Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 05, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | HARMONY BIOSCIENCES HOLDINGS, INC. | |
Entity Central Index Key | 0001802665 | |
Entity Tax Identification Number | 82-2279923 | |
Entity File Number | 001-39450 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 630 W. | |
Entity Address, Address Line Two | Germantown Pike | |
Entity Address, Address Line Three | Suite 215 | |
Entity Address, City or Town | Plymouth Meeting | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19462 | |
City Area Code | 484 | |
Local Phone Number | 539-9800 | |
Title of 12(b) Security | Common Stock, par value $0.00001 value per share | |
Trading Symbol | HRMY | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 57,008,474 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 159,686 | $ 228,631 |
Trade receivables, net | 31,196 | 22,176 |
Inventory, net | 4,951 | 3,823 |
Prepaid expenses | 7,322 | 6,959 |
Other current assets | 1,559 | 1,302 |
Total current assets | 204,714 | 262,891 |
NONCURRENT ASSETS: | ||
Property and equipment, net | 944 | 938 |
Restricted cash | 750 | 750 |
Intangible assets, net | 153,135 | 162,343 |
Other noncurrent assets | 152 | 152 |
Total noncurrent assets | 154,981 | 164,183 |
TOTAL ASSETS | 359,695 | 427,074 |
CURRENT LIABILITIES: | ||
Trade payables | 2,006 | 2,556 |
Accrued compensation | 6,043 | 8,942 |
Accrued expenses | 26,653 | 122,727 |
Other current liabilities | 1,893 | 314 |
Total current liabilities | 36,595 | 134,539 |
NONCURRENT LIABILITIES: | ||
Long term debt, net | 195,610 | 194,250 |
Other noncurrent liabilities | 939 | 1,105 |
Total noncurrent liabilities | 196,549 | 195,355 |
TOTAL LIABILITIES | 233,144 | 329,894 |
COMMITMENTS AND CONTINGENCIES (Note 9) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock - $0.00001 par value; 10,000,000 shares and 0 shares authorized at June 30, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | ||
Common stock—$0.00001 par value; 500,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 57,000,139 shares and 56,890,569 issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 1 | 1 |
Additional paid in capital | 593,242 | 585,374 |
Accumulated deficit | (466,692) | (488,195) |
TOTAL STOCKHOLDERS’ EQUITY | 126,551 | 97,180 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 359,695 | $ 427,074 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 57,000,139 | 56,890,569 |
Common stock, shares outstanding | 57,000,139 | 56,890,569 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net product revenues | $ 73,821 | $ 38,005 | $ 133,495 | $ 57,845 |
Cost of product sold | 12,687 | 6,456 | 23,097 | 9,930 |
Gross profit | 61,134 | 31,549 | 110,398 | 47,915 |
Operating expenses: | ||||
Research and development | 6,498 | 4,169 | 11,177 | 7,600 |
Sales and marketing | 17,022 | 12,443 | 32,529 | 25,697 |
General and administrative | 14,302 | 7,628 | 28,848 | 15,772 |
Total operating expenses | 37,822 | 24,240 | 72,554 | 49,069 |
Operating income (loss) | 23,312 | 7,309 | 37,844 | (1,154) |
Loss on debt extinguishment | (22,639) | |||
Other income (expense), net | 4 | (400) | (15) | (1,546) |
Interest expense, net | (7,227) | (6,936) | (14,354) | (13,308) |
Income (loss) before income taxes | 16,089 | (27) | 23,475 | (38,647) |
Income taxes | (1,972) | (1,972) | ||
Net income (loss) and comprehensive income (loss) | 14,117 | (27) | 21,503 | (38,647) |
Accumulation of dividends on preferred stock | (10,446) | (20,891) | ||
Net income (loss) available to common stockholders | $ 14,117 | $ (10,473) | $ 21,503 | $ (59,538) |
EARNINGS (LOSS) PER SHARE: | ||||
Basic | $ 0.25 | $ (1.34) | $ 0.38 | $ (7.63) |
Diluted | $ 0.24 | $ (1.34) | $ 0.37 | $ (7.63) |
Weighted average number of shares of common stock - basic | 56,940,840 | 7,805,848 | 56,916,282 | 7,798,928 |
Weighted average number of shares of common stock - diluted | 58,592,876 | 7,805,848 | 58,635,195 | 7,798,928 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalSeries A Convertible Preferred Stock | Accumulated Deficit | Accumulated DeficitSeries A Convertible Preferred Stock | Accumulated DeficitSeries B Convertible Preferred Stock | Accumulated DeficitSeries C Convertible Preferred Stock |
Beginning balance at Dec. 31, 2019 | $ (422,862) | $ (422,862) | |||||||||
Convertible Preferred Stock, beginning balance, Shares at Dec. 31, 2019 | 318,510,205 | ||||||||||
Convertible Preferred Stock, beginning balance at Dec. 31, 2019 | $ 411,275 | ||||||||||
Beginning balance, shares at Dec. 31, 2019 | 7,787,470 | ||||||||||
Net income (loss) | (38,647) | (38,647) | |||||||||
Preferred stock dividend | $ (17,688) | $ (604) | $ (2,599) | $ (1,048) | $ (16,640) | $ (604) | $ (2,599) | ||||
Preferred stock accretion | (1,551) | (12) | (280) | (1,551) | (12) | (280) | |||||
Temporary equity, Preferred stock dividend | 17,688 | 604 | 2,599 | ||||||||
Temporary equity, Preferred stock accretion | $ 1,551 | $ 12 | $ 280 | ||||||||
Exercise of stock options | 251 | $ 251 | |||||||||
Exercise of stock options, Shares | 30,553 | ||||||||||
Stock-based compensation | 797 | 797 | |||||||||
Repurchase and cancellation of common units | (167) | (167) | |||||||||
Repurchase and cancellation of common shares, Shares | (12,175) | ||||||||||
Ending balance at Jun. 30, 2020 | $ (483,362) | (483,362) | |||||||||
Convertible Preferred Stock, Ending balance, Shares at Jun. 30, 2020 | 318,510,205 | 285,000,000 | 8,000,000 | 25,510,205 | |||||||
Convertible Preferred Stock, ending balance at Jun. 30, 2020 | $ 434,009 | ||||||||||
Ending balance, shares at Jun. 30, 2020 | 7,805,848 | ||||||||||
Beginning balance at Mar. 31, 2020 | $ (472,330) | (472,330) | |||||||||
Convertible Preferred Stock, beginning balance, Shares at Mar. 31, 2020 | 318,510,205 | ||||||||||
Convertible Preferred Stock, beginning balance at Mar. 31, 2020 | $ 422,642 | ||||||||||
Beginning balance, shares at Mar. 31, 2020 | 7,805,848 | ||||||||||
Net income (loss) | (27) | (27) | |||||||||
Preferred stock dividend | $ (8,844) | $ (302) | $ (1,300) | $ (529) | (8,315) | (302) | (1,300) | ||||
Preferred stock accretion | (775) | (6) | (140) | $ (775) | $ (6) | $ (140) | |||||
Temporary equity, Preferred stock dividend | 8,844 | 302 | 1,300 | ||||||||
Temporary equity, Preferred stock accretion | $ 775 | $ 6 | $ 140 | ||||||||
Exercise of stock options | 100 | 100 | |||||||||
Exercise of stock options, Shares | 12,175 | ||||||||||
Stock-based compensation | 429 | 429 | |||||||||
Repurchase and cancellation of common units | (167) | (167) | |||||||||
Repurchase and cancellation of common shares, Shares | (12,175) | ||||||||||
Ending balance at Jun. 30, 2020 | $ (483,362) | (483,362) | |||||||||
Convertible Preferred Stock, Ending balance, Shares at Jun. 30, 2020 | 318,510,205 | 285,000,000 | 8,000,000 | 25,510,205 | |||||||
Convertible Preferred Stock, ending balance at Jun. 30, 2020 | $ 434,009 | ||||||||||
Ending balance, shares at Jun. 30, 2020 | 7,805,848 | ||||||||||
Beginning balance at Dec. 31, 2020 | 97,180 | $ 1 | 585,374 | (488,195) | |||||||
Beginning balance, shares at Dec. 31, 2020 | 56,890,569 | ||||||||||
Net income (loss) | 21,503 | 21,503 | |||||||||
Exercise of stock options | $ 660 | 660 | |||||||||
Exercise of stock options, Shares | 124,461 | 109,570 | |||||||||
Stock-based compensation | $ 7,208 | 7,208 | |||||||||
Ending balance at Jun. 30, 2021 | 126,551 | $ 1 | 593,242 | (466,692) | |||||||
Ending balance, shares at Jun. 30, 2021 | 57,000,139 | ||||||||||
Beginning balance at Mar. 31, 2021 | 107,879 | $ 1 | 588,687 | (480,809) | |||||||
Beginning balance, shares at Mar. 31, 2021 | 56,892,406 | ||||||||||
Net income (loss) | 14,117 | 14,117 | |||||||||
Exercise of stock options | 648 | 648 | |||||||||
Exercise of stock options, Shares | 107,733 | ||||||||||
Stock-based compensation | 3,907 | 3,907 | |||||||||
Ending balance at Jun. 30, 2021 | $ 126,551 | $ 1 | $ 593,242 | $ (466,692) | |||||||
Ending balance, shares at Jun. 30, 2021 | 57,000,139 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 21,503 | $ (38,647) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 200 | 194 |
Intangible amortization | 9,208 | 3,693 |
Stock-based and employee stock purchase compensation expense | 7,208 | 797 |
Stock appreciation rights market adjustment | (130) | 139 |
Warrant expense | 1,584 | |
Debt issuance costs amortization | 1,361 | 680 |
Loss on debt extinguishment | 22,639 | |
Change in operating assets and liabilities: | ||
Trade receivables | (9,019) | (10,984) |
Inventory | (1,128) | (995) |
Prepaid expenses and other assets | (622) | (2,987) |
Other non-current assets | 789 | |
Trade payables | (550) | (4,287) |
Accrued expenses and other current liabilities | 2,606 | 5,456 |
Other non-current liabilities | (37) | 59 |
Net cash provided by (used in) operating activities | 30,600 | (21,870) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (205) | (2) |
Milestone and acquisition of intangible asset | (100,000) | |
Net cash used in investing activities | (100,205) | (2) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from long term debt | 200,000 | |
Debt issuance costs | (5,804) | |
Extinguishment of debt | (102,538) | |
Extinguishment of debt exit fees | (18,047) | |
Proceeds from exercised options | 660 | 251 |
Repurchase of common stock | (167) | |
Net cash provided by financing activities | 660 | 73,695 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (68,945) | 51,823 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period | 229,381 | 25,207 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period | 160,436 | 77,030 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the year for interest | 13,092 | 12,698 |
Cash paid during the year for milestones | $ 100,000 | |
Supplemental Disclosures of Noncash Investing and Financing Activities: | ||
Warrant financing | 2,359 | |
Series A Convertible Preferred Stock | ||
Supplemental Disclosures of Noncash Investing and Financing Activities: | ||
Preferred Stock accrued return | 17,688 | |
Accretion of issuance costs | 1,551 | |
Series B Convertible Preferred Stock | ||
Supplemental Disclosures of Noncash Investing and Financing Activities: | ||
Preferred Stock accrued return | 604 | |
Accretion of issuance costs | 12 | |
