RVL Pharmaceuticals (RVLPQ) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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		99,349,814
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 32,640	$ 44,543
Accounts receivable and other receivables	1,879	3,031
Inventories, net	213	784
Prepaid expenses and other current assets	3,620	8,617
Total current assets	38,352	56,975
Property, plant and equipment, net	2,487	1,276
Operating lease assets	522	512
Indefinite-lived intangible assets	13,900	13,900
Goodwill	55,847	55,847
Total assets	111,108	128,510
Current liabilities:
Trade accounts payable	2,630	2,407
Accrued liabilities	9,268	15,395
Current portion of debt ($3,261 measured at fair value and representing $3,533 of aggregate unpaid principal at March 31, 2023)	4,150	1,432
Current portion of obligations under finance leases	11	10
Current portion of lease liability	306	435
Income taxes payable - current portion	43	44
Total current liabilities	16,408	19,723
Long-term debt (measured at fair value and representing $67,133 and $75,000 of aggregate unpaid principal at March 31, 2023 and December 31, 2022, respectively)	53,039	55,500
Warrant liability	1,274	1,951
Long-term portion of obligations under finance leases	15	18
Long-term portion of lease liability	229	94
Income taxes payable - long term portion	71	70
Deferred taxes	72	61
Total liabilities	71,108	77,417
Commitments and contingencies (see Note 11)
Shareholders' equity:
Ordinary shares ($0.01 nominal value, 400,000,000 shares authorized, 99,349,814 and 99,161,375 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively)	993	992
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	619,841	619,323
Accumulated deficit	(580,834)	(569,222)
Total shareholders' equity	40,000	51,093
Total liabilities and shareholders' equity	$ 111,108	$ 128,510

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) $ in Thousands	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2023 € / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 € / shares
Unaudited Condensed Consolidated Balance Sheets
Fair value of current portion of debt | $	$ 3,261
Aggregate unpaid principal of current portion of debt | $	3,533
Aggregate unpaid principal balance | $	$ 67,133		$ 75,000
Ordinary shares, nominal value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Ordinary shares, number of shares authorized	400,000,000		400,000,000
Ordinary shares, number of shares issued	99,349,814		99,161,375
Ordinary shares, number of shares outstanding	99,349,814		99,161,375
Preferred shares, nominal value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred shares, number of shares authorized	40,000,000		40,000,000
Preferred shares, number of shares issued	0		0
Preferred shares, number of shares outstanding	0		0
Euro deferred shares, nominal value (in euros per share) | € / shares		€ 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, 2023	Mar. 31, 2022
Total revenues	$ 8,832	$ 21,444
Cost of goods sold	2,299	2,144
Gross profit	6,533	19,300
Selling, general and administrative expenses	16,198	23,834
Research and development expenses	626	862
Total operating expenses	16,824	24,696
Operating loss	(10,291)	(5,396)
Interest expense and amortization of debt discount	26	985
Change in fair value of debt and interest expense	7,349	1,044
Change in fair value of warrants	(677)	4,508
Other non-operating income, net	(5,435)	(5,037)
Total other non-operating income	1,263	1,500
Loss before income taxes	(11,554)	(6,896)
Income tax expense (benefit)	58	(75)
Net loss	(11,612)	(6,821)
Change in fair value of debt due to change in credit risk, net of tax		(1,700)
Comprehensive loss	$ (11,612)	$ (8,521)
Loss per ordinary share:
Loss per ordinary share, basic	$ (0.12)	$ (0.08)
Loss per ordinary share, diluted	$ (0.12)	$ (0.08)
Weighted average ordinary shares outstanding:
Weighted average ordinary shares outstanding, basic	99,321,304	83,489,900
Weighted average ordinary shares outstanding, diluted	99,321,304	83,489,900
Net product sales
Total revenues	$ 8,832	$ 5,944
Royalty and licensing revenue
Total revenues		$ 15,500

