Evofem Biosciences (EVFM) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36754
Entity Registrant Name	EVOFEM BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8527075
Entity Address, Address Line One	12400 High Bluff Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	550-1900
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		102,835,674
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001618835
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	EVFM
Security Exchange Name	NASDAQ
Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series A Preferred Stock Purchase Rights, par value $0.0001 per share
Security Exchange Name	NASDAQ
No Trading Symbol Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 45,318	$ 48,892
Restricted cash	18,975	22,559
Trade accounts receivable, net	2,914	1,067
Inventories	8,990	7,162
Prepaid and other current assets	4,138	18,050
Total current assets	80,335	97,730
Property and equipment, net	5,614	4,334
Operating lease right-of-use assets	6,493	6,856
Other noncurrent assets	1,022	1,048
Total assets	93,464	109,968
Current liabilities:
Accounts payable	6,501	10,641
Convertible notes payable (Note 5)	53,218	52,409
Accrued expenses	8,978	4,476
Accrued compensation	3,004	6,514
Operating lease liabilities – current	2,456	2,290
Other current liabilities	1,549	953
Total current liabilities	75,706	77,283
Operating lease liabilities – noncurrent	5,602	6,030
Long-term convertible notes payable (Note 5)	25,697	25,211
Other noncurrent liabilities	97	97
Total liabilities	107,102	108,621
Commitments and contingencies (Note 8)
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding	0	0
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 300,000,000 shares authorized; 100,264,246 and 81,351,533 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively;	10	8
Additional paid-in capital	687,991	656,827
Accumulated deficit	(701,639)	(655,488)
Total stockholders’ equity (deficit)	(13,638)	1,347
Total liabilities and stockholders’ equity (deficit)	$ 93,464	$ 109,968

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	100,264,246	81,351,533
Common stock, shares outstanding (in shares)	100,264,246	81,351,533

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Product sales, net	$ 1,105	$ 0
Operating expenses:
Cost of goods sold	506	0
Research and development	7,262	4,247
Selling and marketing	30,525	7,855
General and administrative	7,684	7,142
Total operating expenses	45,977	19,244
Loss from operations	(44,872)	(19,244)
Other income (expense):
Interest income	7	102
Other expense	(1,145)	(4)
Change in fair value of financial instruments	(142)	0
Total other (expense) income, net	(1,280)	98
Loss before income tax	(46,152)	(19,146)
Income tax expense	1	0
Net loss	$ (46,151)	$ (19,146)
Net loss per share, basic and diluted (in dollars per share)	$ (0.56)	$ (0.40)
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	81,843,319	48,195,951

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	At The Market (ATM)	At The Market (ATM)Common Stock	At The Market (ATM)Additional Paid-in Capital
Beginning balance (in shares) at Dec. 31, 2019		48,137,880
Beginning balance at Dec. 31, 2019	$ 15,636	$ 5	$ 528,810	$ (513,179)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)						202,098
Issuance of common stock					$ 1,082		$ 1,082
Issuance of common stock - exercise of stock options (in shares)		19,708
Issuance of common stock - exercise of stock options	73		73
Restricted stock awards issued/restricted stock units released (in shares)		1,286,499
Shares withheld to cover taxes related to vesting of restricted stock awards (in shares)		(4,088)
Shares withheld to cover taxes related to vesting of restricted stock awards	(25)		(25)
Stock-based compensation	3,401		3,401
Net loss	(19,146)			(19,146)
Ending balance (in shares) at Mar. 31, 2020		49,642,097
Ending balance at Mar. 31, 2020	1,021	$ 5	533,341	(532,325)
Beginning balance (in shares) at Dec. 31, 2020		81,351,533
Beginning balance at Dec. 31, 2020	1,347	$ 8	656,827	(655,488)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		17,142,857
Issuance of common stock	27,709	$ 2	27,707
Restricted stock awards issued/restricted stock units released (in shares)		1,772,500
Shares withheld to cover taxes related to vesting of restricted stock awards (in shares)		(2,644)
Shares withheld to cover taxes related to vesting of restricted stock awards	(7)		(7)
Stock-based compensation	3,464		3,464
Net loss	(46,151)			(46,151)
Ending balance (in shares) at Mar. 31, 2021		100,264,246
Ending balance at Mar. 31, 2021	$ (13,638)	$ 10	$ 687,991	$ (701,639)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (46,151)	$ (19,146)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used in operating activities:
Change in fair value of financial instruments	142	0
Stock-based compensation	3,464	3,401
Depreciation	195	69
Noncash lease expenses	330	164
Noncash interest expenses	1,152	0
Changes in operating assets and liabilities:
Accounts receivable	(1,847)	0
Inventories	(1,676)	0
Prepaid and other assets	13,606	(1,027)
Accounts payable	(4,647)	996
Accrued expenses and other liabilities	4,713	(205)
Accrued compensation	(3,510)	1,069
Operating lease liabilities	(229)	(197)
Net cash, cash equivalents and restricted cash used in operating activities	(34,458)	(14,876)
Cash flows from investing activities:
Proceeds from sale of Softcup line of business	250	250
Maturities of short-term investments	0	6,747
Purchases of property and equipment	(956)	(95)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(706)	6,902
Cash flows from financing activities:
Proceeds from issuance of common stock, net of discounts and commissions - Public Offering	28,050	0
Proceeds from issuance of common stock, net of commissions - ATM transactions	0	1,424
Proceeds from issuance of common stock - ESPP and exercise of stock options	0	160
Cash paid for financing costs	(37)	(195)
Payments of tax withholdings related to vesting of restricted stock awards	(7)	(25)
Net cash, cash equivalents and restricted cash provided by financing activities	28,006	1,364
Net change in cash, cash equivalents and restricted cash	(7,158)	(6,610)
Cash, cash equivalents and restricted cash, beginning of period	72,251	16,625
Cash, cash equivalents and restricted cash, end of period	65,093	10,015
Supplemental disclosure of noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	0	266
Financing costs included in accounts payable and accrued expenses	304	13
Purchases of property and equipment included in accounts payable and accrued expenses	$ 519	$ 201