Series C Convertible Preferred Stock | ||
Supplemental Disclosures of Noncash Investing and Financing Activities: | ||
Preferred Stock accrued return | 2,599 | |
Accretion of issuance costs | $ 280 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. ORGANIZATION AND DESCRIPTION OF BUSINESS The Company Our operating subsidiary, Harmony Biosciences, LLC (“Harmony”), was formed on May 17, 2017. Harmony Biosciences Holdings, Inc. (the “Company”) was founded on July 25, 2017 as Harmony Biosciences II, LLC, a Delaware limited liability company, and the Company converted to a Delaware corporation named Harmony Biosciences II, Inc. on September 19, 2017. On February 3, 2020, the Company changed its name to Harmony Biosciences Holdings, Inc. The Company is a holding company and has no operations. The Company’s operations are conducted in its wholly owned subsidiary, Harmony. The Company is a commercial-stage, rare disease pharmaceutical company focused on developing and commercializing innovative therapies for patients living with rare neurological disorders who have unmet medical needs. The Company is headquartered in Plymouth Meeting, Pennsylvania. Initial Public Offering On August 21, 2020, the Company completed its initial public offering (“IPO”) of common stock, in which it sold 6,151,162 shares, including 802,325 shares pursuant to the underwriters’ over-allotment option. The shares began trading on the Nasdaq Global Market on August 19, 2020. The shares were sold at an IPO price of $24.00 per share for net proceeds of approximately $135,435, after deducting underwriting discounts and commissions and offering expenses of approximately $12,193 payable by the Company. Upon the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were automatically converted into shares of common stock and the accrued dividend payable to holders of the convertible preferred stock was paid out in shares of common stock, resulting in a total of 42,926,630 shares of common stock being issued to former holders of the Company’s convertible preferred stock. Warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for a total of 410,239 shares of common stock. Reverse Stock Split On August 11, 2020, the Company implemented a 1-for- 8.215 All references in the accompanying condensed consolidated financial statements and related notes to the number of shares of common stock, convertible preferred stock, warrants and options to purchase common stock and per share data reflect the effect of the reverse stock split. |
Liquidity and Capital Resources
Liquidity and Capital Resources | 6 Months Ended |
Jun. 30, 2021 | |
Liquidity And Capital Resources [Abstract] | |
Liquidity and Capital Resources | 2. LIQUIDITY AND CAPITAL RESOURCES The unaudited condensed On August 21, 2020, the Company received aggregate proceeds from a common stock offering of approximately $135,435, net of underwriting discounts and commissions and other estimated offering expenses (see Note 11). Additionally, on January 9, 2020, the Company received aggregate proceeds of approximately $200,000 through the loan agreement with OrbiMed Royalty & Credit Opportunities, LP. This capital raise and debt issuance has resolved the Company’s significant risks and uncertainties regarding sources of liquidity, which previously raised substantial doubt about the Company’s ability to continue as a going concern. The Company believes that its anticipated cash from operating and financing activities and existing cash and cash equivalents will enable the Company to meet its operational liquidity needs and fund its planned investing activities for the next twelve months from the date of issuance of these unaudited condensed |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed consolidated statements of operations and comprehensive income (loss) and the condensed consolidated statements of convertible preferred stock and shareholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from audited financial statements as of and for the year ended December 31, 2020. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021, and the results of its operations and its cash flows for the three and six months ended June 30, 2021 and 2020. The condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and note disclosures of the Company normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Condensed Fair Value of Financial Instruments The Company’s unaudited condensed Distinguishing Liabilities from Equity It is the Company’s policy, in general, to measure non-financial assets and liabilities at fair value on a nonrecurring basis. The instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment), which, if material, are disclosed in the accompanying footnotes. The Company measures certain assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures . ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The guidance in ASC 820 outlines a valuation framework and creates a fair value hierarchy that serves to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company maximizes the use of quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. Level 3—Valuations based on unobservable inputs and models that are supported by little or no market activity. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents and restricted cash consist of cash and, if applicable, highly liquid investments with an original maturity of three months or less when purchased, including investments in Money Market Funds. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that equal the amount reflected in the statements of cash flows. As of June 30, 2021 December 31, 2020 Cash and cash equivalents $ 159,686 $ 228,631 Restricted cash 750 750 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 160,436 $ 229,381 Amounts included in restricted cash represent those amounts required to be held as a security deposit in the form of letters of credit for the Company’s credit card program and the fleet program. Concentrations of Risk Substantially all of the Company’s cash and money market funds are held with a single financial institution. Due to its size, the Company believes this financial institution represents minimal credit risk. Deposits in this institution may exceed the amount of insurance provided on such deposits by the Federal Deposit Insurance Corporation for U.S. institutions. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company is also subject to credit risk from its trade receivables related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company extends credit to specialty pharmaceutical distribution companies within the United States. Customer creditworthiness is monitored and collateral is not required. Historically, the Company has not experienced credit losses on its accounts receivable. As of June 30, 2021, three customers accounted for 100% of gross accounts receivable; Caremark LLC (“CVS Caremark”), which accounted for 35% of gross accounts receivable; PANTHERx Specialty Pharmacy LLC (“Pantherx”), which accounted for 35% of gross accounts receivable; and Accredo Health Group, Inc. (“Accredo”), which accounted for 30% of gross accounts receivable. As of December 31, 2020, three customers accounted for 100% of gross accounts receivable; CVS Caremark, which accounted for 44% of gross accounts receivable; Pantherx, which accounted for 23% of gross accounts receivable; and Accredo, which accounted for 33% of gross accounts receivable. For the six months ended June 30, 2021, three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 37% of gross product revenues; Pantherx accounted for 35% of gross product revenues; and Accredo accounted for % of gross product revenues. For the six months ended June 30 , 2020 three customers accounted for 100 % of gross product revenues; CVS Caremark accounted for 42% of gross product revenues; Pantherx accounted for % of gross product revenues; and Accredo accounted for % of gross product revenues. The Company depends on a single source supplier for its product and active pharmaceutical ingredient. Cost of Product Sold Cost of product sold includes manufacturing and distribution costs, the cost of drug substance, FDA program fees, royalties due to third parties on net product sales, freight, shipping, handling, storage costs, and salaries of employees involved with production. The Company began capitalizing inventory upon FDA approval of WAKIX ® Recently Issued Accounting Pronouncements In February 2016, the FASB issued amended guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities in the balance sheet and disclosing key information about leasing arrangements. The new guidance clarifies the criteria for distinguishing between a finance lease and operating lease, as well as classification between the two types of leases, which is substantially unchanged from the previous lease guidance. Further, the new guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset, initially measured at the present value of the lease payments. For finance leases, a lessee should recognize interest on the lease liability separately from amortization of the right-of-use asset. For operating leases, a lessee should recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The new standard will become effective for the Company’s fiscal year ending December 31, 2021. The Company is currently assessing the impact of this amended guidance and the timing of adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) condensed 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 (a consensus of the FASB Emerging Issues Task Force) , which clarif ies and reduce s diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchang e. The amendments are effective for annual periods beginning after December 15, 2021, including interim periods within those periods with early adoption permitted. The Company is currently evaluating the impact of adopting this new accounting guidance. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. INVENTORY Inventory, net consisted of the following: As of June 30, 2021 December 31, 2020 Raw materials $ 712 $ 396 Work in process 2,361 2,660 Finished goods 2,013 941 Inventory, gross 5,086 3,997 Reserve for obsolescence (135 ) (174 ) Total inventory, net $ 4,951 $ 3,823 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible Assets | 5. INTANGIBLE ASSETS On August 15, 2019, the Company received FDA approval of WAKIX (pitolisant) for the treatment of excessive daytime sleepiness (“EDS”) in adult patients with narcolepsy. This event triggered a milestone payment of $75,000 associated with the License Agreement (discussed below) which the Company capitalized as an intangible asset and paid in November of 2019. The Company determined a useful life of 10 years for such intangible asset, and, as of June 30, 2021, the remaining useful life was 8.25 years. Prior to this event, all other milestones associated with the License Agreement were expensed through research and development as they did not meet the criteria to be recognized as an intangible asset. On October 13, 2020, the Company received notice that the FDA approved the New Drug Application (“NDA”) for WAKIX for the treatment of cataplexy in adult patients with narcolepsy. This event triggered a milestone payment of $100,000 associated with the License Agreement which the Company capitalized as an intangible asset and paid in January of 2021. The Company determined a useful life of 9 years for such intangible asset, and, as of June 30, 2021, the remaining useful life was 8.25 years. Amortization expense was $4,629 and $1,907 for the three months ended June 30, 2021 and 2020, respectively, and $9,208, and $3,693, for the six months ended June 30, 2021 and 2020 respectively, and is recorded in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss). The Company expects the future annual amortization expense for the unamortized intangible assets to be as follows: Years ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 9,285 2022 18,569 2023 18,569 2024 18,569 2025 18,569 Total $ 83,561 The gross carrying amount and net book value of the intangible assets is as follows: As of June 30, 2021 December 31, 2020 Gross Carrying Amount $ 175,000 $ 175,000 Accumulated Amortization (21,865 ) (12,657 ) Net Book Value $ 153,135 $ 162,343 |
License Agreement
License Agreement | 6 Months Ended |
Jun. 30, 2021 | |
License Agreement [Abstract] | |
License Agreement | 6. LICENSE AGREEMENT On July 28, 2017, Harmony entered into the License Agreement (“the License Agreement”) with Bioprojet Société Civile de Recherche (“Bioprojet”) whereby Harmony acquired the exclusive right to commercialize the pharmaceutical compound pitolisant for the treatment, and/or prevention, of narcolepsy, obstructive sleep apnea, idiopathic hypersomnia, and Parkinson’s disease as well as any other indications unanimously agreed by the parties in the United States and its territories. A milestone payment of $50,000 was due upon acceptance by the FDA of pitolisant’s NDA, which was achieved on February 12, 2019 and was expensed within research and development for the year ended December 31, 2019. A milestone payment of $77,000, which included a $2,000 fee that is described below, was due upon FDA approval of WAKIX (pitolisant) for treatment of EDS in adult patients with narcolepsy, which was achieved on August 14, 2019. The $2,000 payment and $75,000 milestone payment were paid in August and November 2019, respectively. In addition, a milestone payment of $102,000, which included a $2,000 fee was due upon the FDA approval of the NDA for WAKIX for the treatment of cataplexy in adult patients with narcolepsy. The $2,000 payment was paid in October 2020 and a $100,000 milestone payment was paid in January 2021. An additional $40,000 milestone payment is due to Bioprojet upon WAKIX attaining $500,000 in aggregate net sales in the United States. The License Agreement also requires sales-based milestone payments, a fixed trademark royalty and a tiered royalty, all based on net sales, which become due and payable to Bioprojet on a quarterly basis. The Company incurred $11,812 and $6,000 for the three months ended June 30, 2021 and 2020, respectively, and $21,359 and $9,277 for the six months ended June 30, 2021 and 2020, respectively, for sales-based, trademark and tiered royalties recognized as cost of product sold. As of June 30, 2021 and December 31, 2020, the Company had accrued $11,811 and $9,006, respectively, for sales-based, trademark and tiered royalties. At December 31, 2020, the Company had accrued $100,000 for the milestone payment to Bioprojet. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 7. ACCRUED EXPENSES Accrued expenses consist of the following: As of June 30, 2021 December 31, 2020 Royalties due to third parties 11,811 9,006 Rebates and other sales deductions 10,173 7,803 Selling and marketing 1,472 1,905 Research and development 1,280 2,186 Professional fees, consulting, and other services 1,067 1,081 Other expenses 850 746 Milestone payment — 100,000 $ 26,653 $ 122,727 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 8. DEBT Credit Agreements On February 28, 2019, the Company entered into a multi-draw loan agreement with CRG Servicing LLC for an aggregate of $200,000 (the “CRG Loan”), which would have matured in March 2025 As of December 31, 2019, the Company had borrowed $100,000, resulting in cash proceeds received of $94,816, net of issuance costs. The issuance costs of $5,184 were being amortized over the six-year On January 9, 2020, the Company entered into a credit agreement with OrbiMed Royalty & Credit Opportunities, LP for an aggregate amount of $200,000 (the “OrbiMed Loan”), which matures in January 2026 In addition to entering into the OrbiMed Loan, the Company extinguished the CRG Loan which required a payoff amount of $120,893 consisting of principal repayment, interest, and exit fees. In connection with extinguishment of the CRG Loan, the Company recognized a loss on extinguishment of $22,639, which included an exit fee of $18,047 and the write-off of the remaining unamortized debt issuance costs of $4,592. The loss on extinguishment of debt was recorded in loss on debt extinguishment within the Company’s condensed six-year In connection with the OrbiMed Loan, the Company issued warrants (the “Warrants”) to OrbiMed Royalty & Credit Opportunities, LP on January 9, 2020. See Note 13 for further discussion of the Warrants. Pursuant to the Warrants, OrbiMed Royalty & Credit Opportunities, LP, may purchase up to 410,239 shares of the Company’s Common Stock for an initial exercise price of $16.10 at any time from the date of execution of the Warrants through the expiration date, defined within the Warrants as the earlier of (i) January 9, 2027 and (ii) the closing date of a Corporate Reorganization. The fair value of the Warrants using the Black-Scholes option-pricing model was $2,359 at January 9, 2020. The portion of the OrbiMed Loan proceeds allocated to the warrant liability resulted in a debt discount, which is presented in the condensed The balances of the OrbiMed Loan as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Liability component - principal $ 200,000 $ 200,000 Exit fee 14,000 14,000 Unamortized debt discount associated with the exit fee, debt financing costs and discount with warrant financing (18,390 ) (19,750 ) Liability component - net carrying value $ 195,610 $ 194,250 Interest expense related to the OrbiMed Loan and CRG Loan were included in interest expense, net in the condensed Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest on principal balance $ 6,582 $ 6,681 $ 13,092 $ 12,894 Amortization of deferred financing costs 697 340 1,361 680 Total term loan interest expense $ 7,279 $ 7,021 $ 14,453 $ 13,574 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company is subject to claims and suits arising in the ordinary course of business. The Company accrues such liabilities when they are known, if they are deemed probable and can be reasonably estimated. Lease Agreements In April 2018, the Company entered into an operating lease for approximately nine thousand In June 2018, the Company entered into an operating lease for approximately fifteen thousand In December 2020, the Company entered into an operating lease for approximately thirteen thousand The terms of the lease payments provide for rental payments on a monthly basis and on a graduated scale. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. In addition, tenant improvement allowances recorded are amortized as a reduction to rent expense on a straight-line basis over the lease term. Rent expense was $217 and $353 for the three and six months ended June 30, 2021, respectively, compared to $151 and $355 for the three and six months ended June 30, 2020, respectively. The following table sets forth the lease payment obligations as of June 30, 2021, for the periods indicated below: Years ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 267 2022 875 2023 892 2024 334 2025 — Thereafter — Total $ 2,368 |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Convertible Preferred Stock | 10. CONVERTIBLE PREFERRED STOCK Upon the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were automatically converted into shares of common stock and the accrued dividend payable to holders of the convertible preferred stock was paid out in shares of common stock, resulting in a total of 42,926,630 shares of common stock being issued to former holders of the Company’s convertible preferred stock. Series A Preferred Stock On September 22, 2017, the Company issued 270,000,000 shares of Series A convertible preferred stock for a purchase price of $1.00 per share, or $270,000 in the aggregate. On January 8, 2018, the Company issued an additional 15,000,000 shares of Series A convertible preferred stock for a purchase price of $1.00 per share, or $15,000 in the aggregate. As of June 30, 2020, there were 286,000,000 Series A convertible preferred stock authorized of which 285,000,000 were issued and outstanding. Each outstanding share of Series A convertible preferred stock accrued dividends at 10% per annum of the Series A original issue price, subject to adjustment for stock splits, combinations, recapitalizations, stock dividends and similar transactions. Preferred dividends on the Series A convertible preferred stock were cumulative and were compounded annually. Series B Preferred Stock outstanding share of Series B convertible preferred stock accrue d dividends at 10 % per annum of the Series B