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Ordinary shares	Additional paid in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Total
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 fair value of debt due to change in credit risk				$ (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
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 992	619,323	(569,222)		51,093
Shares, Outstanding, Beginning Balance at Dec. 31, 2022	99,161,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share compensation, value	$ 1	590			591
Share compensation, shares	188,439
Net loss			(11,612)		(11,612)
Payments for taxes related to the net share settlement of equity awards		(72)			(72)
Stockholders' equity, ending balance at Mar. 31, 2023	$ 993	$ 619,841	$ (580,834)		$ 40,000
Shares, Outstanding, Ending Balance at Mar. 31, 2023	99,349,814

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net loss	$ (11,612)	$ (6,821)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	93	89
Share compensation	499	1,209
Change in fair value of debt	5,134	(400)
Change in fair value of warrants	(677)	4,508
Deferred income tax benefit	11	9
Gain on sale of fixed and leased assets	(79)	(37)
Amortization of deferred financing and loan origination fees		967
Change in operating assets and liabilities:
Accounts receivable and other receivables	1,152	(15,439)
Inventories, net	571
Prepaid expenses and other current and non-current assets	4,998	420
Trade accounts payable	224	955
Accrued and other current liabilities	(6,132)	1,264
Net cash used in operating activities	(5,818)	(13,276)
Cash Flows from Investing Activities:
Proceeds from sale of fixed and leased assets	79	37
Purchases of property, plant and equipment	(1,304)	(27)
Net cash (used in) provided by investing activities	(1,225)	10
Cash Flows from Financing Activities:
Payments on finance lease obligations	(2)	(2)
Payments on insurance financing loan	(544)	(897)
Payments for taxes related to net share settlement of share-based awards	(72)	(57)
Proceeds from issuance of ordinary shares under the ESP Plan	92	119
Debt repayments	(4,334)
Net cash used in financing activities	(4,860)	(837)
Net change in cash and cash equivalents	(11,903)	(14,103)
Cash and cash equivalents, beginning of period	44,543	40,444
Cash and cash equivalents, end of period	$ 32,640	$ 26,341

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2023
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 (collectively, the “Company”), is a specialty pharmaceutical company focused on the development and commercialization of products that target markets with underserved patient populations in the ocular medicine and medical aesthetics therapeutic areas. ​ 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. Upneeq was commercially launched in September 2020 to a limited number of eye care professionals with commercial operations expanded in 2021 among ophthalmology, optometry and oculoplastic specialties. In February 2022, Upneeq was commercially expanded into the medical aesthetics market in the United States. ​ 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”). Pursuant to the divestiture, the Company retained the rights to Upneeq and to arbaclofen ER tablets which is under development for the treatment of spasticity in multiple sclerosis for which the Company has completed Phase III clinical trials and for which the Company is exploring opportunities to divest, out-license or otherwise partner with a third party to monetize its net investment. 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 conducts pharmacy operations dedicated to the processing and fulfillment of prescriptions for Upneeq.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 Basis of Presentation 31, 2023 or any period thereafter. The accompanying unaudited condensed consolidated balance sheet data as of December 31, 2022 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, 2022. Those audited consolidated financial statements include a summary of our significant accounting policies, updates to which are included in this Note 2. Use of Estimates ​ Supplemental Cash Flow Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 4,541 ​ $ 1,461 Income taxes ​ $ 5 ​ $ 85 ​ During the three months ended March 31, 2023, the Company received an aggregate of $4.1 million in federal tax refunds related to income taxes paid in prior periods. The Company is continuing to pursue the collection of $1.8 million of additional federal refund claims (see Note 5). 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 impact to the Company’s financial position or results of operations upon adoption.

