024 shares	Dec. 31, 2023 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		50,000,000		20,000,000					50,000,000		50,000,000	20,000,000	200,000,000	20,000,000
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.0001		$ 0.0001			$ 0.0001
Preferred stock, shares authorized (in shares)									10,000,000		10,000,000			10,000,000
Dividends in arrears or default | $									$ 0
Common Stock Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)									866		866			866
Warrants, aggregate intrinsic value, outstanding | $									$ 0		$ 0			$ 0
Common Stock Warrant | Weighted Average
Class of Stock [Line Items]
Exercise price of warrant (in dollars per share) | $ / shares									$ 230.95		$ 230.95			$ 230.95
Common Stock
Class of Stock [Line Items]
Issuance of common stock upon conversion of Series X convertible preferred stock (in shares)						26,120
Number of votes for each share held | vote									1
Series X Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares								$ 0.0001	$ 0.0001		$ 0.0001			$ 0.0001
Preferred stock, shares authorized (in shares)								5,000,000	4,947,759		4,947,759			4,947,759
Maximum ownership following conversion (more than) (as a percent)								9.99%
Preferred stock, shares outstanding (in shares)									2,156,713		2,156,713			2,104,472
Common stock issued for each preferred stock (in shares)								0.5
Issuance of common stock upon conversion of Series X convertible preferred stock (in shares)						52,241
Number of votes for each share held | vote									0
Series A Convertible Voting Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares									$ 0.0001		$ 0.0001			$ 0.0001
Preferred stock, shares authorized (in shares)									204,725		204,725			0
Preferred stock, shares outstanding (in shares)									204,725		204,725			0
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.0001
Preferred stock, shares authorized (in shares)							240,000
Conversion of stock, shares issued (in shares)	2,469,250
Conversion of stock, shares converted (in shares)	35,275
Maximum ownership following conversion (more than) (as a percent)	9.99%						9.99%
Preferred stock, shares outstanding (in shares)									204,725		204,725
Common stock issued for each preferred stock (in shares)							70
Controlled Equity Sales Agreement, Cantor Fitzgerald and Company
Class of Stock [Line Items]
Shares sold (in shares)									0	310,983	0
Sale of stock, net | $										$ 8,700,000
Consideration remaining on transaction | $									$ 37,100,000		$ 37,100,000
2023 Underwritten Public Offering
Class of Stock [Line Items]
Sale of stock, net | $					$ 17,300,000
Sale of stock, gross | $					$ 19,500,000
2023 Underwritten Public Offering | Common Stock
Class of Stock [Line Items]
Shares sold (in shares)					554,300
Offering price (in dollars per share) | $ / shares					$ 25.34
2023 Underwritten Public Offering | Series X Convertible Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)					286,000
Offering price (in dollars per share) | $ / shares					$ 12.67
Over-Allotment Option | Common Stock
Class of Stock [Line Items]
Shares sold (in shares)					72,300
2024 Private Placement | Series A Convertible Voting Preferred Stock
Class of Stock [Line Items]
Shares sold (in shares)				240,000
Sale of stock, net | $			$ 239,100,000
Sale of stock, gross | $			$ 240,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.0001
2024 Private Placement | Series A Convertible Preferred Stock
Class of Stock [Line Items]
Offering price (in dollars per share) | $ / shares				$ 1,000
Conversion of stock, shares issued (in shares)		16,800,000
Conversion of stock, shares converted (in shares)		240,000

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total (in shares)	18,958,169	1,911,545
Common stock warrants
Class of Stock [Line Items]
Total (in shares)	866	866
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Total (in shares)	14,330,750	0
Series X Convertible Preferred Stock
Class of Stock [Line Items]
Total (in shares)	1,052,236	1,052,236
Common stock options, RSUs and PRSUs issued and outstanding
Class of Stock [Line Items]
Total (in shares)	2,454,822	638,037
Authorized for future stock awards
Class of Stock [Line Items]
Total (in shares)	1,052,406	170,783
Awards available under the ESPP
Class of Stock [Line Items]
Total (in shares)	67,089	49,623

