Baudax Bio (BXRXQ) 8-K 28 Jun 23 Other Events Financial data

Document and Entity Information

Document and Entity Information	Jun. 28, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jun. 28, 2023
Trading Symbol	BXRX
Entity Registrant Name	Baudax Bio, Inc.
Entity Central Index Key	0001780097
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity File Number	001-39101
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	47-4639500
Entity Address, Address Line One	490 Lapp Road
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	(484
Local Phone Number	395-2470
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.01

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,259	$ 15,891
Prepaid expenses and other current assets	303	1,450
Current assets of discontinued operation	785	6,153
Total current assets	6,347	23,494
Property, plant and equipment, net	9	69
Goodwill	2,127	2,127
Other long-term assets	854	963
Non-current assets of discontinued operation	695	26,624
Total assets	10,032	53,277
Current liabilities:
Accounts payable	3,198	1,090
Accrued expenses and other current liabilities	2,364	3,386
Current portion of long-term debt, net	5,600	2,222
Current liabilities of discontinued operation	10,298	8,948
Total current liabilities	21,460	15,646
Long-term debt, net	1,519	6,309
Other long-term liabilities	598	650
Non-current liabilities of discontinued operation	10,697	17,446
Total liabilities	34,274	40,051
Commitments and contingencies (Note 12)
Shareholders' (deficit) equity:
Preferred stock, $0.01 par value. Authorized, 10,000,000 shares; issued and outstanding, 8,289 shares at December 31, 2022 and 0 shares at December 31, 2021	0	0
Common stock, $0.01 par value. Authorized, 190,000,000 shares; issued and outstanding, 190,000,000 shares at December 31, 2022 and 1,623,913 shares at December 31, 2021	16	1
Additional paid-in capital	166,646	145,314
Accumulated deficit	(190,904)	(132,089)
Total shareholders' (deficit) equity	(24,242)	13,226
Total liabilities and shareholders' (deficit) equity	$ 10,032	$ 53,277

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	8,289
Preferred stock, shares outstanding	0	8,289
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	1,623,913	70,181
Common stock, shares outstanding	1,623,913	70,181

Consolidated and Combined State

Consolidated and Combined Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 3,200	$ 2,649
General and administrative	14,713	22,925
Change in warrant valuation	(7)	(58)
Total operating expenses	17,906	25,516
Operating loss from continuing operations	(17,906)	(25,516)
Other expense:
Other expense, net	(2,298)	(738)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent, Total	(20,204)	(26,254)
Net (loss) income on discontinued operation	(38,591)	6,485
Net loss	$ (58,795)	$ (19,769)
Per share information:
Net loss per share from continuing operations, basic	$ (60.93)	$ (479.63)
Net loss per share from continuing operations, diluted	(60.93)	(479.63)
Net (loss) income per share from discontinued operation, basic	(116.37)	118.47
Net (loss) income per share from discontinued operation, diluted	(116.37)	118.47
Net loss per share, basic	(177.3)	(361.16)
Net loss per share, diluted	$ (177.3)	$ (361.16)
Weighted average common shares outstanding, basic	331,615	54,738
Weighted average common shares outstanding, diluted	331,615	54,738

Consolidated Statements of Shar

Consolidated Statements of Shareholders' (Deficit) Equity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Balance	$ 13,226	$ (14,798)
Stock-based compensation expense	1,386	3,588
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes	(2)	(97)
Exercise of warrants value	434	12,155
Stock dividend	20
Redemption of preferred stock value	20
Net loss	(58,795)	(19,769)
Balance	(24,242)	13,226
Public Offerings
Statement [Line Items]
Issuance of common stock	17,802
Registered Direct Offerings
Statement [Line Items]
Issuance of common stock	1,707	30,946
Societal CDMO
Statement [Line Items]
Stock-based compensation expense		1,201
Common Stock
Statement [Line Items]
Balance	$ 1	$ 1
Balance, Shares	70,181	34,777
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes, Shares	351	375
Conversion of preferred stock, shares	2,368	9,714
Exercise of warrants value	$ 1
Exercise of warrants, Shares	83,875	7,437
Balance	$ 16	$ 1
Balance, Shares	1,623,913	70,181
Common Stock | Public Offerings
Statement [Line Items]
Issuance of common stock	$ 14
Issuance of common stock, Shares	1,425,986
Common Stock | Registered Direct Offerings
Statement [Line Items]
Issuance of common stock, Shares	41,152	17,878
Preferred Stock
Statement [Line Items]
Balance	$ 0
Balance, Shares	8,289	0
Conversion of preferred stock, shares	(8,289)	(34,000)
Stock Dividend, shares	20,004
Redemption of preferred stock shares	(20,004)
Balance	$ 0	$ 0
Balance, Shares	0	8,289
Preferred Stock | Registered Direct Offerings
Statement [Line Items]
Issuance of common stock, Shares		42,289
Additional Paid in Capital
Statement [Line Items]
Balance	$ 145,314	$ 97,521
Stock-based compensation expense	1,386	3,588
Issuance of shares pursuant to vesting of restricted stock units, net of shares withheld for income taxes	(2)	(97)
Exercise of warrants value	433	12,155
Redemption of preferred stock value	20
Balance	166,646	145,314
Additional Paid in Capital | Public Offerings
Statement [Line Items]
Issuance of common stock	17,788
Additional Paid in Capital | Registered Direct Offerings
Statement [Line Items]
Issuance of common stock	1,707	30,946
Additional Paid in Capital | Societal CDMO
Statement [Line Items]
Stock-based compensation expense		1,201
Accumulated Deficit
Statement [Line Items]
Balance	(132,089)	(112,320)
Stock dividend	(20)
Net loss	(58,795)	(19,769)
Balance	$ (190,904)	$ (132,089)

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (58,795)	$ (19,769)
Loss (income) on discontinued operation	38,591	(6,485)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities from continuing operations:
Stock-based compensation	1,289	3,595
Non-cash-interest expense	1,017	897
Gain on extinguishment of debt	0	(1,553)
Depreciation expense	51	77
Non-cash loss on retirement of fixed assets	7	0
Change in warrant valuation	(7)	(58)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,277	748
Accounts payable, accrued expenses and other liabilities	139	259
Net cash used in operating activities, continuing operations	(16,431)	(22,289)
Cash flows from investing activities:
Purchase of short-term investments	0	(19,641)
Proceeds from maturity of short-term investments	0	19,650
Net cash provided by investing activities, continuing operations	0	9
Cash flows from financing activities:
Proceeds from public offering, net of transaction costs	18,637	0
Payments on long-term debt	(2,244)	0
Payment of deferred financing costs	(205)	0
Proceeds from registered direct offerings, net of transaction costs	1,762	30,824
Proceeds from warrant exercises	434	12,155
Payments of withholdings on shares withheld for income taxes	(3)	(97)
Net cash provided by financing activities, continuing operations	18,381	42,882
Net increase in cash and cash equivalents from continuing operations	1,950	20,602
Discontinued operation:
Cash flows used in operating activities	(11,362)	(26,981)
Cash flows used in investing activities	(20)	(203)
Cash flows used in financing activities	(1,200)	(7,869)
Net decrease in cash and cash equivalents from discontinued operations	(12,582)	(35,053)
Cash and cash equivalents, beginning of year	15,891	30,342
Cash and cash equivalents, end of year	5,259	15,891
Supplemental disclosure of cash flow information from continuing operations:
Offering costs included in accounts payable and accrued expenses	915	108
Right-of-use assets acquired	$ 0	$ 575

Background

Background	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	(1) Background Business Baudax Bio, Inc. (“Baudax Bio” or the “Company”) is a pharmaceutical company primarily focused on innovative products for acute care and related settings. Baudax Bio believes it can bring valuable therapeutic options to patients, prescribers and payors to acute care and related markets. The Company holds exclusive global rights to two new molecular entities, which are centrally acting Neuromuscular Blocking Agents (NMBs), BX1000, an intermediate duration of action NMB currently undergoing a Phase II clinical trial, and BX2000, an ultra-short acting NMB currently undergoing a Phase I clinical trial. A proprietary blockade reversal agent, BX3000, is currently being evaluated in preclinical studies intended to support an IND filing in 2023. BX3000 is an agent that is expected to rapidly reverse BX1000 and BX2000 blockade. All three agents are licensed from Cornell University. The Company believes these agents, when an NMB and BX3000 are administered in succession, allow for a rapid onset of centrally acting neuromuscular blockade, followed by a rapid reversal of the neuromuscular blockade with BX3000. These novel agents have the potential to meaningfully reduce time to onset and reversal of blockade and improve the reliability of onset and offset of neuromuscular blockade. This can potentially reduce time in operating rooms or post operative suites (PACU), resulting in potential clinical and cost advantages, as well as valuable cost savings for hospitals and ambulatory surgical centers and has the potential for an improved clinical profile in terms of safety. In mid-2020, the Company launched its first commercial product, ANJESO, in the United States. ANJESO was the first and only 24-hour, intravenous, or IV, analgesia agent. ANJESO is a cyclooxygenase-2, or COX-2, preferential, non-steroidal anti-inflammatory, or NSAID, for the management of moderate to severe pain, which could be administered alone or in combination with other non-NSAID analgesics. The Company discontinued commercial sales of ANJESO in December of 2022 and further withdrew its New Drug Application (“NDA”) related to ANJESO in late March 2023. See Note 4 for discussion on the discontinued operation related to our ANJESO commercial business. The Company has determined that it operates in a single segment involved in the development of innovative product candidates for hospital and related settings. The Separation Pursuant to the Separation Agreement between Societal CDMO, Inc. (“Societal CDMO”), formerly Recro Pharma, Inc., and Baudax Bio, Societal CDMO transferred the assets, liabilities, and operations of its Acute Care business to the Company (the “Separation”) and, on November 21, 2019, the distribution date, each Societal CDMO shareholder received one share of the Company’s common stock for every two and one-half shares of Societal CDMO 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. Basis of Presentation The accompanying consolidated financial statements are presented on a consolidated basis and include all of the accounts and operations of Baudax Bio and its subsidiaries. The consolidated financial statements reflect the financial position, results of operations and cash flows of Baudax Bio in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions are eliminated in consolidation. Reverse Stock Splits On February 16, 2022, the Company effected a reverse split of shares of the Company’s common stock on a 1-for-35 basis (the “Reverse Stock Split”). On December 1, 2022, the Company effected a second reverse split of shares of the Company’s common stock on a 1-for-40 basis (the “December Reverse Stock Split”). All issued and outstanding shares of common stock, warrants, common stock options, and unvested restricted stock units and the related per share amounts contained in the financial statements have been retroactively adjusted to reflect these reverse stock splits for all periods presented. The par value and authorized shares of common stock were not adjusted as a result of the reverse stock splits. Additionally, the authorized, issued and outstanding shares of preferred stock and their related per share amount, other than the conversion price per share, was not adjusted as a result of the reverse stock splits.