original issue price, subject to adjustment for stock splits, combinations, recapitalizations, stock dividends and similar transactions. Preferred dividends on the Series B convertible preferred stock were cumulative and were compounded annually. Series C Preferred Stock On August 9, 2019, the Company issued 25,510,205 shares of Series C convertible preferred stock for a purchase price of $1.96 per share, or $50,000 in the aggregate. As June 30, 2020, there were 25,600,000 shares of Series C convertible preferred stock authorized, of which 25,510,205 were issued and outstanding. Each outstanding share of Series C convertible preferred stock accrued dividends at 10% per annum of the Series C original issue price, subject to adjustment for stock splits, combinations, recapitalizations, stock dividends and similar transactions. Preferred dividends on the Series C convertible preferred stock were cumulative and were compounded annually. Dividends The holders of Series A, Series B, and Series C convertible preferred stock were entitled to receive, when and if declared by the board of directors of the Company, cumulative dividends equal to a 10% per annum of Series A, Series B, and Series C convertible preferred stock. In addition, the holders of the outstanding shares of Series A, Series B, and Series C convertible preferred stock were entitled to receive, when and if declared by the board of directors of the Company, a dividend at least equal to any dividend payable on the Company’s common stock as if all convertible preferred stock had been converted to common stock. No dividends were declared as of December 31, 2019. As part of the Company’s IPO, the Company’s accrued cumulative dividend was paid out to holders of Series A, Series B, and Series C convertible preferred stock in shares of the Company’s common stock and reflects the reverse stock split in connection with the mandatory conversion of the Series A, Series B, and Series C convertible preferred stock into shares of the Company’s common stock. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity (Deficit) | 11. STOCKHOLDERS’ EQUITY (DEFICIT) Common Stock On August 11, 2020, the Company implemented a 1-for- 8.215 8.215 The holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of the Company’s stockholders. The holders of common stock do not have any cumulative voting rights. Holders of common stock are entitled to receive ratably any dividends declared by the Company’s board of directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred stock. The Company’s common stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund provisions. |
Stock Incentive Plan and Stock-
Stock Incentive Plan and Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plan and Stock-based Compensation | 12. STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION Stock Incentive Plan On August 7, 2017, the Company adopted an equity incentive plan (the “2017 Plan”). Under the 2017 Plan, directors, officers, employees, consultants, and advisors of the Company can be paid incentive compensation measured by the value of the Company’s common shares through grants of stock options, stock appreciation rights (“SARs”), or restricted stock. In connection with the Company’s IPO, the board of directors adopted, and its stockholders approved, the 2020 Incentive Award Plan (the “2020 Plan”), in order to facilitate the grant of cash and equity incentives to directors, employees (including the Company’s named executive officers) and consultants of the Company and its subsidiaries. Upon the effectiveness of the 2020 Plan, no further grants will be made under the 2017 Plan. However, the 2017 Plan will continue to govern the terms and conditions of outstanding awards granted under it. The 2020 Plan provides for the grant of stock options, including i ncentive s tock o ption s (“ ISOs ”) and n on-qualified stock options (“ NSOs ”) , SARs, restricted stock, dividend equivalents, restricted stock units (“ RSUs ”) and other stock or cash - based awards. Stock options and stock appreciation rights under the 2017 Plan and the 2020 Plan have a 10-year Changes in stock options granted under the 2017 and 2020 Plans for the six months ended June 30, 2021 is as follows: Number of Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Awards outstanding—December 31, 2020 5,210,832 $ 17.66 8.63 Awards issued 1,298,690 $ 34.90 Awards exercised (124,461 ) $ 8.22 Awards forfeited (301,278 ) $ 21.81 Awards outstanding—June 30, 2021 6,083,783 $ 21.32 8.47 Changes in SARs granted under the 2017 Plan for the three months ended June 30, 2021 is as follows: Number of Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Awards outstanding—December 31, 2020 49,294 $ 9.24 8.29 Awards issued — $ — Awards exercised — $ — Awards forfeited — $ — Awards outstanding—June 30, 2021 49,294 $ 9.24 7.79 Changes in RSUs granted under the 2020 Plan for the three months ended June 30, 2021 is as follows: Number of Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Awards outstanding—December 31, 2020 — $ — — Awards issued 60,000 $ 29.03 Awards exercised — $ — Awards forfeited — $ — Awards outstanding—June 30, 2021 60,000 $ 29.03 9.75 As of June 30, 2021 and December 31, 2020, stock awards issued under the 2017 and 2020 Plans of 1,074,133 and 987,538 common shares, respectively, were vested. The Company has elected early adoption of ASU No. 2016-09 to recognize forfeitures as they occur. As a result of the adoption, for the six months ended June 30, 2020 the Company reversed $10 out of stock-based compensation previously recorded. Value of Stock Options and SARs The Company has valued awards for each of the plans included herein using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, the Company estimates its expected stock volatility based on historical volatility of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. For SARs, the expected term is based upon the weighting of certain future events. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for the time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions used to value the awards are summarized in the following table. As of June 30, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 60.00 % 55.00 - 95.80 % Risk-free interest rate 0.66 - 1.19 % 0.32 - 0.56 % Lack of marketability discount 0.00 % 0.00 - 20.48 % Expected term (years) 4.6 - 6.3 5.4 - 6.5 Value of RSUs The fair value of RSUs is equal to the value of the Company’s common stock on the grant date. The weighted average per share fair value of awards issued under the 2017 Plan and 2020 Plan was $12.24 and $10.06 on June 30, 2021 and December 31, 2020, respectively. Stock-based compensation expense, net for the three and six months ended June 30, 2021 and 2020, respectively, was recorded in the condensed Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development expense $ 549 $ 89 $ 969 $ 169 Sales and marketing expense 777 111 1,396 219 General and administrative expense 2,481 261 4,693 548 $ 3,807 $ 461 $ 7,058 $ 936 Options and RSUs issued under the 2017 Plan and 2020 Plan are reflected as a component of equity in these condensed Years Ending December 31, Stock Compensation Expense 2021 (excluding the six months ended June 30, 2021) $ 9,584 2022 17,682 2023 16,695 2024 15,716 2025 6,046 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s Board of Directors on April 30, 2021. The ESPP permits eligible employees to purchase shares of the Company’s common stock at a 15% discount from the lesser of the fair market value per share of the Company’s common stock on the first day of the offering period or the fair market value of the Company’s common stock on the purchase date. Funds are collected from employees through after-tax payroll deductions. The total number of shares reserved for issuance under the ESPP was initially 629,805. It is intended that the ESPP meet the requirements for an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. For the three and six months ended June 30, 2021, there were no shares issued under the ESPP, respectively. The discount on the ESPP for the three and six months ended June 30, 2021 is nominal. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | 13. WARRANTS In connection with the OrbiMed Loan, the Company issued Warrants to OrbiMed Royalty & Credit Opportunities, LP on January 9, 2020. Pursuant to the Warrants, OrbiMed Royalty & Credit Opportunities, LP, may purchase up to 410,239 shares of the Company’s Common Stock for an initial exercise price of $16.10 at any time from the date of execution of the Warrants through the expiration date, defined within the Warrants as the earlier of (i) January 9, 2027 and (ii) the closing date of a Corporate Reorganization. The fair value of the Warrants using the Black-Scholes option-pricing model was $2,359 on January 9, 2020 and was initially recorded as a warrant liability which was included in warrant liability in the condensed condensed condensed condensed In connection with the IPO, the financial instrument underlying the warrants was converted from the Company’s Series C Preferred Stock to the Company’s Common Stock. As a result of this conversion the Warrants were re-evaluated under ASC 480 Distinguishing Liabilities from Equity and ASC 815 Derivatives and Hedging and reclassified to equity. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 14. EARNINGS PER SHARE For the three and six months ended June 30, 2020, the Company used the two-class method to compute net loss per common share because the Company has issued securities (convertible preferred stock) that entitle the holder to participate in dividends and earnings of the Company. Under this method, net income is reduced by the amount of any dividends earned and the accretion of convertible preferred stock to its redemption value during the period. The remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may share in the earnings as if all of the earnings for the period had been distributed. The total earnings allocated to common stock is then divided by the number of outstanding shares to which the earnings are allocated to determine the earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock have no obligation to fund losses. The Company has reported a net loss for the three and six months ended June 30, 2020, and the weighted average number of shares utilized for basic and diluted net loss per share attributable to common stockholders are the same for these periods because all convertible preferred stock and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact. Additionally, the fair value adjustment for the warrants was excluded from the computation of diluted net loss for the three and six months ended June 30, 2020 since the additional income would have an antidilutive impact. The Company has reported net income for the three and six months ended June 30, 2021. Diluted net income (loss) per common share is computed under the treasury stock method by using the weighted average number of shares of common stock outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options, stock appreciation rights, restricted stock units and warrants . In addition, the Company analyzes the potential dilutive effects of the outstanding convertible preferred stock under the ‘if-converted’ method when calculating diluted earnings per share, in which it is assumed that the outstanding convertible preferred stock converts into common stock at the beginning of the period or when issued if later. The Company reports the more dilutive of the approaches ( treasury stock or ‘if converted’) as their diluted net income per share during the period. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net income (loss) $ 14,117 $ (27 ) $ 21,503 $ (38,647 ) Accumulation of dividends on preferred stock — (10,446 ) — (20,891 ) Net income (loss) available to common shareholders $ 14,117 $ (10,473 ) $ 21,503 $ (59,538 ) Denominator Net income (loss) per common share - basic $ 0.25 $ (1.34 ) $ 0.38 $ (7.63 ) Net income (loss) per common share - diluted $ 0.24 $ (1.34 ) $ 0.37 $ (7.63 ) Weighted average number of shares of common stock - basic 56,940,840 7,805,848 56,916,282 7,798,928 Weighted average number of shares of common stock - diluted 58,592,876 7,805,848 58,635,195 7,798,928 Securities outstanding that are included in the computation above, utilizing the treasury stock method are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options, SARs, and RSUs to purchase common stock 1,461,958 — 1,511,899 — Warrants 190,078 — 207,013 — Total 1,652,036 — 1,718,912 — Potential common shares issuable upon conversion of preferred stock, exercise of stock options, and exercise of warrants that are excluded from the computation of diluted weighted-average shares outstanding as well as the warrant fair value adjustments excluded from the numerator are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options, SARs, and RSUs to purchase common stock 4,731,119 2,413,507 4,681,177 2,413,507 Convertible preferred stock — 39,141,451 — 39,141,451 Warrants 220,161 410,239 203,226 410,239 Total 4,951,280 41,965,197 4,884,403 41,965,197 Adjustment for warrants $ — $ 438 $ — $ 1,584 |
Related-party Transactions
Related-party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related-party Transactions | 15. RELATED-PARTY TRANSACTIONS The Company was party to a management agreement for professional services provided by a related party, Paragon Biosciences, LLC (“Paragon”). The related party is an entity that shares common ownership with the Company. In addition, the Chairman of the Company’s board of directors was the President and owner of the entity. The Company incurred $71 and $1,744 for the three months ended June 30, 2021 and 2020, respectively, and $142 and $3,474 for the six months ended June 30, 2021 and 2020, respectively, in management fee expense and other expenses to this related party, which are included in general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. The Company terminated the Management Services Agreement upon the consummation of its IPO. The Company is also party to a right of use agreement with the related party whereby it has access to and the right to use certain office space leased by the related party in Chicago, Illinois . In addition, the Company had participate d in certain transactions with separate related parties that also share common ownership with the Company, primarily related to combined employee health plans. As of June 30 , 2021 and Dec ember 3 1 , 2020 the amounts due to related parties included in current liabilities was $ 0 and $ 0 , respectively, and the amount in cluded in prepaid expenses and other assets was $ 0 and $ 1 , respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS On August 9, 2021, the Company entered into a Credit Agreement (the “New Credit Facility”) with Blackstone Alternative Credit Advisors LP , as administrative agent, that provides for (i) a senior secured term loan facility in an aggregate original principal amount of and (b) a senior secured delayed draw term loan facility in an aggregate principal amount up to . In connection with the New Credit Facility, on August 9, 2021, the Company also sold 1,048,951 shares of the Company’s common stock at a price per share of $28.60 for gross proceeds of . The OrbiMed Loan was repaid in full and all commitments thereunder were terminated on August 9, 2021 in connection with the execution of the New . In connection with the payment of the OrbiMed Loan, we paid an exit fee of 7.0% and a repayment premium of 4.0% of the principal amount of the OrbiMed Loan repaid. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed consolidated statements of operations and comprehensive income (loss) and the condensed consolidated statements of convertible preferred stock and shareholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from audited financial statements as of and for the year ended December 31, 2020. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements as of and for the year ended December 31, 2020, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2021, and the results of its operations and its cash flows for the three and six months ended June 30, 2021 and 2020. The condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and note disclosures of the Company normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Condensed |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s unaudited condensed Distinguishing Liabilities from Equity It is the Company’s policy, in general, to measure non-financial assets and liabilities at fair value on a nonrecurring basis. The instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment), which, if material, are disclosed in the accompanying footnotes. The Company measures certain assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures . ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The guidance in ASC 820 outlines a valuation framework and creates a fair value hierarchy that serves to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company maximizes the use of quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. Level 3—Valuations based on unobservable inputs and models that are supported by little or no market activity. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents and restricted cash consist of cash and, if applicable, highly liquid investments with an original maturity of three months or less when purchased, including investments in Money Market Funds. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that equal the amount reflected in the statements of cash flows. As of June 30, 2021 December 31, 2020 Cash and cash equivalents $ 159,686 $ 228,631 Restricted cash 750 750 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 160,436 $ 229,381 Amounts included in restricted cash represent those amounts required to be held as a security deposit in the form of letters of credit for the Company’s credit card program and the fleet program. |
Concentrations of Risk | Concentrations of Risk Substantially all of the Company’s cash and money market funds are held with a single financial institution. Due to its size, the Company believes this financial institution represents minimal credit risk. Deposits in this institution may exceed the amount of insurance provided on such deposits by the Federal Deposit Insurance Corporation for U.S. institutions. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company is also subject to credit risk from its trade receivables related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company extends credit to specialty pharmaceutical distribution companies within the United States. Customer creditworthiness is monitored and collateral is not required. Historically, the Company has not experienced credit losses on its accounts receivable. As of June 30, 2021, three customers accounted for 100% of gross accounts receivable; Caremark LLC (“CVS Caremark”), which accounted for 35% of gross accounts receivable; PANTHERx Specialty Pharmacy LLC (“Pantherx”), which accounted for 35% of gross accounts receivable; and Accredo Health Group, Inc. (“Accredo”), which accounted for 30% of gross accounts receivable. As of December 31, 2020, three customers accounted for 100% of gross accounts receivable; CVS Caremark, which accounted for 44% of gross accounts receivable; Pantherx, which accounted for 23% of gross accounts receivable; and Accredo, which accounted for 33% of gross accounts receivable. For the six months ended June 30, 2021, three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 37% of gross product revenues; Pantherx accounted for 35% of gross product revenues; and Accredo accounted for % of gross product revenues. For the six months ended June 30 , 2020 three customers accounted for 100 % of gross product revenues; CVS Caremark accounted for 42% of gross product revenues; Pantherx accounted for % of gross product revenues; and Accredo accounted for % of gross product revenues. The Company depends on a single source supplier for its product and active pharmaceutical ingredient. |
