Acura Pharmaceuticals (ACUR) 10-K 31 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 30, 2021	Jun. 30, 2020
Document And Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	ACURA PHARMACEUTICALS, INC
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	ACUR
Entity Common Stock, Shares Outstanding		22,104,668
Entity Central Index Key	0000786947
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Public Float			$ 2.6
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash	$ 413	$ 862
Royalty receivable	30	82
Collaboration revenue receivable from related party	197	78
License fee receivable from related party	400
Prepaid expenses and other current assets	139	122
Income tax receivable		34
Total current assets	1,179	1,178
Income tax receivable		34
Property, plant and equipment, net (Note 5)	484	540
Intangible asset, net (Note 3)	73	810
Total assets	1,736	2,562
Liabilities:
Accounts payable	31	237
Accrued expenses (Note 6)	631	585
Loan under CARES Act	164
Other current liabilities (Note 11)	18	29
Sales returns liability	0	223
Convertible debt to related party, net of discounts (Note 7)	6,000
Accrued interest to related party (Note 7)	678
Total current liabilities	7,522	1,074
Convertible debt to related party, net of discounts (Note 7)		6,000
Accrued interest to related party (Note 7)		229
Loan under CARES Act - non current	105
Total liabilities	7,627	7,303
Commitments and contingencies
Stockholders' deficit:
Common stock - $0.01 par value per share; 100,000 shares authorized, 21,650 and 21,300 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	216	213
Additional paid-in capital	383,097	383,042
Accumulated deficit	(389,204)	(387,996)
Total stockholders' deficit	(5,891)	(4,741)
Total liabilities and stockholders' deficit	$ 1,736	$ 2,562

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	21,650	21,300
Common stock, shares outstanding	21,650	21,300

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Royalties	$ 109	$ 372
Collaboration from related party	238	185
License fees from related party	3,000	2,100
Product sales (Note 4)	223	0
Total revenues	3,570	2,657
Expenses:
Research and development	1,781	1,505
General and administrative	2,547	1,877
Total expenses	4,328	3,382
Operating loss	(758)	(725)
Loss on debt extinguishment (Note 7)		(2,600)
Interest expense (Note 7)	(450)	(449)
Loss before provision for income taxes	(1,208)	(3,774)
Provision for income taxes	0	0
Net loss	$ (1,208)	$ (3,774)
Net loss per share:
Basic	$ (0.04)	$ (0.14)
Diluted	$ (0.04)	$ (0.14)
Weighted average number of shares outstanding:
Basic	32,320	26,720
Diluted	32,320	26,720

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2018	$ 210	$ 380,395	$ (384,222)	$ (3,617)
Balance (in shares) at Dec. 31, 2018	21,034
Net loss			(3,774)	(3,774)
Net distribution of common stock pursuant to restricted stock unit award plan	$ 3	12		15
Net distribution of common stock pursuant to restricted stock unit award plan (in shares)	266
Non-cash share-based compensation		108		108
Debt premium from debt modification		1,382		1,382
Issuance of warrant		1,145		1,145
Balance at Dec. 31, 2019	$ 213	383,042	(387,996)	(4,741)
Balance (in shares) at Dec. 31, 2019	21,300
Net loss			(1,208)	(1,208)
Net distribution of common stock pursuant to restricted stock unit award plan	$ 3	19		22
Net distribution of common stock pursuant to restricted stock unit award plan (in shares)	350
Non-cash share-based compensation		36		36
Balance at Dec. 31, 2020	$ 216	$ 383,097	$ (389,204)	$ (5,891)
Balance (in shares) at Dec. 31, 2020	21,650

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (1,208)	$ (3,774)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	56	66
Non-cash share-based compensation	36	108
Capitalized debt discount		(13)
Amortization of debt discount and deferred debt issue costs		66
Amortization of intangible asset	69	207
Loss on debt extinguishment		2,600
Impairment charge on intangible asset	668
Loss on disposal of equipment		1
Sales returns liability	(223)
Changes in assets and liabilities:
Royalty receivable	52	55
Collaboration revenue receivable from related party	(119)	(78)
License fee receivable - related party	(400)
Prepaid expenses and other current assets	(17)	44
Income taxes refundable	68	67
Accounts payable	(206)	(368)
Accrued expenses	46	(11)
Accrued interest on related party loans	449	394
Other current liabilities	10	18
Net cash used in operating activities	(719)	(618)
Cash Flows from Financing Activities:
Proceeds from distribution of RSU awards	3	14
Statutory minimum payroll withholding taxes paid on the distribution of shares pursuant to RSU awards	(2)
Proceeds from loan under CARES Act	269
Proceeds from related party loans		1,375
Net cash provided by financing activities	270	1,389
Net (decrease) increase in cash	(449)	771
Cash at beginning of year	862	91
Cash at end of year	$ 413	$ 862

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Related party loans made to Company	$ 5,000
(Loss) gain on debt extinguishment (Note 7)	(2,600)
Common stock purchase warrant issued to the related party lender	1,145
Excess fair value premium on the newly issued convertible debt	1,382
Write-off of unamortized debt discount	73
Accrued interest due on the related party loan rolled into principal under modifications	229
Interest Rate Below Market Reduction [Member]
Related party loans made to Company	650
Imputed interest on the below market rate recorded as benefit to interest income	$ 13