Development-Stage Risks, Liquid

Development-Stage Risks, Liquidity and Going Concern	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Development-Stage Risks, Liquidity and Going Concern	(2) Development Activity Risks, Liquidity and Going Concern The Company has incurred operating losses since inception and has negative cash flows, working capital and equity, including accumulated deficit of $ 190,904 , as of December 31, 2022. The Company has raised funds from debt and equity transactions and will be required to raise additional funds to continue to operate as a standalone entity. In order to fund development activities, and clinical and pre-clinical testing, the Company will 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, future 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 and ability to continue as a going concern. 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. Based on the Company’s available cash and cash equivalents as of December 31, 2022 , 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 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. The Company is not expected to be able to maintain its minimum liquidity covenant over the next twelve months without additional inflows of funds or capital financing. 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	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Principles	(3) Summary of Significant Accounting Principles (a) 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. (b) 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 to be cash equivalents. 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 . (c) 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. (d) Goodwill 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. The Company performed its annual test as of November 30, 2022 and there was no impairment to goodwill based on the analysis. (e) Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company manages its cash and cash equivalents based on established guidelines relative to diversification and maturities to maintain safety and liquidity. (f) 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, 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 and milestone 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 . (g) Stock-Based Awards Share-based compensation included in the consolidated financial statements 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. The Company has never declared or paid cash dividends and has no plans to do so in the foreseeable future, therefore the dividend yield is zero. (h) 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. (i) Net Income (Loss) Per Common Share Net loss per common share is computed using the two-class method required due to the participating nature of the Series A Preferred Stock (as defined and discussed in Note 12(b)). Except with respect to voting and conversion, the rights of the holders of the Company’s common stock and the Company’s Series A Preferred Stock are identical. Each class of shares has the same rights to dividends. Although the Preferred Stock are participating securities, such securities do not participate in net losses and therefore do not impact the Company’s net loss per share calculation as of December 31, 2022. Basic net loss per common share is determined by dividing net loss attributable to common shareholders by the weighted average common shares outstanding during the period. Diluted net loss per common share is determined using the weighted average common shares outstanding during the period plus the weighted average number of shares of common shares that would be issued assuming exercise or conversion of all potentially dilutive instruments. The Company uses income from continuing operations as the control number in determining whether potential common shares are dilutive or antidilutive. The same number of potential common shares used in computing the diluted per-share amount for income from continuing operations is used in computing all other reported diluted per-share amounts even if those amounts will be antidilutive to their respective basic per-share amounts. Outstanding warrants, common stock options and unvested restricted stock units are excluded from the calculation of diluted net loss per share when their effect would be anti-dilutive. For purposes of calculating basic and diluted loss 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 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 income (loss) per share: Year ended December 31, 2022 2021 Basic and Diluted Income (Loss) Per Share Net loss from continuing operations $ ( 20,204 ) $ ( 26,254 ) Net (loss) income from discontinued operation $ ( 38,591 ) $ 6,485 Net loss $ ( 58,795 ) $ ( 19,769 ) Net loss per share from continuing operations $ ( 60.93 ) $ ( 479.63 ) Net (loss) income per share from discontinued operation $ ( 116.37 ) $ 118.47 Net loss per share of common stock, basic and diluted $ ( 177.30 ) $ ( 361.16 ) Weighted average common shares outstanding, basic and diluted 331,615 54,738 (j) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 reducing the number of accounting models available for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. 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 adopted this guidance as of January 1, 2022, using the full retrospective method of adoption. The adoption eliminated the presentation of the beneficial conversion feature on the consolidated statement of operations and had no other material impact to the Company. 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 adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. In November 2021, the FASB issued ASU No. 2021-10, “ Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ,” or ASU 2021-10. ASU 2021-10 requires entities to provide disclosures on government assistance transactions for annual reporting periods. The disclosures include information around the nature of the transaction, the related accounting policies used to account for the transaction, the effect of the transaction on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021 and early adoption is permitted. The Company adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. 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 . The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: December 31, 2022 2021 Options and restricted stock units outstanding 12,550 3,996 Warrants 2,849,559 37,176 Amounts in the table above reflect the common stock equivalents of the noted instruments.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	4) Discontinued Operations In March 2023, the Company entered into an Asset Transfer Agreement with Alkermes Pharma Ireland Limited (“Alkermes”) (the “Transfer Agreement”). Under the terms of the Transfer Agreement, the Company transferred the rights to certain patents, trademarks, equipment, data and other rights related to ANJESO (the “Assets”) to Alkermes. The Company also withdrew the New Drug Application (“NDA”) related to ANJESO and agreed, if elected by Alkermes at a later date, to transfer such withdrawn NDA to Alkermes at no additional cost. Additionally, under the Transfer Agreement, the Company granted Alkermes a non-exclusive, perpetual and irrevocable, royalty-free and fully paid-up worldwide license, to the additional intellectual property owned by the Company necessary to or useful to exploit ANJESO. In consideration of the transfer of the Assets, the parties agreed to the termination of (i) the Purchase and Sale Agreement, dated March 7, 2015 by and among Alkermes, the Company and the other parties thereto (as amended, the “PSA”), (ii) the Asset Transfer and License Agreement, dated April 10, 2015 by and among Alkermes, the Company and the other parties thereto (as amended, the “ATLA”); and (iii) the Development, Manufacturing and Supply Agreement, dated as of July 10, 2015 by and between the Company and Alkermes (as amended, the “Manufacturing Agreement”) between the parties related to ANJESO (the PSA, ATLA and Manufacturing Agreement, collectively, the “ANJESO Agreements”). In connection with the termination of the ANJESO Agreements, no further payments of any kind pursuant to the ANJESO Agreements are payable by the Company to Alkermes. The accounting requirements for reporting the abandonment of ANJESO as a discontinued operation were met when the agreements with Alkermes were executed. Accordingly, the accompanying consolidated financial statements for all periods presented reflect this business as a discontinued operation. The historical consolidated balance sheets and statements of operations of the Company and the related notes to the consolidated financial statements have been presented showing the assets, liabilities, income and expenses specific to the operations with respect to the ANJESO commercial business and related agreements with Alkermes as discontinued operations in the consolidated financial statements and prior periods have been recast. Discontinued operations include results of the Company’s commercial business except for certain corporate overhead costs, which are included in continuing operations. Notes 5, 7, 9, 11, 13, 14, and 16 were adjusted accordingly for the operations recast as discontinued operations. The following table shows amounts included in assets and liabilities of discontinued operations, respectively, on the Company’s Consolidated Balance Sheets at December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Current assets of discontinued operation: Accounts receivable, net $ 336 $ 542 Inventory — 5,002 Prepaid expenses and other current assets 449 609 Total current assets of discontinued operation 785 6,153 Non-current assets of discontinued operation: Property and equipment, net 695 4,946 Intangible assets, net — 21,678 Total non-current assets of discontinued operation 695 26,624 Total assets of discontinued operation $ 1,480 $ 32,777 Current liabilities of discontinued operation: Accounts payable $ 730 $ 378 Accrued expenses and other current liabilities 365 2,154 Current portion of contingent consideration 9,203 6,416 Total current liabilities of discontinued operation 10,298 8,948 Non-current liabilities of discontinued operation: Long-term portion of contingent consideration 10,697 17,446 Total non-current liabilities of discontinued operation 10,697 17,446 Total liabilities of discontinued operation $ 20,995 $ 26,394 The results of operations from discontinued operations for the years ended December 31, 2022 and 2021 have been reflected as discontinued operations in the consolidated statements of operations and consist of the following: For the Year ended December 31, 2022 2021 Revenue, net $ 1,269 $ 1,080 Operating expenses: Cost of sales 7,009 2,445 Research and development 687 476 Selling, general and administrative 9,406 22,385 Amortization of intangible assets 1,997 2,576 Change in contingent consideration valuation ( 2,761 ) ( 33,312 ) Loss on impairment of property and equipment 4,157 — Loss on impairment of intangible asset 19,681 — Total operating expenses 40,176 ( 5,430 ) Operating (loss) income from discontinued operation ( 38,907 ) 6,510 Other income (expense): Other income (expense), net 316 ( 25 ) Net (loss) income from discontinued operation $ ( 38,591 ) $ 6,485 The Company sold ANJESO in the U.S. through a single third-party logistics provider (“3PL”), which took title to and control of the goods, and was considered the customer. The Company recognized 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 was recognized as revenue for products includes an estimate of variable consideration for reserves, which result from discounts, returns, chargebacks, rebates, and other allowances that were offered within contracts between the Company and end-user customers, wholesalers, group purchasing organizations and other indirect customers. The Company’s payment terms were generally between thirty to ninety days. Historically, the Company’s intangible asset was 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 was based on the remaining patent life, and was amortized on a straight-line basis. The Company performed an impairment test as of December 31, 2022 after identifying indicators of impairment, such as a decline in share price, the termination of the dedicated commercial team, sustained impacts of COVID-19 on the market and the discontinuation of commercialization of ANJESO, and based on the quantitative analysis an impairment loss of $ 19,681 was recorded during the year ended December 31, 2022, eliminating the remaining carrying value of the intangible asset . Additionally, the Company fully reserved for its inventory balance as of December 31, 2022, and recorded an impairment loss on property and equipment of $ 4,157 during the year ended December 31, 2022, which represents the non-cash impairment charge recorded for assets that were previously capitalized in connection with the construction of a second manufacturing suite at the Alkermes manufacturing facility. The suite is no longer planned to be used for production.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	(5) 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, 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 Quoted prices Significant Significant At December 31, 2022: Assets: Cash equivalents Money market mutual funds (See Note 6) $ 2,241 $ — $ — Total cash equivalents $ 2,241 $ — $ — At December 31, 2021: Assets: Cash equivalents (See Note 6) Money market mutual funds $ 10,110 $ — $ — Total cash equivalents $ 10,110 $ — $ — Liabilities: Warrants (See Note 12(c)) $ — $ — $ 7 $ — $ — $ 7 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 December 31, 2022, the financial assets and liabilities recorded on the Consolidated Balance Sheets that are not measured at fair value on a recurring basis include 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 December 31, 2022 due to the fact that the debt arrangements reflect market terms from recent transactions.

Cash Equivalents

Cash Equivalents	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash Equivalents	(6) Cash Equivalents The following is a summary of cash equivalents: December 31, 2022 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 2,241 $ — $ — $ 2,241 Total cash equivalents $ 2,241 $ — $ — $ 2,241 December 31, 2021 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 10,110 $ — $ — $ 10,110 Total cash equivalents $ 10,110 $ — $ — $ 10,110 As of December 31, 2022 and December 31, 2021 , the Company’s cash equivalents had maturities of one month .

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	(7) Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2022 December 31, 2021 Building and improvements $ 166 $ 196 Furniture, office and computer equipment 306 465 Manufacturing and laboratory equipment — 11 472 672 Less: accumulated depreciation 463 603 Property, plant and equipment, net $ 9 $ 69 Depreciation expense for the years ended December 31, 2022 and 2021 was $ 51 and $ 77 , respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	(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 5 years . 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 twelve 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 December 31, 2022, undiscounted future lease payments for non-cancellable operating leases are as follows: Lease payments 2023 $ 330 2024 278 2025 278 2026 287 2027 295 Total lease payments 1,468 Less imputed interest ( 652 ) Total operating lease liability $ 816 As of December 31, 2022, the weighted average remaining lease term was 5 years and the weighted average discount rate was 23 % . The components of the Company’s lease cost were as follows: December 31, 2022 December 31, 2021 Operating lease cost $ 285 $ 330 Short-term lease cost 139 192 Total lease cost $ 424 $ 522 Cash paid for amounts included in the measurement of lease liabilities, which is included in operating cash flows, was $ 326 and $ 348 for the years ended December 31, 2022 and 2021 , respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	(9) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: December 31, December 31, 2022 2021 Payroll and related costs $ 656 $ 1,714 Professional and consulting fees 789 940 Other research and development costs 593 156 Interest payable 94 116 Other 232 460 Accrued expenses and other current liabilities $ 2,364 $ 3,386 In March 2022, the Company implemented a reduction in force impacting approximately 17 employees related to its continuing operations, which resulted in a charge of $ 1,733 , primarily related to severance, of which $ 518 remains accrued and unpaid as of December 31, 2022 .