Cost of Product Sold | Cost of Product Sold Cost of product sold includes manufacturing and distribution costs, the cost of drug substance, FDA program fees, royalties due to third parties on net product sales, freight, shipping, handling, storage costs, and salaries of employees involved with production. The Company began capitalizing inventory upon FDA approval of WAKIX ® |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued amended guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities in the balance sheet and disclosing key information about leasing arrangements. The new guidance clarifies the criteria for distinguishing between a finance lease and operating lease, as well as classification between the two types of leases, which is substantially unchanged from the previous lease guidance. Further, the new guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset, initially measured at the present value of the lease payments. For finance leases, a lessee should recognize interest on the lease liability separately from amortization of the right-of-use asset. For operating leases, a lessee should recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The new standard will become effective for the Company’s fiscal year ending December 31, 2021. The Company is currently assessing the impact of this amended guidance and the timing of adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) condensed 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 (a consensus of the FASB Emerging Issues Task Force) , which clarif ies and reduce s diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchang e. The amendments are effective for annual periods beginning after December 15, 2021, including interim periods within those periods with early adoption permitted. The Company is currently evaluating the impact of adopting this new accounting guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that equal the amount reflected in the statements of cash flows. As of June 30, 2021 December 31, 2020 Cash and cash equivalents $ 159,686 $ 228,631 Restricted cash 750 750 Total cash, cash equivalents, and restricted cash shown in the statements of cash flows $ 160,436 $ 229,381 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Net | Inventory, net consisted of the following: As of June 30, 2021 December 31, 2020 Raw materials $ 712 $ 396 Work in process 2,361 2,660 Finished goods 2,013 941 Inventory, gross 5,086 3,997 Reserve for obsolescence (135 ) (174 ) Total inventory, net $ 4,951 $ 3,823 |
Intangible Assets (Table)
Intangible Assets (Table) | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Schedule of Expected Future Annual Amortization Expense for Unamortized Intangible Assets | The Company expects the future annual amortization expense for the unamortized intangible assets to be as follows: Years ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 9,285 2022 18,569 2023 18,569 2024 18,569 2025 18,569 Total $ 83,561 |
Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets | The gross carrying amount and net book value of the intangible assets is as follows: As of June 30, 2021 December 31, 2020 Gross Carrying Amount $ 175,000 $ 175,000 Accumulated Amortization (21,865 ) (12,657 ) Net Book Value $ 153,135 $ 162,343 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: As of June 30, 2021 December 31, 2020 Royalties due to third parties 11,811 9,006 Rebates and other sales deductions 10,173 7,803 Selling and marketing 1,472 1,905 Research and development 1,280 2,186 Professional fees, consulting, and other services 1,067 1,081 Other expenses 850 746 Milestone payment — 100,000 $ 26,653 $ 122,727 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Balances of OrbiMed Loan | The balances of the OrbiMed Loan as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Liability component - principal $ 200,000 $ 200,000 Exit fee 14,000 14,000 Unamortized debt discount associated with the exit fee, debt financing costs and discount with warrant financing (18,390 ) (19,750 ) Liability component - net carrying value $ 195,610 $ 194,250 |
Interest Expense Related to OrbiMed Loan and CRG Loan | Interest expense related to the OrbiMed Loan and CRG Loan were included in interest expense, net in the condensed Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest on principal balance $ 6,582 $ 6,681 $ 13,092 $ 12,894 Amortization of deferred financing costs 697 340 1,361 680 Total term loan interest expense $ 7,279 $ 7,021 $ 14,453 $ 13,574 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Lease Payment Obligations | The following table sets forth the lease payment obligations as of June 30, 2021, for the periods indicated below: Years ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 267 2022 875 2023 892 2024 334 2025 — Thereafter — Total $ 2,368 |
Stock Incentive Plan and Stoc_2
Stock Incentive Plan and Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Changes in Stock Options Granted | Changes in stock options granted under the 2017 and 2020 Plans for the six months ended June 30, 2021 is as follows: Number of Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Awards outstanding—December 31, 2020 5,210,832 $ 17.66 8.63 Awards issued 1,298,690 $ 34.90 Awards exercised (124,461 ) $ 8.22 Awards forfeited (301,278 ) $ 21.81 Awards outstanding—June 30, 2021 6,083,783 $ 21.32 8.47 |
Summary of Changes in SARs Granted under 2017 Plan | Changes in SARs granted under the 2017 Plan for the three months ended June 30, 2021 is as follows: Number of Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Awards outstanding—December 31, 2020 49,294 $ 9.24 8.29 Awards issued — $ — Awards exercised — $ — Awards forfeited — $ — Awards outstanding—June 30, 2021 49,294 $ 9.24 7.79 |
Summary of Changes in RSUs Granted under 2020 Plan | Changes in RSUs granted under the 2020 Plan for the three months ended June 30, 2021 is as follows: Number of Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Awards outstanding—December 31, 2020 — $ — — Awards issued 60,000 $ 29.03 Awards exercised — $ — Awards forfeited — $ — Awards outstanding—June 30, 2021 60,000 $ 29.03 9.75 |
Summary of Assumptions Used to Value Awards | The assumptions used to value the awards are summarized in the following table. As of June 30, 2021 December 31, 2020 Dividend yield 0.00 % 0.00 % Expected volatility 60.00 % 55.00 - 95.80 % Risk-free interest rate 0.66 - 1.19 % 0.32 - 0.56 % Lack of marketability discount 0.00 % 0.00 - 20.48 % Expected term (years) 4.6 - 6.3 5.4 - 6.5 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense, net for the three and six months ended June 30, 2021 and 2020, respectively, was recorded in the condensed Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development expense $ 549 $ 89 $ 969 $ 169 Sales and marketing expense 777 111 1,396 219 General and administrative expense 2,481 261 4,693 548 $ 3,807 $ 461 $ 7,058 $ 936 |
Summary of Future Compensation Expense | The Company will recognize compensation expense for these awards as summarized in the following table. Years Ending December 31, Stock Compensation Expense 2021 (excluding the six months ended June 30, 2021) $ 9,584 2022 17,682 2023 16,695 2024 15,716 2025 6,046 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator Net income (loss) $ 14,117 $ (27 ) $ 21,503 $ (38,647 ) Accumulation of dividends on preferred stock — (10,446 ) — (20,891 ) Net income (loss) available to common shareholders $ 14,117 $ (10,473 ) $ 21,503 $ (59,538 ) Denominator Net income (loss) per common share - basic $ 0.25 $ (1.34 ) $ 0.38 $ (7.63 ) Net income (loss) per common share - diluted $ 0.24 $ (1.34 ) $ 0.37 $ (7.63 ) Weighted average number of shares of common stock - basic 56,940,840 7,805,848 56,916,282 7,798,928 Weighted average number of shares of common stock - diluted 58,592,876 7,805,848 58,635,195 7,798,928 |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | Securities outstanding that are included in the computation above, utilizing the treasury stock method are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options, SARs, and RSUs to purchase common stock 1,461,958 — 1,511,899 — Warrants 190,078 — 207,013 — Total 1,652,036 — 1,718,912 — Potential common shares issuable upon conversion of preferred stock, exercise of stock options, and exercise of warrants that are excluded from the computation of diluted weighted-average shares outstanding as well as the warrant fair value adjustments excluded from the numerator are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options, SARs, and RSUs to purchase common stock 4,731,119 2,413,507 4,681,177 2,413,507 Convertible preferred stock — 39,141,451 — 39,141,451 Warrants 220,161 410,239 203,226 410,239 Total 4,951,280 41,965,197 4,884,403 41,965,197 Adjustment for warrants $ — $ 438 $ — $ 1,584 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 21, 2020USD ($)$ / sharesshares | Aug. 11, 2020 |
Organization And Description Of Business [Line Items] | ||
Purchase of common stock upon exercise of warrants | 410,239 | |
Reverse stock split ratio, description | 1-for-8.215 | |
Reverse stock split ratio | 0.1217 | |
Common Stock | ||
Organization And Description Of Business [Line Items] | ||
Stock issued for conversion of convertible securities | 42,926,630 | |
Common Stock | IPO | ||
Organization And Description Of Business [Line Items] | ||
Stock issued during period, shares | 6,151,162 | |
Shares issued, price per share | $ / shares | $ 24 | |
Proceeds from issuance of stock | $ | $ 135,435 | |
Underwriting discounts and commissions and offering expenses | $ | $ 12,193 | |
Common Stock | Over-Allotment Option | ||
Organization And Description Of Business [Line Items] | ||
Stock issued during period, shares | 802,325 |
Liquidity and Capital Resourc_2
Liquidity and Capital Resources - Additional Information (Details) - USD ($) $ in Thousands | Aug. 21, 2020 | Jan. 09, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Liquidity And Capital Resources [Line Items] | ||||
Accumulated deficit | $ 466,692 | $ 488,195 | ||
Cash and cash equivalents | $ 159,686 | $ 228,631 | ||
Proceeds from issuance of common stock, net | $ 135,435 | |||
OrbiMed Royalty & Credit Opportunities, LP. | ||||
Liquidity And Capital Resources [Line Items] | ||||
Aggregate proceeds from loan | $ 200,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 159,686 | $ 228,631 | ||
Restricted cash | 750 | 750 | ||
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows | $ 160,436 | $ 229,381 | $ 77,030 | $ 25,207 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Customer | Jun. 30, 2020USD ($)Customer | Dec. 31, 2020Customer | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Amortization of acquired developed technology | $ | $ 4,629 | $ 1,907 | $ 9,208 | $ 3,693 | |