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Evofem is a San Diego-based, commercial-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health, including hormone-free, woman-controlled contraception and protection from certain sexually transmitted infections (STIs). The Company’s first commercial product, Phexxi, was approved by the FDA on May 22, 2020 and is the first and only FDA-approved, hormone-free, woman-controlled, on-demand prescription contraceptive gel for women. The Company commercially launched Phexxi in September 2020. Evofem’s pipeline product candidate, EVO100, is being evaluated for the prevention of chlamydia and gonorrhea in women - two of the most pervasive STIs in the United States. Currently, there are no FDA-approved prescription products for the prevention of either of these dangerous infections. Basis of Presentation and Principles of Consolidation The Company prepared the unaudited interim condensed consolidated financial statements included in this Quarterly Report in accordance with accounting principles generally accepted in the U.S. (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC) related to quarterly reports on Form 10-Q. The Company’s financial statements are presented on a consolidated basis, which include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements do not include all information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2020 included in its Annual Report on Form 10-K as filed with the SEC on March 4, 2021 (the 2020 Audited Financial Statements). The unaudited interim condensed consolidated financial statements included in this report have been prepared on the same basis as the Company’s audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations, cash flows, and statements of convertible preferred stock and stockholders’ deficit for the periods presented. The results for the three months ended March 31, 2021 are not necessarily indicative of the results expected for the full year. The condensed consolidated balance sheet as of December 31, 2020 was derived from the 2020 Audited Financial Statements. Risks, Uncertainties and Going Concern The condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities, in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. The Company’s principal operations have been related to research and development, including the development of Phexxi, and to its commercially related sales and marketing efforts. Additional activities have included raising capital, recruiting personnel and establishing and maintaining a corporate infrastructure to support a commercial product. The Company has incurred operating losses and negative cash flows from operating activities since inception. As described in Note 5- Convertible Notes and Note 10- Stockholders' Equity (Deficit) , the Company received net proceeds of approximately $28.0 million upon the sale and issuance of common stock from an underwritten public offering in March 2021, gross proceeds of $50.0 million from the issuance of convertible notes in the second and fourth quarter of 2020, net proceeds of approximately $103.7 million upon the sale and issuance of common stock from an underwritten public offering in June 2020, and $3.8 million from its “at the market” (ATM) program, net of commissions, in 2020. As of March 31, 2021, the Company had cash and cash equivalents of $45.3 million, $18.6 million in restricted cash from the Adjuvant Notes (as defined in Note 5- Convertible Notes ) that is available for use, working capital of $4.6 million and an accumulated deficit of $701.6 million. The Company is subject to risks common to other life science companies in the development and early commercial stage including, but not limited to, uncertainty regarding the commercial success of Phexxi and the development of its pipeline product candidate, EVO100; potential disruption of its research and development and commercialization activities as a result of the COVID-19 pandemic; lack of marketing and sales history; potential development by its competitors of new and competitive technological innovations; dependence on key personnel; market acceptance of Phexxi or any other future approved products, if any; product liability; protection of proprietary technology; ability to raise additional financing; and compliance with the FDA and other government regulations, including post marketing regulations. Management’s plans to meet its short- and long-term operating cash flow requirements include generating recurring product revenue and obtaining additional funding, such as through the issuance of its common stock, non-dilutive financings, or through collaborations or partnerships with other companies. While the Company has recognized limited revenues since the launch of Phexxi in September 2020, the Company anticipates it will continue to incur net losses for the foreseeable future. According to management estimates, liquidity resources as of March 31, 2021 are not sufficient to maintain its planned level of operations for the twelve months from the date of issuance of these condensed consolidated financial statements. These circumstances and the uncertainties associated with the Company’s ability to obtain additional equity or debt financing on terms that are favorable to the Company, enter into collaborative agreements with strategic partners, and otherwise succeed in its future operations raise substantial doubt about the Company’s ability to continue as a going concern. If the Company is not able to obtain the required funding in the near term, through equity or debt financings or other means, or is unable to obtain funding on terms favorable to the Company, this will have a material adverse effect on its commercialization and development operations and strategic development plan for future growth. If the Company cannot successfully raise additional funding and implement its strategic development plan, the Company may be forced to make reductions in spending, including spending in connection with its commercialization activities, extend payment terms with suppliers, liquidate assets where possible at a potentially lower amount than as recorded in the condensed consolidated financial statements, suspend or curtail planned operations or cease operations entirely. Any of these could materially and adversely affect its liquidity, financial condition and business prospects and the Company would not be able to continue as a going concern. Subsequent Events Subsequent events were evaluated through the filing date of this Quarterly Report, May 6, 2021. See Note 10- Stockholders' Equity for discussions on subsequent events which occurred in April 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the notes thereto. S ignificant estimates affecting amounts reported or disclosed in the condensed consolidated financial statements include, but are not limited to: the assumptions used in measuring the revenue gross-to-net variable consideration items, the trade accounts receivable credit loss reserve estimate, the discount rate used in estimating the fair value of the lease right - of - use assets and lease liabilities, the assumptions used in estimating the fair value of convertible notes, warrants and purchase rights issued, the useful lives of property and equipment, the recoverability of long-lived assets, clinical trial accruals, the assumptions used in estimating the fair value of stock-based compensation expense and in assessing the probability of achieving certain milestones associated with the performance-based restricted stock awards (performance-based RSAs). These assumptions are more fully described in Note 3- Revenue , Note 5- Convertible Notes , Note 7- Fair Value of Financial Instruments , Note 8- Commitments and Contingencies , and Note 11- Stock-based Compensation . The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets and liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions. Segment Reporting 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, who is the Chief Executive Officer of the Company, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company’s checking, time deposit and investment accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by Securities Investor Protection Corporation. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets. The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances due to the financial position of the depository institutions in which these deposits are held. The Company is also subject to credit risk related to its trade accounts receivable from product sales. Its customers are located in the United States and consist of wholesale distributors and a specialty retail pharmacy. The Company extends credit to its customers in the normal course of business after evaluating their overall financial condition and evaluates the collectability of its accounts receivable by periodically reviewing the age of the receivables, the financial condition of its customers, and its past collection experience. Historically, the Company has not experienced any credit losses. As of March 31, 2021, based on the evaluation of these factors the Company did not record an allowance for doubtful accounts. For the three months ended March 31, 2021, the Company’s three largest customers combined made up approximately 87% of its gross product sales. For the three months ended March 31, 2020, the Company had no product sales. As of March 31, 2021 and December 31, 2020, the Company's three largest customers combined made up 89% and 95%, respectively, of its trade accounts receivable balance. Significant Accounting Policies There have been no changes to the significant accounting policies that were described in Note 2 to the 2020 Audited Financial Statements during the first quarter of 2021. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of readily available cash in checking accounts and money market funds. Restricted cash consists of cash held in monthly time deposit accounts and letters of credit, which are collateral for the Company’s credit cards, facility leases and fleet leases as described in Note 8- Commitments and Contingencies . As of March 31, 2021, the Company maintained letters of credit of $0.8 million and $0.3 million for its office lease and fleet leases, respectively. Additionally, the remaining $18.6 million of the $25.0 million received from the issuance of Adjuvant Notes in the fourth quarter of 2020, is classified as restricted cash as the Company is contractually obligated to use the funds for specific purposes. The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2021 2020 Cash and cash equivalents $ 45,318 $ 8,785 Restricted cash 18,975 480 Restricted cash included in other noncurrent assets 800 750 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 65,093 $ 10,015 Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and, therefore, basic and diluted net loss per share were the same for all periods presented. Potentially dilutive securities excluded from the calculation of diluted net loss per share are summarized in the table below. Three Months Ended March 31, 2021 2020 Unvested restricted common stock subject to repurchase 1,845,833 1,345,000 Unvested restricted stock units — 40,168 Common stock to be purchased under the 2019 ESPP 244,433 54,387 Options to purchase common stock 11,385,846 7,769,999 Warrants to purchase common stock 10,426,107 5,303,357 Total 23,902,219 14,512,911 Recently Issued Accounting Pronouncements — Not Yet Adopted In August 2020, the Financial Accounting Standards Board issued ASU No. 2020-06, Debt (ASU No. 2020-06) , removing, modifying and adding certain disclosure requirements of ASC 470, Debt with Conversion and Other Options , and ASC 815, Derivatives and Hedging—Contracts in Entity’s Own Equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2024. The Company is currently evaluating when to adopt ASU 2020-06 and the expected impact on the condensed consolidated financial statements.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company recognizes revenue from the sale of Phexxi in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606). The provisions of ASC 606 require the following steps to determine revenue recognition: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation. In accordance with ASC 606, the Company recognizes revenue when its performance obligation is satisfied by transferring control of the product to a customer. In accordance with the Company’s contracts with customers, control of the product is transferred upon the conveyance of title, which occurs when the product is sold to and received by a customer. The Company’s customers are located in the United States and consist of wholesale distributors and a specialty retail pharmacy. Payment terms typically range from 45 to 66 days, include prompt pay discounts, and vary by customer. Trade accounts receivable due to the Company from contracts with its customers are stated separately in the balance sheet, net of various allowances as described in the Trade Accounts Receivable policy in Note 2- Summary of Significant Accounting Policies to the 2020 Audited Financial Statements. The amount of revenue recognized by the Company is equal to the amount of consideration that is expected to be received from the sale of product to its customers. Revenue is only recognized when the performance obligation is satisfied. To determine whether a significant reversal will occur in future periods, the Company assesses both the likelihood and magnitude of any such potential reversal of revenue. Phexxi is sold to customers at the wholesale acquisition cost (WAC). However, the Company records product revenue, net of reserves for applicable variable consideration. These types of variable consideration reduce revenue and include the following: • Distribution services fees • Prompt pay and other discounts • Product returns • Chargebacks • Rebates • Patient support programs, including our co-pay programs An estimate for variable consideration is made with each sale and is recorded in conjunction with the revenue being recognized. To calculate the variable consideration, the Company uses the expected value method. If the estimated amount is payable to a customer, it is recorded as a reduction to accounts receivable. If the estimated amount is payable to an entity other than a customer, it is recorded as a current liability. An estimated amount of variable consideration may differ from the actual amount. At each balance sheet date, these provisions are analyzed and adjustments are made if necessary. Any adjustments made to these provisions would also affect net product revenue and earnings. In accordance with ASC 606, the Company must make significant judgments to determine the estimate for certain variable consideration. For example, the Company must estimate the percentage of end-users that will obtain the product through public insurance such as Medicaid or through private commercial insurance. To determine these estimates, the Company relies on historical sales data showing the amount of various end-user consumer types, inventory reports from the wholesale distributors and specialty pharmacy, and other relevant data reports. Because Phexxi was launched in September 2020, this historical data is limited. Due to limits on historical data, the Company has also used trend analysis, industry standard data, and professional judgment in developing these estimates. The specific considerations that the Company uses in estimating these amounts related to variable consideration are as follows: Distribution services fees – The Company pays distribution service fees to its wholesale distributors and specialty pharmacy. These fees are a contractually fixed percentage of WAC, and are calculated at the time of sale based on the purchase amount. The Company considers these fees to be separate from the customer’s purchase of the product, therefore, they are recorded in other current liabilities on the condensed consolidated balance sheet. Prompt pay and other discount s – The Company incentivizes its customers to pay their invoices on time through prompt pay discounts. These discounts are an industry standard practice, and the Company offers a prompt pay discount to each wholesale distributor customer. The specific prompt pay terms vary by customer and are contractually fixed. Prompt pay discounts are typically taken by the Company’s customers, so an estimate of the discount is recorded at the time of sale based on the purchase amount. Prompt pay discount estimates are recorded as contra trade accounts receivable on the condensed consolidated balance sheet. The Company may also give other discounts to its customers to incentivize purchases and promote customer loyalty. The terms of such discounts may vary by customer. These discounts reduce gross product revenue at the time the revenue is recognized. Chargebacks – Certain government entities and covered entities (e.g. Veterans Administration, 340B covered entities) will be able to purchase the product at a price discounted below WAC. The Company has finalized agreements with these types of entities. The difference between the government or covered entity purchase price and the wholesale distributor purchase price of WAC will be charged back to the Company. The Company estimates the amount of each chargeback channel based on the expected number of claims in each channel and related chargeback that is associated with the revenue being recognized for product that remains in the distribution channel at the end of each reporting period. Estimated chargebacks are recorded as contra trade accounts receivable on the consolidated balance sheet. Rebates – The Company is subject to mandatory discount obligations under the Medicaid and Tricare programs. The Company has finalized agreements with Medicaid and Tricare. The rebate amounts for these programs are determined by statutory requirements or contractual arrangements. Rebates are owed after the product has been dispensed to an end user and the Company has been invoiced. Rebates for Medicaid and Tricare are typically invoiced in arrears. The Company estimates the amount in rebates based on the expected number of claims and related cost that is associated with the revenue being recognized for product that remains in the distribution channel at the end of each reporting period. Rebate estimates are recorded as other current liabilities on the consolidated balance sheet. Patient support programs – One type of patient support program the Company offers is a co-pay program to commercially insured patients whose insurance requires a co-pay to be made when filling their prescription. This is a voluntary program that is intended to provide financial assistance to patients meeting certain eligibility requirements. The Company estimates the amount of financial assistance for these programs based on the expected number of claims and related cost that is associated with the revenue being recognized for product that remains in the distribution channel at the end of each reporting period. Patient support programs estimates are recorded as other current liabilities on the consolidated balance sheet. Product returns – Retail pharmacies and wholesalers have the right to return product that is within six months or less of the labeled expiration date or that is past the expiration date by no more than six months. Phexxi was commercially launched in September 2020 and there were no returns as of March 31, 2021. The Company uses historical sales and return data to estimate future product returns. Product return estimates are recorded as other current liabilities on the consolidated balance sheet.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories At each balance sheet date, the Company evaluates ending inventories for excess quantities, obsolescence, or shelf-life expiration. The evaluation includes an analysis of the Company’s current and future strategic plans, anticipated future sales, the price projections of future demand, and the remaining shelf life of goods on hand. To the extent that management determines there are excess or obsolete inventory or quantities with a shelf life that is too near its expiration date for the Company to reasonably expect it can sell those products before they expire, the Company adjusts the carrying value to estimated net realizable value in accordance with the first-in, first-out inventory costing method. The inventory costs include all purchased materials, direct labor and manufacturing overhead. Prior to April 2020, costs incurred for the manufacture of Phexxi were recorded as research and development expenses. Inventories consist of the following (in thousands) for the period indicated: March 31, 2021 December 31, 2020 Raw materials $ 486 $ 332 Work in process (1) 4,173 4,162 Finished goods 4,331 2,668 Total $ 8,990 $ 7,162 _____________________ (1) The work in process balance represents all production costs incurred for partially completed goods.

