RVL Pharmaceuticals (RVLPQ) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-38709
Entity Registrant Name	RVL Pharmaceuticals plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	400 Crossing Boulevard
Entity Address, City or Town	Bridgewater
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08807
City Area Code	908
Local Phone Number	809-1300
Title of 12(b) Security	Ordinary shares, $0.01 nominal value per share
Trading Symbol	RVLP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,549,659
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001739426
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 26,341	$ 40,444
Other receivables	17,572	2,133
Inventories, net	838	838
Prepaid expenses and other current assets	12,481	12,901
Financial commitment asset	2,096	3,063
Total current assets	59,328	59,379
Property, plant and equipment, net	804	866
Operating lease assets	1,119	1,368
Indefinite-lived intangible assets	27,210	27,210
Goodwill	55,847	55,847
Total assets	144,308	144,670
Current liabilities:
Trade accounts payable	4,732	3,777
Accrued liabilities	14,345	13,077
Current portion of debt	1,512	2,409
Current portion of obligations under finance leases	2	5
Current portion of lease liability	688	839
Income taxes payable - current portion	13	1
Total current liabilities	21,292	20,108
Long-term debt (measured at fair value and representing $55,000 of aggregate unpaid principal)	45,100	43,800
Warrant liability	7,728	3,220
Long-term portion of lease liability	478	592
Income taxes payable - long term portion	67	66
Deferred taxes	160	151
Total liabilities	74,825	67,937
Commitments and contingencies (See Note 11)
Shareholders' equity:
Ordinary shares ($0.01 nominal value, 400,000,000 shares authorized, 83,515,411 and 83,297,567 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively)	835	833
Preferred shares ($0.01 nominal value, 40,000,000 shares authorized, no shares issued and outstanding)	0	0
Euro deferred shares (1.00 nominal value, 25,000 shares authorized, no shares issued and outstanding)	0	0
Additional paid in capital	592,999	591,730
Accumulated deficit	(524,351)	(517,530)
Accumulated other comprehensive income		1,700
Total shareholders' equity	69,483	76,733
Total liabilities and shareholders' equity	$ 144,308	$ 144,670

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Unaudited Condensed Consolidated Balance Sheets
Fair value long-term debt	$ 55,000	$ 55,000
Ordinary shares, nominal value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares, number of shares authorized	400,000,000	400,000,000
Ordinary shares, number of shares issued	83,515,411	83,297,567
Ordinary shares, number of shares outstanding	83,515,411	83,297,567
Preferred shares, nominal value (in dollars per share)	$ 0.01
Preferred shares, number of shares authorized	40,000,000
Preferred shares, number of shares issued	0
Preferred shares, number of shares outstanding	0
Euro deferred shares, nominal value (in euros per share)	$ 1	$ 1
Euro deferred shares, number of shares authorized	25,000	25,000
Euro deferred shares, number of shares issued	0	0
Euro deferred shares, number of shares outstanding	0	0

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenues	$ 21,444	$ 935
Cost of goods sold	2,144	679
Gross profit	19,300	256
Selling, general and administrative expenses	23,834	16,952
Research and development expenses	862	2,204
Total operating expenses	24,696	19,156
Operating loss before gain on sales of product rights, net	(5,396)	(18,900)
Gain on sales of product rights, net		5,636
Operating loss	(5,396)	(13,264)
Interest expense and amortization of debt discount	985	521
Change in fair value of debt and interest expense	1,044
Change in fair value of warrants	4,508
Other non-operating income, net	(5,037)	(9)
Total other non-operating expense	(1,500)	(512)
Loss before income taxes	(6,896)	(13,776)
Income tax benefit, continuing operations	(75)	(4)
Loss from continuing operations	(6,821)	(13,772)
Income from discontinued operations before income taxes		4,699
Income tax expense, discontinued operations		539
Income from discontinued operations, net of tax		4,160
Net loss	(6,821)	(9,612)
Change in fair value of debt due to change in credit risk, net of tax	(1,700)
Comprehensive loss	$ (8,521)	$ (9,612)
(Loss) earnings per ordinary share:
(Loss) earnings per ordinary share, Continuing operations, basic	$ (0.08)	$ (0.22)
(Loss) earnings per ordinary share, Continuing operations, diluted	(0.08)	(0.22)
(Loss) earnings per ordinary share, Discontinued operations, basic		0.07
(Loss) earnings per ordinary share, Discontinued operations, diluted		0.07
(Loss) earnings per ordinary share, basic	(0.08)	(0.15)
(Loss) earnings per ordinary share, diluted	$ (0.08)	$ (0.15)
Weighted average ordinary shares outstanding:
Weighted average ordinary shares outstanding, basic	83,489,900	62,678,130
Weighted average ordinary shares outstanding, diluted	83,489,900	62,678,130
Net product sales
Total revenues	$ 5,944	$ 773
Royalty and licensing revenue
Total revenues	$ 15,500	$ 162

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Ordinary shares	Additional Paid-in Capital [Member]	Accumulated deficit	Accumulated other comprehensive income (loss)	Total
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 625	$ 548,070	$ (452,610)	$ (2,229)	$ 93,856
Shares, Outstanding, Beginning Balance at Dec. 31, 2020	62,545,832
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share compensation, value	$ 2	1,309			1,311
Share compensation, shares	173,299
Net loss			(9,612)		(9,612)
Payments for taxes related to the net share settlement of equity awards		(358)			(358)
Stockholders' equity, ending balance at Mar. 31, 2021	$ 627	549,021	(462,222)	(2,229)	85,197
Shares, Outstanding, Ending Balance at Mar. 31, 2021	62,719,131
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 833	591,730	(517,530)	1,700	76,733
Shares, Outstanding, Beginning Balance at Dec. 31, 2021	83,297,567
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share compensation, value	$ 2	1,326			1,328
Share compensation, shares	217,844
Net loss			(6,821)		(6,821)
Payments for taxes related to the net share settlement of equity awards		(57)			(57)
Change in credit risk associated with fair value of debt				$ (1,700)	(1,700)
Stockholders' equity, ending balance at Mar. 31, 2022	$ 835	$ 592,999	$ (524,351)		$ 69,483
Shares, Outstanding, Ending Balance at Mar. 31, 2022	83,515,411

