Baudax Bio (BXRXQ) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	Baudax Bio, Inc.
Entity Central Index Key	0001780097
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		84,423,699
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Trading Symbol	BXRX
Entity File Number	001-39101
Entity Tax Identification Number	47-4639500
Entity Address, Address Line One	490 Lapp Road
Entity Address, City or Town	Malvern
City Area Code	484
Local Phone Number	395-2440
Entity Address, Postal Zip Code	19355
Entity Address, State or Province	PA
Entity Incorporation, State or Country Code	PA
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.01

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 14,772	$ 30,342
Short-term investments	10,150	0
Accounts receivable, net	422	51
Inventory	4,310	2,978
Prepaid expenses and other current assets	1,484	3,346
Total current assets	31,138	36,717
Property, plant and equipment, net	4,933	5,052
Intangible assets, net	22,322	24,254
Goodwill	2,127	2,127
Other long-term assets	979	583
Total assets	61,499	68,733
Current liabilities:
Accounts payable	1,819	3,653
Accrued expenses and other current liabilities	4,568	5,326
Current portion of long-term debt, net	1,389	683
Current portion of contingent consideration	6,666	8,467
Total current liabilities	14,442	18,129
Long-term debt, net	6,913	8,469
Long-term portion of contingent consideration	60,059	56,576
Other long-term liabilities	813	358
Total liabilities	82,227	83,532
Commitments and contingencies (Note 12)
Shareholders' deficit:
Preferred stock, $0.01 par value. Authorized, 10,000,000 shares; none issued and outstanding	0	0
Common stock, $0.01 par value. Authorized, 190,000,000 shares; issued and outstanding, 84,423,342 shares at September 30, 2021 and 48,688,480 shares at December 31, 2020	844	487
Additional paid-in capital	139,951	97,034
Accumulated deficit	(161,523)	(112,320)
Total shareholders' deficit	(20,728)	(14,799)
Total liabilities and shareholders' deficit	$ 61,499	$ 68,733

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	84,423,342	48,688,480
Common stock, shares outstanding	84,423,342	48,688,480

Combined Statements of Operatio

Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue, net	$ 281	$ 68	$ 680	$ 417
Operating expenses:
Cost of sales	462	540	1,869	1,190
Research and development	658	1,469	2,623	5,889
Selling, general and administrative	11,074	13,763	33,770	33,026
Amortization of intangible assets	644	643	1,932	1,502
Change in warrant valuation	(6)	11,182	(47)	2,863
Change in contingent consideration valuation	3,829	17,427	9,551	14,252
Total operating expenses	16,661	12,194	49,698	58,722
Operating (loss) income	(16,380)	(12,262)	(49,018)	(58,305)
Other expense:
Other expense, net	(582)	(577)	(185)	(753)
Net (loss) income	$ (16,962)	$ 11,685	$ (49,203)	$ (59,058)
Per share information:
Net (loss) income per share of common stock, basic	$ (0.20)	$ 0.64	$ (0.66)	$ (3.84)
Net (loss) income per share of common stock, diluted	$ (0.20)	$ 0.62	$ (0.66)	$ (3.84)
Weighted average common shares outstanding, basic	84,400,156	18,374,604	74,008,574	15,366,861
Weighted average common shares outstanding, diluted	84,400,156	18,768,376	74,008,574	15,366,861

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Registered Direct Offerings	Public Offerings	Equity Facility	Separation	Recro	Common Stock	Common StockRegistered Direct Offerings	Common StockPublic Offerings	Common StockEquity Facility	Common StockSeparation	Additional Paid in Capital	Additional Paid in CapitalRegistered Direct Offerings	Additional Paid in CapitalPublic Offerings	Additional Paid in CapitalEquity Facility	Additional Paid in CapitalSeparation	Additional Paid in CapitalRecro	Accumulated Deficit
Balance at Dec. 31, 2019	$ (16,721)						$ 94					$ 19,405						$ (36,220)
Balance, Shares at Dec. 31, 2019							9,350,709
Stock-based compensation expense	2,177					$ 456						2,177					$ 456
Issuance of common stock			$ 14,976	$ 3,612	$ 1				$ 77	$ 4	$ 1			$ 14,899	$ 3,608
Issuance of common stock, Shares									7,692,308	441,967	45,874
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes	(95)											(95)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares							39,130
Net loss	(40,298)																	(40,298)
Balance at Mar. 31, 2020	(35,892)						$ 176					40,450						(76,518)
Balance, Shares at Mar. 31, 2020							17,569,988
Balance at Dec. 31, 2019	(16,721)						$ 94					19,405						(36,220)
Balance, Shares at Dec. 31, 2019							9,350,709
Net loss	(59,058)
Balance at Sep. 30, 2020	(45,230)						$ 184					49,864						(95,278)
Balance, Shares at Sep. 30, 2020							18,374,604
Balance at Mar. 31, 2020	(35,892)						$ 176					40,450						(76,518)
Balance, Shares at Mar. 31, 2020							17,569,988
Stock-based compensation expense	1,864					445						1,864					445
Stock issuance costs	(3)											(3)
Warrants issued in connection with financing facility	1,423											1,423
Exercise of warrants	3,204						$ 8					3,196
Exercise of warrants, Shares							804,616
Net loss	(30,445)																	(30,445)
Balance at Jun. 30, 2020	(59,404)						$ 184					47,375						(106,963)
Balance, Shares at Jun. 30, 2020							18,374,604
Stock-based compensation expense	2,045					444						2,045					444
Net loss	11,685																	11,685
Balance at Sep. 30, 2020	(45,230)						$ 184					49,864						(95,278)
Balance, Shares at Sep. 30, 2020							18,374,604
Balance at Dec. 31, 2020	(14,799)						$ 487					97,034						(112,320)
Balance, Shares at Dec. 31, 2020							48,688,480
Stock-based compensation expense	975					$ 1,201						975					$ 1,201
Issuance of common stock		$ 16,427						$ 110					$ 16,317
Issuance of common stock, Shares								11,000,000
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes	(41)											(41)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares							42,159
Exercise of warrants	12,155						$ 104					12,051
Exercise of warrants, Shares							10,411,969
Net loss	(16,912)																	(16,912)
Balance at Mar. 31, 2021	(994)						$ 701					127,537						(129,232)
Balance, Shares at Mar. 31, 2021							70,142,608
Balance at Dec. 31, 2020	(14,799)						$ 487					97,034						(112,320)
Balance, Shares at Dec. 31, 2020							48,688,480
Net loss	(49,203)
Balance at Sep. 30, 2021	(20,728)						$ 844					139,951						(161,523)
Balance, Shares at Sep. 30, 2021							84,423,342
Balance at Mar. 31, 2021	(994)						$ 701					127,537						(129,232)
Balance, Shares at Mar. 31, 2021							70,142,608
Stock-based compensation expense	854											854
Issuance of common stock		10,901						$ 141					10,760
Issuance of common stock, Shares								14,028,520
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes	(5)						$ 1					(6)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares							102,094
Net loss	(15,329)																	(15,329)
Balance at Jun. 30, 2021	(4,573)						$ 843					139,145						(144,561)
Balance, Shares at Jun. 30, 2021							84,273,222
Stock-based compensation expense	874											874
Issuance of common stock		$ (38)											$ (38)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes	(29)						$ 1					(30)
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares							150,120
Net loss	(16,962)																	(16,962)
Balance at Sep. 30, 2021	$ (20,728)						$ 844					$ 139,951						$ (161,523)
Balance, Shares at Sep. 30, 2021							84,423,342

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (49,203)	$ (59,058)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,132	7,431
Non-cash interest expense	673	306
Gain on extinguishment of debt	(1,553)
Depreciation expense	195	315
Amortization	1,932	1,502
Change in warrant valuation	(47)	2,863
Change in contingent consideration valuation	9,551	14,252
Changes in operating assets and liabilities:
Inventory	(1,332)	(1,784)
Prepaid expenses and other assets	1,474	(90)
Accounts receivable	(371)
Accounts payable, accrued expenses and other liabilities	(2,075)	4,837
Net cash used in operating activities	(36,624)	(29,426)
Cash flows from investing activities:
Purchase of property and equipment	(76)	(307)
Purchase of short-term investments	(19,641)
Proceeds from maturity of short-term investments	9,500
Net cash used in investing activities	(10,217)	(307)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of transaction costs		10,041
Proceeds from equity facility, net of transaction costs		3,612
Proceeds from public offering, net of transaction costs		23,085
Proceeds from registered direct offerings, net of transaction costs	27,059
Proceeds from warrant exercises	12,155	2,458
Payment of contingent consideration	(7,869)	(2,500)
Payments of withholdings on shares withheld for income taxes	(74)	(95)
Net cash provided by financing activities	31,271	36,601
Net (decrease) increase in cash and cash equivalents	(15,570)	6,868
Cash and cash equivalents, beginning of period	30,342	17,740
Cash and cash equivalents, end of period	14,772	24,608
Supplemental disclosure of cash flow information:
Purchase of property, plant and equipment included in accrued expenses and accounts payable		22
Fair value of warrants issued in connection with public offering		8,111
Fair value of warrants issued in connection with financing facility		1,423
Right-of-use assets acquired	$ 575

Background

Background	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Background	Note 1: Background Baudax Bio, Inc. (“Baudax Bio” or the “Company”) is a pharmaceutical company primarily focused on commercializing and developing innovative products for acute care settings. Baudax Bio believes it can bring valuable therapeutic options to patients, prescribers and payers, such as its lead product, ANJESO ® (meloxicam) injection. Pursuant to the Separation Agreement between Recro Pharma, Inc. (“Recro”) and Baudax Bio, Recro transferred the assets, liabilities, and operations of its Acute Care business to the Company (the “Separation”) and, on November 2 1 , 2019, the distribution date, each Recro shareholder received one share of the Company’s common stock for every two and one-half shares of Recro common stock held of record at the close of business on November 15, 2019, the record date for the distribution (the “Distribution”). Following the Distribution and Separation, Baudax Bio operates as a separate, independent company. Business Baudax Bio launched ANJESO, which is indicated for the management of moderate to severe pain in 2 020, and the Centers for Medicare and Medicaid Services (“CMS”) granted a J-code to ANJESO in the fourth quarter of 2020. The Company has determined that it operates in a single segment involved in the commercialization and development of innovative products for hospital and other acute care settings.