Accounts Receivable | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customers | 3 | 3 | |||
Product Revenues | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customers | 3 | 3 | |||
Three Customers | Accounts Receivable | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 100.00% | 100.00% | |||
Three Customers | Product Revenues | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 100.00% | 100.00% | |||
Caremark LLC | Accounts Receivable | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 35.00% | 44.00% | |||
Caremark LLC | Product Revenues | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 37.00% | 42.00% | |||
PANTHERx Specialty Pharmacy LLC | Accounts Receivable | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 35.00% | 23.00% | |||
PANTHERx Specialty Pharmacy LLC | Product Revenues | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 35.00% | 33.00% | |||
Accredo Health Group, Inc | Accounts Receivable | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 30.00% | 33.00% | |||
Accredo Health Group, Inc | Product Revenues | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 28.00% | 25.00% |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 712 | $ 396 |
Work in process | 2,361 | 2,660 |
Finished goods | 2,013 | 941 |
Inventory, gross | 5,086 | 3,997 |
Reserve for obsolescence | (135) | (174) |
Total inventory, net | $ 4,951 | $ 3,823 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jan. 31, 2021 | Oct. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||||||||
License agreement milestone payments paid | $ 75,000 | $ 2,000 | ||||||
Useful life of intangible asset | 9 years | 10 years | ||||||
Remaining useful life | 8 years 3 months | |||||||
Amortization of acquired developed technology | $ 4,629 | $ 1,907 | $ 9,208 | $ 3,693 | ||||
Upon FDA Approval of WAKIX | ||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||
License agreement milestone payments paid | $ 100,000 | $ 2,000 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Expected Future Annual Amortization Expense for Unamortized Intangible Assets (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract] | |
2021 (excluding the six months ended June 30, 2021) | $ 9,285 |
2022 | 18,569 |
2023 | 18,569 |
2024 | 18,569 |
2025 | 18,569 |
Total | $ 83,561 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Gross Carrying Amount | $ 175,000 | $ 175,000 |
Accumulated Amortization | (21,865) | (12,657) |
Net Book Value | $ 153,135 | $ 162,343 |
License Agreement - Additional
License Agreement - Additional Information (Details) - USD ($) $ in Thousands | Aug. 14, 2019 | Jan. 31, 2021 | Oct. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 12, 2019 |
License Agreement [Line Items] | |||||||||||
License agreement, milestone payment due | $ 100,000 | ||||||||||
Licensing agreement milestone fees | $ 2,000 | ||||||||||
License agreement milestone payments paid | $ 75,000 | $ 2,000 | |||||||||
License agreement, additional milestone payment due | 102,000 | ||||||||||
Cost of product sold | $ 12,687 | $ 6,456 | $ 23,097 | $ 9,930 | |||||||
Accrued Sales Based Trademark and Royalties | 11,811 | 11,811 | $ 9,006 | ||||||||
Accrued milestone payment | 100,000 | ||||||||||
Upon Acceptance by FDA of Pitolisant’s | |||||||||||
License Agreement [Line Items] | |||||||||||
License agreement, milestone payment due | $ 50,000 | ||||||||||
Upon FDA Approval of WAKIX | |||||||||||
License Agreement [Line Items] | |||||||||||
License agreement, milestone payment due | 77,000 | ||||||||||
Licensing agreement milestone fees | $ 2,000 | ||||||||||
License agreement milestone payments paid | 100,000 | $ 2,000 | |||||||||
Sales-based, Trademark and Tiered Royalties | |||||||||||
License Agreement [Line Items] | |||||||||||
Cost of product sold | $ 11,812 | $ 6,000 | $ 21,359 | $ 9,277 | |||||||
Bioprojet | |||||||||||
License Agreement [Line Items] | |||||||||||
Accrued milestone payment | 100,000 | ||||||||||
Bioprojet | United States | |||||||||||
License Agreement [Line Items] | |||||||||||
Amount of Aggregate Net Sales Attaining | $ 500,000 | ||||||||||
Bioprojet | Attaining $500,000 Aggregate Net Sales | United States | Upon FDA Approval of WAKIX | |||||||||||
License Agreement [Line Items] | |||||||||||
License agreement, additional milestone payment due | $ 40,000 |
Accrued Expenses -Schedule of A
Accrued Expenses -Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Royalties due to third parties | $ 11,811 | $ 9,006 |
Rebates and other sales deductions | 10,173 | 7,803 |
Selling and marketing | 1,472 | 1,905 |
Research and development | 1,280 | 2,186 |
Professional fees, consulting, and other services | 1,067 | 1,081 |
Other expenses | 850 | 746 |
Milestone payment | 100,000 | |
Accrued expenses | $ 26,653 | $ 122,727 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jan. 09, 2020USD ($)$ / sharesshares | Feb. 28, 2019USD ($)Tranche | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 21, 2020shares |
Debt Instrument [Line Items] | ||||||||
Loss on debt extinguishment | $ (22,639,000) | |||||||
Purchase of common stock upon exercise of warrants | shares | 410,239 | |||||||
Fair value of warrants | $ 438,000 | 1,584,000 | ||||||
OrbiMed Royalty & Credit Opportunities, LP. | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase of common stock upon exercise of warrants | shares | 410,239 | |||||||
Warrants initial exercise price | $ / shares | $ 16.10 | |||||||
Fair value of warrants | $ 2,359,000 | $ 1,584,000 | ||||||
OrbiMed Royalty & Credit Opportunities, LP. | Warrants | ||||||||
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | $ 1,957,000 | |||||||
Multi-draw Loan Agreement | CRG Servicing LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 200,000,000 | |||||||
Maturity date | Mar. 31, 2025 | |||||||
Fixed interest rate | 12.00% | |||||||
Number of tranches | Tranche | 3 | |||||||
Percentage of interest payable in cash | 7.50% | |||||||
Percentage of Compounded interest rate | 4.50% | |||||||
Long-term Debt, Gross | $ 100,000,000 | |||||||
Cash proceeds received | 94,816,000 | |||||||
Amortized issuance costs | $ 5,184,000 | |||||||
Term of loan | 6 years | |||||||
Extinguishment of loan, amount | 120,893,000 | |||||||
Loss on debt extinguishment | 22,639,000 | |||||||
Exit fee | 18,047,000 | |||||||
Write-off of the remaining unamortized debt issuance costs | 4,592,000 | |||||||
Credit Agreement | OrbiMed Royalty & Credit Opportunities, LP. | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 200,000,000 | |||||||
Maturity date | Jan. 31, 2026 | |||||||
Long-term Debt, Gross | 200,000,000 | $ 200,000,000 | ||||||
Cash proceeds received | $ 73,313,000 | |||||||
Amortized issuance costs | $ 5,804,000 | |||||||
Term of loan | 6 years | |||||||
Variable interest rate | 2.00% | |||||||
Basis spread on variable rate | 11.00% | |||||||
Debt instrument exit fee percentage | 7.00% | |||||||
Fair value of loan | $ 257,568,000 |
Debt - Balances of OrbiMed Loan
Debt - Balances of OrbiMed Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Liability component - net carrying value | $ 195,610 | $ 194,250 |
Credit Agreement | OrbiMed | ||
Debt Instrument [Line Items] | ||
Liability component - principal | 200,000 | 200,000 |
Exit fee | 14,000 | 14,000 |
Unamortized debt discount associated with the exit fee, debt financing costs and discount with warrant financing | (18,390) | (19,750) |
Liability component - net carrying value | $ 195,610 | $ 194,250 |
Debt - Interest Expense Related
Debt - Interest Expense Related to OrbiMed Loan and CRG Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Debt issuance costs amortization | $ 1,361 | $ 680 | ||
Credit Agreement | OrbiMed and CRG | ||||
Debt Instrument [Line Items] | ||||
Interest on principal balance | $ 6,582 | $ 6,681 | 13,092 | 12,894 |
Debt issuance costs amortization | 697 | 340 | 1,361 | 680 |
Total term loan interest expense | $ 7,279 | $ 7,021 | $ 14,453 | $ 13,574 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018ft² | Apr. 30, 2018ft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020ft² | |
Loss Contingencies [Line Items] | |||||||
Rent expense | $ | $ 217 | $ 151 | $ 353 | $ 355 | |||
Northbrook, IL | |||||||
Loss Contingencies [Line Items] | |||||||
Operating lease square feet of office space | 9,000 | ||||||
Operating lease expiration month and year | 2020-01 | ||||||
Plymouth Meeting, PA | |||||||
Loss Contingencies [Line Items] | |||||||
Operating lease square feet of office space | 15,000 | 13,000 | |||||
Operating lease expiration month and year | 2024-05 | 2024-05 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Lease Payment Obligations (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 (excluding the six months ended June 30, 2021) | $ 267 |
2022 | 875 |
2023 | 892 |
2024 | 334 |
Total | $ 2,368 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - USD ($) | Aug. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Aug. 09, 2019 | Jan. 08, 2018 | Sep. 22, 2017 |
Class Of Stock [Line Items] | |||||||
Convertible preferred stock, shares outstanding | 318,510,205 | 318,510,205 | 318,510,205 | ||||
Convertible preferred stock aggregate amount | $ 434,009,000 | $ 411,275,000 | $ 422,642,000 | ||||
Preferred stock dividend declared | $ 0 | ||||||
Series A Convertible Preferred Stock | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred stock, shares authorized | 286,000,000 | ||||||
Convertible preferred stock, shares issued | 285,000,000 | 15,000,000 | 270,000,000 | ||||
Convertible preferred stock, shares outstanding | 285,000,000 | ||||||
Convertible preferred stock, purchase price | $ 1 | $ 1 | |||||
Convertible preferred stock aggregate amount | $ 15,000,000 | $ 270,000,000 | |||||
Percentage preferred stock accrued dividends | 10.00% | ||||||
Series B Convertible Preferred Stock | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred stock, shares authorized | 8,030,000 | ||||||
Convertible preferred stock, shares issued | 8,000,000 | 8,000,000 | |||||
Convertible preferred stock, shares outstanding | 8,000,000 | ||||||
Convertible preferred stock, purchase price | $ 1.25 | ||||||
Convertible preferred stock aggregate amount | $ 10,000,000 | ||||||