Convertible Notes

Convertible Notes	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Notes	Convertible Notes Baker Bros. Notes On April 23, 2020, the Company entered into a Securities Purchase and Security Agreement (the Baker Bros. Purchase Agreement) with certain affiliates of Baker Bros. Advisors LP, as purchasers (the Baker Purchasers), and Baker Bros. Advisors LP, as designated agent, pursuant to which the Company agreed to issue and sell to the Baker Purchasers (i) convertible senior secured promissory notes (the Baker Notes) in an aggregate principal amount of up to $25.0 million and (ii) warrants to purchase shares of common stock (the Baker Warrants) in a private placement. At the initial closing date of April 24, 2020 (the Baker Initial Closing), the Company issued and sold Baker Notes with an aggregate principal amount of $15.0 million (the Baker First Closing Notes) and Baker Warrants exercisable for 3,073,770 shares of common stock. Following the Baker Initial Closing, the Baker Purchasers had an option to purchase from the Company up to $10.0 million of Baker Notes (the Baker Purchase Rights) at the Baker Purchasers’ discretion at any time prior to the Company receiving at least $100.0 million in aggregate gross proceeds from one or more sales of equity securities. On June 5, 2020 (the Exercise Date), the Baker Purchasers exercised the Baker Purchase Rights. At the second closing date of June 9, 2020, the Baker Purchasers acquired the remaining Baker Notes with an aggregate principal amount of $10.0 million and Baker Warrants exercisable for 2,049,180 shares of common stock. With the completion of the underwritten public offering in June 2020 as further discussed in Note 10- Stockholders' Equity , the conversion price of the Baker Notes and the exercise price of the Baker Warrants is $2.44. The Baker Warrants have a five The Baker Notes have a five The Baker Notes are convertible at any time at the option of the Baker Purchasers at the conversion price of $2.44 per share. The Baker Notes are callable by the Company on 10 days’ written notice beginning on the third anniversary of the Baker Initial Closing. The call price will equal 100% of the Baker Outstanding Balance plus accrued and unpaid interest if the Company’s common stock as measured using a 30-day volume weighted average price (VWAP) is greater than the benchmark price of $4.99 as stated in the Baker Bros. Purchase Agreement, or 110% of the Baker Outstanding Balance plus accrued and unpaid interest if the VWAP is less than such benchmark price. The Baker Purchasers also have the option to require the Company to repurchase all or any portion of the Baker Notes in cash upon the occurrence of certain events. In a repurchase event, as defined in the Baker Bros. Purchase Agreement, the repurchase price will equal 110% of the Baker Outstanding Balance plus accrued and unpaid interest. In an event of default or the Company’s change of control, the repurchase price will equal to the sum of (x) three times of the Baker Outstanding Balance plus (y) the aggregate value of future interest that would have accrued. Collectively, these options are the “Embedded Features” of the Baker Notes. The Company's stockholders approved the issuance of the shares issuable upon conversion of the Baker Notes and the exercise of the Baker Warrants in order to comply with Nasdaq Listing Rules 5635(b) and 5635(d) at its special meeting of stockholders held on June 18, 2020 (the Approval Date). The Company evaluated whether any of the Embedded Features required bifurcation as a separate component of equity. The Company elected the fair value option (FVO) under ASC 825, Financial Instruments (ASC 825), as the Baker Notes are qualified financial instruments and are, in whole, classified as liabilities. Under the FVO, the Company recognized the hybrid debt instrument at fair value inclusive of the Embedded Features. The Company also determined that the Baker Warrants and the Baker Purchase Rights were free standing financial instruments and were classified as liabilities at the time of issuance in accordance with ASC 480, Distinguishing Liabilities From Equity due to the required stockholders’ approval noted above. Under the valuation methods as described in Note 7- Fair Value Financial Instruments , the Company recorded the following in the condensed consolidated financial statements related to the Baker Notes and Baker Warrants during the quarter ended June 30, 2020: (i) an aggregate of $58.1 million in convertible notes and an aggregate of $46.7 million for warrants and purchase rights liability at the Baker Initial Closing and Exercise Date; (ii) a $64.0 million loss on issuance of financial instruments recognized at the Baker Initial Closing and Exercise Date in the condensed consolidated statement of operations; (iii) an aggregate $34.1 million gain on fair value changes of financial instruments as a result of mark-to-market adjustments on the Baker Notes, Baker Warrants and Baker Purchase Rights recognized respectively at the Exercise Date, Approval Date and the quarter ended June 30, 2020, in the condensed consolidated statement of operations; (iv) a $15.8 million reclassification from purchase rights liability to the convertible notes and warrants liability on the Exercise Date; and (v) an $11.0 million reclassification from warrants liability to additional paid-in capital in the condensed consolidated balance sheet on the Approval Date. In addition, the Company concluded that there was no change in the underlying instrument-specific credit risk between the issuance dates for the Baker Notes and March 31, 2021, and, therefore there was no change recognized in the fair value of the convertible notes associated with differences in credit risk that would be presented separately as a component of other comprehensive income. Using the same valuation methods discussed in Note 7- Fair Value Financial Instruments , the Company recorded a $0.1 million loss on fair value changes of financial instruments as a result of mark-to-market adjustments recognized on the Baker Notes for the quarter ended March 31, 2021 in the condensed consolidated financial statements. The Baker Notes contain various customary affirmative and negative covenants agreed to by the Company. The Company was in compliance with all applicable covenants at March 31, 2021. The Baker Notes also include customary events of default as set forth in the Baker Bros. Purchase Agreement, such that, in an event of default, the Baker Purchasers will have the right to accelerate repayment of the aggregate loan balance then outstanding. As of March 31, 2021, the Baker Notes are recorded in the condensed consolidated balance sheet as short-term convertible notes payable with a total balance of $53.2 million. The balance is comprised of a $50.9 million fair value of the Baker Notes and $2.3 million in accrued interest. Adjuvant Notes On October 14, 2020, the Company entered into a Securities Purchase Agreement (the Adjuvant Purchase Agreement) with Adjuvant Global Health Technology Fund, L.P., and Adjuvant Global Health Technology Fund DE, L.P. (together, the Adjuvant Purchasers), pursuant to which the Company sold unsecured convertible promissory notes (the Adjuvant Notes) in aggregate principal amount of $25.0 million. The Adjuvant Notes have a five control transactions, the Adjuvant Notes may be prepaid at the option of the Company or will become payable at the option of the Adjuvant Purchasers. The Adjuvant Notes are convertible, subject to customary 4.99% and 19.99% beneficial ownership limitations, into shares of the Company’s common stock, par value $0.0001 per share, at any time at the option of the Adjuvant Purchasers at a conversion price of $3.65 per share. To the extent not previously prepaid or converted, the Notes will automatically convert into shares of the Company’s common stock at the Conversion Price immediately following the earliest of the time at which the (i) 30-day value-weighted average price of the Company’s common stock is $10.00 per share, or (ii) Company achieves cumulative net sales from the sales of Phexxi of $100,000,000, provided such net sales are achieved prior to July 1, 2022. The Adjuvant Notes contain various customary affirmative and negative covenants agreed to by the Company. The Company was in compliance with all applicable covenants at March 31, 2021. The Adjuvant Notes also include customary events of default as set forth in the Adjuvant Purchase Agreement, such that, in an event of default, the Adjuvant Purchasers will have the right to accelerate repayment of the aggregate loan balance then outstanding. The Adjuvant Notes are accounted for in accordance with authoritative guidance for convertible debt instruments. The $25.0 million in proceeds is considered to be restricted cash for financial reporting purposes due to contractual stipulations that specify the types of expenses the money can be spent on and how it must be allocated. As of March 31, 2021, there is $18.6 million in proceeds remaining that is included in restricted cash on the accompanying consolidated balance sheet.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Prepaid and other current assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Selling and marketing related costs $ 1,568 $ 15,414 Insurance 402 900 Manufacturing related costs 482 382 Clinical trial related costs 630 304 Subscriptions for IT platforms 312 — Flex note receivable (1) — 250 Other 744 800 Total $ 4,138 $ 18,050 _______________________ (1) In July 2016, the Company entered into an Asset Purchase Agreement with The Flex Company (Flex), whereby Flex would acquire certain assets and assume certain liabilities associated with Softcup. Total consideration for the Softcup sale was $1.9 million, with $0.6 million received in cash at closing and the remaining $1.3 million due and payable under a note in favor of the Company (the Flex Note) through January 1, 2021 (the Maturity Date). The Flex Note bears simple interest at a rate of 5.0% per annum on the remaining principal amount outstanding. An annual principal payment of approximately $0.3 million and the annual accrued and unpaid interest are payable each January 1, beginning in 2017 through the Flex Maturity Date. The note was paid off on January 4, 2021. The Flex Note is secured by the Softcup assets and has been recorded at fair value. The Company’s incremental borrowing rate and the stated interest rate of the Flex Note are materially consistent. Property and Equipment, Net Property and equipment, net, consists of the following (in thousands): Useful Life March 31, 2021 December 31, 2020 Research and production equipment 5 years $ 623 $ 623 Computer equipment and software 3 years 494 444 Office furniture 5 years 881 629 Leasehold improvements 5 years or less 3,489 1,540 Construction in-process — 1,473 2,249 6,960 5,485 Less: accumulated depreciation (1,346) (1,151) Total, net $ 5,614 $ 4,334 Depreciation expense was approximately $0.2 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively. Other Noncurrent Assets Other noncurrent assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Restricted cash included in noncurrent assets $ 800 $ 800 Prepaid directors & officers' insurance 188 214 Other 34 34 Total $ 1,022 $ 1,048 Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, 2021 December 31, 2020 Clinical studies $ 2,977 $ 1,417 Marketing, market access and public relations 3,558 564 Legal and other professional fees 1,156 1,631 Manufacturing related costs 452 498 Other 835 366 Total $ 8,978 $ 4,476