Development-Stage Risks, Liquid

Development-Stage Risks, Liquidity and Going Concern	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Development-Stage Risks, Liquidity and Going Concern	Note 2: Development-Stage Risks, Liquidity and Going Concern The Company has incurred operating losses and negative cash flows since inception and has an accumulated deficit of $ 161,523 as of September 30, 2021. The Company has raised funds from debt and equity transactions and will likely be required to raise additional funds to continue to operate as a standalone entity. The Company’s ability to generate cash inflows is highly dependent on the commercialization of ANJESO. In addition, development activities, clinical and pre-clinical testing and, if approved, commercialization of the Company’s other product candidates, will likely require significant additional funding. The Company could delay clinical trial activity or reduce funding of specific programs in order to reduce cash needs. Insufficient funds may cause the Company to delay, reduce the scope of or eliminate one or more of its development, commercialization, or expansion activities. The Company may raise such funds, if available, through debt financings, bank or other loans, through strategic research and development, licensing (including out-licensing) and/or marketing arrangements or through public or private sales of equity or debt securities from time to time. Financing may not be available on acceptable terms, or at all, and failure to raise capital when needed could materially adversely impact the Company’s growth plans and its financial condition or results of operations. Additional debt or equity financing, if available, may be dilutive to holders of the Company’s common stock and may involve significant cash payment obligations and covenants that restrict the Company’s ability to operate its business. The Company follows the provisions of Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”), Topic 205-40, “Presentation of Financial Statements — Going Concern” , or ASC 205-40, which requires management to assess the Company’s ability to continue as a going concern for one year after the date the consolidated financial statements are issued. The Company expects to seek additional funding to sustain its future operations and while the Company has successfully raised capital in the past, the ability to raise capital in future periods is not assured. Based on the Company’s available cash, cash equivalents and short-term investments as of September 30, 2021 , management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for one year from the date these financial statements are issued. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Principles	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Principles	Note 3: Summary of Significant Accounting Principles (a) Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and notes required by U.S. GAAP for complete annual financial statements. In the opinion of management, the accompanying consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s results for the interim periods. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2020 included in the Company’s Form 10-K. (b) Use of Estimates The preparation of financial statements and the notes to the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. (c) Cash and Cash Equivalents Cash and cash equivalents represents cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of the changes in interest rates. (d) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: three to seven years for furniture and office equipment; six to ten years for manufacturing equipment; and the shorter of the remaining lease term or useful life for leasehold improvements. Repairs and maintenance costs are expensed as incurred. (e) Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a one-step method for determining impairment. The one-step quantitative test calculates the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company has one reporting unit. The Company performs its annual goodwill impairment test as of November 30 th , or whenever an event or change in circumstances occurs that would require reassessment of the recoverability of goodwill. In performing the evaluation, the Company assesses qualitative factors such as overall financial performance of its reporting unit, anticipated changes in industry and market conditions, including recent tax reform, intellectual property protection, and competitive environments. As a result of the latest impairment tests, November 30, 2020, the Company determined that there was no impairment to goodwill or intangible assets. There were no indicators of impairment since our last impairment test. As of September 30, 2021 , the Company’s intangible asset is classified as an asset resulting from R&D activities. The Company determined the useful life of its asset resulting from R&D activities to be approximately 10 years , which is based on the remaining patent life and is being amortized on a straight-line basis. The Company is required to review the carrying value of assets resulting from R&D activities for recoverability whenever events occur or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. (f) Revenue Recognition Subsequent to regulatory approval for ANJESO from the FDA, the Company began selling ANJESO in the U.S. through a single third-party logistics provider (“3PL”), which takes title to and control of the goods. The Company recognizes revenue from ANJESO product sales at the point the title to the product is transferred to the customer and the customer obtains control of the product. The transaction price that is recognized as revenue for products includes an estimate of variable consideration for reserves, which result from discounts, returns, chargebacks, rebates, and other allowances that are offered within contracts between the Company and end-customers, wholesalers, group purchasing organizations and other indirect customers. The Company’s payment terms are generally between thirty to ninety days . The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available. These reserves reflect the Company’s best estimate of the amount of consideration to which the Company is entitled based on the terms of the contracts. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that is considered probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. (g) Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. The Company manages its cash, cash equivalents and short-term investments based on established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company’s accounts receivable balance is compromised solely from transactions with the Company’s 3PL. (h) Research and Development Research and development costs for the Company’s proprietary products/product candidates are charged to expense as incurred. Research and development expenses consist of internal costs and funds paid to third parties for the provision of services for pre-commercialization and manufacturing scale-up activities, drug development, pre-clinical activities, clinical trials, statistical analysis, and report writing and regulatory filing fees and compliance costs. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development project. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expenses relating to these costs. Upfront payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Costs incurred in obtaining product technology licenses are charged to research and development expense as acquired in-process research and development (“IPR&D”) if the technology licensed has not reached technological feasibility and has no alternative future use. (i) Stock-Based Awards Baudax Awards Share-based compensation included in the consolidated financial statements following the Separation is based upon the Baudax Bio, Inc. 2019 Equity Incentive Plan (the “2019 Plan”). The plan includes grants of stock options, time-based vesting restricted stock units (“RSUs”) and performance-based RSUs. The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. The Company accounts for forfeitures as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and/or management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses an average of its peer group’s volatility in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Recro Awards The Recro Pharma, Inc. 2018 Amended and Restated Equity Incentive Plan (the “Recro Equity Plan”) includes grants of stock options, time-based vesting RSUs and performance-based vesting RSUs granted to the Company’s employees prior to the Separation. The consolidated financial statements reflect share-based compensation expense based on an allocation of a portion of Recro share-based compensation issued to the Company’s employees based on where their services are performed. Recro measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. Forfeitures are accounted for as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. Recro uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The expected life of stock options was estimated using the “simplified method,” as Recro has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, Recro uses the historical volatility of its publicly traded stock in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. (j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is recorded to the extent it is more likely than not that some portion or all of the deferred tax assets will not be realized. Because of the Company’s history of losses as a standalone entity, a full valuation allowance is recorded against deferred tax assets in all periods presented. Unrecognized income tax benefits represent income tax positions taken on income tax returns that have not been recognized in the consolidated financial statements. The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company does not anticipate significant changes in the amount of unrecognized income tax benefits over the next year. (k) Net (Loss) Income Per Common Share Basic net (loss) income per common share is determined by dividing net (loss) income applicable to common shareholders by the weighted average common shares outstanding during the period. Outstanding warrants, common stock options and unvested restricted stock units are excluded from the calculation of diluted net loss (income) per share when their effect would be anti-dilutive. For purposes of calculating basic and diluted (loss) income per common share, the denominator includes the weighted average common shares outstanding, the weighted average common stock equivalents for warrants priced at par value, or $ 0.01 , as the underlying common shares will be issued for little cash consideration and the conditions for the issuance of the underlying common shares are met when such warrants are issued, and, with regard to diluted (loss) income per common share, the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. The following table sets forth the computation of basic and diluted (loss) income per share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic (Loss) Income Per Share Net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Weighted average common shares 84,400,156 18,374,604 74,008,574 15,366,861 Net (loss) income per share of $ ( 0.20 ) $ 0.64 $ ( 0.66 ) $ ( 3.84 ) Diluted (Loss) Income Per Share Net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Change in warrant valuation — — — — Diluted net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Weighted average common shares 84,400,156 18,374,604 74,008,574 15,366,861 Dilutive effect of warrants — — — — Dilutive effect of equity awards, — 393,772 — — Weighted average common shares 84,400,156 18,768,376 74,008,574 15,366,861 Net (loss) income per share of $ ( 0.20 ) $ 0.62 $ ( 0.66 ) $ ( 3.84 ) The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options and restricted stock units outstanding 4,794,738 2,098,316 4,794,738 1,694,889 Warrants 38,360,429 15,107,100 38,360,429 15,199,605 Amounts in the table above reflect the common stock equivalents of the noted instruments. (l) Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” or ASU 2016-13. ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires consideration of a range of reasonable information to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including those interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” or ASU 2020-06. ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for such exception. ASU 2020-06 also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and early adoption is permitted in annual reporting periods ending after December 15, 2020. The Company is currently assessing the impact of adopting this standard. In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,” or ASU 2021-04. ASU 2021-04 clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options, such as warrants, that remain equity classified after modification or exchange. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and early adoption is permitted. The Company is currently assessing the impact of adopting this standard.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4: Fair Value of Financial Instruments The Company follows the provisions of FASB ASC Topic 820, “ Fair Value Measurements and Disclosures ,” for fair value measurement recognition and disclosure purposes for its financial assets and financial liabilities that are remeasured and reported at fair value each reporting period. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, short-term investments, warrants, and contingent consideration. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. Categorization is based on a three-tier valuation hierarchy, which prioritizes the inputs used in measuring fair value, as follows:  Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities;  Level 2: Inputs that are other than quoted prices in active markets for identical assets and liabilities, inputs that are quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are either directly or indirectly observable; and  Level 3: Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has classified assets and liabilities measured at fair value on a recurring basis as follows: Fair value measurements at reporting date using Quoted prices Significant Significant At September 30, 2021: Assets: Cash equivalents (See Note 5) Money market mutual funds $ 12,262 $ — $ — Commercial paper — 1,500 — Total cash equivalents $ 12,262 $ 1,500 $ — Short-term investments (See Note 5) Commercial paper — 10,150 — Total financial assets $ 12,262 $ 11,650 $ — Liabilities: Warrants (See Note 13(c)) $ — $ — $ 18 Contingent consideration (See Note 12(b)) — — 66,725 $ — $ — $ 66,743 At December 31, 2020: Assets: Cash equivalents (See Note 5) Money market mutual funds $ 24,210 $ — $ — Commercial paper — 4,500 — Total cash equivalents $ 24,210 $ 4,500 $ — Liabilities: Warrants (See Note 13(c)) $ — $ — $ 65 Contingent consideration (See Note 12(b)) — — 65,043 $ — $ — $ 65,108 The reconciliation of the warrant liability and contingent consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: Warrants Contingent Balance at December 31, 2019 $ — $ 66,358 Additions 8,111 — Exercise of warrants ( 2,922 ) — Payment of contingent consideration — ( 3,560 ) Remeasurement 16,734 2,245 Reclassification to equity upon warrant exchange ( 21,858 ) — Balance at December 31, 2020 $ 65 $ 65,043 Payment of contingent consideration — ( 7,869 ) Remeasurement ( 47 ) 9,551 Total at September 30, 2021 $ 18 $ 66,725 Current portion as of September 30, 2021 $ — $ 6,666 Long-term portion as of September 30, 2021 18 60,059 See Note 13(c) for the significant assumptions and inputs used to determine the fair value of liability classified warrants. Based on the amended terms of the Alkermes agreement (see Note 12(b)), the remaining contingent consideration payments include the second components, which became payable upon regulatory approval, and includes remaining payments of $ 45,000 payable in seven equal annual payments of approximately $ 6,400 of which the first payment was made in February 2021, the first anniversary of such approval. The third component consists of three potential payments, based on the achievement of specified annual revenue targets, the last of which represents over 60 % of these milestone payments and currently does not have a fair value assigned to its achievement. The fourth component consists of a royalty payment between 10 % and 12 % (subject to a 30 % reduction when no longer covered by patent) for a defined term on future injectable meloxicam net sales. The fair value of the remaining second consideration component is estimated by applying a risk-adjusted discount rate to the scheduled remaining payments. The fair value of the third contingent consideration component is estimated using the Monte Carlo simulation method and applying a risk-adjusted discount rate to the potential payments resulting from probability-weighted revenue projections based upon the expected revenue target attainment dates. The fair value of the fourth contingent consideration component is estimated by applying a risk-adjusted discount rate to the potential payments resulting from probability-weighted revenue projections and the defined royalty percentage. As of September 30, 2021, the fair value calculations used discount rates in the range of 17.53 % to 36.46 %, with a weighted average of 27.53 %. The fair value of the contingent consideration liability is measured using inputs and assumptions as of the date of the financial statements. The current portion of the contingent consideration represents the estimated probability-adjusted fair value that is expected to become payable within one year as of September 30, 2021. Events and circumstances impacting the fair value of the liability that occur after the balance sheet date, but before the date that the financial statements are available to be issued, are adjusted in the period during which such events and circumstances occur. These fair values are based on significant inputs not observable in the market, which are referred to in the guidance as Level 3 inputs. The contingent consideration components are classified as liabilities and are subject to the recognition of subsequent changes in fair value through the results of operations. The Company follows the disclosure provisions of FASB ASC Topic 825, “ Financial Instruments ”, for disclosure purposes for financial assets and financial liabilities that are not measured at fair value. As of September 30, 2021, the financial assets and liabilities recorded on the Consolidated Balance Sheets that are not measured at fair value on a recurring basis include accounts receivable, accounts payable and accrued expenses, which approximate fair value due to the short-term nature of these instruments. The fair value of debt, where a quoted market price is not available, is evaluated based on, among other factors, interest rates currently available to the Company for debt with similar terms, remaining payments and considerations of the Company’s creditworthiness. The Company determined that the recorded book value of debt approximated fair value at September 30, 2021 due to the fact that the debt arrangements reflect market terms from recent transactions.

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments	9 Months Ended
	Sep. 30, 2021
Cash Cash Equivalents And Short Term Investments [Abstract]
Cash Equivalents and Short-Term Investments	Note 5: Cash Equivalents and Short-Term Investments Short-term investments consist of government money market funds and commercial paper with original maturities of greater than three months. A portion of short-term investments is included in cash and cash equivalents due to its original maturity of three months or less when acquired. In accordance with FASB ASC Topic 320, “ Investments – Debt and Equity Securities ,” the Company has classified its entire investment portfolio as available-for-sale securities with secondary or resale markets, and, as such, its portfolio is carried at fair value with unrealized gains and losses included in Comprehensive Income in stockholders’ equity and realized gains and losses included in other income/expense, if applicable. The following is a summary of cash equivalents and short-term investments: September 30, 2021 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 12,262 $ — $ — $ 12,262 Commercial paper 11,650 — — 11,650 Total cash equivalents and short-term investments $ 23,912 $ — $ — $ 23,912 December 31, 2020 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 24,210 $ — $ — $ 24,210 Commercial paper 4,500 — — 4,500 Total cash equivalents and short-term investments $ 28,710 $ — $ — $ 28,710 Short-term investments are included in cash and cash equivalents when their original maturities are three months or less when acquired. As of September 30, 2021 and December 31, 2020 , the Company’s cash equivalents and short-term investments had maturities of one to four months . The Company uses benchmark inputs and industry standard analytical models to derive the fair value of its commercial paper.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventory	Note 6: Inventory Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. The Company expensed costs related to inventory within the Research and development line in the Consolidated Statements of Operations until it received approval from the FDA to market a product, at which time the Company commenced capitalization of costs relating to that product. Adjustments to inventory are determined at the raw material, sub-assemblies and finished goods levels to reflect obsolescence or impaired balances. Inventory consists of the following: September 30, 2021 December 31, 2020 Raw materials $ 13 $ 130 Sub-assemblies 3,997 2,476 Finished goods 654 928 4,664 3,534 Provision for inventory obsolescence ( 354 ) ( 556 ) Inventory $ 4,310 $ 2,978