OPERATIONS AND SUMMARY OF SIGNI

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principal Operations Acura Pharmaceuticals, Inc., a New York corporation, and its subsidiary (the “Company”, “Acura”, “We”, “Us” or “Our”) is an innovative drug delivery company engaged in the research, development and commercialization of technologies and products intended to address safe use of medications. We have discovered and developed three proprietary platform technologies which can be used to develop multiple products. Our Limitx™Technology is intended to minimize the risks and side effects associated with overdose by retarding the release of active drug ingredients when too many tablets are accidently or purposefully ingested. Our Aversion® Technology is intended to address methods of product tampering associated with opioid abuse by incorporating gelling ingredients and irritants into tablets to discourage abuse by snorting and provide barriers to abuse by injection. Our Impede® Technology is directed at minimizing the extraction and conversion of pseudoephedrine tablets into methamphetamine. · Our Limitx Technology is in development with immediate-release tablets containing hydrocodone bitartrate and acetaminophen (also known as LTX-03) as the lead product candidate due to its large market size and its known prevalence of oral excessive tablet abuse and overdose. The technology is designed to retard the release of active opioid drug when too many tablets are accidentally or purposefully ingested by neutralizing stomach acid with buffer ingredients but deliver efficacious amounts of drug when taken as a single tablet with a nominal buffer dose. US commercialization rights to LTX-03 are licensed to Abuse Deterrent Pharma, LLC (See Note 3). · Our Aversion Technology has been licensed to Assertio Holdings Inc. or Assertio (formerly known as Zyla Life Sciences and previously as Egalet Corporation) for use in Oxaydo® Tablets (oxycodone HCl, CII), and is the first approved immediate-release oxycodone product in the United States with abuse deterrent labeling. Oxaydo is currently approved by the FDA for marketing in the United States in 5mg and 7.5mg strengths (See Note 3). · Our Impede Technology is used in Nexafed® Tablets (30mg pseudoephedrine HCl) and Nexafed® Sinus Pressure + Pain Tablets (30/325mg pseudoephedrine HCl and acetaminophen). We have licensed to MainPointe Pharmaceuticals, LLC (MainPointe), our Impede Technology in the United States and Canada to commercialize these Nexafed products (See Note 3). MainPointe subsequently assigned its interest in the license to Abuse Deterrent Pharma, LLC but continues to market the products. Basis of Presentation, Liquidity and Substantial Doubt in Going Concern The accompanying consolidated financial statements of the Company have been prepared assuming the Company will continue as a going concern and in accordance with generally accepted accounting principles in the United States of America. The going concern basis of presentation assumes that we will continue in operation one year after the date these financial statements are issued and we will be able to realize our assets and discharge our liabilities and commitments in the normal course of business. As of December 31, 2020, we had cash of $413 thousand, working capital deficit of $6.6 million and an accumulated deficit of $389 million. We had a loss from operations of $758 thousand and a net loss of $1.2 million for the year ended December 31, 2020. We have suffered recurring losses from operations and have not generated positive cash flows from operations. We anticipate operating losses to continue for the foreseeable future. On June 28, 2019, we entered into a License, Development and Commercialization Agreement with Abuse Deterrent Pharma, LLC ("AD Pharma") which was amended in October 2020 (the "AD Pharma Agreement"). AD Pharma has the right to terminate the AD Pharma Agreement for "convenience on 30 days prior written notice". Under the AD Pharma Agreement, as amended, the required monthly license payments by AD Pharma will only continue until July 2021 if AD Pharma does not exercise their right to terminate the AD Pharma Agreement. To fund further operations, we must raise additional financing or enter into license or collaboration agreements with third parties relating to our technologies or explore a variety of capital raising and other transactions to provide additional funding. No assurance can be given that we will be successful in obtaining any such financing or in securing license or collaboration agreements with third parties on acceptable terms, if at all, or if secured, that such financing or license or collaboration agreements will provide payments to the Company sufficient to fund continued operations and the Company will be required to scale back or terminate operations and/or seek protection under applicable bankruptcy laws. Delay or cessation of the Company's continuing product development efforts will have a material adverse effect on the Company's financial condition and results of operations. Whether or not AD Pharma exercises their right to terminate the AD Pharma Agreement, we need to raise additional financing or enter into license or collaboration agreements with third parties relating to our technologies. The Company's ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial markets in the United States and worldwide resulting from the ongoing COVID-19 pandemic. No assurance can be given that we will be successful in obtaining any such financing or in securing license or collaboration agreements with third parties on acceptable terms, if at all, or if secured, that such financing or license or collaboration agreements will provide payments to the Company sufficient to fund continued operations. In the absence of such financing or third-party license or collaboration agreements, the Company will be required to scale back or terminate operations and/or seek protection under applicable bankruptcy laws. An extended delay or cessation of the Company’s continuing product development efforts will have a material adverse effect on the Company’s financial condition and results of operations. AD Pharma is delinquent in remitting monthly license payments of $200 thousand for each of December, 2020 thru March, 2021 and approximately $100 thousand of reimbursable LTX-03 development expenses. Failure to make these payments are an event of default under the Agreement, as amended. AD Pharma may terminate the Agreement at any time. Additionally, if the NDA for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the Agreement and take ownership of the LIMITx intellectual property. Importantly, such failure to meet this date will be an event of default under the Company’s $6.0 million outstanding convertible debt to AD Pharma. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. Acura currently expects the submission and FDA acceptance of the NDA for LTX-03 to occur after July 31, 2021 and has notified AD Pharma of this revised timeline for NDA submission. Acura is currently in discussions with AD Pharma to amend the existing Agreement. Also, we have presented the $6.0 million convertible debt as a current liability at December 31, 2020. In view of the matters described above, management has concluded that substantial doubt exists with respect to the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. The recoverability of a major portion of the recorded asset amounts shown in the Company’s accompanying consolidated balance sheets is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its funding requirements on a continuous basis, to maintain existing financing and to succeed in its future operations. The Company’s financial statements do not include any adjustment relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. COVID-19 On January 30, 2020, the World Health Organization ("WHO") announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the "COVID-19 outbreak") and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic ("coronavirus pandemic"), based on the rapid increase in exposure globally. The coronavirus pandemic is affecting the United States and global economies. If the outbreak continues to spread, it may affect the Company's operations and those of third parties on which the Company relies, including causing disruptions in the supply of the Company's product candidates and the conduct of current and planned preclinical and clinical studies and contract manufacturing operations. We may need to limit operations or implement limitations, and may experience limitations in employee resources. There are risks that it may be more difficult to contain if the outbreak reaches a larger population or broader geography, in which case the risks described herein could be elevated significantly. The extent to which the coronavirus impacts our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. Additionally, while the potential economic impact brought by, and the duration of, the coronavirus pandemic is difficult to assess or predict, the impact of the coronavirus on the global financial markets may reduce the Company's ability to access capital, which could negatively impact the Company's short-term and long-term liquidity and the Company's ability to complete its preclinical studies on a timely basis, or at all. For example, as further discussed throughout the notes to financial statements, our contract manufacturer did delay the installation of the auxiliary manufacturing equipment needed for LTX-03 development during 2020 for several weeks due to COVID-19 risk mitigation strategies implemented in New Jersey which was needed to further our NDA application submission for LTX-03. The ultimate impact of coronavirus is highly uncertain and subject to change. The Company does not yet know the full extent of further potential delays or impacts on its business, financing, preclinical and clinical trial activities, contract manufacturing operations or the global economy as a whole. However, these effects could have a material, adverse impact on the Company's liquidity, capital resources, operations and business and those of the third parties on which we rely.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The consolidated financial statements include the accounts of our wholly-owned subsidiary, Acura Pharmaceutical Technologies Inc., after elimination of intercompany accounts and transactions. Amounts presented have been rounded to the nearest thousand, where indicated, except share and per share data. Use of Estimates Management is required to make certain estimates and assumptions in order to prepare consolidated financial statements in conformity with GAAP. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based on such periodic evaluations. Concentration of Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash, royalty receivable, collaboration revenue receivable and license fee receivable. The Company maintains deposits in federally insured financial institutions which are in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Fair Value Measurements The Company’s financial instruments consist primarily of cash, royalty, collaboration revenue and license fee receivables, trade accounts payable, and debt. The carrying amounts of these financial instruments, other than our debt, are representative of their respective fair values due to their relatively short maturities. On June 28, 2019, we restructured the $5.0 million related party loan to borrow an additional $725 thousand from Mr. Schutte, bringing the aggregate principal of the loans and accrued interest to $6.0 million, and consolidated the loans into a single promissory note, and reported the debt using fair value for the changes to the loan resulting in the recognizing a $2.6 million loss on debt extinguishment. The fair value of the $6.0 million convertible debt at December 31, 2020 has not materially changed from its valuation of fair value of $7.4 million. Share-based Compensation Expense We have several share-based compensation plans covering stock options and RSUs for our employees and directors, which are described more fully in Note 11. We measure our compensation cost related to share-based payment transactions based on fair value of the equity or liability classified instrument. For purposes of estimating the fair value of each stock option unit on the date of grant, we utilize the Black-Scholes option-pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of our common stock (as determined by reviewing our historical public market closing prices). Our accounting for share-based compensation for RSUs is based on the closing market price of our common stock on the date of grant. Our total share-based compensation expense recognized in the Company’s results of operations from both non-cash and cash-portioned instruments issued to our employees and directors comprised the following (in thousands): Year Ended December 31, 2020 2019 Research and development expense: Stock option awards $ — $ 8 RSU awards — 13 $ — $ 21 General and administrative expense: Stock option awards $ — $ 12 RSU awards 53 105 $ 53 $ 117 Total share-based compensation expense $ 53 $ 138 Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. We have no leasehold improvements. Betterments are capitalized and maintenance and repairs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation is removed from the respective accounts. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the related assets. The estimated useful lives of the major classification of depreciable assets are: Building and improvements 10 - 40 years Land and improvements 20 - 40 years Machinery and equipment 7 - 10 years Scientific equipment 5 - 10 years Computer hardware and software 3 - 10 years Intangible and Long-Lived Assets Long-lived assets such as the intangible asset and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of the assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. During the first quarter 2020 a triggering event occurred with the decline in royalty cash flows under our Collaboration and License Agreement with Assertio Holdings Inc. (See Note 3), and we performed an impairment test which indicated that the carrying value of the intangible asset was greater than the fair value. The fair value calculation of the intangible asset included significant estimates and assumptions related to the amount and timing of projected future cash flows and in the situation when the asset is determined to not be recoverable, the discount rate.The impairment test resulted in a $668 thousand impairment charge against the intangible asset, which was determined using our estimate of discounted royalty cash flows remaining under our license agreement with Assertio, and recorded a like amount to general and administrative expense. License and Collaboration Agreement Revenues The achievement of milestones under the Company’s license and collaboration agreements will be recorded as revenue during the period the milestone’s achievement becomes probable, which may result in earlier recognition as compared to the previous accounting standards. The license fee of an option product or option territory under the Company’s license and collaboration agreements will be recorded as revenue when the option is exercised and any obligations on behalf of the Company, such as to transfer know-how, has been fulfilled. The monthly license fee under the Company’s LTX-03 license and collaboration agreement will be recorded as revenue upon the fulfillment of the monthly development activities. The out-of-pocket development expenses under the license and collaboration agreements will be recorded as revenue upon the performance of the service or delivery of the material during the month. On June 28, 2019 we entered into an agreement with AD Pharma which was amended in October 2020 for the development and license of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura’s patented LIMITx ™ providing a monthly license payment of $350 thousand from AD Pharma to us for a period from inception up to April 2020 at which time the payment is $200 thousand per month through July 2021. The Company provided a price adjustment to AD Pharma in September 2020 when it was probable that the monthly license payments were being reduced from $350 thousand to $200 thousand. If the NDA filing for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the AD Pharma Agreement and take ownership of the Limitx intellectual property. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. AD Pharma does have the right to terminate the AD Pharma Agreement anytime for “convenience on 30 days prior written notice” and the license fee payments will stop. The monthly license fee from AD Pharma is non-refundable and non-creditable. A license fee is recognized as revenue each month whether or not paid by AD Pharma as we had no further requirements to earn the payment for the month (See Note 3). During 2020 and 2019 we recognized $3.0 million and $2.1 million, respectively, of license fee revenue. AD Pharma will pay directly for or reimburse Acura to the extent Acura pay’s for, all out-of-pocket development expenses under the AD Pharma agreement. Collaboration revenue is derived from reimbursement of development expenses, as under our collaboration agreement with AD Pharma, and are recognized when costs are incurred pursuant to the agreements. The ongoing research and development services being provided under the collaboration are priced at fair value based upon the reimbursement of expenses incurred pursuant to the collaboration agreement. We recognized $234 thousand and $185 thousand of collaboration revenue under the AD Pharma agreement during the years ended December 31, 2020 and 2019, respectively. Royalty Revenue We recognize revenue from royalties based on our licensees' sales of our products or products using our technologies. Royalties are sales-based royalties which are recognized as the related sales occur. These royalties were promised in exchange for a license of intellectual property. In connection with our Collaboration and License Agreement with Assertio to commercialize Oxaydo tablets we will receive a stepped royalty at percentage rates ranging from mid-single digits to double-digits based on Oxaydo net sales during each calendar year over the term of the agreement (excluding net sales resulting from any co-promotion efforts by us). We recognize royalty revenue each calendar quarter based on net sales reported to us by Assertio in accordance with the agreement. Assertio’s first commercial sale of Oxaydo occurred in October 2015. We have recorded royalties of $102 thousand and $351 thousand during the years ended December 31, 2020 and 2019, respectively. (See Note 3). In connection with the MainPointe Agreement, which occurred in March 2017, we are receiving a royalty of 7.5% on net sales of the licensed products over the term of the agreement. Such royalty shall be payable for sales made during each calendar quarter and payment will be remitted within forty-five (45) days after the end of the quarter to which it relates. We have recorded royalties of $7 thousand and $21 thousand during the years ended December 31, 2020 and 2019, respectively. (See Note 3). Deferred Debt Issuance Costs and Debt Discount Deferred debt issuance costs include costs of debt financing undertaken by the Company, including legal fees, placement fees and other direct costs of the financing. Debt discount can be incurred from value attributable to warrants issued in conjunction with the financing and/or attributable to the below market rate element of the loan if we believe the loan’s rate of interest is below current market rates for us, as in the case of the Schutte Loans. Debt issuance costs and debt discount are amortized into interest expense over the term of the related debt using the effective interest method. Deferred debt issuance costs and debt discount are presented on the consolidated balance sheets as a direct reduction against the debt balance. In June 2019, we restructured the $5.0 million related party loan and reported the debt using fair value for the changes to the loan and in doing so, the unamortized debt discount was written off as a loss on debt extinguishment. Research and Development Activities Research and Development (“R&D”) costs include internal R&D activities, external Contract Research Organization (“CRO”) services and their clinical research and investigative sites, and other activities. Internal R&D activity costs can include facility overhead, equipment and facility maintenance and repairs, laboratory supplies, pre-clinical laboratory experiments, formulation work, depreciation, salaries, benefits, insurance and share-based compensation expenses. CRO activity costs can include preclinical laboratory experiments and clinical trial studies. Other activity costs can include regulatory consulting, regulatory legal counsel, cost of acquiring, developing and manufacturing pre-clinical trial materials, costs of manufacturing scale-up, and cost sharing expenses under license agreements. Internal R&D costs and other activity costs are charged to expense as incurred. We make payments to the CRO's based on agreed upon terms and may include payments in advance of a study starting date. Payments in advance will be reflected in the consolidated financial statements as prepaid expenses. We review and charge to expense accrued CRO costs and clinical trial study costs based on services performed and rely on estimates of those costs applicable to the stage of completion of a study as provided by the CRO. Our accrued CRO costs are subject to revisions as such studies progress towards completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. We did not have prepaid CRO costs or prepaid clinical trial study expenses at December 31, 2020 or 2019. In connection with our development and scale-up of LTX-03 under the AD Pharma Agreement (See Note 3) we have entered into unbilled obligations under non-cancelable arrangements at December 31, 2020 aggregating $75 thousand. Income Taxes We account for income taxes under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and the income tax basis of assets and liabilities and are measured using the enacted income tax rates and laws that will be in effect when the differences are expected to reverse. Additionally, net operating loss and tax credit carryforwards are reported as deferred income tax assets. The realization of deferred income tax assets is dependent upon future earnings. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At December 31, 2020 and 2019, 100% of all remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of net operating loss carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized. Customer Concentration In June 2019 we signed a license, development and commercialization agreement with AD Pharma which was amended in October 2020 (the "AD Pharma Agreement") Acura will receive a monthly license payment of $350 thousand by AD Pharma from inception through April 2020 at which time the monthly payments are $200 thousand thereafter until the earlier of July 31, 2021 or FDA's acceptance of a New Drug Application ("NDA") for LTX-03. AD Pharma may terminate the AD Pharma Agreement at any time" and the license fee payments will stop. Additionally, if the NDA for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the AD Pharma Agreement and take ownership of the intellectual property. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. Under our agreement with MainPointe, we earn royalties from MainPointe sale of the licensed product line Nexafed, and under our license agreement with Assertio, we earn royalties from Assertio’s sale of the licensed product Oxaydo. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura’s consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura. Recent Accounting Pronouncements New accounting standards which have been adopted on or before December 31, 2020 Fair Value Measurements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2019, including interim reporting periods within those years, with early adoption permitted. The Company's adoption of ASU 2018-13 did not have a material impact on the financial statements and related footnote disclosures. New accounting standards which have not yet been adopted on or before December 31, 2020 Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU-2016-13") . ASU 2016-13 affects loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. ASU 2016-13 is effective for the fiscal year beginning after December 15, 2022, including interim periods within that fiscal year. The Company is currently evaluating the impact that the standard will have on the financial statements and related footnote disclosures. Convertible Debt In August, 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock. The ASU is effective for the fiscal year beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the standard will have on the financial statements and related footnote disclosures.