EQUITY INCENTIVE PLANS - Additi

EQUITY INCENTIVE PLANS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended
	Jul. 18, 2024	Mar. 31, 2015	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of employee stock options granted (in dollars per share)			$ 8.05	$ 14.45
Unrecognized share-based compensation expense, options			$ 15.2
RSU and PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards were granted (in shares)			153,012
Weighted-average period to recognize unrecognized compensation cost (in years)			2 years 7 months 6 days
RSUs and PRSUs granted (in dollars per share)			$ 12.30	$ 20.10
Fair value of RSUs and PRSUs			$ 1	$ 0.7
Estimated unrecognized share-based compensation expense			$ 2.3
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period to recognize unrecognized compensation cost (in years)			2 years 10 months 24 days
2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards were granted (in shares)	0
Term for stock options to be granted (in years)	10 years
Price of stock option as percentage of estimated fair value of shares on date of grant (as a percent)	100%
Voting power threshold (as a percent)	10%
2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan | 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 (as a percent)	110%
2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
2015 Employee Stock Purchase Plan | ESPP
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 (as a percent)		85%
Automatic annual increase in shares authorized for issuance in equity incentive plan (as a percent)		1%
Employee payroll deduction under the stock plan (as a percent)		15%
Issuance of common stock under Employee Stock Purchase Plan (in shares)			7,050	8,060
Total unrecognized compensation expense related to the ESPP			$ 0.1
Weighted-average period to recognize unrecognized compensation cost (in years)			7 months 6 days
2015 Employee Stock Purchase Plan | Maximum | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares outstanding (in shares)		24,516

EQUITY INCENTIVE PLANS - Schedu

EQUITY INCENTIVE PLANS - Schedule of Restricted Stock Units and Performance-based Restricted Stock Units Activity (Details) - RSU and PRSU - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Number of RSUs and PRSUs
Outstanding, beginning balance (in shares)	104,886
RSUs and PRSUs granted (in shares)	153,012
RSUs and PRSUs vested (in shares)	(43,053)
RSUs and PRSUs canceled (in shares)	(17,705)
Outstanding, ending balance (in shares)	197,140
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 22.83
RSUs and PRSUs granted (in dollars per share)	12.30	$ 20.10
RSUs and PRSUs vested (in dollars per share)	24.24
RSUs and PRSUs canceled (in dollars per share)	24.68
Outstanding, ending balance (in dollars per share)	$ 14.18

EQUITY INCENTIVE PLANS - Sche_2

EQUITY INCENTIVE PLANS - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares
Outstanding, beginning balance (in shares)	533,151
Options granted (in shares)	1,796,401
Options exercised (in shares)	0
Options canceled (in shares)	(71,870)
Outstanding, ending balance (in shares)	2,257,682	533,151
Vested and expected to vest (in shares)	2,257,682
Exercisable (in shares)	420,941
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 44.61
Options granted (in dollars per share)	11.14
Options exercised (in dollars per share)	0
Options canceled (in dollars per share)	31.68
Outstanding, ending balance (in dollars per share)	18.39	$ 44.61
Vested and expected to vest (in dollars per share)	18.39
Exercisable (in dollars per share)	$ 48.19
Weighted Average Remaining Contractual Life in Years
Outstanding (in years)	9 years 1 month 6 days	6 years 8 months 19 days
Vested and expected to vest (in years)	9 years 1 month 6 days
Exercisable (in years)	5 years 8 months 26 days
Total Aggregate Intrinsic Value (in thousands)
Outstanding	$ 1	$ 57
Vested and expected to vest	1
Exercisable	$ 1

EQUITY INCENTIVE PLANS - Sche_3

EQUITY INCENTIVE PLANS - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 751	$ 796	$ 2,249	$ 2,231
Continuing Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	751	610	2,018	1,667
Discontinued Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	0	186	231	564
Research and development | Continuing Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	344	207	868	629
Selling, general and administrative | Continuing Operations
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 407	$ 403	$ 1,150	$ 1,038