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities:
Net loss from continuing operations	$ (6,821)	$ (13,772)
Net income from discontinued operations		4,160
Net loss	(6,821)	(9,612)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	89	3,986
Share compensation	1,209	1,177
Change in fair value of debt	(400)
Change in fair value of warrants	4,508
Deferred income tax benefit	9	83
Gain on sale of fixed and leased assets	(37)	(3)
Gain on sale of product rights, net		(5,636)
Bad debt provision		5
Amortization of deferred financing and loan origination fees	967	277
Change in operating assets and liabilities:
Other receivables	(15,439)	3,817
Inventories, net		655
Prepaid expenses and other current assets	420	1,398
Trade accounts payable	955	(2,246)
Accrued and other current liabilities	1,264	(5,387)
Net cash used in operating activities	(13,276)	(11,486)
Cash Flows from Investing Activities:
Proceeds from product rights disposal		7,300
Proceeds from sale of fixed and leased assets	37	3
Purchases of property, plant and equipment	(27)	(422)
Net cash provided by investing activities	10	6,881
Cash Flows from Financing Activities:
Payments on finance lease obligations	(2)	(16)
Payments on insurance financing loan	(897)
Payments for taxes related to net share settlement of share-based awards	(57)	(358)
Proceeds from issuance of ordinary shares under ESPP	119	138
Net cash used in financing activities	(837)	(236)
Net change in cash and cash equivalents	(14,103)	(4,841)
Cash and cash equivalents, beginning of period	40,444	114,053
Cash and cash equivalents, end of period	26,341	109,212
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest	1,461	2,674
Cash paid for taxes	$ 85	$ 258

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2022
Organization and Nature of Operations
Organization and Nature of Operations	Note 1. Organization and Nature of Operations RVL Pharmaceuticals plc, an Irish public limited company, together with its subsidiaries (the “Company”) , is a specialty pharmaceutical company focused on the development and commercialization of products that target markets with underserved patient populations. In July 2020, the Company received regulatory approval from the FDA for RVL-1201, or Upneeq, (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or droopy or low-lying eyelids in adults. ​ On August 27, 2021, the Company closed the divestiture of its portfolio of branded and non-promoted products and its Marietta, Georgia, manufacturing facility (the “Legacy Business”) to certain affiliates of Alora Pharmaceuticals (“Alora”) for $111 million in cash upon closing, subject to certain adjustments, and up to $60 million in additional contingent milestone payments. Pursuant to the agreement the Company post-closing retained the rights to Upneeq and to arbaclofen extended release (“ER”) tablets which is under development for the treatment of spasticity in multiple sclerosis. With the divestiture of the Legacy Business the Company’s commercial operations are conducted by its wholly-owned subsidiaries, RVL Pharmaceuticals, Inc. (“RVL Pharmaceuticals”) and RVL Pharmacy, LLC, (“RVL Pharmacy”). RVL Pharmacy operates pharmacy operations dedicated to the processing and fulfillment of prescriptions for Upneeq. Unless otherwise indicated or required by the context, references throughout to “RVL,” or the “Company,” refer to the Company’s continuing operations following the sale or the Legacy Business to Alora.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation 31, 2022 or any period thereafter. The accompanying condensed consolidated balance sheet data as of December 31, 2021 was derived from the audited consolidated financial statements. Management believes that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. Those audited consolidated financial statements include a summary of our significant accounting policies, updates to which are included in this Note 2. Discontinued Operations The divestiture of the Legacy Business qualifies as a discontinued operation and therefore has been presented as such. See Note 4, Discontinued Operations, for more information. Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ materially from those estimates. Supplemental Cash Flow Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 1,461 ​ $ 2,674 Income taxes ​ $ 85 ​ $ 258 ​ Recently Issued Accounting Standards ​ In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ There are no other recently issued accounting standards that are expected to have a material to have a material impact to the Company’s financial position or results of operations upon adoption.