Liquidity

Liquidity	3 Months Ended
	Mar. 31, 2023
Liquidity
Liquidity	Note 3. Liquidity At March 31, 2023, the Company had cash and cash equivalents of $32.6 million, an accumulated deficit of $580.8 million, and senior secured indebtedness with aggregate principal maturities of $70.7 million, with such maturities commencing in March 2024 and extending through October 2026 (see Note 7). In addition, the Company’s senior secured indebtedness contains various restrictive covenants including minimum liquidity and minimum quarterly net product sales requirements (see Note 7). For the three months ended March 31, 2023 and 2022, the Company incurred net losses of $11.6 million and $6.8 million, respectively, and used $5.8 million and $13.3 million, respectively, in cash from 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 commercialization and growth 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 sustain operating losses in the 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, including the minimum liquidity covenant, 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 by, among other things, reducing expenses and/or realizing operational efficiencies, and/or enter into strategic alliances or sell assets. Management’s plans to address these conditions by way of securing additional funding include pursuing one or more of the following options, 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 new and/or existing debt facilities and/or convertible debt, and/or (iii) raise non-dilutive funds through product collaborations, including co-promotions, 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 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.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenues
Revenues	Note 4. Revenues The Company’s performance obligations are to provide its pharmaceutical products based upon purchase orders from customers. The performance obligations are satisfied at a point in time, typically upon delivery, when the customer obtains control of the pharmaceutical product. Predominately, the Company collects payments in advance from its customers. From time to time, the Company may invoice a customer after the products have been delivered in which case payments are typically due within 30 days. The following table presents disaggregated revenues from contracts with customers (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Net product sales - Upneeq ​ $ 8,832 ​ $ 5,944 ​ Royalty and licensing revenue ​ — ​ ​ 15,500 ​ Total revenues ​ $ 8,832 ​ $ 21,444 ​ ​ On July 28, 2020, RVL Pharmaceuticals 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, RVL Pharmaceuticals is entitled to certain development and regulatory milestone payments. RVL Pharmaceuticals 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 became 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 if achieved. 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 in license revenue from Santen under the Amendment as all performance obligations were met. A contract liability is recorded as deferred revenue on the accompanying unaudited condensed consolidated balance sheets when customers are billed in advance of performance obligations being satisfied, and revenue is recognized upon satisfaction of all performance obligations. The amount of revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the opening deferred balance of the same fiscal year to date period was $1.8 million and less than $0.1 million, respectively. At March 31, 2023, all deferred revenue was expected to become recognized as revenues within one year and is included within accrued expenses, a component of current liabilities, in the accompanying unaudited condensed consolidated balance sheets (see Note 6). 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, ​ 2023 2022 Gross product sales ​ $ 9,188 ​ $ 6,027 Less provisions for: ​ ​ ​ ​ ​ Chargebacks ​ (1) ​ ​ (1) Discounts and allowances ​ (355) ​ ​ (82) Net product sales ​ $ 8,832 ​ $ 5,944 ​

Accounts Receivable and Other R

Accounts Receivable and Other Receivables	3 Months Ended
	Mar. 31, 2023
Accounts Receivable, Other Receivables, Sales Deductions and Allowances
Accounts Receivable, Other Receivables, Sales Deductions and Allowances	Note 5. Accounts Receivable and Other Receivables Accounts receivable result primarily from product sales of Upneeq and from amounts due under revenue sharing, license and royalty arrangements. Other receivables result primarily from payroll retention credits and other miscellaneous activities. ​ The following table presents the components of accounts receivable and other receivables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Trade accounts receivable ​ $ 9 ​ $ 947 Other receivables ​ 1,870 ​ 2,084 Total accounts receivable and other receivables ​ $ 1,879 ​ $ 3,031 ​

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities
Accrued Liabilities	Note 6. Accrued Liabilities The following table presents the components of accrued liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Accrued expenses and other liabilities ​ $ 4,230 ​ $ 5,894 Accrued compensation ​ ​ 2,569 ​ ​ 3,908 Accrued interest ​ ​ — ​ ​ 2,300 Accrued royalties ​ 420 ​ 1,144 Deferred revenue ​ 1,812 ​ 1,923 Accrued research and development ​ ​ 237 ​ ​ 226 Total accrued liabilities ​ $ 9,268 ​ $ 15,395 ​