SIGNIFICANT AGREEMENTS AND CO_3

SIGNIFICANT AGREEMENTS AND CONTRACTS - Additional Information (Details) - USD ($)			1 Months Ended			3 Months Ended		9 Months Ended		37 Months Ended
	Apr. 24, 2024	Mar. 31, 2021	Sep. 30, 2023	Mar. 31, 2022	May 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 23, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development						$ 0	$ 0	$ 84,883,000	$ 0
Revenue from collaborative agreement						0	9,217,000	1,275,000	20,527,000
Accounts receivable						1,699,000		1,699,000			$ 14,075,000
Janssen Pharmaceuticals, Inc. | Related Party | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement										$ 27,000,000
Contract liability						0		0			430,000
Collaborative agreement, maximum cost share										47,800,000
Revenue from collaborative agreement						0	9,217,000	1,275,000	20,527,000
Revenue, remaining performance obligation, amount						0		0
Accounts receivable						0		0			$ 1,900,000
Janssen Pharmaceuticals, Inc. | Related Party | License Agreement | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired in-process research and development						85,400,000		85,400,000
Direct transaction costs						400,000		400,000
Janssen Pharmaceuticals, Inc. | Related Party | Milestone Achievement | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement			$ 7,000,000	$ 3,000,000						10,000,000
Janssen Pharmaceuticals, Inc. | Related Party | Licenses of Intellectual Property | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement					$ 26,800,000
Janssen Pharmaceuticals, Inc. | Related Party | Royalty Revenue | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative agreement						$ 0	$ 0	$ 0	$ 0
Janssen Pharmaceuticals, Inc. | Upfront Payment | Related Party | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement		$ 27,000,000
Janssen Pharmaceuticals, Inc. | Upfront Payment | Related Party | License Agreement | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments related to collaborative agreement	$ 85,000,000
Acquired in-process research and development	84,900,000
Contract liability										$ 500,000
Janssen Pharmaceuticals, Inc. | Development, Regulatory, and Commercial Milestones | Related Party | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value		695,000,000
Janssen Pharmaceuticals, Inc. | Development, Regulatory, and Commercial Milestones | Related Party | License Agreement | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value	150,000,000
Janssen Pharmaceuticals, Inc. | Commercialization Milestone | Related Party | License Agreement | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value	$ 455,000,000
Janssen Pharmaceuticals, Inc. | R&D Funding | Related Party | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, potential transaction value		$ 58,200,000

SIGNIFICANT AGREEMENTS AND CO_4

SIGNIFICANT AGREEMENTS AND CONTRACTS - Schedule of Contract Liability Activity (Details) - Related Party - Janssen Pharmaceuticals, Inc. - Collaborative Arrangement $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Opening balance	$ 430
Revenue from performance obligations satisfied during reporting period	(370)
Gain on settlement of unsatisfied performance obligations	(60)
Closing balance	$ 0

SIGNIFICANT AGREEMENTS AND CO_5

SIGNIFICANT AGREEMENTS AND CONTRACTS - Schedule of Revenues Disaggregated by Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Revenue from Janssen Collaboration Agreement	$ 0	$ 9,217	$ 1,275	$ 20,527
Related Party | Collaborative Arrangement | Janssen Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Revenue from Janssen Collaboration Agreement	0	9,217	1,275	20,527
Related Party | Point in Time: | Collaborative Arrangement | License of Intellectual Property - upon milestone achieved | Janssen Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Revenue from Janssen Collaboration Agreement	0	2,347	0	2,347
Related Party | Over Time: | Collaborative Arrangement | Research and Development Services | Janssen Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Revenue from Janssen Collaboration Agreement	0	5,592	1,273	16,324
Related Party | Over Time: | Collaborative Arrangement | Clinical Supply Services | Janssen Pharmaceuticals, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total Revenue from Janssen Collaboration Agreement	$ 0	$ 1,278	$ 2	$ 1,856

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)			1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 09, 2024 employee	Apr. 20, 2023 USD ($) option	Nov. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Finance Lease Obligations
Lessee, finance lease, term of contract (in months)			36 months
Lessee, finance lease, monthly rate			$ 25,009
Lessee, finance lease, option, purchase equipment			$ 1
Lessee, finance lease, discount rate (as a percent)				8%		8%
Finance lease, weighted average remaining lease term (in years)				2 years 3 months 18 days		2 years 3 months 18 days
Finance lease payments						$ 200,000
Finance lease costs				$ 0		$ 100,000
Operating Lease Obligations
Renewal term (in months)		36 months
Base rent per month		$ 133,371
Percentage increase in base rent annual (as a percent)		4%
Number of options to extend | option		2
Option renewal term (in years)		2 years
Incremental borrowing rate (as a percent)		12%
Weighted average remaining lease term (in years)				2 years 3 months 18 days		2 years 3 months 18 days
Lease payments						$ 1,200,000	$ 1,000,000
Lease cost				$ 500,000	$ 400,000	$ 1,300,000	$ 1,200,000
Variable lease and short-term lease term included within operating lease cost (in days)						30 days
Reduction in Force
Number of employees eliminated | employee	20
Reduction in force (as a percent)	0.30
Severance payments and employee benefits				$ 1,200,000		$ 1,200,000
Equipment
Finance Lease Obligations
Useful life (in years)				10 years		10 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Amount, Timing and Uncertainty of Cash Flows from Finance Lease (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 75
2025	300
2026	300
2027	25
Total undiscounted finance lease payments	700
Less: Imputed interest	(63)
Present value of finance lease payments	$ 637

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Balance Sheet Information For Finance Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Finance lease right-of-use asset	$ 788
Accumulated amortization	(66)
Net finance lease right-of-use asset	722	$ 782
Current portion of finance lease liability	259	218
Long-term finance lease liability	378	$ 575
Total finance lease liabilities	$ 637