Liquidity

Liquidity	3 Months Ended
	Mar. 31, 2022
Liquidity
Liquidity	Note 3. Liquidity At March 31, 2022, the Company had cash and cash equivalents of $26.3 million, an accumulated deficit of $524.4 million, and total long-term debt with aggregate principal maturities of $55.0 million, with such maturities commencing in March 2024 and extending through October 2026 (see Note 8). In addition, the Company’s primary indebtedness contains various restrictive covenants including minimum liquidity and minimum quarterly product sales requirements. For the three months ended March 31, 2022 and 2021, the Company incurred net losses from continuing operations of million, respectively. For the three months ended March 31, 2022, the Company used million in cash for operating activities. The divestiture of the Legacy Business in 2021 resulted in the loss of substantially all the Company’s revenue generating assets. The Company’s current business plan is focused on the continued launch and commercialization of Upneeq, which has and will continue to diminish the Company’s cash flows in at least the near term. The Company will require additional capital to fund its operating needs, including the expanded commercialization of Upneeq and other activities. The Company expects to incur significant expenditures and sustained operating losses for the foreseeable future. Management of the Company does not believe that current sources of liquidity will be sufficient to fund the Company’s planned expenditures and meet its obligations for at least 12 months following the date the accompanying unaudited condensed consolidated financial statements are issued without raising additional funding. As a result, there is a substantial doubt as to the Company’s ability to operate as a going concern. The Company’s ability to continue as a going concern will require it to obtain additional funding, generate positive cash flow from operations and/or enter into strategic alliances or sell assets. Management’s plans to address these conditions include pursuing one or more of the following options to secure additional funding, none of which can be guaranteed or is entirely within its control, (i) raise funds through additional sales of ordinary shares, through equity sales agreements with brokers/dealers or other public or private equity financings, (ii) raise funds through borrowings under existing debt facilities and/or convertible debt, and/or (iii) raise non-dilutive funds through product collaborations and/or to partner or sell a portion or all rights to any of the Company’s assets. There can be no assurance that the Company will receive cash proceeds from any of these potential sources or, to the extent cash proceeds are received, such proceeds would be sufficient to support its current operating plan for at least the next 12 months from the date the accompanying unaudited condensed consolidated financial statements are issued. The sale of additional equity or convertible debt securities may result in additional dilution to the Company’s shareholders. If the Company raises additional funds through the issuance of debt securities or preferred shares, these securities could provide for rights senior to those of its ordinary shares and could contain covenants that would further restrict its operations. Additional funds may not be available when the Company needs them, on terms that are acceptable to it, or at all. The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business, and therefore do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Discontinued Operations
Discontinued Operations	Note 4. Discontinued Operations On August 27, 2021, the Company announced the closing of the divestiture of its Legacy Business to certain affiliates of Alora for $111 million in cash upon closing, subject to certain post-closing adjustments, and up to $60 million in additional contingent milestone payments. During the three months ended March 31, 2022, the Company received an aggregate of $5.0 million in cash from Alora related to contingent milestone payments earned in connection with the sale of the Legacy Business, such income was recognized and classified within other non-operating income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. The Company has determined the divestiture of the Legacy Business represents a Discontinued Operations The following table presents the results of discontinued operations (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, 2021 ​ Total revenues ​ $ 22,945 ​ Cost of goods sold (inclusive of depreciation and amortization) ​ 12,810 ​ Selling, general and administrative expenses ​ 1,970 ​ Research and development expenses ​ ​ 1,106 ​ Income from operations ​ 7,059 ​ Interest expense and amortization of debt discount ​ ​ 2,439 ​ Other non-operating income, net ​ ​ (79) ​ Income from discontinued operations before provision for income taxes ​ 4,699 ​ Income tax expense ​ ​ 539 ​ Income from discontinued operations, net of tax ​ $ 4,160 ​ ​ The following table presents the significant non-cash items and purchases of property, plant and equipment for the discontinued operations that are included in the accompanying unaudited condensed consolidated statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ Three Months Ended Cash flows from operating activities: ​ March 31, 2021 Depreciation and amortization ​ $ 3,309 Share compensation ​ ​ 103 ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ Purchases of property, plant and equipment ​ $ 314 ​

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenues
Revenues	Note 5. Revenues The Company’s performance obligations are to provide its pharmaceutical products based upon purchase orders from customers. The performance obligation is satisfied at a point in time, typically upon delivery, when the customer obtains control of the pharmaceutical product. The Company collects payments in advance from its customers. The following table presents disaggregated revenues from contracts with customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Net product sales - Upneeq ​ $ 5,944 ​ $ 773 ​ Royalty and licensing revenue ​ 15,500 ​ ​ 162 ​ Total revenues ​ $ 21,444 ​ $ 935 ​ ​ On July 28, 2020, the Company entered into a License Agreement with Santen Pharmaceutical Co. Ltd (“Santen”), granting Santen exclusive development, registration, and commercialization rights to RVL-1201 in Japan, China, and other Asian countries as well as Europe, the Middle East and Africa (“EMEA”) countries (the “License Agreement”). Under the License Agreement the Company is entitled to certain development and regulatory milestone payments. The Company is also entitled to royalty payments on net sales of RVL-1201 in Santen commercialization territories. On March 29, 2022, RVL Pharmaceuticals entered into the First Amendment to License Agreement (the “Amendment”) with Santen, amending the License Agreement. Under the terms of the Amendment, effective March 31, 2022, RVL Pharmaceuticals is entitled to receive an upfront cash payment of $15.5 million, and the remaining developmental and regulatory cash milestone payments, were removed. Pursuant to the terms of the Amendment, new developmental and regulatory cash milestone payments with an aggregate value of up to $1.0 million will be payable to RVL Pharmaceuticals. In addition, the territories were expanded to include additional EMEA countries and Canada, and during the first five years following the effective date of the Amendment, Santen was granted an option to expand the territories to include Russia, subject to additional upfront and milestone payments of $2.0 million and $1.0 million, respectively. Further, under the terms of the Amendment, if RVL Pharmaceuticals desires to enter into an agreement to license certain rights related to the License Agreement to a third party in Russia, then Santen will have a right to exercise an option to expand the territories to include Russia or to match the terms of the agreement with the third party. During the three months ended March 31, 2022, the Company recognized $15.5 million as license revenue as all performance obligations were met, and the related receipt of cash from Santen occurred in April 2022 (see Note 6). When the Company receives consideration from a customer, or such consideration is unconditionally due from a customer prior to the transfer of products to the customer under the terms of a contract, the Company records a contract liability. The Company classifies contract liabilities as deferred revenue. The Company had deferred revenue of $0.8 million at March 31, 2022 and an immaterial amount at December 31, 2021. Contract assets primarily relate to rights to consideration for goods or services transferred to the customer when the right is conditional on something other than the passage of time. Contract assets are transferred to accounts receivable when the rights become unconditional. The Company generally does not incur costs to obtain or fulfill contracts meeting the capitalization criteria under ASC Topic 340, Other Assets and Deferred Costs. ​ The following table presents the various adjustments recognized against gross product sales (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Gross product sales ​ $ 6,027 ​ $ 773 Less provisions for: ​ ​ ​ ​ ​ Chargebacks ​ (1) ​ ​ — Discounts and allowances ​ (82) ​ ​ — Net product sales ​ $ 5,944 ​ $ 773 ​