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	Note 7: Property, Plant and Equipment Property, plant and equipment consists of the following: September 30, 2021 December 31, 2020 Building and improvements $ 196 $ 196 Furniture, office and computer equipment 969 934 Manufacturing and laboratory equipment 717 717 Construction in progress 4,494 4,453 6,376 6,300 Less: accumulated depreciation 1,443 1,248 Property, plant and equipment, net $ 4,933 $ 5,052 Depreciation expense for the three and nine months ended September 30, 2021 was $ 46 and $ 195 , respectively. Depreciation expense for the three and nine months ended September 30, 2020 was $ 104 and $ 315 , respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Note 8: Leases The Company is a party to various operating leases in Malvern, Pennsylvania, and Dublin, Ireland for office space and office equipment. Right-of-use assets are recorded on the Consolidated Balance Sheet in other long-term assets. Operating lease liabilities are recorded on the Consolidated Balance Sheet in accrued expenses and other current liabilities and other long-term liabilities, based on the timing of expected cash payments. The Company determines if an arrangement is a lease at inception. The arrangement is a lease if it conveys the right to the Company to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Lease terms vary based on the nature of operations. The current leased facility recorded on the Consolidated Balance Sheet is classified as an operating lease with a remaining lease term of 6 years , which was extended during the three months ended September 30, 2021. Most leases contain specific renewal options where notice to renew must be provided in advance of lease expiration or automatic renewals where no advance notice is required. Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain. Costs determined to be variable and not based on an index or rate were not included in the measurement of operating lease liabilities. As most leases do not provide an implicit rate, the Company's effective interest rate was used to discount its lease liabilities. The Company’s leases with an initial term of 12 months or less that do not have a purchase option or extension that is reasonably certain to be exercised are not included in the right of use asset or lease liability on the Consolidated Balance Sheets. Lease expense is recognized on a straight-line basis over the lease term. As of September 30, 2021, undiscounted future lease payments for non-cancellable operating leases are as follows: Lease payments Remainder of 2021 $ 158 2022 383 2023 270 2024 278 2025 and thereafter 858 Total lease payments 1,947 Less imputed interest ( 941 ) Total operating lease liability $ 1,006 As of September 30, 2021, the weighted average remaining lease term was 6 years and the weighted average discount rate was 23 % . The components of the Company’s lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 79 $ 87 $ 255 $ 306 Short-term lease cost 52 38 130 68 Total lease cost $ 131 $ 125 $ 385 $ 374 Cash paid for amounts included in the measurement of lease liabilities, which is included in operating cash flows, was $ 258 and $ 78 for the nine months ended September 30, 2021 and 2020 , respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 9: Intangible Assets The following represents the balance of the intangible assets at September 30, 2021: September 30, 2021 December 31, 2020 Asset resulting from R&D activities $ 26,400 $ 26,400 Accumulated Amortization ( 4,078 ) ( 2,146 ) Intangible assets, net $ 22,322 $ 24,254 Amortization expense for the three and nine months ended September 30, 2021 was $ 644 and $ 1,932 , respectively. Amortization expense for the three and nine months ended September 30, 2020 was $ 643 and $ 1,502 , respectively. As of September 30, 2021, future amortization expense is as follows: Amortization Remainder of 2021 $ 644 2022 2,576 2023 2,576 2024 2,576 2025 and thereafter 13,950 Total $ 22,322

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 10: Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, December 31, 2021 2020 Payroll and related costs $ 2,409 $ 3,177 Guarantee liability 635 422 Professional and consulting fees 545 802 Other research and development costs 142 243 Interest payable 113 126 Stock-based compensation 111 — Other 613 556 $ 4,568 $ 5,326 In November 2020, the Company implemented a reduction in force impacting approximately 40 employees and resulted in a charge of $ 1,753 , primarily related to severance, of which $ 117 remains accrued and unpaid as of September 30, 2021 .

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Note 11: Debt The following table summarizes the components of the carrying value of debt as of September 30, 2021: September 30, December 31, 2021 2020 Paycheck Protection Program Loan $ — $ 1,537 Credit Agreement 10,000 10,000 Unamortized deferred issuance costs ( 1,794 ) ( 2,427 ) Exit fee accretion 96 42 Total debt $ 8,302 $ 9,152 Current portion $ 1,389 $ 683 Long-term portion, net 6,913 8,469 (a) Paycheck Protection Program Loan On April 13, 2020, the Company applied to PNC Bank, National Association (the “Lender”) under the Small Business Administration (the “SBA”) Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) for a loan of $ 1,537 (the “Loan”). On May 8, 2020, the Company entered into a promissory note with respect to the Loan in favor of the Lender (the “PPP Loan”). The PPP Loan has a two-year term, matures on May 8, 2022 , and bears interest at a stated rate of 1.0 % per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below), will commence on the earlier of September 15, 2021 , or the date on which a forgiveness decision is received from the Lender. The Company did not provide any collateral or guarantees for the PPP Loan, nor did the Company pay any facility charge to obtain the PPP Loan. The PPP Loan provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The Company may prepay the principal of the PPP Loan at any time without incurring any prepayment charges. The PPP Loan may be partially or fully forgiven if the Company complies with the provisions of the CARES Act and related guidance including using the PPP Loan proceeds for covered payroll costs, rent, utilities, and certain other expenses, and using at least 60 % of the PPP Loan proceeds to pay covered payroll costs as defined by the CARES Act. Any forgiveness of the PPP Loan will be subject to approval by the SBA and the Lender will require the Company to apply for such treatment in the future. According to the terms of the Credit Agreement, as defined below, if any amount less than $ 1,100 is not forgiven, the Company will be required to promptly repay the unforgiven amount of the PPP Loan that is less than $1,100. During the nine months ended September 30, 2021 , the Company received a Notice of PPP Forgiveness Payment from the SBA regarding the approval of their application for forgiveness of the PPP Loan of $1,537 and accrued interest. As a result, the Company recognized a gain on extinguishment of the PPP Loan of $ 1,553 during the nine months ended September 30, 2021. (b) Credit Agreement On May 29, 2020 (the “Credit Agreement Closing Date”), the Company entered into a $ 50,000 Credit Agreement (the “Credit Agreement”) by and among the Company, Wilmington Trust, National Association, in its capacity as the agent (“Agent”), and MAM Eagle Lender, LLC, as the lender (together with any other lenders under the Credit Agreement from time to time, collectively, the “Lenders”). The Credit Agreement provides for a term loan in the original principal amount of $ 10,000 (the “Tranche One Loans”) funded on the Credit Agreement Closing Date. Pursuant to the terms of the Credit Agreement, there are four additional tranches of term loans, in an aggregate original principal amount of $ 40,000 (the “Tranche Two Loans”, “Tranche Three Loans”, “Tranche Four Loans” and the “Tranche Five Loans”, and collectively with the Tranche One Loans, the “Term Loans” and each a “Term Loan”). As of September 30, 2021 , no funds have been drawn from the additional tranches. The Tranche Two Loans in an amount not to exceed $ 5,000 may be drawn upon on or before August 29, 2021 provided that the Company generates at least $ 5,000 in net revenue in the three consecutive calendar months immediately preceding the date such Tranche Two Loans are funded. The Tranche Two Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Three Loans, Tranche Four Loans, or Tranche Five Loans, as applicable, provided that the Tranche Two Loans may not be drawn more than once. The Tranche Three Loans in an amount not to exceed $ 5,000 may be drawn upon on or before November 29, 2021 provided that the Company generates at least $ 10,000 in net revenue in the three consecutive calendar months immediately preceding such date such Tranche Three Loans are funded. The Tranche Three Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Four Loans or Tranche Five Loans, as applicable, provided that the Tranche Three Loans may not be drawn more than once. The Tranche Four Loans in an amount not to exceed $ 10,000 may be drawn upon, subject to the consent of the Lenders, on or before August 29, 2022 provided that the Company generates at least $ 20,000 in net revenue in the three consecutive calendar months immediately preceding the date such Tranche Four Loans are funded. The Tranche Four Loans may also be drawn on a subsequent date with the satisfaction of the conditions for the Tranche Five Loans provided that the Tranche Four Loans may not be drawn more than once. The Tranche Five Loans in an amount not to exceed $ 20,000 may be drawn upon, subject to the consent of the Lenders, on or before March 1, 2023 provided that the Company generates at least $ 100,000 in net revenue in the twelve consecutive calendar months immediately preceding the date such Tranche Five Loans are funded. The Term Loans will bear interest at a per annum rate equal to 13.5 %, with monthly , interest-only payments until the date that is three years prior to the Maturity Date (as defined below) (the “Amortization Date”). The maturity date of the Credit Agreement is May 29, 2025 , but may be extended to May 29, 2026 provided that the EBITDA (as defined in the Credit Agreement) for the consecutive twelve-month period ending on or immediately prior to May 29, 2022 is greater than $ 10,000 (such date, “Maturity Date”). Beginning on the Amortization Date, the Company will be obligated to pay amortization payments (in addition to the interest stated above) on such date and each month thereafter in equal month installments of principal based on an amortization schedule of thirty-six months . Any unpaid principal amount of the Term Loans is due and payable on the Maturity Date. Subject to certain exceptions, the Company is required to make mandatory prepayments of the Term Loans, with the proceeds of asset sales, extraordinary receipts, debt issuances and specified other events. The Company may make voluntary prepayments in whole or in part, subject to a prepayment premium equal to (i) with respect to any prepayment paid on or prior to the third anniversary of the Tranche One Loan (or, in the case of each of the Tranche Two Loans, Tranche Three Loans, Tranche Four Loans or Tranche Five Loans, the third anniversary of the date each such loan is funded), the remaining scheduled payments of interest that would have accrued on the Term Loans being prepaid, repaid or accelerated, but that remained unpaid, in no event to be less than 5.0 % of the principal amount of the Term Loan being prepaid, and (ii) with respect to any prepayment paid after the third but prior to the fourth anniversary of the Tranche One Loan (or, in the case of each of the Tranche Two Loans, Tranche Three Loans, Tranche Four Loans or Tranche Five Loans, the fourth anniversary of the date each such loan is funded), 3.0 % of the principal amount of the Term Loan being prepaid. In addition, an exit fee will be due and payable upon prepayment or repayment of the Term Loans (including, without limitation, on the Maturity Date) equal to the lesser of 2.5 % of the sum of the aggregate principal amount of the Term Loans advanced or approved to be advanced by the Lenders and $ 700 ; provided that such exit fee will be equal to $ 700 if fee is paid in conjunction with a change of control that occurs in connection with the payoff or within 6 months thereof. As of September 30, 2021 , the Company will have to pay a 2.5 % exit fee, which is $ 250 at the current outstanding loan balance and is being accreted to the carrying amount of the debt using the effective interest method over the term of the loan. The Credit Agreement contains certain usual and customary affirmative and negative covenants, as well as financial covenants including a minimum liquidity requirement of $ 5,000 at all times and minimum EBITDA levels that the Company may need to satisfy on a quarterly basis beginning in September 2021, subject to borrowing levels. As of September 30, 2021, the Company was in compliance with the required covenants for minimum liquidity as the minimum EBITDA criteria is not applicable until additional tranches are drawn. As of September 30, 2021, borrowings under the Credit Agreement are classified based on their schedule maturities. As a result of the liquidity conditions discussed in Note 2, the Company is not expected to be able to maintain its minimum liquidity covenant over the next twelve months without additional capital financing. If the Company is unable to maintain its minimum liquidity covenant, it is reasonably possible that the Lenders could demand repayment of the borrowings under the Credit Agreement during the next twelve months. In connection with the Credit Agreement, the Company issued a warrant to MAM Eagle Lender, LLC to purchase 527,100 shares of the Company’s common stock, at an exercise price equal to $ 4.59 per share. See Note 13(c) for additional information. The warrant is exercisable through May 29, 2027 . The Company recorded debt issuance costs for the Credit Agreement of $ 1,496 plus the fair value of warrants of $ 1,423 , which are being amortized using the effective interest method over the term of Credit Agreement. Debt issuance cost amortization is included in interest expense within the Consolidated Statements of Operations. As of September 30, 2021, the effective interest rate was 22.67 % , which takes into consideration the non-cash amortization of the debt issuance costs and accretion of the exit fee. The Company recorded debt issuance cost amortization related to the Credit Agreement of $ 211 and $ 633 for the three and nine months ended September 30, 2021, respectively. The Company recorded debt issuance cost amortization related to the Credit Agreement of $ 211 and $ 281 for the three and nine months ended September 30, 2020 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12: Commitments and Contingencies (a) Licenses and Supply Agreements The Company is party to an exclusive license with Orion for the development and commercialization of Dexmedetomidine for use in the treatment of pain in humans in any dosage form for transdermal, transmucosal (including sublingual and intranasal), topical, enteral or pulmonary (inhalational) delivery, but specifically excluding delivery vehicles for administration by injection or infusion, worldwide, except for Europe, Turkey and the CIS (currently includes Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan), referred to herein as the Territory. The Company is required to pay Orion lump sum payments of up to € 20,500 ($ 23,756 as of September 30, 2021 ) on the achievement of certain developmental and commercial milestones, as well as a royalty on net sales during the term, which varies from 10 % to 20 % depending on annual sales levels. Through September 30, 2021 , no such milestones have been achieved. The Company is also party to an exclusive license agreement with Orion for the development and commercialization of Fadolmidine for use as a human therapeutic, in any dosage form in the Territory. The Company is required to pay Orion lump sum payments of up to € 12,200 ($ 14,140 as of September 30, 2021 ) on achievement of certain developmental and commercial milestones, as well as a royalty on net sales during the term, which varies from 10 % to 15 % depending on annual sales levels. Through September 30, 2021 , no such milestones have been achieved. In June 2017, the Company acquired the exclusive global rights to two novel neuromuscular blocking agents (“NMBAs”) and a proprietary reversal agent from Cornell University (“Cornell”). The NMBAs and reversal agent are referred to herein as the NMBA Related Compounds. The NMBA Related Compounds include one novel intermediate-acting NMBA that has initiated Phase I clinical trials and two other agents, a novel short-acting NMBA, and a rapid-acting reversal agent specific to these NMBAs. The Company is obligated to make: (i) an annual license maintenance fee payment to Cornell until the first commercial sale of the NMBA Related Compounds; and (ii) milestone payments to Cornell upon the achievement of certain milestones, up to a maximum, for each NMBA Related Compound, of $ 5,000 for U.S. regulatory approval and commercialization milestones and $ 3,000 for European regulatory approval and commercialization milestones. The Company is obligated to pay Cornell royalties on net sales of the NMBA Related Compound at a rate ranging from low to mid-single digits, depending on the applicable NMBA Related Compounds and whether there is a valid patent claim in the applicable country, subject to an annual minimum royalty amount. Further, the Company will reimburse Cornell ongoing patent costs related to prosecution and maintenance of the patents related to the Cornell patents for the NMBA Related Compounds. The Company is party to a Development, Manufacturing and Supply Agreement (“Supply Agreement”), with Alkermes plc (“Alkermes”) (through a subsidiary of Alkermes), pursuant to which Alkermes will (i) provide clinical and commercial bulk supplies of ANJESO formulation and (ii) provide development services with respect to the Chemistry, Manufacturing and Controls section of a New Drug Application (“NDA”) for ANJESO. Pursuant to the Supply Agreement, Alkermes will supply the Company with such quantities of bulk ANJESO formulation as shall be reasonably required for the completion of clinical trials of ANJESO. During the term of the Supply Agreement, the Company will purchase its clinical and commercial supplies of bulk ANJESO formulation exclusively from Alkermes, subject to certain exceptions, for a period of time. The Company is party to a Master Manufacturing Services Agreement and Product Agreement with Patheon, collectively the Patheon Agreements, pursuant to which Patheon provides sterile fill-finish of injectable meloxicam drug product at its Monza, Italy manufacturing site. The Company has agreed to purchase a certain percentage of its annual requirements of finished injectable meloxicam from Patheon during the term of the Patheon Agreements. (b) Contingent Consideration for the Alkermes Transaction On April 10, 2015, Recro completed the acquisition of a manufacturing facility in Gainesville, Georgia and the licensing and commercialization rights to injectable meloxicam (the “Alkermes Transaction”). Pursuant to the purchase and sale agreement and subsequent amendment with Alkermes, as amended, governing the Alkermes Transaction, the Company agreed to pay to Alkermes up to an additional $ 140,000 in milestone payments including $ 60,000 upon regulatory approval payable over a seven-year period, as well as net sales milestones related to injectable meloxicam and royalties on future product sales of injectable meloxicam. Based on the amended terms of the Alkermes agreement, the contingent consideration consists of four separate components. The first component is (i) a $ 5,000 payment made in the first quarter of 2019 and (ii) a $ 5,000 payment made in the second quarter of 2019. The second components became payable upon regulatory approval in February 2020 and include (i) a $ 5,000 payment due within 180 days following regulatory approval for ANJESO, of which timing of payment was amended as noted below, and (ii) $ 45,000 payable in seven equal annual payments of approximately $ 6,400 beginning on the first anniversary of such approval, of which the first payment was made in the first quarter of 2021. The third component consists of three potential payments, based on the achievement of specified annual revenue targets, the last of which represents over 60 % of these milestone payments and currently does not have a fair value assigned to its achievement. The fourth component consists of a royalty payment between 10 % and 12 % (subject to a 30 % reduction when no longer covered by patent) for a defined term on future injectable meloxicam net sales. In August 2020, the Company entered into an Amendment to the Purchase and Sale Agreement that restructured the timing of payment of the $ 5,000 milestone development earn-out consideration due to Alkermes as a result of achievement of approval of the NDA for ANJESO to be paid in three installments of (i) $ 2,500 paid August 18, 2020; (ii) $ 1,060 paid December 20, 2020; and (iii) $ 1,440 paid June 18, 2021. In consideration of amending the timing of this development milestone earn-out payment, the Company paid Alkermes a one-time, non-refundable and non-creditable fee of $ 285 at the time of entering into the Amendment to the Purchase and Sale Agreement. As of September 30, 2021, the Company has paid $ 21,429 in milestone payments to Alkermes. (c) Litigation The Company is involved, from time to time, in various claims and legal proceedings arising in the ordinary course of its business. Except as disclosed below, the Company is not currently a party to any such claims or proceedings that, if decided adversely to it, would either individually or in the aggregate have a material adverse effect on its business, financial condition or results of operations. In connection with the Separation, the Company accepted assignment by Recro of all of Recro’s obligations in connection with a securities class action lawsuit (the “Securities Litigation”) and agreed to indemnify Recro for all liabilities related to the Securities Litigation. On May 31, 2018, the Securities Litigation was filed against Recro and certain of Recro’s officers and directors in the U.S. District Court for the Eastern District of Pennsylvania (Case No. 2:18-cv-02279-MMB) that purported to state a claim for alleged violations of Section 10(b) and 20(a) of the Exchange Act and Rule 10(b)(5) promulgated thereunder, based on statements made by Recro concerning the NDA for ANJESO. The complaint seeks unspecified damages, interest, attorneys’ fees, and other costs. On December 10, 2018, the lead plaintiff filed an amended complaint that asserted the same claims and sought the same relief but included new allegations and named additional officers as defendants. On February 8, 2019, Recro filed a motion to dismiss the amended complaint in its entirety, which the lead plaintiff opposed on April 9, 2019. On May 9, 2019, Recro filed its response and briefing was completed on the motion to dismiss. In response to questions from the Judge, the parties submitted supplemental briefs with regard to the motion to dismiss the amended complaint during the fall of 2019. On February 18, 2020, the motion to dismiss was granted without prejudice. On April 25, 2020, the plaintiff filed a second amended complaint. Recro filed a motion to dismiss the second amended complaint on June 18, 2020. The plaintiff filed an opposition to the motion to dismiss on August 17, 2020. On September 16, 2020, Recro filed a reply in support of the motion to dismiss. On March 1, 2021, Recro’s second motion to dismiss was denied. On June 21, 2021, the defendants filed an answer and affirmative defenses to the second amended complaint. A Preliminary Pretrial Conference was held on August 3, 2021. The parties have begun discovery and class certification briefing, which the Court has ordered to be completed by December 30, 2021. All expert and fact discovery must be completed by March 15, 2022. The Company has recorded a liability equal to the estimated fair value of the indemnification to Recro related to this Securities Litigation. The Company believes that the lawsuit is without merit and intends to vigorously defend against it, unless and until a resolution satisfactory to Recro and the Company can be achieved. At this time, no assessment can be made as to its likely outcome or whether the outcome will be material to the Company. As of September 30, 2021 , the Company has recorded a guarantee liability of $ 635 , which represents the present value estimate of our expected obligation related to this matter. (d) Purchase Commitments As of September 30, 2021, the Company had outstanding non-cancelable and cancelable purchase commitments in the aggregate amount of $ 6,231 related to inventory and other goods and services, predominantly manufacturing activities. The timing of certain purchase commitments cannot be estimated as it is dependent on the outcome of other strategic evaluations and agreements. (e) Certain Compensation and Employment Agreements The Company has entered into employment agreements with certain of its named executive officers. As of September 30, 2021, these employment agreements provided for, among other things, annual base salaries in an aggregate amount of not less than $ 1,317 , from that date through March 2023 .