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	(10) Debt The following table summarizes the components of the carrying value of debt: December 31, December 31, 2022 2021 Credit Agreement $ 10,000 $ 10,000 Payment of principal ( 2,244 ) — Unamortized deferred issuance costs ( 828 ) ( 1,583 ) Exit fee accretion 191 114 Total debt $ 7,119 $ 8,531 Current portion $ 5,600 $ 2,222 Long-term portion, net 1,519 6,309 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 December 31, 2022 , no funds have been drawn from the additional tranches and are not expected to be drawn in the future. 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”), which the Company did not achieve. Beginning on the Amortization Date, the Company was 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 December 31, 2022 , 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 (the “Minimum Liquidity Covenant”) 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 December 31, 2022, the Company was in compliance with the Minimum Liquidity Covenant as the minimum EBITDA criteria is not applicable until additional tranches are drawn. As of December 31, 2022, borrowings under the Credit Agreement are classified based on their schedule maturities. In connection with the Credit Agreement, the Company issued a warrant to MAM Eagle Lender, LLC to purchase 376 shares of the Company’s common stock, at an exercise price equal to $ 6,426.00 per share. See Note 12(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 December 31, 2022, the effective interest rate was 31.77 %, 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 $ 960 and $ 844 for the years ended December 31, 2022 and 2021, respectively. On August 1, 2022, the Company entered into Amendment No. 1 and Waiver to Credit Agreement, or the Amendment, with MAM Eagle Lender. Pursuant to the terms of the Amendment, the lenders waived any default under the credit agreement (including the imposition of a default interest rate with respect to the default) resulting from our failure to comply with the Minimum Liquidity Covenant. In addition, the Amendment, among other items, (i) provides that 30 % of any cash proceeds received by the Company from certain potential strategic licensing transactions shall be used to prepay amounts outstanding under the credit agreement; and (ii) decreases the amount of cash the Company is required to maintain pursuant to the Minimum Liquidity Covenant to $ 3,000 for a period beginning on August 1, 2022, and ending on August 31, 2022, at which point the amount required pursuant to the Minimum Liquidity Covenant shall increase to $ 5,000 . On October 24, 2022, the Company entered into Amendment No. 2 and Waiver to Credit Agreement, or the Amendment, with MAM Eagle Lender. Pursuant to the terms of the Amendment, the Credit Agreement is amended such that the Company must repay the principal thereunder (i) on the first business day of each month until the Interest Payment Date on December 1, 2022, in equal monthly installments of principal based on an amortization schedule of 36 months, (ii) an additional payment of principal in the amount of $ 300 prior to December 31, 2022 and (iii) commencing on the Interest Payment Date on January 2, 2023 and on each Interest Payment Date thereafter until the obligations have been repaid in full, the principal amount of $ 500 . In addition, the Amendment decreases the minimum cash covenant the Company is required to maintain under the Credit Agreement to (i) $ 3,000 for the period beginning on October 1, 2022, and ending on November 30, 2022, (ii) $ 4,500 for the period beginning on December 1, 2022, and ending on February 28, 2023, and (iii) $ 4,000 from and after March 1, 2023. Further, the Company has agreed that prior to December 31, 2022, it shall not, without the prior written consent of the Lenders, make or permit any payment under its agreements with Alkermes. In consideration for the Amendment, the Company agreed to pay the Agent an amendment fee of $ 5 and the Lender an amendment fee of $ 200 . On December 1, 2022, the Company entered into Amendment No. 3 to Credit Agreement with MAM Eagle Lender. Pursuant to the terms of the amendment, the amendment decreases the minimum cash covenant the Company is required to maintain under the credit agreement to (a) from October 1, 2022 to December 6, 2022 to not be less than $ 3,000 at any time, (b) from December 7, 2022 to February 28, 2023 to not be less than $ 4,500 , and (c) from and after March 1, 2023 to not be less than $ 4,000 . In January 2023, the Company entered into Amendment No. 4 to Credit Agreement with MAM Eagle Lender. Pursuant to the terms of the amendment, the credit agreement was amended such that the Company must make (i) a payment of principal in the amount of $ 500 on January 3, 2023, (ii) a payment of principal in the amount of $ 300 on February 1, 2023 and March 1, 2023, and (iii) on the interest payment date on April 3, 2023 and on each interest payment date thereafter until the obligations are repaid in full, a payment in the principal amount of $ 500 . In addition, the amendment decreases the minimum cash covenant the Company is required to maintain under the credit agreement, or the Minimum Liquidity Covenant, to (i) $ 3,000 for the period beginning on October 1, 2022, and ending on December 6, 2022, (ii) $ 4,500 for the period beginning on December 7, 2022, and ending on January 10, 2023, (iii) $ 2,225 for the period beginning on January 11, 2023, and ending on February 28, 2023, and (iv) $ 3,000 from and after March 1, 2023. Further, the Company agreed that prior to April 30, 2023, it will not, without the prior written consent of MAM Eagle Lender, make or permit any payment under its agreements with Alkermes. As a result of the liquidity conditions discussed in Note 2, the Company is not expected to be able to comply with the Minimum Liquidity Covenant, as amended, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(11) Commitments and Contingencies (a) Licenses and Supply Agreements In June 2017, the Company acquired the exclusive global rights to two novel neuromuscular blocking agents (“NMBs”) and a proprietary reversal agent from Cornell University (“Cornell”). The NMBs and reversal agent are referred to herein as the NMB Related Compounds. The NMB Related Compounds include one novel intermediate-acting NMB that has initiated Phase I clinical trials and two other agents, a novel short-acting NMB, and a rapid-acting reversal agent specific to these NMBs. The Company is obligated to make: (i) an annual license maintenance fee payment to Cornell in the remaining range of $ 70 to $ 125 until the first commercial sale of the NMB Related Compounds; and (ii) milestone payments to Cornell upon the achievement of certain milestones, up to a maximum, for each NMB 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 NMB Related Compound at a rate ranging from low to mid-single digits, depending on the applicable NMB Related Compounds and whether there is a valid patent claim in the applicable country, subject to an annual minimum royalty amount. Further, the Company reimburses Cornell for its ongoing patent costs related to prosecution and maintenance of the patents related to the Cornell patents for the NMB Related Compounds. Through December 31, 2022 , no such milestones have been achieved. (b) Contingent Consideration for the Alkermes Transaction On April 10, 2015, Societal CDMO, Inc. (“Societal CDMO”), formerly Recro Pharma, Inc., completed the acquisition of a manufacturing facility in Gainesville, Georgia and the licensing and commercialization rights to ANJESO (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 ANJESO and royalties on future product sales of ANJESO. On March 29, 2023, the Company entered into the Transfer Agreement. Under the terms of the Transfer Agreement, the Company transferred the Assets to Alkermes. The Company also withdrew the NDA related to ANJESO and agreed, if elected by Alkermes at a later date, to transfer such withdrawn NDA to Alkermes at no additional cost. As a result, contingent consideration is included in current and non-current liabilities of discontinued operations (see Note 4). Additionally, under the Transfer Agreement, the Company granted Alkermes a non-exclusive, perpetual and irrevocable, royalty-free and fully paid-up worldwide license, to the additional intellectual property owned by the Company necessary to or useful to exploit ANJESO. In consideration of the transfer of the Assets, the parties agreed to the termination of (i) the Purchase and Sale Agreement, dated March 7, 2015, (ii) the Asset Transfer and License Agreement, dated April 10, 2015; and (iii) the Development, Manufacturing and Supply Agreement, dated as of July 10, 2015. In connection with the termination of the ANJESO Agreements, no further payments of any kind pursuant to the ANJESO Agreements will be payable by the Company to Alkermes. Historically, the contingent consideration consisted of four separate components. The first component was (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 included (i) a $ 5,000 payment, which was paid in three installments during 2020 and 2021, 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 Company paid $ 1,200 of the second payment in 2022. The third component consisted of three potential payments, based on the achievement of specified annual revenue targets. 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 ANJESO net sales, which was paid quarterly. (c) Litigation The Company is involved, from time to time, in various claims and legal proceedings arising in the ordinary course of its business. The Company accrues for any legal costs as they are incurred. 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 Societal CDMO of all of Societal CDMO’s obligations in connection with a securities class action lawsuit (the “Securities Litigation”) and agreed to indemnify Societal CDMO for all liabilities related to the Securities Litigation. On May 31, 2018, the Securities Litigation was filed against Societal CDMO and certain of Societal CDMO’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 Societal CDMO 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, Societal CDMO filed a motion to dismiss the amended complaint in its entirety, which the lead plaintiff opposed on April 9, 2019. On May 9, 2019, Societal CDMO 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. Societal CDMO 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, Societal CDMO filed a reply in support of the motion to dismiss. On March 1, 2021, Societal CDMO’s second motion to dismiss was denied. On June 21, 2021, the defendants filed an answer and affirmative defenses to the second amended complaint. Since then, the parties have been engaged in discovery, which concluded by March 15, 2022. On September 30, 2021, the plaintiff filed a motion for class certification and appointment of class representative. Societal CDMO filed an opposition to the plaintiff’s motion on November 30, 2021. On January 6, 2022, the plaintiff filed a reply in support of the motion for class certification. On March 24, 2022, the plaintiff informed the Court that the parties had reached an agreement-in-principle to settle the Securities Litigation and requested that the court stay all deadlines. On May 10, 2022, plaintiff filed an unopposed motion for preliminary approval of the class action settlement. The Court entered an order preliminarily approving the settlement and providing for notice on May 12, 2022. A hearing for final approval of the settlement was held on October 26, 2022, and the settlement was approved in December 2022. The decision had no impact to the financial statements. (d) Certain Compensation and Employment Agreements The Company entered into an employment agreement with one of its named executive officers in February 2020. As of December 31, 2022, this employment agreement provided for, among other things, annual base salary in an aggregate amount of not less than $ 927 , from that date through June 2024 .