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2023
Financing Arrangements
Financing Arrangements	Note 7. Financing Arrangements The following table presents the components of long-term debt and financing obligations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Senior Secured Notes (measured at fair value) ​ $ 56,300 ​ $ 55,500 Note payable — insurance financing ​ 889 ​ 1,432 Total debt and financing obligations ​ 57,189 ​ 56,932 Less: current portion of debt (inclusive of $3,261 measured at fair value at March 31, 2023) ​ (4,150) ​ (1,432) Long-term debt ​ $ 53,039 ​ $ 55,500 ​ ​ 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 2023 ​ $ 889 2024 ​ ​ 14,133 2025 ​ 14,133 2026 ​ ​ 42,400 Total future minimum payments ​ ​ 71,555 Less: current portion of debt principal ​ ​ (4,422) Non-current portion of debt principal ​ $ 67,133 ​ 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 LP (the “Administrative Agent”) and Athyrium Opportunities IV Acquisition 2 LP, as a 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 Senior Secured 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. ​ On August 4, 2022, the Company entered into a first amendment (the “First Amendment”) to the Note Purchase Agreement with, among others, Athyrium Opportunities IV Co-Invest 1 LP (the “New Purchaser”), certain other purchasers party thereto (together with the New Purchaser, the “Purchasers”) and the Administrative Agent, which amended the Note Purchase Agreement (as amended by the First Amendment and Second Amendment (as defined below), the “Amended Note Purchase Agreement”). ​ The First Amendment provided, among other things, for the issuance of $20.0 million of secured second tranche Senior Secured Notes, dated as of August 8, 2022. Furthermore, under the First Amendment, the Purchasers committed to purchase certain third tranche Senior Secured Notes in an aggregate principal amount of up to $25.0 million at any time prior to April 15, 2023, upon the satisfaction of certain conditions. These conditions were not met as of April 15, 2023, and the Purchasers commitment to purchase such third tranche Senior Secured Notes expired thereafter. ​ On March 8, 2023, the Company entered into a second amendment (the “Second Amendment”) to the Note Purchase Agreement with, among others, the Purchasers and the Administrative Agent, which provided for the immediate reduction of the minimum liquidity requirement under the Note Purchase Agreement from $15.0 million to $12.5 million. ​ The Senior Secured Notes bear interest at an annual rate of 9.0% plus adjusted three-month Term SOFR, with an adjusted Term SOFR floor of 1.50% and a cap of 3.00%, payable in cash quarterly in arrears. For the three-month interest period beginning April 1, 2023, the interest rate applicable to the aggregate outstanding Senior Secured Notes is 12.0% . ​ The Senior Secured Notes require quarterly repayments equal to 5.0% of the principal outstanding and beginning on March 31, 2024, with any residual balance due at maturity on October 12, 2026. The Senior Secured Notes may be voluntarily prepaid upon the satisfaction of certain conditions and with each such prepayment being accompanied by, as applicable, (i) a make-whole premium, (ii) an exit fee of 2% of the principal amount of the Senior Secured Notes prepaid, (iii) certain other fees, indemnities and expenses, and (iv) all accrued interest on the principal amount of the Senior Secured Notes being so prepaid. ​ The Senior Secured Notes must be prepaid upon the receipt of cash under certain defined conditions, including from voluntary and involuntary asset dispositions, extraordinary receipts, issuance of new indebtedness, and contingent milestone payments for the Legacy Business paid by Alora, each such prepayment being accompanied by, as applicable, the fees described in (i) through (iv) above. The exit fee described in (ii) above is payable on the principal amount of all notes prepaid or repaid, including upon the repayment of the notes upon maturity. ​ During the three months ended March 31, 2023 and 2022, the Company received an aggregate of $5.0 million in cash during each period from Alora related to contingent milestone payments earned in connection with the sale of the Legacy Business, with such income being recognized and classified within other non-operating income, net in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. In the three months ended March 31, 2023, the Company prepaid $5.0 million to the Purchasers in satisfaction of mandatory repayment conditions required under its Amended Note Purchase Agreement, thereby reducing the outstanding principal balance of the second tranche Senior Secured Notes by $4.3 million and recognizing $0.6 million of related debt repayment fees within selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. In the three months ended March 31, 2022, the Company obtained waivers from the applicable purchasers of mandatory repayments of an aggregate of $5.0 million in principal of the first tranche 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. ​ In addition, the restrictive covenants in the Amended Note Purchase Agreement require the Company to comply with certain minimum liquidity requirements and minimum quarterly net product sales requirements. Under the terms of the Amended Note Purchase Agreement, the Company is required to maintain unrestricted cash and cash equivalents greater than or equal to $12.5 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 (currently at $8.0 million for the fiscal quarter ending June 30, 2023, and increasing in $1.0 million increments each fiscal quarter thereafter until the fiscal quarter ending June 30, 2024, for which such fiscal quarter and all subsequent fiscal quarters the threshold is $12.0 million). At March 31, 2023, the Company was in compliance with all covenants under the Amended Note Purchase Agreement. ​ The Company elected the fair value option of accounting on the first and second tranche Senior Secured Notes, each upon issuance. 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). For the three months ended March 31, 2022, the Company also 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.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Compensation.
Share-Based Compensation	Note 8. Share-Based Compensation The following table presents the components of share-based compensation expense (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Share options ​ $ 83 ​ $ 550 Restricted stock units ​ ​ 372 ​ ​ 616 Employee share purchase plan ​ ​ 44 ​ ​ 43 Total share-based compensation expense ​ $ 499 ​ $ 1,209 ​ At March 31, 2023, aggregate unrecognized share compensation expense related to unvested awards was $2.3 million, which is expected to be recognized over a weighted-average remaining service period of 1.4 years.