LICENSE AND COLLABORATION AGREE

LICENSE AND COLLABORATION AGREEMENTS	12 Months Ended
	Dec. 31, 2020
LICENSE AND COLLABORATION AGREEMENTS
LICENSE AND COLLABORATION AGREEMENTS	NOTE 3 – LICENSE AND COLLABORATION AGREEMENTS The Company’s revenues are comprised of amounts earned under its license and collaboration agreements and royalties. Revenue recognition occurs when a customer obtains control of promised services in an amount that reflects the consideration the Company expects to receive in exchange for those services based on a short-term credit arrangement. AD Pharma Agreement covering LTX-03 On June 28, 2019 we entered into a License, Development and Commercialization Agreement which was amended on October 16, 2020 ("the AD Pharma Agreement ") with Abuse Deterrent Pharma, LLC (AD Pharma", for the development and license of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura’s patented LIMITx™. Acura will receive a monthly license payment of $350 thousand by AD Pharma from inception through April 2020 at which time the monthly payments are $200 thousand thereafter until the earlier of July 31, 2021 or FDA's acceptance of a New Drug Application ("NDA") for LTX-03. The first license payment was received July 2, 2019. AD Pharma will pay for and reimburse Acura for all outside development costs on LTX-03. If the NDA filing for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the AD Pharma Agreement and take ownership of the Limitx intellectual property. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. AD Pharma does have the right to terminate the AD Pharma Agreement anytime for “convenience on 30 days prior written notice”. AD Pharma retains commercialization rights from which Acura will receive stepped royalties on sales and potential sales related milestones. AD Pharma also has a license to the Limitx patents for LTX-02 (oxycodone/acetaminophen) and LTX-09 (alprazolam) which are not subject to any development agreement or responsibilities by Acura. We had also previously granted authority to MainPointe Pharmaceuticals, LLC (MainPointe) to assign to AD Pharma the option and the right to add, as an Option Product to the Nexafed® Agreement, a Nexafed® 12-hour dosage (an extended-release pseudoephedrine hydrochloride product utilizing the IMPEDE® Technology in 120mg dosage strength, and the Option Product exercise price of $500 thousand was waived if the exercise of the option occurred by June 28, 2024 (five years from the effective date of the AD Pharma Agreement). Effective with the October 2020 amendment to the AD Pharma Agreement, this option and right was rescinded. On June 28, 2019 Mr. John Schutte assigned and transferred to AD Pharma his $6.0 million convertible debt, the common stock purchase warrant for 10.0 million common shares, and the security agreement granting a security interest in all of the Company’s assets. Mr. Schutte is our largest shareholder and directly owns approximately 45.7% of our common stock (after giving effect to the exercise of remaining common stock purchase warrants he holds). Mr. Schutte controls MainPointe and is the principal investor in AD Pharma. Assertio Agreement covering Oxaydo In April 2014, we terminated an agreement with Pfizer which resulted in the return to us of Aversion Oxycodone (formerly known as Oxecta®) and all Aversion product rights in exchange for a one-time termination payment of $2.0 million. Our termination payment of $2.0 million has been recorded in our financial statements as an intangible asset and is being amortized over the remaining useful life of the patent covering Aversion Oxycodone, which was 9.7 years as of the date the Pfizer agreement was terminated. As of December 31, 2020, the remaining useful life is 3 years. The recoverability of the Aversion intangible asset is contingent upon future Assertio royalty revenues to us. During the first quarter 2020 a triggering event occurred with the decline in royalty cash flows from Assertio, and we performed an impairment test which indicated that the carrying value of the intangible asset was greater than the fair value. The impairment test resulted in a $668 thousand impairment charge against the intangible asset, which was determined using our estimate of discounted royalty cash flows remaining under our license agreement with Assertio, and recorded a like amount to general and administrative expense. We have recorded amortization expense of $70 thousand and $207 thousand in each of the years ending December 31, 2020 and 2019, respectively. Amortization of the patent for its remaining life is expected to approximate $6 thousand per quarter. The Aversion intangible asset is summarized as follows (in thousands): December 31, December 31, 2020 2019 Intangible asset – Aversion 2,000 2,000 Less: accumulated amortization (1,259) (1,190) Less: impairment charge (668) — Net $ 73 $ 810 In January 2015, we and Egalet US, Inc. and Egalet Ltd., each a subsidiary of Egalet Corporation (now known as Assertio Holdings Inc. and formerly known as Zyla Life Sciences), or collectively Assertio, entered into a Collaboration and License Agreement (the “Assertio Agreement”) to commercialize Aversion Oxycodone under our tradename Oxaydo. Oxaydo is approved by the FDA for marketing in the United States in 5 mg and 7.5 mg strengths. Under the terms of the Assertio Agreement, we transferred the approved New Drug Application, or NDA, for Oxaydo to Assertio and Assertio is granted an exclusive license under our intellectual property rights for development and commercialization of Oxaydo worldwide (the “Territory”) in all strengths, subject to our right to co-promote Oxaydo in the United States. Eaglet launched Oxaydo in the United States late in the third quarter of 2015. In accordance with the Assertio Agreement Assertio is responsible for the fees and expenses relating to the product line extensions of Oxaydo, provided that Assertio will pay a substantial majority of the fees and expenses and we will pay for the remaining fees and expense relating to (i) annual NDA PDUFA product fees, (ii) expenses of the FDA required post-marketing study for Oxaydo and (iii) expenses of clinical studies for product line extensions (additional strengths) of Oxaydo for the United States. Assertio will bear all of the expenses of development and regulatory approval of Oxaydo for sale outside the United States. Assertio is responsible for all manufacturing and commercialization activities in the Territory for Oxaydo. Subject to certain exceptions, Assertio will have final decision making authority with respect to all development and commercialization activities for Oxaydo, including pricing, subject to our co-promotion right. Assertio may develop Oxaydo for other countries and in additional strengths, in its discretion. Assertio paid us a $5.0 million license fee upon signing of the Assertio Agreement and on October 9, 2015, paid us a $2.5 million milestone in connection with the first commercial sale of Oxaydo. We will be entitled to a one-time $12.5 million sales-based milestone payment when worldwide Oxaydo net sales reach $150 million in a calendar year. We are entitled to receive from Assertio a stepped royalty at percentage rates ranging from mid-single digits to double-digits based on Oxaydo net sales during each calendar year (excluding net sales resulting from our co-promotion efforts). In any calendar year of the agreement in which net sales exceed a specified threshold, we will receive a double digit royalty on all Oxaydo net sales in that year (excluding net sales resulting from our co-promotion efforts). If we exercise our co-promotion rights, we will receive a share of the gross margin attributable to incremental Oxaydo net sales from our co-promotion activities. Assertio's royalty payment obligations commenced on the first commercial sale of Oxaydo and expire, on a country-by-country basis, upon the expiration of the last to expire valid patent claim covering Oxaydo in such country (or if there are no patent claims in such country, then upon the expiration of the last valid claim in the United States or the date when no valid and enforceable listable patent in the FDA’s Orange Book remains with respect to Oxaydo). Royalties will be reduced upon the entry of generic equivalents, as well as for payments required to be made by Assertio to acquire intellectual property rights to commercialize Oxaydo, with an aggregate minimum floor. The Assertio Agreement expires upon the expiration of Assertio’s royalty payment obligations in all countries. Either party may terminate the Assertio Agreement in its entirety if the other party breaches a payment obligation, or otherwise materially breaches the Assertio Agreement, subject to applicable cure periods, or in the event the other party makes an assignment for the benefit of creditors, files a petition in bankruptcy or otherwise seeks relief under applicable bankruptcy laws. We also may terminate the Assertio Agreement with respect to the U.S. and other countries if Assertio materially breaches its commercialization obligations. Assertio may terminate the Assertio Agreement for convenience on 120 days prior written notice, which termination may not occur prior to the second anniversary of Assertio’s launch of Oxaydo. Termination does not affect a party’s rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the Assertio Agreement provides for the transition of development and marketing of Oxaydo from Assertio to us, including the conveyance by Assertio to us of the trademarks and all regulatory filings and approvals relating to Oxaydo, and for Assertio’s supply of Oxaydo for a transition period. MainPointe Agreement covering Nexafed Products and assignment thereof to AD Pharma In March 2017, we and MainPointe entered into the MainPointe Agreement, pursuant to which we granted MainPointe an exclusive license to our Impede Technology to commercialize both of our Nexafed and Nexafed Sinus Pressure + Pain product (“Nexafed products”) in the U.S. and Canada. We also conveyed to MainPointe our existing inventory and equipment relating to our Nexafed products. MainPointe is responsible for all development, manufacturing and commercialization activities with respect to products covered by the Agreement. On signing the MainPointe Agreement, MainPointe paid us an upfront licensing fee of $2.5 million. The MainPointe Agreement also provides for our receipt of a 7.5% royalty on net sales of the licensed products. The royalty payment for each product will expire on a country-by-country basis when the Impede® patent rights for such country have expired or are no longer valid; provided that if no Impede patent right exists in a country, then the royalty term for that country will be the same as the royalty term for the United States. After the expiration of a royalty term for a country, MainPointe retains a royalty free license to our Impede® Technology for products covered by the Agreement in such country. MainPointe has the option to expand the licensed territory beyond the United States and Canada to the European Union (and the United Kingdom), Japan and South Korea for payments of $1.0 million, $500 thousand and $250 thousand, respectively. In addition, MainPointe has the option to add to the MainPointe Agreement certain additional products, or Option Products, containing PSE and utilizing the Impede Technology for a fee of $500 thousand per product (for all product strengths). Such Option Products include the product candidate Loratadine with pseudoephedrine. If the territory has been expanded prior to the exercise of a product option, the option fee will be increased to $750 thousand per product. If the territory is expanded after the payment of the $500 thousand product option fee, a one-time $250 thousand fee will be due for each product. If a third party is interested in developing or licensing rights to an Option Product, MainPointe must exercise its option for that product or its option rights for such product will terminate. On June 28, 2019, we granted authority to MainPointe to assign to AD Pharma the option and the right to add, as an Option Product to the Nexafed(R) Agreement, a Nexafed(R) 12-hour dosage (an extended-release pseudoephedrine hydrochloride product utilizing the IMPEDE(R) Technology in 120mg dosage strength and the Option Product exercise price of $500 thousand was waived if the exercise of the option occurred by June 28, 2024 (five years from the effective date of the AD Pharma Agreement). Effective with the October 2020 amendment to the AD Pharma Agreement, this option and right was rescinded. The MainPointe Agreement may be terminated by either party for a material breach of the other party, or by Acura if MainPointe challenges certain of its patents. Upon early termination of the MainPointe Agreement, MainPointe’s licenses to the Impede Technology and all products will terminate. Upon termination, at Acura’s request the parties will use commercially reasonable efforts to transition the Nexafed® and Nexafed® Sinus Pressure + Pain products back to Acura. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura's consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura. KemPharm Agreement Covering Certain Opioid Prodrugs In October 2016, we and KemPharm Inc. (”KemPharm”) entered into a worldwide License Agreement (the “KemPharm Agreement”) pursuant to which we licensed our Aversion® Technology to KemPharm for its use in the development and commercialization of three products using 2 of KemPharm’s prodrug candidates. KemPharm has also been granted an option to extend the KemPharm Agreement to cover two additional prodrug candidates. KemPharm is responsible for all development, manufacturing and commercialization activities. Upon execution of the KemPharm Agreement, KemPharm paid us an upfront payment of $3.5 million. If KemPharm exercises its option to use our Aversion Technology with more than the two licensed prodrugs, then KemPharm will pay us up to $1.0 million for each additional prodrug license. In addition, we will receive from KemPharm a low single digit royalty on commercial sales by KemPharm of products developed using our Aversion Technology under the KemPharm Agreement. KemPharm’s royalty payment obligations commence on the first commercial sale of a product using our Aversion Technology and expire, on a country-by-country basis, upon the expiration of the last to expire patent claim of the Aversion Technology covering a product in such country, at which time the license for the particular product and country becomes fully paid and royalty free. The KemPharm Agreement expires upon the expiration of KemPharm’s royalty payment obligations in all countries. Either party may terminate the KemPharm Agreement in its entirety if the other party materially breaches the KemPharm Agreement, subject to applicable cure periods. Acura or KemPharm may terminate the KemPharm Agreement with respect to the U.S. and other countries if the other party challenges the patents covering the licensed products. KemPharm may terminate the KemPharm Agreement for convenience on ninety (90) days prior written notice. Termination does not affect a party’s rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the KemPharm Agreement provides for termination of our license grant to KemPharm.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
	Dec. 31, 2020
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is recognized when, or as, performance obligations under terms of a contract are satisfied, which occurs when control of the promised service is transferred to a customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring services to a customer (“transaction price”). The Company will then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when, or as, the performance obligation is satisfied. When determining the transaction price of the contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. None of the Company’s licenses and collaboration agreements contained a significant financing component at either December 31, 2020 or 2019. The Company’s existing license and collaboration agreements may contain a single performance obligation or may contain multiple performance obligations. Those which contain multiple performance obligations will require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The Company’s existing license and collaboration agreements contain customer options for the license of additional products and territories. We determined the option’s standalone selling prices based on the option product’s potential market size in the option territory as compared to the currently licensed product and U.S. territory. Some of our existing license and collaboration agreements contain a license to the technology as well as licenses to tradenames or trademarks. The Company determined that the licenses to the tradenames or trademarks were immaterial in context of the contract. Price adjustments are accounted for as variable consideration. Provisions for variable consideration are based on current assumptions, executed contracts, and historical data and are provided for in the period the related revenues are recorded. Sales-based Milestones and Royalty Revenues The commercial sales-based milestones and sales royalties earned under the license and collaboration for Oxaydo and sales royalties earned under the license for the Nexafed products, are recorded in the period of the related sales by Assertio and MainPointe. Payments of sales-based milestones are generally due within 30 days after the end of a calendar year. Payments of royalties are generally due within 45 days after the end of a calendar quarter. License and Collaboration Agreement Revenues The achievement of milestones under the Company’s license and collaboration agreements will be recorded as revenue during the period the milestone’s achievement becomes probable, which may result in earlier recognition as compared to the previous accounting standards. The license fee of an option product or option territory under the Company’s license and collaboration agreements will be recorded as revenue when the option is exercised and any obligations on behalf of the Company, such as to transfer know-how, has been fulfilled. The monthly license fee under the Company's LTX-03 license and collaboration agreement will be recorded as revenue upon the fulfillment of the monthly development activities. The out-of-pocket development expenses under the license and collaboration agreements will be recorded as revenue upon the performance of the service or delivery of the material during the month. On June 28, 2019 we entered into an agreement with AD Pharma which was amended in October 2020 for the development and license of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura's patented LIMITx ( TM ) providing a monthly license payment of $350 thousand from AD Pharma to us for a period from inception up to April 2020 at which time the payment is $200 thousand per month through July 2021. The Company provided a price adjustment to AD Pharma in September 2020 when it was probable that the monthly license payments were being reduced from $350 thousand to $200 thousand. AD Pharma is delinquent in remitting monthly license payments for December, 2020 thru March, 2021 and approximately $200 thousand of reimbursable LTX-03 development expenses. Failure to make these payments are an event of default under the Agreement, as amended. AD Pharma will pay directly for or reimburse Acura to the extent Acura pay's for, all out-of-pocket development expenses. Product Sales, net of allowance Nexafed was launched in mid-December 2012 and Nexafed Sinus Pressure + Pain was launched in February 2015. Prior to entering into the MainPointe Agreement in March 2017, we sold our Nexafed products in the United States to wholesale pharmaceutical distributors as well as directly to chain drug stores. Our Nexafed products were sold subject to the right of return usually for a period of up to twelve months after the product expiration. During the second quarter 2020, we reviewed our product sales return allowance liability and recorded a $223 thousand favorable amount to product sales as we believe sufficient time has passed where the Nexafed product is no longer subject to right of return and we estimate no additional product will be returned and therefore, we no longer maintain a sales return allowance liability. Disaggregation of Total Revenues The Company has two license agreements for currently marketed products containing its technologies; the Oxaydo product containing the Aversion Technology has been licensed to Assertio and the Nexafed products containing the Impede Technology which have been licensed to MainPointe. The Company has a third license agreement having a product under development, LTX-03, containing its LIMITx ( TM ) technology to AD Pharma. We have recorded $0.6 million and $3.0 million of license fees for LTX-03 during the three months and year ended December 31, 2020, respectively. We have recorded $1.0 million and $2.1 million of license fees for LTX-03 during the three months and year ended December 31, 2019, respectively. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura's consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura. All of the Company’s royalty revenues are earned from these two license agreements by the licensee’s sale of products in the United States. Royalty revenues by licensee are summarized below: Three months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Assertio (Oxaydo) $ 30 $ 82 $ 102 $ 351 MainPointe – related party (Nexafed) (2) 5 7 21 Royalty revenues $ 28 $ 87 $ 109 $ 372 Contract Balance and Performance Obligations The Company had no contract assets and contract liability balances under the license and collaboration agreements at either December 31, 2020 or 2019. Contract assets may be reported in future periods under prepaid expenses or other current assets on the consolidated balance sheet. Contract liabilities may be reported in future periods consisting of deferred revenue as presented on the consolidated balance sheet.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is summarized as follows (in thousands): December 31, 2020 2019 Building and improvements $ 1,273 $ 1,273 Scientific equipment 597 597 Computer hardware and software 106 106 Machinery and equipment 274 274 Land and improvements 162 162 Other personal property 70 70 Office equipment 27 27 2,509 2,509 Less: accumulated depreciation (2,025) (1,969) Total property, plant and equipment, net $ 484 $ 540 We do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts. Depreciation expense was $56 thousand and $66 thousand for each of the years ended December 31, 2020 and 2019, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 6 – ACCRUED EXPENSES Accrued expenses are summarized as follows (in thousands): December 31, 2020 2019 Cost sharing expenses under license agreements $ 428 $ 363 Other fees and services 24 15 Payroll, payroll taxes and benefits 8 13 Professional services 117 151 Financed premiums on insurance policies 28 — Clinical, non-clinical and regulatory services — 20 Property taxes 9 9 Franchise taxes 17 14 Total $ 631 $ 585