Capital Structure

Capital Structure	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Capital Structure	(12) Capital Structure (a) Common Stock On November 21, 2019, the Company separated from Societal CDMO as a result of a special dividend distribution of all the outstanding shares of its common stock to Societal CDMO shareholders. On the distribution date, each Societal CDMO shareholder received one share of Baudax Bio’s common stock for every two and one-half shares of Societal CDMO common stock held of record at the close of business on November 15, 2019. Upon the distribution, 6,712 shares of common stock were issued. The Company is authorized to issue 190,000,000 shares of common stock, with a par value of $ 0.01 per share. On February 8, 2021, the Company closed a registered direct offering of 7,857 shares of common stock (the “February Offering”) at an offering price of $ 2,240.00 per share for net proceeds to the Company of $ 16,187 . 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 471 shares of common stock (the “February Placement Agent Warrants”) at an exercise price of $ 2,800.00 per share. On May 31, 2021, the Company closed a registered direct offering of 10,021 shares of common stock (the “May Offering”) at an offering price of $ 1,190.00 per share and warrants to purchase 10,021 shares of common stock (the “May Warrants”) at an exercise price of $ 1,260.00 per share, for net proceeds to the Company of $ 10,861 . 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 601 shares of common stock (the “May Placement Agent Warrants”) at an exercise price of $ 1,487.50 per share. The May Warrants and May Placement Agent Warrants were exercisable on the six-month anniversary of the closing date of the May Offering. On December 28, 2021, the Company closed a registered direct offering (the “December 2021 Offering”) of 42,289.3 shares of the Company’s Series A Preferred Stock, par value $ 0.01 per share (the “Preferred Stock”), at a stated value of $ 100.00 per share and warrants to purchase 9,062 shares of common stock of the Company (the “December 2021 Warrants”) for net proceeds of $ 3,658 . The shares of Preferred Stock are convertible, on the date after the issuance thereof, into an aggregate of 12,083 shares of common stock at a conversion price of $ 350.00 per share, of which 34,000 shares of Preferred Stock were converted to common stock on December 29, 2021 and the remaining were converted in the first quarter of 2022. The Preferred Stock have no voting rights, other than the right to vote as a class on certain matters, and each share of Preferred Stock will have the right to cast 125,000 votes per share of Preferred Stock on an amendment to the Company’s Amended and Restated Articles of Incorporation , as amended, to effect a reverse stock split of the Company’s outstanding shares of common stock by a ratio to be determined by the Board of Directors of the Company, voting together with the common stock as a single class; and in accordance with Nasdaq Stock Market LLC Listing Rules, the votes cast by holders of the Preferred Stock must be counted by the Company in the same proportion as the aggregate shares of Common Stock voted on the proposal. The holders of Preferred Stock are entitled to dividends, on an as-if converted basis, equal to dividends actually paid, if any, on shares of common stock. The Company recognized a beneficial conversion charge of $ 2,422 during the year ended December 31, 2021, which represents the in-the-money value of the conversion rate as of the date of issuance. As compensation to the Placement Agent, the Company agreed to pay the Placement Agent a cash fee of 7.0 % of the gross proceeds raised in the December 2021 Offering, plus a management fee equal to 1.0 % of the gross proceeds raised in the December 2021 Offering and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Placement Agent warrants to purchase 724 shares of common stock (the “December 2021 Placement Agent Warrants”). The December 2021 Warrants and the December 2021 Placement Agent Warrants have an exercise price of $ 448.00 per share and were exercisable upon the six-month anniversary of their issuance. On March 1, 2022, the Company closed an underwritten public offering of 45,791 shares of its common stock, pre-funded warrants to purchase 41,929 shares of common stock at an exercise price of $ 0.40 per share and warrants to purchase 87,719 shares of common stock at an exercise price of $ 130.00 per share, as well as up to 13,158 additional shares of common stock and/or additional warrants to purchase up to 13,158 shares of common stock, which may be purchased pursuant to a 30-day option to purchase additional securities granted to H.C. Wainwright & Co., LLC (the “Underwriter”) by the Company. The public offering price for each share of common stock and accompanying warrant to purchase one share of common stock was $ 114.00 , and the public offering price for each pre-funded warrant and accompanying warrant was $ 113.60 . As compensation to the Underwriter, the Company agreed to pay to the Underwriter a cash fee of 7.0 % of the gross proceeds, plus a cash management fee equal to 1.0 % of the gross proceeds and reimbursement of certain expenses and legal fees. The Company also issued to designees of the Underwriter warrants to purchase 5,263 shares of common stock at an exercise price of $ 142.50 per share. On February 28, 2022, the Underwriter partially exercised its option to purchase an additional 2,847 warrants. Net proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, was $ 8,791 . On May 17, 2022, the Company entered into a securities purchase agreement with institutional investors named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “May 2022 Offering”), 41,152 shares of the Company’s common stock, par value $ 0.01 per share, and, in a concurrent private placement, warrants exercisable for up to an aggregate of 41,152 shares of Common Stock at a combined offering price of $ 48.60 per share and associated warrant. The warrants have an exercise price of $ 43.60 per share. Each warrant is exercisable for one share of common stock and was exercisable immediately upon issuance. The warrants will have a term of five years from the issuance date. As compensation to H.C. Wainwright & Co., LLC as placement agent in connection with the offering, the Company agreed to pay to the placement agent a cash fee of 7.0 % of the aggregate gross proceeds raised in the offering, plus a management fee equal to 1.0 % of the gross proceeds raised in the offering and certain expenses. The Company also issued to designees of the placement agent warrants to purchase up to 6.0 % of the aggregate number of shares of common stock sold in the transactions, or warrants to purchase up to 2,469 shares of common stock. The placement agent warrants have substantially the same terms as the warrants, except that the placement agent warrants have an exercise price equal to 125 % of the offering price per share (or $ 60.75 per share). The placement agent warrants will expire on May 17, 2027 . Net proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, was $ 1,720 . On September 1, 2022, the Company closed a best efforts public offering of: (i) 188,872 shares of its common stock, par value $ 0.01 per share and accompanying Series A-1 warrants (“Series A-1 warrants”) to purchase 188,872 shares of Common stock and Series A-2 warrants (“Series A-2 warrants”, and together with the Series A-1 warrants, “Series A warrants”) to purchase 188,872 shares of Common Stock, at a combined public offering price of $ 21.00 per share and Series A warrants and (ii) Series B pre-funded warrants (“Series B pre-funded warrants”) to purchase 106,607 shares of Common Stock and accompanying Series A-1 warrants to purchase 106,607 shares of Common Stock and Series A-2 warrants to purchase 106,607 shares of Common stock at a combined public offering price of $ 20.60 per Series B pre-funded warrant and Series A warrants, which is equal to the public offering price per share of Common Stock and accompanying Series A warrants less the $ 0.01 per share exercise price of each such Series B pre-funded warrant. The Series A warrants have an exercise price of $ 21.00 per share of Common Stock. The Series A-1 warrants are exercisable upon issuance and will expire five years from the date of issuance. The Series A-2 warrants are exercisable upon issuance and will expire thirteen months from the date of issuance. The exercise price of the Series A warrants is subject to adjustment for stock splits, reverse splits, and similar capital transactions as described in the Series A warrants. Subject to certain ownership limitations, the Series B pre-funded warrants are immediately exercisable and were exercised at a nominal consideration of $ 0.40 per share of Common Stock upon the closing of the transaction. As compensation to H.C. Wainwright & Co., LLC, as the exclusive placement agent in connection with the Offering, the Company paid a cash fee of 7.0 % of the aggregate gross proceeds raised in the offering, plus a management fee equal to 1.0 % of the gross proceeds raised in the offering, and reimbursement of certain expenses and legal fees. The Company also issued to designees of the placement agent warrants to purchase up to 17,728 shares of common stock. The placement agent warrants have substantially the same terms as the Series A warrants, except that the placement agent warrants have an exercise price equal to $ 26.25 per share and expire on August 29, 2027 . Net proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, was $ 5,044 . On December 6, 2022 the Company closed a best efforts public offering of: (i) 54,787 shares of its common stock, par value $ 0.01 per share and accompanying Series A-3 warrants to purchase 54,787 shares of common stock and Series A-4 warrants to purchase 54,787 shares of common stock, at a combined public offering price of $ 4.795 per share and accompanying series A warrants and (ii) series C pre-funded warrants to purchase 988,000 shares of common stock and accompanying series A-3 warrants to purchase 988,000 shares of common stock and series A-4 warrants to purchase 988,000 shares of common stock at a combined public offering price of $ 4.785 per series C pre-funded warrant and accompanying series A warrants, which was equal to the public offering price per share of common stock and accompanying series A warrants less the $ 0.01 per share exercise price of each such series C pre-funded warrant. The series A warrants have an exercise price of $ 4.50 per share of common stock. The series A-3 warrants are exercisable upon issuance and will expire on December 6, 2027. The series A-4 warrants are exercisable upon issuance and will expire on January 8, 2024. The exercise price of the series A warrants is subject to adjustment for stock splits, reverse splits, and similar capital transactions as described in the Series A Warrants. The Series C prefunded warrants have been exercised in full as of December 31, 2022. As compensation to H.C. Wainwright & Co., LLC as the exclusive placement agent in connection with the offering, the Company paid the placement agent a cash fee of 7.0 % of the aggregate gross proceeds raised in the offering, plus a management fee equal to 1.0 % of the gross proceeds raised in the offering, and reimbursement of certain expenses and legal fees. The Company also issued to designees of the placement agent warrants to purchase up to 62,567 shares of common stock. The Placement Agent Warrants have substantially the same terms as the series A warrants, except that the placement agent warrants have an exercise price equal to $ 5.99375 per share and expire on December 2, 2027 . Net proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, was $ 3,916 . (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. On September 19, 2022, the board of directors of the Company declared a dividend of one one-thousandth (1/1,000th) of a share of Series B Preferred Stock, par value $ 0.01 per share (“Series B Preferred Stock”), for each outstanding share of the Company’s common stock, par value $ 0.01 per share to shareholders of record on September 29, 2022 (the “Record Date”). The shares of Series B Preferred Stock were distributed to such recipients on October 3, 2022. Each share of Series B Preferred Stock entitles the holder thereof to 1,000,000 votes per share. The outstanding shares of Series B Preferred Stock vote together with the outstanding shares of Common Stock of the Company as a single class exclusively with respect to (1) any proposal to adopt an amendment to the Company’s Amended and Restated Articles of Incorporation, as amended, to reclassify the outstanding shares of common stock into a smaller number of shares of common stock at a ratio specified in or determined in accordance with the terms of such amendment (the “Reverse Stock Split”) and (2) any proposal to adjourn any meeting of shareholders called for the purpose of voting on the Reverse Stock Split. The Series B Preferred Stock will not be entitled to vote on any other matter, except to the extent required under the Pennsylvania Business Corporation Law. In September 2022, 20,003.745 shares of Series B Preferred Stock were declared as a stock dividend and issued on October 3, 2022. On November 3, 2022, all of our outstanding shares of Series B Preferred Stock were redeemed for nominal consideration pursuant to the terms of the Series B Preferred Stock. As of December 31, 2022 , there were no shares of Preferred Stock issued and 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 376 shares of common stock, at an exercise price equal to $ 6,426.00 per share (see Note 10). 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 848 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 $ 14.00 , 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 7,358 shares of common stock of the Company (the “January Warrants”) at an offering price of $ 175.00 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 $ 1,652.00 per warrant. The January Warrants have an exercise price of $ 2,240.00 per share. As compensation to the 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 441 shares of common stock (the “January Placement Agent Warrants”) at an exercise price of $ 2,800.00 per share. On August 24, 2022, the Company entered into warrant amendment agreements (the “Warrant Amendment Agreements”) with certain holders of the Company’s (i) Series A Warrants to purchase 7,234 shares of common stock with an exercise price of $ 1,680.00 per share, (ii) Warrants to purchase 7,358 shares of common stock with an exercise price of $ 2,240.00 per share, (iii) Warrants to purchase 10,021 shares of common stock with an exercise price of $ 1,260.00 per share, (iv) Warrants to purchase 9,062 shares of common stock with an exercise price of $ 448.00 per share, and (v) Warrants to purchase 88,615 shares of common stock with an exercise price of $ 130.00 per share (the “Existing Warrants”). Under the Warrant Amendment Agreements, the Company agreed to amend the Existing Warrants by lowering the exercise price of the Existing Warrants to $ 23.92 per share. The warrant modification resulted in an increase in the fair value of warrants of $ 1,151 . Subsequent to the warrant amendment, the Company issued 2,875 shares of common stock upon exercise of a portion of the amended warrants for net proceeds of $ 69 . On December 2, 2022, the Company entered into a warrant amendment agreement (the “December Warrant Amendment Agreement”) with a certain holder of the Company’s (i) warrants to purchase 7,234 shares of common stock with an exercise price of $ 23.92 per share, (ii) warrants to purchase 7,358 shares of common stock with an exercise price of $ 23.92 per share, (iii) warrants to purchase 6,013 shares of common stock with an exercise price of $ 23.92 per share, (iv) Warrants to purchase 5,143 shares of common stock with an exercise price of $ 23.92 per share, (v) warrants to purchase 48,246 shares of common stock with an exercise price of $ 23.92 per share, (vi) Series A-1 warrants to purchase 14,404 shares of common stock with an exercise price of $ 43.60 per share, (vii) Series A-2 warrants to purchase 142,858 shares of common stock with an exercise price of $ 21.00 per share and (viii) warrants to purchase 142,858 shares of common stock with an exercise price of $ 21.00 per share (collectively, the “December Existing Warrants”). Under the December Warrant Amendment Agreement, the Company (i) agreed to amend the December Existing Warrants by lowering the exercise price of the December Existing Warrants to $ 4.50 per share and (ii) amend the expiration date of the December Existing Warrants to December 6, 2027 , in each case effective on December 6, 2022. The warrant modification resulted in an increase in the fair value of warrants of $ 746 . In January 2023, the Company issued 961,787 shares of common stock upon the exercise of warrants for proceeds of $ 4,328 . As of December 31, 2022, the Company had the following warrants outstanding to purchase shares of the Company’s common stock: Number of Shares Exercise Price Expiration Date March Series A Warrants 15 $ 14.00 March 26, 2025 MAM Eagle Lender Warrant 376 $ 6,426.00 May 29, 2027 November Series A Warrants 7,234 $ 4.50 December 6, 2027 November Placement Warrants 433 $ 2,073.75 November 24, 2025 December Placement Warrants 441 $ 2,038.75 December 18, 2025 January Warrants 7,358 $ 4.50 December 6, 2027 January Placement Warrants 441 $ 2,800.00 January 21, 2026 February Placement Warrants 471 $ 2,800.00 February 8, 2026 May Warrants 4,008 $ 23.924 June 1, 2027 May Warrants, repriced 6,013 $ 4.50 December 6, 2027 May Placement Warrants 601 $ 1,487.50 May 31, 2026 December 2021 Warrants 3,918 $ 23.924 June 27, 2027 December 2021 Warrants, repriced 5,143 $ 4.50 December 6, 2027 December 2021 Placement Agent 724 $ 448.00 December 27, 2026 March 2022 Warrants 1,952 $ 130.00 March 1, 2027 March 2022 Warrants, repriced 37,492 $ 23.924 March 1, 2027 March 2022A Warrants, repriced 48,246 $ 4.50 December 6, 2027 March 2022 Underwriter Warrants 5,263 $ 142.50 February 24, 2027 May 2022 Warrants 26,748 $ 43.60 May 19, 2027 May 2022 Warrants, repriced 14,404 $ 4.50 December 6, 2027 May 2022 Placement Agent 2,469 $ 60.752 May 17, 2027 August 2022 Series A-1 Warrants 152,612 $ 21.00 September 1, 2027 August 2022 Series A-1 Warrants, repriced 142,858 $ 4.50 December 6, 2027 August 2022 Series A-2 Warrants 152,612 $ 21.00 October 2, 2023 August 2022 Series A-2 Warrants, repriced 142,858 $ 4.50 December 6, 2027 August 2022 Placement Agent 17,728 $ 26.25 August 29, 2027 December 2022 Series A-3 Warrants 1,042,787 $ 4.50 December 6, 2027 December 2022 Series A-4 Warrants 961,787 $ 4.50 January 8, 2024 December 2022 Placement Agent 62,567 $ 5.99375 December 2, 2027 With the exception of the March Series A Warrants to purchase 15 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. The following table summarizes the fair value and the assumptions used for the Black-Scholes option-pricing model for the liability classified warrants: December 31, 2022 Series A Fair value $ — Expected dividend yield — % Expected volatility 76.92 % Risk-free interest rates 4.41 % Remaining contractual term 2.24 years