Earnings or Loss Per Ordinary S

Earnings or Loss Per Ordinary Share	3 Months Ended
	Mar. 31, 2023
Earnings or Loss Per Ordinary Share
Earnings or Loss Per Ordinary Share	Note 9. Earnings or 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 or loss per share because the impact of including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Performance and restricted stock units ​ 883,461 ​ 1,900,052 Share options to purchase ordinary shares ​ 4,584,963 ​ 637,778 Warrants to purchase ordinary shares ​ 16,100,000 ​ 16,100,000 Ordinary shares to be purchased through employee stock purchase plan ​ 207,290 ​ 214,366 ​

Customer Concentration

Customer Concentration	3 Months Ended
	Mar. 31, 2023
Concentrations and Credit Risk
Concentrations and Credit Risk	Note 10. Customer Concentration For the three months ended March 31, 2023, one customer accounted for 21% of the Company’s total revenues. No single customer accounted for 10% or greater of total revenues for the three months ended March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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. ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes
Income Taxes	Note 12. Income Taxes The following table presents the relationship between income tax expense or benefit and income or loss before income taxes (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 2022 ​ Loss before income taxes ​ $ (11,554) ​ $ (6,896) ​ Income tax (benefit) expense ​ ​ 58 ​ ​ (75) ​ Effective income tax rate ​ ​ (0.50) % ​ 1.09 % ​ 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 change in the effective income tax rate for the three months ended March 31, 2023 when compared to the three months ended March 31, 2022, is primarily related to our recognition of individually minor net tax expenses during the respective periods and from 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, 2023
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, accounts receivable and other receivables, trade accounts payable, accrued liabilities, long-term debt and warrant liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial Assets 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, 2023 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (56,300) ​ Income Approach - DCF ​ Discount rate ​ 22.2 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (1,274) ​ Black-Scholes Merton ​ Equity volatility ​ 55.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 2.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (55,500) ​ Income Approach - DCF ​ Discount rate ​ 24.6 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (1,951) ​ Black-Scholes Merton ​ Equity volatility ​ 60.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 2.3 ​ ​ 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, 2022 ​ $ (55,500) ​ $ (1,951) Principal prepayment of second tranche Senior Secured Notes (Note 7) ​ ​ 4,334 ​ ​ - Cash payments for interest ​ ​ 4,515 ​ ​ - Fair value adjustments through earnings ​ ​ (7,349) ​ ​ 677 Net interest accrual (reversal) (Note 6) ​ ​ (2,300) ​ ​ - Balance, At March 31, 2023 ​ $ (56,300) ​ $ (1,274) ​ 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 for company-specific credit risk, 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. ​

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation 31, 2023 or any period thereafter. The accompanying unaudited condensed consolidated balance sheet data as of December 31, 2022 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, 2022. Those audited consolidated financial statements include a summary of our significant accounting policies, updates to which are included in this Note 2.
Use of Estimates	Use of Estimates
Supplemental Cash Flow Disclosures	Supplemental Cash Flow Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 2022 Cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 4,541 ​ $ 1,461 Income taxes ​ $ 5 ​ $ 85 ​ During the three months ended March 31, 2023, the Company received an aggregate of $4.1 million in federal tax refunds related to income taxes paid in prior periods. The Company is continuing to pursue the collection of $1.8 million of additional federal refund claims (see Note 5).