DEBT

DEBT	12 Months Ended
	Dec. 31, 2020
DEBT
DEBT	NOTE 7 – DEBT Related Party Convertible Loan At December 31, 2018, we had borrowed an aggregate of $4.350 million from Mr. Schutte, a related-party. From January 1, 2019 and through June 27, 2019, we borrowed additional amounts from Mr. Schutte for $650 thousand and issued various promissory notes to him with the same terms and conditions from the previous loans (the Schutte Notes). The Schutte Notes bear interest at prime plus 2.0%, and were to mature on January 2, 2020, at which time all principal and interest was to be due. The Schutte Notes were unsecured until all obligations to Oxford were satisfied at which time we were required to grant a security interest to Mr. Schutte in all of our assets, including our intellectual property. Because we believed the Schutte Notes’ rate of interest was below current market rates for us, we imputed interest on the below market rate element of the loans using the 10.16% interest rate under the Oxford Loan Agreement and this has aggregated to $172 thousand as of December 31, 2018. We recorded these benefits to interest income, with a corresponding like amount as debt discount against the principal amount of the loan. The debt discount will be amortized to interest expense over the term on the loans. At December 31, 2018, the unamortized debt discount balance was $126 thousand and the accrued interest balance was $110 thousand. We recorded a $13 thousand benefit to interest income during 2019 from the $650 thousand borrowings from Mr. Schutte. At June 27, 2019, the unamortized debt discount balance was $73 thousand and the accrued interest balance was $275 thousand. The events of default under the Schutte Notes are limited to bankruptcy defaults and failure to pay interest and principal when due on January 2, 2020. The Schutte Notes could be prepaid at any time in whole or in part. Included in the $4.350 million loan outstanding from Mr. Schutte as of December 31, 2018 was a borrowing of $1.8 million completed on October 5, 2018 of which we used $1.5 million to fully pay-off the debt outstanding under the Oxford Loan Agreement. All our assets are pledged as collateral under the Schutte Notes, including our intellectual property. On June 27, 2019 the aggregate amount of the loans made to the Company by Mr. Schutte aggregated $5.0 million. On June 28, 2019 we restructured the $5.0 million loan to borrow an additional $725 thousand from Mr. Schutte, which was received on July 2, 2019, bringing the aggregate principal of the loans and accrued interest to $6.0 million, and consolidated the loans into a single promissory note with a fixed interest rate of 7.5%, maturity date of July 1, 2023, granted principal and interest conversion rights into shares of our common stock at a price of $0.16 per share, issued a warrant for 10.0 million common shares having an exercise price of $0.01 per share, and granted a security interest in all of the Company's assets, which includes our intellectual property. The principal amount of the loan is convertible into 37.5 million shares of our common stock. The loan restructuring was accounted for as debt extinguishment. We obtained a valuation of fair value on the modified loan and warrant and the method of accounting for the loan changes resulted in a $2.6 million loss on debt extinguishment. Of the loss on debt extinguishment, $1.145 million was allocated to the warrant, $1.382 million was related to the premium on the convertible loan, and $73 thousand was assignable to write-off of the original loan's remaining unamortized debt discount. The $6.0 million convertible debt, the common stock purchase warrant and the security agreement were all assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019. The accrued interest balance at December 31, 2020 and December 31, 2019 was $678 thousand and $229 thousand, respectively. The events of default under the $6.0 million convertible debt are limited to bankruptcy defaults, failure to pay interest and principal when due on July 1, 2023 or upon failure to meet certain timelines in the AD Pharma Agreement as defined in the loan agreement. The $6.0 million convertible debt may be prepaid at any time in whole or in part but only with the consent of the noteholder. Included in the amended AD Pharma Agreement entered into during October 2020, is the requirement that the NDA for LTX-03 now be accepted by the FDA by July 31, 2021, or AD Pharma has the option to terminate the AD Pharma Agreement and take ownership of the LIMITx intellectual property. Importantly, such failure to meet this date will be an event of default under the Company’s $6.0 million outstanding convertible debt to AD Pharma. Acura currently expects the submission and FDA acceptance of the NDA for LTX-03 to occur after July 31, 2021 and has notified AD Pharma of this revised timeline for NDA submission. Acura is currently in discussions with AD Pharma to amend the existing Agreement. Also, we have presented the $6.0 million convertible debt as a current liability at December 31, 2020. Our debt interest expense for the year ended December 31, 2020 and 2019 consisted of the following (in thousands): Year Ended December 31, 2020 2019 Interest expense: Related party term loans $ 450 $ 392 Debt discount — 66 Financed insurance premiums — 4 Total interest expense $ 450 $ 462 Less: imputed interest income on related party loans — (13) Total interest expense, net $ 450 $ 449 Paycheck Protection Program On April 13, 2020, the Company received a loan (the "Loan") from JP Morgan Chase Bank in the aggregate amount of $269 thousand, pursuant to the Paycheck Protection Program under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The Loan, in the form of a promissory note, matures on April 8, 2022. Under the terms of the Paycheck Protection Program ("PPP"), certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. No assurance is provided that forgiveness for any portion of the Loan will be obtained. To the extent that all or part of the Loan is not forgiven, the Company will be required to make payments, including interest accruing at an annual rate of 1.0% beginning on the date of disbursement.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 8 – RELATED PARTY TRANSACTIONS Private Placement with Mr. John Schutte In July 2017, we completed a $4.0 million private placement with Mr. Schutte (sometimes referred to as the “Investor”), consisting of 8,912,655 units (“Units”) of the Company, at a price of $0.4488 per Unit (the “Transaction”). Each Unit consists of one share of common stock and a warrant to purchase one fifth (0.2) of a share of common stock. The issue price of the Units was equal to 85% of the average last sale price of our common stock for the five trading days prior to completion of the Transaction. The warrants are immediately exercisable for 1,782,532 common shares at a price of $0.528 per share (which equals the average last sale price of the Company’s common stock for the five trading days prior to completion of the Transaction) and expire five years after issuance (subject to earlier expiration in event of certain acquisitions). We have assigned a relative fair value of $495 thousand to the warrants out of the total $4.0 million proceeds from the private placement transaction and have accounted these warrants as equity. As part of the closing of the Transaction, the Company and Essex Woodlands Health Ventures V, L.P. (“Essex”) and Galen Partners III, L.P. (“Galen”) amended and restated the existing Voting Agreement including such parties to provide for the Investor to join as a party (as so amended, the “Second Amended and Restated Voting Agreement”). The Second Amended and Restated Voting Agreement provides that our Board of Directors shall remain comprised of no more than seven members (subject to certain exceptions), (i) one of whom is the Company’s Chief Executive Officer, (ii) three of whom are independent under Nasdaq standards, and (iii) one of whom shall be designated by each of Essex, Galen and Investor, and the parties to such agreement would vote for such persons. The right of each of Essex, Galen and Investor to designate one director to our Board will continue as long as he or it and their affiliates collectively hold at least 600,000 shares of our common stock (including warrants exercisable for such shares). Immanuel Thangaraj is the designee of Essex. Investor has not designated a director as of the date of filing of this Report. Galen had not designated a director and lost that right in December 2017 when it disposed of its shares of common stock in the Company. Once such shareholder no longer holds such securities, the additional forfeited seat would become a seat for an independent director to thereafter be nominated to the Board of Directors from time to time by the then current directors and as applicable, to be elected by the directors to fill the vacancy created by the forfeited seat or submitted to the vote of shareholders at the Company’s next annual meeting. An independent director has not been named to fill the seat forfeited by Galen. MainPointe Pharmaceuticals LLC Investor is the principal owner of MainPointe Pharmaceuticals LLC, a Kentucky limited liability company ("MainPointe"). In March 2017, we granted MainPointe an exclusive license to our Impede Technology to commercialize our Nexafed® and Nexafed® Sinus Pressure + Pain Products in the United States and Canada for an upfront licensing fee of $2.5 million plus approximately $309 thousand for transferred inventory and equipment. The Company is receiving a 7.5% royalty on sales of licensed products. MainPointe also has options to expand the territory and products covered for additional sums. Included in the reported royalty revenue for the year ended 2020 and 2019 is $9 thousand and $16 thousand, respectively, of royalty revenue from MainPointe (See Note 3). On January 1, 2020, MainPointe assigned to AD Pharma, with Acura's consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura. Loans with Mr. John Schutte During the period January 1, 2019 through June 27, 2019 we borrowed an aggregate of $650 thousand from Mr. John Schutte. On June 28, 2019 we borrowed an additional $725 thousand from Mr. Schutte, bringing the aggregate principal of the loans and accrued interest to $6.0 million, and consolidated the loans into a single promissory note with a fixed interest rate of 7.5%, maturity date of July 1, 2023, granted conversion rights of principal and interest into shares of our common stock at a price of $0.16 per share, issued a warrant for 10.0 million common shares having an exercise price of $0.01 per share, and granted a security interest in all of the Company’s assets, which includes our intellectual property. The principal amount of the note is convertible into 37.5 million shares of our common stock. The $6.0 million convertible debt, the common stock purchase warrant and the security agreement were all assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019. AD Pharma Agreement covering LTX-03 On June 28, 2019, we entered into a License, Development and Commercialization Agreement which was amended in October 2020 (the "AD Pharma Agreement") with Abuse Deterrent Pharma, LLC (“AD Pharma”), a special purpose company representing a consortium of investors that will finance Acura’s operations and completion of development of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura’s patented LIMITx™ technology which addresses the consequences of excess oral administration of opioid tablets, the most prevalent route of opioid overdose and abuse. The AD Pharma Agreement grants AD Pharma exclusive commercialization rights in the United States to LTX-03 as well as LTX-02 (oxycodone/acetaminophen) and LTX-09 (alprazolam). Financial arrangements include: · Monthly license payments to Acura by AD Pharma of $350 thousand from inception through April 2020 and $200 thousand thereafter until July 31, 2021 or FDA’s acceptance of a New Drug Application (“NDA”) for LTX-03; · Reimbursement by AP Pharma of Acura’s LTX-03 outside development expenses; and · Upon commercialization of the licensed products, Acura receives stepped royalties on sales and is eligible for certain sales related milestones AD Pharma is delinquent in remitting monthly license payments for December, 2020 thru March, 2021 and approximately $200 thousand of reimbursable LTX-03 development expenses. Failure to make these payments are an event of default under the Agreement, as amended. AD Pharma may terminate the Agreement at any time. Additionally, if the NDA for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the Agreement and take ownership of the LIMITx intellectual property. Importantly, such failure to meet this date will be an event of default under the Company’s $6.0 million outstanding convertible debt to AD Pharma. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. Acura currently expects the submission and FDA acceptance of the NDA for LTX-03 to occur after July 31, 2021 and has notified AD Pharma of this revised timeline for NDA submission. Acura is currently in discussions with AD Pharma to amend the existing Agreement. We also granted authority to MainPointe Pharmaceuticals, LLC (MainPointe) to assign to AD Pharma the option and the right to add, as an Option Product to the Nexafed® Agreement, a Nexafed® 12-hour dosage (an extended-release pseudoephedrine hydrochloride product utilizing the IMPEDE® Technology in 120mg dosage strength), and the Option Product exercise price of $500 thousand was waived if the exercise of the option occurred by June 28, 2024 (five years from the effective date of the AD Pharma Agreement), however effective with the October 2020 amendment to the AD Pharma Agreement, this option and right was rescinded. In March 2017, we granted MainPointe an exclusive license to our IMPEDE ® Technology to commercialize our Nexafed® and Nexafed® Sinus Pressure + Pain Products in the United States and Canada. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura’s consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura dated March 16, 2017.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Dec. 31, 2020
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN	NOTE 9 – EMPLOYEE BENEFIT PLAN We have a 401(k) and Profit-Sharing Plan (the “Plan”) for our employees. Employees may elect to make a basic contribution of up to 80% of their annual earnings subject to certain regulatory restrictions on their total contribution. The Plan provides that the Company can make discretionary matching contributions along with a discretionary profit-sharing contribution. We did not contribute a matching contribution or a profit sharing contribution to the Plan during the year ended December 31 2020 or 2019.