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of the Company’s assets, including the money market funds, investments in marketable fixed income debt securities classified as cash and cash equivalents, restricted cash, Flex Note receivable, and the Baker Notes, measured on a recurring basis are summarized in the following tables, as applicable (in thousands): March 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Money market funds (1) $ 62,667 $ 62,667 $ — $ — Total assets $ 62,667 $ 62,667 $ — $ — Convertible notes payable (2) $ 50,894 $ — $ — $ 50,894 Total liabilities $ 50,894 $ — $ — $ 50,894 December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Money market funds (1) $ 53,485 $ 53,485 $ — $ — Fixed income debt securities classified as cash and cash equivalents 16,498 16,498 — — Flex note receivable 250 — 250 — Total assets $ 70,233 $ 69,983 $ 250 $ — Convertible notes payable (3) $ 50,752 $ — $ — $ 50,752 Total liabilities $ 50,752 $ — $ — $ 50,752 The following tables summarize the changes in Level 3 financial liabilities measured at fair value on a recurring basis for the three months ended March 31, 2021. There was no activity for the three months ended March 31, 2020. Baker First Closing Notes Baker Second Closing Notes Total Balance at December 31, 2020 $ 30,451 $ 20,301 $ 50,752 Change in fair value 85 57 142 Balance at March 31, 2021 (2) $ 30,536 $ 20,358 $ 50,894 _____________________ (1) Included as a component of cash and cash equivalents and restricted cash on the accompanying condensed consolidated balance sheet. (2) The convertible notes payable as of March 31, 2021 on the accompanying condensed consolidated balance sheet also includes approximately $2.3 million accrued interest on the Baker Notes. (3) The convertible notes payable as of December 31, 2020 on the accompanying consolidated balance sheet also includes approximately $1.7 million accrued interest on the Baker Notes. Baker Notes The fair value of the Baker Notes issued as described in Note 5- Convertible Notes

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases Fleet Leases In December 2019, the Company and Enterprise FM Trust (the Lessor) entered into a Master Equity Lease Agreement whereby the Company leases vehicles to be delivered by the Lessor from time to time with various monthly costs depending on the vehicles delivered for a term of 24 or 36 months, commencing on each corresponding delivery date. The leased vehicles are for use by eligible employees of the Company's commercial operations personnel. There was a total of 74 leased vehicles as of March 31, 2021. The Company maintains a letter of credit as collateral in favor of the Lessor, which was included in restricted cash in the condensed consolidated balance sheet. As of March 31, 2021 and December 31, 2020, this letter of credit was $0.3 million. The Company determined that the leased vehicles are accounted for as operating leases under ASC 842, Leases . 2020 Lease and the First Amendment On October 3, 2019, the Company entered into an office lease for approximately 24,474 square feet (Existing Premises) pursuant to a non-cancelable lease agreement (the 2020 Lease). The 2020 Lease commenced on April 1, 2020 and will expire on September 30, 2025, unless terminated earlier in accordance with its terms. The Company has a right to extend the term of the lease for an additional five years and does not anticipate exercising such extension. The Company provided the landlord with a $750,000 security deposit in the form of a letter of credit for the Existing Premises. On April 14, 2020, the Company entered into the first amendment to the 2020 Lease for an additional 8,816 rentable square feet of the same office location (Expansion Premises), which commenced on September 1, 2020 and will expire on September 30, 2025. The Company provided an additional $50,000 in a letter of credit for the Expansion Premises. As of March 31, 2021 and December 31, 2020, restricted cash maintained as collateral for the Company’s security deposit was $0.8 million. 2015 Lease Effective January 30, 2015, the Company entered into a sublease for office space under a noncancelable lease agreement that expired in March 2020 (the 2015 Lease), which is the Company’s primary office space. The 2015 Lease expired on March 31, 2020. Supplemental Financial Statement Information Three Months Ended March 31, Lease Cost (in thousands) Classification 2021 2020 Operating lease expense Research and development $ 144 $ 50 Operating lease expense Selling and marketing 246 55 Operating lease expense General and administrative 203 75 Total $ 593 $ 180 Lease Term and Discount Rate March 31, 2021 December 31, 2020 Weighted Average Remaining Lease Term (in years) 4.22 4.43 Weighted Average Discount Rate 12 % 12 % Maturity of Operating Lease Liabilities (in thousands) March 31, 2021 Remainder of 2021 $ 1,961 Year ending December 31, 2022 2,497 Year ending December 31, 2023 2,166 Year ending December 31, 2024 2,192 Year ending December 31, 2025 1,502 Total lease payments 10,318 Less: imputed interest (2,260) Total $ 8,058 Three Months Ended March 31, Other information (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows in operating leases $ 486 $ 201 Other Contractual Commitments In November 2019, the Company entered into a supply and manufacturing agreement with a third-party to manufacture Phexxi and potentially other product candidates in accordance with all applicable current good manufacturing practice regulations, pursuant to which the Company has certain minimum purchase commitments based on the forecasted product sales. Contingencies From time to time the Company may be involved in various lawsuits, legal proceedings or claims that arise in the ordinary course of business. There were no claims or actions pending against the Company as of March 31, 2021 and December 31, 2020, which management believes would have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in any matter that may arise from time to time could harm the Company’s business. Intellectual Property Rights In 2014, the Company entered into an amended and restated license agreement (the Rush License Agreement) with Rush University Medical Center (Rush University) pursuant to which Rush University granted the Company an exclusive, worldwide license of certain patents and know-how related to its multipurpose vaginal pH modulator technology. Pursuant to the Rush License Agreement, the Company is obligated to pay to Rush University an earned royalty based upon a percentage of net sales in the range of mid-single digits. In September 2020, the Company entered the first amendment to the Rush License Agreement, pursuant to which the Company is also obligated to pay a minimum annual royalty amount of $100,000 to the extent the earned royalties do not equal or exceed $100,000 commencing January 1, 2021. Such royalty payments were immaterial for the three months ended March 31, 2021.

Related-party Transactions

Related-party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related-party Transactions	Related-party Transactions Consulting Agreements Effective April 1, 2019, the Company entered into a new two