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(13) 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 2,142 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 2022, the number of shares available for issuance under the 2019 Plan was increased by 25,004 . The total number of shares authorized for issuance under the 2019 plan as of December 31, 2022 is 31,581 . As of December 31, 2022, 27,997 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 . T here were no options granted during the year ended December 31, 2022. The weighted average grant-date fair value of options awarded to employees during the year ended December 31, 2021 was $ 735.69 . Under the 2019 Plan, the fair value of the options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: December 31, 2021 Expected option life 5.6 years Expected volatility 74.47 % Risk-free interest rate 1.0 % Expected dividend yield — The following table summarizes stock option activity during the years ended December 31, 2022 and 2021: Number of Weighted Weighted Balance, December 31, 2020 1,577 $ 4,353.98 9.1 years Granted 1,855 1,815.58 Expired/forfeited/cancelled ( 388 ) 2,497.63 Balance, December 31, 2021 3,044 3,043.71 8.6 years Expired/forfeited/cancelled ( 1,105 ) 2,197.62 Balance, December 31, 2022 1,939 $ 3,525.88 6.5 years Vested 1,466 $ 3,537.21 6.0 years Vested and expected to vest 1,939 $ 3,525.88 6.5 years Included in the table above are 801 stock options cancelled and 194 stock options outstanding as of December 31, 2022 and 409 stock options granted, 219 stock options cancelled and 995 stock options outstanding as of December 31, 2021 for employees directly related to the discontinued commercial business. Also included in the table above are 47 stock options outstanding as of December 31, 2022 that were granted outside of the 2019 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 year ended December 31, 2022 and 2021: Number of shares Weighted Balance, December 31, 2020 647 $ 5,418.52 Granted 886 1,439.81 Vested and settled ( 501 ) 4,254.54 Expired/forfeited/cancelled ( 80 ) 2,747.06 Balance, December 31, 2021 952 2,552.69 Granted 12,519 30.43 Vested and settled ( 887 ) 1,314.11 Expired/forfeited/cancelled ( 1,973 ) 205.75 Balance, December 31, 2022 10,611 $ 116.81 Expected to vest 10,233 In June 2022, the Company granted 12,519 time-based RSUs, which may be settled in cash, stock, or a combination of cash and stock, solely at the election of the Company. These awards are classified as Other long-term liabilities on the Consolidated Balance Sheet due to insufficient shares available for grant in the 2019 Plan. Included in the table above are 2,348 time-based RSUs granted, 550 time-based RSUs vested and settled and 1,910 time-based RSUs cancelled as of December 31, 2022 and 87 time-based RSUs granted, 182 time-based RSUs vested and settled, 49 time-based RSUs cancelled and 112 time-based RSUs outstanding as of December 31, 2021 for employees directly related to the discontinued commercial business. Also included in the table above are 4 time-based RSUs outstanding as of December 31, 2022 that were granted outside of the 2019 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 from continuing operations for the years ended December 31, 2022 and 2021 was $ 1,289 and $ 3,595 , respectively. For the prior year, this represents stock-based compensation from the Baudax Bio awards as well as stock-based compensation from the Societal CDMO Equity Plan for the acceleration of vesting for Baudax Bio employees in their Societal CDMO awards. As of December 31, 2022, there was $ 1,052 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 1.1 years. As of December 31, 2022, there was $ 450 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 December 31, 2022, there was no aggregate intrinsic value of the vested and unvested options.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	(14) Income Taxes The components of loss before income tax from continuing operations are as follows: December 31, 2022 2021 Domestic $ ( 20,204 ) $ ( 26,254 ) Loss before income taxes $ ( 20,204 ) $ ( 26,254 ) The components of income tax provision (benefit) are as follows: December 31, 2022 2021 Current: Federal $ — $ — State and local — — Foreign — — — — Deferred: Federal ( 4,087 ) ( 5,540 ) State and local ( 2,056 ) ( 981 ) Foreign — — ( 6,143 ) ( 6,521 ) Change in valuation allowance 6,143 6,521 $ — $ — A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows: Year ended December 31, 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal benefit 10.2 % 3.7 % Nondeductible expenses ( 0.7 )% 0.6 % Change in valuation allowance ( 30.4 )% ( 24.8 )% Other ( 0.1 )% ( 0.5 )% Effective income tax rate — — The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 18,845 $ 11,367 Intangibles — — Contingent consideration — — Stock-based compensation 881 794 Inventory reserve — — Right-of-use asset 241 63 Asset impairment — — Fixed assets 58 34 Capitalized research 746 — Other temporary differences 299 500 Gross deferred tax asset 21,070 12,758 Valuation allowance ( 20,769 ) ( 12,479 ) Net deferred tax asset 301 279 Deferred tax liabilities: Prepaid expenses ( 70 ) ( 224 ) Operating lease liability ( 231 ) ( 55 ) Deferred tax liabilities ( 301 ) ( 279 ) Net deferred taxes $ — $ — In assessing the realizability of the net deferred tax asset, the Company considers all relevant positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. In 2022 and 2021, the Company evaluated the need for a valuation allowance against its U.S. and state deferred tax assets based on the available positive and negative evidence available. An important aspect of objective negative evidence evaluated was the Company’s historical operating results over its life to date. The Company is in a three-year cumulative loss position through December 31, 2022. Thus, it is more likely than not that the Company’s U.S. and state deferred tax assets will not be realized, and a full valuation allowance has been recognized against the Company’s U.S. and state deferred tax assets. The following table summarizes carryforwards of Federal net operating losses and tax credits as of December 31, 2022: Amount Expiration Federal net operating losses $ 58,906 No expiration State net operating losses $ 58,409 2025 – 2042 Under the Tax Reform Act of 1986, as amended (the “Act”), the utilization of a corporation’s net operating loss and research and development tax credit carryforwards is limited following a greater than 50 % change in ownership during a three-year period. Any unused annual limitation may be carried forward to future years for the balance of the carryforward period. The Company has done an analysis to determine whether or not ownership changes, as defined by the Act, have occurred since inception in 2019. The Company determined that it has experienced ownership changes, as defined by the Act, during the current and previous tax years as a result of financings; accordingly, the Company’s ability to utilize the aforementioned carryforwards will be limited. Subsequent ownership changes may affect the limitation in future years. In addition, state net operating loss carryforwards may be further limited, including in Pennsylvania, which has a limitation of 40 % of taxable income after modifications and apportionment on state net operating losses utilized in any one year during tax years beginning 2019 going forward. The Company has not conducted an IRS Section 382 study for the year ended December 31, 2022 . The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2022 , the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statements of operations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	(15) Related Party Transactions Societal CDMO became a related party to the Company following the Separation. As part of the Separation, the Company entered into a transition services agreement with Societal CDMO, which terminated on December 31, 2020 . Under the transition services agreement, the Company provided certain services to Societal CDMO, each related to corporate functions, which were charged to Societal CDMO. In connection with the Separation, Societal CDMO 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 Societal CDMO equity awards. In connection with the Separation, Societal CDMO 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	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Plan	(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 years ended December 31, 2022 and 2021 were $ 186 and $ 292 , respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Principles (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	(a) 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	(b) 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 to be cash equivalents. 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	(c) 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	(d) Goodwill 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. The Company performed its annual test as of November 30, 2022 and there was no impairment to goodwill based on the analysis.
Concentration of Credit Risk	(e) Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company manages its cash and cash equivalents based on established guidelines relative to diversification and maturities to maintain safety and liquidity.
Research and Development	(f) 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, 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 and milestone 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	(g) Stock-Based Awards Share-based compensation included in the consolidated financial statements 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. The Company has never declared or paid cash dividends and has no plans to do so in the foreseeable future, therefore the dividend yield is zero.
Income Taxes	(h) 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 Per Common Share	(i) Net Income (Loss) Per Common Share Net loss per common share is computed using the two-class method required due to the participating nature of the Series A Preferred Stock (as defined and discussed in Note 12(b)). Except with respect to voting and conversion, the rights of the holders of the Company’s common stock and the Company’s Series A Preferred Stock are identical. Each class of shares has the same rights to dividends. Although the Preferred Stock are participating securities, such securities do not participate in net losses and therefore do not impact the Company’s net loss per share calculation as of December 31, 2022. Basic net loss per common share is determined by dividing net loss attributable to common shareholders by the weighted average common shares outstanding during the period. Diluted net loss per common share is determined using the weighted average common shares outstanding during the period plus the weighted average number of shares of common shares that would be issued assuming exercise or conversion of all potentially dilutive instruments. The Company uses income from continuing operations as the control number in determining whether potential common shares are dilutive or antidilutive. The same number of potential common shares used in computing the diluted per-share amount for income from continuing operations is used in computing all other reported diluted per-share amounts even if those amounts will be antidilutive to their respective basic per-share amounts. Outstanding warrants, common stock options and unvested restricted stock units are excluded from the calculation of diluted net loss per share when their effect would be anti-dilutive. For purposes of calculating basic and diluted loss 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 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 income (loss) per share: Year ended December 31, 2022 2021 Basic and Diluted Income (Loss) Per Share Net loss from continuing operations $ ( 20,204 ) $ ( 26,254 ) Net (loss) income from discontinued operation $ ( 38,591 ) $ 6,485 Net loss $ ( 58,795 ) $ ( 19,769 ) Net loss per share from continuing operations $ ( 60.93 ) $ ( 479.63 ) Net (loss) income per share from discontinued operation $ ( 116.37 ) $ 118.47 Net loss per share of common stock, basic and diluted $ ( 177.30 ) $ ( 361.16 ) Weighted average common shares outstanding, basic and diluted 331,615 54,738 (j) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 reducing the number of accounting models available for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. 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 adopted this guidance as of January 1, 2022, using the full retrospective method of adoption. The adoption eliminated the presentation of the beneficial conversion feature on the consolidated statement of operations and had no other material impact to the Company. 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 adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. In November 2021, the FASB issued ASU No. 2021-10, “ Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ,” or ASU 2021-10. ASU 2021-10 requires entities to provide disclosures on government assistance transactions for annual reporting periods. The disclosures include information around the nature of the transaction, the related accounting policies used to account for the transaction, the effect of the transaction on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021 and early adoption is permitted. The Company adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. 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 .
Recent Accounting Pronouncements	(j) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 reducing the number of accounting models available for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. 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 adopted this guidance as of January 1, 2022, using the full retrospective method of adoption. The adoption eliminated the presentation of the beneficial conversion feature on the consolidated statement of operations and had no other material impact to the Company. 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 adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. In November 2021, the FASB issued ASU No. 2021-10, “ Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ,” or ASU 2021-10. ASU 2021-10 requires entities to provide disclosures on government assistance transactions for annual reporting periods. The disclosures include information around the nature of the transaction, the related accounting policies used to account for the transaction, the effect of the transaction on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021 and early adoption is permitted. The Company adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. 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 .

Summary of Significant Accoun_3

Summary of Significant Accounting Principles (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Computation of Basic and Diluted Loss Per Share	The following table sets forth the computation of basic and diluted income (loss) per share: Year ended December 31, 2022 2021 Basic and Diluted Income (Loss) Per Share Net loss from continuing operations $ ( 20,204 ) $ ( 26,254 ) Net (loss) income from discontinued operation $ ( 38,591 ) $ 6,485 Net loss $ ( 58,795 ) $ ( 19,769 ) Net loss per share from continuing operations $ ( 60.93 ) $ ( 479.63 ) Net (loss) income per share from discontinued operation $ ( 116.37 ) $ 118.47 Net loss per share of common stock, basic and diluted $ ( 177.30 ) $ ( 361.16 ) Weighted average common shares outstanding, basic and diluted 331,615 54,738 (j) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements 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 reducing the number of accounting models available for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. 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 adopted this guidance as of January 1, 2022, using the full retrospective method of adoption. The adoption eliminated the presentation of the beneficial conversion feature on the consolidated statement of operations and had no other material impact to the Company. 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 adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. In November 2021, the FASB issued ASU No. 2021-10, “ Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ,” or ASU 2021-10. ASU 2021-10 requires entities to provide disclosures on government assistance transactions for annual reporting periods. The disclosures include information around the nature of the transaction, the related accounting policies used to account for the transaction, the effect of the transaction on the entity’s financial statements, and any significant terms and conditions of the agreements, including commitments and contingencies. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021 and early adoption is permitted. The Company adopted this guidance as of January 1, 2022, using the prospective method of adoption. This adoption did not have a material impact to the Company or its disclosures. 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 .
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: December 31, 2022 2021 Options and restricted stock units outstanding 12,550 3,996 Warrants 2,849,559 37,176

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule Of discontinued amount included in assets and liabilities	The following table shows amounts included in assets and liabilities of discontinued operations, respectively, on the Company’s Consolidated Balance Sheets at December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Current assets of discontinued operation: Accounts receivable, net $ 336 $ 542 Inventory — 5,002 Prepaid expenses and other current assets 449 609 Total current assets of discontinued operation 785 6,153 Non-current assets of discontinued operation: Property and equipment, net 695 4,946 Intangible assets, net — 21,678 Total non-current assets of discontinued operation 695 26,624 Total assets of discontinued operation $ 1,480 $ 32,777 Current liabilities of discontinued operation: Accounts payable $ 730 $ 378 Accrued expenses and other current liabilities 365 2,154 Current portion of contingent consideration 9,203 6,416 Total current liabilities of discontinued operation 10,298 8,948 Non-current liabilities of discontinued operation: Long-term portion of contingent consideration 10,697 17,446 Total non-current liabilities of discontinued operation 10,697 17,446 Total liabilities of discontinued operation $ 20,995 $ 26,394
Schedule of discontinued operations in the consolidated statements of operations	The results of operations from discontinued operations for the years ended December 31, 2022 and 2021 have been reflected as discontinued operations in the consolidated statements of operations and consist of the following: For the Year ended December 31, 2022 2021 Revenue, net $ 1,269 $ 1,080 Operating expenses: Cost of sales 7,009 2,445 Research and development 687 476 Selling, general and administrative 9,406 22,385 Amortization of intangible assets 1,997 2,576 Change in contingent consideration valuation ( 2,761 ) ( 33,312 ) Loss on impairment of property and equipment 4,157 — Loss on impairment of intangible asset 19,681 — Total operating expenses 40,176 ( 5,430 ) Operating (loss) income from discontinued operation ( 38,907 ) 6,510 Other income (expense): Other income (expense), net 316 ( 25 ) Net (loss) income from discontinued operation $ ( 38,591 ) $ 6,485