COMMON STOCK PURCHASE WARRANTS

COMMON STOCK PURCHASE WARRANTS	12 Months Ended
	Dec. 31, 2020
COMMON STOCK PURCHASE WARRANTS.
COMMON STOCK PURCHASE WARRANTS	NOTE 10 – COMMON STOCK PURCHASE WARRANTS Our warrant activity during the years ended December 31, 2020 and 2019 is shown below (in thousands except price data): December 31, 2020 2019 WAvg WAvg Exercise Exercise Number Price Number Price Outstanding, Jan. 1 11,842 $ 0.10 1,842 $ 0.59 Issued — — 10,000 0.01 Exercised — — — — Expired (60) 2.52 — — Modification — — — — Outstanding, Dec. 31 11,782 $ 0.09 11,842 $ 0.10 On June 28, 2019 as part of the changes made to the loan agreements we had with Mr. Schutte, each having an original due date of January 2, 2020, we issued to him a warrant to purchase 10.0 million shares of our common stock exercisable at a price of $0.01 per share and expire five years after issuance. We obtained a valuation of fair value on the warrant and $1.145 million was allocated to the warrant and accounted for as equity. (See Note 8 and Note 9). The warrant was assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019. As part of our July 2017 private placement transaction with Mr. Schutte, we issued warrants to purchase 1,782,531 shares of our common stock. The warrants are immediately exercisable at a price of $0.528 per share and expire five years after issuance (See Note 9). We have assigned a relative fair value of $495 thousand to the warrants out of the total $4.0 million proceeds from the private placement transaction and have accounted for these warrants as equity. During December 2020, common stock purchase warrants (“warrants”) exercisable for 60 thousand shares of our common stock having an exercise price of $2.52 per share.

SHARE-BASED COMPENSATION EXPENS

SHARE-BASED COMPENSATION EXPENSE	12 Months Ended
	Dec. 31, 2020
SHARE-BASED COMPENSATION EXPENSE
SHARE-BASED COMPENSATION EXPENSE	NOTE 11 – SHARE-BASED COMPENSATION EXPENSE Stock Option Plans We maintain various stock option plans. A summary of our stock option plans as of December 31, 2020 and 2019 and for the year then ended consisted of the following (in thousands except exercise price): Year Ended December 31, 2020 2019 Weighted Weighted Number Average Number Average of Exercise of Exercise Options Price Options Price Outstanding, Jan. 1 1,356 $ 4.45 1,560 $ 7.38 Granted — — — — Exercised — — — — Forfeited — — (34) 4.09 Expired (102) 16.54 (170) 30.83 Outstanding, Dec. 31 1,254 $ 3.46 1,356 $ 4.45 Exercisable, Dec. 31 1,254 $ 3.46 1,356 $ 4.45 We estimate the option’s fair value on the date of grant using the Black-Scholes option-pricing model. Black-Scholes utilizes assumptions related to expected term, forfeitures, volatility, the risk-free interest rate, the dividend yield (which is assumed to be zero, as we have not paid any cash dividends) and employee exercise behavior. Expected volatilities utilized in the Black-Scholes model are based on the historical volatility of our common stock price. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The expected life of the grants is derived from historical exercise activity. Historically, the majority of our stock options have been held until their expiration date. There was approximately $13 thousand of intrinsic value contained in the vested stock option awards outstanding at December 31, 2020. Restricted Stock Unit Award Plans We have two Restricted Stock Unit Award Plans for our employees and non-employee directors, a 2017 Restricted Stock Unit Award Plan (the “2017 RSU Plan”) and a 2014 Restricted Stock Unit Award Plan (the “2014 RSU Plan”). Vesting of an RSU entitles the holder to receive a share of our common stock on a distribution date. Our non-employee director awards allow for non-employee directors to receive payment in cash, instead of stock, for up to 40% of each RSU award. The portion of the RSU awards subject to cash settlement are being marked-to-market each reporting period until they are distributed. The liability is recorded as a current liability in the Company's consolidated balance sheet and was $18 thousand and $29 thousand at December 31, 2020 and December 31, 2019, respectively. The compensation cost to be incurred on a granted RSU without a cash settlement option is the RSU’s fair value, which is the market price of our common stock on the date of grant, less its exercise cost. The compensation cost is amortized to expense and recorded to additional paid-in capital over the vesting period of the RSU award. A summary of the grants under the RSU Plans as of December 31, 2020 and 2019, and for the year then ended consisted of the following (in thousands): Year Ended December 31, 2020 2019 Number of Number of Number Vested Number of Vested of RSUs RSUs RSUs RSUs Outstanding, Jan. 1 1,017 1,017 951 459 Granted 219 — 333 — Distributed (397) (397) (267) (267) Vested — 219 — 825 Forfeited — — — — Outstanding, Dec. 31 839 839 1,017 1,017 2017 Restricted Stock Unit Award Plan Our 2017 RSU Plan was approved by shareholders in November 2017 and permits the grant of up to 1.5 million shares of our common stock pursuant to awards under the 2017 RSU Plan. There are no shares available for award under the 2017 RSU Plan. Information about the awards under the 2017 RSU Plan is as follows: · In December 2017, we awarded 200 thousand RSUs to our employees. Such RSU awards vested 100% after one full year of service. Distributions of the vested RSU awards to the employees will be made in three equal installments on the first business day of each of January 2020, 2021, and 2022 or earlier upon a qualifying change of control. · In January 2018, we awarded approximately 67 thousand RSUs to each of our four non-employee directors which also allow for them to receive payment in cash, instead of stock, for up to 40% of each RSU award. Such awards vest 25% at the end of each calendar quarter in 2018. Settlement of this RSU award occurred on January 2, 2019, the first business day of the year after vesting. The portion of the RSU awards which are subject to cash settlement are also subject to marked-to market accounting having a liability recorded on the Company’s consolidated balance sheet with quarterly adjustments recorded to stock compensation expense in the general and administration operating category of our income statement. · In December 2018, we awarded 488 thousand RSUs to our employees. Such RSU awards vested 100% after one full year of service. Distributions of the vested RSU awards to the employees will be made in three equal installments on the first business day of each of January 2021, 2022, and 2023 or earlier upon a qualifying change of control. · In January 2019, we awarded approximately 83 thousand RSUs to each of our four non-employee directors which also allow for them to receive payment in cash, instead of stock, for up to 40% of each RSU award. Such awards vest 25% at the end of each calendar quarter in 2019. Settlement of this RSU award occurred on January 2, 2020, the first business day of the year after vesting. The portion of the RSU awards which were subject to cash settlement was also subject to marked-to market accounting having a liability recorded on the Company’s consolidated balance sheet with quarterly adjustments which were recorded to stock compensation expense in the general and administration operating category of our income statement. · In January 2020, we awarded approximately 55 thousand RSUs to each of our four non-employee directors which also allow for them to receive payment in cash, instead of stock, for up to 40% of each RSU award. Such awards vest 25% at the end of each calendar quarter in 2020. Settlement of this RSU award will occur on January 4, 2021, the first business day of the year after vesting. The portion of the RSU awards which are subject to cash settlement will also be subject to marked-to market accounting having, a liability recorded on the Company’s consolidated balance sheet with quarterly adjustments recorded to stock compensation expense in the general and administration operating category of our income statement. Information about the distribution of shares under the 2017 RSU Plan is as follows: · In January 2019, 267 thousand RSUs were distributed to our non-employee directors from their January 2018 award and settled in common stock. · In January 2020, 333 thousand RSUs were distributed to our non-employee directors from their January 2019 award with 296 thousand RSUs settled in common stock, 4 thousand RSUs used to settle the purchase price and 33 thousand RSUs settled in cash. · In January 2020, 64 thousand RSUs were distributed to our current and former employees representing the first distribution of one third of their 2017 award for which 54 thousand RSUs settled in common stock and 10 thousand RSUs were used to settle the purchase price and employee required payroll withholding taxes. · In January 2021, 219 thousand RSUs were distributed to our non-employee directors from their January 2019 award with 219 thousand RSUs settled in common stock. · In January 2021, 228 thousand RSUs were distributed to our current and former employees representing the second distribution of one third of their 2017 award and the first distribution of one third of their 2018 award for which 185 thousand RSUs settled in common stock and 43 thousand RSUs were used to settle the purchase price and required payroll withholding taxes. 2014 Restricted Stock Unit Award Plan Our 2014 RSU Plan was approved by shareholders in May 2014 and permits the grant of up to 400 thousand shares of our common stock pursuant to awards under the 2014 RSU Plan. There are no shares available for award under the 2014 RSU Plan.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	NOTE 12 – INCOME TAXES We account for income taxes under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and income tax basis of assets and liabilities and are accounted for using the enacted income tax rates and laws that will be in effect when the differences are expected to reverse. Provision for Income Taxes The reconciliation between our provision for income taxes and the amounts computed by multiplying our loss before taxes by the U.S. statutory tax rate is as follows (in thousands): December 31, 2020 2019 Benefit at U.S. statutory tax rate $ (254) $ (792) State taxes (benefit), net of federal effect (76) (138) State research and development tax credits (18) (2) Federal research and development tax credits (76) (23) Other (120) — Share-based compensation — 4 Change in valuation allowance 544 951 (Benefit) provision for income taxes $ — $ — Deferred Tax Assets and Valuation Allowance Deferred tax assets reflect the tax effects of net operating losses (“NOLs”), tax credit carryovers, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The most significant item of our deferred tax assets is derived from our Federal NOLs. We have approximately $138 million gross Federal NOLs at December 31, 2020 (of which approximately $132 million was generated prior to January 1, 2018). We believe the gross Federal NOL benefit we generated prior to January 1, 2018 available to offset taxable income is less than $150 thousand annually. As prescribed under Internal Revenue Code, any unused Federal NOL benefit from the annual limitation can be accumulated and carried forward to the subsequent year and will expire if not used in accordance with the NOL carried forward term of 20 years or 2037, if generated before 2018 while our Federal NOLs generated after 2017 can be carried forward indefinitely. Future common stock transactions, such as the exercise of common stock purchase warrants or the conversion of debt into common stock, may cause another qualifying event under IRC 382 which will most likely further limit our utilization of our NOLs. The components of our deferred tax assets are as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Estimated future value of NOLs - Federal 2,269 $ 2,622 - State 903 869 Research and development tax credits - Federal 1,283 1,207 - State 31 8 Share-based compensation 104 72 Debt extinguishment 636 — Other, net 301 177 Total deferred taxes 5,527 4,955 Valuation allowance (5,527) (4,955) Net deferred tax assets $ — $ — The realization of deferred income tax assets is dependent upon future earnings, if any, and the timing and amount of which may be uncertain. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At both December 31, 2020 and 2019, all our remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of NOL carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized. Uncertainty in Income Taxes We follow FASB’s statement regarding accounting for uncertainty in income taxes which defined the threshold for recognizing the benefits of tax-return positions in the consolidated financial statements as "more-likely-than-not" to be sustained by the taxing authorities. At each of December 31, 2020 and 2019, we had no liability for income tax associated with uncertain tax positions. If in the future we establish a contingent tax liability reserve related to uncertain tax positions, our practice will be to recognize the interest in interest expense and the penalties in other non-operating expense. The Company files federal and state income tax returns and in the normal course of business the Company is subject to examination by these taxing authorities. As of December 31, 2020, the Company’s tax years of 2017, 2018 and 2019 are subject to examination by the taxing authorities. With few exceptions, we believe the Company is no longer subject to U.S. Federal, State and local examinations by taxing authorities for years before 2017.

BASIC AND DILUTED NET INCOME (L

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2020
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	NOTE 13 – BASIC AND DILUTED NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income or loss by the weighted average common shares outstanding during a period, including shares weighted related to both vested Restricted Stock Units ("RSUs") which settle in shares (See Note 11) and a stock warrant exercisable for 10.0 million shares having an exercise price of $0.01 per share (See Note 7). Diluted EPS is based on the treasury stock method and computed based on the same number of shares used in the basic share calculation and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options and stock warrants, assuming the exercise of all in-the-money stock options and warrants. Common stock equivalents are excluded from the computation where their inclusion would be anti-dilutive. As the Company reported a net loss in 2020 and 2019 the effects of common stock equivalents were excluded as the diluted net loss per share calculation would have been antidilutive. The weighted-average common share outstanding diluted computation is not impacted during any period where the exercise price of a stock option, common stock warrant or convertible loan is greater than the average market price of our common stock. A reconciliation of the numerators and denominators of basic and diluted earnings (loss) per share (“EPS”) consisted of the following (in thousands except per share data): Year Ended December 31, 2020 2019 Earnings (loss) per share - basic and diluted Numerator: net loss $ (1,208) $ (3,774) Denominator (weighted): Common shares 21,650 21,300 RSUs - vested 670 296 Common stock purchase warrant 10,000 5,124 Basic and diluted weighted average shares outstanding 32,320 26,720 Earnings (loss) per share - basic and diluted $ (0.04) $ (0.14) Excluded securities (non-weighted): Common shares issuable: RSUs — — Stock options 1,254 1,356 Common stock purchase warrants 1,782 1,842 Convertible loan 37,500 37,500 Total excluded common shares 40,536 40,698