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
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, ​ ​ 2023 2022 Cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 4,541 ​ $ 1,461 Income taxes ​ $ 5 ​ $ 85 ​

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
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, ​ ​ 2023 2022 Net product sales - Upneeq ​ $ 8,832 ​ $ 5,944 ​ Royalty and licensing revenue ​ — ​ ​ 15,500 ​ Total revenues ​ $ 8,832 ​ $ 21,444 ​ ​
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, ​ 2023 2022 Gross product sales ​ $ 9,188 ​ $ 6,027 Less provisions for: ​ ​ ​ ​ ​ Chargebacks ​ (1) ​ ​ (1) Discounts and allowances ​ (355) ​ ​ (82) Net product sales ​ $ 8,832 ​ $ 5,944

Accounts Receivable and Other_2

Accounts Receivable and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
Accounts Receivable, Other Receivables, Sales Deductions and Allowances
Schedule of components of accounts receivable and other receivables	The following table presents the components of accounts receivable and other receivables (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Trade accounts receivable ​ $ 9 ​ $ 947 Other receivables ​ 1,870 ​ 2,084 Total accounts receivable and other receivables ​ $ 1,879 ​ $ 3,031

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities
Schedule of accrued liabilities	The following table presents the components of accrued liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Accrued expenses and other liabilities ​ $ 4,230 ​ $ 5,894 Accrued compensation ​ ​ 2,569 ​ ​ 3,908 Accrued interest ​ ​ — ​ ​ 2,300 Accrued royalties ​ 420 ​ 1,144 Deferred revenue ​ 1,812 ​ 1,923 Accrued research and development ​ ​ 237 ​ ​ 226 Total accrued liabilities ​ $ 9,268 ​ $ 15,395

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
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, ​ ​ 2023 ​ 2022 Senior Secured Notes (measured at fair value) ​ $ 56,300 ​ $ 55,500 Note payable — insurance financing ​ 889 ​ 1,432 Total debt and financing obligations ​ 57,189 ​ 56,932 Less: current portion of debt (inclusive of $3,261 measured at fair value at March 31, 2023) ​ (4,150) ​ (1,432) Long-term debt ​ $ 53,039 ​ $ 55,500 ​
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 2023 ​ $ 889 2024 ​ ​ 14,133 2025 ​ 14,133 2026 ​ ​ 42,400 Total future minimum payments ​ ​ 71,555 Less: current portion of debt principal ​ ​ (4,422) Non-current portion of debt principal ​ $ 67,133 ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
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, ​ 2023 2022 Share options ​ $ 83 ​ $ 550 Restricted stock units ​ ​ 372 ​ ​ 616 Employee share purchase plan ​ ​ 44 ​ ​ 43 Total share-based compensation expense ​ $ 499 ​ $ 1,209 ​

Earnings or Loss Per Ordinary_2

Earnings or Loss Per Ordinary Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings or Loss Per Ordinary Share
Schedule of potentially dilutive securities excluded from computation of diluted weighted average shares	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Performance and restricted stock units ​ 883,461 ​ 1,900,052 Share options to purchase ordinary shares ​ 4,584,963 ​ 637,778 Warrants to purchase ordinary shares ​ 16,100,000 ​ 16,100,000 Ordinary shares to be purchased through employee stock purchase plan ​ 207,290 ​ 214,366

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Taxes
Schedule of Income Tax Expense	The following table presents the relationship between income tax expense or benefit and income or loss before income taxes (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2023 2022 ​ Loss before income taxes ​ $ (11,554) ​ $ (6,896) ​ Income tax (benefit) expense ​ ​ 58 ​ ​ (75) ​ Effective income tax rate ​ ​ (0.50) % ​ 1.09 % ​