Capital Structure

Capital Structure	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Capital Structure	Note 13: Capital Structure (a) Common Stock On November 2 1, 2019, the Company separated from Recro as a result of a special dividend distribution of all the outstanding shares of its common stock to Recro shareholders. On the distribution date, each Recro shareholder received one share of Baudax Bio’s common stock for every two and one-half shares of Recro common stock held of record at the close of business on November 15, 2019. Upon the Distribution, 9,396,583 shares of common stock were issued, of which 45,874 were distributed after December 31, 2019. The Company is authorized to issue 190,000,000 shares of common stock, with a par value of $ 0.01 per share. On February 13, 2020, the Company entered into a Sales Agreement (the “ATM Facility”) with JMP Securities LLC, as sales agent (the “Agent”), pursuant to which the Company may, from time to time, issue and sell shares of its common stock, par value $ 0.01 per share, in an aggregate offering price of up to $ 25,000 through the Agent. On May 27, 2021, the Company voluntarily terminated the ATM Facility with the Agent. During the term of the ATM Facility, the Company sold an aggregate of 441,967 shares of common stock under the ATM Facility for net proceeds of $ 3,612 . The Agent was paid a sales commission of 3 % for such sales under the ATM Facility. The ATM Facility was terminable at will by the Company with no penalty. On March 26, 2020, the Company closed an underwritten public offering of 7,692,308 shares of its common stock, Series A Warrants to purchase 7,692,308 shares of common stock (the “March Series A Warrants”) and Series B Warrants to purchase 7,692,308 shares of common stock (the “March Series B Warrants”), at an exercise price of $ 4.59 per share for the March Series A Warrants and at an exercise price of $ 3.25 per share for the March Series B Warrants, for net proceeds to the Company of $ 23,085 , after deducting underwriting discounts and commissions and offering expenses. On November 24, 2020, the Company closed a registered direct offering of 2,850,000 shares of its common stock, warrants to purchase 10,126,583 shares of common stock (the “November Series A Warrants”) at an exercise price of $ 1.20 per share, pre-funded warrants to purchase 7,276,583 shares of common stock (the “November Series B Warrants”) at an exercise price of $ 0.01 per share, for net proceeds to the Company of $ 10,763 . As compensation to H.C. Wainwright & Co., LLC (the “Placement Agent”) as placement agent, the Company agreed to pay to the Placement Agent a cash fee of 6.0 % of the aggregate gross proceeds, plus a management fee equal to 1.0 % of the gross proceeds and reimbursement of certain expenses and legal fees. The Company also issued warrants to purchase 607,595 shares of common stock (the “November Placement Agent Warrants”) at an exercise price of $ 1.48125 per share. On December 18, 2020, the Company closed a registered direct offering of 4,250,000 shares of its common stock, warrants to purchase 10,300,430 shares of common stock (the “December Series A Warrants”) at an exercise price of $ 1.18 per share, pre-funded warrants to purchase 6,050,430 shares of common stock (the “December Series B Warrants”) at an exercise price of $ 0.01 per share, for net proceeds to the Company of $ 10,933 . As compensation to the Placement Agent, the Company agreed to pay to the Placement Agent a cash fee of 6.0 % of the aggregate gross proceeds, plus a management fee equal to 1.0 % of the gross proceeds and reimbursement of certain expenses and legal fees. The Company also issued warrants to purchase 618,026 shares of common stock (the “December Placement Agent Warrants”) at an exercise price of $ 1.45625 per share. On February 8, 2021, the Company closed a registered direct offering of 11,000,000 shares of common stock (the “February Offering”) at an offering price of $ 1.60 per share for net proceeds to the Company of $ 16,173 . As compensation to the Placement Agent, the Company agreed to pay the Placement Agent a cash fee of 6.0 % of the gross proceeds raised in the February Offering, plus a management fee equal to 1.0 % of the gross proceeds raised in the February Offering and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Placement Agent warrants to purchase 660,000 shares of common stock (the “February Placement Agent Warrants”) at an exercise price of $ 2.00 per share. On May 31, 2021, the Company closed a registered direct offering of 14,028,520 shares of common stock (the "May Offering") at an offering price of $ 0.85 per share and warrants to purchase 14,028,520 shares of common stock (the “May Warrants”) at an exercise price of $ 0.90 per share, for net proceeds to the Company of $ 10,900 . As compensation to the Placement Agent, the Company agreed to pay the Placement Agent a cash fee of 6.0 % of the gross proceeds raised in the May Offering, plus a management fee equal to 1.0 % of the gross proceeds raised in the May Offering and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Placement Agent warrants to purchase 841,711 shares of common stock (the “May Placement Agent Warrants”) at an exercise price of $ 1.0625 per share. The May Warrants and May Placement Agent Warrants will be exercisable on the six-month anniversary of the closing date of the May Offering. (b) Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $ 0.01 per share. As of September 30, 2021 , no preferred stock was issued or outstanding. (c) Warrants On May 29, 2020, in connection with the Credit Agreement, the Company issued a warrant to MAM Eagle Lender, LLC to purchase 527,100 shares of common stock, at an exercise price equal to $ 4.59 per share (see Note 11(b)). On October 19, 2020, the Company entered into Warrant Exchange Agreements (each, an “Exchange Agreement”) with certain holders (each, a “Holder”) of the Company’s outstanding March Series A Warrants and March Series B Warrants. Pursuant to the Exchange Agreements, the Holders, at their election, agreed to a cashless exchange of either all of their March Series A Warrants or March Series B Warrants, in each case for 0.2 shares of the Company’s common stock per warrant (rounded up to the nearest whole share) (the “Exchange”). The Company issued 1,186,774 shares of its common stock to the participating Holders as a result of the Exchange. As a result of the Exchange, pursuant to certain price adjustment provisions in the warrants, the exercise price of each of the March Series A Warrants or March Series B Warrants (including warrants held by holders not participating in the Exchange) that were not exchanged were adjusted to par value, or $ 0.01 , for each share of common stock underlying such warrant. Pursuant to the Exchange Agreements, any outstanding warrant held by a Holder participating in the Exchange (i) was amended to remove certain anti-dilution and variable pricing protections and (ii) in the case of March Series A Warrants not exchanged by a participating Holder, was amended to adjust the expiration date of such March Series A Warrants to April 26, 2021 (which is the expiration date of the March Series B Warrants). The March Series A and Series B warrants were liability classified prior to the Exchange because they contained anti-dilution provisions that did not meet the standard definition of anti-dilution provisions. The Company recorded a mark-to-market adjustment to record the March Series A and Series B warrant at their fair values immediately prior to the Exchange and then reclassified the remaining balance of $ 21,858 to equity as a result of the issuance of shares and the removal of the anti-dilution and variable pricing protections in the Exchange. On January 21, 2021, the Company entered into an agreement with an institutional investor, pursuant to which the Company agreed to issue and sell, in an offering (the “January Offering”), warrants exercisable for an aggregate of 10,300,430 shares of common stock of the Company (the “January Warrants”) at an offering price of $ 0.125 per warrant in exchange for the exercise of the institutional investor’s existing December Series A warrants that were issued to them on December 21, 2020, at an exercise price of $ 1.18 per warrant. The January Warrants have an exercise price of $ 1.60 per share. As compensation to the Placement Agent, as placement agent in connection with the January Offering, the Company agreed to pay to the Placement Agent a cash fee of 6.0 % of the aggregate gross proceeds raised in the January Offering (including the proceeds relating to the exercise of the December Series A Warrants), plus a management fee equal to 1.0 % of the gross proceeds raised in the January Offering (including the proceeds relating to the exercise of the December Series A Warrants) and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Placement Agent warrants to purchase 618,026 shares of common stock (the “January Placement Agent Warrants”) at an exercise price of $ 2.00 per share. During the year ended December 31, 2020, the Company issued 8,836,663 shares of common stock upon exercise of the March Series A and Series B Warrants for net proceeds of $ 2,538 . During the year ended December 31, 2020, the Company issued 7,276,583 shares of common stock upon exercise of the November Series B Warrants for proceeds of $ 73 and 6,050,430 shares of common stock upon exercise of the December Series B Warrants for proceeds of $ 60 . During the nine months ended September 30, 2021, the Company issued 111,539 shares of common stock upon exercise of the March Series B Warrants for net proceeds of $ 1 and 10,300,430 shares of common stock upon exercise of the December Series A Warrants for proceeds of $ 12,155 . As of September 30, 2021, the Company had the following warrants outstanding to purchase shares of the Company’s common stock: Number of Shares Exercise Price per Share Expiration Date March Series A Warrants 32,438 $ 0.01 March 26, 2025 MAM Eagle Lender Warrant 527,100 $ 4.59 May 29, 2027 November Series A Warrants 10,126,583 $ 1.20 November 24, 2025 November Placement Warrants 607,595 $ 1.48125 November 24, 2025 December Placement Warrants 618,026 $ 1.45625 December 18, 2025 January Warrants 10,300,430 $ 1.60 January 21, 2026 January Placement Warrants 618,026 $ 2.00 January 21, 2026 February Placement Warrants 660,000 $ 2.00 February 8, 2026 May Warrants 14,028,520 $ 0.90 June 1, 2027 May Placement Warrants 841,711 $ 1.06250 May 31, 2026 With the exception of the March Series A Warrants to purchase 32,438 shares of common stock related to the public offering and held by non-participating investors in the Exchange that are liability classified as they contain antidilution provisions that do not meet the standard definition of antidilution provisions, the remaining warrants outstanding are equity classified. There were 470,130 warrants to purchase shares of common stock that were unexercised at the expiration date and as a result cancelled as of April 26, 2021. The following table summarizes the fair value and the assumptions used for the Black-Scholes option-pricing model for the liability classified warrants. September 30, 2021 Series A Warrants Fair value $ 18 Expected dividend yield — % Expected volatility 77.37 % Risk-free interest rates .76 % Remaining contractual term 3.5 years