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS On March 15, 2021, the Company was granted a loan (the “Loan”) from JP Morgan Chase Bank in the aggregate amount of $267 thousand, pursuant to the Paycheck Protection Program under Division A, Title I of the CARES Act, which was enacted March 27, 2020. Under the terms of the Paycheck Protection Program (“PPP”), certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The Company is continuing to evaluate the criteria and new guidance put out by the Small Business Administration regarding qualifications of loans under the PPP and criteria for meeting loan conditions. No assurance is provided that forgiveness for any portion of the Loan will be obtained .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting	Basis of Accounting The consolidated financial statements include the accounts of our wholly-owned subsidiary, Acura Pharmaceutical Technologies Inc., after elimination of intercompany accounts and transactions. Amounts presented have been rounded to the nearest thousand, where indicated, except share and per share data.
Use of Estimates	Use of Estimates Management is required to make certain estimates and assumptions in order to prepare consolidated financial statements in conformity with GAAP. Such estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based on such periodic evaluations.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash, royalty receivable, collaboration revenue receivable and license fee receivable. The Company maintains deposits in federally insured financial institutions which are in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments consist primarily of cash, royalty, collaboration revenue and license fee receivables, trade accounts payable, and debt. The carrying amounts of these financial instruments, other than our debt, are representative of their respective fair values due to their relatively short maturities. On June 28, 2019, we restructured the $5.0 million related party loan to borrow an additional $725 thousand from Mr. Schutte, bringing the aggregate principal of the loans and accrued interest to $6.0 million, and consolidated the loans into a single promissory note, and reported the debt using fair value for the changes to the loan resulting in the recognizing a $2.6 million loss on debt extinguishment. The fair value of the $6.0 million convertible debt at December 31, 2020 has not materially changed from its valuation of fair value of $7.4 million.
Share-based Compensation Expense	Share-based Compensation Expense We have several share-based compensation plans covering stock options and RSUs for our employees and directors, which are described more fully in Note 11. We measure our compensation cost related to share-based payment transactions based on fair value of the equity or liability classified instrument. For purposes of estimating the fair value of each stock option unit on the date of grant, we utilize the Black-Scholes option-pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of our common stock (as determined by reviewing our historical public market closing prices). Our accounting for share-based compensation for RSUs is based on the closing market price of our common stock on the date of grant. Our total share-based compensation expense recognized in the Company’s results of operations from both non-cash and cash-portioned instruments issued to our employees and directors comprised the following (in thousands): Year Ended December 31, 2020 2019 Research and development expense: Stock option awards $ — $ 8 RSU awards — 13 $ — $ 21 General and administrative expense: Stock option awards $ — $ 12 RSU awards 53 105 $ 53 $ 117 Total share-based compensation expense $ 53 $ 138
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. We have no leasehold improvements. Betterments are capitalized and maintenance and repairs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation is removed from the respective accounts. Depreciation expense is recorded on a straight-line basis over the estimated useful lives of the related assets. The estimated useful lives of the major classification of depreciable assets are: Building and improvements 10 - 40 years Land and improvements 20 - 40 years Machinery and equipment 7 - 10 years Scientific equipment 5 - 10 years Computer hardware and software 3 - 10 years
Intangible and Long-Lived Assets	Intangible and Long-Lived Assets Long-lived assets such as the intangible asset and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of the assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. During the first quarter 2020 a triggering event occurred with the decline in royalty cash flows under our Collaboration and License Agreement with Assertio Holdings Inc. (See Note 3), and we performed an impairment test which indicated that the carrying value of the intangible asset was greater than the fair value. The fair value calculation of the intangible asset included significant estimates and assumptions related to the amount and timing of projected future cash flows and in the situation when the asset is determined to not be recoverable, the discount rate.The impairment test resulted in a $668 thousand impairment charge against the intangible asset, which was determined using our estimate of discounted royalty cash flows remaining under our license agreement with Assertio, and recorded a like amount to general and administrative expense.
License and Collaboration Agreement Revenues	License and Collaboration Agreement Revenues The achievement of milestones under the Company’s license and collaboration agreements will be recorded as revenue during the period the milestone’s achievement becomes probable, which may result in earlier recognition as compared to the previous accounting standards. The license fee of an option product or option territory under the Company’s license and collaboration agreements will be recorded as revenue when the option is exercised and any obligations on behalf of the Company, such as to transfer know-how, has been fulfilled. The monthly license fee under the Company’s LTX-03 license and collaboration agreement will be recorded as revenue upon the fulfillment of the monthly development activities. The out-of-pocket development expenses under the license and collaboration agreements will be recorded as revenue upon the performance of the service or delivery of the material during the month. On June 28, 2019 we entered into an agreement with AD Pharma which was amended in October 2020 for the development and license of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura’s patented LIMITx ™ providing a monthly license payment of $350 thousand from AD Pharma to us for a period from inception up to April 2020 at which time the payment is $200 thousand per month through July 2021. The Company provided a price adjustment to AD Pharma in September 2020 when it was probable that the monthly license payments were being reduced from $350 thousand to $200 thousand. If the NDA filing for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the AD Pharma Agreement and take ownership of the Limitx intellectual property. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. AD Pharma does have the right to terminate the AD Pharma Agreement anytime for “convenience on 30 days prior written notice” and the license fee payments will stop. The monthly license fee from AD Pharma is non-refundable and non-creditable. A license fee is recognized as revenue each month whether or not paid by AD Pharma as we had no further requirements to earn the payment for the month (See Note 3). During 2020 and 2019 we recognized $3.0 million and $2.1 million, respectively, of license fee revenue. AD Pharma will pay directly for or reimburse Acura to the extent Acura pay’s for, all out-of-pocket development expenses under the AD Pharma agreement. Collaboration revenue is derived from reimbursement of development expenses, as under our collaboration agreement with AD Pharma, and are recognized when costs are incurred pursuant to the agreements. The ongoing research and development services being provided under the collaboration are priced at fair value based upon the reimbursement of expenses incurred pursuant to the collaboration agreement. We recognized $234 thousand and $185 thousand of collaboration revenue under the AD Pharma agreement during the years ended December 31, 2020 and 2019, respectively.
Royalty Revenue	Royalty Revenue We recognize revenue from royalties based on our licensees' sales of our products or products using our technologies. Royalties are sales-based royalties which are recognized as the related sales occur. These royalties were promised in exchange for a license of intellectual property. In connection with our Collaboration and License Agreement with Assertio to commercialize Oxaydo tablets we will receive a stepped royalty at percentage rates ranging from mid-single digits to double-digits based on Oxaydo net sales during each calendar year over the term of the agreement (excluding net sales resulting from any co-promotion efforts by us). We recognize royalty revenue each calendar quarter based on net sales reported to us by Assertio in accordance with the agreement. Assertio’s first commercial sale of Oxaydo occurred in October 2015. We have recorded royalties of $102 thousand and $351 thousand during the years ended December 31, 2020 and 2019, respectively. (See Note 3). In connection with the MainPointe Agreement, which occurred in March 2017, we are receiving a royalty of 7.5% on net sales of the licensed products over the term of the agreement. Such royalty shall be payable for sales made during each calendar quarter and payment will be remitted within forty-five (45) days after the end of the quarter to which it relates. We have recorded royalties of $7 thousand and $21 thousand during the years ended December 31, 2020 and 2019, respectively. (See Note 3).
Deferred Debt Issuance Costs and Debt Discount	Deferred Debt Issuance Costs and Debt Discount Deferred debt issuance costs include costs of debt financing undertaken by the Company, including legal fees, placement fees and other direct costs of the financing. Debt discount can be incurred from value attributable to warrants issued in conjunction with the financing and/or attributable to the below market rate element of the loan if we believe the loan’s rate of interest is below current market rates for us, as in the case of the Schutte Loans. Debt issuance costs and debt discount are amortized into interest expense over the term of the related debt using the effective interest method. Deferred debt issuance costs and debt discount are presented on the consolidated balance sheets as a direct reduction against the debt balance. In June 2019, we restructured the $5.0 million related party loan and reported the debt using fair value for the changes to the loan and in doing so, the unamortized debt discount was written off as a loss on debt extinguishment.
Research and Development Activities	Research and Development Activities Research and Development (“R&D”) costs include internal R&D activities, external Contract Research Organization (“CRO”) services and their clinical research and investigative sites, and other activities. Internal R&D activity costs can include facility overhead, equipment and facility maintenance and repairs, laboratory supplies, pre-clinical laboratory experiments, formulation work, depreciation, salaries, benefits, insurance and share-based compensation expenses. CRO activity costs can include preclinical laboratory experiments and clinical trial studies. Other activity costs can include regulatory consulting, regulatory legal counsel, cost of acquiring, developing and manufacturing pre-clinical trial materials, costs of manufacturing scale-up, and cost sharing expenses under license agreements. Internal R&D costs and other activity costs are charged to expense as incurred. We make payments to the CRO's based on agreed upon terms and may include payments in advance of a study starting date. Payments in advance will be reflected in the consolidated financial statements as prepaid expenses. We review and charge to expense accrued CRO costs and clinical trial study costs based on services performed and rely on estimates of those costs applicable to the stage of completion of a study as provided by the CRO. Our accrued CRO costs are subject to revisions as such studies progress towards completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. We did not have prepaid CRO costs or prepaid clinical trial study expenses at December 31, 2020 or 2019. In connection with our development and scale-up of LTX-03 under the AD Pharma Agreement (See Note 3) we have entered into unbilled obligations under non-cancelable arrangements at December 31, 2020 aggregating $75 thousand.
Income Taxes	Income Taxes We account for income taxes under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and the income tax basis of assets and liabilities and are measured using the enacted income tax rates and laws that will be in effect when the differences are expected to reverse. Additionally, net operating loss and tax credit carryforwards are reported as deferred income tax assets. The realization of deferred income tax assets is dependent upon future earnings. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At December 31, 2020 and 2019, 100% of all remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of net operating loss carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized.
Customer Concentration	Customer Concentration In June 2019 we signed a license, development and commercialization agreement with AD Pharma which was amended in October 2020 (the "AD Pharma Agreement") Acura will receive a monthly license payment of $350 thousand by AD Pharma from inception through April 2020 at which time the monthly payments are $200 thousand thereafter until the earlier of July 31, 2021 or FDA's acceptance of a New Drug Application ("NDA") for LTX-03. AD Pharma may terminate the AD Pharma Agreement at any time" and the license fee payments will stop. Additionally, if the NDA for LTX-03 is not accepted by the FDA by July 31, 2021, AD Pharma has the option to terminate the AD Pharma Agreement and take ownership of the intellectual property. Should AD Pharma choose not to exercise this option to terminate and the NDA for LTX-03 is subsequently accepted by the FDA, such option expires. Under our agreement with MainPointe, we earn royalties from MainPointe sale of the licensed product line Nexafed, and under our license agreement with Assertio, we earn royalties from Assertio’s sale of the licensed product Oxaydo. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura’s consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New accounting standards which have been adopted on or before December 31, 2020 Fair Value Measurements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13 , Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . ASU 2018-13 eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2019, including interim reporting periods within those years, with early adoption permitted. The Company's adoption of ASU 2018-13 did not have a material impact on the financial statements and related footnote disclosures. New accounting standards which have not yet been adopted on or before December 31, 2020 Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU-2016-13") . ASU 2016-13 affects loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. ASU 2016-13 is effective for the fiscal year beginning after December 15, 2022, including interim periods within that fiscal year. The Company is currently evaluating the impact that the standard will have on the financial statements and related footnote disclosures. Convertible Debt In August, 2020, the FASB issued ASU 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. ASU 2020-06 simplifies the accounting for convertible debt instruments and convertible preferred stock. The ASU is effective for the fiscal year beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the standard will have on the financial statements and related footnote disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of Non-Cash Share-Based Compensation Expense	Our total share-based compensation expense recognized in the Company’s results of operations from both non-cash and cash-portioned instruments issued to our employees and directors comprised the following (in thousands): Year Ended December 31, 2020 2019 Research and development expense: Stock option awards $ — $ 8 RSU awards — 13 $ — $ 21 General and administrative expense: Stock option awards $ — $ 12 RSU awards 53 105 $ 53 $ 117 Total share-based compensation expense $ 53 $ 138
Schedule of Estimated Lives of Major Classification of Depreciable Assets	The estimated useful lives of the major classification of depreciable assets are: Building and improvements 10 - 40 years Land and improvements 20 - 40 years Machinery and equipment 7 - 10 years Scientific equipment 5 - 10 years Computer hardware and software 3 - 10 years

LICENSE AND COLLABORATION AGR_2

LICENSE AND COLLABORATION AGREEMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
LICENSE AND COLLABORATION AGREEMENTS
Summary of Aversion intangible asset	The Aversion intangible asset is summarized as follows (in thousands): December 31, December 31, 2020 2019 Intangible asset – Aversion 2,000 2,000 Less: accumulated amortization (1,259) (1,190) Less: impairment charge (668) — Net $ 73 $ 810

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2020
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of disaggregation of revenue	Royalty revenues by licensee are summarized below: Three months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Assertio (Oxaydo) $ 30 $ 82 $ 102 $ 351 MainPointe – related party (Nexafed) (2) 5 7 21 Royalty revenues $ 28 $ 87 $ 109 $ 372

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
Schedule of Property, Plant and equipment	Property, plant and equipment is summarized as follows (in thousands): December 31, 2020 2019 Building and improvements $ 1,273 $ 1,273 Scientific equipment 597 597 Computer hardware and software 106 106 Machinery and equipment 274 274 Land and improvements 162 162 Other personal property 70 70 Office equipment 27 27 2,509 2,509 Less: accumulated depreciation (2,025) (1,969) Total property, plant and equipment, net $ 484 $ 540

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES
Schedule of Accrued expenses	Accrued expenses are summarized as follows (in thousands): December 31, 2020 2019 Cost sharing expenses under license agreements $ 428 $ 363 Other fees and services 24 15 Payroll, payroll taxes and benefits 8 13 Professional services 117 151 Financed premiums on insurance policies 28 — Clinical, non-clinical and regulatory services — 20 Property taxes 9 9 Franchise taxes 17 14 Total $ 631 $ 585

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
DEBT
Schedule of debt interest expense	Our debt interest expense for the year ended December 31, 2020 and 2019 consisted of the following (in thousands): Year Ended December 31, 2020 2019 Interest expense: Related party term loans $ 450 $ 392 Debt discount — 66 Financed insurance premiums — 4 Total interest expense $ 450 $ 462 Less: imputed interest income on related party loans — (13) Total interest expense, net $ 450 $ 449