Other Receivables

Other Receivables	3 Months Ended
	Mar. 31, 2022
Other Receivables
Other Receivables	Note 6. Other Receivables The following table presents the components of other receivables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Milestone receivable ​ $ 15,500 ​ $ — Other receivable ​ 2,072 ​ 2,133 Total other receivables ​ $ 17,572 ​ $ 2,133 ​ Other receivables result primarily from payroll retention credits and other miscellaneous activities.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities
Accrued Liabilities	Note 7. Accrued Liabilities The following table presents the components of accrued liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accrued expenses and other liabilities ​ $ 6,871 ​ $ 7,897 Accrued compensation ​ ​ 5,624 ​ ​ 4,504 Accrued research and development ​ ​ 356 ​ ​ 409 Accrued royalties ​ 718 ​ 200 Deferred revenue ​ 776 ​ 67 Total accrued liabilities ​ $ 14,345 ​ $ 13,077 ​

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2022
Financing Arrangements
Financing Arrangements	Note 8. Financing Arrangements The following table presents the components of long-term debt and financing obligations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Senior Secured Notes (measured at fair value) ​ $ 45,100 ​ $ 43,800 Note payable — insurance financing ​ 1,512 ​ 2,409 Total debt and financing obligations ​ 46,612 ​ 46,209 Less: current portion of debt ​ (1,512) ​ (2,409) Long-term debt ​ $ 45,100 ​ $ 43,800 ​ The following table presents the aggregation of principal maturities of long-term debt and financing obligations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Debt Obligations Remainder of 2022 ​ $ 1,512 2023 ​ — 2024 ​ 11,000 2025 ​ ​ 11,000 2026 ​ ​ 33,000 Total future minimum payments ​ ​ 56,512 Less: current portion of debt principal ​ ​ (1,512) Non-current portion of debt principal ​ $ 55,000 ​ Senior Secured Notes ​ On October 1, 2021, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) with, among others, Athyrium Opportunities IV Acquisition 2 LP (“Purchaser”) providing for the issuance of senior secured notes in three separate tranches (the “Senior Secured Notes”). On October 12, 2021, the Company issued $55.0 million first tranche notes, a portion of the proceeds of which, together with the proceeds from a concurrent underwritten equity offering, were used to repay in full the obligations under a prior credit agreement. ​ Prior to October 12, 2022, upon satisfaction of certain conditions, including a minimum net product sales target for Upneeq over a specified period of time, the Company may request second tranche notes of up to $20.0 million. Prior to October 12, 2023, the Company may request third tranche notes of up to $25.0 million, in the sole discretion of the Purchaser. ​ The Senior Secured Notes bear interest at an annual rate of 9.0% plus adjusted three-month LIBOR, with a LIBOR floor of 1.50% and LIBOR cap of 3.00%, payable in cash quarterly in arrears. At March 31, 2022, the interest rate applicable to the Senior Secured Notes was 10.5%. ​ In addition, the restrictive covenants in the Note Purchase Agreement require the Company to comply with certain minimum liquidity requirements and minimum quarterly product sales requirements. At any time, the Company is required to maintain unrestricted cash and cash equivalents greater than or equal to $15.0 million, and, as of the end of each fiscal quarter, it is required to maintain consolidated Upneeq net product sales greater than or equal to specified quarterly thresholds (beginning at $3.0 million for the quarter ending March 31, 2022, and increasing in $1.0 million increments each quarter thereafter until the quarter ending June 30, 2024, for which quarter and all subsequent quarters the threshold is $12.0 million). At March 31, 2022, the Company was in compliance with all conditions of the Note Purchase Agreement. ​ During the year ended December 31, 2021, the Company incurred aggregate debt issuance costs of $2.1 million related to the Senior Secured Notes, $1.5 million and $0.6 million of which were recognized as financial commitment assets underlying the first and second tranche notes, respectively. ​ The Company elected the fair value option of accounting on the senior secured notes upon issuance and, accordingly, a proportionate amount of related debt issuance costs were immediately written off. The Company’s residual financial commitment asset related to the undrawn second tranche notes, is being amortized over the relevant one-year commitment period. During the three months ended March 31, 2022, the Company recognized $1.0 million of amortization expense from the second tranche financial commitment asset with such expense being recorded within interest expense and amortization of debt discount in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. At March 31, 2022 and December 31, 2021, the second tranche financial commitment asset had a carrying value of $2.1 million and $3.1 million, respectively, and was recorded within current assets in the accompanying unaudited condensed consolidated balance sheets. If the second tranche notes are drawn within the one-year commitment period, the Company will expense the remaining balance under the fair value option of accounting. ​ On a recurring basis, changes in fair value of Senior Secured Notes will be presented in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss at each reporting period (see Note 13). ​ In the three months ended March 31, 2022, the Company obtained waivers from the Purchaser of mandatory repayments of an aggregate of $5.0 million in principal of the Senior Secured Notes as otherwise required under the Note Purchase Agreement, in exchange for a consent fee of $0.2 million, resulting in net retained proceeds of $4.8 million.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-Based Compensation.
Share-Based Compensation	Note 9. Share-Based Compensation The following table presents the components of share-based compensation expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Share options ​ $ 550 ​ $ 101 Performance stock units ​ ​ — ​ ​ 225 Restricted stock units ​ ​ 616 ​ ​ 729 Employee share purchase plan ​ ​ 43 ​ ​ 19 Total share-based compensation expense ​ $ 1,209 ​ $ 1,074 ​ At March 31, 2022, aggregate unrecognized share compensation expense related to unvested awards was $7.0 million which is expected to be recognized over a weighted-average remaining service period of 1.86 years.