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 14: Stock-Based Compensation The Company has adopted the 2019 Plan that allows for the grant of stock options, stock appreciation rights and stock awards for a total of 3,000,000 shares of common stock. On December 1 st of each year, pursuant to the “Evergreen” provision of the 2019 Plan, the number of shares available under the plan shall be increased by an amount equal to 5 % of the outstanding common stock on December 1 st of that year or such lower amount as determined by the Board of Directors. In December 2020, the number of shares available for issuance under the 2019 Plan was increased by 1,522,171 . The total number of shares authorized for issuance under the 2019 Plan as of September 30, 2021 is 4,989,706 . As of September 30, 2021, 251,754 shares are available for future grants under the 2019 Plan. Stock Options: Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years . The weighted average grant-date fair value of the Baudax Bio options awarded to employees during the nine months ended September 30, 2021 and 2020 was $ 0.72 and $ 2.22 , respectively. Under the 2019 Plan, the fair value of the Baudax Bio options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted average assumptions: September 30, 2021 2020 Expected option life 5.6 years 6 years Expected volatility 75.16 % 73.77 % Risk-free interest rate 0.84 % 0.41 % Expected dividend yield — — The following table summarizes Baudax Bio stock option activity during the nine months ended September 30, 2021: Number of Weighted Weighted Balance, December 31, 2020 2,284,298 $ 3.10 9.1 years Granted 1,737,563 $ 1.17 Expired/forfeited/cancelled ( 417,519 ) $ 1.74 Balance, September 30, 2021 3,604,342 $ 2.33 8.4 years Vested 1,254,511 $ 2.92 7.2 years Vested and expected to vest 3,604,342 $ 2.33 8.4 years Included in the table above are 799,065 stock options outstanding as of September 30, 2021 that were granted outside of the plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). Restricted Stock Units (RSUs): The following table summarizes Baudax Bio RSUs activity during the nine months ended September 30, 2021: Number of Balance, December 31, 2020 991,012 Granted 683,143 Vested and settled ( 366,866 ) Expired/forfeited/cancelled ( 116,893 ) Balance, September 30, 2021 1,190,396 Expected to vest 1,190,396 Included in the table above are 241,612 time-based RSUs outstanding as of September 30, 2021 that were granted outside of the plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). Stock-Based Compensation Expense: Stock-based compensation expense for the nine months ended September 30, 2021 and 2020 was $ 4,132 and $ 7,431 , respectively. For the current year, this represents stock-based compensation for the Baudax Bio awards, including $ 228 of liability-classified awards, as well as stock-based compensation from the Recro Equity Plan for the acceleration of vesting for Baudax Bio employees in their Recro awards. For the prior year, this represents stock-based compensation from the 2019 Plan as well as stock-based compensation from the Recro Equity Plan for certain Baudax Bio employees who were continuing to vest in their Recro awards but were not performing services to Recro. As of September 30, 2021, there was $ 4,618 of unrecognized compensation expense related to unvested options and time-based RSUs that are expected to vest and will be expensed over a weighted average period of 2.2 years. As of September 30, 2021, there was $ 1,683 of unrecognized compensation expense related to unvested performance-based RSUs. The aggregate intrinsic value represents the total amount by which the fair value of the common stock subject to options exceeds the exercise price of the related options. As of September 30, 2021 , there was no aggregate intrinsic value of the vested and unvested options.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 15: Related Party Transactions Recro became a related party to the Company following the Separation. As part of the Separation, the Company entered into a transition services agreement with Recro, which terminated on December 31, 2020 . Under the transition services agreement, the Company provided certain services to Recro, each related to corporate functions, which were charged to Recro. Additionally, Recro may incur expenses that are directly related to the Company after the Separation, which are billed to the Company. For the three and nine months ended September 30, 2020, the Company recorded income of $ 516 and $ 1,548 , respectively, related to the transition services agreement, which is recorded as a reduction in selling, general and administrative expenses in the prior year. In connection with the Separation, Recro and Baudax entered into an Employee Matters Agreement. The Employee Matters Agreement allocates liabilities and responsibilities relating to employee compensation and benefits plans and programs and other related matters in connection with the Distribution including, without limitation, the treatment of outstanding Recro equity awards. In connection with the Separation, Recro and Baudax entered into a Tax Matters Agreement that governs the parties’ respective rights, responsibilities and obligations with respect to taxes, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes for any tax period ending on or before the Distribution date, as well as tax periods beginning after the Distribution date.

Retirement Plan

Retirement Plan	9 Months Ended
	Sep. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Retirement Plan	Note 16: Retirement Plan The Company has a voluntary 401(k) Savings Plan (the “401(k) Plan”) in which all employees are eligible to participate. The Company’s policy is to match 100 % of the employee contributions up to a maximum of 5 % of employee compensation. Total Company contributions to the 401(k) plan for the three months ended September 30, 2021 and 2020 were $ 148 and $ 188 , respectively. Total Company contributions to the 401(k) plan for the nine months ended September 30, 2021 and 2020 were $ 569 and $ 449 , respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all of the information and notes required by U.S. GAAP for complete annual financial statements. In the opinion of management, the accompanying consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s results for the interim periods. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2020 included in the Company’s Form 10-K.
Use of Estimates	(b) Use of Estimates The preparation of financial statements and the notes to the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates.
Cash and Cash Equivalents	(c) Cash and Cash Equivalents Cash and cash equivalents represents cash in banks and highly liquid short-term investments that have maturities of three months or less when acquired. These highly liquid short-term investments are both readily convertible to known amounts of cash and so near to their maturity that they present insignificant risk of changes in value because of the changes in interest rates.
Property and Equipment	(d) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows: three to seven years for furniture and office equipment; six to ten years for manufacturing equipment; and the shorter of the remaining lease term or useful life for leasehold improvements. Repairs and maintenance costs are expensed as incurred.
Goodwill and Intangible Assets	(e) Goodwill and Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired by the Company. Goodwill is not amortized but assessed for impairment on an annual basis or more frequently if impairment indicators exist. The impairment model prescribes a one-step method for determining impairment. The one-step quantitative test calculates the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company has one reporting unit. The Company performs its annual goodwill impairment test as of November 30 th , or whenever an event or change in circumstances occurs that would require reassessment of the recoverability of goodwill. In performing the evaluation, the Company assesses qualitative factors such as overall financial performance of its reporting unit, anticipated changes in industry and market conditions, including recent tax reform, intellectual property protection, and competitive environments. As a result of the latest impairment tests, November 30, 2020, the Company determined that there was no impairment to goodwill or intangible assets. There were no indicators of impairment since our last impairment test. As of September 30, 2021 , the Company’s intangible asset is classified as an asset resulting from R&D activities. The Company determined the useful life of its asset resulting from R&D activities to be approximately 10 years , which is based on the remaining patent life and is being amortized on a straight-line basis. The Company is required to review the carrying value of assets resulting from R&D activities for recoverability whenever events occur or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.
Revenue Recognition	(f) Revenue Recognition Subsequent to regulatory approval for ANJESO from the FDA, the Company began selling ANJESO in the U.S. through a single third-party logistics provider (“3PL”), which takes title to and control of the goods. The Company recognizes revenue from ANJESO product sales at the point the title to the product is transferred to the customer and the customer obtains control of the product. The transaction price that is recognized as revenue for products includes an estimate of variable consideration for reserves, which result from discounts, returns, chargebacks, rebates, and other allowances that are offered within contracts between the Company and end-customers, wholesalers, group purchasing organizations and other indirect customers. The Company’s payment terms are generally between thirty to ninety days . The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available. These reserves reflect the Company’s best estimate of the amount of consideration to which the Company is entitled based on the terms of the contracts. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that is considered probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known.
Concentration of Credit Risk	(g) Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. The Company manages its cash, cash equivalents and short-term investments based on established guidelines relative to diversification and maturities to maintain safety and liquidity. The Company’s accounts receivable balance is compromised solely from transactions with the Company’s 3PL.
Research and Development	(h) Research and Development Research and development costs for the Company’s proprietary products/product candidates are charged to expense as incurred. Research and development expenses consist of internal costs and funds paid to third parties for the provision of services for pre-commercialization and manufacturing scale-up activities, drug development, pre-clinical activities, clinical trials, statistical analysis, and report writing and regulatory filing fees and compliance costs. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development project. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expenses relating to these costs. Upfront payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Costs incurred in obtaining product technology licenses are charged to research and development expense as acquired in-process research and development (“IPR&D”) if the technology licensed has not reached technological feasibility and has no alternative future use.
Stock-Based Awards	(i) Stock-Based Awards Baudax Awards Share-based compensation included in the consolidated financial statements following the Separation is based upon the Baudax Bio, Inc. 2019 Equity Incentive Plan (the “2019 Plan”). The plan includes grants of stock options, time-based vesting restricted stock units (“RSUs”) and performance-based RSUs. The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. The Company accounts for forfeitures as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and/or management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses an average of its peer group’s volatility in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Recro Awards The Recro Pharma, Inc. 2018 Amended and Restated Equity Incentive Plan (the “Recro Equity Plan”) includes grants of stock options, time-based vesting RSUs and performance-based vesting RSUs granted to the Company’s employees prior to the Separation. The consolidated financial statements reflect share-based compensation expense based on an allocation of a portion of Recro share-based compensation issued to the Company’s employees based on where their services are performed. Recro measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. Forfeitures are accounted for as they occur. Determining the appropriate fair value of stock options requires the input of subjective assumptions, including the expected life of the option and expected stock price volatility. Recro uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. The expected life of stock options was estimated using the “simplified method,” as Recro has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, Recro uses the historical volatility of its publicly traded stock in order to estimate future stock price trends. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.
Income Taxes	(j) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is recorded to the extent it is more likely than not that some portion or all of the deferred tax assets will not be realized. Because of the Company’s history of losses as a standalone entity, a full valuation allowance is recorded against deferred tax assets in all periods presented. Unrecognized income tax benefits represent income tax positions taken on income tax returns that have not been recognized in the consolidated financial statements. The Company recognizes the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position. Otherwise, no benefit is recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company does not anticipate significant changes in the amount of unrecognized income tax benefits over the next year.
Net (Loss) Income Per Common Share	(k) Net (Loss) Income Per Common Share Basic net (loss) income per common share is determined by dividing net (loss) income applicable to common shareholders by the weighted average common shares outstanding during the period. Outstanding warrants, common stock options and unvested restricted stock units are excluded from the calculation of diluted net loss (income) per share when their effect would be anti-dilutive. For purposes of calculating basic and diluted (loss) income per common share, the denominator includes the weighted average common shares outstanding, the weighted average common stock equivalents for warrants priced at par value, or $ 0.01 , as the underlying common shares will be issued for little cash consideration and the conditions for the issuance of the underlying common shares are met when such warrants are issued, and, with regard to diluted (loss) income per common share, the number of common stock equivalents if the inclusion of such common stock equivalents would be dilutive. The following table sets forth the computation of basic and diluted (loss) income per share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic (Loss) Income Per Share Net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Weighted average common shares 84,400,156 18,374,604 74,008,574 15,366,861 Net (loss) income per share of $ ( 0.20 ) $ 0.64 $ ( 0.66 ) $ ( 3.84 ) Diluted (Loss) Income Per Share Net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Change in warrant valuation — — — — Diluted net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Weighted average common shares 84,400,156 18,374,604 74,008,574 15,366,861 Dilutive effect of warrants — — — — Dilutive effect of equity awards, — 393,772 — — Weighted average common shares 84,400,156 18,768,376 74,008,574 15,366,861 Net (loss) income per share of $ ( 0.20 ) $ 0.62 $ ( 0.66 ) $ ( 3.84 ) The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options and restricted stock units outstanding 4,794,738 2,098,316 4,794,738 1,694,889 Warrants 38,360,429 15,107,100 38,360,429 15,199,605 Amounts in the table above reflect the common stock equivalents of the noted instruments.
Recent Accounting Pronouncements	(l) Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” or ASU 2016-13. ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires consideration of a range of reasonable information to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including those interim periods within those fiscal years. The Company is currently assessing the impact of adopting this standard, but based on a preliminary assessment, does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” or ASU 2020-06. ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for such exception. ASU 2020-06 also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and early adoption is permitted in annual reporting periods ending after December 15, 2020. The Company is currently assessing the impact of adopting this standard. In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,” or ASU 2021-04. ASU 2021-04 clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options, such as warrants, that remain equity classified after modification or exchange. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and early adoption is permitted. The Company is currently assessing the impact of adopting this standard.