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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 Quoted prices Significant Significant At December 31, 2022: Assets: Cash equivalents Money market mutual funds (See Note 6) $ 2,241 $ — $ — Total cash equivalents $ 2,241 $ — $ — At December 31, 2021: Assets: Cash equivalents (See Note 6) Money market mutual funds $ 10,110 $ — $ — Total cash equivalents $ 10,110 $ — $ — Liabilities: Warrants (See Note 12(c)) $ — $ — $ 7 $ — $ — $ 7

Cash Equivalents (Tables)

Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Cash Equivalents	The following is a summary of cash equivalents: December 31, 2022 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 2,241 $ — $ — $ 2,241 Total cash equivalents $ 2,241 $ — $ — $ 2,241 December 31, 2021 Amortized Gross Unrealized Estimated Description Cost Gain Loss Fair Value Money market mutual funds $ 10,110 $ — $ — $ 10,110 Total cash equivalents $ 10,110 $ — $ — $ 10,110

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: December 31, 2022 December 31, 2021 Building and improvements $ 166 $ 196 Furniture, office and computer equipment 306 465 Manufacturing and laboratory equipment — 11 472 672 Less: accumulated depreciation 463 603 Property, plant and equipment, net $ 9 $ 69

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases	As of December 31, 2022, undiscounted future lease payments for non-cancellable operating leases are as follows: Lease payments 2023 $ 330 2024 278 2025 278 2026 287 2027 295 Total lease payments 1,468 Less imputed interest ( 652 ) Total operating lease liability $ 816
Schedule of Components Least Cost	The components of the Company’s lease cost were as follows: December 31, 2022 December 31, 2021 Operating lease cost $ 285 $ 330 Short-term lease cost 139 192 Total lease cost $ 424 $ 522

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: December 31, December 31, 2022 2021 Payroll and related costs $ 656 $ 1,714 Professional and consulting fees 789 940 Other research and development costs 593 156 Interest payable 94 116 Other 232 460 Accrued expenses and other current liabilities $ 2,364 $ 3,386

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Components of Carrying Value of Debt	The following table summarizes the components of the carrying value of debt: December 31, December 31, 2022 2021 Credit Agreement $ 10,000 $ 10,000 Payment of principal ( 2,244 ) — Unamortized deferred issuance costs ( 828 ) ( 1,583 ) Exit fee accretion 191 114 Total debt $ 7,119 $ 8,531 Current portion $ 5,600 $ 2,222 Long-term portion, net 1,519 6,309

Capital Structure (Tables)

Capital Structure (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Warrants Outstanding to Purchase Shares Common Stock	As of December 31, 2022, the Company had the following warrants outstanding to purchase shares of the Company’s common stock: Number of Shares Exercise Price Expiration Date March Series A Warrants 15 $ 14.00 March 26, 2025 MAM Eagle Lender Warrant 376 $ 6,426.00 May 29, 2027 November Series A Warrants 7,234 $ 4.50 December 6, 2027 November Placement Warrants 433 $ 2,073.75 November 24, 2025 December Placement Warrants 441 $ 2,038.75 December 18, 2025 January Warrants 7,358 $ 4.50 December 6, 2027 January Placement Warrants 441 $ 2,800.00 January 21, 2026 February Placement Warrants 471 $ 2,800.00 February 8, 2026 May Warrants 4,008 $ 23.924 June 1, 2027 May Warrants, repriced 6,013 $ 4.50 December 6, 2027 May Placement Warrants 601 $ 1,487.50 May 31, 2026 December 2021 Warrants 3,918 $ 23.924 June 27, 2027 December 2021 Warrants, repriced 5,143 $ 4.50 December 6, 2027 December 2021 Placement Agent 724 $ 448.00 December 27, 2026 March 2022 Warrants 1,952 $ 130.00 March 1, 2027 March 2022 Warrants, repriced 37,492 $ 23.924 March 1, 2027 March 2022A Warrants, repriced 48,246 $ 4.50 December 6, 2027 March 2022 Underwriter Warrants 5,263 $ 142.50 February 24, 2027 May 2022 Warrants 26,748 $ 43.60 May 19, 2027 May 2022 Warrants, repriced 14,404 $ 4.50 December 6, 2027 May 2022 Placement Agent 2,469 $ 60.752 May 17, 2027 August 2022 Series A-1 Warrants 152,612 $ 21.00 September 1, 2027 August 2022 Series A-1 Warrants, repriced 142,858 $ 4.50 December 6, 2027 August 2022 Series A-2 Warrants 152,612 $ 21.00 October 2, 2023 August 2022 Series A-2 Warrants, repriced 142,858 $ 4.50 December 6, 2027 August 2022 Placement Agent 17,728 $ 26.25 August 29, 2027 December 2022 Series A-3 Warrants 1,042,787 $ 4.50 December 6, 2027 December 2022 Series A-4 Warrants 961,787 $ 4.50 January 8, 2024 December 2022 Placement Agent 62,567 $ 5.99375 December 2, 2027
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: December 31, 2022 Series A Fair value $ — Expected dividend yield — % Expected volatility 76.92 % Risk-free interest rates 4.41 % Remaining contractual term 2.24 years

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [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 options was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions: December 31, 2021 Expected option life 5.6 years Expected volatility 74.47 % Risk-free interest rate 1.0 % Expected dividend yield —
Summary of Stock Option Activity	The following table summarizes stock option activity during the years ended December 31, 2022 and 2021: Number of Weighted Weighted Balance, December 31, 2020 1,577 $ 4,353.98 9.1 years Granted 1,855 1,815.58 Expired/forfeited/cancelled ( 388 ) 2,497.63 Balance, December 31, 2021 3,044 3,043.71 8.6 years Expired/forfeited/cancelled ( 1,105 ) 2,197.62 Balance, December 31, 2022 1,939 $ 3,525.88 6.5 years Vested 1,466 $ 3,537.21 6.0 years Vested and expected to vest 1,939 $ 3,525.88 6.5 years
Summary of Restricted Stock Units Activity	The following table summarizes Baudax Bio RSUs activity during the year ended December 31, 2022 and 2021: Number of shares Weighted Balance, December 31, 2020 647 $ 5,418.52 Granted 886 1,439.81 Vested and settled ( 501 ) 4,254.54 Expired/forfeited/cancelled ( 80 ) 2,747.06 Balance, December 31, 2021 952 2,552.69 Granted 12,519 30.43 Vested and settled ( 887 ) 1,314.11 Expired/forfeited/cancelled ( 1,973 ) 205.75 Balance, December 31, 2022 10,611 $ 116.81 Expected to vest 10,233

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of Loss Before Income Tax	The components of loss before income tax from continuing operations are as follows: December 31, 2022 2021 Domestic $ ( 20,204 ) $ ( 26,254 ) Loss before income taxes $ ( 20,204 ) $ ( 26,254 )
Components of Income Tax Provision (Benefit)	The components of income tax provision (benefit) are as follows: December 31, 2022 2021 Current: Federal $ — $ — State and local — — Foreign — — — — Deferred: Federal ( 4,087 ) ( 5,540 ) State and local ( 2,056 ) ( 981 ) Foreign — — ( 6,143 ) ( 6,521 ) Change in valuation allowance 6,143 6,521 $ — $ —
Reconciliation of Statutory U.S. Federal Income Tax Rate to Effective Tax Rate	A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows: Year ended December 31, 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal benefit 10.2 % 3.7 % Nondeductible expenses ( 0.7 )% 0.6 % Change in valuation allowance ( 30.4 )% ( 24.8 )% Other ( 0.1 )% ( 0.5 )% Effective income tax rate — —
Schedule of Tax Effects of Temporary Differences to Significant Portions of Deferred Tax Assets	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 18,845 $ 11,367 Intangibles — — Contingent consideration — — Stock-based compensation 881 794 Inventory reserve — — Right-of-use asset 241 63 Asset impairment — — Fixed assets 58 34 Capitalized research 746 — Other temporary differences 299 500 Gross deferred tax asset 21,070 12,758 Valuation allowance ( 20,769 ) ( 12,479 ) Net deferred tax asset 301 279 Deferred tax liabilities: Prepaid expenses ( 70 ) ( 224 ) Operating lease liability ( 231 ) ( 55 ) Deferred tax liabilities ( 301 ) ( 279 ) Net deferred taxes $ — $ —
Summary of Federal Net Operating Losses and Tax Credits Carryforwards	The following table summarizes carryforwards of Federal net operating losses and tax credits as of December 31, 2022: Amount Expiration Federal net operating losses $ 58,906 No expiration State net operating losses $ 58,409 2025 – 2042

Background - Additional Informa

Background - Additional Information (Details)					12 Months Ended
	Dec. 01, 2022	Feb. 16, 2022	Nov. 21, 2019 shares	Nov. 15, 2019 shares	Dec. 31, 2022 Segment
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of operating segments | Segment					1
Reverse stock split	1-for-40	1-for-35
Separation Agreement | 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	Dec. 31, 2022	Dec. 31, 2021
Business Developments Risks Uncertainties Liquidity And Going Concern [Line Items]
Accumulated deficit	$ 190,904	$ 132,089

Summary of Significant Accoun_4

Summary of Significant Accounting Principles - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment $ / shares	May 17, 2022 $ / shares	Dec. 31, 2021 $ / shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable unit | Segment	1
Intangible asset, useful life	10 years
Goodwill impairment	$ 0
Common stock, par value | $ / shares	$ 0.01	$ 0.01	$ 0.01
Operating lease liability	$ 816
Furniture and Office Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	3 years
Furniture and Office Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	7 years
Manufacturing Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	6 years
Manufacturing Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment estimated useful lives	10 years
Leasehold Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful lives	the shorter of the remaining lease term or useful life

Summary of Significant Accoun_5

Summary of Significant Accounting Principles - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Diluted [Abstract]
Net loss from continuing operations	$ (20,204,000)	$ (26,254,000)
Net (loss) income on discontinued operation	(38,591,000)	6,485,000
Net loss	$ (58,795,000)	$ (19,769,000)
Net loss per share from continuing operations, basic	$ (60.93)	$ (479.63)
Net (loss) income per share from discontinued operation	$ (116.37)	$ 118.47
Net loss per share of common stock, basic and diluted	$ (177.3)	$ (361.16)
Weighted average common shares outstanding, basic	331,615	54,738
Weighted average common shares outstanding, diluted	331,615	54,738
Net loss per share, basic	$ (177.3)	$ (361.16)
Net loss per share, diluted	$ (177.3)	$ (361.16)

Summary of Significant Accoun_6

Summary of Significant Accounting Principles - Schedule of Anti-Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	12,550	3,996
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding	2,849,559	37,176

Discontinued Operations - Sched

Discontinued Operations - Schedule Of discontinued amount included in assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets of discontinued operation
Accounts receivable, net	$ 336	$ 542
Inventory	0	5,002
Prepaid expenses and other current assets	449	609
Total current assets of discontinued operation	785	6,153
Non-current assets of discontinued operation
Property and equipment, net	695	4,946
Intangible assets, net	0	21,678
Total non-current assets of discontinued operation	695	26,624
Total assets of discontinued operation	1,480	32,777
Current liabilities of discontinued operation
Accounts payable	730	378
Accrued expenses and other current liabilities	365	2,154
Current portion of contingent consideration	9,203	6,416
Total current liabilities of discontinued operation	10,298	8,948
Non-current liabilities of discontinued operation
Long-term portion of contingent consideration	10,697	17,446
Total non-current liabilities of discontinued operation	10,697	17,446
Total liabilities of discontinued operation	$ 20,995	$ 26,394

Discontinued Operations - Sch_2

Discontinued Operations - Schedule of discontinued operations in the consolidated statements of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Revenue, net	$ 1,269	$ 1,080
Operating expenses:
Cost of sales	7,009	2,445
Research and development	687	476
Selling, general and administrative	9,406	22,385
Amortization of intangible assets	1,997	2,576
Change in contingent consideration valuation	(2,761)	(33,312)
Loss on impairment of property and equipment	4,157
Loss on impairment of intangible asset	19,681
Total operating expenses	40,176	(5,430)
Operating (loss) income from discontinued operation	(38,907)	6,510
Other expense:
Other expense, net	316	(25)
Net income (loss) from discontinued operation	$ (38,591)	$ 6,485