Earnings (Loss) Per Ordinary Sh

Earnings (Loss) Per Ordinary Share	3 Months Ended
	Mar. 31, 2022
Earnings (Loss) Per Ordinary Share
Earnings (Loss) Per Ordinary Share	Note 10. Earnings (Loss) Per Ordinary Share The following potentially dilutive securities have been excluded from the weighted average ordinary shares outstanding in the computation of diluted earnings (loss) per share because the impact of including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Performance and restricted stock units ​ 1,900,052 ​ 2,545,483 Share options to purchase ordinary shares ​ 637,778 ​ 2,864,016 Warrants to purchase ordinary shares ​ 16,100,000 ​ — Ordinary shares to be purchased through employee stock purchase plan ​ 214,366 ​ 28,227 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	​ Note 11. Commitments and Contingencies ​ Legal Proceedings ​ The Company is a party in legal proceedings and potential claims arising from time to time in the ordinary course of its business. The amount, if any, of ultimate liability with respect to such matters cannot be determined. Despite the inherent uncertainties of litigation, management of the Company believes that the ultimate disposition of such proceedings and exposures will not have a material adverse impact on the financial condition, results of operations, or cash flows of the Company. ​ On February 16, 2018, the Company received FDA approval for its amantadine extended release tablets under the trade name Osmolex ER and filed a Complaint for Declaratory Judgment of Noninfringement of certain patents owned by Adamas Pharmaceuticals, Inc., who filed counterclaims against the Company. On December 2, 2020, the Company entered into an agreement to settle the litigation with Adamas, under which both parties agreed to drop their respective claims relating to the patent litigation, and Adamas agreed to acquire the global rights to Osmolex ER from the Company for $7.5 million. The sale of the global rights to Osmolex ER closed in January 2021 and a gain of $5.6 million was recorded in the unaudited condensed consolidated statements of operations and comprehensive loss under gain on sale of product rights, net.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	Note 12. Income Taxes The following table presents the relationship between income tax expense or benefit from continuing operations and income or loss before income taxes from continuing operations (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 2021 ​ Loss before income taxes, continuing operations ​ $ (6,896) ​ $ (13,776) ​ Income tax benefit, continuing operations ​ ​ (75) ​ ​ (4) ​ Effective income tax rate ​ ​ 1.09 % ​ 0.03 % ​ Income tax expense or benefit in the quarterly periods is based upon the estimated income or loss for the full year. The composition of the income or loss in different jurisdictions and adjustments, if any, in the applicable quarterly periods influences the periodic expense or benefit. ​ The relationship between pre-tax income or loss and income tax expense or benefit is greatly affected by the impact of losses for which management cannot claim a tax benefit, non-deductible expenses, and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions. The increase in the effective income tax rate in the three months ended March 31, 2022 when compared to the three months ended March 31, 2021, is primarily related to our recognition of a benefit relating to a foreign tax refund unique to the 2022 period.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements	Note 13. Financial Instruments and Fair Value Measurements The Company’s financial instruments subject to fair value measurements include cash and cash equivalents, trade accounts receivable, trade accounts payable, accrued liabilities, long-term debt and warrant liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial Assets - Cash and cash equivalents, generally consisting of investments in interest-bearing money market accounts, are measured at fair value on a recurring basis using Level 1 measurements. Fair value inputs for these investments are considered Level 1 measurements within the fair value hierarchy because money market account fair values are known and observable through daily published floating net asset values. The fair value of the Company’s cash and cash equivalents, being the same as their carrying value, were Financial Liabilities The Company uses a discounted cash flow technique, an income-based approach, to determine the fair value of the Senior Secured Notes. This technique relies upon an assumption of pricing the Senior Secured Notes to their maturity (without mandatory or voluntary prepayments) and incorporates inputs such as contractual repayment terms, maturity, and discount rate. The most significant unobservable input for the Senior Secured Notes is the discount rate which is estimated by performing a yield analysis that relies upon the discount rate observed in the initial issuance of the Senior Secured Notes as well as certain benchmark debt instruments with observable pricing from which conclusions are drawn on the change in the discount rate from period to period. The Company uses the Black-Scholes Merton option-pricing model to value the warrants. This model incorporates transaction details such as the Company’s stock price, contractual terms, maturity, risk free rates, and volatility. The most significant unobservable input for the warrant liabilities is volatility. Given the limited trading volume and period of time the Company’s stock has been traded in an active market, the expected volatility is estimated by taking the average historical price volatility for industry peers, consisting of several public companies in the Company’s industry that are similar in size, stage, or financial leverage, over a period of time commensurate to the expected term of the warrants. The following tables show financial liabilities subject to fair value measurement on a recurring basis and related information on fair values, valuation techniques and unobservable inputs (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2022 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (45,100) ​ Income Approach - DCF ​ Discount rate ​ 18.4 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 4.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (7,728) ​ Black-Scholes Merton ​ Equity volatility ​ 65.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (43,800) ​ Income Approach - DCF ​ Discount rate ​ 17.9 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 4.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (3,220) ​ Black-Scholes Merton ​ Equity volatility ​ 65.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.3 ​ ​ The following table shows changes in the fair value of financial liabilities subject to Level 3 fair value measurements on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior Secured Notes ​ ​ Warrants Balance, At December 31, 2021 ​ $ (43,800) ​ $ (3,220) Cash payments for interest ​ ​ 1,444 ​ ​ - Fair value adjustments through earnings (inclusive of related accrued interest expense) ​ ​ (1,044) ​ ​ (4,508) Fair value adjustments through accumulated other comprehensive income or loss ​ ​ (1,700) ​ ​ - Balance, At March 31, 2022 ​ $ (45,100) ​ $ (7,728) ​ Changes in the fair value of debt that is accounted for at fair value, inclusive of related accrued interest expense, are presented as gains or losses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss under change in fair value of debt and interest expense. The portion of total changes in fair value of debt attributable to changes in instrument-specific credit risk are determined through specific measurement of periodic changes in the discount rate assumption exclusive of base market changes and are presented as a component of comprehensive income or loss in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. ​ No financial liabilities were subject to fair value measurements on a recurring basis prior to October 2021. ​ Assets and Liabilities for Which Fair Value is Only Disclosed The carrying amounts for trade accounts receivable, trade accounts payable, accrued liabilities and the residual amounts of long-term debt not otherwise measured at fair value on a recurring basis approximate their relative fair values due to their short-term nature with relevant inputs considered Level 2 measurements within the fair value hierarchy.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events.
Subsequent Events	Note 14. Subsequent Events In April 2022, as part of an initiative to refine the Company’s go to market strategy, the Company recognized an aggregate of $1.9 million in expenses primarily associated with employee severance benefits. ​