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted (Loss) Income Per Share	The following table sets forth the computation of basic and diluted (loss) income per share: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic (Loss) Income Per Share Net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Weighted average common shares 84,400,156 18,374,604 74,008,574 15,366,861 Net (loss) income per share of $ ( 0.20 ) $ 0.64 $ ( 0.66 ) $ ( 3.84 ) Diluted (Loss) Income Per Share Net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Change in warrant valuation — — — — Diluted net (loss) income $ ( 16,962 ) $ 11,685 $ ( 49,203 ) $ ( 59,058 ) Weighted average common shares 84,400,156 18,374,604 74,008,574 15,366,861 Dilutive effect of warrants — — — — Dilutive effect of equity awards, — 393,772 — — Weighted average common shares 84,400,156 18,768,376 74,008,574 15,366,861 Net (loss) income per share of $ ( 0.20 ) $ 0.62 $ ( 0.66 ) $ ( 3.84 )
Schedule of Anti-Dilutive Securities	The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options and restricted stock units outstanding 4,794,738 2,098,316 4,794,738 1,694,889 Warrants 38,360,429 15,107,100 38,360,429 15,199,605

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company has classified assets and liabilities measured at fair value on a recurring basis as follows: Fair value measurements at reporting date using Quoted prices Significant Significant At September 30, 2021: Assets: Cash equivalents (See Note 5) Money market mutual funds $ 12,262 $ — $ — Commercial paper — 1,500 — Total cash equivalents $ 12,262 $ 1,500 $ — Short-term investments (See Note 5) Commercial paper — 10,150 — Total financial assets $ 12,262 $ 11,650 $ — Liabilities: Warrants (See Note 13(c)) $ — $ — $ 18 Contingent consideration (See Note 12(b)) — — 66,725 $ — $ — $ 66,743 At December 31, 2020: Assets: Cash equivalents (See Note 5) Money market mutual funds $ 24,210 $ — $ — Commercial paper — 4,500 — Total cash equivalents $ 24,210 $ 4,500 $ — Liabilities: Warrants (See Note 13(c)) $ — $ — $ 65 Contingent consideration (See Note 12(b)) — — 65,043 $ — $ — $ 65,108
Reconciliation of Warrant Liability and Contingent Consideration Measured at Fair Value on Recurring Basis Using Unobservable Inputs	The reconciliation of the warrant liability and contingent consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: Warrants Contingent Balance at December 31, 2019 $ — $ 66,358 Additions 8,111 — Exercise of warrants ( 2,922 ) — Payment of contingent consideration — ( 3,560 ) Remeasurement 16,734 2,245 Reclassification to equity upon warrant exchange ( 21,858 ) — Balance at December 31, 2020 $ 65 $ 65,043 Payment of contingent consideration — ( 7,869 ) Remeasurement ( 47 ) 9,551 Total at September 30, 2021 $ 18 $ 66,725 Current portion as of September 30, 2021 $ — $ 6,666 Long-term portion as of September 30, 2021 18 60,059

Cash Equivalents and Short-Te_2

Cash Equivalents and Short-Term Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Cash Cash Equivalents And Short Term Investments [Abstract]
Summary of Cash Equivalents and Short-term Investments	The following is a summary of cash equivalents and short-term investments: September 30, 2021 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 12,262 $ — $ — $ 12,262 Commercial paper 11,650 — — 11,650 Total cash equivalents and short-term investments $ 23,912 $ — $ — $ 23,912 December 31, 2020 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 24,210 $ — $ — $ 24,210 Commercial paper 4,500 — — 4,500 Total cash equivalents and short-term investments $ 28,710 $ — $ — $ 28,710

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consists of the following: September 30, 2021 December 31, 2020 Raw materials $ 13 $ 130 Sub-assemblies 3,997 2,476 Finished goods 654 928 4,664 3,534 Provision for inventory obsolescence ( 354 ) ( 556 ) Inventory $ 4,310 $ 2,978

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: September 30, 2021 December 31, 2020 Building and improvements $ 196 $ 196 Furniture, office and computer equipment 969 934 Manufacturing and laboratory equipment 717 717 Construction in progress 4,494 4,453 6,376 6,300 Less: accumulated depreciation 1,443 1,248 Property, plant and equipment, net $ 4,933 $ 5,052

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases	As of September 30, 2021, undiscounted future lease payments for non-cancellable operating leases are as follows: Lease payments Remainder of 2021 $ 158 2022 383 2023 270 2024 278 2025 and thereafter 858 Total lease payments 1,947 Less imputed interest ( 941 ) Total operating lease liability $ 1,006
Schedule of Components Least Cost	The components of the Company’s lease cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 79 $ 87 $ 255 $ 306 Short-term lease cost 52 38 130 68 Total lease cost $ 131 $ 125 $ 385 $ 374

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Balance of Intangible Assets	The following represents the balance of the intangible assets at September 30, 2021: September 30, 2021 December 31, 2020 Asset resulting from R&D activities $ 26,400 $ 26,400 Accumulated Amortization ( 4,078 ) ( 2,146 ) Intangible assets, net $ 22,322 $ 24,254
Summary of Future Amortization Expense	As of September 30, 2021, future amortization expense is as follows: Amortization Remainder of 2021 $ 644 2022 2,576 2023 2,576 2024 2,576 2025 and thereafter 13,950 Total $ 22,322

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 30, December 31, 2021 2020 Payroll and related costs $ 2,409 $ 3,177 Guarantee liability 635 422 Professional and consulting fees 545 802 Other research and development costs 142 243 Interest payable 113 126 Stock-based compensation 111 — Other 613 556 $ 4,568 $ 5,326

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Components of Carrying Value of Debt	The following table summarizes the components of the carrying value of debt as of September 30, 2021: September 30, December 31, 2021 2020 Paycheck Protection Program Loan $ — $ 1,537 Credit Agreement 10,000 10,000 Unamortized deferred issuance costs ( 1,794 ) ( 2,427 ) Exit fee accretion 96 42 Total debt $ 8,302 $ 9,152 Current portion $ 1,389 $ 683 Long-term portion, net 6,913 8,469

Capital Structure (Tables)

Capital Structure (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Warrants Outstanding to Purchase Shares Common Stock	As of September 30, 2021, the Company had the following warrants outstanding to purchase shares of the Company’s common stock: Number of Shares Exercise Price per Share Expiration Date March Series A Warrants 32,438 $ 0.01 March 26, 2025 MAM Eagle Lender Warrant 527,100 $ 4.59 May 29, 2027 November Series A Warrants 10,126,583 $ 1.20 November 24, 2025 November Placement Warrants 607,595 $ 1.48125 November 24, 2025 December Placement Warrants 618,026 $ 1.45625 December 18, 2025 January Warrants 10,300,430 $ 1.60 January 21, 2026 January Placement Warrants 618,026 $ 2.00 January 21, 2026 February Placement Warrants 660,000 $ 2.00 February 8, 2026 May Warrants 14,028,520 $ 0.90 June 1, 2027 May Placement Warrants 841,711 $ 1.06250 May 31, 2026
Summary of Fair Value Assumptions Black Scholes Option Pricing Model	The following table summarizes the fair value and the assumptions used for the Black-Scholes option-pricing model for the liability classified warrants. September 30, 2021 Series A Warrants Fair value $ 18 Expected dividend yield — % Expected volatility 77.37 % Risk-free interest rates .76 % Remaining contractual term 3.5 years

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model	Under the 2019 Plan, the fair value of the Baudax Bio options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted average assumptions: September 30, 2021 2020 Expected option life 5.6 years 6 years Expected volatility 75.16 % 73.77 % Risk-free interest rate 0.84 % 0.41 % Expected dividend yield — —
Summary of Stock Option Activity	The following table summarizes Baudax Bio stock option activity during the nine months ended September 30, 2021: Number of Weighted Weighted Balance, December 31, 2020 2,284,298 $ 3.10 9.1 years Granted 1,737,563 $ 1.17 Expired/forfeited/cancelled ( 417,519 ) $ 1.74 Balance, September 30, 2021 3,604,342 $ 2.33 8.4 years Vested 1,254,511 $ 2.92 7.2 years Vested and expected to vest 3,604,342 $ 2.33 8.4 years
Summary of RSUs Activity	The following table summarizes Baudax Bio RSUs activity during the nine months ended September 30, 2021: Number of Balance, December 31, 2020 991,012 Granted 683,143 Vested and settled ( 366,866 ) Expired/forfeited/cancelled ( 116,893 ) Balance, September 30, 2021 1,190,396 Expected to vest 1,190,396

Background - Additional Informa

Background - Additional Information (Details)	Nov. 21, 2019shares	Nov. 15, 2019shares	Sep. 30, 2021Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of operating segments | Segment			1
Separation | Recro
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Right to receive common stock	1
Number of shares held for distribution of new shares		2.5

Development-Stage Risks, Liqu_2

Development-Stage Risks, Liquidity and Going Concern - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Business Developments Risks And Uncertainties Liquidity [Abstract]
Accumulated deficit	$ 161,523	$ 112,320

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details)	9 Months Ended	11 Months Ended
	Sep. 30, 2021Unit$ / shares	Nov. 30, 2020USD ($)	Dec. 31, 2020$ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable unit | Unit	1
Goodwill impairment		$ 0
Intangible assets impairment		$ 0
Description of payment terms	The Company’s payment terms are generally between thirty to ninety days.
Common stock, par value | $ / shares	$ 0.01		$ 0.01
R&D
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset, useful life	10 years
Leasehold Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment useful life	the shorter of the remaining lease term or useful life
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments term	30 days
Minimum | Furniture and Office Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	3 years
Minimum | Manufacturing Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	6 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments term	90 days
Maximum | Furniture and Office Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	7 years
Maximum | Manufacturing Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Schedule of Computation of Basic and Diluted (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic [Abstract]
Net loss	$ (16,962)	$ (15,329)	$ (16,912)	$ 11,685	$ (30,445)	$ (40,298)	$ (49,203)	$ (59,058)
Weighted average common shares outstanding, basic	84,400,156			18,374,604			74,008,574	15,366,861
Net (loss) income per share of common stock, basic	$ (0.20)			$ 0.64			$ (0.66)	$ (3.84)
Earnings Per Share, Diluted [Abstract]
Net (loss) income	$ (16,962)	$ (15,329)	$ (16,912)	$ 11,685	$ (30,445)	$ (40,298)	$ (49,203)	$ (59,058)
Change in warrant valuation	0			0			0	0
Net (Loss) Income Attributable to Parent, Diluted, Total	$ (16,962)			$ 11,685			$ (49,203)	$ (59,058)
Weighted average common shares outstanding, basic	84,400,156			18,374,604			74,008,574	15,366,861
Dilutive effect of warrants	0			0			0	0
Dilutive effect of equity awards based on treasury stock method				393,772
Weighted average common shares outstanding, diluted	84,400,156			18,768,376			74,008,574	15,366,861
Net (loss) income per share of common stock, diluted	$ (0.20)			$ 0.62			$ (0.66)	$ (3.84)