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders' Equity (Deficit) Warrants In April and June 2020, pursuant to the Baker Bros. Purchase Agreement as discussed in Note 5- Convertible Notes , the Company issued warrants to purchase up to 5,122,950 shares of common stock in a private placement at an exercise price of $2.44 per share. As of March 31, 2021, warrants to purchase up to 10,426,107 shares of the Company’s common stock remain outstanding at a weighted average exercise price of $4.54 per share. These warrants are summarized below: Type of Warrants Underlying Common Stock to be Purchased Exercise Price Issue Date Exercise Period Common Warrants 878 $ 51.24 March 30, 2012 March 30, 2012 to March 30, 2022 Common Warrants 1,171 $ 51.24 August 17, 2012 August 17, 2012 to July 17, 2022 Common Warrants 7,806 $ 3.69 June 11, 2014 June 11, 2014 to June 11, 2024 Common Warrants 848,674 $ 7.50 May 24, 2018 May 24, 2018 to May 24 2025 Common Warrants 182 $ 7.50 June 26, 2018 June 26, 2018 to June 26, 2025 Common Warrants 1,666,667 $ 6.38 April 11, 2019 October 11, 2019 to April 11, 2026 Common Warrants 2,777,779 $ 6.38 June 10, 2019 December 10, 2019 to June 10, 2026 Common Warrants 3,073,770 $ 2.44 April 24, 2020 April 24, 2020 to April 24, 2025 Common Warrants 2,049,180 $ 2.44 June 9, 2020 June 9, 2020 to June 9, 2025 Total 10,426,107 Common Stock Effective January 17, 2018, the Company amended and restated its certificate of incorporation, under which the Company is currently authorized to issue up to 300,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred stock, $0.0001 par value per share. Public Offering On June 5, 2020, the Company completed an underwritten public offering (the 2020 Public Offering), whereby the Company issued 28,500,000 shares of common stock at a price to the public of $3.50 per share (the 2020 Public Offering Price). The Company received proceeds from the 2020 Public Offering of $93.2 million, net of underwriting discounts. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 4,275,000 shares of its common stock at the 2020 Public Offering Price, less applicable underwriting discounts. On June 10, 2020, the Company issued an additional 3,200,000 shares of common stock upon exercise of the underwriters’ option and received $10.5 million in proceeds from this exercise, net of underwriting discounts. The common stock issued in the 2020 Public Offering were registered pursuant to a shelf registration statement on Form S-3 filed with the SEC on November 18, 2019 and declared effective on December 2, 2019. On March 29, 2021, the Company completed an underwritten public offering (the 2021 Public Offering), whereby the Company issued 17,142,857 shares of common stock at a price to the public of $1.75 per share (the 2021 Public Offering Price). The Company received proceeds from the 2021 Public Offering of $28.0 million, net of underwriting discounts. In addition, the Company granted the underwriters a 30-day overallotment option to purchase up to an additional 2,571,428 shares of its common stock at the 2021 Public Offering Price, less applicable underwriting discounts. On April 6, 2021, the underwriters exercised their overallotment option in full and the Company received proceeds of approximately $4.2 million, net of underwriting discounts. The common stock issued in the 2021 Public Offering were registered pursuant to a shelf registration statement on Form S-3 filed with the SEC on March 4, 2021 and declared effective on March 11, 2021. ATM Program In November 2019, the Company entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with Piper Sandler & Co. (Piper Sandler), which provided the Company the ability to offer and sell, from time to time, shares of its common stock in ATM offerings (as defined in Rule 415 of the Securities Act of 1933, as amended) having an aggregate offering price up to $50 million through Piper Sandler acting as sales agent. On June 2, 2020, in connection with the 2020 Public Offering discussed in Note 10- Stockholders’ Equity (Deficit) , the Equity Distribution Agreement was terminated. During the three months ended March 31, 2021, the Company received no proceeds from the ATM program. During the three months ended March 31, 2020, the Company received proceeds of approximately $1.1 million, net of commissions, from the sale of 202,098 shares of its common stock. Common Stock Reserved for Future Issuance Common stock reserved for future issuance is as follows in common equivalent shares as of March 31, 2021: Common stock issuable upon the exercise of stock options outstanding 11,385,846 Common stock issuable upon the exercise of common stock warrants 10,426,107 Common stock available for future issuance under the 2019 ESPP 2,293,721 Common stock available for future issuance under the Amended and Restated 2014 Plan 744,089 Common stock available for future issuance under the Amended Inducement Plan 552,819 Total common stock reserved for future issuance 25,402,582 Stockholder Rights Agreement On March 24, 2020, the Company entered into a rights agreement (the Rights Agreement) with Philadelphia Stock Transfer, Inc., as rights agent. In connection with the adoption of the Rights Agreement and pursuant to its terms, the Company’s board of directors authorized and declared a dividend of one right (each, a Right) for each outstanding share of the Company’s common stock to stockholders of record at the close of business on April 8, 2020 (the Record Date), and authorized the issuance of one Right for each share of common stock issued by the Company (except as otherwise provided in the Rights Agreement) between the Record Date and the Distribution Date (as defined below). The Rights Agreement expired in accordance with its terms as of the close of business on March 24, 2021, and is no longer in force. Each Right entitled stockholders to purchase from the Company, when exercisable and subject to adjustment, one one-thousandth of a share of Series A Preferred Stock at a purchase price of $17.50 per Unit (the Purchase Price). The Rights were generally to become exercisable (the Distribution Date) upon the earlier of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (an Acquiring Person) had acquired or otherwise obtained beneficial ownership of 32% or more of the then‑outstanding shares of common stock of the Company, and (ii) 10 business days (or such later date as may be determined by the board of directors of the Company) following the commencement of a tender offer or exchange offer that would have resulted in a person or group becoming an Acquiring Person. If a person became an Acquiring Person, then each holder of a Right would thereafter have had the right to receive, upon exercise, Units of Preferred Stock or, at the option of the Company, shares of common stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the Purchase Price of the Right. If the Company were acquired in a merger or similar business combination transaction at any time after a person had become an Acquiring Person, each holder of a right (other than the Acquiring Person and certain related parties) would have been entitled to purchase a similar amount of common stock of the acquiring entity.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Equity Incentive Plans The following table summarizes stock-based compensation expense related to stock options, restricted stock awards (RSAs) and restricted stock units (RSUs) granted to employees, non-employee directors and consultants, and Employee Stock Purchase Plan included in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 543 $ 482 Selling and marketing 740 538 General and administrative 2,181 2,381 Total $ 3,464 $ 3,401 The 2012 Equity Incentive Plan (the 2012 Plan) provides for the issuance of RSAs, RSUs, or non-qualified and incentive common stock options to its employees, non-employee directors and consultants, from its authorized shares. In general, the options expire ten four three On September 15, 2014, the Company's board of directors adopted, and stockholders approved, the 2014 Equity Incentive Plan (the 2014 Plan), which was amended and restated on each of May 2018 and February 26, 2019 (the Amended and Restated 2014 Plan), which among other things, increased the number of authorized shares under the 2014 Plan from 749,305 to an aggregate of 7,800,000 shares. On February 25, 2020, the Company’s board of directors approved, subject to stockholder approval, and recommended its stockholders approve at the 2020 Annual Meeting, an additional 2,000,000 authorized shares reserved for issuance under the Amended and Restated 2014 Plan to an aggregate of 11,725,515 shares, including the Evergreen Shares discussed below. Such stockholder approval was obtained on May 12, 2020. Per the terms of the Amended and Restated 2014 Plan, the shares reserved will automatically increase on each January 1 through 2024, by an amount equal to the smaller of (i) 4% of the number of shares of common stock issued and outstanding on the immediately preceding December 31; or (ii) an amount determined by our board of directors. This provision resulted in an additional 3,254,061 shares (Evergreen Shares) added to the total number of authorized shares on January 1, 2021. On July 24, 2018, upon the recommendation by the Compensation Committee, the Company's board of directors adopted the Evofem Biosciences, Inc. 2018 Inducement Equity Incentive Plan (the Inducement Plan), pursuant to which the Company reserved 250,000 shares for the issuance of equity awards under the Inducement Plan. The Inducement Plan was amended effective February 25, 2020 (the Amended Inducement Plan), which increased the number of authorized shares to an aggregate of 1,250,000 shares. The only persons eligible to receive awards under the Inducement Plan are individuals who satisfy the standards for inducement grant recipients under Nasdaq Marketplace Rule 5635(c)(4), generally, a person not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with the Company. Stock Options There were 2,478,025 and 1,475,485 shares of stock options granted during the three months ended March 31, 2021 and 2020, respectiv ely. As of March 31, 2021, unrecognized stock-based compensation expense for employees and non-employee stock options was approximately $13.8 million, which the Company expects to recognize over a weighted-average remaining period of 2.8 years, assuming all unvested options become fully vested. Summary of Assumptions The fair value of noncash stock-based compensation for stock options granted to employees and non-employees was estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted-average assumptions for options granted for the periods indicated. Three Months Ended March 31, 2021 2020 Expected volatility 100.3 % 77.5 % Risk-free interest rate 0.6 % 1.3 % Expected dividend yield — % — % Expected term (years) 6.0 5.9 Expected volatility. The expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. Risk-free interest rate. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected term of the stock option grants. Expected dividend yield. The expected dividend yield assumption is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Expected term. The expected term represents the period options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected term assumption using the practical expedient as provided for under ASC 718, Compensation-Stock Compensation , which is the midpoint between the requisite service period and the contractual term of the option. Restricted Stock Awards and Units There were 1,772,500 and 1,245,000 shares of RSAs granted under the Amended and Restated 2014 Plan during the three months ended March 31, 2021 and 2020, respectively, to the Company's executive management team, certain non-executive employees and consultants. The vesting conditions for 1,767,500 shares of RSAs granted during the first quarter of 2021 and all of the RSAs granted during the first quarter of 2020 are connected to the Company’s achievement of certain performance milestones in the corresponding fiscal year. For the Performance-based RSAs, (i) the fair value of the award was determined on the grant date, (ii) the Company assessed the probability of achieving each individual milestone associated with the award using reasonable assumptions based on the Company's operation performance towards each milestone 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 non-performance based RSAs and RSUs were valued at the fair value on the grant date and the associated expenses will be recognized over the vesting period. For the three months ended March 31, 2021, the Company recognized $1.6 million in stock-based compensation expense related to RSAs. For the three months ended March 31, 2020, the Company recognized $2.0 million stock-based compensation expense related to RSAs and RSUs. As of March 31, 2021, unrecognized stock-based compensation expense related to the unvested RSAs was approximately $4.9 million, which the Company expects to recognize over a weighted-average remaining period of 0.6 years. Employee Stock Purchase Plan On May 7, 2019, the board of directors approved a 2019 Employee Stock Purchase Plan (the 2019 ESPP), which was approved by stockholders at the 2019 annual meeting held on June 5, 2019. The 2019 ESPP initially authorized the issuance of 500,000 shares of common stock pursuant to purchase rights granted to employees. In addition, the number of shares available for issuance under the 2019 ESPP will increase on January 1 of each year in an amount equal to the lesser of (i) 1,000,000 shares, (ii) 2% of the shares of common stock outstanding on December 31, or (iii) such lesser number of shares as is determined by the board of directors. This provision resulted in an additional 1,000,000 shares added to the total number of authorized shares on January 1, 2021. The 2019 ESPP is intended to qualify as an employee stock purchase plan within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended. The 2019 ESPP enables eligible full-time and part-time employees to purchase shares of the Company’s common stock through payroll deductions of between 1% and 15% of eligible compensation during an offering period. A new offering period begins approximately every June 15 and December 15. At the last business day of each offering period, the accumulated contributions made during the offering period will be used to purchase shares. The purchase price is 85% of the lesser of the fair market value of the common stock on the first or the last business day of an offering period. The maximum number of shares of common stock that may be purchased by any participant during an offering period will be equal to $25,000 divided by the fair market value of the common stock on the first business day of an offering period. The current active offering period under the 2019 ESPP commenced on December 15, 2020 and will end on June 14, 2021. During the three months ended March 31, 2021 and 2020, there were no shares of common stock purchased under the 2019 ESPP. The fair value of shares to be issued to employees under the 2019 ESPP is estimated using a Black-Scholes option-pricing model at the grant date, which requires the use of subjective and complex assumptions, including (i) the expected stock price volatility, (ii) the calculation of the expected term of the award, (iii) the risk-free interest rate and (iv) the expected dividend yield. No grant date fair value calculation was performed during three months ended March 31, 2021 and 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The Company prepared the unaudited interim condensed consolidated financial statements included in this Quarterly Report in accordance with accounting principles generally accepted in the U.S. (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC) related to quarterly reports on Form 10-Q.
Principles of Consolidation	The Company’s financial statements are presented on a consolidated basis, which include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements do not include all information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2020 included in its Annual Report on Form 10-K as filed with the SEC on March 4, 2021 (the 2020 Audited Financial Statements). The unaudited interim condensed consolidated financial statements included in this report have been prepared on the same basis as the Company’s audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations, cash flows, and statements of convertible preferred stock and stockholders’ deficit for the periods presented. The results for the three months ended March 31, 2021 are not necessarily indicative of the results expected for the full year. The condensed consolidated balance sheet as of December 31, 2020 was derived from the 2020 Audited Financial Statements.
Subsequent Events	Subsequent EventsSubsequent events were evaluated through the filing date of this Quarterly Report, May 6, 2021.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the notes thereto. S ignificant estimates affecting amounts reported or disclosed in the condensed consolidated financial statements include, but are not limited to: the assumptions used in measuring the revenue gross-to-net variable consideration items, the trade accounts receivable credit loss reserve estimate, the discount rate used in estimating the fair value of the lease right - of - use assets and lease liabilities, the assumptions used in estimating the fair value of convertible notes, warrants and purchase rights issued, the useful lives of property and equipment, the recoverability of long-lived assets, clinical trial accruals, the assumptions used in estimating the fair value of stock-based compensation expense and in assessing the probability of achieving certain milestones associated with the performance-based restricted stock awards (performance-based RSAs). These assumptions are more fully described in Note 3- Revenue , Note 5- Convertible Notes , Note 7- Fair Value of Financial Instruments , Note 8- Commitments and Contingencies , and Note 11- Stock-based Compensation . The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets and liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.
Segment Reporting	Segment Reporting 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, who is the Chief Executive Officer of the Company, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company’s checking, time deposit and investment accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by Securities Investor Protection Corporation. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets. The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances due to the financial position of the depository institutions in which these deposits are held.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of readily available cash in checking accounts and money market funds. Restricted cash consists of cash held in monthly time deposit accounts and letters of credit, which are collateral for the Company’s credit cards, facility leases and fleet leases as described in Note 8- Commitments and Contingencies
Net Loss Per Share	Net Loss Per ShareBasic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and, therefore, basic and diluted net loss per share were the same for all periods presented.
Recently Issued Accounting Pronouncements - Not Yet Adopted	Recently Issued Accounting Pronouncements — Not Yet Adopted In August 2020, the Financial Accounting Standards Board issued ASU No. 2020-06, Debt (ASU No. 2020-06) , removing, modifying and adding certain disclosure requirements of ASC 470, Debt with Conversion and Other Options , and ASC 815, Derivatives and Hedging—Contracts in Entity’s Own Equity. ASU No. 2020-06 will be effective for the Company beginning January 1, 2024. The Company is currently evaluating when to adopt ASU 2020-06 and the expected impact on the condensed consolidated financial statements.
Revenue	The Company recognizes revenue from the sale of Phexxi in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606). The provisions of ASC 606 require the following steps to determine revenue recognition: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; (5) recognize revenue when (or as) the entity satisfies a performance obligation. In accordance with ASC 606, the Company recognizes revenue when its performance obligation is satisfied by transferring control of the product to a customer. In accordance with the Company’s contracts with customers, control of the product is transferred upon the conveyance of title, which occurs when the product is sold to and received by a customer. The Company’s customers are located in the United States and consist of wholesale distributors and a specialty retail pharmacy. Payment terms typically range from 45 to 66 days, include prompt pay discounts, and vary by customer. Trade accounts receivable due to the Company from contracts with its customers are stated separately in the balance sheet, net of various allowances as described in the Trade Accounts Receivable policy in Note 2- Summary of Significant Accounting Policies to the 2020 Audited Financial Statements.
Inventory	At each balance sheet date, the Company evaluates ending inventories for excess quantities, obsolescence, or shelf-life expiration. The evaluation includes an analysis of the Company’s current and future strategic plans, anticipated future sales, the price projections of future demand, and the remaining shelf life of goods on hand. To the extent that management determines there are excess or obsolete inventory or quantities with a shelf life that is too near its expiration date for the Company to reasonably expect it can sell those products before they expire, the Company adjusts the carrying value to estimated net realizable value in accordance with the first-in, first-out inventory costing method.The inventory costs include all purchased materials, direct labor and manufacturing overhead.
Convertible Notes	The Company elected the fair value option (FVO) under ASC 825, Financial Instruments (ASC 825)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2021 2020 Cash and cash equivalents $ 45,318 $ 8,785 Restricted cash 18,975 480 Restricted cash included in other noncurrent assets 800 750 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 65,093 $ 10,015
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	Potentially dilutive securities excluded from the calculation of diluted net loss per share are summarized in the table below. Three Months Ended March 31, 2021 2020 Unvested restricted common stock subject to repurchase 1,845,833 1,345,000 Unvested restricted stock units — 40,168 Common stock to be purchased under the 2019 ESPP 244,433 54,387 Options to purchase common stock 11,385,846 7,769,999 Warrants to purchase common stock 10,426,107 5,303,357 Total 23,902,219 14,512,911