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (56,300) ​ Income Approach - DCF ​ Discount rate ​ 22.2 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (1,274) ​ Black-Scholes Merton ​ Equity volatility ​ 55.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 2.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ Financial Instrument ​ Fair Value ​ Valuation Technique ​ Unobservable Inputs Senior Secured Notes ​ $ (55,500) ​ Income Approach - DCF ​ Discount rate ​ 24.6 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 3.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants ​ $ (1,951) ​ Black-Scholes Merton ​ Equity volatility ​ 60.0 % ​ ​ ​ ​ ​ ​ ​ Term (in years) ​ 2.3 ​ ​
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, 2022 ​ $ (55,500) ​ $ (1,951) Principal prepayment of second tranche Senior Secured Notes (Note 7) ​ ​ 4,334 ​ ​ - Cash payments for interest ​ ​ 4,515 ​ ​ - Fair value adjustments through earnings ​ ​ (7,349) ​ ​ 677 Net interest accrual (reversal) (Note 6) ​ ​ (2,300) ​ ​ - Balance, At March 31, 2023 ​ $ (56,300) ​ $ (1,274) ​

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, 2023	Mar. 31, 2022
Cash paid for:
Interest	$ 4,541	$ 1,461
Income taxes	5	$ 85
Federal tax refunds for taxes paid in prior periods	4,100
Expected additional federal refund claims	$ 1,800

Liquidity (Details)

Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liquidity
Cash and cash equivalents	$ 32,640	$ 26,341	$ 44,543	$ 40,444
Accumulated deficit	(580,834)		$ (569,222)
Long-term Debt, Gross	70,700
Net loss from continuing operations	11,600	6,800
Cash used from operating activities	$ 5,818	$ 13,276

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 8,832	$ 21,444
Contract with customer, asset and liability
Contract assets	0		$ 0
Upneeq
Disaggregation of Revenue [Line Items]
Total revenues	$ 8,832	5,944
Royalty and licensing 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, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Gross product sales	$ 9,188	$ 6,027
Revenues	8,832	21,444
Chargebacks
Disaggregation of Revenue [Line Items]
Adjustments to gross products sales	(1)	(1)
Discounts and allowances
Disaggregation of Revenue [Line Items]
Adjustments to gross products sales	(355)	(82)
Net product sales
Disaggregation of Revenue [Line Items]
Revenues	$ 8,832	$ 5,944

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 1.8
Maximum
Disaggregation of Revenue [Line Items]
Revenue recognized		$ 0.1
Santen Pharmaceutical Co. Ltd. | 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
Santen Pharmaceutical Co. Ltd. | Maximum
Disaggregation of Revenue [Line Items]
Developmental and regulatory cash milestone payments		1
License Agreement | Santen Pharmaceutical Co. Ltd.
Disaggregation of Revenue [Line Items]
Upfront cash payment		$ 15.5
Period of option to expand territories following amendment date		5 years

Accounts Receivable and Other_3

Accounts Receivable and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Other Receivables, Sales Deductions and Allowances
Trade accounts receivable	$ 9	$ 947
Other receivables	1,870	2,084
Total accounts receivable and other receivables	$ 1,879	$ 3,031

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities
Accrued expenses and other liabilities	$ 4,230	$ 5,894
Accrued compensation	2,569	3,908
Accrued interest		2,300
Accrued royalties	420	1,144
Deferred revenue	1,812	1,923
Accrued research and development	237	226
Total accrued liabilities	$ 9,268	$ 15,395

Financing Arrangements - Compon

Financing Arrangements - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Arrangements
Total debt and financing obligations	$ 57,189	$ 56,932
Less: current portion of debt principal	(4,150)	(1,432)
Long-term debt	53,039	55,500
Fair value of current portion of debt	3,261
Senior Secured Notes (measured at fair value)
Financing Arrangements
Total debt and financing obligations	56,300	55,500
Note payable - insurance financing
Financing Arrangements
Total debt and financing obligations	$ 889	$ 1,432

Financing Arrangements - Maturi

Financing Arrangements - Maturities of long-term debt and financing obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 889
2024	14,133
2025	14,133
2026	42,400
Total future minimum payments	71,555
Less: current portion of debt principal	(4,422)
Non-current portion of debt principal	$ 67,133