Summary of Significant Accoun_6

Summary of Significant Accounting Principles - Schedule of Anti-Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Options | Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding	4,794,738	2,098,316	4,794,738	1,694,889
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding	38,360,429	15,107,100	38,360,429	15,199,605

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total cash equivalents	$ 12,262	$ 24,210
Total financial assets	12,262
Liabilities:
Warrants	0	0
Contingent consideration	0	0
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Mutual Funds
Assets:
Total cash equivalents	12,262	24,210
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Paper
Assets:
Total cash equivalents	0	0
Short-term investments	0
Significant Other Observable Inputs (Level 2)
Assets:
Total cash equivalents	1,500	4,500
Total financial assets	11,650
Liabilities:
Warrants	0	0
Contingent consideration	0	0
Liabilities	0	0
Significant Other Observable Inputs (Level 2) | Money Market Mutual Funds
Assets:
Total cash equivalents	0	0
Significant Other Observable Inputs (Level 2) | Commercial Paper
Assets:
Total cash equivalents	1,500	4,500
Short-term investments	10,150
Significant Unobservable Inputs (Level 3)
Assets:
Total cash equivalents	0	0
Total financial assets	0
Liabilities:
Warrants	18	65
Contingent consideration	66,725	65,043
Liabilities	66,743	65,108
Significant Unobservable Inputs (Level 3) | Money Market Mutual Funds
Assets:
Total cash equivalents	0	0
Significant Unobservable Inputs (Level 3) | Commercial Paper
Assets:
Total cash equivalents	0	$ 0
Short-term investments	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Reconciliation of Warrant Liability and Contingent Consideration Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Warrant
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Beginning Balance	$ 65	$ 0
Additions		8,111
Exercise of warrants		(2,922)
Payment of contingent consideration	0	0
Remeasurement	47	16,734
Reclassification to equity upon warrant exchange		(21,858)
Ending Balance	18	65
Current portion as of September 30, 2021	0
Long-term portion as of September 30, 2021	18
Contingent Consideration
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Beginning Balance	65,043	66,358
Additions		0
Exercise of warrants		0
Payment of contingent consideration	7,869	3,560
Remeasurement	9,551	2,245
Reclassification to equity upon warrant exchange		0
Ending Balance	66,725	$ 65,043
Current portion as of September 30, 2021	6,666
Long-term portion as of September 30, 2021	$ 60,059

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands	Feb. 01, 2021USD ($)Milestonepayment	Sep. 30, 2021
Discount Rate | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-adjusted discount rate		17.53
Discount Rate | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-adjusted discount rate		36.46
Discount Rate | Weighted Average
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-adjusted discount rate		27.53
Contingent Consideration, Second Component | Alkermes Plc | Milestone Payments Due Beginning On First Anniversary Of Regulatory Approval | Amendment to Purchase and Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Business acquisition contingent consideration possible milestone payments	$ 45,000
Business acquisition, contingent consideration, number of equal annual milestone payments | Milestonepayment	7
Business acquisition, contingent consideration, equal annual milestone payments	$ 6,400
Contingent Consideration, Third Component | Alkermes Plc | Amendment to Purchase and Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum milestone payments percentage		60.00%
Contingent Consideration, Fourth Component | Alkermes Plc | Amendment to Purchase and Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum royalty payment percentage		30.00%
Contingent Consideration, Fourth Component | Alkermes Plc | Amendment to Purchase and Sale Agreement | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Royalty payment percentage		10.00%
Contingent Consideration, Fourth Component | Alkermes Plc | Amendment to Purchase and Sale Agreement | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Royalty payment percentage		12.00%

Cash Equivalents and Short-Te_3

Cash Equivalents and Short-Term Investments - Summary of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Amortized Cost	$ 23,912	$ 28,710
Gross Unrealized Gain
Gross Unrealized Loss
Estimated Fair Value	23,912	28,710
Money Market Mutual Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost	12,262	24,210
Gross Unrealized Gain
Gross Unrealized Loss
Estimated Fair Value	12,262	24,210
Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost	11,650	4,500
Gross Unrealized Gain
Gross Unrealized Loss
Estimated Fair Value	$ 11,650	$ 4,500

Cash Equivalents and Short-Te_4

Cash Equivalents and Short-Term Investments - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Minimum
Cash And Cash Equivalents [Line Items]
Cash equivalents maturity period	1 month	1 month
Maximum
Cash And Cash Equivalents [Line Items]
Cash equivalents maturity period	4 months	4 months

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 13	$ 130
Sub-assemblies	3,997	2,476
Finished goods	654	928
Inventory, gross	4,664	3,534
Provision for inventory obsolescence	(354)	(556)
Inventory	$ 4,310	$ 2,978

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,376	$ 6,300
Less: accumulated depreciation	1,443	1,248
Property, plant and equipment, net	4,933	5,052
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	196	196
Furniture, Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	969	934
Manufacturing and Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	717	717
Construction in Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 4,494	$ 4,453

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 46	$ 104	$ 195	$ 315

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating leases with remaining lease term	6 years
Lessee, operating lease, option to extend	Periods covered by an option to extend the lease were included in the non-cancellable lease term when exercise of the option was determined to be reasonably certain.
Lessee, operating lease, existence of option to extend	true
Operating lease, weighted average remaining term	6 years
Operating lease, weighted average discount rate percent	23.00%
Cash paid for amounts included in measurement of lease liabilities	$ 258	$ 78

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 158
2022	383
2023	270
2024	278
2025 and thereafter	858
Total lease payments	1,947
Less imputed interest	(941)
Total operating lease liability	$ 1,006

Leases - Schedule of Components

Leases - Schedule of Components Least Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 79	$ 87	$ 255	$ 306
Short-term lease cost	52	38	130	68
Total lease cost	$ 131	$ 125	$ 385	$ 374

Intangible Assets - Summary of

Intangible Assets - Summary of Balance of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 22,322
Asset Resulting from R&D Activities
Finite-Lived Intangible Assets [Line Items]
Cost	26,400	$ 26,400
Accumulated Amortization	(4,078)	(2,146)
Intangible assets, net	$ 22,322	$ 24,254

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Of Intangible Assets	$ 644	$ 643	$ 1,932	$ 1,502

Intangible Assets - Summary o_2

Intangible Assets - Summary of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 644
2022	2,576
2023	2,576
2024	2,576
2025 and thereafter	13,950
Intangible assets, net	$ 22,322

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Payroll and related costs	$ 2,409	$ 3,177
Guarantee liability	635	422
Professional and consulting fees	545	802
Other research and development costs	142	243
Interest payable	113	126
Stock-based compensation	111	0
Other	613	556
Total accrued expenses and other current liabilities	$ 4,568	$ 5,326

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Additional Information (Details) $ in Thousands	Nov. 30, 2020USD ($)Employee	Sep. 30, 2021USD ($)
Payables And Accruals [Abstract]
Number of positions reduced | Employee	40
Severance cost	$ 1,753
Accrued Severance		$ 117

Debt - Schedule of Components o

Debt - Schedule of Components of Carrying Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instruments [Abstract]
Paycheck Protection Program Loan	$ 0	$ 1,537
Credit Agreement	10,000	10,000
Unamortized deferred issuance costs	(1,794)	(2,427)
Exit fee accretion	96	42
Total debt	8,302	9,152
Current portion as of Sep. 30, 2021	1,389	683
Long-term portion, net as of Sep. 30, 2021	$ 6,913	$ 8,469

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 29, 2020	Apr. 13, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Gain on extinguishment of debt					$ 1,553
Term loan, extended expiration date	May 29, 2026
Change in warrant valuation			$ (6)	$ 11,182	(47)	2,863
Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	$ 50,000		$ 0		$ 0
Line of credit facility, drawn on or before date	May 29, 2025
Term loan, interest rate	13.50%
Term loan, frequency of payments	monthly
Term loan, interest payment period	3 years
EBITDA	$ 10,000
Amortization period	36 months
Term loan, exit fee due, principal amount advanced by lenders	$ 700
Term loan, exit fees	$ 700
Term loan, payoff period	6 months
Exit fee percentage			2.50%		2.50%
Current outstanding loan balance			$ 250		$ 250
Financial covenants, minimum liquidity requirement	$ 5,000
Debt issuance costs	1,496
Change in warrant valuation	$ 1,423
Effective interest rate			22.67%		22.67%
Debt issuance cost amortization			$ 211	$ 211	$ 633	$ 281
Credit Agreement | MAM Eagle Lender, LLC | Common Stock
Debt Instrument [Line Items]
Warrants issued to purchase shares of common stock	527,100
Exercise price of warrants	$ 4.59
Warrants exercisable date	May 29, 2027
Credit Agreement | After Third But Prior To Fourth Anniversary of Tranche One, Two, Three, Four or Five Loans
Debt Instrument [Line Items]
Term loan, prepayment of principal percentage	3.00%
Maximum | Credit Agreement
Debt Instrument [Line Items]
Term loan, exit fee due, percentage of principal amount advanced by lenders	2.50%
Maximum | Credit Agreement | On or Prior To Third Anniversary of Tranche One, Two, Three, Four or Five Loans
Debt Instrument [Line Items]
Term loan, prepayment of principal percentage	5.00%
Paycheck Protection Program Loan | PNC Bank
Debt Instrument [Line Items]
Proceeds from loan		$ 1,537
Debt instrument, term		2 years
Debt instrument, maturity date		May 8, 2022
Debt instrument, interest rate		1.00%
Debt instrument, date of first required payment		Sep. 15, 2021
Gain on extinguishment of debt					$ 1,553
Paycheck Protection Program Loan | PNC Bank | Minimum
Debt Instrument [Line Items]
Percentage of payroll costs		60.00%
Paycheck Protection Program Loan | PNC Bank | Maximum
Debt Instrument [Line Items]
Repayment of unforgiven amount, threshold		$ 1,100
Tranche One Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	$ 10,000
Term Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	40,000
Tranche Two Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	$ 5,000
Line of credit facility, drawn on or before date	Aug. 29, 2021
Tranche Two Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue	$ 5,000
Tranche Three Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	$ 5,000
Line of credit facility, drawn on or before date	Nov. 29, 2021
Tranche Three Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue	$ 10,000
Tranche Four Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	$ 10,000
Line of credit facility, drawn on or before date	Aug. 29, 2022
Tranche Four Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue	$ 20,000
Tranche Five Loans | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum principal amount	$ 20,000
Line of credit facility, drawn on or before date	Mar. 1, 2023
Tranche Five Loans | Minimum | Credit Agreement
Debt Instrument [Line Items]
Net revenue	$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)

Feb. 01, 2021USD ($)Milestonepayment

Aug. 17, 2020USD ($)

Apr. 10, 2015USD ($)

Feb. 29, 2020USD ($)Milestonepayment

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Sep. 30, 2021USD ($)

Sep. 30, 2021EUR (€)

Jun. 18, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 20, 2020USD ($)

Aug. 31, 2020USD ($)

Aug. 18, 2020USD ($)

Jun. 30, 2017USD ($)

Supply Commitment [Line Items]

Guarantee liability

$ 635,000

$ 422,000

Purchase Commitment

Supply Commitment [Line Items]

Purchase commitment non cancelable and cancelable

6,231,000

Alkermes Plc | Amendment to Purchase and Sale Agreement

Supply Commitment [Line Items]

Milestone development earn-out consideration payable

$ 1,440,000

$ 1,060,000

$ 5,000,000

$ 2,500,000

Payment for one-time non-refundable and non-creditable fee

$ 285,000

Collaborative arrangements milestone payments upon achievement of regulatory and sales milestones

$ 21,429,000

Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Third Component

Supply Commitment [Line Items]

Minimum milestone payments percentage

60.00%

60.00%

Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Fourth Component

Supply Commitment [Line Items]

Maximum royalty payment percentage

30.00%

30.00%

Alkermes Plc | Amendment to Purchase and Sale Agreement | Milestone Payments Due Beginning On First Anniversary Of Regulatory Approval | Contingent Consideration, Second Component

Supply Commitment [Line Items]

Business acquisition contingent consideration possible milestone payments

$ 45,000,000

Business acquisition, contingent consideration, number of equal annual milestone payments | Milestonepayment

7

Business acquisition, contingent consideration, equal annual milestone payments

$ 6,400,000

U.S | Cornell University | Neuromuscular Blocking Agents License Agreement

Supply Commitment [Line Items]