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands) for the period indicated: March 31, 2021 December 31, 2020 Raw materials $ 486 $ 332 Work in process (1) 4,173 4,162 Finished goods 4,331 2,668 Total $ 8,990 $ 7,162 _____________________ (1) The work in process balance represents all production costs incurred for partially completed goods.

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid and Other Current Assets	Prepaid and other current assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Selling and marketing related costs $ 1,568 $ 15,414 Insurance 402 900 Manufacturing related costs 482 382 Clinical trial related costs 630 304 Subscriptions for IT platforms 312 — Flex note receivable (1) — 250 Other 744 800 Total $ 4,138 $ 18,050 _______________________
Property and Equipment, Net	Property and equipment, net, consists of the following (in thousands): Useful Life March 31, 2021 December 31, 2020 Research and production equipment 5 years $ 623 $ 623 Computer equipment and software 3 years 494 444 Office furniture 5 years 881 629 Leasehold improvements 5 years or less 3,489 1,540 Construction in-process — 1,473 2,249 6,960 5,485 Less: accumulated depreciation (1,346) (1,151) Total, net $ 5,614 $ 4,334
Other Noncurrent Assets	Other noncurrent assets consist of the following (in thousands): March 31, 2021 December 31, 2020 Restricted cash included in noncurrent assets $ 800 $ 800 Prepaid directors & officers' insurance 188 214 Other 34 34 Total $ 1,022 $ 1,048
Accrued Expenses	Accrued expenses consist of the following (in thousands): March 31, 2021 December 31, 2020 Clinical studies $ 2,977 $ 1,417 Marketing, market access and public relations 3,558 564 Legal and other professional fees 1,156 1,631 Manufacturing related costs 452 498 Other 835 366 Total $ 8,978 $ 4,476

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Values of Assets Measured on a Recurring Basis	The fair values of the Company’s assets, including the money market funds, investments in marketable fixed income debt securities classified as cash and cash equivalents, restricted cash, Flex Note receivable, and the Baker Notes, measured on a recurring basis are summarized in the following tables, as applicable (in thousands): March 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Money market funds (1) $ 62,667 $ 62,667 $ — $ — Total assets $ 62,667 $ 62,667 $ — $ — Convertible notes payable (2) $ 50,894 $ — $ — $ 50,894 Total liabilities $ 50,894 $ — $ — $ 50,894 December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Money market funds (1) $ 53,485 $ 53,485 $ — $ — Fixed income debt securities classified as cash and cash equivalents 16,498 16,498 — — Flex note receivable 250 — 250 — Total assets $ 70,233 $ 69,983 $ 250 $ — Convertible notes payable (3) $ 50,752 $ — $ — $ 50,752 Total liabilities $ 50,752 $ — $ — $ 50,752
Fair Value of Liabilities Measured on Recurring Basis	The following tables summarize the changes in Level 3 financial liabilities measured at fair value on a recurring basis for the three months ended March 31, 2021. There was no activity for the three months ended March 31, 2020. Baker First Closing Notes Baker Second Closing Notes Total Balance at December 31, 2020 $ 30,451 $ 20,301 $ 50,752 Change in fair value 85 57 142 Balance at March 31, 2021 (2) $ 30,536 $ 20,358 $ 50,894 _____________________ (1) Included as a component of cash and cash equivalents and restricted cash on the accompanying condensed consolidated balance sheet. (2) The convertible notes payable as of March 31, 2021 on the accompanying condensed consolidated balance sheet also includes approximately $2.3 million accrued interest on the Baker Notes. (3) The convertible notes payable as of December 31, 2020 on the accompanying consolidated balance sheet also includes approximately $1.7 million accrued interest on the Baker Notes.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Supplemental Financial Information, Lease Cost and Other information	Three Months Ended March 31, Lease Cost (in thousands) Classification 2021 2020 Operating lease expense Research and development $ 144 $ 50 Operating lease expense Selling and marketing 246 55 Operating lease expense General and administrative 203 75 Total $ 593 $ 180 Three Months Ended March 31, Other information (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows in operating leases $ 486 $ 201
Supplemental Financial Information, Lease Assets and Liabilities and Lease Term and Discount Rate	Lease Term and Discount Rate March 31, 2021 December 31, 2020 Weighted Average Remaining Lease Term (in years) 4.22 4.43 Weighted Average Discount Rate 12 % 12 %
Maturities of Lease Liabilities	Maturity of Operating Lease Liabilities (in thousands) March 31, 2021 Remainder of 2021 $ 1,961 Year ending December 31, 2022 2,497 Year ending December 31, 2023 2,166 Year ending December 31, 2024 2,192 Year ending December 31, 2025 1,502 Total lease payments 10,318 Less: imputed interest (2,260) Total $ 8,058

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Summary of Warrants	As of March 31, 2021, warrants to purchase up to 10,426,107 shares of the Company’s common stock remain outstanding at a weighted average exercise price of $4.54 per share. These warrants are summarized below: Type of Warrants Underlying Common Stock to be Purchased Exercise Price Issue Date Exercise Period Common Warrants 878 $ 51.24 March 30, 2012 March 30, 2012 to March 30, 2022 Common Warrants 1,171 $ 51.24 August 17, 2012 August 17, 2012 to July 17, 2022 Common Warrants 7,806 $ 3.69 June 11, 2014 June 11, 2014 to June 11, 2024 Common Warrants 848,674 $ 7.50 May 24, 2018 May 24, 2018 to May 24 2025 Common Warrants 182 $ 7.50 June 26, 2018 June 26, 2018 to June 26, 2025 Common Warrants 1,666,667 $ 6.38 April 11, 2019 October 11, 2019 to April 11, 2026 Common Warrants 2,777,779 $ 6.38 June 10, 2019 December 10, 2019 to June 10, 2026 Common Warrants 3,073,770 $ 2.44 April 24, 2020 April 24, 2020 to April 24, 2025 Common Warrants 2,049,180 $ 2.44 June 9, 2020 June 9, 2020 to June 9, 2025 Total 10,426,107
Summary of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance is as follows in common equivalent shares as of March 31, 2021: Common stock issuable upon the exercise of stock options outstanding 11,385,846 Common stock issuable upon the exercise of common stock warrants 10,426,107 Common stock available for future issuance under the 2019 ESPP 2,293,721 Common stock available for future issuance under the Amended and Restated 2014 Plan 744,089 Common stock available for future issuance under the Amended Inducement Plan 552,819 Total common stock reserved for future issuance 25,402,582