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Schedule of Amount, Timing and Uncertainty of Cash Flows from Operating Lease (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 400
2025	1,664
2026	1,731
Total undiscounted operating lease payments	3,795
Less: Imputed interest	(489)
Present value of operating lease payments	$ 3,306

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 3,035	$ 3,788
Current portion of operating lease liability	1,322	1,082
Long-term operating lease liability	1,984	$ 3,002
Total operating lease liabilities	$ 3,306

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ 0	$ 32,000	$ 0	$ (8,000)

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($)				1 Months Ended						3 Months Ended		9 Months Ended		21 Months Ended	62 Months Ended
	Apr. 24, 2024	Jul. 26, 2022	Sep. 03, 2019	Jan. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Aug. 31, 2022	Dec. 31, 2021	Sep. 30, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 23, 2024	Apr. 23, 2024	Jul. 31, 2024	Nov. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposal of discontinued operations										$ 0		$ (1,799,000)	$ 0
Revenue from collaborative agreement										0	$ 9,217,000	1,275,000	20,527,000
Capitalized contract cost, amortization												184,000	53,000
Accounts receivable					$ 14,075,000					1,699,000		1,699,000
Discontinued Operations, Disposed of by Sale | Rezafungin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory write-down												0
Cash provided by (used in) operating activities, discontinued operations												18,100,000	9,300,000
Cash provided by (used in) investing activities, discontinued operations												0	0
Cash provided by (used in) financing activities, discontinued operations												0	0
Revenue										11,000	3,501,000	29,263,000	25,795,000
Loss on disposal of discontinued operations										0	0	(1,799,000)	0
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Remaining performance obligation, amount										0		0
Contract liability					28,910,000					0		0
Accounts receivable										0		0
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Napp Pharmaceutical Group Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Collaborative agreement, maximum cost share, forgiveness amount	$ 11,100,000
Collaborative arrangement, carry over services agreement term (in days)	45 days
Collaborative arrangement, other services agreement term (in days)	75 days
Collaborative agreement, maximum cost share, forgiveness, not satisfied, refund period (in days)	10 days
Collaborative arrangement, transaction, value	$ 21,200,000
Contract liabilities, forgiveness amount	25,300,000
Transition services	600,000
Payments related to collaborative agreement	2,100,000
Accounts receivable, forgiveness amount	2,600,000
Revenue										100,000		100,000
Loss on disposal of discontinued operations	$ 300,000
Collaborative arrangement, transitions services term (in days)	76 days
Remaining performance obligation, amount										0		0
Accounts receivable										1,700,000		1,700,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Napp Pharmaceutical Group Limited | Rezafungin Assets, including Sale of IP and Inventory
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 20,800,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Mundipharma
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments related to collaborative agreement															$ 30,000,000
Cost sharing percentage (as a percent)			50%
Collaborative agreement, maximum cost share			$ 31,200,000												31,200,000
Collaborative agreement, potential transaction value			$ 568,400,000
Revenue from collaborative agreement										11,000	1,555,000	28,681,000	5,141,000
Accounts receivable					13,900,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Mundipharma | Milestone Achievement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract liabilities, forgiveness amount																$ 11,100,000
Revenue from collaborative agreement				$ 2,800,000	11,100,000		$ 11,100,000	$ 2,800,000							$ 27,900,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Mundipharma | Licenses of Intellectual Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement									$ 17,900,000
Contract liability																	$ 11,100,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Mundipharma | Royalty Revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement										0	0	0	0
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments related to collaborative agreement														$ 30,000,000
Collaborative agreement, potential transaction value		$ 460,000,000
Revenue from collaborative agreement										0	1,946,000	582,000	20,654,000
Accounts receivable					$ 400,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Upfront Payment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments related to collaborative agreement		30,000,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Development, Regulatory, and Commercial Milestones
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Collaborative agreement, potential transaction value		$ 430,000,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Licenses of Intellectual Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized contract cost, gross										2,000,000		2,000,000
Capitalized contract cost, amortization										200,000	0	200,000	500,000
Capitalized contract cost, net										0		0
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Milestone Achievement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capitalized contract cost, gross										500,000		500,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Milestone Achievement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement						$ 20,000,000								$ 20,000,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Licenses of Intellectual Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement							$ 25,900,000
Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement | Related Party | Melinta | Royalty Revenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from collaborative agreement										$ 0	$ 0	$ 100,000	$ 0