Regulatory approval and commercialization milestones

$ 5,000,000

European | Cornell University | Neuromuscular Blocking Agents License Agreement

Supply Commitment [Line Items]

Regulatory approval and commercialization milestones

$ 3,000,000

Minimum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Fourth Component

Supply Commitment [Line Items]

Royalty payment percentage

10.00%

10.00%

Maximum | Executive Officer

Supply Commitment [Line Items]

Aggregate annual base salaries of employment agreement

$ 1,317,000

Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Contingent Consideration, Fourth Component

Supply Commitment [Line Items]

Royalty payment percentage

12.00%

12.00%

Recro | Alkermes Transaction

Supply Commitment [Line Items]

Collaborative arrangements, milestone payments upon achievement of regulatory and sales milestones

$ 140,000,000

Recro | Alkermes Transaction | Regulatory Approval and Net Sales Milestones

Supply Commitment [Line Items]

Collaborative arrangements, milestone payments upon achievement of regulatory and sales milestones

$ 60,000,000

Collaborative arrangements, milestone payments period

7 years

Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, First Component

Supply Commitment [Line Items]

Business acquisition contingent consideration, first milestone payment

$ 5,000,000

Business acquisition contingent consideration possible milestone payments

$ 5,000,000

Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Third Component

Supply Commitment [Line Items]

Minimum milestone payments percentage

60.00%

60.00%

Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component

Supply Commitment [Line Items]

Maximum royalty payment percentage

30.00%

30.00%

Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Milestone Payments Due, Following Regulatory Approval | Contingent Consideration, Second Component

Supply Commitment [Line Items]

Business acquisition contingent consideration possible milestone payments

$ 5,000,000

Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Milestone Payments Due Beginning On First Anniversary Of Regulatory Approval | Contingent Consideration, Second Component

Supply Commitment [Line Items]

Business acquisition contingent consideration possible milestone payments

$ 45,000,000

Business acquisition, contingent consideration, number of equal annual milestone payments | Milestonepayment

7

Business acquisition, contingent consideration, equal annual milestone payments

$ 6,400,000

Recro | Minimum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component

Supply Commitment [Line Items]

Royalty payment percentage

10.00%

10.00%

Recro | Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Second Component

Supply Commitment [Line Items]

Business acquisition, contingent consideration, milestone payments due period following regulatory approval

180 days

Recro | Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component

Supply Commitment [Line Items]

Royalty payment percentage

12.00%

12.00%

Recro | Dexmedetomidine License Agreement

Supply Commitment [Line Items]

Contingent milestone payments, maximum

$ 23,756,000

€ 20,500,000

Amount of royalty payments due or payable

$ 0

Recro | Dexmedetomidine License Agreement | Minimum

Supply Commitment [Line Items]

Percentage of royalty payments

10.00%

10.00%

Recro | Dexmedetomidine License Agreement | Maximum

Supply Commitment [Line Items]

Percentage of royalty payments

20.00%

20.00%

Recro | Fadolmidine License Agreement

Supply Commitment [Line Items]

Amount of royalty payments due or payable

$ 0

Additional contingent milestones payment

$ 14,140,000

€ 12,200,000

Recro | Fadolmidine License Agreement | Minimum

Supply Commitment [Line Items]

Percentage of royalty payments

10.00%

10.00%

Recro | Fadolmidine License Agreement | Maximum

Supply Commitment [Line Items]

Percentage of royalty payments

15.00%

15.00%

Capital Structure - Additional

Capital Structure - Additional Information (Details) - USD ($)

May 31, 2021

Feb. 08, 2021

Jan. 21, 2021

Dec. 21, 2020

Dec. 18, 2020

Nov. 24, 2020

Oct. 19, 2020

May 29, 2020

Mar. 26, 2020

Feb. 13, 2020

Jan. 01, 2020

Nov. 21, 2019

Nov. 15, 2019

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

May 27, 2021

Apr. 24, 2021

Schedule Of Capitalization Equity [Line Items]

Common stock, shares authorized to issue

190,000,000

190,000,000

Common stock, par value

$ 0.01

$ 0.01

Proceeds from public offering, net of transaction costs

$ 23,085,000

Common stock in public offering

7,692,308

Proceeds from issuance of common stock underwriting discounts and commissions and offering expenses

$ 23,085,000

Placement agents cash fee percentage

6.00%

6.00%

Management fee percentage

1.00%

1.00%

Preferred stock, shares authorized

10,000,000

10,000,000

Preferred stock, par value

$ 0.01

$ 0.01

Preferred stock, shares issued

0

0

Preferred stock, shares outstanding

0

0

Common stock, shares issued

84,423,342

48,688,480

Class of warrant or right number of securities unexercised shares cancelled on expiration date

470,130

MAM Eagle Lender, LLC

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

527,100

Common stock exercisable price per share

$ 4.59

February Warrants

Schedule Of Capitalization Equity [Line Items]

Proceeds from public offering, net of transaction costs

$ 16,173,000

Warrant to purchase of common stock

11,000,000

Exercise price of warrants

$ 1.60

May Warrants

Schedule Of Capitalization Equity [Line Items]

Proceeds from public offering, net of transaction costs

$ 10,900,000

Warrant to purchase of common stock

14,028,520

Common stock exercisable price per share

$ 0.90

Common stock in direct offering

14,028,520

Exercise price of warrants

$ 0.85

$ 0.90

March Series A and Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Common stock in public offering

8,836,663

January Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

10,300,430

Exercise price of warrants

$ 1.60

$ 1.60

Offering price of warrant

$ 0.125

March Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

7,692,308

Common stock exercisable price per share

$ 4.59

Proceeds from issuance of warrants

$ 2,538,000

March Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

7,692,308

Common stock exercisable price per share

$ 3.25

Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

32,438

Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Common stock in public offering

111,539

Warrant to purchase of common stock

32,438

Proceeds from issuance of warrants

$ 1,000

November Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

10,126,583

Common stock exercisable price per share

$ 1.20

Common stock in direct offering

2,850,000

November Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Proceeds from public offering, net of transaction costs

$ 10,763,000

Common stock in public offering

7,276,583

Common stock exercisable price per share

$ 0.01

Pre-funded warrants to purchase of common stock

7,276,583

Proceeds from issuance of warrants

$ 73,000

November Placement Agent Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

607,595

Exercise price of warrants

$ 1.48125

December Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

10,300,430

10,300,430

Common stock exercisable price per share

$ 1.18

Common stock in direct offering

4,250,000

Exercise price of warrants

$ 1.18

Proceeds from issuance of warrants

$ 12,155,000

December Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Proceeds from public offering, net of transaction costs

$ 10,933,000

Common stock in public offering

6,050,430

Common stock exercisable price per share

$ 0.01

Pre-funded warrants to purchase of common stock

6,050,430

Proceeds from issuance of warrants

$ 60,000

December Placement Agent Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

618,026

Common stock exercisable price per share

$ 1.45625

February Placement Agent Warrants | February Warrants

Schedule Of Capitalization Equity [Line Items]

Exercise price of warrants

$ 2

Percentage of cash fee on gross proceeds

6.00%

Percentage of management fee on gross proceeds

1.00%

February Placement Agent Warrants | February Warrants | Maximum

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

660,000

May Placement Agent Warrants | May Warrants

Schedule Of Capitalization Equity [Line Items]

Management fee percentage

1.00%

Exercise price of warrants

$ 1.0625

Percentage of cash fee on gross proceeds

6.00%

May Placement Agent Warrants | May Warrants | Maximum

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

841,711

Placement Agent | January Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

618,026

Exercise price of warrants

$ 2

Placement Agent | December Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Percentage of cash fee on gross proceeds

6.00%

Percentage of management fee on gross proceeds

1.00%

ATM Facility

Schedule Of Capitalization Equity [Line Items]

Issuance of common stock upon separation

441,967

Common stock, par value

$ 0.01

Proceeds from sales agreement

$ 3,612,000

Proceeds from public offering, net of transaction costs

$ 25,000,000

Paid sales commission

3.00%

Warrant Exchange Agreements

Schedule Of Capitalization Equity [Line Items]

Common stock, shares issued

1,186,774

Warrant Exchange Agreements | March Series A and Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Reclassification to equity upon warrant exchange

$ 21,858,000

Warrant Exchange Agreements | March Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Common stock, par value

$ 0.01

Warrants expiration date

Apr. 26, 2021

Warrant Exchange Agreements | March Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Common stock, par value

$ 0.01

Warrants expiration date

Apr. 26, 2021

Warrant Exchange Agreements | Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Warrants issued to purchase shares of common stock

0.2

Warrant Exchange Agreements | Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Warrants issued to purchase shares of common stock

0.2

Recro

Schedule Of Capitalization Equity [Line Items]

Issuance of common stock upon separation

45,874

9,396,583

Recro | Separation

Schedule Of Capitalization Equity [Line Items]

Right to receive common stock

1

Number of shares held for distribution of new shares

2.5

Capital Structure - Schedule of

Capital Structure - Schedule of Warrants Outstanding to Purchase Shares Common Stock Liability (Details) - $ / shares	Sep. 30, 2021	May 31, 2021	Jan. 21, 2021
March Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	32,438
Exercise price of warrants	$ 0.01
Warrants expiration date	Mar. 26, 2025
MAM Eagle Lender Warrant
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	527,100
Exercise price of warrants	$ 4.59
Warrants expiration date	May 29, 2027
November Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	10,126,583
Exercise price of warrants	$ 1.20
Warrants expiration date	Nov. 24, 2025
November Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	607,595
Exercise price of warrants	$ 1.48125
Warrants expiration date	Nov. 24, 2025
December Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	618,026
Exercise price of warrants	$ 1.45625
Warrants expiration date	Dec. 18, 2025
January Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	10,300,430
Exercise price of warrants	$ 1.60		$ 1.60
Warrants expiration date	Jan. 21, 2026
January Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	618,026
Exercise price of warrants	$ 2
Warrants expiration date	Jan. 21, 2026
February Placements Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	660,000
Exercise price of warrants	$ 2
Warrants expiration date	Feb. 8, 2026
May Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	14,028,520
Exercise price of warrants	$ 0.90	$ 0.85
Warrants expiration date	Jun. 1, 2027
May Placements Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	841,711
Exercise price of warrants	$ 1.06250
Warrants expiration date	May 31, 2026

Capital Structure - Summary of

Capital Structure - Summary of Fair Value Assumptions Black Scholes Option Pricing Model (Details) - Series A Warrants $ in Thousands	Sep. 30, 2021USD ($)
Schedule Of Capitalization Equity [Line Items]
Fair value	$ 18
Remaining contractual term	3 years 6 months
Expected Volatility
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs	77.37
Risk Free Interest Rates
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs	0.76

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Nov. 11, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation			$ 4,132	$ 7,431
Stock-based compensation expense, liability-classified awards		$ 0	111
Aggregate intrinsic value of vested options			0
Aggregate intrinsic value of unvested options			$ 0
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercisable period			10 years
Stock options vest period			4 years
Weighted average grant-date fair value of the options awarded to employees			$ 0.72	$ 2.22
Stock Options Granted Outside Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted			799,065
Time-based RSUs Granted Outside Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units granted			241,612
Stock Options And Time-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options and time-based RSUs, expected to vest			$ 4,618
Time Based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options, weighted average period			2 years 2 months 12 days
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant			4,989,706		3,000,000
Percentage of outstanding common stock	5.00%
Increase in share per "Evergreen" provision		1,522,171
Shares available for future grants			251,754
Recro Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense, liability-classified awards			$ 228
Recro Equity Plan | Performance-based RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options and time-based RSUs, expected to vest			$ 1,683

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model (Details) - Stock Options	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option life	5 years 7 months 6 days	6 years
Expected volatility	75.16%	73.77%
Risk-free interest rate	0.84%	0.41%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of shares, beginning balance	2,284,298
Number of shares, Granted	1,737,563
Number of shares, Expired/forfeited/cancelled	(417,519)
Number of shares, ending balance	3,604,342	2,284,298
Number of shares, Vested	1,254,511
Number of shares, Vested and expected to vest	3,604,342
Weighted average exercise price, beginning balance	$ 3.10
Weighted average exercise price, Granted	1.17
Weighted average exercise price, Granted, Expired/forfeited/cancelled	1.74
Weighted average exercise price, ending balance	2.33	$ 3.10
Weighted average exercise price, Vested	2.92
Weighted average exercise price, Vested and expected to vest	$ 2.33
Weighted average remaining contractual life	8 years 4 months 24 days	9 years 1 month 6 days
Weighted average remaining contractual life, Vested	7 years 2 months 12 days
Weighted average remaining contractual life, Vested and expected to vest	8 years 4 months 24 days

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSUs Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance	991,012
Number of shares, Granted	683,143
Number of shares, Vested and settled	(366,866)
Number of shares, Expired/forfeited/cancelled	(116,893)
Number of shares, ending balance	1,190,396
Number of shares, Expected to vest	1,190,396

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Income related to the transition services agreement	$ 516		$ 1,548
Recro
Related Party Transaction [Line Items]
Transition services agreement termination date		Dec. 31, 2020

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Percentage of company's matching contribution with respect to each participant's contribution			100.00%
Company matching contributions to maximum employees eligible compensation			5.00%
Total company contributions to 401 (k) plan	$ 148	$ 188	$ 569	$ 449