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense related to stock options, restricted stock awards (RSAs) and restricted stock units (RSUs) granted to employees, non-employee directors and consultants, and Employee Stock Purchase Plan included in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 543 $ 482 Selling and marketing 740 538 General and administrative 2,181 2,381 Total $ 3,464 $ 3,401
Weighted Average Assumptions Used in Calculation of Fair Value	The fair value of noncash stock-based compensation for stock options granted to employees and non-employees was estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted-average assumptions for options granted for the periods indicated. Three Months Ended March 31, 2021 2020 Expected volatility 100.3 % 77.5 % Risk-free interest rate 0.6 % 1.3 % Expected dividend yield — % — % Expected term (years) 6.0 5.9

Description of Business and B_2

Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020
Entity Information [Line Items]
Proceeds from issuance of common stock		$ 103,700	$ 28,050			$ 0
Proceeds from issuance of common stock, net of commissions - ATM transactions			0			$ 1,424
Cash, cash equivalents, and short-term investments	$ 45,300		45,300
Restricted cash	18,600		18,600
Working capital	4,600		4,600
Accumulated deficit	(701,639)		$ (701,639)	$ (655,488)
Public Offering
Entity Information [Line Items]
Proceeds from issuance of common stock, net of commissions - ATM transactions		$ 3,800
Senior Convertible Notes Payable
Entity Information [Line Items]
Consideration received	$ 28,000
Proceeds from issuance of long-term convertible notes				$ 50,000	$ 50,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)Segment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 14, 2020USD ($)	Oct. 03, 2019USD ($)
Concentration Risk [Line Items]
Number of operating segments | Segment	1
Restricted cash	$ 18,975,000	$ 480,000	$ 22,559,000
Proceeds received from issuance of convertible unsecured promissory notes	25,000,000
Senior Convertible Notes Payable
Concentration Risk [Line Items]
Restricted cash	18,600,000
Letter of Credit
Concentration Risk [Line Items]
Letters of credit				$ 50,000	$ 750,000
Letter of Credit | Office space
Concentration Risk [Line Items]
Letters of credit	800,000
Letter of Credit | Vehicles
Concentration Risk [Line Items]
Letters of credit	$ 300,000
Revenue Benchmark | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	87.00%
Accounts Receivable | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	89.00%	95.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 45,318	$ 48,892	$ 8,785
Restricted cash	18,975	22,559	480
Restricted cash included in other noncurrent assets	800	800
Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows	65,093	$ 72,251	10,015	$ 16,625
Other Noncurrent Assets
Cash and Cash Equivalents [Line Items]
Restricted cash included in other noncurrent assets	$ 800		$ 750

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	23,902,219	14,512,911
Unvested restricted common stock subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,845,833	1,345,000
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	40,168
Common stock to be purchased under the 2019 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	244,433	54,387
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	11,385,846	7,769,999
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	10,426,107	5,303,357

Revenue (Details)

Revenue (Details) $ in Millions	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Accrued balance of variable considerations	$ 1.6

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 486	$ 332
Work in process	4,173	4,162
Finished goods	4,331	2,668
Total	$ 8,990	$ 7,162

Convertible Notes (Details)

Convertible Notes (Details) - USD ($)

Oct. 14, 2020

Jun. 18, 2020

Jun. 09, 2020

Jun. 05, 2020

Apr. 24, 2020

Mar. 24, 2020

Mar. 31, 2021

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2020

Apr. 25, 2020

Apr. 23, 2020

Jan. 17, 2018

Debt Instrument [Line Items]

Securities sold under purchase agreement

$ 15,000,000

Stock option warrants to purchase common stock (in shares)

0.001

Purchase agreement, amount of securities purchasable under agreement (up to)

$ 10,000,000

$ 10,000,000

Purchase agreement, threshold amount of aggregate gross proceeds from one or more future sales of equity securities (at least)

100,000,000

Stock option warrant to purchase, exercise price per share (in dollars per share)

$ 0.0175

$ 4.54

$ 2.44

Term

5 years

10 days

Interest expense

$ 1,152,000

$ 0

Convertible notes

58,100,000

Warrants and purchase rights issued

46,700,000

Loss on issuance of financial instruments

$ 64,000,000

Gain (loss) on fair value changes

(142,000)

$ 34,100,000

$ 0

Reclassification of purchase rights liability

$ 15,800,000

Reclassification from warrants liability to additional paid-in capital

$ 11,000,000

Convertible notes, short-term

$ 53,218,000

$ 52,409,000

Common stock, par value (in dollars per share)

$ 0.0001

$ 0.0001

$ 0.0001

Restricted cash

$ 18,600,000

Convertible notes, long-term

25,697,000

$ 25,211,000

Baker Bros. Notes

Debt Instrument [Line Items]

Convertible notes, short-term

53,200,000

Convertible notes, short-term, principal amount

50,900,000

Convertible notes, short-term, principal amount

2,300,000

First Closing Warrants

Debt Instrument [Line Items]

Stock option warrants to purchase common stock (in shares)

3,073,770

Second Closing Warrants

Debt Instrument [Line Items]

Stock option warrants to purchase common stock (in shares)

2,049,180

Senior Convertible Notes Payable

Debt Instrument [Line Items]

Aggregate principal amount of convertible senior secured promissory notes (up to)

$ 25,000,000

Note term

5 years

Note interest rate (percent)

10.00%

Written notice period

10 days

Measurement period for determining weighted average price

30 days

Convertible notes, stock price, benchmark (in dollars per share)

$ 4.99

Debt redemption in event of default, multiple of outstanding balance

3

Senior Convertible Notes Payable | Adjuvant Notes

Debt Instrument [Line Items]

Aggregate principal amount of convertible senior secured promissory notes (up to)

$ 25,000,000

Note term

5 years

Note interest rate (percent)

7.50%

Interest expense

500,000

Common stock, par value (in dollars per share)

$ 0.0001

Conversion price (in dollars per share)

$ 3.65

Weighted average period

30 days

Weighted average price per share (in dollars per share)

$ 10

Debt covenant, cumulative net sales requirement

$ 100,000,000

Restricted cash

$ 25,000,000

18,600,000

Convertible notes, long-term

25,700,000

Convertible notes, long-term, principal amount

24,800,000

Convertible notes, long-term, accrued interest

900,000

Senior Convertible Notes Payable | Adjuvant Notes | Minimum

Debt Instrument [Line Items]

Beneficial ownership limitation (in percent)

0.0499

Senior Convertible Notes Payable | Adjuvant Notes | Maximum

Debt Instrument [Line Items]

Beneficial ownership limitation (in percent)

0.1999

Senior Convertible Notes Payable | Period Two

Debt Instrument [Line Items]

Redemption price (percent)

100.00%

Senior Convertible Notes Payable | Period One

Debt Instrument [Line Items]

Redemption price (percent)

110.00%

Senior Convertible Notes Payable | Period Three

Debt Instrument [Line Items]

Redemption price (percent)

110.00%

Senior Convertible Notes Payable

Debt Instrument [Line Items]

Interest expense

$ 600,000

$ 1,700,000

Balance Sheet Details - Prepaid

Balance Sheet Details - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		$ 4,138	$ 18,050
Consideration transferred	$ 1,900
Cash received	600
Payable due in consideration	$ 1,300
Interest rate (percent)	5.00%
Annual principal payment	$ 300
Selling and marketing related costs
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		1,568	15,414
Insurance
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		402	900
Manufacturing related costs
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		482	382
Clinical trial related costs
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		630	304
Subscriptions for IT platforms
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		312	0
Flex note receivable
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		0	250
Other
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		$ 744	$ 800

Balance Sheet Details - Propert

Balance Sheet Details - Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,960		$ 5,485
Less: accumulated depreciation	(1,346)		(1,151)
Total, net	5,614		4,334
Depreciation expense	$ 200	$ 100
Research and production equipment
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Property and equipment, gross	$ 623		623
Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful Life	3 years
Property and equipment, gross	$ 494		444
Office furniture
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Property and equipment, gross	$ 881		629
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,489		1,540
Construction in-process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,473		$ 2,249
Maximum | Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful Life	5 years

Balance Sheet Details - Other N

Balance Sheet Details - Other Non Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash included in noncurrent assets	$ 800	$ 800
Prepaid directors & officers' insurance	188	214
Other	34	34
Other noncurrent assets	$ 1,022	$ 1,048

Balance Sheet Details - Accrued

Balance Sheet Details - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical studies	$ 2,977	$ 1,417
Marketing, market access and public relations	3,558	564
Legal and other professional fees	1,156	1,631
Manufacturing related costs	452	498
Other	835	366
Total	$ 8,978	$ 4,476

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Values of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 62,667	$ 70,233
Convertible notes payable	50,894	50,752
Total liabilities	50,894	50,752
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	62,667	69,983
Convertible notes payable	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	250
Convertible notes payable	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Convertible notes payable	50,894	50,752
Total liabilities	50,894	50,752
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	62,667	53,485
Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	62,667	53,485
Money market funds | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0	0
Money market funds | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 0	0
Flex note receivable
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		250
Flex note receivable | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		0
Flex note receivable | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		250
Flex note receivable | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		0
Cash and cash equivalents | Fixed income debt securities classified as cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		16,498
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income debt securities classified as cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		16,498
Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | Fixed income debt securities classified as cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | Fixed income debt securities classified as cash and cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Changes in Level 3 Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Noncash interest expenses	$ 1,152	$ 0
Senior Convertible Notes Payable
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Noncash interest expenses	600		$ 1,700
Significant Unobservable Inputs (Level 3) | Debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	50,752
Change in fair value	142
Ending balance	50,894		50,752
Baker First Closing Notes | Significant Unobservable Inputs (Level 3) | Debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	30,451
Change in fair value	85
Ending balance	30,536		30,451
Baker Second Closing Notes | Significant Unobservable Inputs (Level 3) | Debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	20,301
Change in fair value	57
Ending balance	20,358		$ 20,301
Baker Notes | Senior Convertible Notes Payable
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Noncash interest expenses	$ 2,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Jan. 01, 2021USD ($)	Mar. 31, 2021USD ($)claimvehicle	Dec. 31, 2020USD ($)claim	Apr. 14, 2020USD ($)ft²	Mar. 31, 2020USD ($)	Dec. 31, 2019	Oct. 03, 2019USD ($)ft²
Loss Contingencies [Line Items]
Number of vehicles delivered | vehicle		74
Restricted cash		$ 18,975,000	$ 22,559,000		$ 480,000
Office area (in square feet) | ft²				8,816			24,474
Renewal period							5 years
Claims | claim		0	0
Rush University | Maximum
Loss Contingencies [Line Items]
Maximum for earned royalties	$ 100,000
Rush University | Royalty Agreement Terms
Loss Contingencies [Line Items]
Minimum annual royalty amount	$ 100,000
Lease Contract Term One
Loss Contingencies [Line Items]
Lease term						24 months
Lease Contract Term Two
Loss Contingencies [Line Items]
Lease term						36 months
Vehicles | Securities Deposit
Loss Contingencies [Line Items]
Restricted cash		$ 300,000	$ 300,000
Office space | Securities Deposit
Loss Contingencies [Line Items]
Restricted cash		800,000	$ 800,000
Letter of Credit
Loss Contingencies [Line Items]
Security deposit				$ 50,000			$ 750,000
Letter of Credit | Vehicles
Loss Contingencies [Line Items]
Security deposit		300,000
Letter of Credit | Office space
Loss Contingencies [Line Items]
Security deposit		$ 800,000