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Current assets from discontinued operations	$ 0	$ 9,290
Noncurrent assets:
Noncurrent assets from discontinued operations	0	934
Current liabilities:
Current liabilities from discontinued operations	0	24,665
Noncurrent liabilities:
Noncurrent liabilities from discontinued operations	0	4,245
Discontinued Operations, Disposed of by Sale | Rezafungin
Current assets:
Accounts receivable	0	2,171
Inventory	0	6,097
Prepaid expenses and other current assets	0	1,022
Current assets from discontinued operations	0	9,290
Noncurrent assets:
Other assets	0	934
Noncurrent assets from discontinued operations	0	934
Total assets from discontinued operations	0	10,224
Current liabilities:
Current contract liabilities	0	24,665
Current liabilities from discontinued operations	0	24,665
Noncurrent liabilities:
Long-term contract liabilities	0	4,245
Noncurrent liabilities from discontinued operations	0	4,245
Total liabilities from discontinued operations	$ 0	$ 28,910

DISCONTINUED OPERATIONS - Sch_2

DISCONTINUED OPERATIONS - Schedule of Inventory (Details) - Discontinued Operations, Disposed of by Sale - Rezafungin - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Raw materials	$ 0	$ 2,691
Work-in-process	0	3,406
Total inventory	$ 0	$ 6,097

DISCONTINUED OPERATIONS - Sch_3

DISCONTINUED OPERATIONS - Schedule of Operations from Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other expense, net:
Loss on disposal of discontinued operations	$ 0		$ (1,799,000)	$ 0
Discontinued Operations, Disposed of by Sale | Rezafungin
Revenues:
Total revenues	11,000	$ 3,501,000	29,263,000	25,795,000
Operating expenses:
Cost of product revenue	0	387,000	9,030,000	387,000
Research and development	458,000	7,003,000	10,572,000	25,061,000
Selling, general and administrative	3,000	1,133,000	7,460,000	2,795,000
Total operating expenses	461,000	8,523,000	27,062,000	28,243,000
Income (loss) from operations	(450,000)	(5,022,000)	2,201,000	(2,448,000)
Other expense, net:
Loss on disposal of discontinued operations	0	0	(1,799,000)	0
Total other expense, net	0	0	(1,799,000)	0
Income (loss) from discontinued operations before income tax expense	(450,000)	(5,022,000)	402,000	(2,448,000)
Income tax expense	0	(262,000)	0	(371,000)
Income (loss) from discontinued operations, net of income taxes	$ (450,000)	$ (5,284,000)	$ 402,000	$ (2,819,000)

DISCONTINUED OPERATIONS - Sch_4

DISCONTINUED OPERATIONS - Schedule of Contract Liability Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Current portion of contract liabilities	$ 0	$ 430
Related Party | Discontinued Operations, Disposed of by Sale | Rezafungin | Collaborative Arrangement
Revenue From Collaborative Arrangement, Excluding Revenue From Contract With Customer, Liability [Roll Forward]
Opening balance	28,910
Revenue from performance obligations satisfied during reporting period	(28,910)
Closing balance	0
Current portion of contract liabilities	0
Long-term portion of contract liabilities	0
Total contract liabilities, September 30, 2024	$ 0	$ 28,910

DISCONTINUED OPERATIONS - Sch_5

DISCONTINUED OPERATIONS - Schedule of Revenues Disaggregated by Timing of Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 0	$ 9,217,000	$ 1,275,000	$ 20,527,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	11,000	1,555,000	28,681,000	5,141,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	1,946,000	582,000	20,654,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Royalty Revenue | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0	0	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Royalty Revenue | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0	100,000	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Rezafungin Assets, including Sale of IP and Inventory | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0		20,833,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Rezafungin Assets, including Sale of IP and Inventory | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0		0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | License of Intellectual Property - upon milestone achieved | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0	813,000	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | License of Intellectual Property - upon milestone achieved | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0	0	17,257,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Product Revenue | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0	2,826,000	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Product Revenue | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	1,468,000	0	1,468,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Royalty Revenue | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	0	37,000	0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Royalty Revenue | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	70,000	125,000	70,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Clinical Drug Supply | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		0		26,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Point in Time: | Clinical Drug Supply | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		0		0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Over Time: | Research and Development Services | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	1,550,000	3,895,000	4,870,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Over Time: | Research and Development Services | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	408,000	457,000	1,859,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Over Time: | Clinical Supply Services | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	5,000	175,000	245,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Over Time: | Clinical Supply Services | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	0	$ 0	0	$ 0
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Over Time: | Transition Services | Mundipharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	11,000		102,000
Rezafungin | Discontinued Operations, Disposed of by Sale | Related Party | Collaborative Arrangement | Over Time: | Transition Services | Melinta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 0		$ 0