COMMON STOCK PURCHASE WARRANTS

COMMON STOCK PURCHASE WARRANTS (Tables)	12 Months Ended
	Dec. 31, 2020
COMMON STOCK PURCHASE WARRANTS.
Schedule Of Common Stock Warrant Activity	Our warrant activity during the years ended December 31, 2020 and 2019 is shown below (in thousands except price data): December 31, 2020 2019 WAvg WAvg Exercise Exercise Number Price Number Price Outstanding, Jan. 1 11,842 $ 0.10 1,842 $ 0.59 Issued — — 10,000 0.01 Exercised — — — — Expired (60) 2.52 — — Modification — — — — Outstanding, Dec. 31 11,782 $ 0.09 11,842 $ 0.10

SHARE-BASED COMPENSATION EXPE_2

SHARE-BASED COMPENSATION EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2020
SHARE-BASED COMPENSATION EXPENSE
Schedule of share-based compensation, stock option plan activity	A summary of our stock option plans as of December 31, 2020 and 2019 and for the year then ended consisted of the following (in thousands except exercise price): Year Ended December 31, 2020 2019 Weighted Weighted Number Average Number Average of Exercise of Exercise Options Price Options Price Outstanding, Jan. 1 1,356 $ 4.45 1,560 $ 7.38 Granted — — — — Exercised — — — — Forfeited — — (34) 4.09 Expired (102) 16.54 (170) 30.83 Outstanding, Dec. 31 1,254 $ 3.46 1,356 $ 4.45 Exercisable, Dec. 31 1,254 $ 3.46 1,356 $ 4.45
Schedule of grants under the RSU Plans	A summary of the grants under the RSU Plans as of December 31, 2020 and 2019, and for the year then ended consisted of the following (in thousands): Year Ended December 31, 2020 2019 Number of Number of Number Vested Number of Vested of RSUs RSUs RSUs RSUs Outstanding, Jan. 1 1,017 1,017 951 459 Granted 219 — 333 — Distributed (397) (397) (267) (267) Vested — 219 — 825 Forfeited — — — — Outstanding, Dec. 31 839 839 1,017 1,017

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
Schedule of Provision for Income Taxes	The reconciliation between our provision for income taxes and the amounts computed by multiplying our loss before taxes by the U.S. statutory tax rate is as follows (in thousands): December 31, 2020 2019 Benefit at U.S. statutory tax rate $ (254) $ (792) State taxes (benefit), net of federal effect (76) (138) State research and development tax credits (18) (2) Federal research and development tax credits (76) (23) Other (120) — Share-based compensation — 4 Change in valuation allowance 544 951 (Benefit) provision for income taxes $ — $ —
Schedule of Components Of Deferred Tax Assets	The components of our deferred tax assets are as follows (in thousands): December 31, 2020 2019 Deferred tax assets: Estimated future value of NOLs - Federal 2,269 $ 2,622 - State 903 869 Research and development tax credits - Federal 1,283 1,207 - State 31 8 Share-based compensation 104 72 Debt extinguishment 636 — Other, net 301 177 Total deferred taxes 5,527 4,955 Valuation allowance (5,527) (4,955) Net deferred tax assets $ — $ —

BASIC AND DILUTED NET INCOME _2

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE
Schedule of reconciliation of basic and diluted	Basic net income (loss) per share is computed by dividing net income or loss by the weighted average common shares outstanding during a period, including shares weighted related to both vested Restricted Stock Units ("RSUs") which settle in shares (See Note 11) and a stock warrant exercisable for 10.0 million shares having an exercise price of $0.01 per share (See Note 7). Diluted EPS is based on the treasury stock method and computed based on the same number of shares used in the basic share calculation and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options and stock warrants, assuming the exercise of all in-the-money stock options and warrants. Common stock equivalents are excluded from the computation where their inclusion would be anti-dilutive. As the Company reported a net loss in 2020 and 2019 the effects of common stock equivalents were excluded as the diluted net loss per share calculation would have been antidilutive. The weighted-average common share outstanding diluted computation is not impacted during any period where the exercise price of a stock option, common stock warrant or convertible loan is greater than the average market price of our common stock. A reconciliation of the numerators and denominators of basic and diluted earnings (loss) per share (“EPS”) consisted of the following (in thousands except per share data): Year Ended December 31, 2020 2019 Earnings (loss) per share - basic and diluted Numerator: net loss $ (1,208) $ (3,774) Denominator (weighted): Common shares 21,650 21,300 RSUs - vested 670 296 Common stock purchase warrant 10,000 5,124 Basic and diluted weighted average shares outstanding 32,320 26,720 Earnings (loss) per share - basic and diluted $ (0.04) $ (0.14) Excluded securities (non-weighted): Common shares issuable: RSUs — — Stock options 1,254 1,356 Common stock purchase warrants 1,782 1,842 Convertible loan 37,500 37,500 Total excluded common shares 40,536 40,698

OPERATIONS AND SUMMARY OF SIG_2

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash		$ 413	$ 862	$ 91
Working Capital Deficit		6,600
Retained Earnings (Accumulated Deficit), Total		(389,204)	(387,996)
Operating Income (Loss), Total		758	725
Net loss		1,208	$ 3,774
Aggregate principal of promissory notes and accrued interest		6,000
Convertible debt - related party (Note 8)		$ 6,000
Subsequent event | Abuse Deterrent Pharma, LLC
Reimbursable development expense	$ 100
Subsequent event | AD Pharma Agreement
Monthly license payments	200
Subsequent event | AD Pharma Agreement | Abuse Deterrent Pharma, LLC
Reimbursable development expense	$ 200

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-Cash Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 53	$ 138
Research and development expense:
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense		21
Research and development expense: | Stock option awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense		8
Research and development expense: | RSU awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense		13
General and administrative expense:
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	53	117
General and administrative expense: | Stock option awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense		12
General and administrative expense: | RSU awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 53	$ 105

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of the Major Classification of Depreciable Assets (Details)	12 Months Ended
	Dec. 31, 2020
Building and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Building and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Land and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Land and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Scientific equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Scientific equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	Jun. 28, 2019	Mar. 16, 2017	Oct. 09, 2015	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2021	Jul. 02, 2019
Financing Receivable, Impaired [Line Items]
Asset Impairment Charges					$ 668
Proceeds from License Fees Received			$ 5,000
Other Sale Revenues Net							$ 238	$ 185
Revenue From Royalty				$ 28		$ 87	109	372
Revenue From License Fee				600		1,000	3,000	2,100
Related party loan	$ 5,000					5,000		5,000
Aggregate principal of promissory notes and accrued interest				6,000			6,000
Loss on debt extinguishment (Note 7)	(2,600)							(2,600)
AD Pharma Agreement
Financing Receivable, Impaired [Line Items]
Proceeds from License Fees Received	350
Revenue From License Fee							3,000	2,100
Non-cancelable Arrangements amount, Development and Scale							75
AD Pharma Agreement | Subsequent event
Financing Receivable, Impaired [Line Items]
Proceeds from License Fees Received									$ 200
MainPointe (Nexafed)
Financing Receivable, Impaired [Line Items]
Licensing Agreement, Royalty Percentage		7.50%
Royalty Revenue, Payment Method, Description		Such royalty shall be payable for sales made during each calendar quarter and payment will be remitted within forty-five (45) days after the end of the quarter to which it relates.
Revenue From Royalty				(2)		$ 5	7	21
Zyla
Financing Receivable, Impaired [Line Items]
Revenue From Royalty							102	$ 351
Schutte Note
Financing Receivable, Impaired [Line Items]
Long-term debt borrowings	725
Aggregate principal of promissory notes and accrued interest	6,000			6,000			6,000			$ 6,000
Fair value of borrowings				$ 7,400			$ 7,400
Loss on debt extinguishment (Note 7)	$ (2,600)

LICENSE AND COLLABORATION AGR_3

LICENSE AND COLLABORATION AGREEMENTS - Intangible asset (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LICENSE AND COLLABORATION AGREEMENTS
Intangible asset - Aversion	$ 2,000	$ 2,000
Less: accumulated amortization	(1,259)	(1,190)
Less: impairment charge	(668)
Net	$ 73	$ 810

LICENSE AND COLLABORATION AGR_4

LICENSE AND COLLABORATION AGREEMENTS (Details) - USD ($) $ in Thousands, shares in Millions	Jun. 28, 2019	Oct. 09, 2015	Mar. 31, 2017	Oct. 31, 2016	Apr. 30, 2014	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2021
License Development and Commercialization Agreement [Line Items]
Payment for Termination					$ 2,000
Minimum Net Sales Reaching Description						one-time $12.5 million sales-based milestone payment when worldwide Oxaydo net sales reach $150 million in a calendar year.
Agreement Termination Notice Description						Assertio may terminate the Assertio Agreement for convenience on 120 days prior written notice, which termination may not occur prior to the second anniversary of Assertio's launch of Oxaydo. Termination does not affect a party's rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the Assertio Agreement provides for the transition of development and marketing of Oxaydo from Assertio to us, including the conveyance by Assertio to us of the trademarks and all regulatory filings and approvals relating to Oxaydo, and for Assertio's supply of Oxaydo for a transition period
Proceeds from Milestone Payment On Agreement		$ 2,500
Monthly license payment receivable		$ 5,000
Finite-Lived Intangible Asset, Useful Life					9 years 8 months 12 days
Aggregate principal of promissory notes and accrued interest						$ 6,000
Amortization of intangible asset						69	$ 207
Impairment charge against the intangible asset						668
Expected amortization expense for patents per quarter.						$ 6
Patents
License Development and Commercialization Agreement [Line Items]
Payment for Termination					$ 2,000
AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable	$ 350
Schutte | AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Percentage of common stock held	45.70%
Abuse Deterrent Pharma, LLC | AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable	$ 350							$ 200
MainPointe Pharmaceuticals, LLC | AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Period until which monthly license payment is receivable	5 years
Waiver of exercise price if exercise of option occurs by certain date	$ 500
Period from effective date for exercise of option	5 years
Schutte
License Development and Commercialization Agreement [Line Items]
Aggregate principal of promissory notes and accrued interest	$ 6,000
Schutte | AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Aggregate principal of promissory notes and accrued interest	$ 6,000
Debt Conversion, Converted Instrument, Warrants or Options Issued	10
Subsequent event | AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable								200
Subsequent event | Abuse Deterrent Pharma, LLC | AD Pharma Agreement
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable								$ 200
MainPointe (Nexafed)
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable			$ 2,500
Licensing Agreement, Royalty Percentage			7.50%
License Agreement Option Products Description			In addition, MainPointe has the option to add to the MainPointe Agreement certain additional products, or Option Products, containing PSE and utilizing the Impede Technology for a fee of $500 thousand per product (for all product strengths). Such Option Products include the product candidate Loratadine with pseudoephedrine. If the territory has been expanded prior to the exercise of a product option, the option fee will be increased to $750 thousand per product. If the territory is expanded after the payment of the $500 thousand product option fee, a one-time $250 thousand fee will be due for each product. If a third party is interested in developing or licensing rights to an Option Product, MainPointe must exercise its option for that product or its option rights for such product will terminate.
MainPointe (Nexafed) | UNITED KINGDOM
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable			$ 1,000
MainPointe (Nexafed) | JAPAN
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable			500
MainPointe (Nexafed) | South Korea [Member]
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable			$ 250
Kempharm Agreement [Member]
License Development and Commercialization Agreement [Line Items]
Monthly license payment receivable				$ 3,500
Kempharm Agreement [Member] | Minimum
License Development and Commercialization Agreement [Line Items]
Additional Upfront Payment Receivable				$ 1,000

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Royalty revenues	$ 28	$ 87	$ 109	$ 372
Assertio (Oxaydo)
Royalty revenues	30	82	102	351
MainPointe (Nexafed)
Royalty revenues	$ (2)	$ 5	$ 7	$ 21

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS - Additional Information (Details) - USD ($) $ in Thousands	Jun. 28, 2019	Oct. 09, 2015	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2021
Contract Balance And Performance Obligations description							The Company had no contract assets and contract liability balances under the license and collaboration agreements at either December 31, 2020 or 2019.
Monthly license payment receivable		$ 5,000
Product sales return allowance liability				$ 223			$ 223	$ 0
Sales return allowance liability			$ 0		$ 223		0	223
License fees received			$ 600		$ 1,000		3,000	2,100
AD Pharma Agreement
Monthly license payment receivable	$ 350
License fees received							$ 3,000	$ 2,100
AD Pharma Agreement | Subsequent event
Monthly license payment receivable									$ 200
Abuse Deterrent Pharma, LLC | Subsequent event
Reimbursable development expense						$ 100
Abuse Deterrent Pharma, LLC | AD Pharma Agreement
Monthly license payment receivable	$ 350								200
Abuse Deterrent Pharma, LLC | AD Pharma Agreement | Subsequent event
Monthly license payment receivable									$ 200
Reimbursable development expense						$ 200

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total	$ 2,509	$ 2,509
Less: accumulated depreciation	(2,025)	(1,969)
Total property, plant and equipment, net	484	540
Building and improvements
Property, Plant and Equipment [Line Items]
Total	1,273	1,273
Scientific equipment
Property, Plant and Equipment [Line Items]
Total	597	597
Computer hardware and software
Property, Plant and Equipment [Line Items]
Total	106	106
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total	274	274
Land and improvements
Property, Plant and Equipment [Line Items]
Total	162	162
Other personal property
Property, Plant and Equipment [Line Items]
Total	70	70
Office equipment
Property, Plant and Equipment [Line Items]
Total	$ 27	$ 27