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation 31, 2022 or any period thereafter. The accompanying condensed consolidated balance sheet data as of December 31, 2021 was derived from the audited consolidated financial statements. Management believes that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. Those audited consolidated financial statements include a summary of our significant accounting policies, updates to which are included in this Note 2.
Discontinued Operations	Discontinued Operations The divestiture of the Legacy Business qualifies as a discontinued operation and therefore has been presented as such. See Note 4, Discontinued Operations, for more information.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ materially from those estimates.
Supplemental Cash Flow Disclosures	Supplemental Cash Flow Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 1,461 ​ $ 2,674 Income taxes ​ $ 85 ​ $ 258
Recently Issued Accounting Standards	Recently Issued Accounting Standards ​ In August 2020, the FASB issued Accounting Standards Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ There are no other recently issued accounting standards that are expected to have a material to have a material impact to the Company’s financial position or results of operations upon adoption.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies
Schedule of supplemental cash flow disclosures	Supplemental cash flow disclosures are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 1,461 ​ $ 2,674 Income taxes ​ $ 85 ​ $ 258

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Legacy Products And Manufacturing Facility [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of results of operations and carrying amounts of assets and liabilities of discontinued operations	The following table presents the results of discontinued operations (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, 2021 ​ Total revenues ​ $ 22,945 ​ Cost of goods sold (inclusive of depreciation and amortization) ​ 12,810 ​ Selling, general and administrative expenses ​ 1,970 ​ Research and development expenses ​ ​ 1,106 ​ Income from operations ​ 7,059 ​ Interest expense and amortization of debt discount ​ ​ 2,439 ​ Other non-operating income, net ​ ​ (79) ​ Income from discontinued operations before provision for income taxes ​ 4,699 ​ Income tax expense ​ ​ 539 ​ Income from discontinued operations, net of tax ​ $ 4,160 ​ ​ The following table presents the significant non-cash items and purchases of property, plant and equipment for the discontinued operations that are included in the accompanying unaudited condensed consolidated statements of cash flows (in thousands): ​ ​ ​ ​ ​ ​ Three Months Ended Cash flows from operating activities: ​ March 31, 2021 Depreciation and amortization ​ $ 3,309 Share compensation ​ ​ 103 ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ Purchases of property, plant and equipment ​ $ 314

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenues
Schedule of disaggregation of revenue from contracts with customers	The following table presents disaggregated revenues from contracts with customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Net product sales - Upneeq ​ $ 5,944 ​ $ 773 ​ Royalty and licensing revenue ​ 15,500 ​ ​ 162 ​ Total revenues ​ $ 21,444 ​ $ 935 ​
Schedule of adjustments to gross product sales	The following table presents the various adjustments recognized against gross product sales (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Gross product sales ​ $ 6,027 ​ $ 773 Less provisions for: ​ ​ ​ ​ ​ Chargebacks ​ (1) ​ ​ — Discounts and allowances ​ (82) ​ ​ — Net product sales ​ $ 5,944 ​ $ 773

Other Receivables (Tables)

Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2022
Other Receivables
Schedule of components of accounts receivable	The following table presents the components of other receivables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Milestone receivable ​ $ 15,500 ​ $ — Other receivable ​ 2,072 ​ 2,133 Total other receivables ​ $ 17,572 ​ $ 2,133

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities
Schedule of accrued liabilities	The following table presents the components of accrued liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accrued expenses and other liabilities ​ $ 6,871 ​ $ 7,897 Accrued compensation ​ ​ 5,624 ​ ​ 4,504 Accrued research and development ​ ​ 356 ​ ​ 409 Accrued royalties ​ 718 ​ 200 Deferred revenue ​ 776 ​ 67 Total accrued liabilities ​ $ 14,345 ​ $ 13,077

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Financing Arrangements
Schedule of Composition of Company's Debt and Financing Obligations	The following table presents the components of long-term debt and financing obligations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 Senior Secured Notes (measured at fair value) ​ $ 45,100 ​ $ 43,800 Note payable — insurance financing ​ 1,512 ​ 2,409 Total debt and financing obligations ​ 46,612 ​ 46,209 Less: current portion of debt ​ (1,512) ​ (2,409) Long-term debt ​ $ 45,100 ​ $ 43,800
Schedule of Maturities of Long-Term Debt	The following table presents the aggregation of principal maturities of long-term debt and financing obligations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Debt Obligations Remainder of 2022 ​ $ 1,512 2023 ​ — 2024 ​ 11,000 2025 ​ ​ 11,000 2026 ​ ​ 33,000 Total future minimum payments ​ ​ 56,512 Less: current portion of debt principal ​ ​ (1,512) Non-current portion of debt principal ​ $ 55,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Compensation.
Schedule of share-based compensation expense	The following table presents the components of share-based compensation expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Share options ​ $ 550 ​ $ 101 Performance stock units ​ ​ — ​ ​ 225 Restricted stock units ​ ​ 616 ​ ​ 729 Employee share purchase plan ​ ​ 43 ​ ​ 19 Total share-based compensation expense ​ $ 1,209 ​ $ 1,074