Commitments and Contingencies_2

Commitments and Contingencies - Supplemental Financial Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 593	$ 180
Weighted Average Remaining Lease Term (in years)	4 years 2 months 19 days		4 years 5 months 4 days
Weighted Average Discount Rate (percent)	12.00%		12.00%
Research and development
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 144	50
Selling and marketing
Lessee, Lease, Description [Line Items]
Operating lease expense	246	55
General and administrative
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 203	$ 75

Commitments and Contingencies_3

Commitments and Contingencies - Future Operating Lease Maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Maturity of Operating Lease Liabilities
Remainder of 2021	$ 1,961
Year ending December 31, 2022	2,497
Year ending December 31, 2023	2,166
Year ending December 31, 2024	2,192
Year ending December 31, 2025	1,502
Total lease payments	10,318
Less: imputed interest	(2,260)
Total	$ 8,058

Commitments and Contingencies_4

Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating cash outflows in operating leases	$ 486	$ 201

Related-party Transactions (Det

Related-party Transactions (Details) - USD ($) $ in Millions	Apr. 01, 2019	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Potential bonus as a percent of consulting fees earned (percent)	100.00%
Amended and Restated 2014 Plan | Chairman | Unvested restricted stock units
Related Party Transaction [Line Items]
Vesting period	1 year
Issued RSU for the right to shares common stock (in shares)	150,000
Thomas Lynch | Consulting Agreement 2019
Related Party Transaction [Line Items]
Vesting period	2 years
Compensation relates management service	$ 0.4
Thomas Lynch | Consulting Agreement 2019 | Board service
Related Party Transaction [Line Items]
Compensation relates management service	$ 0.1
Thomas Lynch | Consulting Agreements
Related Party Transaction [Line Items]
Compensation paid		$ 0	$ 0.1

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Additional Information (Details)

Apr. 06, 2021USD ($)

Mar. 29, 2021USD ($)$ / sharesshares

Jun. 10, 2020USD ($)shares

Jun. 09, 2020

Jun. 05, 2020USD ($)$ / sharesshares

Mar. 24, 2020$ / sharesshares

Mar. 31, 2020USD ($)shares

Mar. 31, 2021$ / sharesshares

Dec. 31, 2020$ / sharesshares

Jun. 30, 2020$ / sharesshares

Nov. 30, 2019USD ($)

Jan. 17, 2018$ / sharesshares

Class Of Stock [Line Items]

Common stock issued upon the exercise of common stock warrants (in shares)

0.001

Stock option warrant to purchase, exercise price per share (in dollars per share) | $ / shares

$ 0.0175

$ 4.54

$ 2.44

Warrants outstanding (in shares)

10,426,107

Common stock, shares authorized (in shares)

300,000,000

300,000,000

300,000,000

Common stock, par value (in dollars per share) | $ / shares

$ 0.0001

$ 0.0001

$ 0.0001

Stock dividend, rights (in shares)

1

Rights issued per share of common stock held (in dollars per share) | $ / shares

$ 1

Purchase price (in dollar per unit) | $ / shares

$ 17.50

Vesting term for beneficial ownership threshold

10 days

Beneficial ownership threshold (percent)

0.32

Vesting term

5 years

10 days

Public Offering

Class Of Stock [Line Items]

Number of shares issued (in shares)

17,142,857

28,500,000

Price per share (in dollars per share) | $ / shares

$ 1.75

$ 3.50

Consideration received | $

$ 28,000,000

$ 93,200,000

Period that additional shares are available to be purchased by underwriters

30 days

30 days

Additional shares available for underwriters to purchase (in shares)

2,571,428

4,275,000

Over-allotment option

Class Of Stock [Line Items]

Number of shares issued (in shares)

3,200,000

Consideration received | $

$ 10,500,000

Over-allotment option | Subsequent Event

Class Of Stock [Line Items]

Consideration received | $

$ 4,200,000

At The Market (ATM) | Piper Sandler Co.

Class Of Stock [Line Items]

Number of shares issued (in shares)

202,098

Offering price of shares (up to) | $

$ 50,000,000

Proceeds from issuance of common stock | $

$ 1,100,000

Preferred Stock

Class Of Stock [Line Items]

Issuance and sale of an aggregate shares (in shares)

5,000,000

Preferred stock par value (in dollars per share) | $ / shares

$ 0.0001

Security Purchase Agreement Warrants

Class Of Stock [Line Items]

Common stock issued upon the exercise of common stock warrants (in shares)

5,122,950

Stock option warrant to purchase, exercise price per share (in dollars per share) | $ / shares

$ 2.44

Stockholders' Equity (Deficit_3

Stockholders' Equity (Deficit) - Summary of Warrants (Details) - $ / shares	Mar. 31, 2021	Jun. 30, 2020	Jun. 09, 2020	Apr. 24, 2020	Mar. 24, 2020	Jun. 10, 2019	Apr. 11, 2019	Jun. 26, 2018	May 24, 2018	Jun. 11, 2014	Aug. 17, 2012	Mar. 30, 2012
Class of Warrant or Right [Line Items]
Underlying Common Stock to be Purchased (in shares)	10,426,107
Exercise Price (in dollars per share)	$ 4.54	$ 2.44			$ 0.0175
Common Warrants
Class of Warrant or Right [Line Items]
Underlying Common Stock to be Purchased (in shares)			2,049,180	3,073,770		2,777,779	1,666,667	182	848,674	7,806	1,171	878
Exercise Price (in dollars per share)			$ 2.44	$ 2.44		$ 6.38	$ 6.38	$ 7.50	$ 7.50	$ 3.69	$ 51.24	$ 51.24

Stockholders' Equity (Deficit_4

Stockholders' Equity (Deficit) - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2021	Jan. 01, 2021
Class Of Stock [Line Items]
Common stock issuable upon the exercise of common stock warrants (in shares)	10,426,107
Total common stock reserved for future issuance (in shares)	25,402,582
Employee Stock Purchase Plan 2019
Class Of Stock [Line Items]
Common stock available for future issuance under 2019 ESPP (in shares)	2,293,721	1,000,000
Amended and Restated 2014 Plan
Class Of Stock [Line Items]
Common stock available for future issuance under the Amended and Restated 2014 Plan and Inducement Plan (in shares)	744,089
Inducement Plan
Class Of Stock [Line Items]
Common stock available for future issuance under the Amended and Restated 2014 Plan and Inducement Plan (in shares)	552,819
Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock issuable upon the exercise of stock options outstanding (in shares)	11,385,846

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense Related to Stock Options, Restricted Stock Awards (RSAs) and RSUs Granted to Employees and Non-employee Directors (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 3,464	$ 3,401
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	543	482
Selling and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	740	538
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 2,181	$ 2,381

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($)	May 07, 2019	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021	Feb. 25, 2020	Feb. 26, 2019	Jul. 24, 2018	Sep. 15, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		2,478,025	1,475,485
Total		$ 3,464,000	$ 3,401,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 13,800,000
Recognition period for unrecognized share-based compensation expense		2 years 9 months 18 days
Restricted Stock Awards (RSA)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total		$ 1,600,000
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total			$ 2,000,000
2012 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
2012 Equity Incentive Plan | Vesting period one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Percent exercisable		25.00%
2012 Equity Incentive Plan | Vesting period two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Percent exercisable		25.00%
Amended and Restated 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					11,725,515	7,800,000		749,305
Incremental number of shares authorized (in shares)				3,254,061	2,000,000
Automatic shares authorized under plan increase, percentage of common stock issued and outstanding (percent)		4.00%
Amended and Restated 2014 Plan | Restricted Stock Awards (RSA)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 4,900,000
Recognition period for unrecognized share-based compensation expense		7 months 6 days
Amended and Restated 2014 Plan | Restricted Stock Awards (RSA) | Executive Management Team and Certain Non-Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued for the right to shares common stock (in shares)		1,772,500	1,245,000
Amended and Restated 2014 Plan | Vesting period one | Restricted Stock Awards (RSA) | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued for the right to shares common stock (in shares)		1,767,500
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					1,250,000		250,000
Employee Stock Purchase Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance under 2019 ESPP (in shares)		2,293,721		1,000,000
Employee Stock Purchase Plan 2019 | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental number of shares authorized (in shares)	1,000,000
Automatic shares authorized under plan increase, percentage of common stock issued and outstanding (percent)	2.00%
Common stock available for future issuance under 2019 ESPP (in shares)	500,000
Purchase price as a percentage of common stock (percent)		85.00%
Denominator in calculation of ESPP		$ 25,000
Employee Stock Purchase Plan 2019 | ESPP | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contribution limitations, percentage of employees salaries (percent)		1.00%
Employee Stock Purchase Plan 2019 | ESPP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contribution limitations, percentage of employees salaries (percent)		15.00%

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)	100.30%	77.50%
Risk-free interest rate (percent)	0.60%	1.30%
Expected dividend yield (percent)	0.00%	0.00%
Expected term (years)	6 years	5 years 10 months 24 days