Percentage preferred stock accrued dividends | 10.00% | ||||||
Series C Convertible Preferred Stock | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred stock, shares authorized | 25,600,000 | ||||||
Convertible preferred stock, shares issued | 25,510,205 | 25,510,205 | |||||
Convertible preferred stock, shares outstanding | 25,510,205 | ||||||
Convertible preferred stock, purchase price | $ 1.96 | ||||||
Convertible preferred stock aggregate amount | $ 50,000,000 | ||||||
Percentage preferred stock accrued dividends | 10.00% | ||||||
Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Stock issued for conversion of convertible securities | 42,926,630 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 21, 2020USD ($)$ / sharesshares | Aug. 11, 2020 | Jun. 30, 2021 |
Class Of Stock [Line Items] | |||
Reverse stock split ratio, description | 1-for-8.215 | ||
Reverse stock split ratio | 0.1217 | ||
Preferred stock, conversion basis | 1-for-8.215 | ||
Preferred stock conversion ratio | 0.1217 | ||
Common stock, voting rights | one vote for each share | ||
Common Stock | IPO | |||
Class Of Stock [Line Items] | |||
Issuance of shares upon initial public offering | shares | 6,151,162 | ||
Shares issued, price per share | $ / shares | $ 24 | ||
Net proceeds from initial public offering | $ | $ 135,435 | ||
Underwriting discounts and commissions and offering expenses | $ | $ 12,193 | ||
Common Stock | Over-Allotment Option | |||
Class Of Stock [Line Items] | |||
Issuance of shares upon initial public offering | shares | 802,325 |
Stock Incentive Plan and Stoc_3
Stock Incentive Plan and Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense (income) | $ (10) | ||||
Weighted average per share fair value of awards issued | $ 12.24 | $ 10.06 | |||
Stock-based compensation expense | $ 3,807 | $ 461 | $ 7,058 | $ 936 | |
2017 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options contractual term | 10 years | ||||
2020 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options contractual term | 10 years | ||||
2017 and 2020 Plans | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock vested | 1,074,133 | 987,538 | |||
Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
ESPP permits eligible employees to purchase shares of common stock at discount | 15.00% | ||||
Total number of shares reserved for issuance | 629,805 | 629,805 | |||
Shares issued under the ESPP | 0 | 0 |
Stock Incentive Plan and Stoc_4
Stock Incentive Plan and Stock-based Compensation - Summary of Changes in Stock Options Granted (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Awards, Awards outstanding, Beginning balance | 5,210,832 | |
Number of Awards, Awards issued | 1,298,690 | |
Number of Awards, Awards exercised | (124,461) | |
Number of Awards, Awards forfeited | (301,278) | |
Number of Awards, Awards outstanding, Ending balance | 6,083,783 | 5,210,832 |
Weighted-Average Exercise Price, Awards outstanding, Beginning balance | $ 17.66 | |
Weighted-Average Exercise Price, Awards issued | 34.90 | |
Weighted-Average Exercise Price, Awards exercised | 8.22 | |
Weighted-Average Exercise Price, Awards forfeited | 21.81 | |
Weighted-Average Exercise Price, Awards outstanding, Ending balance | $ 21.32 | $ 17.66 |
Weighted-Average Remaining Contractual Term, Balance | 8 years 5 months 19 days | 8 years 7 months 17 days |
Stock Incentive Plan and Stoc_5
Stock Incentive Plan and Stock-based Compensation - Summary of Changes in SARs Granted under 2017 Plan (Details) - SARs Granted under 2017 Plan - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Awards, Awards outstanding, Beginning balance | 49,294 | |
Number of Awards, Awards outstanding, Ending balance | 49,294 | 49,294 |
Weighted-Average Exercise Price, Awards outstanding, Beginning balance | $ 9.24 | |
Weighted-Average Exercise Price, Awards outstanding, Ending balance | $ 9.24 | $ 9.24 |
Weighted-Average Remaining Contractual Term, Balance | 7 years 9 months 14 days | 8 years 3 months 14 days |
Stock Incentive Plan and Stoc_6
Stock Incentive Plan and Stock-based Compensation - Summary of Changes in RSUs Granted under 2020 Plan (Details) - RSUs Granted under 2020 Plan | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, Awards issued | shares | 60,000 |
Number of Awards, Awards outstanding, Ending balance | shares | 60,000 |
Weighted-Average Exercise Price, Awards issued | $ / shares | $ 29.03 |
Weighted-Average Exercise Price, Awards outstanding, Ending balance | $ / shares | $ 29.03 |
Weighted-Average Remaining Contractual Term, Balance | 9 years 9 months |
Stock Incentive Plan and Stoc_7
Stock Incentive Plan and Stock-based Compensation - Summary of Assumptions Used to Value Awards (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 60.00% | 55.00% |
Expected volatility, maximum | 95.80% | |
Risk-free interest rate, minimum | 0.66% | 0.32% |
Risk-free interest rate, maximum | 1.19% | 0.56% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Lack of marketability discount | 0.00% | 0.00% |
Expected term (years) | 4 years 7 months 6 days | 5 years 4 months 24 days |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Lack of marketability discount | 20.48% | |
Expected term (years) | 6 years 3 months 18 days | 6 years 6 months |
Stock Incentive Plan and Stoc_8
Stock Incentive Plan and Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 3,807 | $ 461 | $ 7,058 | $ 936 |
Research and Development Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 549 | 89 | 969 | 169 |
Sales and Marketing Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 777 | 111 | 1,396 | 219 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 2,481 | $ 261 | $ 4,693 | $ 548 |
Stock Incentive Plan and Stoc_9
Stock Incentive Plan and Stock-based Compensation - Summary of Future Compensation Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
2021 (excluding the six months ended June 30, 2021) | $ 9,584 |
2022 | 17,682 |
2023 | 16,695 |
2024 | 15,716 |
2025 | $ 6,046 |
Warrants - Additional Informati
Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 09, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Aug. 21, 2020 |
Class Of Warrant Or Right [Line Items] | ||||||
Purchase of common stock upon exercise of warrants | 410,239 | |||||
Fair value of warrants | $ 438 | $ 1,584 | ||||
OrbiMed Royalty & Credit Opportunities, LP. | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Purchase of common stock upon exercise of warrants | 410,239 | |||||
Warrants initial exercise price | $ 16.10 | |||||
Unamortized debt discount | $ 1,957 | $ 2,102 | ||||
Fair value of warrants | $ 2,359 | $ 1,584 | ||||
Warrants | OrbiMed Royalty & Credit Opportunities, LP. | ||||||
Class Of Warrant Or Right [Line Items] | ||||||
Fair value of the Warrants | $ 2,359 |
Earnings per Share - Summary of
Earnings per Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net income (loss) | $ 14,117 | $ (27) | $ 21,503 | $ (38,647) |
Accumulation of dividends on preferred stock | (10,446) | (20,891) | ||
Net income (loss) available to common shareholders | $ 14,117 | $ (10,473) | $ 21,503 | $ (59,538) |
Denominator | ||||
Net income (loss) per common share - basic | $ 0.25 | $ (1.34) | $ 0.38 | $ (7.63) |
Net income (loss) per common share - diluted | $ 0.24 | $ (1.34) | $ 0.37 | $ (7.63) |
Weighted average number of shares of common stock - basic | 56,940,840 | 7,805,848 | 56,916,282 | 7,798,928 |
Weighted average number of shares of common stock - diluted | 58,592,876 | 7,805,848 | 58,635,195 | 7,798,928 |
Earnings per Share - Summary _2
Earnings per Share - Summary of Securities Outstanding Included in Computation above, Utilizing Treasury Stock Method (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 1,652,036 | 1,718,912 |
Stock Options, SARs, and RSUs to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 1,461,958 | 1,511,899 |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 190,078 | 207,013 |
Earnings per Share - Summary _3
Earnings per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 4,951,280 | 41,965,197 | 4,884,403 | 41,965,197 |
Fair value of warrants | $ 438 | $ 1,584 | ||
Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 39,141,451 | 39,141,451 | ||
Stock Options, SARs, and RSUs to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 4,731,119 | 2,413,507 | 4,681,177 | 2,413,507 |
Warrants | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 220,161 | 410,239 | 203,226 | 410,239 |
Related-party Transactions - Ad
Related-party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Current Liabilities | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related parties - current | $ 0 | $ 0 | $ 0 | ||
Prepaid Expenses and Other Assets | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from related parties | 0 | 0 | $ 1 | ||
Management Services Agreement | General and Administrative Expense | |||||
Related Party Transaction [Line Items] | |||||
Management fee expense and other expenses to related party | $ 71 | $ 1,744 | $ 142 | $ 3,474 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Aug. 09, 2021 | Aug. 21, 2020 | Jan. 09, 2020 |
Subsequent Event [Line Items] | |||
Proceeds from issuance of common stock, net | $ 135,435,000 | ||
Credit Agreement | OrbiMed Royalty & Credit Opportunities, LP. | |||
Subsequent Event [Line Items] | |||
Aggregate principal amount | $ 200,000,000 | ||
Debt instrument exit fee percentage | 7.00% | ||
Subsequent Events | New Credit Facility | |||
Subsequent Event [Line Items] | |||
Proceeds from issuance of common stock, net | $ 30,000,000 | ||
Subsequent Events | Senior Secured Term Loan | New Credit Facility | |||
Subsequent Event [Line Items] | |||
Aggregate principal amount | 200,000,000 | ||
Subsequent Events | Senior Secured Delayed Draw Term Loan | New Credit Facility | |||
Subsequent Event [Line Items] | |||
Aggregate principal amount | $ 100,000,000 | ||
Subsequent Events | Credit Agreement | OrbiMed Royalty & Credit Opportunities, LP. | |||
Subsequent Event [Line Items] | |||
Debt instrument exit fee percentage | 7.00% | ||
Debt instrument repayment premium percentage | 4.00% | ||
Subsequent Events | Common Stock | New Credit Facility | |||
Subsequent Event [Line Items] | |||
Number of shares sold | 1,048,951 | ||
Shares issued, price per share | $ 28.60 |