Discontinued Operations (Additi

Discontinued Operations (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Intangible asset, useful life	10 years
Loss on impairment of property and equipment	$ 4,157
Impairment loss	$ 19,681

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total cash equivalents	$ 2,241	$ 10,110
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total cash equivalents	2,241	10,110
Liabilities:
Warrants
Liabilities
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Mutual Funds
Assets:
Total cash equivalents	2,241	10,110
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Total cash equivalents
Liabilities:
Warrants
Liabilities
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Money Market Mutual Funds
Assets:
Total cash equivalents
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Total cash equivalents
Liabilities:
Warrants		7
Liabilities		7
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Money Market Mutual Funds
Assets:
Total cash equivalents

Cash Equivalents - Summary of C

Cash Equivalents - Summary of Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash And Cash Equivalents [Line Items]
Amortized Cost	$ 2,241	$ 10,110
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	2,241	10,110
Money Market Mutual Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost	2,241	10,110
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	$ 2,241	$ 10,110

Cash Equivalents - Additional I

Cash Equivalents - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash equivalents maturities period	1 month	1 month

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 472	$ 672
Less: accumulated depreciation	463	603
Property, plant and equipment, net	9	69
Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	166	196
Furniture, Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	306	465
Manufacturing and Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 0	$ 11

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 51	$ 77

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating leases with remaining lease term	5 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	5 years
Operating lease, weighted average discount rate percent	23%
Cash paid for amounts included in measurement of lease liabilities	$ 326	$ 348

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Future Lease Payments for Non-Cancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 330
2024	278
2025	278
2026	287
2027	295
Total lease payments	1,468
Less imputed interest	(652)
Total operating lease liability	$ 816

Leases - Schedule of Components

Leases - Schedule of Components Least Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 285	$ 330
Short-term lease cost	139	192
Total lease cost	$ 424	$ 522

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,997	$ 2,576

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll and related costs	$ 656	$ 1,714
Professional and consulting fees	789	940
Other research and development costs	593	156
Interest payable	94	116
Other	232	460
Accrued expenses and other current liabilities	$ 2,364	$ 3,386

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Employee
Payables and Accruals [Abstract]
Number of positions reduced | Employee	17
Severance cost | $	$ 1,733
Accrued Severance | $	$ 518
Restructuring and Related Cost, Number of Positions Eliminated | Employee	17

Debt - Schedule of Components o

Debt - Schedule of Components of Carrying Value of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Paycheck Protection Program Loan	$ 2,244	$ 0
Credit Agreement	10,000	10,000
Unamortized deferred issuance costs	(828)	(1,583)
Exit fee accretion	191	114
Total debt	7,119	8,531
Current portion of long-term debt, net	5,600	2,222
Long-term debt, net	$ 1,519	$ 6,309

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

12 Months Ended

May 31, 2023

Apr. 03, 2023

Mar. 01, 2023

May 29, 2020

Jan. 31, 2023

Aug. 31, 2022

Feb. 28, 2023

Dec. 06, 2022

Nov. 30, 2022

Feb. 28, 2023

Feb. 28, 2023

Dec. 31, 2022

Dec. 31, 2021

Jan. 30, 2023

Oct. 24, 2022

Sep. 01, 2022

Aug. 01, 2022

May 17, 2022

May 31, 2021

Feb. 28, 2021

Debt Instrument [Line Items]

Gain on extinguishment of debt

$ 0

$ (1,553)

Principal amount

$ 500

Exercise price of warrants

$ 5.99375

$ 26.25

$ 60.75

$ 1,190

$ 2,240

Change in warrant valuation

(7)

(58)

MAM Eagle Lender, LLC

Debt Instrument [Line Items]

Principal amount

$ 500

Credit Agreement

Debt Instrument [Line Items]

additional payment of principal

$ 500

$ 300

300

Line of credit facility, maximum principal amount

$ 50,000

$ 0

Line of credit facility, drawn on or before date

May 29, 2025

Term loan, interest rate

13.50%

Term loan, frequency of payments

month

Term loan, extended expiration date

May 29, 2026

EBITDA

$ 10,000

Amortization period

36 months

Term loan, exit fee due, principal amount advanced by lenders

$ 700

Term loan, exit fees

700

Exit fee percentage

2.50%

Cash covenant

$ 4,000

$ 3,000

$ 4,500

Current outstanding loan balance

$ 250

Financial covenants, minimum liquidity requirement

5,000

Debt issuance costs

1,496

Change in warrant valuation

$ 1,423

Effective interest rate

31.77%

Debt issuance cost amortization

$ 960

$ 844

Credit Agreement | Agent Member

Debt Instrument [Line Items]

amendment fee

5

Credit Agreement | Lender Member

Debt Instrument [Line Items]

amendment fee

$ 200

Credit Agreement | MAM Eagle Lender, LLC

Debt Instrument [Line Items]

Percentage of cash used to repay outstanding under the credit agreement

30%

Cash covenant

$ 3,000

$ 4,500

$ 2,225

$ 3,000

$ 4,500

Financial covenants, minimum liquidity requirement

$ 3,000

Financial covenants minimum liquidity requirement increased amount

$ 5,000

Credit Agreement | MAM Eagle Lender, LLC | Common Stock

Debt Instrument [Line Items]

Warrants issued to purchase shares of common stock

376

Exercise price of warrants

$ 6,426

Warrants expiration 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%

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%

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

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands		1 Months Ended		3 Months Ended			12 Months Ended
	Apr. 10, 2015 USD ($)	Feb. 29, 2020 USD ($) Milestonepayment	Jun. 30, 2017 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2022 USD ($)
Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Amount of royalty payments due or payable							$ 0
U.S | Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Regulatory approval and commercialization milestones			$ 5,000
European | Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Regulatory approval and commercialization milestones			3,000
Minimum | Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Cost maintenance			70
Maximum | Executive Officer
Supply Commitment [Line Items]
Aggregate annual base salaries of employment agreement							$ 927
Maximum | Cornell University | Neuromuscular Blocking Agents License Agreement
Supply Commitment [Line Items]
Cost maintenance			$ 125
Recro | Alkermes Transaction
Supply Commitment [Line Items]
Collaborative arrangements, milestone payments upon achievement of regulatory and sales milestones	$ 140,000
Recro | Alkermes Transaction | Regulatory Approval and Net Sales Milestones [Member]
Supply Commitment [Line Items]
Collaborative arrangements, milestone payments upon achievement of regulatory and sales milestones	$ 60,000
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	$ 5,000
Business Acquisition Contingent Consideration Second Milestone Payments				$ 1,200
Recro | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Maximum royalty payment percentage							30%
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
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
Business acquisition, contingent consideration, number of equal annual milestone payments | Milestonepayment		7
Business acquisition, contingent consideration, equal annual milestone payments		$ 6,400
Recro | Minimum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Royalty payment percentage							10%
Recro | Maximum | Alkermes Plc | Amendment to Purchase and Sale Agreement | Alkermes Transaction | Contingent Consideration, Fourth Component
Supply Commitment [Line Items]
Royalty payment percentage							12%

Capital Structure - Additional

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

1 Months Ended

12 Months Ended

Jan. 31, 2023

Dec. 06, 2022

Dec. 02, 2022

Sep. 01, 2022

Aug. 24, 2022

May 17, 2022

Mar. 01, 2022

Dec. 29, 2021

Dec. 28, 2021

May 31, 2021

Feb. 28, 2021

Jan. 21, 2021

Dec. 21, 2020

Oct. 19, 2020

May 29, 2020

Nov. 21, 2019

Nov. 15, 2019

Oct. 03, 2022

Dec. 31, 2022

Dec. 31, 2021

Sep. 30, 2022

Sep. 29, 2022

Sep. 19, 2022

Feb. 28, 2022

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

$ 0.01

Proceeds from a direct offering, net of transaction costs

$ 3,658,000

$ 16,187,000

$ 18,637,000

$ 0

Management Fee Percentage

1%

1%

1%

1%

1%

Underwriter cash fee

$ 3,916,000

$ 5,044,000

$ 1,720,000

$ 7,000

Exercise of warrants

961,787

Warrant to purchase of common stock

2,469

Exercise price of warrants

$ 130

Public offering price for pre-funded warrant

$ 113,600

Common stock in direct offering

10,021

7,857

Partially exercised additional warrants purchase

2,847

Placement agents cash fee percentage

6%

6%

6%

7%

Management fee percentage

1%

1%

1%

1%

1%

Preferred stock, shares authorized

10,000,000

10,000,000

Preferred stock, par value

$ 0.01

$ 0.01

Preferred stock, shares issued

0

8,289

Preferred stock, shares outstanding

0

8,289

Preferred stock, converted to common stock, shares

34,000

Right to cast votes per share

The Preferred Stock have no voting rights, other than the right to vote as a class on certain matters, and each share of Preferred Stock will have the right to cast 125,000 votes per share of Preferred Stock on an amendment to the Company’s Amended and Restated Articles of Incorporation

Common stock, shares issued

1,623,913

70,181

Warrants expiration date

Dec. 02, 2027

Aug. 29, 2027

May 17, 2027

Proceeds from issuance of warrants

$ 4,328,000

$ 8,791,000

Increase in fair value of warrants

$ (7,000)

$ (58,000)

Exercise price of warrants

$ 5.99375

$ 26.25

$ 60.75

$ 1,190

$ 2,240

Beneficial conversion charge

$ 2,422,000

Warrants offering price, percentage

125%

January Warrants

Schedule Of Capitalization Equity [Line Items]

Offering price of warrant

$ 175

Warrant to purchase of common stock

7,358

Warrant to purchase of common stock

7,358

Offering price of pre-funded warrant

$ 175

Exercise price of warrants

2,240

$ 4.5

May Warrants

Schedule Of Capitalization Equity [Line Items]

Proceeds from a direct offering, net of transaction costs

$ 10,861,000

Common Stock at a combined offering price

$ 48.6

Common stock in public offering

41,152

Warrant to purchase of common stock

10,021

Conversion of stock, shares

41,152

Warrant to purchase of common stock

4,008

Exercise price of warrants

$ 43.6

$ 1,260

$ 23.924

MAM Eagle Lender, LLC

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

376

Exercise price of warrants

$ 6,426

Series B Preferred Stock

Schedule Of Capitalization Equity [Line Items]

Common stock, par value

$ 0.01

Preferred stock, par value

$ 0.01

Preferred stock, shares issued

20,003.745

Right to cast votes per share

1,000,000

Series B Pre-funded Warrants

Schedule Of Capitalization Equity [Line Items]

Common Stock at a combined offering price

$ 20.6

Warrant to purchase of common stock

106,607

Exercise price of warrants

0.4

Exercise price of warrants

$ 0.01

May Placement Agent Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

601

Exercise price of warrants

$ 1,487.5

September 2022 Series A1 Warrants

Schedule Of Capitalization Equity [Line Items]

Common stock, par value

$ 0.01

Common stock in public offering

188,872

Warrant to purchase of common stock

188,872

September 2022 Series A2 Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

106,607

Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Common Stock at a combined offering price

4.795

$ 21

Warrant to purchase of common stock

188,872

Exercise price of warrants

4.5

$ 21

Series B Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

15

December 2021 Placement Agent Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

724

Exercise price of warrants

$ 448

December 2021 Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

9,062

Exercise price of warrants

$ 1,652

March 2022 Warrants

Schedule Of Capitalization Equity [Line Items]

Offering price of warrant

$ 114

Warrant to purchase of common stock

87,719

Additional warrants to purchase of common stock

13,158

Exercise price of warrants

0.4

Common stock in direct offering

45,791

Pre-funded warrants to purchase of common stock

41,929

Warrants issued to purchase shares of common stock

13,158

Offering price of pre-funded warrant

$ 114

January Placement Agent Warrants

Schedule Of Capitalization Equity [Line Items]

Exercise price of warrants

$ 2,800

January Placement Agent Warrants | January Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

441

January Placement Agent Warrants | December Series A Warrant

Schedule Of Capitalization Equity [Line Items]

Percentage of cash fee on gross proceeds

6%

Percentage of management fee on gross proceeds

1%

February Placement Agent Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

471

Exercise price of warrants

$ 2,800

December 2022 Series A-3 Warrants

Schedule Of Capitalization Equity [Line Items]

Common stock, par value

$ 0.01

Common stock in public offering

54,787

Warrant to purchase of common stock

54,787

December 2022 Series A-4 Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

54,787

Series A-3 Pre-funded Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

988,000

Series A-4 Pre-funded Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

988,000

Series C Pre-funded Warrants

Schedule Of Capitalization Equity [Line Items]

Common Stock at a combined offering price

$ 4.785

Warrant to purchase of common stock

988,000

Exercise price of warrants

$ 0.01

Underwriter Warrants

Schedule Of Capitalization Equity [Line Items]