Earnings (Loss) Per Ordinary _2

Earnings (Loss) Per Ordinary Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings (Loss) Per Ordinary Share
Schedule of potentially dilutive securities excluded from computation of diluted weighted average shares	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 2021 Performance and restricted stock units ​ 1,900,052 ​ 2,545,483 Share options to purchase ordinary shares ​ 637,778 ​ 2,864,016 Warrants to purchase ordinary shares ​ 16,100,000 ​ — Ordinary shares to be purchased through employee stock purchase plan ​ 214,366 ​ 28,227

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Taxes
Schedule of Income Tax Expense	The following table presents the relationship between income tax expense or benefit from continuing operations and income or loss before income taxes from continuing operations (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2022 2021 ​ Loss before income taxes, continuing operations ​ $ (6,896) ​ $ (13,776) ​ Income tax benefit, continuing operations ​ ​ (75) ​ ​ (4) ​ Effective income tax rate ​ ​ 1.09 % ​ 0.03 %

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Financial Instruments and Fair Value Measurements
Schedule of valuation techniques and unobservable inputs	The following tables show financial liabilities subject to fair value measurement on a recurring basis and related information on fair values, valuation techniques and unobservable inputs (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2022 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (45,100) ​ Income Approach - DCF ​ Discount rate ​ 18.4 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 4.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (7,728) ​ Black-Scholes Merton ​ Equity volatility ​ 65.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (43,800) ​ Income Approach - DCF ​ Discount rate ​ 17.9 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 4.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (3,220) ​ Black-Scholes Merton ​ Equity volatility ​ 65.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.3 ​
Schedule of financial liabilities subject to Level 3 fair value measurements on a recurring basis	The following table shows changes in the fair value of financial liabilities subject to Level 3 fair value measurements on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior Secured Notes ​ ​ Warrants Balance, At December 31, 2021 ​ $ (43,800) ​ $ (3,220) Cash payments for interest ​ ​ 1,444 ​ ​ - Fair value adjustments through earnings (inclusive of related accrued interest expense) ​ ​ (1,044) ​ ​ (4,508) Fair value adjustments through accumulated other comprehensive income or loss ​ ​ (1,700) ​ ​ - Balance, At March 31, 2022 ​ $ (45,100) ​ $ (7,728)

Organization and Nature of Op_2

Organization and Nature of Operations (Details) - Legacy Products And Manufacturing Facility [Member] - Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] $ in Millions	Aug. 27, 2021USD ($)
Stock transactions
Consideration	$ 111
Additional milestone payments	$ 60

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for:
Interest	$ 1,461	$ 2,674
Income taxes	$ 85	$ 258

Liquidity (Details)

Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Liquidity
Cash and cash equivalents	$ 26,341	$ 109,212	$ 40,444	$ 114,053
Accumulated deficit	(524,351)		$ (517,530)
Long-term Debt, Gross	55,000
Net loss from continuing operations	(6,821)	(13,772)
Cash used from operating activities	13,276	$ 11,486
Total debt and financing obligations	$ 56,512

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Aug. 27, 2021
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Income from discontinued operations, net of tax		$ 4,160
Legacy Products And Manufacturing Facility [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration			$ 111,000
Additional milestone payments			$ 60,000
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Total revenues		22,945
Cost of goods sold (inclusive of depreciation and amortization)		12,810
Selling, general and administrative expenses		1,970
Research and development expenses		1,106
Income from operations		7,059
Interest expense and amortization of debt discount		2,439
Other non-operating income, net		(79)
Income from discontinued operations before provision for income taxes		4,699
Income tax expense		539
Income from discontinued operations, net of tax		$ 4,160
Alora Pharmaceuticals, Llc | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent milestone payments earned	$ 5,000

Discontinued Operations - Cash

Discontinued Operations - Cash flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Investing Activities:
Purchase of property, plant and equipment	$ 27	$ 422
Legacy Products And Manufacturing Facility [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]
Cash Flows from Operating Activities:
Depreciation and amortization		3,309
Share compensation		103
Cash Flows from Investing Activities:
Purchase of property, plant and equipment		$ 314

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 21,444	$ 935
Contract with customer, asset and liability
Deferred revenue	800
Contract assets	0		$ 0
Net product sales
Disaggregation of Revenue [Line Items]
Total revenues	5,944	773
Upneeq
Disaggregation of Revenue [Line Items]
Total revenues	5,944	773
Royalty and licensing revenue
Disaggregation of Revenue [Line Items]
Total revenues	15,500	$ 162
License and contract revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 15,500

Revenues - Adjustment to gross

Revenues - Adjustment to gross product sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Gross product sales	$ 6,027	$ 773
Revenues	21,444	935
Chargebacks
Disaggregation of Revenue [Line Items]
Adjustments to gross products sales	(1)
Discounts and allowances
Disaggregation of Revenue [Line Items]
Adjustments to gross products sales	(82)
Net product sales
Disaggregation of Revenue [Line Items]
Revenues	$ 5,944	$ 773

Revenues - Narrative (Details)

Revenues - Narrative (Details) - Santen Pharmaceutical Co. Ltd. $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Exercise of option to expand the territories to include Russia
Disaggregation of Revenue [Line Items]
Upfront cash payment	$ 2
Developmental and regulatory cash milestone payments	1
Maximum
Disaggregation of Revenue [Line Items]
Developmental and regulatory cash milestone payments	1
License Agreement
Disaggregation of Revenue [Line Items]
Upfront cash payment	$ 15.5
Period of option to expand territories following amendment date	5 years