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
Depreciation	$ 56	$ 66

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES
Cost sharing expenses under license agreement	$ 428	$ 363
Other fees and services	24	15
Payroll, payroll taxes and benefits	8	13
Professional services	117	151
Financed premiums on insurance policies	28
Clinical, non-clinical and regulatory services	0	20
Property taxes	9	9
Franchise taxes	17	14
Total	$ 631	$ 585

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
DEBT
Related party term loans	$ 450	$ 392
Debt discount	0	66
Financed insurance premiums	0	4
Total interest expense	450	462
Less: imputed interest income on related party loan	0	(13)
Total interest expense, net	$ 450	$ 449

DEBT - Additional Information (

DEBT - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jan. 02, 2020	Jun. 28, 2019	Jun. 27, 2019	Oct. 05, 2018	Jun. 27, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 15, 2021	Apr. 13, 2020	Jul. 02, 2019
Debt Instrument [Line Items]
Amount borrowed from related party							$ 1,375
Write-off of unamortized debt discount							73
Aggregate principal of promissory notes and accrued interest						$ 6,000
Gain (Loss) on Extinguishment of Debt		$ (2,600)					(2,600)
Schutte
Debt Instrument [Line Items]
Amount borrowed from related party					$ 650			$ 4,350
Spread on variable rate	2.00%
Debt instrument principal amount		5
Unamortized debt discount balance								126
Proceeds from Issuance of Long-term Debt		725	$ 650		650
Accrued interest balance						678	229	110
Benefit to interest income							$ 13
Amount allocated to warrant		1,145
Write-off of unamortized debt discount		73	73
Aggregate principal of promissory notes and accrued interest		$ 6,000
Debt instrument, interest rate, stated percentage		7.50%
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01
Debt Conversion, Converted Instrument, Shares Issued		37.5
Share Price		$ 0.16
Debt Instrument, Increase, Accrued Interest			275
Schutte Note
Debt Instrument [Line Items]
Debt instrument principal amount			$ 5,000		$ 5,000
Proceeds from Issuance of Long-term Debt		$ 725
Amount allocated to warrant		1,145
Premium on convertible loan		1,382
Aggregate principal of promissory notes and accrued interest		$ 6,000				$ 6,000					$ 6,000
Debt instrument, interest rate, stated percentage		7.50%
Gain (Loss) on Extinguishment of Debt		$ (2,600)
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01
Debt Conversion, Converted Instrument, Shares Issued		37.5
Debt Conversion, Converted Instrument, Warrants or Options Issued		10				10
Share Price		$ 0.16				$ 0.01
Oxford Loan Agreement
Debt Instrument [Line Items]
Debt instrument principal amount								$ 172
Debt Instrument, Interest Rate, Effective Percentage								10.16%
Oxford Loan Agreement | Schutte
Debt Instrument [Line Items]
Amount borrowed from related party								$ 1,800
Repayments of Debt				$ 1,500
Oxford Loan Agreement | Schutte Note | Schutte
Debt Instrument [Line Items]
Amount borrowed from related party								$ 4,350
PPP Loan
Debt Instrument [Line Items]
Debt instrument principal amount									$ 267	$ 269
Debt instrument, interest rate, stated percentage										1.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 28, 2019	Jun. 27, 2019	Oct. 09, 2015	Jul. 31, 2017	Mar. 31, 2017	Mar. 31, 2021	Jun. 27, 2019	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2021
Related Party Transaction [Line Items]
Aggregate principal of promissory notes and accrued interest								$ 6,000
Number Of Common Stock Need To Hold To Designate As Director				600,000
Proceeds from License Fees Received			$ 5,000
Warrant to purchase shares of common stock	10,000,000
Class Of Warrants Or Rights, Expiry Period				5 years
AD Pharma Agreement
Related Party Transaction [Line Items]
Proceeds from License Fees Received	$ 350
Subsequent event | AD Pharma Agreement
Related Party Transaction [Line Items]
Proceeds from License Fees Received										$ 200
MainPointe (Nexafed)
Related Party Transaction [Line Items]
Proceeds from License Fees Received					$ 2,500
Asset Transferred, License Agreement					$ 309
Licensing Agreement, Royalty Percentage					7.50%
MainPointe (Nexafed) | Royalty
Related Party Transaction [Line Items]
Royalty revenues								9	$ 16
Investor
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.528
Warrant to purchase shares of common stock				1,782,531
Investor | Private Placement
Related Party Transaction [Line Items]
Sale of Stock, Consideration Received on Transaction				$ 4,000
Sale of Stock, Number of Shares Issued in Transaction				8,912,655
Sale of Stock, Price Per Share				$ 0.4488
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.528
Sale Of Stock, Issue Price Description				85%
Warrants Not Settleable in Cash, Fair Value Disclosure								495
Proceeds from Issuance of Warrants								$ 4,000
Warrant to purchase shares of common stock				1,782,532
Schutte
Related Party Transaction [Line Items]
Aggregate principal of promissory notes and accrued interest	$ 6,000
Fixed interest rate	7.50%
Share Price	$ 0.16
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.01
Debt Conversion, Converted Instrument, Shares Issued	37,500,000
Proceeds from Issuance of Long-term Debt	$ 725	$ 650					$ 650
Schutte | AD Pharma Agreement
Related Party Transaction [Line Items]
Aggregate principal of promissory notes and accrued interest	$ 6,000
Debt Conversion, Converted Instrument, Warrants or Options Issued	10,000,000
Abuse Deterrent Pharma, LLC | AD Pharma Agreement
Related Party Transaction [Line Items]
Proceeds from License Fees Received	$ 350									200
Abuse Deterrent Pharma, LLC | Subsequent event
Related Party Transaction [Line Items]
Reimbursable development expense						$ 100
Abuse Deterrent Pharma, LLC | Subsequent event | AD Pharma Agreement
Related Party Transaction [Line Items]
Proceeds from License Fees Received										$ 200
Reimbursable development expense						$ 200
Abuse Deterrent Pharma, LLC | MainPointe (Nexafed)
Related Party Transaction [Line Items]
Option product exercise price waived if the exercise of the option occurred by five years	$ 500
Period to waive option product exercise price	5 years

EMPLOYEE BENEFIT PLAN - Additio

EMPLOYEE BENEFIT PLAN - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Four Zero One K and Profit Sharing Plan [Member]
Maximum Basic Contribution Percentage Per Employee On Annual Earnings	80.00%

COMMON STOCK PURCHASE WARRANT_2

COMMON STOCK PURCHASE WARRANTS - Warrant Activity (Details) - Common stock purchase warrants - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Number of Options Outstanding, beginning	11,842	1,842
Number of Options, Issued	0	10,000
Number of Options, Exercised	0	0
Number of Options, Expired	(60)	0
Number of Options, Modification	0	0
Number of Options Outstanding, ending	11,782	11,842
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning	$ 0.10	$ 0.59
Weighted Average Exercise Price, Issued	0	0.01
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Expired	2.52	0
Weighted Average Exercise Price, Modification	0	0
Weighted Average Exercise Price, ending	$ 0.09	$ 0.10

COMMON STOCK PURCHASE WARRANT_3

COMMON STOCK PURCHASE WARRANTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 28, 2019	Jul. 31, 2017	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrant to purchase shares of common stock	10,000,000
Warrants expiration term	5 years
Stock Issued During Period, Value, New Issues		$ 4,000
Investor
Class of Warrant or Right [Line Items]
Warrant to purchase shares of common stock		1,782,531
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.528
Investor | Private Placement
Class of Warrant or Right [Line Items]
Warrant to purchase shares of common stock		1,782,532
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.528
Schutte
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.01
Amount allocated to warrant	$ 1,145
Common stock purchase warrants
Class of Warrant or Right [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period			60,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price			$ 2.52
Common stock purchase warrants | Private Placement
Class of Warrant or Right [Line Items]
Stock Issued During Period, Value, New Issues		$ 495

SHARE-BASED COMPENSATION EXPE_3

SHARE-BASED COMPENSATION EXPENSE - Stock Option plan activity (Details) - Stock Option Plan - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, beginning	1,356	1,560
Number of Options, Granted	0	0
Number of Options, Exercised	0	0
Number of Options, Forfeited	0	(34)
Number of Options, Expired	(102)	(170)
Number of Options Outstanding, ending	1,254	1,356
Number of Options exercisable	1,254	1,356
Weighted Average Exercise Price, beginning	$ 4.45	$ 7.38
Weighted Average Exercise Price, Granted	0	0
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Forfeited	0	4.09
Weighted Average Exercise Price, Expired	16.54	30.83
Weighted Average Exercise Price, ending	3.46	4.45
Weighted Average Exercise Price, Options exercisable	$ 3.46	$ 4.45

SHARE-BASED COMPENSATION EXPE_4

SHARE-BASED COMPENSATION EXPENSE - Summary of RSU Plan (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units
Share based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning	1,017	951
Granted	219	333
Distributed	(397)	(267)
Vested	0	0
Forfeited	0	0
Outstanding, ending	839	1,017
Vested Restricted Stock Units (RSUs)
Share based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning	1,017	459
Granted	0	0
Distributed	(397)	(267)
Vested	219	825
Forfeited	0	0
Outstanding, ending	839	1,017

SHARE-BASED COMPENSATION EXPE_5

SHARE-BASED COMPENSATION EXPENSE- Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended						12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2019	Dec. 31, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2017	May 31, 2014
Employee Benefit Plans Disclosure [Line Items]
Aggregate intrinsic value of the option awards vested							$ 13
2017 Restricted Stock Unit Award Plan
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%	25.00%	100.00%	25.00%	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Description		stock, for up to 40%	stock, for up to 40%		stock, for up to 40%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized									1,500
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		55	83	488	67	200
2017 Restricted Stock Unit Award Plan | Employees
Employee Benefit Plans Disclosure [Line Items]
Share Based Compensation Arrangement Share Based Payment Shares Reserved For Future Distribution		64
2017 Restricted Stock Unit Award Plan | Employees | Distributed And Settled In Common Stock
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		54
2017 Restricted Stock Unit Award Plan | Employees | Settlement For Purchase Price
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		10
2017 Restricted Stock Unit Award Plan | Subsequent event | Distributed And Settled In Common Stock
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period	219
2017 Restricted Stock Unit Award Plan | Subsequent event | Employees
Employee Benefit Plans Disclosure [Line Items]
Share Based Compensation Arrangement Share Based Payment Shares Reserved For Future Distribution	228
2017 Restricted Stock Unit Award Plan | Subsequent event | Employees | Distributed And Settled In Common Stock
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period	185
2017 Restricted Stock Unit Award Plan | Subsequent event | Employees | Settlement For Purchase Price
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period	43
2014 Restricted Stock Unit Award Plan
Employee Benefit Plans Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant										400
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award							0
Non-employee director | RSU awards
Employee Benefit Plans Disclosure [Line Items]
Share Based Compensation, Non Employee Services Transaction, Cash Settlement, Percentage							40.00%
Deferred Compensation Arrangement with Individual, Recorded Liability							$ 18	$ 29
Non-employee director | 2017 Restricted Stock Unit Award Plan
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		333
Non-employee director | 2017 Restricted Stock Unit Award Plan | Settled In Cash
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		33
Non-employee director | 2017 Restricted Stock Unit Award Plan | Distributed And Settled In Common Stock
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		296	267
Non-employee director | 2017 Restricted Stock Unit Award Plan | Settlement For Purchase Price
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period		4
Non-employee director | 2017 Restricted Stock Unit Award Plan | Subsequent event | Distributed And Settled In Common Stock
Employee Benefit Plans Disclosure [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period	219

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Benefit at U.S. statutory tax rate	$ (254)	$ (792)
State taxes (benefit), net of federal effect	(76)	(138)
State research and development tax credits	(18)	(2)
Federal research and development tax credits	(76)	(23)
Share-based compensation	0	4
Other	(120)	0
Change in valuation allowance	544	951
(Benefit) provision for income taxes	$ 0	$ 0

INCOME TAXES - Components of Ou

INCOME TAXES - Components of Our Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Estimated future value of NOLs
- Federal	$ 2,269	$ 2,622
- State	903	869
Research and development tax credits
- Federal	1,283	1,207
- State	31	8
Share-based compensation	104	72
Debt extinguishment	636	0
Other, net	301	177
Total deferred taxes	5,527	4,955
Valuation allowance	(5,527)	(4,955)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2017
INCOME TAXES
Federal NOLs	$ 138,000	$ 132,000
Operating Loss Carryforwards, Expiration Term	20 years
Tax Credit Carryforward, Amount	$ 150

BASIC AND DILUTED NET INCOME _3

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Jun. 28, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings (loss) per share - basic and diluted
Numerator: net loss		$ (1,208)	$ (3,774)
Denominator (weighted):
Common shares		21,650	21,300
RSUs - vested		670	296
Common stock purchase warrant		10,000	5,124
Basic and diluted weighted average shares outstanding		32,320	26,720
Earnings (loss) per share - basic and diluted		$ (0.04)	$ (0.14)
Common shares issuable:
Total excluded common shares		40,536	40,698
Schutte Note
Common shares issuable:
Debt Conversion, Converted Instrument, Warrants or Options Issued	10,000	10,000
Share Price	$ 0.16	$ 0.01
Stock option awards
Common shares issuable:
Total excluded common shares		1,254	1,356
Common stock purchase warrants
Common shares issuable:
Total excluded common shares		1,782	1,842
Convertible loan
Common shares issuable:
Total excluded common shares		37,500	37,500

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	Mar. 15, 2021	Apr. 13, 2020
PPP Loan
SUBSEQUENT EVENT
Face amount of debt	$ 267	$ 269