Underwriter warrant purchase of common stock

5,263

Exercise price of warrants

$ 142.5

Warrant Exchange Agreements

Schedule Of Capitalization Equity [Line Items]

Common stock, shares issued

848

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

$ 14

Warrant Exchange Agreements | March Series B Warrants

Schedule Of Capitalization Equity [Line Items]

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 Amendment Agreements

Schedule Of Capitalization Equity [Line Items]

Exercise of warrants

2,875

Proceeds from issuance of warrants

$ 69,000

Increase in fair value of warrants

$ 1,151,000

Warrant Amendment Agreements | Series A Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

7,234

Exercise price of warrants

$ 1,680

Warrant Amendment Agreements | Series A Warrants One

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

7,358

Exercise price of warrants

$ 2,240

Warrant Amendment Agreements | Series A Warrants Two

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

10,021

Exercise price of warrants

$ 1,260

Warrant Amendment Agreements | Series A Warrants Three

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

9,062

Exercise price of warrants

$ 448

Warrant Amendment Agreements | Existing Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

88,615

Exercise price of warrants

$ 23.92

Exercise price of warrants

$ 130

December Warrant Amendment Agreement

Schedule Of Capitalization Equity [Line Items]

Warrants expiration date

Dec. 06, 2027

Increase in fair value of warrants

$ 746,000

December Warrant Amendment Agreement | December Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

7,234

Exercise price of warrants

$ 23.92

December Warrant Amendment Agreement | December Warrants One

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

7,358

Exercise price of warrants

$ 23.92

December Warrant Amendment Agreement | December Warrants Two

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

6,013

Exercise price of warrants

$ 23.92

December Warrant Amendment Agreement | December Warrants Three

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

5,143

Exercise price of warrants

$ 23.92

December Warrant Amendment Agreement | December Warrants Four

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

48,246

Exercise price of warrants

$ 23.92

December Warrant Amendment Agreement | December Series A-1 Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

14,404

Exercise price of warrants

$ 43.6

December Warrant Amendment Agreement | December Series A-2 Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

142,858

Exercise price of warrants

$ 21

December Warrant Amendment Agreement | December Existing Warrants

Schedule Of Capitalization Equity [Line Items]

Warrant to purchase of common stock

142,858

Exercise price of warrants

$ 4.5

Exercise price of warrants

$ 21

Recro

Schedule Of Capitalization Equity [Line Items]

Issuance of common stock

6,712

Recro | Separation Agreement

Schedule Of Capitalization Equity [Line Items]

Right to receive common stock

1

Number of shares held for distribution of new shares

2.5

H C Wainwright and Co LLC

Schedule Of Capitalization Equity [Line Items]

Management Fee Percentage

1%

1%

Placement agents cash fee percentage

7%

7%

7%

Management fee percentage

1%

1%

Warrants issued to purchase shares of common stock

62,567

17,728

Series A Preferred Stock

Schedule Of Capitalization Equity [Line Items]

Preferred stock, par value

$ 0.01

Preferred stock, shares issued

42,289.3

Preferred stock, converted to common stock

$ 12,083,000

Preferred stock, conversion price

$ 350

Preferred stock value per share

100%

Capital Structure - Schedule of

Capital Structure - Schedule of Warrants Outstanding to Purchase Shares Common Stock Liability (Details) - $ / shares	Dec. 31, 2022	Dec. 06, 2022	Sep. 01, 2022	May 17, 2022	May 31, 2021	Feb. 28, 2021	Jan. 21, 2021
Schedule Of Capitalization Equity [Line Items]
Exercise price of warrants		$ 5.99375	$ 26.25	$ 60.75	$ 1,190	$ 2,240
March Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	15
Exercise price of warrants	$ 14
Warrants expiration date	Mar. 26, 2025
MAM Eagle Lender Warrant
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	376
Exercise price of warrants	$ 6,426
Warrants expiration date	May 29, 2027
November Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	7,234
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
November Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	433
Exercise price of warrants	$ 2,073.75
Warrants expiration date	Nov. 24, 2025
December Placement Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	441
Exercise price of warrants	$ 2,038.75
Warrants expiration date	Dec. 18, 2025
January Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	7,358
Exercise price of warrants	$ 4.5						$ 2,240
Warrants expiration date	Dec. 06, 2027
January Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	441
Exercise price of warrants	$ 2,800
Warrants expiration date	Jan. 21, 2026
February Placements Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	471
Exercise price of warrants	$ 2,800
Warrants expiration date	Feb. 08, 2026
May Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	4,008
Exercise price of warrants	$ 23.924			$ 43.6	$ 1,260
Warrants expiration date	Jun. 01, 2027
May Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	6,013
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
May Placements Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	601
Exercise price of warrants	$ 1,487.5
Warrants expiration date	May 31, 2026
December 2021 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	3,918
Exercise price of warrants	$ 23.924
Warrants expiration date	Jun. 27, 2027
December 2021 Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	5,143
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
December 2021 Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	724
Exercise price of warrants	$ 448
Warrants expiration date	Dec. 27, 2026
March 2022 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	1,952
Exercise price of warrants	$ 130
Warrants expiration date	Mar. 01, 2027
March 2022 Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	37,492
Exercise price of warrants	$ 23.924
Warrants expiration date	Mar. 01, 2027
March 2022A Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	48,246
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
March 2022 Underwriter Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	5,263
Exercise price of warrants	$ 142.5
Warrants expiration date	Feb. 24, 2027
May 2022 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	26,748
Exercise price of warrants	$ 43.6
Warrants expiration date	May 19, 2027
May 2022 Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	14,404
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
May 2022 Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	2,469
Exercise price of warrants	$ 60.752
Warrants expiration date	May 17, 2027
August 2022 Series A-1 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	152,612
Exercise price of warrants	$ 21
Warrants expiration date	Sep. 01, 2027
August 2022 Series A-1 Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	142,858
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
August 2022 Series A-2 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	152,612
Exercise price of warrants	$ 21
Warrants expiration date	Oct. 02, 2023
August 2022 Series A-2 Warrants, repriced
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	142,858
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
August 2022 Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	17,728
Exercise price of warrants	$ 26.25
Warrants expiration date	Aug. 29, 2027
December 2022 Series A-3 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	1,042,787
Exercise price of warrants	$ 4.5
Warrants expiration date	Dec. 06, 2027
December 2022 Series A-4 Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	961,787
Exercise price of warrants	$ 4.5
Warrants expiration date	Jan. 08, 2024
December 2022 Placement Agent Warrants
Schedule Of Capitalization Equity [Line Items]
Warrant to purchase of common stock	62,567
Exercise price of warrants	$ 5.99375
Warrants expiration date	Dec. 02, 2027

Capital Structure - Summary of

Capital Structure - Summary of Fair Value Assumptions Black Scholes Option Pricing Model (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value	$ 0
Remaining contractual term	2 years 2 months 26 days
Expected Dividend Yield
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs	0
Expected Volatility | Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs	76.92
Risk Free Interest Rates | Series A Warrants
Schedule Of Capitalization Equity [Line Items]
Fair value measurement warrant inputs	4.41

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 11, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, cancelled	1,105	388
Number of options, outstanding	1,939	3,044	1,577
Stock-based compensation	$ 1,289	$ 3,595
Aggregate intrinsic value of unvested options	$ 0
Employee [Member] | Discontinued Operations [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, cancelled	801	219
Number of options, outstanding	194	995
Number of options, Granted		409
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		$ 735.69
Stock Options Granted Outside 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted	47
Time-based RSUs Granted Outside 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units granted	4
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	$ 1,052
Time Based Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units granted	12,519
Unrecognized compensation expense related to unvested options, weighted average period	1 year 1 month 6 days
Time Based Restricted Stock | Employee [Member] | Discontinued Operations [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units granted	2,348	87
Number of restricted stock units vested and settled	550	182
Number of restricted stock units cancelled	1,910	49
Number of restricted stock units outstanding		112
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant	31,581			2,142
Percentage of outstanding common stock	5%
Increase in share per "Evergreen" provision	25,004
Shares available for future grants	27,997
Unrecognized compensation expense related to unvested options and time-based RSUs, expected to vest	$ 450

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	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option life	5 years 7 months 6 days
Expected volatility	74.47%
Risk-free interest rate	1%
Expected dividend yield	0%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of shares, beginning balance	3,044	1,577
Number of shares, Granted		1,855
Number of shares, Expired/forfeited/cancelled	(1,105)	(388)
Number of shares, ending balance	1,939	3,044	1,577
Number of shares, Vested	1,466
Number of shares, Vested and expected to vest	1,939
Weighted average exercise price, beginning balance	$ 3,043.71	$ 4,353.98
Weighted average exercise price, Granted		1,815.58
Weighted average exercise price, Granted, Expired/forfeited/cancelled	2,197.62	2,497.63
Weighted average exercise price, ending balance	3,525.88	$ 3,043.71	$ 4,353.98
Weighted average exercise price, Vested	3,537.21
Weighted average exercise price, Vested and expected to vest	$ 3,525.88
Weighted average remaining contractual life	6 years 6 months	8 years 7 months 6 days	9 years 1 month 6 days
Weighted average remaining contractual life, Vested	6 years
Weighted average remaining contractual life, Vested and expected to vest	6 years 6 months

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance	952	647
Weighted average grant date fair value, beginning balance	$ 2,552.69	$ 5,418.52
Number of shares, Granted	12,519	886
Weighted average grant date fair value, Granted	$ 30.43	$ 1,439.81
Number of shares, Vested and settled	(887)	(501)
Weighted average grant date fair value, vested and settled	$ 1,314.11	$ 4,254.54
Number of shares, Expired/forfeited/cancelled	(1,973)	(80)
Weighted averagegrant date fair value, Expired/forfeited/cancelled	$ 205.75	$ 2,747.06
Number of shares, ending balance	10,611	952
Weighted average grant date fair value, ending balance	$ 116.81	$ 2,552.69
Number of shares, Expected to vest	10,233

Income Taxes - Components of Lo

Income Taxes - Components of Loss Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (20,204)	$ (26,254)
Loss before income taxes	$ (20,204)	$ (26,254)

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0
State and local	0	0
Foreign	0	0
Current income tax expense benefit	0	0
Deferred:
Federal	(4,087)	(5,540)
State and local	(2,056)	(981)
Foreign
Deferred income tax expense benefit	(6,143)	(6,521)
Change in valuation allowance	6,143	6,521
Income tax benefit

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory U.S. Federal Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%	21%
State taxes, net of federal benefit	10.20%	3.70%
Nondeductible expenses	(0.70%)	0.60%
Change in valuation allowance	(30.40%)	(24.80%)
Other	(0.10%)	(0.50%)
Effective income tax rate

Income Taxes - Schedule of Tax

Income Taxes - Schedule of Tax Effects of Temporary Differences to Significant Portions of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 18,845	$ 11,367
Intangibles
Contingent consideration
Stock-based compensation	881	794
Inventory reserve
Right-of-use asset	(241)	(63)
Asset impairment
Fixed assets	58	34
Capitalized research	746
Other temporary differences	299	500
Gross deferred tax asset	21,070	12,758
Valuation allowance	(20,769)	(12,479)
Net deferred tax asset	301	279
Deferred tax liabilities:
Prepaid expenses	(70)	(224)
Operating lease liability	(231)	(55)
Deferred tax liabilities	(301)	(279)
Net deferred taxes

Income Taxes - Summary of Feder

Income Taxes - Summary of Federal Net Operating Losses and Tax Credits Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating losses, Expiration period	state net operating loss carryforwards may be further limited, including in Pennsylvania, which has a limitation of 40% of taxable income after modifications and apportionment on state net operating losses utilized in any one year during tax years beginning 2019 going forward. The Company has not conducted an IRS Section 382 study for the year ended December 31, 2022.
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 58,906
Net operating losses, Expiration period	No expiration
State
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 58,409
Net operating losses, Expiration period start	2025
Net operating losses, Expiration period end	2042

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Operating loss and research and development tax credit carryforwards percentage of change in ownership	50%
Operating loss and research and development tax credit carryforwards percentage of change in ownership period	3 years
Percentage of limitation on taxable income after modification and apportionment	40%
Net operating loss carryforwards, limitation	state net operating loss carryforwards may be further limited, including in Pennsylvania, which has a limitation of 40% of taxable income after modifications and apportionment on state net operating losses utilized in any one year during tax years beginning 2019 going forward. The Company has not conducted an IRS Section 382 study for the year ended December 31, 2022.
Accrued interest or penalties related to uncertain tax positions	$ 0
Recognized amounts of interest or penalties related to uncertain tax positions	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022
Societal CDMO
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of company's matching contribution with respect to each participant's contribution	100%
Company matching contributions to maximum employees eligible compensation	5%
Total company contributions to 401 (k) plan	$ 186	$ 292