Other Receivables - Trade accou

Other Receivables - Trade accounts receivable, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total other receivables	$ 17,572	$ 2,133
Milestone receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total other receivables	15,500
Other receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total other receivables	$ 2,072	$ 2,133

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities
Accrued expenses and other liabilities	$ 6,871	$ 7,897
Accrued compensation	5,624	4,504
Accrued research and development	356	409
Accrued royalties	718	200
Deferred revenue	776	67
Total accrued Liabilities	$ 14,345	$ 13,077

Financing Arrangements - Compon

Financing Arrangements - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Arrangements
Total debt and financing obligations (at fair value)	$ 46,612	$ 46,209
Total debt and financing obligations	56,512
Less: current portion of debt principal	(1,512)	(2,409)
Long-term debt	45,100	43,800
Senior secured notes
Financing Arrangements
Total debt and financing obligations (at fair value)	45,100	43,800
Note payable - insurance financing
Financing Arrangements
Total debt and financing obligations	$ 1,512	$ 2,409

Financing Arrangements - Maturi

Financing Arrangements - Maturities of long-term debt and financing obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 1,512
2023	0
2024	11,000
2025	11,000
2026	33,000
Total future minimum payments	56,512
Less: current portion of debt principal	(1,512)	$ (2,409)
Non-current portion of debt principal	$ 55,000

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Mar. 31, 2022	Dec. 31, 2021	Oct. 12, 2021
Financing Arrangements
Minimum Restricted Cash and Cash Equivalent to be Maintained		$ 15,000
Financial Commitment Asset		2,096	$ 3,063
Total debt and financing obligations		56,512
Upneeq
Financing Arrangements
Quarterly Increment in Revenue		1,000
Quarter ending March 31, 2022 | Upneeq
Financing Arrangements
Minimum Quarterly Revenue Threshold Limit		3,000
Quarter ending June 30, 2024 and thereafter | Upneeq
Financing Arrangements
Minimum Quarterly Revenue Threshold Limit		12,000
Alora Pharmaceuticals, Llc | Disposal Group, Not Discontinued Operations [Member]
Financing Arrangements
Waiver of principal		5,000
Consent fee		200
Net proceeds		$ 4,800
Senior Secured Notes Under Note Purchase Agreement [Member]
Financing Arrangements
Interest rate	9.00%
Effective interest rate (as percent)		10.50%
Debt issuance costs			2,100
Senior Secured Notes Under Note Purchase Agreement [Member] | LIBOR floor
Financing Arrangements
Margin rate, as a percent	1.50%
Senior Secured Notes Under Note Purchase Agreement [Member] | LIBOR cap
Financing Arrangements
Margin rate, as a percent	3.00%
Senior Secured Notes Under Note Purchase Agreement, Tranche One [Member]
Financing Arrangements
Face amount of debt				$ 55,000
Debt issuance costs			1,500
Senior Secured Notes Under Note Purchase Agreement, Tranche Two [Member]
Financing Arrangements
Face amount of debt	$ 20,000
Debt issuance costs			600
Financial Commitment Asset, Amortization Period		1 year
Financial Commitment Asset, Amortization Expense		$ 1,000
Financial Commitment Asset		$ 2,100	$ 3,100
Senior Secured Notes Under Note Purchase Agreement, Tranche Three [Member]
Financing Arrangements
Face amount of debt	$ 25,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	$ 1,209	$ 1,074
Unrecognized compensation expense	$ 7,000
Unrecognized compensation cost, recognition period	1 year 10 months 9 days
Share options to purchase ordinary shares
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	$ 550	101
Performance stock units
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense		225
Restricted stock units
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	616	729
Employee share purchase plan
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	$ 43	$ 19

Earnings (Loss) Per Ordinary _3

Earnings (Loss) Per Ordinary Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Performance and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	1,900,052	2,545,483
Share options to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	637,778	2,864,016
Warrants to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	16,100,000
Ordinary shares to be purchased through employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	214,366	28,227

Commitments and Contingencies -

Commitments and Contingencies - Legal (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021
Commitments and Contingencies
Proceeds from product rights disposal	$ 7,500	$ 7,300
Gain on sales of product rights, net	$ 5,600	$ 5,636

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Effective income tax rate	1.09%	0.03%
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Loss before income taxes, continuing operations	$ (6,896)	$ (13,776)
Current income tax expense (benefit) - continuing operations
Income tax benefit, continuing operations	$ (75)	$ (4)

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Financial Instruments and Fair Value Measurements
Fair value of cash and cash equivalents	$ 26.3	$ 40.4

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Schedule of valuation techniques and unobservable inputs (Details)	Mar. 31, 2022$ / shares	Dec. 31, 2021$ / shares
Income Approach - DCF
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	(45,100)	(43,800)
Unobservable Inputs	18.4	17.9
Income Approach - DCF | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	4.5	4.8
Black-Scholes Merton
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	(7,728)	(3,220)
Unobservable Inputs	65	65
Black-Scholes Merton | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	3	3.3

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements -Schedule of financial liabilities subject to Level 3 fair value measurements on a recurring basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Senior secured notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, At December 31, 2021	$ (43,800)
Cash payments for interest	1,444
Fair value adjustments through earnings (inclusive of related accrued interest expense)	(1,044)
Fair value adjustments through accumulated other comprehensive income or loss	(1,700)
Balance, At March 31, 2022	(45,100)
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, At December 31, 2021	(3,220)
Fair value adjustments through earnings (inclusive of related accrued interest expense)	(4,508)
Balance, At March 31, 2022	$ (7,728)

Subsequent Events - Narratives

Subsequent Events - Narratives (Details) $ in Millions	1 Months Ended
	Apr. 30, 2022USD ($)
Subsequent Events
Subsequent Event [Line Items]
Severance benefits	$ 1.9