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($) $ in Thousands				3 Months Ended
	Mar. 08, 2023	Aug. 08, 2022	Oct. 01, 2021	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 01, 2023	Oct. 12, 2021
Financing Arrangements
Debt repayment						$ 4,334
Total debt and financing obligations						71,555
Selling, general and administrative expenses
Financing Arrangements
Repayment of related debt fees						600
Upneeq
Financing Arrangements
Quarterly Increment in Revenue				$ 1,000
Quarter ending March 31, 2023 | Upneeq
Financing Arrangements
Minimum Quarterly Revenue Threshold Limit					$ 8,000
Quarter ending June 30, 2024 and thereafter | Upneeq
Financing Arrangements
Minimum Quarterly Revenue Threshold Limit						12,000
Alora Pharmaceuticals, Llc
Financing Arrangements
Contingent milestone payments earned						5,000	$ 5,000
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								12%
Minimum Restricted Cash and Cash Equivalent to be Maintained						12,500
Percentage of period payments of outstanding principal amount			5%
Exit fee (as a percent)			2%
Contingent milestone payments earned						5,000
Senior Secured Notes Under Note Purchase Agreement [Member] | SOFR floor
Financing Arrangements
Margin rate, as a percent		1.50%
Senior Secured Notes Under Note Purchase Agreement, Tranche One [Member]
Financing Arrangements
Face amount of debt									$ 55,000
Interest rate		9%
Senior Secured Notes Under Note Purchase Agreement, Tranche One [Member] | SOFR cap
Financing Arrangements
Margin rate, as a percent		3%
Senior Secured Notes Under Note Purchase Agreement, Tranche Two [Member]
Financing Arrangements
Face amount of debt		$ 20,000				$ 4,300
Financial Commitment Asset, Amortization Expense							$ 1,000
Senior Secured Notes Under Note Purchase Agreement, Tranche Three [Member]
Financing Arrangements
Face amount of debt		$ 25,000
Note Purchase Agreement | Minimum
Financing Arrangements
Minimum liquidity requirements	$ 15,000
Note Purchase Agreement | Maximum
Financing Arrangements
Minimum liquidity requirements	$ 12,500

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	$ 499	$ 1,209
Unrecognized compensation expense	$ 2,300
Unrecognized compensation cost, recognition period	1 year 4 months 24 days
Share options to purchase ordinary shares
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	$ 83	550
Restricted stock units
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	372	616
Employee share purchase plan
Equity, Class of Treasury Stock [Line Items]
Share-based compensation expense	$ 44	$ 43

Earnings or Loss Per Ordinary_3

Earnings or Loss Per Ordinary Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Performance and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	883,461	1,900,052
Share options to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	4,584,963	637,778
Warrants to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	16,100,000	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	207,290	214,366

Customer Concentration (Details

Customer Concentration (Details) - Net product sales - Gross Sales - Product Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2023 customer
Concentrations and Credit Risk
Number of customers	1
Concentration risk (as a percent)	21%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Effective income tax rate	(0.50%)	(1.09%)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Effective income tax rate	0.50%	1.09%
Loss before income taxes	$ (11,554)	$ (6,896)
Current income tax expense (benefit) - continuing operations
Income tax expense (benefit)	$ 58	$ (75)

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments and Fair Value Measurements
Fair value of cash and cash equivalents	$ 32.6	$ 44.5

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Schedule of valuation techniques and unobservable inputs (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 $ / shares
Income Approach - DCF
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	(56,300)	(55,500)
Income Approach - DCF | Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	3.5	3.8
Income Approach - DCF | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	22.2	24.6
Black-Scholes Merton
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	(1,274)	(1,951)
Black-Scholes Merton | Term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	2	2.3
Black-Scholes Merton | Equity volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	55	60

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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants, Fair Value Adjustment Of Debt
Net interest accrual (reversal) (Note 6)		$ (2,300)
Long-term debt	$ 53,039	$ 55,500
Senior secured notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, At December 31, 2022	(55,500)
Principal prepayment of second tranche Senior Secured Notes (Note 7)	4,334
Cash payments for interest	4,515
Fair value adjustments through earnings	(7,349)
Net interest accrual (reversal) (Note 6)	(2,300)
Balance, At March 31, 2023	(56,300)
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, At December 31, 2022	(1,951)
Fair value adjustments through earnings	677
Balance, At March 31, 2023	$ (1,274)